MEDIACOM COMMUNICATIONS CORPORATION today released combined unaudited financial and operating highlights for the three months ended March 31, 2021.
Mediacom Combined Results for First Quarter 2021*
- Revenues were $547.5 million, a 5.8% increase from the prior year period
- Adjusted OIBDA was $236.3 million, a 15.2% increase from the prior year period
- After-tax free cash flow was $129.5 million, a 19.2% increase from the prior year period
- High-speed data customers were 1,454,000, a 7.8% increase from the prior year period
- Net debt of $1.581 billion, a $527 million reduction from March 31, 2020
- Net leverage ratio of 1.67x, compared to 2.57x at March 31, 2020
“The first quarter of 2021 marked another exceptional operating period for Mediacom, as we registered our third straight quarter of industry-leading Adjusted OIBDA growth with a 15.2% increase from the prior year period and extended our streak of year-over-year revenue growth to 97 consecutive quarters,” stated Rocco B. Commisso, Mediacom’s founder, Chairman and Chief Executive Officer. “Notably, despite Mediacom becoming a meaningful taxpayer in 2021, we generated $129.5 million of after-tax free cash flow, and our net debt leverage declined to an all-time low of 1.67x.”
“The COVID crisis has been one of the most operationally challenging periods in Mediacom’s history. I’m proud that the contributions of all of our employees have been recognized by numerous organizations, including Deloitte and the Wall Street Journal, who recently named Mediacom as a 2021 US Best Managed Company.”
About Mediacom
Mediacom Communications Corporation is the 5th largest cable operator in the United States and the leading gigabit broadband provider to smaller markets primarily in the Midwest and Southeast. Through its fiber-rich network, Mediacom provides high-speed data, video and phone services to over 1.4 million households and businesses across 22 states. The company delivers scalable broadband solutions to commercial and public-sector customers of all sizes through Mediacom Business, and sells advertising and production services under the OnMedia brand. More information about Mediacom is available at www.mediacomcable.com.
_______________
*See Table 4 regarding our usage and definitions of non-GAAP financial measures, and Table 5 for footnotes.
TABLE 1* |
|||||||||||
Mediacom Communications Corporation |
|||||||||||
Selected Combined Financial and Operating Data |
|||||||||||
(Dollars in thousands, except per unit data) |
|||||||||||
(Unaudited) |
|||||||||||
|
Three Months Ended
|
|
|
||||||||
|
|
2021 |
|
|
|
2020 |
|
|
YoY% Change |
||
High-speed data (“HSD”) |
$ |
258,721 |
|
$ |
223,449 |
|
15.8 |
% |
|||
Video |
|
174,218 |
|
|
181,294 |
|
(3.9 |
%) |
|||
Phone |
|
28,819 |
|
|
29,697 |
|
(3.0 |
%) |
|||
Business services |
|
75,208 |
|
|
70,638 |
|
6.5 |
% |
|||
Advertising |
|
10,496 |
|
|
12,398 |
|
(15.3 |
%) |
|||
Total revenues |
$ |
547,462 |
|
$ |
517,476 |
|
5.8 |
% |
|||
Service costs |
|
(215,579 |
) |
|
(216,068 |
) |
(0.2 |
%) |
|||
SG&A expenses |
|
(80,507 |
) |
|
(84,975 |
) |
(5.3 |
%) |
|||
Management fees |
|
(16,000 |
) |
|
(12,000 |
) |
33.3 |
% |
|||
OIBDA (a) |
$ |
235,376 |
|
$ |
204,433 |
|
15.1 |
% |
|||
Non-cash, share based compensation |
|
876 |
|
|
707 |
|
23.9 |
% |
|||
Adjusted OIBDA (a) |
$ |
236,252 |
$ |
205,140 |
|
15.2 |
% |
||||
Capital expenditures |
|
(67,866 |
) |
|
(76,689 |
) |
(11.5 |
%) |
|||
Cash interest expense (a) |
|
(6,377 |
) |
|
(15,869 |
) |
(59.8 |
%) |
|||
Estimated federal / state taxes (a) |
|
(32,514 |
) |
|
(3,926 |
) |
NM |
|
|||
After-tax free cash flow (a) |
$ |
129,495 |
|
$ |
108,656 |
|
19.2 |
% |
|||
|
|
|
|
||||||||
Adjusted OIBDA margin (b) |
|
43.2 |
% |
|
39.6 |
% |
|
||||
|
|
|
|
||||||||
|
|
|
|
||||||||
|
March 31, 2021 |
March 31, 2020 |
YoY% Change |
||||||||
HSD customers |
|
1,454,000 |
|
|
1,349,000 |
|
7.8 |
% |
|||
Video customers |
|
626,000 |
|
|
693,000 |
|
(9.7 |
%) |
|||
Phone customers |
|
574,000 |
|
|
608,000 |
|
(5.6 |
%) |
|||
Primary service units (“PSUs”) |
|
2,654,000 |
|
|
2,650,000 |
|
0.2 |
% |
|||
|
|
|
|
||||||||
HSD customer increases |
|
16,000 |
|
|
21,000 |
|
|
||||
Video customer declines |
|
(17,000 |
) |
|
(17,000 |
) |
|
||||
Phone customer declines |
|
(12,000 |
) |
|
(5,000 |
) |
|
||||
Quarterly PSU declines |
|
(13,000 |
) |
|
(1,000 |
) |
|
||||
|
|
|
|
||||||||
|
|
|
|
||||||||
|
|
|
|
||||||||
|
|
|
|
||||||||
|
March 31, 2021 |
March 31, 2020 |
|
||||||||
Total debt (c) |
$ |
1,615,000 |
|
$ |
2,140,000 |
|
|
||||
Cash |
|
(34,068 |
) |
|
(32,484 |
) |
|
||||
Net debt |
$ |
1,580,932 |
|
$ |
2,107,516 |
|
|
||||
|
|
|
|
||||||||
Unused lines of credit (d) |
$ |
657,093 |
|
$ |
610,533 |
|
|
||||
|
|
|
|
||||||||
Net leverage ratio (e) |
1.67x |
|
2.57x |
|
|||||||
Interest coverage ratio (f) |
37.05x |
|
12.93x |
|
|||||||
_______________
*See Table 4 regarding our usage and definitions of non-GAAP financial measures, and Table 5 for footnotes.
TABLE 2* |
||||||||||||||
Mediacom Communications Corporation |
||||||||||||||
Selected Combined Financial and Operating Data |
||||||||||||||
(Dollars in thousands, except per unit data) |
||||||||||||||
(Unaudited) |
||||||||||||||
|
Three Months Ended
|
|||||||||||||
|
Mediacom
|
Mediacom
|
Eliminations |
Mediacom
|
||||||||||
High-speed data (“HSD”) |
$ |
137,732 |
|
$ |
120,989 |
|
― |
$ |
258,721 |
|
||||
Video |
|
93,394 |
|
|
80,824 |
|
― |
|
174,218 |
|
||||
Phone |
|
15,341 |
|
|
13,478 |
|
― |
|
28,819 |
|
||||
Business services |
|
44,956 |
|
|
30,252 |
|
― |
|
75,208 |
|
||||
Advertising |
|
9,003 |
|
|
1,493 |
|
― |
|
10,496 |
|
||||
Total revenues |
$ |
300,426 |
|
$ |
247,036 |
|
― |
$ |
547,462 |
|
||||
Service costs |
|
(115,736 |
) |
|
(99,843 |
) |
― |
|
(215,579 |
) |
||||
SG&A expenses |
|
(48,311 |
) |
|
(32,196 |
) |
― |
|
(80,507 |
) |
||||
Management fees |
|
(9,600 |
) |
|
(6,400 |
) |
― |
|
(16,000 |
) |
||||
OIBDA (a) |
$ |
126,779 |
|
$ |
108,597 |
|
― |
$ |
235,376 |
|
||||
Investment income from affiliate |
― |
|
4,500 |
|
(4,500) |
― |
||||||||
Non-cash share-based compensation |
|
438 |
|
|
438 |
|
― |
|
876 |
|
||||
Adjusted OIBDA (a) |
$ |
127,217 |
|
$ |
113,535 |
|
(4,500) |
$ |
236,252 |
|
||||
Capital expenditures |
|
(34,107 |
) |
|
(33,759 |
) |
― |
|
(67,866 |
) |
||||
Cash interest expense (a) |
|
(3,293 |
) |
|
(3,084 |
) |
― |
|
(6,377 |
) |
||||
Estimated federal / state taxes (a) |
|
(19,559 |
) |
|
(12,955 |
) |
― |
|
(32,514 |
) |
||||
Dividend to preferred members |
|
(4,500 |
) |
― |
4,500 |
― |
||||||||
After-tax free cash flow (a) |
$ |
65,758 |
|
$ |
63,737 |
|
― |
$ |
129,495 |
|
||||
|
|
|
|
|
||||||||||
|
|
|
|
|
||||||||||
|
Mediacom
|
Mediacom
|
Mediacom
|
|||||||||||
HSD customers |
|
791,000 |
|
|
663,000 |
|
|
|
1,454,000 |
|
||||
Video customers |
|
341,000 |
|
|
285,000 |
|
|
|
626,000 |
|
||||
Phone customers |
|
313,000 |
|
|
261,000 |
|
|
|
574,000 |
|
||||
Primary service units (“PSUs”) |
|
1,445,000 |
|
|
1,209,000 |
|
|
|
2,654,000 |
|
||||
|
|
|
|
|
||||||||||
HSD customer increases |
|
7,000 |
|
|
9,000 |
|
|
|
16,000 |
|
||||
Video customer declines |
|
(9,000 |
) |
|
(8,000 |
) |
|
|
(17,000 |
) |
||||
Phone customer declines |
|
(7,000 |
) |
|
(5,000 |
) |
|
|
(12,000 |
) |
||||
Quarterly PSU declines |
|
(9,000 |
) |
|
(4,000 |
) |
|
|
(13,000 |
) |
||||
|
|
|
|
|
||||||||||
|
|
|
|
|
||||||||||
|
|
|
|
|
||||||||||
|
Mediacom
|
Mediacom
|
Mediacom
|
|||||||||||
Total debt (c) |
$ |
898,750 |
|
$ |
716,250 |
|
|
$ |
1,615,000 |
|
||||
Cash |
|
(16,117 |
) |
|
(17,951 |
) |
|
|
(34,068 |
) |
||||
Net debt |
$ |
882,633 |
|
$ |
698,299 |
|
|
$ |
1,580,932 |
|
||||
|
|
|
|
|
||||||||||
Unused lines of credit(d) |
$ |
365,996 |
|
$ |
291,097 |
|
|
$ |
657,093 |
|
||||
|
|
|
|
|
||||||||||
Net leverage ratio (e) |
1.73x |
|
1.54x |
|
|
|
1.67x |
|||||||
Interest coverage ratio (f) |
38.63x |
|
36.81x |
|
|
|
37.05x |
|||||||
_______________
*See Table 4 regarding our usage and definitions of non-GAAP financial measures, and Table 5 for footnotes.
TABLE 3* |
||||||||||||||
Mediacom Communications Corporation |
||||||||||||||
Selected Combined Financial and Operating Data |
||||||||||||||
(Dollars in thousands, except per unit data) |
||||||||||||||
(Unaudited) |
||||||||||||||
|
Three Months Ended
|
|||||||||||||
|
Mediacom
|
Mediacom
|
Eliminations |
Mediacom
|
||||||||||
High-speed data (“HSD”) |
$ |
120,810 |
|
$ |
102,639 |
|
― |
$ |
223,449 |
|
||||
Video |
|
98,266 |
|
|
83,028 |
|
― |
|
181,294 |
|
||||
Phone |
|
16,010 |
|
|
13,687 |
|
― |
|
29,697 |
|
||||
Business services |
|
42,818 |
|
|
27,820 |
|
― |
|
70,638 |
|
||||
Advertising |
|
10,610 |
|
|
1,788 |
|
― |
|
12,398 |
|
||||
Total revenues |
$ |
288,514 |
|
$ |
228,962 |
|
― |
$ |
517,476 |
|
||||
Service costs |
|
(116,492 |
) |
|
(99,576 |
) |
― |
|
(216,068 |
) |
||||
SG&A expenses |
|
(51,519 |
) |
|
(33,456 |
) |
― |
|
(84,975 |
) |
||||
Management fees |
|
(7,200 |
) |
|
(4,800 |
) |
― |
|
(12,000 |
) |
||||
OIBDA (a) |
$ |
113,303 |
|
$ |
91,130 |
|
― |
$ |
204,433 |
|
||||
Investment income from affiliate |
― |
|
4,500 |
|
(4,500) |
― |
||||||||
Non-cash share-based compensation |
|
375 |
|
|
332 |
|
― |
|
707 |
|
||||
Adjusted OIBDA (a) |
$ |
113,678 |
|
$ |
95,962 |
|
(4,500) |
$ |
205,140 |
|
||||
Capital expenditures |
|
(40,017 |
) |
|
(36,672 |
) |
― |
|
(76,689 |
) |
||||
Cash interest expense (a) |
|
(8,048 |
) |
|
(7,821 |
) |
― |
|
(15,869 |
) |
||||
Estimated federal / state taxes (a) |
|
(2,860 |
) |
|
(1,066 |
) |
― |
|
(3,926 |
) |
||||
Dividend to preferred members |
|
(4,500 |
) |
― |
4,500 |
― |
||||||||
After-tax free cash flow (a) |
$ |
58,253 |
|
$ |
50,403 |
|
― |
$ |
108,656 |
|
||||
|
|
|
|
|
||||||||||
|
|
|
|
|
||||||||||
|
Mediacom
|
Mediacom
|
Mediacom
|
|||||||||||
HSD customers |
|
743,000 |
|
|
606,000 |
|
|
|
1,349,000 |
|
||||
Video customers |
|
380,000 |
|
|
313,000 |
|
|
|
693,000 |
|
||||
Phone customers |
|
335,000 |
|
|
273,000 |
|
|
|
608,000 |
|
||||
Primary service units (“PSUs”) |
|
1,458,000 |
|
|
1,192,000 |
|
|
|
2,650,000 |
|
||||
|
|
|
|
|
||||||||||
HSD customer increases |
|
11,000 |
|
|
10,000 |
|
|
|
21,000 |
|
||||
Video customer declines |
|
(9,000 |
) |
|
(8,000 |
) |
|
|
(17,000 |
) |
||||
Phone customer declines |
|
(3,000 |
) |
|
(2,000 |
) |
|
|
(5,000 |
) |
||||
Quarterly PSU declines |
|
(1,000 |
) |
― |
|
|
(1,000 |
) |
||||||
|
|
|
|
|
||||||||||
|
|
|
|
|
||||||||||
|
|
|
|
|
||||||||||
|
Mediacom
|
Mediacom
|
Mediacom
|
|||||||||||
Total debt (c) |
$ |
1,042,500 |
|
$ |
1,097,500 |
|
|
$ |
2,140,000 |
|
||||
Cash |
|
(16,957 |
) |
|
(15,527 |
) |
|
|
(32,484 |
) |
||||
Net debt |
$ |
1,025,543 |
|
$ |
1,081,973 |
|
|
$ |
2,107,516 |
|
||||
|
|
|
|
|
||||||||||
Unused lines of credit(d) |
$ |
248,346 |
|
$ |
362,187 |
|
|
$ |
610,533 |
|
||||
|
|
|
|
|
||||||||||
Net leverage ratio (e) |
2.26x |
|
2.82x |
|
|
|
2.57x |
|||||||
Interest coverage ratio (f) |
14.13x |
|
12.27x |
|
|
|
12.93x |
|||||||
_______________
*See Table 4 regarding our usage and definitions of non-GAAP financial measures, and Table 5 for footnotes.
TABLE 4
Use of Non-GAAP Financial Measures
“OIBDA,” “Adjusted OIBDA,” “cash interest expense,” “cash taxes” and “after-tax free cash flow” are not financial measures calculated in accordance with generally accepted accounting principles (“GAAP”) in the United States. We define OIBDA as operating income before depreciation and amortization and Adjusted OIBDA as OIBDA plus investment income from affiliate and excluding non-cash share-based compensation. OIBDA and Adjusted OIBDA may not be comparable to similarly titled measures used by other companies, which may have different depreciation and amortization policies, and are key components in our covenant calculations.
We define cash interest expense as interest expense, net, less amortization of deferred financing costs. Cash interest expense excludes the amortization of financing costs which were paid upon the financing of the relevant debt.
We define estimated federal and state taxes as the estimated amount of federal and state income taxes that Mediacom Broadband LLC and Mediacom LLC would have paid during the three months ended March 31, 2021 and 2020, in the event they were each tax-paying corporations.
For Mediacom Broadband LLC, we define after-tax free cash flow as Adjusted OIBDA less capital expenditures, cash interest expense, estimated federal and state taxes and dividends to preferred members. For Mediacom LLC, we define free cash flow as Adjusted OIBDA less capital expenditures, cash interest expense and estimated federal and state taxes. After-tax free cash flow may not be comparable to similarly titled measures reported by other companies.
Reference to “Mediacom Combined” reflects the combined results of Mediacom Broadband LLC and Mediacom LLC, eliminating intercompany amounts.
TABLE 5
Footnotes
- See Table 4 for information regarding our usage of non-GAAP financial measures.
- Represents Adjusted OIBDA as a percentage of total revenues.
- Total debt excludes the effect of deferred financing costs, net.
- Represents unused and available commitments under our revolving credit facilities after giving effect to outstanding borrowings and letters of credit issued thereunder.
- Represents net debt at period end divided by annualized Adjusted OIBDA for the period.
- Represents Adjusted OIBDA divided by cash interest expense for the period.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210505005571/en/
Contacts
Investor Relations
Jack P. Griffin
Group Vice President,
Corporate Finance
(845) 443-2654
Media Relations
Thomas J. Larsen
Senior Vice President,
Government and Public Relations
(845) 443-2754
