Optimum Communications, Inc.
For the period ended Mar 31, 2026. Filed May 7, 2026.
View on SEC.govAbout this filing
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.
Mar 31, 2026 · Filed May 7, 2026
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 2025-09-30; filed 2025-11-06.
0001702780-25-000010
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001702780-26-000035
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 200 previous paragraphs and 193 current paragraphs.
105 unchanged; 59 reworded; 29 added; 36 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 20 previous and 18 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 (29)
Current report
Results of Operations - Optimum Communications
Current report
(i)Customer metrics as of March 31, 2026 reflect adjustments that relate to prior periods resulting in a decrease of 8.6 thousand residential customer relationships, 8.1 thousand broadband customers and 8.6 thousand video customers. The impact of these adjustments to customer relationships, broadband and video customer net additions was not material for any one period presented and as such prior period metrics were not restated.
Current report
News and advertising revenue increased $17,264 (17%) for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. The increase was primarily due to an increase in linear advertising revenue.
Current report
Adjusted EBITDA amounted to $789,013 and $799,014 for the three months ended March 31, 2026 and 2025, respectively.
Current report
Free Cash Flow (Deficit) was $(137,421) and $(168,641) for the three months ended March 31, 2026 and 2025, respectively. The decrease in Free Cash Flow (Deficit) of $31,220 for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was due to a decrease in capital expenditures, offset by lower net cash provided by operating activities.
Current report
Income Tax Benefit
Current report
The composition of the Restricted Group was modified as a result of the NYC ABS transaction in July 2025 and an amendment to the CSC Holdings' Credit Facility in November 2025, which resulted in certain subsidiaries being re-designated as unrestricted subsidiaries. The Company’s financial information is now presented to reflect the current composition of the Restricted Group following these re-designations.
Current report
The financial information set forth below reflects the financial condition and results of operations of the Restricted Group, presented separately from the financial condition and results of operations of the Unrestricted Group. To provide a meaningful comparison of the current composition of the Restricted Group, the financial information as of and for the three months ended March 31, 2026 and 2025 is presented on a pro forma basis as if the July 2025 designation and the November 2025 designation had, in each case, occurred on January 1, 2025.
Current report
As reflected on the consolidated financial statements, as of March 31, 2026, we had cash and cash equivalents of $1,048,634, and we had principal amounts of debt of $4,130,000 maturing in April 2027 and $2,125,000 maturing in July 2027. Our ability to address these maturities depends on our ability to successfully refinance, restructure or otherwise extend such indebtedness or to raise additional capital to repay the indebtedness.
Current report
Because we do not currently have committed financing or cash and cash equivalents combined with projected future cash flows sufficient to satisfy our debt maturities arising within the next twelve months, substantial doubt exists about our ability to continue as a going concern within one year after the date these consolidated financial statements are issued. While management is pursuing efforts to refinance or restructure the Company’s debt, or to raise additional capital sufficient to satisfy these debt maturities, there is no assurance these efforts will be successful. See “Risk Factors—We currently do not have the necessary cash on hand, projected future cash flows or committed financing to fund our obligations over the next twelve months, which raises substantial doubt about our ability to continue as a going concern” for additional information on risks related to our indebtedness.
Current report
(b)Includes interest expense of $3,167 related to the NYC ABS receivables facility loan that was repaid in January 2026.
Current report
In November 2025, the proceeds from the issuance of the Incremental Term Loan B-7 were used to (i) repay the outstanding principal balance of the Incremental Term Loan B-6 and (ii) pay the fees, costs and expenses associated with these transactions.
Current report
UnSub Group Credit Facility
Current report
On November 25, 2025, Cablevision Litchfield, LLC ("Cablevision Litchfield"), and CSC Optimum LLC ("CSC Optimum"), each an indirect wholly-owned subsidiary of the Company, entered into a Credit Agreement (the "Initial UnSub Group Credit Facility"), by and among Cablevision Litchfield and CSC Optimum, each as a borrower, the guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent. The Initial UnSub Group Credit Facility provided for, among other things, initial term loans in an aggregate principal amount of $2,000,000 (the "Initial UnSub Group Credit Facility Loans"). The Initial UnSub Group Credit Facility Loans were used to repay in full the Incremental Term Loan B-7 under the CSC Credit Facilities.
Current report
On January 12, 2026, Cablevision Litchfield and CSC Optimum entered into an Amended and Restated Credit Agreement (the "A&R UnSub Credit Agreement"), by and among Cablevision Litchfield and CSC Optimum, each as a borrower, the guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent. The A&R UnSub Credit Agreement provided for, among other things, incremental term loans in an aggregate principal amount of $1,100,000 (the "Incremental UnSub Credit Facility Loans" and, together with the Initial UnSub Group Credit Facility Loans, the "Credit Facility Loans"). Effective February 11, 2026, Cablevision Funding joined the A&R UnSub Credit Agreement as borrower under solely the Incremental UnSub Credit Facility Loans. The A&R UnSub Credit Agreement amended and restated the Initial UnSub Group Credit Facility in its entirety (as so amended and restated, the "UnSub Group Credit Facility"). The Incremental UnSub Credit Facility Loans were used to repay in full the NYC ABS Loan and Security Agreement (defined above) and pay certain costs associated with the transactions. The remaining proceeds are being used for other general corporate purposes. The UnSub Group Credit Facility Loans will (i) mature on November 25, 2028, (ii) accrue interest at a fixed rate per annum equal to 9.0%, and (iii) not amortize.
Current report
Lightpath Secured Fiber Network Revenue Notes
Current report
On March 3, 2026, Cablevision Lightpath LLC ("Lightpath") refinanced all of its outstanding indebtedness through an asset‑backed securitization ("ABS") transaction. In connection with the refinancing, Lightpath repaid in full and terminated all prior debt facilities, including its senior notes, senior secured notes and its term loan facility balance previously outstanding. Upon repayment, all liens and guarantees associated with the prior facilities were released and all commitments were terminated.
Current report
The refinancing was executed through the issuance by Lightpath Fiber Issuer LLC (the “Issuer”) of Secured Fiber Network Revenue Notes, Series 2026‑1 (the “Series 2026‑1 Notes”). The Issuer is a newly formed, wholly owned and bankruptcy-remote indirect subsidiary of Lightpath.
Current report
The notes consist of $1,527,000 in aggregate principal amount of Series 2026-1, Class A-2 Notes (the “Class A-2 Notes”) and $130,000 in aggregate principal amount of Series 2026-1, Class B Notes (the “Class B Notes”). The Class A-2 Notes bear interest at a rate of 5.597%, and the Class B Notes bear interest at a rate of 5.890%.
Current report
In addition to the Series 2026-1 Notes, the Issuer also entered into a Variable Funding Note (“VFN”) facility with a revolving commitment of up to $100,000 (expandable to $300,000 subject to conditions), and a Liquidity Funding Note facility of up to $45,000, designed to support working capital and liquidity needs within the ABS structure.
Current report
Proceeds from the issuance of the Series 2026-1 Notes were used to repay all outstanding Lightpath indebtedness existing prior to the refinancing, fund required reserve accounts, including a liquidity reserve account, pay transaction fees, expenses, and other costs associated with the ABS issuance and general corporate purposes.
Current report
The Series 2026‑1 Term Notes are secured by substantially all of the fiber network assets and related customer agreements of Lightpath's asset‑owning securitized subsidiaries, which collectively serve as collateral for the securitization. The Notes are non‑recourse to Lightpath and its non‑securitized subsidiaries, other than through the guarantees provided within the ABS structure by the asset‑owning entities and Lightpath Fiber Guarantor LLC.
Current report
Interest on the Series 2026-1 Notes is fixed, payable monthly in arrears, beginning April 2026, and mature in March 2031. The securitization includes customary cash‑flow waterfalls, reserve accounts, financial covenants—including a senior debt service coverage ratio—and provisions for optional and mandatory prepayments.
Current report
Following this refinancing, Lightpath's revolving credit facility is no longer available, and borrowings will occur within the ABS structure through the Variable Funding Notes, subject to meeting required borrowing conditions. As of March 31, 2026, $6,088 of the available VFN facility was restricted for certain letters of credit issued on Lightpath's behalf.
Current report
February 2026, we terminated all our interest rate swap agreements and received cash of $2,458. For thethree months ended March 31, 2026, we recorded a gain on interest rate swap contracts of$2,398.
Current report
Optimum Communications
Current report
Net cash provided by operating activities amounted to $170,283 for the three months ended March 31, 2026 as compared to $187,483 for the three months ended March 31, 2025.
Current report
Net cash provided by operating activities amounted to $164,790 for the three months ended March 31, 2026 as compared to $189,707 for the three months ended March 31, 2025.
Current report
In 2025, CSC Holdings' financing activities consisted of proceeds from long-term debt of $450,000, partially offset by repayment of debt of $222,014, principal payments on finance lease obligations of $17,262, distributions to parent of $8,547 and other cash payments of $5,500.
Removed paragraphs (36)
Previous report
•labor shortages and supply chain disruptions;
Previous report
Results of Operations - Altice USA
Previous report
News and advertising revenue decreased $11,819 (10%) and $1,643 for the three and nine months ended September 30, 2025, as compared to the three and nine months ended September 30, 2024, respectively. The decreases were primarily due to a decrease in political advertising revenue, partially offset by an increase in revenue associated with an acquisition in the third quarter of 2024.
Previous report
(c)Amount for the nine months ended September 30, 2024 includes 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.
Previous report
(d)In July 2025, we completed the sale of certain tower assets for $59,908 and recorded a gain of $55,114. In connection with the sale, we entered into a master license agreement with the buyer pursuant to which we maintain access to space on certain of those towers for an initial term of five years.
Previous report
(e)Includes costs related to our workforce management initiatives, including costs related to a voluntary retirement program.
Previous report
The increase in depreciation and amortization of $28,966 (7%) and $72,987 (6%) for the three and nine months ended September 30, 2025 as compared to the three and nine months ended September 30, 2024, respectively, were 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 nine months ended September 30, 2025, as compared to the same period in 2024, included certain losses related to the disposal of plant and equipment and accelerated depreciation.
Previous report
Adjusted EBITDA amounted to $830,657 and $2,433,483 for the three and nine months ended September 30, 2025, respectively, as compared to $861,976 and $2,575,708 for the three and nine months ended September 30, 2024, respectively.
Previous report
Free Cash Flow (Deficit) was $(178,072) and $(318,267) for the three and nine months ended September 30, 2025, respectively, as compared to $76,865 and $99,504 for the three and nine months ended September 30, 2024, respectively. The decreases in Free Cash Flow of $254,937 and $417,771 for the three and nine months ended September 30, 2025 as compared to the three and nine months ended September 30, 2024, respectively, were due to decreases in net cash provided by operating activities and increases in capital expenditures.
Previous report
Income Tax Benefit (Expense)
Previous report
Presented below is financial information that reflects a reconciliation of net income (loss) to Adjusted EBITDA for the three and nine months ended September 30, 2025 and 2024 (unaudited).
Previous report
(b)Supply chain financing obligations were repaid in full during the three months ended June 30, 2025.
Previous report
(a)Includes $1,906,850 principal amount related to the CSC Holdings' Incremental Term Loan B-6 that is due on the earlier of (i) January 15, 2028 and (ii) April 15, 2027 if, as of such date, any Incremental Term Loan B-5 borrowings are still outstanding, unless the Incremental Term Loan B-5 maturity date has been extended to a date falling after January 15, 2028.
Previous report
NYC ABS silo consists of special-purpose entities that hold, among other things, certain receivables generated by our Bronx and Brooklyn service area and network assets located in that area, and is subject to covenants and restrictions set forth in the Loan and Security Agreement.
Previous report
During the nine months ended September 30, 2025, CSC Holdings borrowed $875,000 under the CSC Revolving Credit Facility and repaid $450,000 of amounts outstanding under the CSC Revolving Credit Facility.
Previous report
NYC ABS
Previous report
Loan and Security Agreement
Previous report
On July 16, 2025, Cablevision Funding LLC (“Cablevision Funding”), a newly formed, bankruptcy remote, indirect wholly owned subsidiary of the Company, entered into an asset-backed security transaction (the “NYC ABS”), in accordance with a receivables facility loan and security agreement, by and among Cablevision Funding, 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 (the “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 Cablevision Funding and its subsidiary, Cablevision Systems New York City LLC (“NYC AssetCo”), and the Guarantors, consisting of, among other things, certain receivables generated by our Bronx and Brooklyn service area and network assets located in that area.
Previous 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 2.0% per annum up to and including January 15, 2028, and 5.0% per annum thereafter. The proceeds from the Initial Term Loans (after original issue discount, fees and other deferred financing costs) amounted to $894,063, of which a portion was used to fund Cablevision Funding’s interest reserve account with the minimum interest reserve amount in accordance with the terms of the Loan and Security Agreement, and pay certain costs associated with the transactions. The remaining proceeds are being used to finance working capital, to prepay indebtedness and for other general corporate purposes.
Previous report
Pursuant to the terms of the Loan and Security Agreement, restricted cash is held in bank accounts controlled by the Collateral Agent for the purpose of paying interest, certain fees and scheduled principal and for satisfying the required liquidity reserve amounts. As of September 30, 2025, in blocked accounts under the Loan and Security Agreement, we had short-term restricted cash of $81,908 and long-term restricted cash of $22,704.
Previous report
Lightpath Credit Facility
Previous report
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 ($670,868 outstanding at September 30, 2025) and revolving loan commitments (the "Lightpath Revolving Credit Facility") in an aggregate principal amount of $115,000. As of September 30, 2025, $96,462 of the $115,000 from the Lightpath Revolving Credit Facility was undrawn and available.
Previous report
Under the Amended Credit Agreement, $95,000 of the aggregate principal amount of the Lightpath Revolving Credit Facility will mature on the earlier of (i) June 15, 2027 and (ii) the date that is five business days after any Extension Breach Date (as defined in the Amended Credit Agreement). The remaining $20,000 of the aggregate principal amount of the Lightpath Revolving Credit Facility will mature on November 30, 2025 (as defined in the Amended Credit Agreement).
Previous report
In January 2025, Lightpath entered into a refinancing amendment (the "Refinancing Amendment") to its Amended Credit Agreement, which refinanced all of the term loans outstanding immediately prior to giving effect to the Refinancing Amendment in order to reduce the applicable margins with respect thereto from (i) with respect to any alternate base rate loan, 2.25% per annum to 2.00% per annum and (ii) with respect to any Term SOFR loan, 3.25% per annum to 3.00%. Additionally, after giving effect to the Refinancing Amendment, interest on borrowings made under the refinanced term loan facility are calculated without giving effect to the spread adjustments (0.11448%, 0.26161% and 0.42826% for interest periods of one, three and six months, respectively) initially provided for under the Amended Credit Agreement.
Previous report
As of September 30, 2025, Lightpath was in compliance with applicable financial covenants under the Amended Credit Agreement and with applicable financial covenants under each respective indenture by which its senior secured notes and senior notes were issued.
Previous report
See Note 9 to our consolidated financial statements for further information on the above debt obligations.
Previous report
Lightpath Senior Secured Notes and Senior Notes
Previous report
As of September 30, 2025, Lightpath was in compliance with applicable financial covenants under each respective indenture by which the senior secured notes and senior notes were issued.
Previous report
New Tax Legislation
Previous report
On July 4, 2025, H.R.1, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. 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). These provisions had an immaterial impact to income tax expense, however a reduction in current income tax liabilities (cash taxes) of approximately $102,000 was recorded, offset by an increase in deferred tax liabilities by the same amount.
Previous report
Asset Sale
Previous report
In July 2025, we completed the sale of certain tower assets for $59,908. We recorded a gain of $55,114 on this transaction which is reflected in restructuring, impairments and other operating items in our statement of operations. In connection with the sale, we entered into a master license agreement with the buyer pursuant to which we maintain access to space on certain of those towers for an initial term of five years.
Previous report
Altice USA
Previous report
Net cash provided by operating activities amounted to $746,896 for the nine months ended September 30, 2025 compared to $1,142,479 for the nine months ended September 30, 2024.
Previous report
Net cash provided by operating activities amounted to $750,819 for the nine months ended September 30, 2025 compared to $1,040,051 for the nine months ended September 30, 2024.
Previous report
In 2024, CSC Holdings' financing activities consisted primarily of repayment of debt of $3,891,175, principal payments on finance lease obligations of $99,426, and other cash payments of $32,542, partially offset by proceeds from long-term debt of $3,875,000 and proceeds from notes payable to affiliates and related parties of $92,500.
Reworded paragraphs (59)
Previous wording
•increased difficulty negotiating programming agreements on favorable terms, if at all, resulting in increased costs to us and/or the loss of popular programming;
Current wording
•increased difficulty negotiating programming agreements on favorable terms, if at all, resulting in increased costs to us and the loss of popular programming;
Previous wording
•adverse changes in the credit market;
Current wording
•adverse changes in the credit market and availability of capital to refinance or repay future debt obligations, and our ability to adequately address the substantial doubt as to our ability to continue as a going concern;
Previous wording
We principally provide broadband communications and video services in the United States and market our services under the Optimum brand. We deliver broadband, video, telephony, and mobile services to approximately 4.4 million residential and business customers across our footprint. Our footprint extends across 21 states (primarily in the New York metropolitan area and various markets in the south-central United States) through a fiber-rich hybrid-fiber coaxial ("HFC") broadband network and a FTTH network with approximately 9.9 million total passings as of September 30, 2025. Additionally, we offer news programming and advertising services.
Current wording
We principally provide broadband communications and video services in the United States and market our services under the Optimum brand. We deliver broadband, video, telephony, and mobile services to approximately 4.3 million residential and business customers across our footprint. Our footprint extends across 21 states (primarily in the New York metropolitan area and various markets in the south-central United States) through a fiber-rich hybrid-fiber coaxial ("HFC") broadband network and a FTTH network with approximately 10.0 million total passings as of March 31, 2026. Additionally, we offer news programming and advertising services.
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 41%, 31%, 3%, and 2%, respectively, of our consolidated revenue for the nine months ended September 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 nine months ended September 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 nine months ended September 30, 2025. Our other revenue (which primarily consists of mobile equipment revenue) for the three months ended September 30, 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 41%, 29%, 3%, and 2%, respectively, of our consolidated revenue for the three months ended March 31, 2026. 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, 2026, 18% 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 6% of our consolidated revenue for the three months ended March 31, 2026. Our other revenue (which primarily consists of mobile equipment revenue) for the three months ended March 31, 2026 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, 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-based connectivity providers, Internet-delivered video content and broadcast television signals available to residential and business customers in our service areas. Emerging satellite broadband providers are beginning to offer high-speed connectivity in certain geographies that can compete with traditional broadband, although their overall presence in our footprint remains limited. Our competitors include Verizon Communications Inc., AT&T Inc., T-Mobile US, Inc., Charter Communications, Inc., Comcast Corporation, and emerging satellite-based broadband providers, as well as DirecTV, DISH Network (a wholly-owned subsidiary of EchoStar Corporation), Lumen Technologies, Inc.'s consumer brands, including CenturyLink and Quantum Fiber, and other providers. 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
Historically, we have made substantial investments in our network and the development of new and innovative products and other service offerings for our customers as a way of differentiating ourselves from our competitors and we expect to do so in the future. Our ongoing FTTH network build has enabled us to deliver multi-gig broadband speeds to FTTH customers in order to meet the growing data needs of residential and business customers. Additionally, we are investing in our HFC network which includes a multi-gig network upgrade plan through targeted mid-split upgrades. Finally, we offer a full service mobile offering to consumers across our footprint. We may incur greater than anticipated capital expenditures in connection with these initiatives, fail to realize anticipated benefits, experience delays and business disruptions or encounter other challenges to executing them as planned. See "Liquidity and Capital Resources- Capital Expenditures" for additional information regarding our capital expenditures.
Current wording
Historically, we have made substantial investments in our network and the development of new and innovative products and other service offerings for our customers as a way of differentiating ourselves from our competitors and we expect to do so in the future. Our FTTH network build has enabled us to deliver multi-gig broadband speeds to FTTH customers in order to meet the growing data needs of residential and business customers. Additionally, we are investing in our HFC network which includes a multi-gig network upgrade plan through targeted mid-split upgrades. Finally, we offer a full service mobile offering to consumers across our footprint. We may incur greater than anticipated capital expenditures in connection with these initiatives, fail to realize anticipated benefits, experience delays and business disruptions, or encounter other challenges to executing them as planned. See "Liquidity and Capital Resources– Capital Expenditures" for additional information regarding our capital expenditures.
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 September 30, 2025, June 30, 2025 and September 30, 2024 include approximately 14.2 thousand, 10.8 thousand and 3.0 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 March 31, 2026, December 31, 2025 and March 31, 2025 include approximately 20.9 thousand, 17.6 thousand and 7.5 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 and Nine Months Ended September 30, 2025 compared to the Three and Nine Months Ended September 30, 2024
Current wording
Comparison of Results for the Three Months Ended March 31, 2026 compared to the Three Months Ended March 31, 2025
Previous wording
Broadband revenue for the three and nine months ended September 30, 2025 was $873,449 and $2,658,149, respectively, and $913,417 and $2,745,400 for the three and nine months ended September 30, 2024, respectively. Broadband revenue is derived principally through monthly charges to residential subscribers of our broadband services. Broadband revenue decreased $39,968 (4%) and $87,251 (3%) for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024, respectively. The decrease for the three months ended September 30, 2025 compared to the same period in 2024 was due primarily to declines in broadband customers and lower average recurring broadband revenue per broadband subscriber. The decrease for the nine months ended September 30, 2025 compared to the same period in 2024 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.
Current wording
Broadband revenue for the three months ended March 31, 2026 and 2025 was $850,039 and $899,561, respectively. Broadband revenue is derived principally through monthly charges to residential subscribers of our broadband services. Broadband revenue decreased $49,522 (6%) for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. The decrease was due primarily to a decline in broadband customers and lower average recurring broadband revenue per broadband subscriber.
Previous wording
Video revenue for the three and nine months ended September 30, 2025 was $645,207 and $1,971,315, respectively, and $715,117 and $2,210,156 for the three and nine months ended September 30, 2024, respectively. Video revenue is derived principally through monthly charges to residential customers of our video services. Video revenue decreased $69,910 (10%) and $238,841 (11%) for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024, respectively. 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 nine months ended September 30, 2025, customer credits attributable to the temporary interruption of certain video programming also contributed to the year-over-year decline.
Current wording
Video revenue for the three months ended March 31, 2026 and 2025 was $602,223 and $665,568, respectively. Video revenue is derived principally through monthly charges to residential customers of our video services. Video revenue decreased $63,345 (10%) for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. The decrease was due primarily to a decline in video customers, partially offset by higher average recurring video revenue per video customer, primarily driven by certain rate increases. In addition, customer credits attributable to the temporary interruption of certain video programming during the three months ended March 31, 2025 partially offset the year-over-year decline.
Previous wording
Telephony revenue for the three and nine months ended September 30, 2025 was $61,791 and $192,836, respectively, and $69,877 and $212,545 for the three and nine months ended September 30, 2024, respectively. Telephony revenue is derived principally through monthly charges to residential customers of our telephony services. Telephony revenue decreased $8,086 (12%) and $19,709 (9%) for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024, respectively. The decreases were due primarily to declines in telephony customers, partially offset by higher average recurring telephony revenue per telephony customer.
Current wording
Telephony revenue for the three months ended March 31, 2026 and 2025 was $58,406 and $66,412, respectively. Telephony revenue is derived principally through monthly charges to residential customers of our telephony services. Telephony revenue decreased $8,006 (12%) for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. The decrease was 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 and nine months ended September 30, 2025 was $42,277 and $116,597, respectively, and $30,563 and $82,935 for the three and nine months ended September 30, 2024, respectively. The increases of $11,714 (38%) and $33,662 (41%) for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024, respectively, were primarily due to increases in mobile lines as compared to the prior periods.
Current wording
Mobile service revenue for the three months ended March 31, 2026 and 2025 was $49,549 and $36,699, respectively. The increase of $12,850 (35%) for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was primarily due to an increase in mobile lines, as well as an increase in certain fees and surcharges as compared to the prior year.
Previous wording
Business services and wholesale revenue for the three and nine months ended September 30, 2025 was $361,886 and $1,087,219, respectively, and $366,355 and $1,100,506 for the three and nine months ended September 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.
Current wording
Business services and wholesale revenue for the three months ended March 31, 2026 and 2025 was $364,300 and $363,545, 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
Business services and wholesale revenue decreased $4,469 (1%) and $13,287 (1%) for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 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 wording
Business services and wholesale revenue increased $755 for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. The increase was primarily due to increases in Ethernet and other fees and surcharges revenue from our Lightpath business, partially offset by a decline in SMB customers.
Previous wording
News and advertising revenue for the three and nine months ended September 30, 2025 was $105,863 and $327,044, respectively, and $117,682 and $328,687 for the three and nine months ended September 30, 2024, 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 months ended March 31, 2026 and 2025 was $119,674 and $102,410, 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
Other revenue for the three and nine months ended September 30, 2025 was $17,637 and $54,435, respectively, and $14,689 and $39,161 for the three and nine months ended September 30, 2024, respectively. Other revenue includes revenue from sales of mobile equipment and other miscellaneous revenue streams. Other revenue increased $2,948 (20%) and $15,274 (39%) for the three and nine months ended September 30, 2025, as compared to the three and nine months ended September 30, 2024, respectively. The increases were primarily due to higher mobile equipment sales during 2025 as compared to the same periods in 2024.
Current wording
Other revenue for the three months ended March 31, 2026 and 2025 was $21,177 and $18,087, respectively. Other revenue includes revenue from sales of mobile equipment and other miscellaneous revenue streams. Other revenue increased $3,090 (17%) for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. The increase was primarily due to higher mobile equipment sales during 2026 as compared to the same period in the prior year.
Previous wording
Programming and other direct costs for the three and nine months ended September 30, 2025 amounted to $639,012 and $1,972,233, respectively, and $711,330 and $2,174,677 for the three and nine months ended September 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.
Current wording
Programming and other direct costs for the three months ended March 31, 2026 and 2025 amounted to $631,129 and $670,531, 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 decreases in programming and other direct costs of $72,318 (10%) and $202,444 (9%) for the three and nine months ended September 30, 2025 as compared to the three and nine months ended September 30, 2024, respectively, were primarily attributable to the following:
Current wording
The decrease in programming and other direct costs of $39,402 (6%) for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was primarily attributable to the following:
Previous wording
Programming costs for the three and nine months ended September 30, 2025 aggregated $471,116 and $1,473,392, respectively, and $549,928 and $1,720,755 for the three and nine months ended September 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.
Current wording
Programming costs aggregated $441,342 and $504,756 for the three months ended March 31, 2026 and 2025, respectively. Our programming costs in 2026 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 and nine months ended September 30, 2025 amounted to $650,454 and $2,045,507, respectively, and $674,564 and $2,019,356 for the three and nine months ended September 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.
Current wording
Other operating expenses for the three months ended March 31, 2026 and 2025 amounted to $660,203 and $698,186, 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 (decrease) in other operating expenses of $(24,110) (4%) and $26,151 (1%) for the three and nine months ended September 30, 2025 as compared to the three and nine months ended September 30, 2024, respectively, were attributable to the following:
Current wording
The decrease in other operating expenses of $37,983 (5%) for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was attributable to the following:
Previous wording
Restructuring, impairments and other operating items for the three and nine months ended September 30, 2025 amounted to $1,568,120 and $1,656,568, respectively, as compared to $10,871 and $15,525 for the three and nine months ended September 30, 2024, respectively, and comprised the following:
Current wording
Restructuring, impairments and other operating items for the three months ended March 31, 2026 and 2025 amounted to $2,727,629 and $21,622, respectively, and comprised the following:
Previous wording
(b)Amounts for the 2025 periods reflect estimated amounts for certain legal matters, including adjustments to these estimates, and costs to early terminate contracts with vendors.
Current wording
(b)Amounts reflect estimated amounts for certain legal matters, including adjustments to these estimates, and costs to early terminate contracts with vendors.
Previous wording
Depreciation and amortization for the three and nine months ended September 30, 2025 amounted to $415,308 and $1,243,490, respectively, as compared to $386,342 and $1,170,503 for the three and nine months ended September 30, 2024, respectively.
Current wording
Depreciation and amortization for the three months ended March 31, 2026 and 2025 amounted to $406,496 and $418,485, respectively. The decrease in depreciation and amortization of $11,989 (3%) for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was primarily due to lower amortization.
Previous wording
The decreases in Adjusted EBITDA of $31,319 (4%) and $142,225 (6%) for the three and nine months ended September 30, 2025 as compared to the three and nine months ended September 30, 2024, respectively, 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.
Current wording
The decrease in Adjusted EBITDA of $10,001 (1%) for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was due to a decrease in revenue, partially offset by a decrease in operating expenses during 2026 (excluding depreciation and amortization, share-based compensation, restructuring, impairments and other operating items), as discussed above.
Previous wording
Interest expense, net was $459,124 and $1,331,799 for the three and nine months ended September 30, 2025 as compared to $448,168 and $1,328,264 for the same periods in the prior year. The increase of $10,956 (2%) and $3,535 for the three and nine months ended September 30, 2025 as compared to the three and nine months ended September 30, 2024, respectively, were attributable to the following:
Current wording
Interest expense, net was $457,819 for the three months ended March 31, 2026 as compared to $428,016 for the same periods in the prior year. The increase of $29,803 (7%) for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was attributable to the following:
Previous wording
Gain (loss) on interest rate swap contracts, net was $1,147 and $(142) for the three and nine months ended September 30, 2025, respectively, compared to $(45,657) and $10,220 for the three and nine months ended September 30, 2024, respectively. 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 loss for the three months ended September 30, 2024 includes a $52,943 loss related to the early termination of the CSC Holdings interest rate swap agreements with an aggregate notional value of $3,000,000.
Current wording
Gain (loss) on interest rate swap contracts, net was $2,398 and $(1,719) for the three months ended March 31, 2026 and 2025, respectively. 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 gain for the three months ended March 31, 2026 included a $2,458 gain related to the early termination of Lightpath interest rate swap agreements with an aggregate notional value of $575,000.
Previous wording
Loss on extinguishment of debt and write-off of deferred financing costs amounted to $1,693 and $7,035 for the nine months ended September 30, 2025 and 2024, respectively, and related to the following:
Current wording
Loss on extinguishment of debt and write-off of deferred financing costs amounted to $106,045 for the three months ended March 31, 2026, and related to the following:
Previous wording
Other expense, net amounted to $591 and $2,388 for the three and nine months ended September 30, 2025, respectively, compared to $1,495 and $4,526 for the three and nine months ended September 30, 2024, respectively. These amounts include the non-service benefit or cost components of our pension plans.
Current wording
Other expense, net amounted to $529 and $963 for the three months ended March 31, 2026 and 2025, respectively. These amounts include the non-service benefit or cost components of our pension plans.
Previous wording
For the three and nine months ended September 30, 2025, we recorded a tax benefit of $1,397 and $65,008 on pre-tax loss of $1,623,352 and $1,846,220, respectively, resulting in an effective tax rate that was lower than the U.S. statutory tax rate. The lower rate is primarily due to the nonrecognition for tax purposes of the intangible impairment charge during the three and nine months ended September 30, 2025.
Current wording
For the three months ended March 31, 2026, we recorded a tax benefit of $45,108 on pre-tax loss of $2,922,084, resulting in an effective tax rate that was lower than the U.S. statutory tax rate. The lower rate is primarily due to the nonrecognition for tax purposes of the intangible impairment charge.
Previous wording
For the three and nine months ended September 30, 2024, we recorded a tax benefit (expense) of $9,892 and $(42,045) on pre-tax income (loss) of $(50,727) and $10,016, respectively. For the three months ended September 30, 2024, 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. For the nine months ended September 30, 2024, the effective tax rate was higher than the U.S. statutory rate, due to increased state tax expense, primarily from a discrete adjustment of $19,472 from the enacted corporate tax rate increase in New Jersey. In addition, the higher rate for this nine month period is due to the impact of certain non-deductible expenses and tax deficiencies on share-based compensation.
Current wording
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.
Previous wording
The consolidated statements of operations of CSC Holdings are essentially identical to the consolidated statements of operations of Altice USA, except for the following (unaudited):
Current wording
The consolidated statements of operations of CSC Holdings are essentially identical to the consolidated statements of operations of Optimum Communications, except for the following (unaudited):
Previous wording
Refer to Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" above.
Current wording
Refer to Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" herein.
Previous 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.
Current wording
The differences in Adjusted EBITDA and Free Cash Flow (Deficit) between CSC Holdings and Optimum Communications relate to the Captive which holds certain workers' compensation, general and automobile liabilities. See Note 13.
Previous wording
For financing purposes, CSC Holdings is structured as a restricted group (the "CSC Holdings Restricted Group") and an unrestricted group, which includes certain designated subsidiaries. The CSC Holdings Restricted Group is comprised of CSC Holdings and all of its wholly-owned operating subsidiaries, except for Cablevision Lightpath and certain of its designated subsidiaries, and Cablevision Funding and certain special-purpose entities formed or transferred to Cablevision Funding in connection with the Loan and Security Agreement (defined below). These CSC Holdings Restricted Group subsidiaries are subject to the covenants and restrictions of the CSC Holdings’ credit facility and indentures governing the notes issued by CSC Holdings.
Current wording
For financing purposes, CSC Holdings is structured as a "Restricted Group" and an "Unrestricted Group." The Restricted Group was historically comprised of CSC Holdings and substantially all of its wholly-owned operating subsidiaries. These Restricted Group subsidiaries are subject to the covenants and restrictions of the CSC Holdings' Credit Facility and the indentures governing the notes issued by CSC Holdings. The Unrestricted Group includes certain designated subsidiaries and investments (the "Unrestricted Group") which are not subject to such covenants.
Previous wording
Altice USA has no operations independent of its subsidiaries. Funding for our subsidiaries has generally been provided by (i) cash flow from their respective operations, (ii) cash on hand, (iii) borrowings under the CSC Holdings and Lightpath revolving credit facilities and (iv) proceeds from the issuance of debt securities and borrowings under syndicated term loan facilities or receivables facility loans. Our decision as to the use of cash generated from operating activities, cash on hand, borrowings under revolving credit facilities or accessing the capital or credit markets has been based upon an ongoing review of the funding needs of the business, the optimal allocation of cash resources, the timing of cash flow generation, the cost of borrowing under revolving credit facilities, and market conditions (including cost and availability of capital) in the debt capital and syndicated loan markets. We calculate net leverage ratios for our CSC Holdings Restricted Group and Lightpath debt silos as net debt to L2QA EBITDA (Adjusted EBITDA for the two most recent consecutive fiscal quarters multiplied by 2.0). We calculate the net leverage ratio for our NYC ABS debt silo as net debt to annualized run-rate net cash flow based on recent collections (multiplying the most recent three-month period of collections by four).
Current wording
Optimum Communications has no operations independent of its subsidiaries. Funding for our subsidiaries has generally been provided by cash flow from their respective operations, cash on hand and borrowings under the CSC Holdings revolving credit facility and the proceeds from the issuance of securities and borrowings under syndicated term loans in the capital markets. Our decision as to the use of cash generated from operating activities, cash on hand, borrowings under the revolving credit facility or accessing the capital markets has been based upon an ongoing review of the funding needs of the business, the optimal allocation of cash resources, the timing of cash flow generation and the cost of borrowing under the revolving credit facility, debt securities, and syndicated term loans.
Previous wording
We expect to utilize Free Cash Flow and availability under the CSC Holdings Restricted Group and Lightpath revolving credit facilities, as well as future refinancing transactions, to further extend the maturities of, or reduce the principal on, our debt obligations. The timing and terms of any refinancing transactions will be subject to, among other factors, market conditions. Additionally, we may, from time to time, depending on market conditions and other factors, use cash on hand and the proceeds from other borrowings to repay the outstanding debt through open market purchases, privately negotiated purchases, tender offers, exchange offers or redemptions, or engage in similar transactions.
Current wording
We expect to utilize Free Cash Flow and availability under the CSC Holdings revolving credit facility, as well as future refinancing transactions, to further extend the maturities of, or reduce the principal on, our debt obligations. The timing and terms of any refinancing transactions will be subject to, among other factors, market conditions. Additionally, we may, from time to time, depending on market conditions and other factors, use cash on hand and the proceeds from other borrowings to repay the outstanding debt through open market purchases, privately negotiated purchases, tender offers, exchange offers or redemptions, or engage in similar transactions.
Previous wording
We believe existing cash balances, operating cash flows and availability under the CSC Holdings Restricted Group and Lightpath revolving credit facilities will provide adequate funds to support our current operating plan, make planned capital expenditures and fulfill our debt service requirements for the next twelve months. However, our ability to fund our operations, make planned capital expenditures, make scheduled payments on our indebtedness and repay at, or refinance our indebtedness prior to, maturity depends on our future operating performance and cash flows and our ability to access the capital and credit markets, which, in turn, are subject to prevailing economic conditions and to financial, business and other factors, some of which are beyond our control. Competition, market disruptions or a deterioration in economic conditions could lead to lower demand for our products, as well as lower levels of advertising, and increased incidence of customers' inability to pay for the services we provide. These events, among others, could adversely impact our results of operations, cash flows and financial position. Although we currently believe amounts available under the CSC Holdings Restricted Group and Lightpath revolving credit facilities will be available when, and if, needed, we can provide no assurance that access to such funds will not be impacted by adverse conditions in the financial markets or other conditions. The obligations of the financial institutions under the CSC Holdings Restricted Group and Lightpath revolving credit facilities are several and not joint and, as a result, a funding default by one or more institutions does not need to be made up by the others.
Current wording
We believe existing cash balances, operating cash flows and availability under the CSC Holdings revolving credit facility will provide adequate funds to support our current operating plan and make planned capital expenditures for the next twelve months. However, we must refinance or restructure our debt, or raise additional capital sufficient to satisfy our debt maturities in April 2027. Our ability to refinance our debt or access the capital markets is subject to prevailing economic conditions and to financial, business and other factors, some of which are beyond our control. Competition, market disruptions or a deterioration in economic conditions could lead to lower demand for our products, as well as lower levels of advertising, and increased incidence of customers' inability to pay for the services we provide. These events would adversely impact our results of operations, cash flows and financial position. Although we currently believe amounts available under the CSC Holdings revolving credit facility will be available in accordance with its terms, we can provide no assurance that access to such funds will not be impacted by adverse conditions in the financial markets or other conditions beyond our control. The obligations of the financial institutions under the revolving credit facility are several and not joint and, as a result, a funding default by one or more institutions does not need to be made up by the others.
Previous wording
In the longer term, we may not be able to generate sufficient cash from operations to fund anticipated capital expenditures, meet all existing future contractual payment obligations and repay our debt at maturity. As a result, we will be dependent on our ability to access the capital and credit markets to borrow additional amounts, issue additional debt or equity or refinance existing debt obligations. We intend to raise significant amounts of funding over the next several years to fund capital expenditures, repay existing obligations and meet other obligations, and the failure to do so successfully could adversely affect our business. If we are unable to do so, we will need to take other actions including deferring capital expenditures, selling assets, seeking strategic investments from third parties or reducing discretionary uses of cash.
Current wording
In the longer term, we may not be able to generate sufficient cash from operations to fund anticipated capital expenditures, meet all existing future contractual payment obligations and repay our debt at maturity. As a result, we could be dependent upon our continued access to the capital and credit markets to issue additional debt or equity or refinance existing debt obligations. We intend to raise significant amounts of funding over the next several years to fund capital expenditures, repay existing obligations and meet other obligations, and the failure to do so successfully could adversely affect our business, financial condition, liquidity, and results of operations. If we are unable to do so, we will need to take other actions including deferring capital expenditures, selling assets, seeking strategic investments from third parties or reducing discretionary uses of cash.
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 September 30, 2025, as well as interest expense for the nine months ended September 30, 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 March 31, 2026, as well as interest expense for the three months ended March 31, 2026:
Showing the first 40 of 59 pairs. Open the source sections for the rest.