Altice USA Reports Fourth Quarter and Full Year 2024 Results

2025 Priorities

• Revenue Opportunity
  • Improve broadband subscriber trends; Increase value-added services; Grow mobile penetration; Expand B2B product portfolio

• Operational Efficiency
  • Expand product margins and the use of AI, digital, and self-service tools

• Network Strength
  • Grow fiber footprint through new builds; Grow multi-gig availability; Accelerate fiber migrations

• Sustainable Capital Structure
  • Deliver enhanced capital efficiency to support liquidity and growth objectives

Balance Sheet Review as of December 31, 2024

• Net debt⁽¹²⁾ for CSC Holdings, LLC Restricted Group was $23,241 million at the end of Q4 2024, representing net leverage of 7.4x L2QA⁽¹³⁾
  • The weighted average cost of debt for CSC Holdings, LLC Restricted Group was 6.7% and the weighted average life of debt was 4.1 years

• Net debt⁽¹²⁾ for Cablevision Lightpath LLC was $1,438 million at the end of Q4 2024, representing net leverage of 5.6x L2QA⁽¹³⁾
  • The weighted average cost of debt for Cablevision Lightpath LLC was 5.5% and the weighted average life of debt was 3.1 years

• Consolidated net debt⁽¹²⁾ for Altice USA was $24,644 million, representing consolidated net leverage of 7.3x L2QA⁽¹³⁾
  • The weighted average cost of debt for consolidated Altice USA was 6.7% and the weighted average life of debt was 4.1 years

Shares Outstanding

• As of December 31, 2024, Altice USA had 463,204,545 combined shares of Class A and Class B common stock outstanding.

Reconciliation of Non-GAAP Financial Measures

We define Adjusted EBITDA, which is a non-GAAP financial measure, as net income (loss) excluding income taxes, non-operating income or expenses, gain (loss) on extinguishment of debt and write-off of deferred financing costs, gain (loss) on interest rate swap contracts, gain (loss) on derivative contracts, gain (loss) on investments and sale of affiliate interests, interest expense, net, depreciation and amortization, share-based compensation, restructuring, impairments and other operating items (such as significant legal settlements and contractual payments for terminated employees). We define Adjusted EBITDA margin as Adjusted EBITDA divided by total revenue.

Adjusted EBITDA eliminates the significant non-cash depreciation and amortization expense that results from the capital-intensive nature of our business and from intangible assets recognized from acquisitions, as well as certain non-cash and other operating items that affect the period-to-period comparability of our operating performance. In addition, Adjusted EBITDA is unaffected by our capital and tax structures and by our investment activities.

We believe Adjusted EBITDA is an appropriate measure for evaluating our operating performance. Adjusted EBITDA 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 revenue and Adjusted EBITDA measures as important indicators of our business performance and evaluate management’s effectiveness with specific reference to these indicators. We believe Adjusted EBITDA provides management and investors a useful measure for period-to-period comparisons of our core business and operating results by excluding items that are not comparable across reporting periods or that do not otherwise relate to our ongoing operating results. Adjusted EBITDA should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), and other measures of performance presented in accordance with U.S. generally accepted accounting principles (“GAAP”). Since Adjusted EBITDA 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.

We also use Free Cash Flow (defined as net cash flows from operating activities less cash capital expenditures) as a liquidity measure. We believe this measure is useful to investors in evaluating our ability to service our debt and make continuing investments with internally generated funds, although it may not be directly comparable to similar measures reported by other companies.

About Altice USA

Altice USA (NYSE: ATUS) is one of the largest broadband communications and video services providers in the United States, delivering broadband, video, mobile, proprietary content and advertising services to approximately 4.6 million residential and business customers across 21 states through its Optimum brand. We operate Optimum Media, an advanced advertising and data business, which provides audience-based, multiscreen advertising solutions to local, regional and national businesses and advertising clients. We also operate News 12, which is focused on delivering best-in-class hyperlocal news content.

FORWARD-LOOKING STATEMENTS

Certain statements in this earnings release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this earnings release, including, without limitation, those regarding our intentions, beliefs or current expectations concerning, among other things: our future financial conditions and performance, our revenue streams, results of operations and liquidity; our strategy, objectives, prospects, trends, service and operational improvements, capital expenditure plans, broadband, fiber, video and mobile growth, product offerings (including multi-gig plans) sales pipeline, network expansion and passings; our ability to achieve operational performance improvements (including our AI capabilities); our ability to achieve near and longer term revenue, penetration, operational efficiency and capital structure opportunities (including mobile lines, fiber subscribers, fiber penetration, gross margin, operating expenses, EBITDA margins and annual capital expenditures); and future developments in the markets in which we participate or are seeking to participate. These forward-looking statements can be identified by the use of forward-looking terminology, including without limitation the terms “anticipate”, “believe”, “could”, “estimate”, “expect”, “forecast”, “intend”, “may”, “opportunity”, “plan”, “project”, “should”, “target”, or “will” or, in each case, their negative, or other variations or comparable terminology. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. To the extent that statements in this earnings release are not recitations of historical fact, such statements constitute forward-looking statements, which, by definition, involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements including risks referred to in our SEC filings, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. You are cautioned to not place undue reliance on Altice USA’s forward-looking statements. Any forward-looking statement speaks only as of the date on which it was made. Altice USA specifically disclaims any obligation to publicly update or revise any forward-looking statement, as of any future date.

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Investor Relations

John Hsu: +1 917 405 2097 / [email protected]

Sarah Freedman: +1 631 660 8714 / [email protected]

Media Relations

Lisa Anselmo: +1 516 279 9461 / [email protected]

Janet Meahan: +1 516 519 2353 / [email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Apps/Applications Mobile/Wireless Technology Other Technology Telecommunications Software Audio/Video Networks Data Management VoIP

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