Home Business Wire Mediacom Communications Reports Combined Results for Second Quarter 2021

Mediacom Communications Reports Combined Results for Second Quarter 2021

MEDIACOM PARK, N.Y.–(BUSINESS WIRE)–MEDIACOM COMMUNICATIONS CORPORATION today released combined unaudited financial and operating highlights for the three months ended June 30, 2021.

Mediacom Combined Results for Second Quarter 2021*

  • Revenues were $557.0 million, a 5.9% increase from the prior year period
  • Adjusted OIBDA was $251.2 million, a 15.2% increase from the prior year period
  • After-tax free cash flow was $128.8 million, a 1.9% decrease from the prior year period
  • High-speed data customers were 1,468,000, a 5.2% increase from the prior year period
  • Net debt of $1.482 billion, a $508 million reduction from June 30, 2020
  • Net leverage ratio of 1.47x, compared to 2.28x at June 30, 2020

“Mediacom delivered exceptional results in the second quarter of 2021, highlighted by a 15.2% increase in Adjusted OIBDA, our fourth consecutive quarter of industry-leading growth rates, benefiting largely by our decision to transition to a broadband-centric business strategy,” stated Rocco B. Commisso, Mediacom’s founder, Chairman and Chief Executive Officer. “Our streak of year-over-year revenue growth has now reached a remarkable 98 consecutive quarters, a testament to the perseverance of our dedicated employees in the face of numerous challenges encountered over the last 25 years.”

“Despite becoming a meaningful income taxpayer this year, we still managed to reduce our net debt by $232 million during the first half of 2021. Our lenders continue to benefit from our investment grade financial position, with Mediacom’s net leverage declining below 1.5x, the lowest in our history.”

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 1.5 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

June 30, 2021

 

 

 

 

2021

 

 

 

2020

 

 

YoY% Change

High-speed data (“HSD”)

$

268,585

 

 

$

232,012

 

 

15.8

%

Video

 

172,283

 

 

 

181,938

 

 

(5.3

%)

Phone

 

28,450

 

 

 

29,546

 

 

(3.7

%)

Business services

 

77,857

 

 

 

74,010

 

 

5.2

%

Advertising

 

9,830

 

 

 

8,301

 

 

18.4

%

Total revenues

$

557,005

 

 

$

525,807

 

 

5.9

%

Service costs

 

(215,877

)

 

 

(218,333

)

 

(1.1

%)

SG&A expenses

 

(75,797

)

 

 

(78,131

)

 

(3.0

%)

Management fees

 

(15,000

)

 

 

(12,000

)

 

25.0

%

OIBDA (a)

$

250,331

 

 

$

217,343

 

 

15.2

%

Non-cash, share based compensation

 

878

 

 

 

707

 

 

24.2

%

Adjusted OIBDA (a)

$ 

251,209 

 

$ 

218,050 

 

15.2

%

Capital expenditures

 

(81,694

)

 

 

(74,114

)

 

10.2

%

Cash interest expense (a)

 

(5,591

)

 

 

(8,757

)

 

(36.2

%)

Income taxes (a)

 

(35,143

)

 

 

(3,927

)

 

NM

 

After-tax free cash flow (a)

$

128,781

 

 

$

131,252

 

 

(1.9

%)

 

 

 

 

 

 

Adjusted OIBDA margin (b)

 

45.1

%

 

 

41.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2021

 

June 30, 2020

 

YoY% Change

HSD customers

 

1,468,000

 

 

 

1,396,000

 

 

5.2

%

Video customers

 

611,000

 

 

 

676,000

 

 

(9.6

%)

Phone customers

 

564,000

 

 

 

602,000

 

 

(6.3

%)

Primary service units (“PSUs”)

 

2,643,000

 

 

 

2,674,000

 

 

(1.2

%)

 

 

 

 

 

 

HSD customer increases

 

14,000

 

 

 

47,000

 

 

 

Video customer declines

 

(15,000

)

 

 

(17,000

)

 

 

Phone customer declines

 

(10,000

)

 

 

(6,000

)

 

 

Quarterly PSU (declines) increases

 

(11,000

)

 

 

24,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2021

 

June 30, 2020

 

 

Total debt (c)

$

1,515,000

 

 

$

2,025,000

 

 

 

Cash

 

(33,404

)

 

 

(34,971

)

 

 

Net debt

$

1,481,596

 

 

$

1,990,029

 

 

 

 

 

 

 

 

 

Unused lines of credit (d)

$

694,055

 

 

$

715,043

 

 

 

 

 

 

 

 

 

Net leverage ratio (e)

1.47x

 

2.28x

 

 

Interest coverage ratio (f)

44.93x

 

24.90x

 

 

* 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

June 30, 2021

 

Mediacom

Broadband

 

Mediacom

LLC

 

Eliminations

 

Mediacom

Combined

High-speed data (“HSD”)

$

141,966

 

 

$

126,619

 

 

 

$

268,585

 

Video

 

91,764

 

 

 

80,519

 

 

 

 

172,283

 

Phone

 

15,055

 

 

 

13,395

 

 

 

 

28,450

 

Business services

 

46,639

 

 

 

31,218

 

 

 

 

77,857

 

Advertising

 

8,254

 

 

 

1,576

 

 

 

 

9,830

 

Total revenues

$

303,678

 

 

$

253,327

 

 

 

$

557,005

 

Service costs

 

(114,845

)

 

 

(101,032

)

 

 

 

(215,877

)

SG&A expenses

 

(46,148

)

 

 

(29,649

)

 

 

 

(75,797

)

Management fees

 

(9,000

)

 

 

(6,000

)

 

 

 

(15,000

)

OIBDA (a)

$

133,685

 

 

$

116,646

 

 

 

$

250,331

 

Investment income from affiliate

 

 

4,500

 

 

(4,500

)

 

Non-cash share-based compensation

 

439

 

 

 

439

 

 

 

 

878

 

Adjusted OIBDA (a)

$

134,124

 

 

$

121,585

 

 

(4,500

)

 

$

251,209

 

Capital expenditures

 

(39,652

)

 

 

(42,042

)

 

 

 

(81,694

)

Cash interest expense (a)

 

(3,339

)

 

 

(2,252

)

 

 

 

(5,591

)

Income taxes (a)

 

(21,119

)

 

 

(14,024

)

 

 

 

(35,143

)

Dividend to preferred members

 

(4,500

)

 

 

4,500

 

 

After-tax free cash flow (a)

$

65,514

 

 

$

63,267

 

 

 

$

128,781

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mediacom

Broadband

 

Mediacom

LLC

   

Mediacom

Combined

HSD customers

 

797,000

 

 

 

671,000

 

 

 

 

 

1,468,000

 

Video customers

 

332,000

 

 

 

279,000

 

 

 

 

 

611,000

 

Phone customers

 

307,000

 

 

 

257,000

 

 

 

 

 

564,000

 

Primary service units (“PSUs”)

 

1,436,000

 

 

 

1,207,000

 

 

 

 

 

2,643,000

 

 

 

 

 

 

 

 

 

HSD customer increases

 

6,000

 

 

 

8,000

 

 

 

 

 

14,000

 

Video customer declines

 

(9,000

)

 

 

(6,000

)

 

 

 

 

(15,000

)

Phone customer declines

 

(6,000

)

 

 

(4,000

)

 

 

 

 

(10,000

)

Quarterly PSU declines

 

(9,000

)

 

 

(2,000

)

 

 

 

 

(11,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mediacom

Broadband

 

Mediacom

LLC

   

Mediacom

Combined

Total debt (c)

$

892,188

 

 

$

622,812

 

 

 

 

$

1,515,000

 

Cash

 

(16,234

)

 

 

(17,170

)

 

 

 

 

(33,404

)

Net debt

$

875,954

 

 

$

605,642

 

 

 

 

$

1,481,596

 

 

 

 

 

 

 

 

 

Unused lines of credit(d)

$

360,996

 

 

$

333,059

 

 

 

 

$

694,055

 

 

 

 

 

 

 

 

 

Net leverage ratio (e)

1.63x

 

1.25x

 

 

 

1.47x

Interest coverage ratio (f)

40.17x

 

53.99x

 

 

 

48.93x

* 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

June 30, 2020

 

Mediacom

Broadband

 

Mediacom

LLC

 

Eliminations

 

Mediacom

Combined

High-speed data (“HSD”)

$

124,964

 

 

$

107,048

 

 

 

$

232,012

 

Video

 

98,382

 

 

 

83,556

 

 

 

 

181,938

 

Phone

 

15,887

 

 

 

13,659

 

 

 

 

29,546

 

Business services

 

44,675

 

 

 

29,335

 

 

 

 

74,010

 

Advertising

 

7,149

 

 

 

1,152

 

 

 

 

8,301

 

Total revenues

$

291,057

 

 

$

234,750

 

 

 

$

525,807

 

Service costs

 

(117,934

)

 

 

(100,399

)

 

 

 

(218,333

)

SG&A expenses

 

(47,808

)

 

 

(30,323

)

 

 

 

(78,131

)

Management fees

 

(7,200

)

 

 

(4,800

)

 

 

 

(12,000

)

OIBDA (a)

$

118,115

 

 

$

99,228

 

 

 

$

217,343

 

Investment income from affiliate

 

 

4,500

 

 

(4,500

)

 

Non-cash share-based compensation

 

375

 

 

 

332

 

 

 

 

707

 

Adjusted OIBDA (a)

$

118,490

 

 

$

104,060

 

 

(4,500

)

 

$

218,050

 

Capital expenditures

 

(37,855

)

 

 

(36,259

)

 

 

 

(74,114

)

Cash interest expense (a)

 

(4,163

)

 

 

(4,594

)

 

 

 

(8,757

)

Income taxes (a)

 

(2,861

)

 

 

(1,066

)

 

 

 

(3,927

)

Dividend to preferred members

 

(4,500

)

 

 

4,500

 

 

After-tax free cash flow (a)

$

69,111

 

 

$

62,141

 

 

 

$

131,252

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mediacom

Broadband

 

Mediacom

LLC

   

Mediacom

Combined

HSD customers

 

767,000

 

 

 

629,000

 

 

 

 

 

1,396,000

 

Video customers

 

370,000

 

 

 

306,000

 

 

 

 

 

676,000

 

Phone customers

 

331,000

 

 

 

271,000

 

 

 

 

 

602,000

 

Primary service units (“PSUs”)

 

1,468,000

 

 

 

1,206,000

 

 

 

 

 

2,674,000

 

 

 

 

 

 

 

 

 

HSD customer increases

24,000

23,000

 

 

 

 

47,000

Video customer declines

 

(10,000

)

 

 

(7,000

)

 

 

 

 

(17,000

)

Phone customer declines

 

(4,000

)

 

 

(2,000

)

 

 

 

 

(6,000

)

Quarterly PSU increases

 

10,000

 

 

 

14,000

 

 

 

 

 

24,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mediacom

Broadband

 

Mediacom

LLC

   

Mediacom

Combined

Total debt (c)

$

931,438

 

 

$

1,093,563

 

 

 

 

$

2,025,000

 

Cash

 

(16,020

)

 

 

(18,951

)

 

 

 

 

(34,971

)

Net debt

$

915,418

 

 

$

1,074,612

 

 

 

 

$

1,990,029

 

 

 

 

 

 

 

 

 

Unused lines of credit(d)

$

352,846

 

 

$

362,197

 

 

 

 

$

715,043

 

 

 

 

 

 

 

 

 

Net leverage ratio (e)

1.93x

 

2.58x

 

 

 

2.28x

Interest coverage ratio (f)

28.46x

 

22.65x

 

 

 

24.90x

* See Table 4 regarding our usage and definitions of non-GAAP financial measures, and Table 5 for footnotes.

Due to rounding of Mediacom Broadband and Mediacom LLC results, slight differences may exist with actual Mediacom Combined results.

TABLE 4

Use of Non-GAAP Financial Measures

“OIBDA,” “Adjusted OIBDA,” “cash interest expense,” “estimated federal / state income 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 income 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 June 30, 2021 and 2020, respectively, 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

  1. See Table 4 for information regarding our usage of non-GAAP financial measures.
  2. Represents Adjusted OIBDA as a percentage of total revenues.
  3. Total debt excludes the effect of deferred financing costs, net.
  4. Represents unused and available commitments under our revolving credit facilities after giving effect to outstanding borrowings and letters of credit issued thereunder.
  5. Represents net debt at period end divided by annualized Adjusted OIBDA for the period.
  6. Represents Adjusted OIBDA divided by cash interest expense for the period.

 

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

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