[May 05, 2016] |
|
Cablevision Systems Corporation Reports First Quarter 2016 Results
Cablevision Systems Corporation (NYSE:CVC) today reported results for
the first quarter ended March 31, 2016.
Cablevision continued to grow customer relationships during the first
quarter with a net gain of 9,000, marking six months of sequential total
customer growth. In addition, the Company had more high-speed data
customers in the New York market than ever before, gaining 19,000 since
the end of 2015. First quarter 2016 net video customer results improved
nearly 50% compared to the prior year period. Additionally, Cablevision
experienced the lowest quarterly churn in more than eight years, while
continuing its disciplined pricing strategies.
First quarter consolidated net revenues increased 1.6% to
$1.641 billion, consolidated AOCF increased 5.6% to $479.4 million and
consolidated operating income increased 12.3% to $251.3 million, all
compared with the prior year period.
Cablevision CEO James L. Dolan said, "Cablevision had an excellent first
quarter. The Company continued to build momentum with solid improvements
in service quality and subscriber growth, and achieved the best first
quarter performance in customer relationships since 2012. The
transformation of the Optimum experience over the past three years
reflects the success of our management team and employees in providing
the best products, services and experience to our customers. In
addition, we are moving full speed ahead towards the completion of our
transaction with Altice, and are proceeding through the regulatory
process as expected."
1. See definition of adjusted operating cash flow ("AOCF") included in
the discussion of non-GAAP financial measures on page 4 of this earnings
release.
Cable Cable includes our Optimum-branded digital cable
television, high-speed Internet and voice services as well as Optimum
WiFi, the nation's most robust WiFi network with more than 1.5 million
access points.
Cable net revenues for the first quarter 2016 increased 2.0% to
$1.480 billion, primarily due to rate initiatives and continued
disciplined pricing strategies, and an increase in high-speed data
customers, partially offset by fewer video and voice customers compared
to the prior year period. AOCF increased 5.7% to $472.2 million and
operating income increased 11.6% to $281.4 million, both compared with
the prior year period. First quarter AOCF primarily reflects the
increase in revenue and a decrease in marketing costs, partially offset
by higher programming costs, as compared to the prior year period.
Customer Data
The following table illustrates the change in the Cable customer base
during the first quarter of 2016:
(rounded to nearest thousand)
|
|
Total December 31, 2015
|
|
Net Gain/(Loss)
|
|
Total March 31, 2016
|
|
|
|
|
|
|
|
Total Customers(a)
|
|
3,120
|
|
9
|
|
3,129
|
|
|
|
|
|
|
|
Video
|
|
2,594
|
|
(15)
|
|
2,579
|
High-Speed Data
|
|
2,809
|
|
19
|
|
2,828
|
Voice
|
|
2,193
|
|
(8)
|
|
2,185
|
|
|
|
|
|
|
|
Serviceable Passings
|
|
5,080
|
|
10
|
|
5,090
|
|
(a) Total customers are defined as the number of
households/businesses that receive at least one of the Company's
services.
|
|
Customer Service During
the first quarter of 2016, Cablevision continued to improve the customer
experience through its service initiatives which have resulted in 33%
fewer trouble call truck rolls and 42% fewer repeat trouble calls,
compared to the same period in 2015. Since these initiatives were
implemented more than three years ago, the Company has reduced the
number of trouble call truck rolls by 36% and has reduced the number of
repeat trouble calls by 52%.
Lightpath Lightpath is an industry leader in providing
advanced Ethernet-based data, Internet, voice, video transport solutions
and managed services to large and mid-sized organizations throughout the
New York metropolitan area.
The company operates one of the densest metro area fiber networks in the
U.S., with more than 7,000 lit locations. In the education market,
Lightpath's popular Hosted Voice, Private Fiber Network and
comprehensive data services offer an attractive solution for schools to
provide premium connectivity for staff and students.
For the first quarter 2016, Lightpath net revenues increased 0.7% to
$91.8 million, AOCF was essentially flat at $43.4 million and operating
income increased 5.0% to $20.2 million, each as compared with the prior
year period. First quarter results primarily reflect an increase in
revenue from Ethernet services.
Other Other principally consists of Newsday, News 12
Networks, Cablevision Media Sales Corporation and certain other
businesses and unallocated corporate costs.
First quarter net revenues decreased 4.5% to $78.1 million, primarily
due to lower advertising revenue at Newsday. The AOCF deficit increased
0.6% to $36.1 million and operating loss increased 5.8% to
$50.4 million, all compared with the prior year period. First quarter
AOCF reflects lower revenue at Newsday and merger related costs of $1.4
million, partially offset by lower Newsday and corporate costs. If the
merger related costs were excluded, the AOCF deficit would have improved
3.3% and operating loss would have increased 2.9%.
Other Matters On September 16, 2015, Cablevision and Altice
N.V. entered into a definitive agreement pursuant to which Altice has
agreed to acquire Cablevision for $34.90 in cash for each share of
Cablevision Class A and Class B common stock.
Assuming timely satisfaction of the necessary closing conditions, the
acquisition by Altice is currently expected to close in the second
quarter of 2016.
Due to the pending acquisition by Altice and the terms of the merger
agreement, Cablevision has suspended its stock repurchase program and
does not anticipate declaring or paying any dividends during the
pendency of the acquisition.
For additional information, please refer to our SEC filings at www.cablevision.com.
Non-GAAP Financial Measures We define adjusted operating
cash flow ("AOCF"), which is a non-GAAP financial measure, as operating
income (loss) before depreciation and amortization (including
impairments), excluding share-based compensation expense and
restructuring charges or credits. Because it is based upon
operating income (loss), AOCF also excludes interest expense (including
cash interest expense) and other non-operating income and expense items.
We believe that the exclusion of share-based compensation expense
allows investors to better track the performance of the various
operating units of our business without regard to expense associated
with awards that are not expected to be made in cash, in the case of
restricted shares, restricted stock units and stock options, and the
distortive effects of fluctuating stock prices in the case of liability
classified awards.
We present AOCF as a measure of our ability to service our debt and
make continuing investments, including in our capital infrastructure.
We believe AOCF is an appropriate measure for evaluating the
operating performance of our business segments and the Company on a
consolidated basis. AOCF and similar measures with similar titles
are common performance measures used by investors, analysts and peers to
compare performance in our industry. Internally, we use net
revenues and AOCF measures as the most important indicators of our
business performance, and evaluate management's effectiveness with
specific reference to these indicators. AOCF should be viewed as
a supplement to and not a substitute for operating income (loss), net
income (loss), cash flows from operating activities, and other measures
of performance and/or liquidity presented in accordance with U.S.
generally accepted accounting principles ("GAAP"). Since
AOCF is not a measure of performance calculated in accordance with GAAP,
this measure may not be comparable to similar measures with similar
titles used by other companies. For a reconciliation of AOCF to
operating income (loss), please see page 7 of this release.
We define Consolidated Free Cash Flow from Continuing Operations
("Free Cash Flow"), which is a non-GAAP financial measure, as net cash
from operating activities (continuing operations) plus any excess tax
benefit related to share-based awards less capital expenditures
(continuing operations), all of which are reported in our Consolidated
Statement of Cash Flows. Net cash from operating activities
excludes net cash from operating activities of our discontinued
operations. We believe the most comparable GAAP financial measure
of our liquidity is net cash from operating activities. We
believe that Free Cash Flow is useful as an indicator of our overall
liquidity, as the amount of Free Cash Flow generated in any period is
representative of cash that is available for debt repayment and other
discretionary and non-discretionary cash uses. It is also one of
several indicators of our ability to make investments and/or return
capital to our shareholders. We also believe that Free Cash Flow
is one of several benchmarks used by analysts and investors who follow
our industry for comparison of our liquidity with other companies in our
industry, although our measure of Free Cash Flow may not be directly
comparable to similar measures reported by other companies.
ABOUT CABLEVISION Cablevision Systems Corporation (NYSE:
CVC) is a leading media and telecommunications company, serving millions
of households and businesses throughout the greater New York area.
Providing quality products that keep customers connected, Cablevision
offers Optimum-branded digital cable television, high-speed Internet and
voice services as well as Optimum WiFi, the nation's most robust WiFi
network. Cablevision's Lightpath subsidiary is a premier provider of
integrated business communications solutions for larger companies.
Through its local media and programming properties - News 12 Networks
and Newsday Media Group - Cablevision also delivers news and information
created specifically for the communities it serves. Additional
information about Cablevision is available at www.cablevision.com.
This earnings release may contain statements that constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Investors are cautioned
that any such forward-looking statements are not guarantees of future
performance or results and involve risks and uncertainties, including
the risks and uncertainties associated with the expected timing and
likelihood of the consummation of the pending acquisition by Altice,
including regarding the timing, receipt and terms and conditions of any
required governmental approvals or that the pending acquisition with
Altice will not be consummated at all, and the risks that the proposed
acquisition by Altice and its announcement could have an adverse effect
on the ability of Cablevision to retain and hire key personnel and
maintain relationships with its suppliers and customers and on its
operating results and businesses generally, and that actual results or
developments may differ materially from those in the forward-looking
statements as a result of various factors, including financial community
and rating agency perceptions of the Company and its business,
operations, financial condition and the industries in which it operates
and the factors described in the Company's filings with the Securities
and Exchange Commission, including the sections entitled "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition and
Results of Operations" contained therein. The Company
disclaims any obligation to update any forward-looking statements
contained herein.
Due to the pending acquisition by Altice, Cablevision will
discontinue conference calls to discuss its quarterly and annual results
during the pendency of the acquisition.
For additional information, please visit Cablevision's Investor
Relations website at www.cablevision.com.
|
|
|
CABLEVISION SYSTEMS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
Revenues, net
|
|
$
|
1,640,757
|
|
|
$
|
1,614,771
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
Technical and operating
|
|
810,961
|
|
|
795,888
|
|
Selling, general and administrative
|
|
365,051
|
|
|
376,764
|
|
Restructuring expense (credits)
|
|
1,037
|
|
|
(532
|
)
|
Depreciation and amortization
|
|
212,453
|
|
|
218,900
|
|
Operating income
|
|
251,255
|
|
|
223,751
|
|
Other income (expense):
|
|
|
|
|
|
|
Interest expense, net
|
|
(148,482
|
)
|
|
(145,012
|
)
|
Gain (loss) on investments, net
|
|
100,365
|
|
|
(33,071
|
)
|
Gain (loss) on equity derivative contracts, net
|
|
(48,012
|
)
|
|
46,166
|
|
Miscellaneous, net
|
|
1,971
|
|
|
1,007
|
|
Income from continuing operations before income taxes
|
|
157,097
|
|
|
92,841
|
|
Income tax expense
|
|
(62,786
|
)
|
|
(37,940
|
)
|
Income from continuing operations, net of income taxes
|
|
94,311
|
|
|
54,901
|
|
Loss from discontinued operations, net of income taxes (a)
|
|
-
|
|
|
(10,502
|
)
|
Net income
|
|
94,311
|
|
|
44,399
|
|
Net loss attributable to noncontrolling interests
|
|
66
|
|
|
234
|
|
Net income attributable to Cablevision Systems Corporation
stockholders
|
|
$
|
94,377
|
|
|
$
|
44,633
|
|
|
|
|
|
|
|
|
Basic income (loss) per share attributable to Cablevision Systems
Corporation stockholders:
|
|
|
|
|
|
|
Income from continuing operations, net of income taxes
|
|
$
|
0.35
|
|
|
$
|
0.21
|
|
Loss from discontinued operations, net of income taxes
|
|
$
|
-
|
|
|
$
|
(0.04
|
)
|
Net income
|
|
$
|
0.35
|
|
|
$
|
0.17
|
|
Basic weighted average common shares (in thousands)
|
|
271,092
|
|
|
267,919
|
|
Diluted income (loss) per share attributable to Cablevision
Systems Corporation stockholders:
|
|
|
|
|
|
|
Income from continuing operations, net of income taxes
|
|
$
|
0.34
|
|
|
$
|
0.20
|
|
Loss from discontinued operations, net of income taxes
|
|
$
|
-
|
|
|
$
|
(0.04
|
)
|
Net income
|
|
$
|
0.34
|
|
|
$
|
0.16
|
|
Diluted weighted average common shares (in thousands)
|
|
279,013
|
|
|
274,370
|
|
Amounts attributable to Cablevision Systems Corporation
stockholders:
|
|
|
|
|
|
|
Income from continuing operations, net of income taxes
|
|
$
|
94,377
|
|
|
$
|
55,135
|
|
Loss from discontinued operations, net of income taxes (a)
|
|
-
|
|
|
(10,502
|
)
|
Net income
|
|
$
|
94,377
|
|
|
$
|
44,633
|
|
Cash dividends declared per share of common stock (b)
|
|
$
|
-
|
|
|
$
|
0.15
|
|
(a)
|
|
The Company recorded an expense of $10,502, net of income taxes,
during the three months ended March 31, 2015, with respect to the
decision in a case relating to Rainbow Media Holdings LLC, a
business whose operations were previously discontinued.
|
(b)
|
|
Pursuant to the terms of the merger agreement with Altice,
Cablevision does not anticipate paying any dividends during the
pendency of the acquisition.
|
|
|
|
CABLEVISION SYSTEMS CORPORATION
RECONCILIATION OF OPERATING INCOME TO ADJUSTED OPERATING CASH
FLOW AND CONSOLIDATED FREE CASH FLOW FROM CONTINUING
OPERATIONS
(Dollars in thousands)
(Unaudited)
|
|
|
|
|
|
RECONCILIATION OF OPERATING INCOME TO
ADJUSTED OPERATING CASH FLOW(a)
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
Operating income
|
|
$
|
251,255
|
|
|
$
|
223,751
|
|
Share-based compensation
|
|
14,697
|
|
|
11,911
|
|
Restructuring expense (credits)
|
|
1,037
|
|
|
(532
|
)
|
Depreciation and amortization
|
|
212,453
|
|
|
218,900
|
|
Adjusted operating cash flow
|
|
$
|
479,442
|
|
|
$
|
454,030
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED FREE CASH FLOW FROM
CONTINUING OPERATIONS(a)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities(b)
|
|
$
|
152,554
|
|
|
$
|
215,334
|
|
Add: excess tax benefits related to share-based awards
|
|
-
|
|
|
275
|
|
Less: capital expenditures(c)
|
|
(148,652
|
)
|
|
(166,631
|
)
|
Consolidated free cash flow from continuing operations
|
|
$
|
3,902
|
|
|
$
|
48,978
|
|
(a)
|
|
See Non-GAAP Financial Measures on page 4 of this release for a
definition and discussion of Adjusted Operating Cash Flow and
Consolidated Free Cash Flow from Continuing Operations.
|
(b)
|
|
The level of net cash provided by operating activities will continue
to depend on a number of variables in addition to our operating
performance, including the amount and timing of our interest
payments and other working capital items.
|
(c)
|
|
See page 11 of this release for additional details relating to
capital expenditures.
|
|
|
|
|
|
|
|
CABLEVISION SYSTEMS CORPORATION
CONSOLIDATED RESULTS FROM CONTINUING OPERATIONS
(Dollars in thousands)
(Unaudited)
|
|
|
|
|
|
REVENUES, NET
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
%
|
|
|
2016
|
|
2015
|
|
Change
|
|
|
|
|
|
|
|
Cable
|
|
$
|
1,480,119
|
|
|
$
|
1,451,538
|
|
|
2.0%
|
Lightpath
|
|
91,804
|
|
|
91,124
|
|
|
0.7%
|
Other(a)
|
|
78,097
|
|
|
81,780
|
|
|
(4.5)%
|
Eliminations(b)
|
|
(9,263
|
)
|
|
(9,671
|
)
|
|
4.2%
|
Total Cablevision
|
|
$
|
1,640,757
|
|
|
$
|
1,614,771
|
|
|
1.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED OPERATING CASH FLOW AND
OPERATING INCOME (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Cash Flow
|
|
|
|
Operating Income (Loss)
|
|
|
|
|
Three Months Ended March 31,
|
|
%
|
|
Three Months Ended March 31,
|
|
%
|
|
|
2016
|
|
2015
|
|
Change
|
|
2016
|
|
2015
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cable
|
|
$
|
472,199
|
|
|
$
|
446,555
|
|
|
5.7%
|
|
$
|
281,422
|
|
|
$
|
252,099
|
|
|
11.6%
|
Lightpath
|
|
43,387
|
|
|
43,395
|
|
|
0.0%
|
|
20,234
|
|
|
19,275
|
|
|
5.0%
|
Other(c)
|
|
(36,144
|
)
|
|
(35,920
|
)
|
|
(0.6)%
|
|
(50,401
|
)
|
|
(47,623
|
)
|
|
(5.8)%
|
Total Cablevision
|
|
$
|
479,442
|
|
|
$
|
454,030
|
|
|
5.6%
|
|
$
|
251,255
|
|
|
$
|
223,751
|
|
|
12.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Represents revenues of Newsday, News 12 Networks, Cablevision Media
Sales Corporation and certain other entities.
|
(b)
|
|
Represents inter-segment revenues.
|
(c)
|
|
Includes unallocated corporate general and administrative costs and
the operating results of Newsday, News 12 Networks, Cablevision
Media Sales Corporation and certain other entities.
|
|
|
|
CABLEVISION SYSTEMS CORPORATION
SUMMARY OF CABLE OPERATING STATISTICS
(Unaudited)
|
|
|
|
|
|
|
CABLE
|
March 31,
2016
|
|
December 31,
2015
|
|
March 31,
2015
|
|
|
|
|
|
|
(in thousands)
|
|
|
|
|
|
Total Customers(a)
|
3,129
|
|
3,120
|
|
3,112
|
Video Customers
|
2,579
|
|
2,594
|
|
2,653
|
High-Speed Data Customers
|
2,828
|
|
2,809
|
|
2,767
|
Voice Customers
|
2,185
|
|
2,193
|
|
2,215
|
|
|
|
|
|
|
|
|
|
|
|
|
Serviceable Passings (in thousands)(b)
|
5,090
|
|
5,080
|
|
5,055
|
|
|
|
|
|
|
Penetration
|
|
|
|
|
|
Total Customers to Serviceable Passings
|
61.5
|
%
|
|
61.4
|
%
|
|
61.6
|
%
|
Video Customers to Serviceable Passings
|
50.7
|
%
|
|
51.1
|
%
|
|
52.5
|
%
|
High-Speed Data Customers to Serviceable Passings
|
55.6
|
%
|
|
55.3
|
%
|
|
54.7
|
%
|
Voice Customers to Serviceable Passings
|
42.9
|
%
|
|
43.2
|
%
|
|
43.8
|
%
|
|
|
|
|
|
|
|
Revenues for the three months ended
(dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
Video(c)
|
$
|
785
|
|
|
$
|
782
|
|
|
$
|
801
|
|
High-Speed Data
|
402
|
|
|
375
|
|
|
363
|
|
Voice
|
224
|
|
|
226
|
|
|
232
|
|
Advertising
|
30
|
|
|
38
|
|
|
31
|
|
Other(d)
|
39
|
|
|
35
|
|
|
25
|
|
Total Cable Revenue
|
$
|
1,480
|
|
|
$
|
1,456
|
|
|
$
|
1,452
|
|
|
|
|
|
|
|
|
Average Monthly Cable Revenue per Customer ("RPC")(e)
|
$
|
157.91
|
|
|
$
|
155.88
|
|
|
$
|
155.34
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Represents the number of households/businesses that receive at least
one of the Company's services.
|
(b)
|
|
Includes residential passings, as well as commercial establishments
that have connected to our cable distribution network.
|
(c)
|
|
Includes equipment rental, DVR, franchise fees, video-on-demand and
pay-per-view revenue.
|
(d)
|
|
Includes installation revenue, advertising sales commissions, home
shopping and other product offerings.
|
(e)
|
|
RPC is calculated by dividing average monthly Cable GAAP revenue for
the quarter by the average number of total customers for the quarter.
|
|
|
|
CABLEVISION SYSTEMS CORPORATION
CAPITALIZATION AND LEVERAGE
(Dollars in thousands)
(Unaudited)
|
|
|
|
CAPITALIZATION
|
|
|
|
|
March 31, 2016
|
|
|
|
Cash and cash equivalents
|
|
$
|
933,457
|
|
|
|
Credit facility debt
|
|
$
|
2,500,453
|
Senior notes and debentures
|
|
5,805,397
|
Collateralized indebtedness
|
|
1,191,324
|
Capital lease obligations and notes payable
|
|
50,902
|
Debt
|
|
$
|
9,548,076
|
|
|
|
|
LEVERAGE
|
|
|
|
|
|
|
|
Debt
|
|
$
|
9,548,076
|
Less: Collateralized indebtedness of unrestricted subsidiaries(a)
|
|
1,191,324
|
Cash and cash equivalents
|
|
933,457
|
Net debt
|
|
$
|
7,423,295
|
|
|
|
|
|
Leverage Ratios(b)
|
Consolidated net debt to AOCF leverage ratio(a)(c)
|
|
3.9x
|
Restricted Group leverage ratio (Credit Facility Test)(d)(e)
|
|
2.6x
|
CSC Holdings notes and debentures leverage ratio(e)(f)
|
|
2.9x
|
Cablevision senior notes leverage ratio(e)(g)
|
|
4.6x
|
(a)
|
|
Collateralized indebtedness is excluded from the leverage
calculation because it is viewed as a forward sale of the stock of
an unaffiliated company and the Company's only obligation at
maturity is to deliver, at its option, the stock or its cash
equivalent.
|
(b)
|
|
Leverage ratios are based on face amount of outstanding debt.
|
(c)
|
|
AOCF is annualized based on the first quarter 2016 results, as
reported.
|
(d)
|
|
Reflects the net debt to cash flow ratio as defined in the CSC
Holdings' credit facility debt agreement (which excludes
approximately $2.8 billion of Cablevision's senior notes and the
debt and cash flows related to CSC Holdings' unrestricted
subsidiaries). The annualized AOCF (as defined) used in the
Restricted Group leverage ratio was $1.986 billion.
|
(e)
|
|
Includes CSC Holdings' guarantee of Newsday LLC's $480 million
senior secured credit facility.
|
(f)
|
|
Reflects the debt to cash flow ratio applicable under CSC Holdings'
senior notes and debentures indentures (which excludes approximately
$2.8 billion of Cablevision's senior notes and the debt and cash
flows related to CSC Holdings' unrestricted subsidiaries). The
annualized AOCF (as defined) used in the CSC Holdings' notes and
debentures leverage ratio was $1.984 billion.
|
(g)
|
|
Adjusts the debt to cash flow ratio as calculated under the CSC
Holdings' notes and debentures leverage ratio to include
approximately $2.8 billion of Cablevision's senior notes plus $611
million of Cablevision's senior notes that were contributed to
Newsday Holdings LLC.
|
|
|
|
CABLEVISION SYSTEMS CORPORATION
CAPITAL EXPENDITURES
(Dollars in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer premise equipment
|
|
|
|
|
|
|
|
$
|
34,750
|
|
|
$
|
42,593
|
Scalable infrastructure
|
|
|
|
|
|
|
|
41,510
|
|
|
39,983
|
Line extensions
|
|
|
|
|
|
|
|
7,505
|
|
|
6,481
|
Upgrade/rebuild
|
|
|
|
|
|
|
|
10,594
|
|
|
12,141
|
Support
|
|
|
|
|
|
|
|
25,232
|
|
|
32,373
|
Cable
|
|
|
|
|
|
|
|
119,591
|
|
|
133,571
|
Lightpath
|
|
|
|
|
|
|
|
21,157
|
|
|
23,732
|
Other(a)
|
|
|
|
|
|
|
|
7,904
|
|
|
9,328
|
Total Cablevision
|
|
|
|
|
|
|
|
$
|
148,652
|
|
|
$
|
166,631
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Other primarily includes Newsday, News 12 Networks,
Cablevision Media Sales Corporation and Corporate.
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160505005827/en/
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