Mediacom Communications Reports Combined Results for Fourth Quarter and Full Year 2020

MEDIACOM PARK, N.Y.--()--MEDIACOM COMMUNICATIONS CORPORATION today released combined unaudited financial and operating highlights for the three months and full year ended December 31, 2020.

Mediacom Combined Results for Fourth Quarter 2020*

  • Revenues were $549.4 million, a 6.9% increase from the prior year period
  • Adjusted OIBDA was $246.8 million, a 16.3% increase from the prior year period
  • Free cash flow was $151.4 million, a 24.0% increase from the prior year period
  • High-speed data (“HSD”) customers were 1,438,000, an 8.3% increase from December 31, 2019
  • Net debt of $1,713.6 billion, a $471.7 million reduction from December 31, 2019
  • Net leverage ratio of 1.74x, compared to 2.57x at December 31, 2019

Mediacom Combined Results for Full Year 2020*

  • Revenues were $2.131 billion, a 4.9% increase from the prior year period
  • Adjusted OIBDA was $898.9 million, a 11.2% increase from the prior year period
  • Free cash flow was $538.0 million, a 28.4% increase from the prior year period

“I am proud to announce record-breaking 2020 results, a truly exceptional performance in the face of the economic and operating challenges caused by the coronavirus pandemic,” stated Rocco B. Commisso, Mediacom’s founder, Chairman and Chief Executive Officer. “During the fourth quarter of 2020, not only did we achieve the 96th consecutive quarter of year-over-year revenue growth, an extraordinary feat, but Adjusted OIBDA rose 16.3% and we generated free cash flow of $151 million, both all-time records.

For full-year 2020, Adjusted OIBDA grew to $899 million, or 11.2%, representing Mediacom’s highest organic annual growth rate ever, and among the highest reported for 2020 in the U.S. telecommunications industry. Noteworthy is our ever-growing free cash flow which has enabled Mediacom to reduce debt by $600 million during the past two years, despite funding $1 billion for capital investments and the acquisition and support of ACF Fiorentina. Our outstanding financial performance strengthened the balance sheet even more, with net leverage declining to 1.7x, validating S&P’s decision to upgrade Mediacom’s credit rating to BBB investment grade in August of last year.

During these very difficult and trying times, Mediacom’s hard-working frontline employees have been critical to the mission of delivering fast and reliable broadband connections to our residential customers and their families, as well as to our commercial clients. Mediacom’s fiber-rich network performed remarkably well after COVID struck, handling significant increases in average bandwidth consumption per user and strong Internet customer growth, clearly demonstrating that our long-standing strategy of massive reinvestment in our broadband network continues to pay substantial dividends.”

* See Table 7 regarding our use of non-GAAP measures and definitions of Adjusted 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,

 

 

 

 

2020

 

 

 

2019

 

 

YoY% Change

High-speed data (“HSD”)

$

249,803

 

 

$

217,820

 

 

14.7

%

Video

 

166,658

 

 

 

178,653

 

 

(6.7

%)

Phone

 

29,280

 

 

 

29,926

 

 

(2.2

%)

Business services

 

74,321

 

 

 

72,639

 

 

2.3

%

Advertising

 

29,304

 

 

 

14,877

 

 

97.0

%

Total revenues

$

549,366

 

 

$

513,915

 

 

6.9

%

Service costs

 

(205,690

)

 

 

(208,791

)

 

(1.5

%)

SG&A expenses

 

(81,612

)

 

 

(81,743

)

 

(0.2

%)

Management fees

 

(16,000

)

 

 

(11,500

)

 

39.1

%

OIBDA (a)

$

246,064

 

 

$

211,881

 

 

16.1

%

Non-cash, share based compensation

 

707

 

 

 

385

 

 

83.6

%

Adjusted OIBDA (a)

$

 

246,771

 

 

 

 

$

 

212,266

 

 

 

 

16.3

%

Cash interest expense (a)

 

(6,807

)

 

 

(19,670

)

 

(65.4

%)

Capital expenditures

 

(88,595

)

 

 

(70,515

)

 

25.6

%

Free cash flow (a)

$

151,369

 

 

$

122,081

 

 

24.0

%

 

 

 

 

 

 

Adjusted OIBDA margin (b)

 

44.9

%

 

 

41.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2020

 

December 31, 2019

 

YoY% Change

HSD customers

 

1,438,000

 

 

 

1,328,000

 

 

8.3

%

Video customers

 

643,000

 

 

 

710,000

 

 

(9.4

%)

Phone customers

 

586,000

 

 

 

613,000

 

 

(4.4

%)

Primary service units (“PSUs”)

 

2,667,000

 

 

 

2,651,000

 

 

0.6

%

 

 

 

 

 

 

HSD customer increases

 

13,000

 

 

 

12,000

 

 

 

Video customer declines

 

(20,000

)

 

 

(19,000

)

 

 

Phone customer declines

 

(13,000

)

 

 

(3,000

)

 

 

Quarterly PSU declines

 

(20,000

)

 

 

(10,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2020

 

December 31, 2019

 

 

Total debt (c)

$

1,750,000

 

 

$

2,215,000

 

 

 

Cash

 

(36,414

)

 

 

(29,733

)

 

 

Net debt

$

1,713,586

 

 

$

2,185,267

 

 

 

 

 

 

 

 

 

Unused lines of credit (d)

$

679,606

 

 

$

628,823

 

 

 

 

 

 

 

 

 

Net leverage ratio (e)

1.74x

 

2.57x

 

 

Interest coverage ratio (f)

36.25x

 

10.79x

 

 

_______________

* See Table 7 for information about our use of non-GAAP measures and definitions of OIBDA, Adjusted 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,

 

 

 

 

2020

 

 

 

2019

 

 

YoY% Change

High-speed data (“HSD”)

$

943,988

 

 

$

840,958

 

 

12.3

%

Video

 

707,510

 

 

 

738,542

 

 

(4.2

%)

Phone

 

117,919

 

 

 

119,145

 

 

(1.0

%)

Business services

 

294,966

 

 

 

285,403

 

 

3.4

%

Advertising

 

66,841

 

 

 

47,192

 

 

41.6

%

Total revenues

$

2,131,224

 

 

$

2,031,240

 

 

4.9

%

Service costs

 

(856,916

)

 

 

(854,862

)

 

0.2

%

SG&A expenses

 

(325,259

)

 

 

(325,881

)

 

(0.2

%)

Management fees

 

(53,000

)

 

 

(44,000

)

 

20.5

%

OIBDA (a)

$

896,049

 

 

$

806,497

 

 

11.1

%

Non-cash, share based compensation

 

2,828

 

 

 

1,539

 

 

83.8

%

Adjusted OIBDA (a)

$

 

898,877

 

 

 

 

$

 

808,036

 

 

 

 

11.2

%

Cash interest expense (a)

 

(39,887

)

 

 

(92,524

)

 

(56.9

%)

Capital expenditures

 

(320,953

)

 

 

(296,597

)

 

8.2

%

Free cash flow (a)

$

538,037

 

 

$

418,915

 

 

28.4

%

 

 

 

 

 

 

Adjusted OIBDA margin (b)

 

42.2

%

 

 

39.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2020

 

December 31, 2019

 

YoY% Change

HSD customers

 

1,438,000

 

 

 

1,328,000

 

 

8.3

%

Video customers

 

643,000

 

 

 

710,000

 

 

(9.4

%)

Phone customers

 

586,000

 

 

 

613,000

 

 

(4.4

%)

Primary service units (“PSUs”)

 

2,667,000

 

 

 

2,651,000

 

 

0.6

%

 

 

 

 

 

 

HSD customer increases

 

110,000

 

 

 

64,000

 

 

 

Video customer declines

 

(67,000

)

 

 

(66,000

)

 

 

Phone customer declines

 

(27,000

)

 

 

(1,000

)

 

 

Annual PSU increases (declines)

 

16,000

 

 

 

(3,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2020

 

December 31, 2019

 

 

Total debt (c)

$

1,750,000

 

 

$

2,215,000

 

 

 

Cash

 

(36,414

)

 

 

(29,733

)

 

 

Net debt

$

1,713,586

 

 

$

2,185,267

 

 

 

 

 

 

 

 

 

Unused lines of credit (d)

$

679,606

 

 

$

628,823

 

 

 

 

 

 

 

 

 

Net leverage ratio (e)

1.91x

 

2.70x

 

 

Interest coverage ratio (f)

22.54x

 

8.73x

 

 

_______________

* See Table 7 for information about our use of non-GAAP measures and definitions of OIBDA, Adjusted 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, 2020

 

Mediacom
Broadband

 

Mediacom LLC

 

Eliminations

 

Mediacom
Combined

 

High-speed data (“HSD”)

$

133,228

 

 

$

116,575

 

 

 

$

249,803

 

 

Video

 

89,272

 

 

 

77,386

 

 

 

 

166,658

 

 

Phone

 

15,632

 

 

 

13,648

 

 

 

 

29,280

 

 

Business services

 

44,617

 

 

 

29,704

 

 

 

 

74,321

 

 

Advertising

 

25,916

 

 

 

3,388

 

 

 

 

29,304

 

 

Total revenues

$

308,665

 

 

$

240,701

 

 

 

$

549,366

 

 

Service costs

 

(109,791

)

 

 

(95,899

)

 

 

 

(205,690

)

 

SG&A expenses

 

(49,611

)

 

 

(32,001

)

 

 

 

(81,612

)

 

Management fees

 

(9,600

)

 

 

(6,400

)

 

 

 

(16,000

)

 

OIBDA (a)

$

139,663

 

 

$

106,401

 

 

 

$

246,064

 

 

Investment income from affiliate

 

 

4,500

 

 

(4,500

)

 

 

Non-cash share-based compensation

 

385

 

 

 

322

 

 

 

 

707

 

 

Adjusted OIBDA (a)

$

140,048

 

 

$

111,223

 

 

(4,500

)

 

$

246,771

 

 

Cash interest expense (a)

 

(3,214

)

 

 

(3,593

)

 

 

 

(6,807

)

 

Capital expenditures

 

(45,832

)

 

 

(42,763

)

 

 

 

(88,595

)

 

Dividend to preferred members

 

(4,500

)

 

 

4,500

 

 

 

Free cash flow (a)

$

86,502

 

 

$

64,867

 

 

 

$

151,369

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mediacom
Broadband

 

Mediacom LLC

   

Mediacom
Combined

 

HSD customers

 

784,000

 

 

 

654,000

 

 

 

 

 

1,438,000

 

 

Video customers

 

350,000

 

 

 

293,000

 

 

 

 

 

643,000

 

 

Phone customers

 

320,000

 

 

 

266,000

 

 

 

 

 

586,000

 

 

Primary service units (“PSUs”)

 

1,454,000

 

 

 

1,213,000

 

 

 

 

 

2,667,000

 

 

 

 

 

 

 

 

 

 

 

HSD customer increases

 

3,000

 

 

 

10,000

 

 

 

 

 

13,000

 

 

Video customer declines

 

(11,000

)

 

 

(9,000

)

 

 

 

 

(20,000

)

 

Phone customer declines

 

(8,000

)

 

 

(5,000

)

 

 

 

 

(13,000

)

 

Quarterly PSU declines

 

(16,000

)

 

 

(4,000

)

 

 

 

 

(20,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mediacom
Broadband

 

Mediacom LLC

 



 

Mediacom
Combined

 

Total debt (c)

$

905,313

 

 

$

844,688

 

 

 

 

$

1,750,000

 

 

Cash

 

(19,008

)

 

 

(17,406

)

 

 

 

 

(36,414

)

 

Net debt

$

886,305

 

 

$

827,282

 

 

 

 

$

1,713,586

 

 

 

 

 

 

 

 

 

 

 

Unused lines of credit (d)

$

365,846

 

 

$

313,760

 

 

 

 

$

679,606

 

 

 

 

 

 

 

 

 

 

 

Net leverage ratio (e)

1.58x

 

1.86x

 

 

 

1.74x

 

Interest coverage ratio (f)

43.57x

 

30.96x

 

 

 

36.25x

 

_______________

* See Table 7 for information about our use of non-GAAP measures and definitions of OIBDA, Adjusted OIBDA and free cash flow and Table 8 for footnotes.

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

TABLE 4*

Mediacom Communications Corporation

Selected Combined Financial and Operating Data

(Dollars in thousands, except per unit data)

(Unaudited)

 

Three Months Ended
December 31, 2019

 

Mediacom
Broadband

 

Mediacom LLC

 

Eliminations

 

Mediacom
Combined

 

High-speed data (“HSD”)

$

117,823

 

 

$

99,997

 

 

 

$

217,820

 

 

Video

 

96,878

 

 

 

81,775

 

 

 

 

178,653

 

 

Phone

 

16,103

 

 

 

13,823

 

 

 

 

29,926

 

 

Business services

 

44,103

 

 

 

28,536

 

 

 

 

72,639

 

 

Advertising

 

12,737

 

 

 

2,140

 

 

 

 

14,877

 

 

Total revenues

$

287,644

 

 

$

226,271

 

 

 

$

513,915

 

 

Service costs

 

(112,217

)

 

 

(96,574

)

 

 

 

(208,791

)

 

SG&A expenses

 

(49,038

)

 

 

(32,705

)

 

 

 

(81,743

)

 

Management fees

 

(6,900

)

 

 

(4,600

)

 

 

 

(11,500

)

 

OIBDA (a)

$

119,489

 

 

$

92,392

 

 

 

$

211,881

 

 

Investment income from affiliate

 

 

4,500

 

 

(4,500

)

 

 

Non-cash share-based compensation

 

204

 

 

 

181

 

 

 

 

385

 

 

Adjusted OIBDA (a)

$

119,693

 

 

$

97,073

 

 

(4,500

)

 

$

212,266

 

 

Cash interest expense (a)

 

(10,313

)

 

 

(9,357

)

 

 

 

(19,670

)

 

Capital expenditures

 

(36,615

)

 

 

(33,900

)

 

 

 

(70,515

)

 

Dividend to preferred members

 

(4,500

)

 

 

4,500

 

 

 

Free cash flow (a)

$

68,265

 

 

$

53,816

 

 

 

$

122,081

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mediacom
Broadband

 

Mediacom LLC

 


 

Mediacom
Combined

 

HSD customers

 

732,000

 

 

 

596,000

 

 

 

 

 

1,328,000

 

 

Video customers

 

389,000

 

 

 

321,000

 

 

 

 

 

710,000

 

 

Phone customers

 

338,000

 

 

 

275,000

 

 

 

 

 

613,000

 

 

Primary service units (“PSUs”)

 

1,459,000

 

 

 

1,192,000

 

 

 

 

 

2,651,000

 

 

 

 

 

 

 

 

 

 

 

HSD customer increases

 

6,000

 

 

 

6,000

 

 

 

 

 

12,000

 

 

Video customer declines

 

(11,000

)

 

 

(8,000

)

 

 

 

 

(19,000

)

 

Phone customer declines

 

(2,000

)

 

 

(1,000

)

 

 

 

 

(3,000

)

 

Quarterly PSU declines

 

(7,000

)

 

 

(3,000

)

 

 

 

 

(10,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mediacom
Broadband

 

Mediacom LLC

   

Mediacom
Combined

 

Total debt (c)

$

1,102,625

 

 

$

1,112,375

 

 

 

 

$

2,215,000

 

 

Cash

 

(15,482

)

 

 

(14,251

)

 

 

 

 

(29,733

)

 

Net debt

$

1,087,143

 

 

$

1,098,124

 

 

 

 

$

2,185,267

 

 

 

 

 

 

 

 

 

 

 

Unused lines of credit (d)

$

266,871

 

 

$

361,952

 

 

 

 

$

628,823

 

 

 

 

 

 

 

 

 

 

 

Net leverage ratio (e)

2.27x

 

2.83x

 

 

 

2.57x

 

Interest coverage ratio (f)

11.61x

 

10.37x

 

 

 

10.79x

 

_______________

* See Table 7 for information about our use of non-GAAP measures and definitions of OIBDA, Adjusted OIBDA and free cash flow and Table 8 for footnotes.

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

TABLE 5*

Mediacom Communications Corporation

Selected Combined Financial and Operating Data

(Dollars in thousands, except per unit data)

(Unaudited)

 

Year Months Ended
December 31, 2020

 

Mediacom
Broadband

 

Mediacom LLC

 

Eliminations

 

Mediacom
Combined

 

High-speed data (“HSD”)

$

505,822

 

 

$

438,166

 

 

 

$

943,988

 

 

Video

 

380,358

 

 

 

327,152

 

 

 

 

707,510

 

 

Phone

 

63,213

 

 

 

54,706

 

 

 

 

117,919

 

 

Business services

 

177,651

 

 

 

117,315

 

 

 

 

294,966

 

 

Advertising

 

58,217

 

 

 

8,624

 

 

 

 

66,841

 

 

Total revenues

$

1,185,261

 

 

$

945,963

 

 

 

$

2,131,224

 

 

Service costs

 

(459,973

)

 

 

(396,943

)

 

 

 

(856,916

)

 

SG&A expenses

 

(197,153

)

 

 

(128,106

)

 

 

 

(325,259

)

 

Management fees

 

(31,800

)

 

 

(21,200

)

 

 

 

(53,000

)

 

OIBDA (a)

$

496,335

 

 

$

399,714

 

 

 

$

896,049

 

 

Investment income from affiliate

 

 

18,000

 

 

(18,000

)

 

 

Non-cash share-based compensation

 

1,509

 

 

 

1,319

 

 

 

 

2,828

 

 

Adjusted OIBDA (a)

$

497,844

 

 

$

419,033

 

 

(18,000

)

 

$

898,877

 

 

Cash interest expense (a)

 

(19,462

)

 

 

(20,425

)

 

 

 

(39,887

)

 

Capital expenditures

 

(164,959

)

 

 

(155,994

)

 

 

 

(320,953

)

 

Dividend to preferred members

 

(18,000

)

 

 

18,000

 

 

 

Free cash flow (a)

$

295,423

 

 

$

242,614

 

 

 

$

538,037

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mediacom
Broadband

 

Mediacom LLC

   

Mediacom
Combined

 

HSD customers

 

784,000

 

 

 

654,000

 

 

 

 

 

1,438,000

 

 

Video customers

 

350,000

 

 

 

293,000

 

 

 

 

 

643,000

 

 

Phone customers

 

320,000

 

 

 

266,000

 

 

 

 

 

586,000

 

 

Primary service units (“PSUs”)

 

1,454,000

 

 

 

1,213,000

 

 

 

 

 

2,667,000

 

 

 

 

 

 

 

 

 

 

 

HSD customer increases

 

52,000

 

 

 

58,000

 

 

 

 

 

110,000

 

 

Video customer declines

 

(39,000

)

 

 

(28,000

)

 

 

 

 

(67,000

)

 

Phone customer declines

 

(18,000

)

 

 

(9,000

)

 

 

 

 

(27,000

)

 

Annual PSU (declines) increases

 

(5,000

)

 

 

21,000

 

 

 

 

 

16,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mediacom
Broadband

 

Mediacom LLC

   

Mediacom
Combined

 

Total debt (c)

$

905,313

 

 

$

844,688

 

 

 

 

$

1,750,000

 

 

Cash

 

(19,008

)

 

 

(17,406

)

 

 

 

 

(36,414

)

 

Net debt

$

886,305

 

 

$

827,282

 

 

 

 

$

1,713,586

 

 

 

 

 

 

 

 

 

 

 

Unused lines of credit (d)

$

365,846

 

 

$

313,760

 

 

 

 

$

679,606

 

 

 

 

 

 

 

 

 

 

 

Net leverage ratio (e)

1.78x

 

1.97x

 

 

 

1.91x

 

Interest coverage ratio (f)

25.58x

 

20.52x

 

 

 

22.54x

 

_______________

* See Table 7 for information about our use of non-GAAP measures and definitions of OIBDA, Adjusted OIBDA and free cash flow and Table 8 for footnotes.

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

TABLE 6*

Mediacom Communications Corporation

Selected Combined Financial and Operating Data

(Dollars in thousands, except per unit data)

(Unaudited)

 

Year Ended
December 31, 2019

 

Mediacom
Broadband

 

Mediacom LLC

 

Eliminations

 

Mediacom
Combined

 

High-speed data (“HSD”)

$

455,828

 

 

$

385,130

 

 

 

$

840,958

 

 

Video

 

402,240

 

 

 

336,302

 

 

 

 

738,542

 

 

Phone

 

64,343

 

 

 

54,802

 

 

 

 

119,145

 

 

Business services

 

173,822

 

 

 

111,581

 

 

 

 

285,403

 

 

Advertising

 

39,578

 

 

 

7,614

 

 

 

 

47,192

 

 

Total revenues

$

1,135,811

 

 

$

895,429

 

 

 

$

2,031,240

 

 

Service costs

 

(461,663

)

 

 

(393,199

)

 

 

 

(854,862

)

 

SG&A expenses

 

(196,527

)

 

 

(129,354

)

 

 

 

(325,881

)

 

Management fees

 

(26,400

)

 

 

(17,600

)

 

 

 

(44,000

)

 

OIBDA (a)

$

451,221

 

 

$

355,276

 

 

 

$

806,497

 

 

Investment income from affiliate

 

 

18,000

 

 

(18,000

)

 

 

Non-cash share-based compensation

 

816

 

 

 

723

 

 

 

 

1,539

 

 

Adjusted OIBDA (a)

$

452,037

 

 

$

373,999

 

 

(18,000

)

 

$

808,036

 

 

Cash interest expense (a)

 

(48,972

)

 

 

(43,552

)

 

 

 

(92,524

)

 

Capital expenditures

 

(155,704

)

 

 

(140,893

)

 

 

 

(296,597

)

 

Dividend to preferred members

 

(18,000

)

 

 

18,000

 

 

 

Free cash flow (a)

$

229,361

 

 

$

189,554

 

 

 

$

418,915

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mediacom
Broadband

 

Mediacom LLC

 



 

Mediacom
Combined

 

HSD customers

 

732,000

 

 

 

596,000

 

 

 

 

 

1,328,000

 

 

Video customers

 

389,000

 

 

 

321,000

 

 

 

 

 

710,000

 

 

Phone customers

 

338,000

 

 

 

275,000

 

 

 

 

 

613,000

 

 

Primary service units (“PSUs”)

 

1,459,000

 

 

 

1,192,000

 

 

 

 

 

2,651,000

 

 

 

 

 

 

 

 

 

 

 

HSD customer increases

 

33,000

 

 

 

31,000

 

 

 

 

 

64,000

 

 

Video customer declines

 

(39,000

)

 

 

(27,000

)

 

 

 

 

(66,000

)

 

Phone customer declines

 

(1,000

)

 

 

 

 

 

(1,000

)

 

Annual PSU (declines) increases

 

(7,000

)

 

 

4,000

 

 

 

 

 

(3,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mediacom
Broadband

 

Mediacom LLC

   

Mediacom
Combined

 

Total debt (c)

$

1,102,625

 

 

$

1,112,375

 

 

 

 

$

2,215,000

 

 

Cash

 

(15,482

)

 

 

(14,251

)

 

 

 

 

(29,733

)

 

Net debt

$

1,087,143

 

 

$

1,098,124

 

 

 

 

$

2,185,267

 

 

 

 

 

 

 

 

 

 

 

Unused lines of credit (d)

$

266,871

 

 

$

361,952

 

 

 

 

$

628,823

 

 

 

 

 

 

 

 

 

 

 

Net leverage ratio (e)

2.40x

 

2.94x

 

 

 

2.70x

 

Interest coverage ratio (f)

9.23x

 

8.59x

 

 

 

8.73x

 

_______________

* See Table 7 for information about our use of non-GAAP measures and definitions of OIBDA, Adjusted OIBDA and free cash flow and Table 8 for footnotes.

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

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 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.

For Mediacom Broadband LLC, we define free cash flow as Adjusted 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.

Reference to “Mediacom Combined” reflects the combined results of Mediacom Broadband LLC and Mediacom LLC, eliminating intercompany amounts.

TABLE 8
Footnotes

  1. See Table 7 for information regarding our use 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
  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.

About Mediacom

Mediacom Communications Corporation is the 5th largest cable operator in the U.S. serving over 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.

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

Release Summary

Mediacom Communications Reports Combined Results for Fourth Quarter and Full Year 2020

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