Altice USA, Inc.
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
OPTU$0.75+32.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001628280-25-023913
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001628280-25-038992
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 184 previous paragraphs and 195 current paragraphs.
128 unchanged; 48 reworded; 17 added; 7 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 18 previous and 20 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (17)
Current report
Business services and wholesale revenue decreased $7,502 (2%) and $8,818 (1%) for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024, respectively. The decreases were primarily due to decreases in SMB customers and lower average recurring revenue per SMB customer, partially offset by increases in revenue from our Lightpath business.
Current report
(b)Amounts for the three and six months ended June 30, 2024 include a credit resulting from the waiver of a payment obligation in June 2024 related to a patent infringement settlement agreement reached in the fourth quarter of 2022 and a credit resulting from the indemnification from a supplier related to this matter. Offsetting these credits was an expense, net of insurance recoveries, in connection with the settlement of other significant litigation and costs to early terminate contracts with vendors.
Current report
(c)Includes costs related to our workforce management initiatives, including costs related to a voluntary retirement program.
Current report
Adjusted EBITDA amounted to $803,812 and $1,602,826 for the three and six months ended June 30, 2025, respectively, as compared to $867,177 and $1,713,732 for the three and six months ended June 30, 2024, respectively.
Current report
Free Cash Flow (Deficit) was $28,446 and $(140,195) for the three and six months ended June 30, 2025 as compared to $(40,927) and $22,639 for the three and six months ended June 30, 2024. The increase in Free Cash Flow of $69,373 for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024 was due to an increase in net cash provided by operating activities, partially offset by an increase in capital expenditures. The decrease of $162,834 for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 was due to a decrease in net cash provided by operating activities and an increase in capital expenditures.
Current report
(b)Supply chain financing obligations were repaid in full during the three months ended June 30, 2025.
Current report
Receivables Facility Loan and Security Agreement
Current report
On July 16, 2025, Cablevision Funding LLC (the “Borrower”), an indirect wholly owned subsidiary of the Company, entered into a Receivables Facility Loan and Security Agreement, by and among the Borrower, certain guarantors party thereto (collectively, the “Guarantors”), Goldman Sachs Bank USA and certain funds managed by TPG Angelo Gordon, as initial lenders, Goldman Sachs Bank USA and TPG Angelo Gordon, as structuring agents, Alter Domus (US) LLC, as administrative agent, and Citibank, N.A., as collateral agent and account bank (the “Loan and Security Agreement”). The obligations under the Loan and Security Agreement are secured by substantially all of the assets of the Borrower and the Guarantors, consisting of, among other things, certain receivables generated by the Company’s Bronx and Brooklyn service area and network assets located in that area.
Current report
The Loan and Security Agreement provides for, among other things, initial term loan commitments in an aggregate principal amount of $1,000,000, issued with an original issue discount of 400 basis points. The loans made pursuant to the initial term loan commitments (the “Initial Term Loans”) will (i) mature on January 16, 2031; (ii) accrue interest at a fixed rate per annum equal to 8.875%; and (iii) amortize monthly at a rate of 2.000% per annum through January 16, 2028 and then 5.0% per annum. The proceeds from the Initial Term Loans of approximately $873,000 are expected to be used to (i) finance working capital, to prepay indebtedness and for other general corporate purposes, (ii) fund the Borrower’s interest reserve account with the minimum interest reserve amount in accordance with the terms of the Loan and Security Agreement, and (iii) pay certain costs associated with the transactions.
Current report
New Tax Legislation
Current report
On July 4, 2025, H.R.1, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. We are evaluating the impact of the OBBBA on our consolidated financial statements. Among other things, three primary changes impacting us include (i) permanently allowing 100% bonus depreciation of qualifying tangible assets (which is expected to accelerate the timing of depreciation deductions for these assets), (ii) permanently increasing the deductibility of interest expense based on an EBITDA versus EBIT standard, and (iii) permanently eliminating the requirement to capitalize and amortize U.S.-based research and experimental expenditures over five years (making these expenditures fully deductible in the period incurred). We do not expect these provisions to have a material impact to income tax expense, however we expect a reduction in current income tax liabilities (cash taxes) and an increase in deferred tax liabilities, and the impacts could be material.
Current report
Asset Sale
Current report
In July 2025, we completed the sale of certain tower assets for approximately $60,000, subject to post-closing adjustments and taxes. In connection with the sale, we entered into a master license agreement with the buyer under which we have access to space on certain towers for an initial term of five years. We expect to recognize a gain on this transaction in the third quarter of 2025.
Current report
Net cash provided by operating activities amounted to $599,448 for the six months ended June 30, 2025 compared to $706,455 for the six months ended June 30, 2024.
Current report
Net cash provided by financing activities amounted to $135,982 for the six months ended June 30, 2025, compared to $40,311 for the six months ended June 30, 2024.
Current report
Net cash provided by operating activities amounted to $602,711 for the six months ended June 30, 2025 compared to $706,456 for the six months ended June 30, 2024.
Current report
Net cash provided by financing activities amounted to $131,892 for the six months ended June 30, 2025, compared to $40,311 for the six months ended June 30, 2024.
Removed paragraphs (7)
Previous report
Adjusted EBITDA amounted to $799,014 and $846,555 for the three months ended March 31, 2025 and 2024, respectively.
Previous report
Free Cash Flow (Deficit) was $(168,641) for the three months ended March 31, 2025 as compared to $63,566 for the three months ended March 31, 2024. The decrease in Free Cash Flow of $232,207 was due to a decrease in net cash provided by operating activities (primarily from an increase in interest payments of $145,170) and an increase in capital expenditures.
Previous report
Refer to Altice USA's Management's Discussion and Analysis of Financial Condition and Results of Operations herein.
Previous report
Net cash provided by operating activities amounted to $187,483 for the three months ended March 31, 2025 compared to $399,661 for the three months ended March 31, 2024.
Previous report
Net cash provided by (used in) financing activities amounted to $198,727 for the three months ended March 31, 2025, compared to $(80,876) for the three months ended March 31, 2024.
Previous report
Net cash provided by operating activities amounted to $189,707 for the three months ended March 31, 2025 compared to $399,662 for the three months ended March 31, 2024.
Previous report
Net cash provided by (used in) financing activities amounted to $196,677 for the three months ended March 31, 2025, compared to $(80,876) for the three months ended March 31, 2024.
Reworded paragraphs (48)
Previous wording
We derive revenue principally through monthly charges to residential customers of our broadband, video, telephony and mobile services. We also derive revenue from digital video recorder, video-on-demand ("VOD"), pay-per-view, installation and home shopping commissions. Our residential broadband, video, telephony and mobile services accounted for approximately 42%, 31%, 3%, and 2%, respectively, of our consolidated revenue for the three months ended March 31, 2025. We also derive revenue from the sale of a wide and growing variety of products and services to both large enterprise and small and medium-sized business ("SMB") customers, including broadband, telephony, networking, video, and mobile services. For the three months ended March 31, 2025, 17% of our consolidated revenue was derived from these business services. In addition, we derive revenue from the sale of advertising inventory available on the programming carried on our cable television systems, as well as other systems (linear revenue), digital advertising, data analytics and affiliation fees for news programming, which accounted for approximately 5% of our consolidated revenue for the three months ended March 31, 2025. Our other revenue (which includes mobile equipment revenue) for the three months ended March 31, 2025 accounted for approximately 1% of our consolidated revenue.
Current wording
We derive revenue principally through monthly charges to residential customers of our broadband, video, telephony and mobile services. We also derive revenue from digital video recorder, video-on-demand ("VOD"), pay-per-view, installation and home shopping commissions. Our residential broadband, video, telephony and mobile services accounted for approximately 42%, 31%, 3%, and 2%, respectively, of our consolidated revenue for the six months ended June 30, 2025. We also derive revenue from the sale of a wide and growing variety of products and services to both large enterprise and small and medium-sized business ("SMB") customers, including broadband, telephony, networking, video, and mobile services. For the six months ended June 30, 2025, 17% of our consolidated revenue was derived from these business services. In addition, we derive revenue from the sale of advertising inventory available on the programming carried on our cable television systems, as well as other systems (linear revenue), digital advertising, data analytics and affiliation fees for news programming, which accounted for approximately 5% of our consolidated revenue for the six months ended June 30, 2025. Our other revenue (which primarily consists of mobile equipment revenue) for the three months ended June 30, 2025 accounted for approximately 1% of our consolidated revenue.
Previous wording
We operate in a highly competitive consumer-driven industry and we compete against a variety of broadband, video, mobile, fixed wireless broadband and fixed-line telephony providers and delivery systems, including broadband communications companies, wireless data and telephony providers, fiber-based service providers, satellite delivered video signals, Internet-delivered video content and broadcast television signals available to residential and business customers in our service areas. Our competitors include AT&T Inc., DirecTV (which is co-owned by AT&T), DISH Network (a wholly-owned subsidiary of EchoStar Corporation), Frontier Communications Parent, Inc., Lumen Technologies, Inc., T-Mobile US, Inc., and Verizon Communications Inc. Consumers' selection of an alternate source of service, whether due to economic constraints, technological advances, or preference, negatively impacts the demand for our services. For more information on our competitive landscape, see "Risk Factors" and "Business-Competition" included in our Annual Report.
Current wording
We operate in a highly competitive consumer-driven industry and we compete against a variety of broadband, video, mobile, fixed wireless broadband and fixed-line telephony providers and delivery systems, including broadband communications companies, wireless data and telephony providers, fiber-based service providers, satellite delivered video signals, Internet-delivered video content and broadcast television signals available to residential and business customers in our service areas. Our competitors include AT&T Inc., DirecTV, DISH Network (a wholly-owned subsidiary of EchoStar Corporation), Frontier Communications Parent, Inc., Lumen Technologies, Inc., T-Mobile US, Inc., and Verizon Communications Inc. Consumers' selection of an alternate source of service, whether due to economic constraints, technological advances, or preference, negatively impacts the demand for our services. For more information on our competitive landscape, see "Risk Factors" and "Business-Competition" included in our Annual Report.
Previous wording
Our programming costs, which are the most significant component of our operating expenses, are impacted by increases in contractual rates, changes in the number of customers receiving certain programming services, new channel launches, and channel drops. We expect contractual rates to increase in the future. See "Results of Operations" below for more information regarding the key factors impacting our revenues and operating expenses.
Current wording
Our programming costs, which are the most significant component of our operating expenses, are impacted by changes in contractual rates, changes in the number of customers receiving certain programming services, new channel launches, and channel drops. We expect contractual rates to increase in the future. See "Results of Operations" below for more information regarding the key factors impacting our revenues and operating expenses.
Previous wording
The following is a reconciliation of net loss to Adjusted EBITDA (unaudited):
Current wording
The following is a reconciliation of net income (loss) to Adjusted EBITDA (unaudited):
Previous wording
(e)Mobile lines represent the number of residential and business customers’ wireless connections, which include mobile phone handsets and other mobile wireless connected devices. An individual customer relationship may have multiple mobile lines. The total mobile ending lines as of March 31, 2025, December 31, 2024 and March 31, 2024 include approximately 7.5 thousand, 4.4 thousand lines and 1.9 thousand lines related to business customers, respectively. The service revenue related to these business customers is reflected in business services and wholesale in the table above.
Current wording
(e)Mobile lines represent the number of residential and business customers’ wireless connections, which include mobile phone handsets and other mobile wireless connected devices. An individual customer relationship may have multiple mobile lines. The total mobile ending lines as of June 30, 2025, March 31, 2025 and June 30, 2024 include approximately 10.8 thousand, 7.5 thousand and 2.5 thousand lines related to business customers, respectively. The service revenue related to these business customers is reflected in business services and wholesale in the table above.
Previous wording
Comparison of Results for the Three Months Ended March 31, 2025 compared to the Three Months Ended March 31, 2024
Current wording
Comparison of Results for the Three and Six Months Ended June 30, 2025 compared to the Three and Six Months Ended June 30, 2024
Previous wording
Broadband revenue for the three months ended March 31, 2025 and 2024 was $899,561 and $916,994, respectively. Broadband revenue is derived principally through monthly charges to residential subscribers of our broadband services. Broadband revenue decreased $17,433 (2%) for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The decrease was due primarily to declines in broadband customers, partially offset by higher average recurring broadband revenue per broadband subscriber, primarily driven by certain rate increases and an increase in value added service revenue.
Current wording
Broadband revenue for the three and six months ended June 30, 2025 was $885,139 and $1,784,700, respectively, and $914,989 and $1,831,983 for the three and six months ended June 30, 2024, respectively. Broadband revenue is derived principally through monthly charges to residential subscribers of our broadband services. Broadband revenue decreased $29,850 (3%) and $47,283 (3%) for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024. The decreases were due primarily to declines in broadband customers, partially offset by higher average recurring broadband revenue per broadband subscriber, primarily driven by certain rate increases.
Previous wording
Video revenue for the three months ended March 31, 2025 and 2024 was $665,568 and $755,594, respectively. Video revenue is derived principally through monthly charges to residential customers of our video services. Video revenue decreased $90,026 (12%) for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The decrease was due primarily to declines in video customers and higher customer credits attributable to the temporary interruption of certain video programming, partially offset by higher average recurring video revenue per video customer, primarily driven by certain rate increases.
Current wording
Video revenue for the three and six months ended June 30, 2025 was $660,540 and $1,326,108, respectively, and $739,445 and $1,495,039 for the three and six months ended June 30, 2024, respectively. Video revenue is derived principally through monthly charges to residential customers of our video services. Video revenue decreased $78,905 (11%) and $168,931 (11%) for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024. The decreases were due primarily to declines in video customers, partially offset by higher average recurring video revenue per video customer, primarily driven by certain rate increases. For the six months ended June 30, 2025, customer credits attributable to the temporary interruption of certain video programming also contributed to the decline.
Previous wording
Telephony revenue for the three months ended March 31, 2025 and 2024 was $66,412 and $70,965, respectively. Telephony revenue is derived principally through monthly charges to residential customers of our telephony services. Telephony revenue decreased $4,553 (6%) for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The decrease was due to declines in telephony customers, partially offset by higher average recurring revenue per telephony customer.
Current wording
Telephony revenue for the three and six months ended June 30, 2025 was $64,633 and $131,045, respectively, and $71,703 and $142,668 for the three and six months ended June 30, 2024, respectively. Telephony revenue is derived principally through monthly charges to residential customers of our telephony services. Telephony revenue decreased $7,070 (10%) and $11,623 (8%) for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024. The decreases were due primarily to declines in telephony customers, partially offset by higher average recurring telephony revenue per telephony customer.
Previous wording
Mobile service revenue for the three months ended March 31, 2025 and 2024 was $36,699 and $24,893, respectively. The increase of $11,806 (47%) for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily due to an increase in mobile customers as compared to the prior year.
Current wording
Mobile service revenue for the three and six months ended June 30, 2025 was $37,621 and $74,320, respectively, and $27,479 and $52,372 for the three and six months ended June 30, 2024, respectively. The increases of $10,142 (37%) and $21,948 (42%) for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 were primarily due to increases in mobile customers as compared to the prior periods.
Previous wording
Business services and wholesale revenue for the three months ended March 31, 2025 and 2024 was $363,545 and $364,861, respectively. Business services and wholesale revenue is derived primarily from the sale of fiber-based telecommunications services to the business market, and the sale of broadband, video, telephony, and mobile services to SMB customers. Business services and wholesale revenue decreased $1,316 for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The decrease was primarily due to a decrease in SMB customers and a decrease in wholesale revenue, partially offset by an increase in revenue from our Lightpath business.
Current wording
Business services and wholesale revenue for the three and six months ended June 30, 2025 was $361,788 and $725,333, respectively, and $369,290 and $734,151 for the three and six months ended June 30, 2024, respectively. Business services and wholesale revenue is derived primarily from the sale of fiber-based telecommunications services to the business market, and the sale of broadband, video, telephony, and mobile services to SMB customers.
Previous wording
News and advertising revenue for the three months ended March 31, 2025 and 2024 was $102,410 and $105,725, respectively. News and advertising revenue is primarily derived from the sale of (i) advertising inventory available on the programming carried on our cable television systems, as well as other systems (linear revenue), (ii) digital advertising, (iii) data analytics, and (iv) affiliation fees for news programming.
Current wording
News and advertising revenue for the three and six months ended June 30, 2025 was $118,771 and $221,181, respectively, and for the three and six months ended June 30, 2024 was $105,280 and $211,005, respectively. News and advertising revenue is primarily derived from the sale of (i) advertising inventory available on the programming carried on our cable television systems, as well as other systems (linear revenue), (ii) digital advertising, (iii) data analytics, and (iv) affiliation fees for news programming.
Previous wording
News and advertising revenue decreased $3,315 (3%) for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The decrease was primarily due to lower linear advertising, partially offset by an increase in revenue resulting from an acquisition in the third quarter of 2024.
Current wording
News and advertising revenue increased $13,491 (13%) and $10,176 (5%) for the three and six months ended June 30, 2025, as compared to the three and six months ended June 30, 2024. The increases were primarily due to revenue associated with an acquisition in the third quarter of 2024.
Previous wording
Other revenue for the three months ended March 31, 2025 and 2024 was $18,087 and $11,903, respectively. Other revenue includes revenue from sales of mobile equipment and other miscellaneous revenue streams. Other revenue increased $6,184 (52%) for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The increase was primarily due to higher mobile equipment sales during 2025 as compared to the same period in 2024.
Current wording
Other revenue for the three and six months ended June 30, 2025 was $18,711 and $36,798, respectively, and $12,569 and $24,472 for the three and six months ended June 30, 2024, respectively. Other revenue includes revenue from sales of mobile equipment and other miscellaneous revenue streams. Other revenue increased $6,142 (49%) and $12,326 (50%) for the three and six months ended June 30, 2025, as compared to the three and six months ended June 30, 2024. The increases were primarily due to higher mobile equipment sales during 2025 as compared to the same periods in 2024.
Previous wording
Programming and other direct costs for the three months ended March 31, 2025 and 2024 amounted to $670,531 and $743,887, respectively. Programming and other direct costs include cable programming costs, which are costs paid to programmers (net of amortization of any incentives received from programmers for carriage) for cable content (including costs of VOD and pay-per-view) and are generally paid on a per-customer basis. These costs are impacted by increases in contractual rates, changes in the number of customers receiving certain programming services, new channel launches, and channel drops. These costs also include interconnection, call completion, circuit and transport fees paid to other telecommunication companies for the transport and termination of voice and data services, which typically vary based on rate changes and the level of usage by our customers. These costs also include franchise fees which are payable to the state governments and local municipalities where we operate and are primarily based on a percentage of certain categories of revenue derived from the provision of video service over our cable systems, which vary by state and municipality. These costs change in relation to changes in such categories of revenues or rate changes. Additionally, these costs include the cost of media for advertising spots sold, the cost of mobile devices sold to our customers and direct costs of providing mobile services.
Current wording
Programming and other direct costs for the three and six months ended June 30, 2025 amounted to $662,690 and $1,333,221, respectively, and $719,460 and $1,463,347 for the three and six months ended June 30, 2024, respectively. Programming and other direct costs include cable programming costs, which are costs paid to programmers (net of amortization of any incentives received from programmers for carriage) for cable content (including costs of VOD and pay-per-view) and are generally paid on a per-customer basis. These costs are impacted by changes in contractual rates, changes in the number of customers receiving certain programming services, new channel launches, and channel drops. These costs also include interconnection, call completion, circuit and transport fees paid to other telecommunication companies for the transport and termination of voice and data services, which typically vary based on rate changes and the level of usage by our customers. These costs also include franchise fees which are payable to the state governments and local municipalities where we operate and are primarily based on a percentage of certain categories of revenue derived from the provision of video service over our cable systems, which vary by state and municipality. These costs change in relation to changes in such categories of revenues or rate changes. Additionally, these costs include the cost of media for advertising spots sold, the cost of mobile devices sold to our customers and direct costs of providing mobile services.
Previous wording
The decrease in programming and other direct costs of $73,356 (10%) for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 was primarily attributable to the following:
Current wording
The decreases in programming and other direct costs of $56,770 (8%) and $130,126 (9%) for the three and six months ended June 30, 2025 as compared to the three and six months ended June 30, 2024 were primarily attributable to the following:
Previous wording
Programming costs aggregated $504,756 and $595,702, for the three months ended March 31, 2025 and 2024, respectively. Our programming costs in 2025 will continue to be impacted by changes in the number of video customers, and by changes in programming rates, the latter of which we expect will increase.
Current wording
Programming costs aggregated $497,520 and $1,002,276, for the three and six months ended June 30, 2025, respectively, and $575,125 and $1,170,827 for the three and six months ended June 30, 2024, respectively. Our programming costs in 2025 will continue to be impacted by changes in the number of video customers, and by changes in programming rates, the latter of which we expect will increase.
Previous wording
Other operating expenses for the three months ended March 31, 2025 and 2024 amounted to $698,186 and $674,250, respectively. Other operating expenses include staff costs and employee benefits including salaries of company employees and related taxes, benefits and other employee related expenses, as well as third-party labor costs. Other operating expenses also include network management and field service costs, which represent costs associated with the maintenance of our broadband network, including costs of certain customer connections and other costs associated with providing and maintaining services to our customers.
Current wording
Other operating expenses for the three and six months ended June 30, 2025 amounted to $696,867 and $1,395,053, respectively, and $670,542 and $1,344,792 for the three and six months ended June 30, 2024, respectively. Other operating expenses include staff costs and employee benefits including salaries of company employees and related taxes, benefits and other employee related expenses, as well as third-party labor costs. Other operating expenses also include network management and field service costs, which represent costs associated with the maintenance of our broadband network, including costs of certain customer connections and other costs associated with providing and maintaining services to our customers.
Previous wording
The increase in other operating expenses of $23,936 (4%) for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 was attributable to the following:
Current wording
The increases in other operating expenses of $26,325 (4%) and $50,261 (4%) for the three and six months ended June 30, 2025 as compared to the three and six months ended June 30, 2024 were attributable to the following:
Previous wording
Restructuring, impairments and other operating items for the three months ended March 31, 2025 and 2024 amounted to $21,622 and $51,253, respectively, and comprised the following:
Current wording
Restructuring, impairments and other operating items for the three and six months ended June 30, 2025 amounted to $66,826 and $88,448, respectively, as compared to $(46,599) and $4,654 for the three and six months ended June 30, 2024, respectively, and comprised the following:
Previous wording
(a)Includes estimated amounts relating to certain legal matters and costs to early terminate contracts with vendors.
Current wording
(a)Amounts for the 2025 periods reflect estimated amounts relating to certain legal matters, including adjustments to these estimates, and costs to early terminate contracts with vendors.
Previous wording
Depreciation and amortization for the three months ended March 31, 2025 and 2024 amounted to $418,485 and $388,391, respectively.
Current wording
Depreciation and amortization for the three and six months ended June 30, 2025 amounted to $409,697 and $828,182, respectively, as compared to $395,770 and $784,161 for the three and six months ended June 30, 2024, respectively.
Previous wording
The increase in depreciation and amortization of $30,094 (8%) for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 was due to increased depreciation related to asset additions in 2024 and 2025, including losses related to the disposal of plant and equipment and accelerated depreciation. This was partially offset by decreased expense related to assets that had become fully depreciated.
Current wording
The increase in depreciation and amortization of $13,927 (4%) and $44,021 (6%) for the three and six months ended June 30, 2025 as compared to the three and six months ended June 30, 2024 was due to increased depreciation related to asset additions in 2024 and 2025, partially offset by decreased expense related to assets that had become fully depreciated. In addition, the increase for the six months ended June 30, 2025 included certain losses related to the disposal of plant and equipment and accelerated depreciation.
Previous wording
The decrease in Adjusted EBITDA of $47,541 (6%) for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 was due to decreases in revenue, partially offset by net decreases in operating expenses during 2025 (excluding depreciation and amortization, share-based compensation, restructuring, impairments and other operating items), as discussed above.
Current wording
The decreases in Adjusted EBITDA of $63,365 (7%) and $110,906 (6%) for the three and six months ended June 30, 2025 as compared to the three and six months ended June 30, 2024 were due to decreases in revenue, partially offset by net decreases in operating expenses during 2025 (excluding depreciation and amortization, share-based compensation, restructuring, impairments and other operating items), as discussed above.
Previous wording
Interest expense, net was $428,016 for the three months ended March 31, 2025 as compared to $437,141 for the same period in the prior year. The decrease of $9,125 (2%) for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 was attributable to the following:
Current wording
Interest expense, net was $444,659 and $872,675 for the three and six months ended June 30, 2025 as compared to $442,955 and $880,096 for the same periods in the prior year. The increase of $1,704 and decrease of $7,421 (1%) for the three and six months ended June 30, 2025 as compared to the three and six months ended June 30, 2024 were attributable to the following:
Previous wording
Gain (loss) on interest rate swap contracts, net was $(1,719) for the three months ended March 31, 2025 compared to $42,303 for the three months ended March 31, 2024. These amounts represent the change in the fair value of our interest rate swap contracts. These swap contracts are not designated as hedges for accounting purposes. The gain for the three months ended March 31, 2024 included the gain related to our CSC Holdings interest rate swap agreements with an aggregate notional value of $3,000,000 that were terminated in September 2024.
Current wording
Gain (loss) on interest rate swap contracts, net was $430 and $(1,289) for the three and six months ended June 30, 2025 compared to $13,574 and $55,877 for the three and six months ended June 30, 2024. These amounts primarily represent the change in the fair value of our interest rate swap contracts. These swap contracts are not designated as hedges for accounting purposes. The gains for the three and six months ended June 30, 2024 included gains related to our CSC Holdings interest rate swap agreements with an aggregate notional value of $3,000,000 that were terminated in September 2024.
Previous wording
Loss on extinguishment of debt and write-off of deferred financing costs amounted to $7,035 for the three months ended March 31, 2024 and related to the following:
Current wording
Loss on extinguishment of debt and write-off of deferred financing costs amounted to $1,693 for the three and six months ended June 30, 2025, and $7,035 for the six months ended June 30, 2024 and related to the following:
Previous wording
Other expense, net amounted to $963 for the three months ended March 31, 2025 compared to $1,545 for the three months ended March 31, 2024. These amounts include the non-service benefit or cost components of our pension plans.
Current wording
Other expense, net amounted to $834 and $1,797 for the three and six months ended June 30, 2025 compared to $1,486 and $3,031 for the three and six months ended June 30, 2024. These amounts include the non-service benefit or cost components of our pension plans.
Previous wording
For the three months ended March 31, 2024, we recorded a tax expense of $2,924 on pre-tax loss of $9,972, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The higher tax rate was primarily due to the impact of state tax expense, certain non-deductible expenses, and tax deficiencies on share-based compensation.
Current wording
For the three and six months ended June 30, 2025, we recorded a tax benefit of $47,647 and $63,611 on pre-tax loss of $135,633 and $222,868, respectively, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The higher rate is due to the impact of state tax expense, certain non-deductible expenses, and tax deficiencies on share-based compensation. As part of state tax expense, the rate increased in the three months ended June 30, 2025 due to a discrete adjustment of $6,823, primarily driven by the enacted extension of the Connecticut corporate surtax.
Previous wording
The differences in Adjusted EBITDA and Free Cash Flow between CSC Holdings and Altice USA relate to Captive who holds certain workers' compensation, general and automobile liabilities. See Note 14.
Current wording
The differences in Adjusted EBITDA and Free Cash Flow between CSC Holdings and Altice USA relate to the Captive which holds certain workers' compensation, general and automobile liabilities. See Note 14.
Previous wording
Presented below is financial information that reflects a reconciliation of net income (loss) to Adjusted EBITDA for the three months ended March 31, 2025 and 2024 (unaudited).
Current wording
Presented below is financial information that reflects a reconciliation of net income (loss) to Adjusted EBITDA for the three and six months ended June 30, 2025 and 2024 (unaudited).
Previous wording
The following tables summarize the carrying value of our outstanding debt, net of unamortized deferred financing costs, discounts and premiums (excluding accrued interest) as of March 31, 2025, as well as interest expense for the three months ended March 31, 2025:
Current wording
The following tables summarize the carrying value of our outstanding debt, net of unamortized deferred financing costs, discounts and premiums (excluding accrued interest) as of June 30, 2025, as well as interest expense for the six months ended June 30, 2025:
Previous wording
Sources of cash for the CSC Holdings Restricted Group include primarily cash flow from the operations of the businesses in the CSC Holdings Restricted Group, borrowings under its credit facility and issuance of securities in the capital markets, contributions from its parent, and, from time to time, distributions or loans from its subsidiaries. The CSC Holdings Restricted Group's principal uses of cash include: capital spending, in particular, the capital requirements associated with the upgrade of our digital broadband, video and telephony services, including costs to build our FTTH network; debt service; other corporate expenses and changes in working capital; and investments that it may fund from time to time.
Current wording
Sources of cash for the CSC Holdings Restricted Group include primarily cash flow from the operations of the businesses in the CSC Holdings Restricted Group, borrowings under its credit facility and issuance of securities in the capital markets, contributions from Altice USA, and, from time to time, distributions or loans from its subsidiaries. The CSC Holdings Restricted Group's principal uses of cash include: capital spending, in particular, the capital requirements associated with the upgrade of our digital broadband, video and telephony services, including costs to build our FTTH network; debt service; other corporate expenses and changes in working capital; and investments that it may fund from time to time.
Previous wording
In October 2015, a wholly-owned subsidiary of Altice USA, which merged with and into CSC Holdings on June 21, 2016, entered into a senior secured credit facility, which, as amended, currently provides for U.S. dollar term loans in an aggregate principal amount of $5,001,942, comprising (i) an incremental term loan amount of $3,000,000 ($2,850,000 outstanding at March 31, 2025) (the "Incremental Term Loan B-5") and (ii) and an incremental term loan in an aggregate amount of $2,001,942 ($1,961,903 outstanding at March 31, 2025) (the "Incremental Term Loan B-6"), and (iii) U.S. dollar revolving loan commitments in an aggregate principal amount of $2,475,000 ($2,000,000 outstanding at March 31, 2025) (the "CSC Revolving Credit Facility" and, together with the Incremental Term Loan B-5 and Incremental Term Loan B-6, the "CSC Credit Facilities"), which are governed by a credit facilities agreement entered into by, inter alios, CSC Holdings, certain lenders party thereto and JPMorgan Chase Bank, N.A. as administrative agent and security agent (as amended, restated, supplemented or otherwise modified from time to time, the "CSC Credit Facilities Agreement").
Current wording
In October 2015, a wholly-owned subsidiary of Altice USA, which merged with and into CSC Holdings on June 21, 2016, entered into a senior secured credit facility, which, as amended, currently provides for U.S. dollar term loans in an aggregate principal amount of $5,001,942, comprising (i) an incremental term loan amount of $3,000,000 ($2,842,500 outstanding at June 30, 2025) (the "Incremental Term Loan B-5") and (ii) an incremental term loan in an aggregate amount of $2,001,942 ($1,956,898 outstanding at June 30, 2025) (the "Incremental Term Loan B-6"), and (iii) U.S. dollar revolving loan commitments in an aggregate principal amount of $2,475,000 ($2,075,000 outstanding at June 30, 2025) (the "CSC Revolving Credit Facility" and, together with the Incremental Term Loan B-5 and Incremental Term Loan B-6, the "CSC Credit Facilities"), which are governed by a credit facilities agreement entered into by, inter alios, CSC Holdings, certain lenders party thereto and JPMorgan Chase Bank, N.A. as administrative agent and security agent (as amended, restated, supplemented or otherwise modified from time to time, the "CSC Credit Facilities Agreement").
Previous wording
During the three months ended March 31, 2025, CSC Holdings borrowed $450,000 under the CSC Revolving Credit Facility and repaid $150,000 of amounts outstanding under the CSC Revolving Credit Facility.
Current wording
During the six months ended June 30, 2025, CSC Holdings borrowed $675,000 under the CSC Revolving Credit Facility and repaid $300,000 of amounts outstanding under the CSC Revolving Credit Facility.
Previous wording
At March 31, 2025, $163,613 of the CSC Revolving Credit Facility was restricted for certain letters of credit issued on our behalf and $311,387 was undrawn and available, subject to covenant limitations.
Current wording
At June 30, 2025, $161,552 of the CSC Revolving Credit Facility was restricted for certain letters of credit issued on our behalf and $238,448 was undrawn and available, subject to covenant limitations.
Previous wording
Lightpath is party to an amended credit agreement (the "Amended Credit Agreement") which provides a term loan in an aggregate principal amount of $676,000 ($674,240 outstanding at March 31, 2025) and revolving loan commitments (the "Lightpath Revolving Credit Facility") in an aggregate principal amount of $115,000. As of March 31, 2025, $114,850 of the $115,000 from the Lightpath Revolving Credit Facility was undrawn and available.
Current wording
Lightpath is party to an amended credit agreement (the "Amended Credit Agreement") which provides a term loan in an aggregate principal amount of $676,000 ($672,554 outstanding at June 30, 2025) and revolving loan commitments (the "Lightpath Revolving Credit Facility") in an aggregate principal amount of $115,000. As of June 30, 2025, $112,812 of the $115,000 from the Lightpath Revolving Credit Facility was undrawn and available.
Previous wording
At March 31, 2025, the fair value of our fixed rate debt, comprised of our senior guaranteed and senior secured notes, senior notes, and supply chain financing of $13,118,759 was lower than its carrying value of $17,719,420 by $4,600,661. The fair value of these financial instruments is estimated based on reference to quoted market prices for these or comparable securities. Our floating rate borrowings, comprised of our term loans and revolving credit facilities bear interest in reference to current SOFR-based market rates and thus their principal values approximate fair value. The effect of a hypothetical 100 basis point decrease in interest rates prevailing at March 31, 2025 would increase the estimated fair value of our fixed rate debt by $455,565 to $13,574,324. This estimate is based on the assumption of an immediate and parallel shift in interest rates across all maturities.
Current wording
At June 30, 2025, the fair value of our fixed rate debt, comprised of our senior guaranteed and senior secured notes, and senior notes of $13,025,325 was lower than its carrying value of $17,705,647 by $4,680,322. The fair value of these financial instruments is estimated based on reference to quoted market prices for these or comparable securities. Our floating rate borrowings, comprised of our term loans and revolving credit facilities bear interest in reference to current SOFR-based market rates and thus their principal values approximate fair value. The effect of a hypothetical 100 basis point decrease in interest rates prevailing at June 30, 2025 would increase the estimated fair value of our fixed rate debt by $421,038 to $13,446,363. This estimate is based on the assumption of an immediate and parallel shift in interest rates across all maturities.
Previous wording
To manage interest rate risk, we have from time to time entered into interest rate swap contracts to adjust the proportion of total debt that is subject to variable and fixed interest rates. Such contracts effectively fix the borrowing rates on floating rate debt to provide an economic hedge against the risk of rising rates and effectively convert fixed rate borrowings to variable rates to permit us to realize lower interest expense in a declining interest rate environment. We monitor the financial institutions that are counterparties to our interest rate swap contracts and we only enter into interest rate swap contracts with financial institutions that are rated investment grade. All such contracts are carried at their fair market values on our consolidated balance sheets, with changes in fair value reflected in the consolidated statements of operations. See Note 10 to our consolidated financial statements for a summary of interest rate swap contracts outstanding at March 31, 2025. Our outstanding interest rate swap contracts are not designated as hedges for accounting purposes. Accordingly, the changes in the fair value of these interest rate swap contracts are recorded through the statements of operations. For thethree months ended March 31, 2025, we recorded a loss on interest rate swap contracts of$1,719, and had a fair value at March 31, 2025 of $4,970 recorded as other assets, long-term and $369 recorded as other liabilities, long-term on the consolidated balance sheet.
Current wording
To manage interest rate risk, we have from time to time entered into interest rate swap contracts to adjust the proportion of total debt that is subject to variable and fixed interest rates. Such contracts effectively fix the borrowing rates on floating rate debt to provide an economic hedge against the risk of rising rates and effectively convert fixed rate borrowings to variable rates to permit us to realize lower interest expense in a declining interest rate environment. We monitor the financial institutions that are counterparties to our interest rate swap contracts and we only enter into interest rate swap contracts with financial institutions that are rated investment grade. All such contracts are carried at their fair market values on our consolidated balance sheets, with changes in fair value reflected in the consolidated statements of operations. See Note 10 to our consolidated financial statements for a summary of interest rate swap contracts outstanding at June 30, 2025. Our outstanding interest rate swap contracts are not designated as hedges for accounting purposes. Accordingly, the changes in the fair value of these interest rate swap contracts are recorded through the statements of operations. For thethree and six months ended June 30, 2025, we recorded a gain (loss) on interest rate swap contracts of$430 and $(1,289), respectively, and had a fair value at June 30, 2025 of $3,402 recorded as other assets, long-term and $498 recorded as other liabilities, long-term on the consolidated balance sheet.
Previous wording
The decrease in net cash provided by operating activities of $212,178 in 2025 as compared to 2024 resulted from a decrease in net income before depreciation and amortization and other non-cash items of $257,494, partially offset by an increase of $45,316 due to changes in working capital (including an increase in interest payments of $145,170 and a decrease in tax payments of $12,428) as a result of the timing of payments of liabilities, and collections of accounts receivable, among other items.
Current wording
The decrease in net cash provided by operating activities of $107,007 in 2025 as compared to 2024 resulted from a decrease in net income before depreciation and amortization and other non-cash items of $399,509, partially offset by an increase of $292,502 due to changes in working capital (including an increase in interest payments of $93,269 and a decrease in tax payments of $103,691) as a result of the timing of payments of liabilities, and collections of accounts receivable, among other items.
Showing the first 40 of 48 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
For the three and six months ended June 30, 2024, we recorded a tax expense of $49,013 and $51,937 on pre-tax income of $70,715 and $60,743, respectively, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The higher tax rate was primarily due to the impact of increased state tax expense, primarily from a discrete adjustment during the three months ended June 30, 2024 of $19,472 from the enacted corporate tax rate increase in New Jersey. In addition, the higher rate is due to the impact of certain non-deductible expenses and tax deficiencies on share-based compensation.
Current report — wording carried from elsewhere
Refer to Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" herein.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
For the three months ended March 31, 2025, we recorded a tax benefit of $15,964 on pre-tax loss of $87,235. The effective tax rate was lower than the U.S. statutory tax rate primarily due to the increase in tax deficiencies on share-based compensation.