Optimum Communications, Inc.
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
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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.
Sep 30, 2026 · Filed Nov 6, 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 2026-06-30; filed 2026-08-06.
0001702780-26-000048
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001702780-26-000074
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 213 previous paragraphs and 212 current paragraphs.
133 unchanged; 65 reworded; 13 added; 14 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 25 previous and 25 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 (13)
Current report
•our ability to effectively remediate the material weakness in our internal control over financial reporting related to the accounting for income taxes and any impact on our ability to accurately report our financial results;
Current report
(a)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.
Current report
(b)Includes costs related to our workforce management initiatives, including costs related to a voluntary retirement program during the three and nine months ended September 30, 2025.
Current report
Presented below are Statements of Operations of Optimum CSC LLC for the three and nine months ended September 30, 2026 and 2025 (unaudited):
Current report
(a)Includes impairment charges related to our indefinite-lived cable franchise rights of $2,218,489 for the nine months ended September 30, 2026 and $1,611,308 for the nine months ended September 30, 2025. Also includes attributed charges related to the non-cash exchange of Optimum shares for redeemable preferred units and the tender offer totaling $107,903 for the nine months ended September 30, 2026.
Current report
(a)Includes attributed impairment charges related to our indefinite-lived cable franchise rights of $3,681,511 for the nine months ended September 30, 2026.
Current report
Presented below is a reconciliation of the net income (loss) to adjusted EBITDA for Optimum CSC LLC (unaudited):
Current report
(a)Includes attributed impairment charges related to our indefinite-lived cable franchise rights of $3,681,511 and attributed charges related to the non-cash exchange of Optimum shares for redeemable preferred units and the tender offer totaling $209,452 for the nine months ended September 30, 2026.
Current report
The obligations under the CSC Holdings Restricted Group Credit Facility are guaranteed on a senior secured basis by each material restricted subsidiary of CSC Holdings (other than certain excluded subsidiaries). The obligations under the CSC Holdings Restricted Group Credit Facility (including any guarantees thereof) are secured on a first priority basis, subject to permitted liens, by capital stock held by CSC Holdings and any guarantor in restricted subsidiaries of CSC Holdings, subject to certain exclusions and limitations. The obligations under the CSC Holdings Senior Guaranteed Notes are guaranteed on a senior unsecured basis by each restricted subsidiary of CSC Holdings that guarantees the obligations under the CSC Holdings Restricted Group Credit Facility.
Current report
In May 2026, the UnSub Group entered into Amendment No. 1 to the Initial UnSub Group Credit Facility. The amendment established an "Applicable Premium" following certain CSC Holdings insolvency events, generally equal to the interest that would have accrued on affected term loans through maturity. It did not change the principal amount, lender commitments, interest rate, maturity, amortization, collateral or guarantees, financial covenants or reporting requirements. The Company incurred customary consent, advisory and legal fees.
Current report
The obligations under the UnSub Group Credit Facility are guaranteed on a senior secured basis by certain subsidiaries included in our UnSub Group (other than CSC TKR Intermediate, LLC, CSC TKR, LLC and their subsidiaries, which own and operate our New Jersey cable television systems), subject to certain limitations. The obligations under the UnSub Group Credit Facility are secured by a first-priority lien on substantially all of the assets of each borrower and guarantor thereunder, subject to certain exclusions and limitations.
Current report
Net cash provided by operating activities amounted to $477,599 for the nine months ended September 30, 2026 as compared to $746,896 for the nine months ended September 30, 2025.
Current report
Net cash provided by operating activities amounted to $472,338 for the nine months ended September 30, 2026 as compared to $750,819 for the nine months ended September 30, 2025.
Removed paragraphs (14)
Previous 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.
Previous report
(a)See Note 8 for a discussion of the impairment charge related to our indefinite-lived cable franchise rights.
Previous report
(b)See Note 9 for a discussion of the Private Exchange Transaction. As required by GAAP, the Company recognized an expense of $156,555 based on the closing price of its common stock on the transaction date, rather than other indicators of economic value, including those that were taken into account by the special committee of the board of CSC Investments II LLC that approved the transaction.
Previous report
Presented below are Statements of Operations of CSC Investments II for the three and six months ended June 30, 2026 and 2025 (unaudited):
Previous report
(a)Includes an impairment charge related to our indefinite-lived cable franchise rights of $1,618,489 for the six months ended June 30, 2026.
Previous report
(a)Includes an impairment charge related to our indefinite-lived cable franchise rights of $1,551,511 for the six months ended June 30, 2026.
Previous report
Presented below is a reconciliation of the net income (loss) to adjusted EBITDA for CSC Investments II (unaudited):
Previous report
(a)Includes an impairment charge related to our indefinite-lived cable franchise rights of $1,081,511 for the six months ended June 30, 2026.
Previous report
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 report
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 and July 2027.
Previous report
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 report
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 report
Net cash provided by operating activities amounted to $398,409 for the six months ended June 30, 2026 as compared to $599,448 for the six months ended June 30, 2025.
Previous report
Net cash provided by operating activities amounted to $393,206 for the six months ended June 30, 2026 as compared to $602,711 for the six months ended June 30, 2025.
Reworded paragraphs (65)
Previous wording
This Form 10-Q contains statements that constitute forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Act of 1934, as amended. In this Form 10-Q there are statements concerning our future operating results and future financial performance. Words such as "expects", "anticipates", "believes", "estimates", "may", "will", "should", "could", "potential", "continue", "intends", "plans" and similar words and terms used in the discussion of future operating results, future financial performance and future events identify forward-looking statements. Investors are cautioned that such forward-looking statements are not guarantees of future performance, results or events and involve risks and uncertainties and that actual results or developments may differ materially from the forward-looking statements as a result of various factors.
Current wording
This Form 10-Q contains statements that constitute forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. In this Form 10-Q there are statements concerning our future operating results and future financial performance. Words such as "expects", "anticipates", "believes", "estimates", "may", "will", "should", "could", "potential", "continue", "intends", "plans" and similar words and terms used in the discussion of future operating results, future financial performance and future events identify forward-looking statements. Investors are cautioned that such forward-looking statements are not guarantees of future performance, results or events and involve risks and uncertainties and that actual results or developments may differ materially from the forward-looking statements as a result of various factors.
Previous wording
•other risks and uncertainties inherent in our cable and broadband communications businesses and our other businesses, including those listed under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 13, 2026 (the "Annual Report") and our subsequent Quarterly Reports on Form 10-Q.
Current wording
•other risks and uncertainties inherent in our cable and broadband communications businesses and our other businesses, including those listed under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 13, 2026, as amended by Amendment No. 1 on Form 10-K/A filed with the SEC on November 6, 2026 (the "Annual Report") and our subsequent Quarterly Reports on Form 10-Q, as amended.
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%, 29%, 3%, and 2%, respectively, of our consolidated revenue for the six months ended June 30, 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 six months ended June 30, 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 5% of our consolidated revenue for the six months ended June 30, 2026. Our other revenue (which primarily consists of mobile equipment revenue) for the three months ended June 30, 2026 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 3%, respectively, of our consolidated revenue for the nine months ended September 30, 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 nine months ended September 30, 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 5% of our consolidated revenue for the nine months ended September 30, 2026. Our other revenue (which primarily consists of mobile equipment revenue) for the three months ended September 30, 2026 accounted for approximately 1% of our consolidated revenue.
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 June 30, 2026, March 31, 2026 and June 30, 2025 include approximately 25.5 thousand, 20.9 thousand and 10.8 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 September 30, 2026, June 30, 2026 and September 30, 2025 include approximately 29.3 thousand, 25.5 thousand and 14.2 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 Six Months Ended June 30, 2026 compared to the Three and Six Months Ended June 30, 2025
Current wording
Comparison of Results for the Three and Nine Months Ended September 30, 2026 compared to the Three and Nine Months Ended September 30, 2025
Previous wording
Broadband revenue for the three and six months ended June 30, 2026 was $840,919 and $1,690,958, respectively, and $885,139 and $1,784,700 for the three and six months ended June 30, 2025, respectively. Broadband revenue is derived principally through monthly charges to residential subscribers of our broadband services. Broadband revenue decreased $44,220 (5%) and $93,742 (5%) for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025. The decrease for the three months ended June 30, 2026 as compared to the same period in the prior year was due primarily to declines in broadband customers, partially offset by higher average recurring broadband revenue per broadband subscriber. The decrease for the six months ended June 30, 2026 as compared to the same period in the prior year was due primarily to declines in broadband customers, as well as lower average recurring broadband revenue per broadband subscriber.
Current wording
Broadband revenue for the three and nine months ended September 30, 2026 was $824,632 and $2,515,590, respectively, and $873,449 and $2,658,149 for the three and nine months ended September 30, 2025, respectively. Broadband revenue is derived principally through monthly charges to residential subscribers of our broadband services. Broadband revenue decreased $48,817 (6%) and $142,559 (5%) for the three and nine months ended September 30, 2026 as compared to the three and nine months ended September 30, 2025. The decrease for the three and nine months ended September 30, 2026 as compared to the same period in the prior year was due primarily to declines in broadband customers, as well as lower average recurring broadband revenue per broadband subscriber.
Previous wording
Video revenue for the three and six months ended June 30, 2026 was $587,830 and $1,190,053, respectively, and $660,540 and $1,326,108 for the three and six months ended June 30, 2025, respectively. Video revenue is derived principally through monthly charges to residential customers of our video services. Video revenue decreased $72,710 (11%) and $136,055 (10%) for the three and six months ended June 30, 2026, respectively, as compared to the three and six months ended June 30, 2025. 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. 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.
Current wording
Video revenue for the three and nine months ended September 30, 2026 was $571,846 and $1,761,899, respectively, and $645,207 and $1,971,315 for the three and nine months ended September 30, 2025, respectively. Video revenue is derived principally through monthly charges to residential customers of our video services. Video revenue decreased $73,361 (11%) and $209,416 (11%) for the three and nine months ended September 30, 2026, respectively, as compared to the three and nine months ended September 30, 2025. 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. 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 six months ended June 30, 2026 was $56,296 and $114,702, respectively, and $64,633 and $131,045 for the three and six months ended June 30, 2025, respectively. Telephony revenue is derived principally through monthly charges to residential customers of our telephony services. Telephony revenue decreased $8,337 (13%) and $16,343 (12%) for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025. 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 and nine months ended September 30, 2026 was $54,767 and $169,469, respectively, and $61,791 and $192,836 for the three and nine months ended September 30, 2025, respectively. Telephony revenue is derived principally through monthly charges to residential customers of our telephony services. Telephony revenue decreased $7,024 (11%) and $23,367 (12%) for the three and nine months ended September 30, 2026 as compared to the three and nine months ended September 30, 2025. 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 and six months ended June 30, 2026 was $52,553 and $102,102, respectively, and $37,621 and $74,320, for the three and six months ended June 30, 2025, respectively. The increases of $14,932 (40%) and $27,782 (37%) for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 were primarily due to increases in mobile lines, as well as increases in certain fees and surcharges as compared to the prior year periods.
Current wording
Mobile service revenue for the three and nine months ended September 30, 2026 was $56,838 and $158,940, respectively, and $42,277 and $116,597, for the three and nine months ended September 30, 2025, respectively. The increases of $14,561 (34%) and $42,343 (36%) for the three and nine months ended September 30, 2026 as compared to the three and nine months ended September 30, 2025 were primarily due to increases in mobile lines, as well as increases in certain fees and surcharges as compared to the prior year periods.
Previous wording
Business services and wholesale revenue for the three and six months ended June 30, 2026 was $366,286 and $730,586, respectively, and $361,788 and $725,333 for the three and six months ended June 30, 2025, 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 and nine months ended September 30, 2026 was $375,509 and $1,106,095, respectively, and $361,886 and $1,087,219 for the three and nine months ended September 30, 2025, 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 increased $4,498 (1%) and $5,253 (1%) for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025. The increases were primarily due to increases in Ethernet and other fees and surcharges revenue from our Lightpath business, partially offset by a decline in SMB customers.
Current wording
Business services and wholesale revenue increased $13,623 (4%) and $18,876 (2%) for the three and nine months ended September 30, 2026 as compared to the three and nine months ended September 30, 2025. The increases were primarily due to increases in Ethernet, indefeasible right of use 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 six months ended June 30, 2026 was $99,978 and $219,652, respectively, and $118,771 and $221,181 for the three and six months ended June 30, 2025, 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 nine months ended September 30, 2026 was $93,374 and $313,026, respectively, and $105,863 and $327,044 for the three and nine months ended September 30, 2025, 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 $18,793 (16%) and $1,529 (1%) for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025. The decrease for the three months ended June 30, 2026 as compared to the prior year period was primarily due to the sale of our interest in a non-core advertising agency business in May 2026. The decrease for the six months ended June 30, 2026 as compared to the prior year period was primarily due to the sale of our interest in a non-core advertising agency business, partially offset by an increase in linear advertising revenue during the first three months of 2026.
Current wording
News and advertising revenue decreased $12,489 (12%) and $14,018 (4%) for the three and nine months ended September 30, 2026 as compared to the three and nine months ended September 30, 2025. The decrease for the three months ended September 30, 2026 as compared to the prior year period was primarily due to the sale of our interest in a non-core advertising agency business in May 2026, partially offset by an increase in political advertising revenue. The decrease for the nine months ended September 30, 2026 as compared to the prior year period was primarily due to the sale of our interest in a non-core advertising agency business and a decrease in non-political linear advertising revenue, partially offset by an increase in political advertising revenue.
Previous wording
Other revenue for the three and six months ended June 30, 2026 was $19,841 and $41,018, respectively, and $18,711 and $36,798 for the three and six months ended June 30, 2025, respectively. Other revenue includes revenue from sales of mobile equipment and other miscellaneous revenue streams. Other revenue increased $1,130 (6%) and $4,220 (11%) for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025. The increases were primarily due to higher mobile equipment sales during 2026 as compared to the same periods in the prior year.
Current wording
Other revenue for the three and nine months ended September 30, 2026 was $23,094 and $64,112, respectively, and $17,637 and $54,435 for the three and nine months ended September 30, 2025, respectively. Other revenue includes revenue from sales of mobile equipment and other miscellaneous revenue streams. Other revenue increased $5,457 (31%) and $9,677 (18%) for the three and nine months ended September 30, 2026 as compared to the three and nine months ended September 30, 2025. The increases were primarily due to higher mobile equipment sales during 2026 as compared to the same periods in the prior year.
Previous wording
Programming and other direct costs for the three and six months ended June 30, 2026 amounted to $587,654 and $1,218,783, respectively, and $662,690 and $1,333,221 for the three and six months ended June 30, 2025, 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 and nine months ended September 30, 2026 amounted to $589,300 and $1,808,083, respectively, and $639,012 and $1,972,233 for the three and nine months ended September 30, 2025, 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 $75,036 (11%) and $114,438 (9%) for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 were primarily attributable to the following:
Current wording
The decreases in programming and other direct costs of $49,712 (8%) and $164,150 (8%) for the three and nine months ended September 30, 2026 as compared to the three and nine months ended September 30, 2025 were primarily attributable to the following:
Previous wording
Programming costs aggregated $426,146 and $867,488 for the three and six months ended June 30, 2026, respectively, and $497,520 and $1,002,276 for the three and six months ended June 30, 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.
Current wording
Programming costs aggregated $413,069 and $1,280,557 for the three and nine months ended September 30, 2026, respectively, and $471,116 and $1,473,392 for the three and nine months ended September 30, 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 six months ended June 30, 2026 amounted to $655,956 and $1,316,159, respectively, and $696,867 and $1,395,053 for the three and six months ended June 30, 2025, 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 nine months ended September 30, 2026 amounted to $645,126 and $1,961,285, respectively, and $650,454 and $2,045,507 for the three and nine months ended September 30, 2025, 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 decreases in other operating expenses of $40,911 (6%) and $78,894 (6%) for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 were attributable to the following:
Current wording
The decreases in other operating expenses of $5,328 (1%) and $84,222 (4%) for the three and nine months ended September 30, 2026 as compared to the three and nine months ended September 30, 2025 were attributable to the following:
Previous wording
Restructuring, impairments and other operating items for the three and six months ended June 30, 2026 amounted to $206,968 and $2,934,597, respectively, as compared to $66,826 and $88,448 for the three and six months ended June 30, 2025, and comprised the following:
Current wording
Restructuring, impairments and other operating items for the three and nine months ended September 30, 2026 amounted to $3,429,940 and $6,364,537, respectively, as compared to $1,568,120 and $1,656,568 for the three and nine months ended September 30, 2025, and comprised the following:
Previous wording
Depreciation and amortization for the three and six months ended June 30, 2026 amounted to $407,076 and $813,572, respectively, and $409,697 and $828,182 for the three and six months ended June 30, 2025, respectively. The decreases in depreciation and amortization of $2,621 (1%) and $14,610 (2%) for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 were primarily due to lower amortization related to customer relationships.
Current wording
Depreciation and amortization for the three and nine months ended September 30, 2026 amounted to $394,260 and $1,207,832, respectively, and $415,308 and $1,243,490 for the three and nine months ended September 30, 2025, respectively. The decreases in depreciation and amortization of $21,048 (5%) and $35,658 (3%) for the three and nine months ended September 30, 2026 as compared to the three and nine months ended September 30, 2025 were primarily due to lower amortization related to customer relationships.
Previous wording
Adjusted EBITDA amounted to $785,732 and $1,574,745 for the three and six months ended June 30, 2026, respectively, as compared to $803,812 and $1,602,826 for the three and six months ended June 30, 2025, respectively.
Current wording
Adjusted EBITDA amounted to $773,732 and $2,348,477 for the three and nine months ended September 30, 2026, respectively, as compared to $830,657 and $2,433,483 for the three and nine months ended September 30, 2025, respectively.
Previous wording
The decreases in Adjusted EBITDA of $18,080 (2%) and $28,081 (2%) for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 were 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.
Current wording
The decreases in Adjusted EBITDA of $56,925 (7%) and $85,006 (3%) for the three and nine months ended September 30, 2026 as compared to the three and nine months ended September 30, 2025 were 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
Free Cash Flow (Deficit) was $(91,899) and $(229,320) for the three and six months ended June 30, 2026, respectively, as compared to $28,446 and $(140,195) for the three and six months ended June 30, 2025, respectively. The decreases in Free Cash Flow of $120,345 and $89,125 for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 were due to lower net cash provided by operating activities, partially offset by lower capital expenditures.
Current wording
Free Cash Flow (Deficit) was $(267,852) and $(497,172) for the three and nine months ended September 30, 2026, respectively, as compared to $(178,072) and $(318,267) for the three and nine months ended September 30, 2025, respectively. The decreases in Free Cash Flow of $89,780 and $178,905 for the three and nine months ended September 30, 2026 as compared to the three and nine months ended September 30, 2025 were due to lower net cash provided by operating activities, as well as higher capital expenditures year over year in the three month period but partially offset in the nine month period by lower year over year capital expenditures.
Previous wording
Interest expense, net was $475,576 and $933,395 for the three and six months ended June 30, 2026 as compared to $444,659 and $872,675 for the same periods in the prior year. The increases of $30,917 (7%) and $60,720 (7%) for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 were attributable to the following:
Current wording
Interest expense, net was $479,891 and $1,413,286 for the three and nine months ended September 30, 2026 as compared to $459,124 and $1,331,799 for the same periods in the prior year. The increases of $20,767 (5%) and $81,487 (6%) for the three and nine months ended September 30, 2026 as compared to the three and nine months ended September 30, 2025 were attributable to the following:
Previous wording
For the three and six months ended June 30, 2026, we recognized a loss of $10,958 on the sale of our interest in a non-core advertising agency business.
Current wording
For the nine months ended September 30, 2026, we recognized a loss of $10,958 on the sale of our interest in a non-core advertising agency business.
Previous wording
Gain (loss) on interest rate swap contracts, net was $2,398 for the six months ended June 30, 2026, compared to $430 and $(1,289) for the three and six months ended June 30, 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 six months ended June 30, 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.
Current wording
Gain (loss) on interest rate swap contracts, net was $2,398 for the nine months ended September 30, 2026, compared to $1,147 and $(142) for the three and nine months ended September 30, 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 nine months ended September 30, 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 $106,045 for the six months ended June 30, 2026, 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 nine months ended September 30, 2026, and related to the following:
Previous wording
Other expense, net amounted to $315 and $844 for the three and six months ended June 30, 2026 compared to $834 and $1,797 for the three and six months ended June 30, 2025, respectively. These amounts include the non-service benefit or cost components of our pension plans.
Current wording
Other expense, net amounted to $38 and $882 for the three and nine months ended September 30, 2026 compared to $591 and $2,388 for the three and nine months ended September 30, 2025, respectively. These amounts include the non-service benefit or cost components of our pension plans.
Previous wording
For the three and six months ended June 30, 2026, we recorded a tax benefit of $38,671 and $83,779 on pre-tax loss of $320,800 and $3,242,884, respectively, resulting in an effective tax rate that was lower than the U.S. statutory rate. The lower rate is primarily due to the nonrecognition for tax purposes of the intangible impairment charge recognized in the first quarter of 2026 and the expense related to the Private Exchange transaction recognized in the second quarter of 2026.
Current wording
For the three and nine months ended September 30, 2026, we recorded a tax benefit of $680,222 and $1,488,157 on pre-tax loss of $3,538,495 and $6,781,379, respectively, resulting in an effective tax rate that was lower than the U.S. statutory rate for the three months ended September 30, 2026 and higher than the U.S. statutory rate for the nine months ended September 30, 2026. The lower rate for the three months ended September 30, 2026 is primarily due to the nonrecognition for tax purposes of the $160,800 expense related to the Tender Offer transaction as well as an establishment of a valuation allowance against part of the deferred tax assets (see Note 11). The higher rate for the nine months ended September 30, 2026 is primarily due to the impact of state taxes, partially offset by the nonrecognition for tax purposes of the $160,800 expense related to the Tender Offer transaction and establishment of the valuation allowance during the three months ended September 30, 2026 and the nonrecognition for tax purposes of the Private Exchange transaction recognized in the second quarter of 2026.
Previous 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 extension of the Connecticut Corporation Business Tax surcharge.
Current wording
For the three and nine months ended September 30, 2025, we recorded a tax benefit of $433,762 and $497,373 on pre-tax loss of $1,623,352 and $1,846,220, respectively, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The higher rate is primarily due to the impact of state taxes during the three and nine months ended September 30, 2025.
Previous wording
Presented below are balance sheets for the UnSub Group and CSC Investments II (unaudited). See Note 9 of our consolidated financial statements.
Current wording
Presented below are balance sheets for the UnSub Group and Optimum CSC LLC (unaudited). See Note 9 of our consolidated financial statements.
Previous wording
Presented below are Statements of Operations of the UnSub Group for the three and six months ended June 30, 2026 and 2025 (unaudited):
Current wording
Presented below are Statements of Operations of the UnSub Group for the three and nine months ended September 30, 2026 and 2025 (unaudited):
Previous wording
Presented below are Statements of Cash Flows of CSC Investments II LLC (unaudited):
Current wording
Presented below are Statements of Cash Flows of Optimum CSC LLC (unaudited):
Previous wording
As reflected on the consolidated financial statements, as of June 30, 2026, we had cash and cash equivalents of $1,296,270, and we had principal amounts of debt of $4,122,500 maturing in April 2027 and $2,225,000 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 wording
As reflected on the consolidated financial statements, as of September 30, 2026, we had cash and cash equivalents of $1,100,796, and we had principal amounts of debt of $4,115,000 maturing in April 2027 and $2,225,000 maturing in July 2027. Our ability to address these maturities depends on our ability to successfully restructure, refinance or otherwise extend such indebtedness or to raise additional capital to repay the indebtedness.
Previous wording
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 wording
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 restructure or refinance 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.
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 June 30, 2026, as well as interest expense for the six months ended June 30, 2026:
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 September 30, 2026, as well as interest expense for the nine months ended September 30, 2026:
Previous wording
In October 2015, a wholly-owned subsidiary of Optimum Communications, 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 comprising (i) an incremental term loan amount of $3,000,000 ($2,812,500 outstanding as of June 30, 2026) ("Incremental Term Loan B-5") and U.S. dollar revolving loan commitments in an aggregate principal amount of $2,475,000 ($2,225,000 outstanding as of June 30, 2026) (the "CSC Revolving Credit Facility" and, together with the Incremental Term Loan B-5, 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 Optimum Communications, 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 comprising (i) an incremental term loan amount of $3,000,000 ($2,805,000 outstanding as of September 30, 2026) ("Incremental Term Loan B-5") and U.S. dollar revolving loan commitments in an aggregate principal amount of $2,475,000 ($2,225,000 outstanding as of September 30, 2026) (the "CSC Revolving Credit Facility" and, together with the Incremental Term Loan B-5, 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
At June 30, 2026, $174,799 of the CSC Revolving Credit Facility was restricted for certain letters of credit issued on our behalf and $75,201 was undrawn and available, subject to covenant limitations.
Current wording
At September 30, 2026, $177,979 of the CSC Revolving Credit Facility was restricted for certain letters of credit issued on our behalf and $72,021 was undrawn and available, subject to covenant limitations.
Previous wording
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 wording
On November 25, 2025, the UnSub Group entered into a Credit Agreement (the "Initial UnSub Group Credit Facility") and as later amended or restated as described below, the “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 Holdings Restricted Group Credit Facility.
Showing the first 40 of 65 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Agreement, and (i) mature on November 25, 2028, (ii) accrue interest at a fixed rate per annum equal to 9.0% and (iii) do not amortize. The proceeds are expected to be used for general corporate purposes.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Alt, and 74,153,348 shares of Optimum Class B common stock, par value $0.01 per share (“Class B shares”) owned by Next Alt, implying a price of $2.50 per common share, and Preferred Units having an aggregate initial stated value of $12,503 to such members of Optimum Communications' board of directors and executive management in exchange for 5.0 million Class A shares. Such exchanged common shares are held by CSC II and were not canceled. See Note 9 of the accompanying consolidated financial statements for further details.