Altice USA Reports Mixed Q3 Results, Decline in Net Income and Revenue

As of September 30, 2024, Altice USA, Inc. reported total current assets of $865.3 million, an increase from $834.8 million at the end of 2023. However, cash and cash equivalents decreased to $250.0 million from $302.1 million during the same period. Total assets slightly declined to $31.8 billion from $31.9 billion, while total current liabilities decreased to $2.1 billion from $2.3 billion. Long-term debt rose to $24.8 billion from $24.7 billion, contributing to an accumulated deficit that worsened to $(649.9 million) from $(601.1 million).

For the third quarter of 2024, Altice USA reported operating income of $444.6 million, down from $492.6 million in the same quarter of 2023. Net loss for the quarter was $(40.8 million), a significant decline from a net income of $75.5 million in the prior year. For the nine months ended September 30, 2024, net loss attributable to Altice USA stockholders was $(48.8 million), compared to a profit of $171.0 million in 2023.

Total revenue for the third quarter of 2024 was $2.2 billion, a decrease from $2.3 billion in the same period last year. Residential revenue also fell, with broadband revenue at $913.4 million (down 5%) and video revenue at $715.1 million (down 8%). However, mobile service revenue increased by 50% to $30.6 million. For the nine months, total revenue was $6.7 billion, down from $6.9 billion in 2023.

Operating expenses for the third quarter included programming and other direct costs of $711.3 million, down from $750.5 million in 2023. Other operating expenses increased slightly to $675.4 million from $667.3 million. Adjusted EBITDA for the third quarter was $862.0 million, a decrease from $915.5 million in the previous year.

In terms of strategic developments, Altice USA has been focusing on network development, including investments in fiber-to-the-home (FTTH) technology. The company serves approximately 4.6 million customers across 21 states, with a total of 9.8 million passings through its networks. The competitive landscape remains challenging, with significant pressure from major players like AT&T and DISH Network.

The company also reported a net cash flow from operating activities of $1.1 billion for the nine months ended September 30, 2024, down from $1.3 billion in 2023. Capital expenditures for the same period were $1.0 billion, a decrease from $1.4 billion in the prior year. The financial outlook indicates a reliance on cash flow from operations and potential capital market access to meet future obligations.