Optimum Communications Inc A · Q2 2023 earnings

Briefing

Altice USA reported second quarter 2023 results, delivering best fiber customer growth quarter and ending Q2 with 250K fiber customers.

Altice USA reported a decrease in total revenue by 5.6% year-over-year to $2.32 billion in Q2 2023. The company achieved significant progress in customer experience and field operations, leading to higher satisfaction metrics and reduced call volume. Fiber broadband net additions reached +40k, the best quarter for fiber net adds, with total fiber broadband customers reaching 250k. Net income attributable to stockholders was $78.3 million, a decrease from $106.2 million in Q2 2022.

• Total revenue declined -5.6% YoY in Q2 2023 to $2.32 billion.
• Net income attributable to stockholders was $78.3 million in Q2 2023 ($0.17/share on a diluted basis).
• Quarterly Fiber (FTTH) broadband net additions were +40k in Q2 2023.
• Optimum Mobile has approximately 264k mobile lines as of the end of Q2 2023.

Headline financials

Revenue & EPS history

The company expects to return to a leverage target of 4.5x to 5.0x net debt / Adjusted EBITDA on a Last 2 Quarters Annualized (L2QA) basis for its CSC Holdings, LLC debt silo over time.