| [February 23, 2017] |
 |
Mediacom Communications Reports Combined Results for Fourth Quarter and Full Year 2016
Mediacom Communications Corporation today released combined unaudited
financial and operating highlights for the three months ended December
31, 2016.
Mediacom Combined Results for Fourth Quarter
2016*
-
Revenues were $460.5 million, reflecting a 5.2% increase from the
prior year period
-
OIBDA was $183.2 million, reflecting a 5.9% increase from the prior
year period
-
Capital expenditures were $88.2 million, compared to $76.7 million in
the prior year period
-
Free cash flow was $65.4 million, compared to $60.2 million in the
prior year period
-
Ending primary service units ("PSUs") of 2,463,000, a 3.8% increase
from December 31, 2015
-
Ending customer relationships of 1,352,000, a 2.7% increase from
December 31, 2015
-
Total leverage ratio of 3.79x, compared to 4.33x at December 31, 2015
-
Interest coverage ratio of 6.20x, compared to 4.78x at December 31,
2015
-
Ending total debt of $2,775.0 million, a $225.0 million reduction from
December 31, 2015
Mediacom Combined Results for Full Year 2016*
-
Revenues were $1,810.3 million, reflecting a 5.2% increase from the
prior year
-
OIBDA was $694.0 million, reflecting a 5.4% increase from the prior
year
-
Capital expenditures were $335.2 million, compared to $288.2 million
in the prior year
-
Free cash flow was $237.0 million, compared to $222.4 million in the
prior year
-
Total leverage ratio of 4.00x, compared to 4.56x at December 31, 2015
-
Interest coverage ratio of 5.70x, compared to 4.46x at December 31,
2015
Reference to "Mediacom Combined" reflects the combined results of
Mediacom Broadband LLC and Mediacom LLC, eliminating intercompany
amounts. Mediacom LLC information is being voluntarily provided, as
Mediacom LLC's contractual obligation to file quarterly, annual and
other periodic reports with the Securities and Exchange Commission
("SEC") has terminated as a result of the redemption of Mediacom LLC's 7
¼% senior notes due 2022 on February 15, 2017. Mediacom Combined
information is being provided for convenience and informational
purposes, and does not modify or supplement the previously released
separate financial results of Mediacom Broadband LLC. Holders of
Mediacom Broadband LLC debt should refer to its separate financial and
operating results, which were previously released and furnished with the
SEC on Form 8-K on February 23, 2017.
About Mediacom
Mediacom Communications Corporation is the 5th largest cable operator in
the U.S. serving almost 1.4 million customers in smaller markets
primarily in the Midwest and Southeast. Mediacom offers a wide array of
information, communications and entertainment services to households and
businesses, including video, high-speed data, phone, and home security
and automation. Through Mediacom Business, the company provides
innovative broadband solutions to commercial and public sector customers
of all sizes, and sells advertising and production services under the
OnMedia brand. More information about Mediacom is available at www.mediacomcable.com.
________________________
* See Table 7 for information about our use of non-GAAP measures and
definitions of OIBDA and free cash flow, and Table 8 for footnotes.
|
|
|
|
|
|
|
|
|
|
|
TABLE 1*
Mediacom Communications Corporation
Selected Combined Financial and Operating Data
(Dollars in thousands, except per unit data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
YoY% Change
|
|
Video
|
|
|
$
|
198,994
|
|
|
|
$
|
196,552
|
|
|
|
1.2
|
%
|
|
High-speed data
|
|
|
|
156,698
|
|
|
|
|
139,428
|
|
|
|
12.4
|
%
|
|
Phone
|
|
|
|
26,666
|
|
|
|
|
27,611
|
|
|
|
(3.4
|
%)
|
|
Business services
|
|
|
|
59,419
|
|
|
|
|
55,127
|
|
|
|
7.8
|
%
|
|
Advertising
|
|
|
|
18,683
|
|
|
|
|
19,013
|
|
|
|
(1.7
|
%)
|
|
Total revenues
|
|
|
$
|
460,460
|
|
|
|
$
|
437,731
|
|
|
|
5.2
|
%
|
|
Service costs
|
|
|
|
(188,466
|
)
|
|
|
|
(181,480
|
)
|
|
|
3.8
|
%
|
|
SG&A expenses
|
|
|
|
(79,832
|
)
|
|
|
|
(75,220
|
)
|
|
|
6.1
|
%
|
|
Management fees
|
|
|
|
(9,000
|
)
|
|
|
|
(8,000
|
)
|
|
|
12.5
|
%
|
|
OIBDA (a)
|
|
|
$
|
183,162
|
|
|
|
$
|
173,031
|
|
|
|
5.9
|
%
|
|
Cash interest expense (a)
|
|
|
|
(29,566
|
)
|
|
|
|
(36,196
|
)
|
|
|
(18.3
|
%)
|
|
Capital expenditures (b)
|
|
|
|
(88,204
|
)
|
|
|
|
(76,679
|
)
|
|
|
15.0
|
%
|
|
Free cash flow (a)
|
|
|
$
|
65,392
|
|
|
|
$
|
60,156
|
|
|
|
8.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OIBDA margin (c)
|
|
|
|
39.8
|
%
|
|
|
|
39.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2016
|
|
|
December 31, 2015
|
|
|
YoY% Change
|
|
Video customers
|
|
|
|
828,000
|
|
|
|
|
855,000
|
|
|
|
(3.2
|
%)
|
|
High-speed data ("HSD") customers
|
|
|
|
1,156,000
|
|
|
|
|
1,085,000
|
|
|
|
6.5
|
%
|
|
Phone customers
|
|
|
|
479,000
|
|
|
|
|
433,000
|
|
|
|
10.6
|
%
|
|
Primary service units ("PSUs")
|
|
|
|
2,463,000
|
|
|
|
|
2,373,000
|
|
|
|
3.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Video customer declines
|
|
|
|
(6,000
|
)
|
|
|
|
(7,000
|
)
|
|
|
|
|
HSD customer increases
|
|
|
|
11,000
|
|
|
|
|
18,000
|
|
|
|
|
|
Phone customer increases
|
|
|
|
12,000
|
|
|
|
|
9,000
|
|
|
|
|
|
Quarterly PSU increases
|
|
|
|
17,000
|
|
|
|
|
20,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer relationships (d)
|
|
|
|
1,352,000
|
|
|
|
|
1,317,000
|
|
|
|
2.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total monthly revenue per:
|
|
|
|
|
|
|
|
|
|
|
|
|
PSU (e)
|
|
|
$
|
62.53
|
|
|
|
$
|
61.75
|
|
|
|
1.3
|
%
|
|
Customer relationship (f)
|
|
|
$
|
113.90
|
|
|
|
$
|
111.25
|
|
|
|
2.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2016
|
|
|
December 31, 2015
|
|
|
|
|
Bank credit facility
|
|
|
$
|
2,025,000
|
|
|
|
$
|
2,250,000
|
|
|
|
|
|
5½% senior notes due 2021
|
|
|
|
200,000
|
|
|
|
|
200,000
|
|
|
|
|
|
7¼% senior notes due 2022
|
|
|
|
250,000
|
|
|
|
|
250,000
|
|
|
|
|
|
6?% senior notes due 2023
|
|
|
|
300,000
|
|
|
|
|
300,000
|
|
|
|
|
|
Total debt (g)
|
|
|
$
|
2,775,000
|
|
|
|
$
|
3,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total leverage ratio (h)
|
|
|
3.79x
|
|
|
|
4.33x
|
|
|
|
|
|
Interest coverage ratio (i)
|
|
|
6.20x
|
|
|
|
4.78x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_____________
|
|
|
|
|
|
|
|
|
|
|
|
* See Table 7 for information about our use of non-GAAP measures and
definitions of OIBDA and free cash flow, and Table 8 for footnotes.
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 2*
Mediacom Communications Corporation
Selected Combined Financial and Operating Data
(Dollars in thousands, except per unit data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
|
|
|
|
|
|
2016
|
|
|
2015
|
|
|
YoY% Change
|
|
Video
|
|
|
$
|
802,204
|
|
|
|
$
|
799,816
|
|
|
|
0.3
|
%
|
|
High-speed data
|
|
|
|
603,375
|
|
|
|
|
535,562
|
|
|
|
12.7
|
%
|
|
Phone
|
|
|
|
109,228
|
|
|
|
|
113,241
|
|
|
|
(3.5
|
%)
|
|
Business services
|
|
|
|
230,636
|
|
|
|
|
210,406
|
|
|
|
9.6
|
%
|
|
Advertising
|
|
|
|
64,812
|
|
|
|
|
62,047
|
|
|
|
4.5
|
%
|
|
Total revenues
|
|
|
$
|
1,810,255
|
|
|
|
$
|
1,721,072
|
|
|
|
5.2
|
%
|
|
Service costs
|
|
|
|
(761,839
|
)
|
|
|
|
(728,863
|
)
|
|
|
4.5
|
%
|
|
SG&A expenses
|
|
|
|
(319,442
|
)
|
|
|
|
(301,860
|
)
|
|
|
5.8
|
%
|
|
Management fees
|
|
|
|
(35,000
|
)
|
|
|
|
(32,000
|
)
|
|
|
9.4
|
%
|
|
OIBDA (a)
|
|
|
$
|
693,974
|
|
|
|
$
|
658,349
|
|
|
|
5.4
|
%
|
|
Cash interest expense (a)
|
|
|
|
(121,760
|
)
|
|
|
|
(147,659
|
)
|
|
|
(17.5
|
%)
|
|
Capital expenditures (b)
|
|
|
|
(335,173
|
)
|
|
|
|
(288,245
|
)
|
|
|
16.3
|
%
|
|
Free cash flow (a)
|
|
|
$
|
237,041
|
|
|
|
$
|
222,445
|
|
|
|
6.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OIBDA margin (c)
|
|
|
|
38.3
|
%
|
|
|
|
38.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2016
|
|
|
December 31, 2015
|
|
|
YoY% Change
|
|
Video customers
|
|
|
|
828,000
|
|
|
|
|
855,000
|
|
|
|
(3.2
|
%)
|
|
HSD customers
|
|
|
|
1,156,000
|
|
|
|
|
1,085,000
|
|
|
|
6.5
|
%
|
|
Phone customers
|
|
|
|
479,000
|
|
|
|
|
433,000
|
|
|
|
10.6
|
%
|
|
Primary service units ("PSUs")
|
|
|
|
2,463,000
|
|
|
|
|
2,373,000
|
|
|
|
3.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Video customer declines
|
|
|
|
(27,000
|
)
|
|
|
|
(35,000
|
)
|
|
|
|
|
HSD customer increases
|
|
|
|
71,000
|
|
|
|
|
72,000
|
|
|
|
|
|
Phone customer increases
|
|
|
|
46,000
|
|
|
|
|
33,000
|
|
|
|
|
|
Annual PSU increases
|
|
|
|
90,000
|
|
|
|
|
70,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer relationships (d)
|
|
|
|
1,352,000
|
|
|
|
|
1,317,000
|
|
|
|
2.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total monthly revenue per:
|
|
|
|
|
|
|
|
|
|
|
|
|
PSU (e)
|
|
|
$
|
62.39
|
|
|
|
$
|
61.34
|
|
|
|
1.7
|
%
|
|
Customer relationship (f)
|
|
|
$
|
113.04
|
|
|
|
$
|
110.50
|
|
|
|
2.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2016
|
|
|
December 31, 2015
|
|
|
|
|
Bank credit facility
|
|
|
$
|
2,025,000
|
|
|
|
$
|
2,250,000
|
|
|
|
|
|
5½% senior notes due 2021
|
|
|
|
200,000
|
|
|
|
|
200,000
|
|
|
|
|
|
7¼% senior notes due 2022
|
|
|
|
250,000
|
|
|
|
|
250,000
|
|
|
|
|
|
6?% senior notes due 2023
|
|
|
|
300,000
|
|
|
|
|
300,000
|
|
|
|
|
|
Total debt (g)
|
|
|
$
|
2,775,000
|
|
|
|
$
|
3,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total leverage ratio (h)
|
|
|
4.00x
|
|
|
|
4.56x
|
|
|
|
|
|
Interest coverage ratio (i)
|
|
|
5.70x
|
|
|
|
4.46x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
____________
|
|
|
|
|
|
|
|
|
|
|
|
* See Table 7 for information about our use of non-GAAP measures and
definitions of OIBDA and free cash flow, and Table 8 for footnotes.
|
|
|
|
|
|
|
|
|
TABLE 3*
Mediacom Communications Corporation
Selected Combined Financial and Operating Data
(Dollars in thousands, except per unit data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2016
|
|
|
|
|
Mediacom
|
|
|
Mediacom
|
|
|
|
|
|
Mediacom
|
|
|
|
|
Broadband
|
|
|
LLC
|
|
|
Eliminations
|
|
|
Combined
|
|
Video
|
|
|
$
|
111,620
|
|
|
|
$
|
87,374
|
|
|
|
?
|
|
|
|
$
|
198,994
|
|
|
High-speed data
|
|
|
|
85,952
|
|
|
|
|
70,746
|
|
|
|
?
|
|
|
|
|
156,698
|
|
|
Phone
|
|
|
|
14,157
|
|
|
|
|
12,509
|
|
|
|
?
|
|
|
|
|
26,666
|
|
|
Business services
|
|
|
|
36,431
|
|
|
|
|
22,988
|
|
|
|
?
|
|
|
|
|
59,419
|
|
|
Advertising
|
|
|
|
14,794
|
|
|
|
|
3,889
|
|
|
|
?
|
|
|
|
|
18,683
|
|
|
Total revenues
|
|
|
$
|
262,954
|
|
|
|
$
|
197,506
|
|
|
|
?
|
|
|
|
$
|
460,460
|
|
|
Service costs
|
|
|
|
(103,391
|
)
|
|
|
|
(85,075
|
)
|
|
|
?
|
|
|
|
|
(188,466
|
)
|
|
SG&A expenses
|
|
|
|
(47,968
|
)
|
|
|
|
(31,864
|
)
|
|
|
?
|
|
|
|
|
(79,832
|
)
|
|
Management fees
|
|
|
|
(5,350
|
)
|
|
|
|
(3,650
|
)
|
|
|
?
|
|
|
|
|
(9,000
|
)
|
|
OIBDA (a)
|
|
|
$
|
106,245
|
|
|
|
$
|
76,917
|
|
|
|
?
|
|
|
|
$
|
183,162
|
|
|
Investment income from affiliate
|
|
|
?
|
|
|
|
|
4,500
|
|
|
|
(4,500
|
)
|
|
|
?
|
|
|
Adjusted OIBDA (a)
|
|
|
$
|
106,245
|
|
|
|
$
|
81,417
|
|
|
|
(4,500
|
)
|
|
|
$
|
183,162
|
|
|
Cash interest expense (a)
|
|
|
|
(17,652
|
)
|
|
|
|
(11,914
|
)
|
|
|
?
|
|
|
|
|
(29,566
|
)
|
|
Capital expenditures (b)
|
|
|
|
(48,216
|
)
|
|
|
|
(39,988
|
)
|
|
|
?
|
|
|
|
|
(88,204
|
)
|
|
Dividend to preferred members
|
|
|
|
(4,500
|
)
|
|
|
?
|
|
|
|
4,500
|
|
|
|
?
|
|
|
Free cash flow (a)
|
|
|
$
|
35,877
|
|
|
|
$
|
29,515
|
|
|
|
?
|
|
|
|
$
|
65,392
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mediacom
|
|
|
Mediacom
|
|
|
|
|
|
|
Mediacom
|
|
|
|
|
Broadband
|
|
|
LLC
|
|
|
|
|
|
|
Combined
|
|
Video customers
|
|
|
|
463,000
|
|
|
|
|
365,000
|
|
|
|
|
|
|
|
|
828,000
|
|
|
HSD customers
|
|
|
|
643,000
|
|
|
|
|
513,000
|
|
|
|
|
|
|
|
|
1,156,000
|
|
|
Phone customers
|
|
|
|
264,000
|
|
|
|
|
215,000
|
|
|
|
|
|
|
|
|
479,000
|
|
|
Primary service units ("PSUs")
|
|
|
|
1,370,000
|
|
|
|
|
1,093,000
|
|
|
|
|
|
|
|
|
2,463,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Video customer declines
|
|
|
|
(3,000
|
)
|
|
|
|
(3,000
|
)
|
|
|
|
|
|
|
|
(6,000
|
)
|
|
HSD customer increases
|
|
|
|
7,000
|
|
|
|
|
4,000
|
|
|
|
|
|
|
|
|
11,000
|
|
|
Phone customer increases
|
|
|
|
7,000
|
|
|
|
|
5,000
|
|
|
|
|
|
|
|
|
12,000
|
|
|
Quarterly PSU increases
|
|
|
|
11,000
|
|
|
|
|
6,000
|
|
|
|
|
|
|
|
|
17,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer relationships (d)
|
|
|
|
754,000
|
|
|
|
|
598,000
|
|
|
|
|
|
|
|
|
1,352,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total monthly revenue per:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSU (e)
|
|
|
$
|
64.24
|
|
|
|
$
|
60.40
|
|
|
|
|
|
|
|
$
|
62.53
|
|
|
Customer relationship (f)
|
|
|
$
|
117.02
|
|
|
|
$
|
110.00
|
|
|
|
|
|
|
|
$
|
113.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mediacom
|
|
|
Mediacom
|
|
|
|
|
|
|
Mediacom
|
|
|
|
|
Broadband
|
|
|
LLC
|
|
|
|
|
|
|
Combined
|
|
Bank credit facility
|
|
|
$
|
1,128,000
|
|
|
|
$
|
897,000
|
|
|
|
|
|
|
|
$
|
2,025,000
|
|
|
5½% senior notes due 2021
|
|
|
|
200,000
|
|
|
|
?
|
|
|
|
|
|
|
|
|
200,000
|
|
|
7¼% senior notes due 2022
|
|
|
?
|
|
|
|
|
250,000
|
|
|
|
|
|
|
|
|
250,000
|
|
|
6?% senior notes due 2023
|
|
|
|
300,000
|
|
|
|
?
|
|
|
|
|
|
|
|
|
300,000
|
|
|
Total debt (g)
|
|
|
$
|
1,628,000
|
|
|
|
$
|
1,147,000
|
|
|
|
|
|
|
|
$
|
2,775,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total leverage ratio (h)
|
|
|
3.83x
|
|
|
|
3.52x
|
|
|
|
|
|
|
|
3.79x
|
|
|
Interest coverage ratio (i)
|
|
|
6.02x
|
|
|
|
6.83x
|
|
|
|
|
|
|
|
6.20x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_____________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* See Table 7 for information about our use of non-GAAP measures and
definitions of OIBDA and free cash flow, and Table 8 for footnotes.
|
|
|
|
|
|
|
|
|
TABLE 4*
Mediacom Communications Corporation
Selected Combined Financial and Operating Data
(Dollars in thousands, except per unit data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2015
|
|
|
|
|
Mediacom
|
|
|
Mediacom
|
|
|
|
|
|
Mediacom
|
|
|
|
|
Broadband
|
|
|
LLC
|
|
|
Eliminations
|
|
|
Combined
|
|
Video
|
|
|
$
|
110,728
|
|
|
|
$
|
85,824
|
|
|
|
?
|
|
|
|
$
|
196,552
|
|
|
High-speed data
|
|
|
|
76,853
|
|
|
|
|
62,575
|
|
|
|
?
|
|
|
|
|
139,428
|
|
|
Phone
|
|
|
|
14,672
|
|
|
|
|
12,939
|
|
|
|
?
|
|
|
|
|
27,611
|
|
|
Business services
|
|
|
|
33,772
|
|
|
|
|
21,355
|
|
|
|
?
|
|
|
|
|
55,127
|
|
|
Advertising
|
|
|
|
14,838
|
|
|
|
|
4,175
|
|
|
|
?
|
|
|
|
|
19,013
|
|
|
Total revenues
|
|
|
$
|
250,863
|
|
|
|
$
|
186,868
|
|
|
|
?
|
|
|
|
$
|
437,731
|
|
|
Service costs
|
|
|
|
(99,013
|
)
|
|
|
|
(82,467
|
)
|
|
|
?
|
|
|
|
|
(181,480
|
)
|
|
SG&A expenses
|
|
|
|
(45,771
|
)
|
|
|
|
(29,449
|
)
|
|
|
?
|
|
|
|
|
(75,220
|
)
|
|
Management fees
|
|
|
|
(4,750
|
)
|
|
|
|
(3,250
|
)
|
|
|
?
|
|
|
|
|
(8,000
|
)
|
|
OIBDA (a)
|
|
|
$
|
101,329
|
|
|
|
$
|
71,702
|
|
|
|
?
|
|
|
|
$
|
173,031
|
|
|
Investment income from affiliate
|
|
|
?
|
|
|
|
|
4,500
|
|
|
|
(4,500
|
)
|
|
|
?
|
|
|
Adjusted OIBDA (a)
|
|
|
$
|
101,329
|
|
|
|
$
|
76,202
|
|
|
|
(4,500
|
)
|
|
|
$
|
173,031
|
|
|
Cash interest expense (a)
|
|
|
|
(21,604
|
)
|
|
|
|
(14,592
|
)
|
|
|
?
|
|
|
|
|
(36,196
|
)
|
|
Capital expenditures (b)
|
|
|
|
(39,818
|
)
|
|
|
|
(36,861
|
)
|
|
|
?
|
|
|
|
|
(76,679
|
)
|
|
Dividend to preferred members
|
|
|
|
(4,500
|
)
|
|
|
?
|
|
|
|
4,500
|
|
|
|
?
|
|
|
Free cash flow (a)
|
|
|
$
|
35,407
|
|
|
|
$
|
24,749
|
|
|
|
?
|
|
|
|
$
|
60,156
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mediacom
|
|
|
Mediacom
|
|
|
|
|
|
|
Mediacom
|
|
|
|
|
Broadband
|
|
|
LLC
|
|
|
|
|
|
|
Combined
|
|
Video customers
|
|
|
|
480,000
|
|
|
|
|
375,000
|
|
|
|
|
|
|
|
|
855,000
|
|
|
HSD customers
|
|
|
|
605,000
|
|
|
|
|
480,000
|
|
|
|
|
|
|
|
|
1,085,000
|
|
|
Phone customers
|
|
|
|
239,000
|
|
|
|
|
194,000
|
|
|
|
|
|
|
|
|
433,000
|
|
|
Primary service units ("PSUs")
|
|
|
|
1,324,000
|
|
|
|
|
1,049,000
|
|
|
|
|
|
|
|
|
2,373,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Video customer declines
|
|
|
|
(2,000
|
)
|
|
|
|
(5,000
|
)
|
|
|
|
|
|
|
|
(7,000
|
)
|
|
HSD customer increases
|
|
|
|
12,000
|
|
|
|
|
6,000
|
|
|
|
|
|
|
|
|
18,000
|
|
|
Phone customer increases
|
|
|
|
6,000
|
|
|
|
|
3,000
|
|
|
|
|
|
|
|
|
9,000
|
|
|
Quarterly PSU increases
|
|
|
|
16,000
|
|
|
|
|
4,000
|
|
|
|
|
|
|
|
|
20,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer relationships (d)
|
|
|
|
732,000
|
|
|
|
|
585,000
|
|
|
|
|
|
|
|
|
1,317,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total monthly revenue per:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSU (e)
|
|
|
$
|
63.54
|
|
|
|
$
|
59.49
|
|
|
|
|
|
|
|
$
|
61.75
|
|
|
Customer relationship (f)
|
|
|
$
|
114.94
|
|
|
|
$
|
106.66
|
|
|
|
|
|
|
|
$
|
111.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mediacom
|
|
|
Mediacom
|
|
|
|
|
|
|
Mediacom
|
|
|
|
|
Broadband
|
|
|
LLC
|
|
|
|
|
|
|
Combined
|
|
Bank credit facility
|
|
|
$
|
1,329,750
|
|
|
|
$
|
920,250
|
|
|
|
|
|
|
|
$
|
2,250,000
|
|
|
5½% senior notes due 2021
|
|
|
|
200,000
|
|
|
|
?
|
|
|
|
|
|
|
|
|
200,000
|
|
|
7¼% senior notes due 2022
|
|
|
?
|
|
|
|
|
250,000
|
|
|
|
|
|
|
|
|
250,000
|
|
|
6?% senior notes due 2023
|
|
|
|
300,000
|
|
|
|
?
|
|
|
|
|
|
|
|
|
300,000
|
|
|
Total debt (g)
|
|
|
$
|
1,829,750
|
|
|
|
$
|
1,170,250
|
|
|
|
|
|
|
|
$
|
3,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total leverage ratio (h)
|
|
|
4.51x
|
|
|
|
3.84x
|
|
|
|
|
|
|
|
4.33x
|
|
|
Interest coverage ratio (i)
|
|
|
4.69x
|
|
|
|
5.22x
|
|
|
|
|
|
|
|
4.78x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* See Table 7 for information about our use of non-GAAP measures and
definitions of OIBDA and free cash flow, and Table 8 for footnotes.
|
|
|
|
|
|
|
|
|
TABLE 5*
Mediacom Communications Corporation
Selected Combined Financial and Operating Data
(Dollars in thousands, except per unit data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2016
|
|
|
|
|
Mediacom
|
|
|
Mediacom
|
|
|
|
|
|
Mediacom
|
|
|
|
|
Broadband
|
|
|
LLC
|
|
|
Eliminations
|
|
|
Combined
|
|
Video
|
|
|
$
|
450,658
|
|
|
|
$
|
351,546
|
|
|
|
?
|
|
|
|
$
|
802,204
|
|
|
High-speed data
|
|
|
|
331,778
|
|
|
|
|
271,597
|
|
|
|
?
|
|
|
|
|
603,375
|
|
|
Phone
|
|
|
|
57,999
|
|
|
|
|
51,229
|
|
|
|
?
|
|
|
|
|
109,228
|
|
|
Business services
|
|
|
|
141,054
|
|
|
|
|
89,582
|
|
|
|
?
|
|
|
|
|
230,636
|
|
|
Advertising
|
|
|
|
51,750
|
|
|
|
|
13,062
|
|
|
|
?
|
|
|
|
|
64,812
|
|
|
Total revenues
|
|
|
$
|
1,033,239
|
|
|
|
$
|
777,016
|
|
|
|
?
|
|
|
|
$
|
1,810,255
|
|
|
Service costs
|
|
|
|
(419,406
|
)
|
|
|
|
(342,433
|
)
|
|
|
?
|
|
|
|
|
(761,839
|
)
|
|
SG&A expenses
|
|
|
|
(193,669
|
)
|
|
|
|
(125,773
|
)
|
|
|
?
|
|
|
|
|
(319,442
|
)
|
|
Management fees
|
|
|
|
(20,800
|
)
|
|
|
|
(14,200
|
)
|
|
|
?
|
|
|
|
|
(35,000
|
)
|
|
OIBDA (a)
|
|
|
$
|
399,364
|
|
|
|
$
|
294,610
|
|
|
|
?
|
|
|
|
$
|
693,974
|
|
|
Investment income from affiliate
|
|
|
?
|
|
|
|
|
18,000
|
|
|
|
(18,000
|
)
|
|
|
?
|
|
|
Adjusted OIBDA (a)
|
|
|
$
|
399,364
|
|
|
|
$
|
312,610
|
|
|
|
(18,000
|
)
|
|
|
$
|
693,974
|
|
|
Cash interest expense (a)
|
|
|
|
(73,108
|
)
|
|
|
|
(48,652
|
)
|
|
|
?
|
|
|
|
|
(121,760
|
)
|
|
Capital expenditures (b)
|
|
|
|
(179,696
|
)
|
|
|
|
(155,477
|
)
|
|
|
?
|
|
|
|
|
(335,173
|
)
|
|
Dividend to preferred members
|
|
|
|
(18,000
|
)
|
|
|
?
|
|
|
|
18,000
|
|
|
|
?
|
|
|
Free cash flow (a)
|
|
|
$
|
128,560
|
|
|
|
$
|
108,481
|
|
|
|
?
|
|
|
|
$
|
237,041
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mediacom
|
|
|
Mediacom
|
|
|
|
|
|
|
Mediacom
|
|
|
|
|
Broadband
|
|
|
LLC
|
|
|
|
|
|
|
Combined
|
|
Video customers
|
|
|
|
463,000
|
|
|
|
|
365,000
|
|
|
|
|
|
|
|
|
828,000
|
|
|
HSD customers
|
|
|
|
643,000
|
|
|
|
|
513,000
|
|
|
|
|
|
|
|
|
1,156,000
|
|
|
Phone customers
|
|
|
|
264,000
|
|
|
|
|
215,000
|
|
|
|
|
|
|
|
|
479,000
|
|
|
Primary service units ("PSUs")
|
|
|
|
1,370,000
|
|
|
|
|
1,093,000
|
|
|
|
|
|
|
|
|
2,463,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Video customer declines
|
|
|
|
(17,000
|
)
|
|
|
|
(10,000
|
)
|
|
|
|
|
|
|
|
(27,000
|
)
|
|
HSD customer increases
|
|
|
|
38,000
|
|
|
|
|
33,000
|
|
|
|
|
|
|
|
|
71,000
|
|
|
Phone customer increases
|
|
|
|
25,000
|
|
|
|
|
21,000
|
|
|
|
|
|
|
|
|
46,000
|
|
|
Annual PSU increases
|
|
|
|
46,000
|
|
|
|
|
44,000
|
|
|
|
|
|
|
|
|
90,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer relationships (d)
|
|
|
|
754,000
|
|
|
|
|
598,000
|
|
|
|
|
|
|
|
|
1,352,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total monthly revenue per:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSU (e)
|
|
|
$
|
63.92
|
|
|
|
$
|
60.46
|
|
|
|
|
|
|
|
$
|
62.39
|
|
|
Customer relationship (f)
|
|
|
$
|
115.89
|
|
|
|
$
|
109.47
|
|
|
|
|
|
|
|
$
|
113.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mediacom
|
|
|
Mediacom
|
|
|
|
|
|
|
Mediacom
|
|
|
|
|
Broadband
|
|
|
LLC
|
|
|
|
|
|
|
Combined
|
|
Bank credit facility
|
|
|
$
|
1,128,000
|
|
|
|
$
|
897,000
|
|
|
|
|
|
|
|
$
|
2,025,000
|
|
|
5½% senior notes due 2021
|
|
|
|
200,000
|
|
|
|
?
|
|
|
|
|
|
|
|
|
200,000
|
|
|
7¼% senior notes due 2022
|
|
|
?
|
|
|
|
|
250,000
|
|
|
|
|
|
|
|
|
250,000
|
|
|
6?% senior notes due 2023
|
|
|
|
300,000
|
|
|
|
?
|
|
|
|
|
|
|
|
|
300,000
|
|
|
Total debt (g)
|
|
|
$
|
1,628,000
|
|
|
|
$
|
1,147,000
|
|
|
|
|
|
|
|
$
|
2,775,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total leverage ratio (h)
|
|
|
4.08x
|
|
|
|
3.67x
|
|
|
|
|
|
|
|
4.00x
|
|
|
Interest coverage ratio (i)
|
|
|
5.46x
|
|
|
|
6.43x
|
|
|
|
|
|
|
|
5.70x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
______________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* See Table 7 for information about our use of non-GAAP measures and
definitions of OIBDA and free cash flow, and Table 8 for footnotes.
|
|
|
|
|
|
|
|
|
TABLE 6*
Mediacom Communications Corporation
Selected Combined Financial and Operating Data
(Dollars in thousands, except per unit data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2015
|
|
|
|
|
Mediacom
|
|
|
Mediacom
|
|
|
|
|
|
Mediacom
|
|
|
|
|
Broadband
|
|
|
LLC
|
|
|
Eliminations
|
|
|
Combined
|
|
Video
|
|
|
$
|
451,446
|
|
|
|
$
|
348,370
|
|
|
|
?
|
|
|
|
$
|
799,816
|
|
|
High-speed data
|
|
|
|
295,049
|
|
|
|
|
240,513
|
|
|
|
?
|
|
|
|
|
535,562
|
|
|
Phone
|
|
|
|
60,087
|
|
|
|
|
53,154
|
|
|
|
?
|
|
|
|
|
113,241
|
|
|
Business services
|
|
|
|
128,684
|
|
|
|
|
81,722
|
|
|
|
?
|
|
|
|
|
210,406
|
|
|
Advertising
|
|
|
|
47,096
|
|
|
|
|
14,951
|
|
|
|
?
|
|
|
|
|
62,047
|
|
|
Total revenues
|
|
|
$
|
982,362
|
|
|
|
$
|
738,710
|
|
|
|
?
|
|
|
|
$
|
1,721,072
|
|
|
Service costs
|
|
|
|
(401,751
|
)
|
|
|
|
(327,112
|
)
|
|
|
?
|
|
|
|
|
(728,863
|
)
|
|
SG&A expenses
|
|
|
|
(182,144
|
)
|
|
|
|
(119,716
|
)
|
|
|
?
|
|
|
|
|
(301,860
|
)
|
|
Management fees
|
|
|
|
(19,000
|
)
|
|
|
|
(13,000
|
)
|
|
|
?
|
|
|
|
|
(32,000
|
)
|
|
OIBDA (a)
|
|
|
$
|
379,467
|
|
|
|
$
|
278,882
|
|
|
|
?
|
|
|
|
$
|
658,349
|
|
|
Investment income from affiliate
|
|
|
?
|
|
|
|
|
18,000
|
|
|
|
(18,000
|
)
|
|
|
?
|
|
|
Adjusted OIBDA (a)
|
|
|
$
|
379,467
|
|
|
|
$
|
296,882
|
|
|
|
(18,000
|
)
|
|
|
$
|
658,349
|
|
|
Cash interest expense (a)
|
|
|
|
(87,759
|
)
|
|
|
|
(59,900
|
)
|
|
|
?
|
|
|
|
|
(147,659
|
)
|
|
Capital expenditures (b)
|
|
|
|
(151,204
|
)
|
|
|
|
(137,041
|
)
|
|
|
?
|
|
|
|
|
(288,245
|
)
|
|
Dividend to preferred members
|
|
|
|
(18,000
|
)
|
|
|
?
|
|
|
|
18,000
|
|
|
|
?
|
|
|
Free cash flow (a)
|
|
|
$
|
122,504
|
|
|
|
$
|
99,941
|
|
|
|
?
|
|
|
|
$
|
222,445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mediacom
|
|
|
Mediacom
|
|
|
|
|
|
|
Mediacom
|
|
|
|
|
Broadband
|
|
|
LLC
|
|
|
|
|
|
|
Combined
|
|
Video customers
|
|
|
|
480,000
|
|
|
|
|
375,000
|
|
|
|
|
|
|
|
|
855,000
|
|
|
HSD customers
|
|
|
|
605,000
|
|
|
|
|
480,000
|
|
|
|
|
|
|
|
|
1,085,000
|
|
|
Phone customers
|
|
|
|
239,000
|
|
|
|
|
194,000
|
|
|
|
|
|
|
|
|
433,000
|
|
|
Primary service units ("PSUs")
|
|
|
|
1,324,000
|
|
|
|
|
1,049,000
|
|
|
|
|
|
|
|
|
2,373,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Video customer declines
|
|
|
|
(20,000
|
)
|
|
|
|
(15,000
|
)
|
|
|
|
|
|
|
|
(35,000
|
)
|
|
HSD customer increases
|
|
|
|
41,000
|
|
|
|
|
31,000
|
|
|
|
|
|
|
|
|
72,000
|
|
|
Phone customer increases
|
|
|
|
21,000
|
|
|
|
|
12,000
|
|
|
|
|
|
|
|
|
33,000
|
|
|
Annual PSU increases
|
|
|
|
42,000
|
|
|
|
|
28,000
|
|
|
|
|
|
|
|
|
70,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer relationships (d)
|
|
|
|
732,000
|
|
|
|
|
585,000
|
|
|
|
|
|
|
|
|
1,317,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total monthly revenue per:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSU (e)
|
|
|
$
|
62.83
|
|
|
|
$
|
59.48
|
|
|
|
|
|
|
|
$
|
61.34
|
|
|
Customer relationship (f)
|
|
|
$
|
113.54
|
|
|
|
$
|
106.69
|
|
|
|
|
|
|
|
$
|
110.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mediacom
|
|
|
Mediacom
|
|
|
|
|
|
|
Mediacom
|
|
|
|
|
Broadband
|
|
|
LLC
|
|
|
|
|
|
|
Combined
|
|
Bank credit facility
|
|
|
$
|
1,329,750
|
|
|
|
$
|
920,250
|
|
|
|
|
|
|
|
$
|
2,250,000
|
|
|
5½% senior notes due 2021
|
|
|
|
200,000
|
|
|
|
?
|
|
|
|
|
|
|
|
|
200,000
|
|
|
7¼% senior notes due 2022
|
|
|
?
|
|
|
|
|
250,000
|
|
|
|
|
|
|
|
|
250,000
|
|
|
6?% senior notes due 2023
|
|
|
|
300,000
|
|
|
|
?
|
|
|
|
|
|
|
|
|
300,000
|
|
|
Total debt (g)
|
|
|
$
|
1,829,750
|
|
|
|
$
|
1,170,250
|
|
|
|
|
|
|
|
$
|
3,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total leverage ratio (h)
|
|
|
4.82x
|
|
|
|
3.94x
|
|
|
|
|
|
|
|
4.56x
|
|
|
Interest coverage ratio (i)
|
|
|
4.32x
|
|
|
|
4.96x
|
|
|
|
|
|
|
|
4.46x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_________________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* See Table 7 for information about our use of non-GAAP measures and
definitions of OIBDA and free cash flow, and Table 8 for footnotes.
TABLE 7
Use of Non-GAAP Financial Measures
"OIBDA," "Adjusted OIBDA," "cash interest expense" and "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. 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.
For Mediacom Broadband LLC, we define free cash flow as OIBDA less
capital expenditures, cash interest expense and dividends to preferred
members. For Mediacom LLC, we define free cash flow as Adjusted OIBDA
less capital expenditures and cash interest expense. Free cash flow may
not be comparable to similarly titled measures reported by other
companies.
|
|
|
|
|
TABLE 8
|
|
Footnotes
|
|
|
|
|
|
(a)
|
|
See Table 7 for information regarding our use of non-GAAP
financial measures.
|
|
|
|
|
|
(b)
|
|
Capital expenditures exclude changes in accrued property, plant
and equipment. For Mediacom Broadband LLC changes in accrued
property, plant and equipment represented cash uses of $3.3
million and $3.8 million for three months and full year ended
December 31, 2016, respectively, and cash sources of $4.4 million
and $4.9 million for the three months and full year ended December
31, 2015, respectively. For Mediacom LLC, changes in accrued
property, plant and equipment represented cash uses of $0.4
million and $4.4 million for the three months and full year ended
December 31, 2016, respectively, and cash sources of $3.9 million
and $6.4 million for the three months and full year ended December
31, 2015, respectively.
|
|
|
|
|
|
(c)
|
|
Represents OIBDA as a percentage of total revenues.
|
|
|
|
|
|
(d)
|
|
Represents the total number of customers that take at least one
service, without regard to which service(s) customers purchase.
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(e)
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Represents average total monthly revenues for the period divided
by average PSUs for such period.
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(f)
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Represents average total monthly revenues for the period divided
by average customer relationships for such period.
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(g)
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Total debt excludes the effect of deferred financing costs, net.
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(h)
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For Mediacom Combined and Mediacom Broadband LLC, represents total
debt at period end divided by annualized OIBDA for the period. For
Mediacom LLC, represents total debt at period end divided by
annualized Adjusted OIBDA for the period.
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(i)
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For Mediacom Combined and Mediacom Broadband LLC, represents OIBDA
divided by cash interest expense for the period. For Mediacom LLC,
represents Adjusted OIBDA divided by cash interest expense for the
period.
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View source version on businesswire.com: http://www.businesswire.com/news/home/20170223005860/en/
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