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As Of Filer Filing For·On·As Docs:Size Issuer Agent 5/08/14 Cablevision Systems Corp/NY 8-K:2,9 5/08/14 2:296K Summit Fin’l Printing CSC Holdings LLC |
Document/Exhibit Description Pages Size 1: 8-K Cablevision Systems Corp 8-K 5-8-2014 HTML 20K 2: EX-99.1 Miscellaneous Exhibit HTML 118K
FOR IMMEDIATE RELEASE
|
· | Average Monthly Cable Revenue per Customer ("RPC") of $148.22, an increase of $8.42 or 6.0%, compared with the prior year period. Average Monthly Cable Revenue per Video Customer ("RPS") was $168.34. |
· | Cable advertising revenue growth of 16.8%, compared with the prior year period. |
· | Consolidated Free Cash Flow from Continuing Operations of $98.1 million. |
1. | See definition of AOCF and Consolidated Free Cash Flow from Continuing Operations included in the discussion of non-GAAP financial measures on page 3 of this earnings release. |
|
Total
|
Net Gain/(Loss)
|
Total
|
|
|
|
|
Total Customers(a)
|
3,188
|
(2)
|
3,186
|
|
|
|
|
Video
|
2,813
|
(14)
|
2,799
|
High-Speed Data
|
2,780
|
8
|
2,788
|
Voice
|
2,272
|
8
|
2,280
|
|
|
|
|
Serviceable Passings
|
5,034
|
14
|
5,048
|
(a) | Total customers are defined as the number of households/businesses that receive at least one of the Company's services. |
Contacts:
|
Charles Schueler
|
|
Bret Richter
|
|
Executive Vice President
|
|
Senior Vice President
|
|
Media and Community Relations
|
|
Financial Strategy & Development
|
|
(516) 803-1013
|
|
(516) 803-2270
|
|
Three Months Ended
|
|||||||
|
2014(a)
|
2013(a)
|
||||||
|
||||||||
Revenues, net
|
$
|
1,575,586
|
$
|
1,511,228
|
||||
|
||||||||
Adjusted operating cash flow
|
434,289
|
347,967
|
||||||
Share-based compensation expense
|
(11,906
|
)
|
(16,016
|
)
|
||||
Restructuring credits (expense)
|
(1,015
|
)
|
365
|
|||||
Operating income before depreciation and amortization
|
421,368
|
332,316
|
||||||
Depreciation and amortization (including impairments)
|
214,285
|
224,929
|
||||||
Operating income
|
207,083
|
107,387
|
||||||
Other income (expense):
|
||||||||
Interest expense, net
|
(140,882
|
)
|
(153,284
|
)
|
||||
Gain (loss) on investments, net
|
(41,775
|
)
|
99,458
|
|||||
Gain (loss) on equity derivative contracts, net
|
38,649
|
(71,716
|
)
|
|||||
Write-off of deferred financing costs, net of gain on extinguishment of debt
|
(611
|
)
|
-
|
|||||
Miscellaneous, net
|
731
|
379
|
||||||
Income (loss) from continuing operations before income taxes
|
63,195
|
(17,776
|
)
|
|||||
Income tax benefit(b)
|
26,939
|
10,643
|
||||||
Income (loss) from continuing operations
|
90,134
|
(7,133
|
)
|
|||||
Loss from discontinued operations, net of income taxes
|
(434
|
)
|
(9,265
|
)
|
||||
Net income (loss)
|
89,700
|
(16,398
|
)
|
|||||
Net loss attributable to noncontrolling interests
|
63
|
257
|
||||||
Net income (loss) attributable to Cablevision Systems Corporation stockholders
|
$
|
89,763
|
$
|
(16,141
|
)
|
|||
|
||||||||
Basic income (loss) per share attributable to Cablevision Systems Corporation stockholders:
|
||||||||
Income (loss) from continuing operations
|
$
|
0.34
|
$
|
(0.03
|
)
|
|||
Loss from discontinued operations
|
$
|
-
|
$
|
(0.04
|
)
|
|||
Net income (loss)
|
$
|
0.34
|
$
|
(0.06
|
)
|
|||
Basic weighted average common shares (in thousands)
|
262,328
|
259,500
|
||||||
|
||||||||
Diluted income (loss) per share attributable to Cablevision Systems Corporation stockholders:
|
||||||||
Income (loss) from continuing operations
|
$
|
0.34
|
$
|
(0.03
|
)
|
|||
Loss from discontinued operations
|
$
|
-
|
$
|
(0.04
|
)
|
|||
Net income (loss)
|
$
|
0.33
|
$
|
(0.06
|
)
|
|||
Diluted weighted average common shares (in thousands)
|
268,224
|
259,500
|
||||||
|
||||||||
Amounts attributable to Cablevision Systems Corporation stockholders:
|
||||||||
Income (loss) from continuing operations, net of income taxes
|
$
|
90,197
|
$
|
(6,876
|
)
|
|||
Loss from discontinued operations, net of income taxes
|
(434
|
)
|
(9,265
|
)
|
||||
Net income (loss)
|
$
|
89,763
|
$
|
(16,141
|
)
|
(a) | Financial results of Bresnan Cable and Clearview have been reflected in discontinued operations for all periods presented. |
(b) | Income tax benefit for the three months ended March 31, 2014 includes a tax benefit of $53,132 resulting from the reversal of an uncertain tax position liability. |
· | Depreciation and amortization (including impairments). This adjustment eliminates depreciation and amortization and impairments of long-lived assets in all periods. |
· | Restructuring credits (expense). This adjustment eliminates the expense or credits associated with restructuring activities related to the elimination of positions, facility realignment, asset impairments and other related activities in all periods. |
· | Share-based compensation expense. This adjustment eliminates the compensation expense relating to stock options, stock appreciation rights, restricted stock, and restricted stock units granted under our employee stock plans and non-employee director plans in all periods. |
|
Three Months Ended March 31,
|
|||||||
|
2014(b)
|
2013(b)
|
||||||
|
||||||||
|
||||||||
Net cash provided by operating activities(c)
|
$
|
283,682
|
$
|
189,400
|
||||
Add: excess tax benefit related to share-based awards
|
488
|
-
|
||||||
Less: capital expenditures(d)
|
(186,075
|
)
|
(237,340
|
)
|
||||
Consolidated free cash flow from continuing operations
|
$
|
98,095
|
$
|
(47,940
|
)
|
(a) | See Non-GAAP Financial Measures on page 3 of this release for a definition and discussion of Free Cash Flow from Continuing Operations. |
(b) | Financial results of Bresnan Cable and Clearview have been reflected in discontinued operations for all periods presented. |
(c) | 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. |
(d) | See page 10 of this release for additional details relating to capital expenditures. |
|
Three Months Ended
March 31,
|
%
|
||||||||||
|
2014
|
2013(a)
|
Change
|
|||||||||
|
||||||||||||
Cable
|
$
|
1,417,148
|
$
|
1,355,797
|
4.5
|
%
|
||||||
Lightpath
|
86,754
|
82,476
|
5.2
|
%
|
||||||||
Other(b)
|
81,482
|
82,918
|
(1.7
|
)%
|
||||||||
Eliminations(c)
|
(9,798
|
)
|
(9,963
|
)
|
1.7
|
%
|
||||||
Total Cablevision
|
$
|
1,575,586
|
$
|
1,511,228
|
4.3
|
%
|
|
Adjusted Operating
Cash Flow
|
Operating Income
(Loss)
|
||||||||||||||||||||||
|
Three Months Ended
March 31,
|
%
|
Three Months Ended
March 31,
|
%
|
||||||||||||||||||||
|
2014(a)
|
2013(a)
|
Change
|
2014(a)
|
2013(a)
|
Change
|
||||||||||||||||||
|
||||||||||||||||||||||||
Cable
|
$
|
443,032
|
$
|
378,772
|
17.0
|
%
|
$
|
249,621
|
$
|
179,467
|
39.1
|
%
|
||||||||||||
Lightpath
|
38,483
|
34,844
|
10.4
|
%
|
17,464
|
12,042
|
45.0
|
%
|
||||||||||||||||
Other(d)
|
(47,226
|
)
|
(65,649
|
)
|
28.1
|
%
|
(60,002
|
)
|
(84,122
|
)
|
28.7
|
%
|
||||||||||||
Total Cablevision
|
$
|
434,289
|
$
|
347,967
|
24.8
|
%
|
$
|
207,083
|
$
|
107,387
|
92.8
|
%
|
(a) | Financial results of Bresnan Cable and Clearview have been reflected in discontinued operations for all periods presented as applicable. |
(b) | Represents revenues of Newsday, News 12 Networks, Cablevision Media Sales Corporation and certain other entities. |
(c) | Represents inter-segment revenues. |
(d) | Includes unallocated corporate general and administrative costs and the operating results of Newsday, News 12 Networks, Cablevision Media Sales Corporation, and certain other entities. |
CABLE
|
2013(a)(b)
|
|||||||||||
(in thousands)
|
||||||||||||
Total Customers(c)
|
3,186
|
3,188
|
3,235
|
|||||||||
Video Customers
|
2,799
|
2,813
|
2,888
|
|||||||||
High-Speed Data Customers
|
2,788
|
2,780
|
2,786
|
|||||||||
Voice Customers
|
2,280
|
2,272
|
2,287
|
|||||||||
|
||||||||||||
|
||||||||||||
Serviceable Passings (in thousands)(d)
|
5,048
|
5,034
|
4,991
|
|||||||||
|
||||||||||||
Penetration
|
||||||||||||
Total Customers to Serviceable Passings
|
63.1
|
%
|
63.3
|
%
|
64.8
|
%
|
||||||
Video Customers to Serviceable Passings
|
55.4
|
%
|
55.9
|
%
|
57.9
|
%
|
||||||
High-Speed Data Customers to Serviceable Passings
|
55.2
|
%
|
55.2
|
%
|
55.8
|
%
|
||||||
Voice Customers to Serviceable Passings
|
45.2
|
%
|
45.1
|
%
|
45.8
|
%
|
||||||
|
||||||||||||
|
||||||||||||
Revenues for the three months ended
(dollars in millions)
|
||||||||||||
|
||||||||||||
Video(e)
|
$
|
793
|
$
|
792
|
$
|
767
|
||||||
High-Speed Data
|
347
|
339
|
330
|
|||||||||
Voice
|
220
|
211
|
209
|
|||||||||
Advertising
|
32
|
44
|
27
|
|||||||||
Other(f)
|
25
|
25
|
23
|
|||||||||
Total Cable Revenue
|
$
|
1,417
|
$
|
1,411
|
$
|
1,356
|
Average Monthly Cable Revenue per Customer (“RPC”)(g)
|
$
|
148.22
|
$
|
147.34
|
$
|
139.80
|
Average Monthly Cable Revenue per Video Customer (“RPS”)(h)
|
$
|
168.34
|
$
|
166.66
|
$
|
156.34
|
(a) | Financial results of Bresnan Cable for the three month period ending March 31, 2013 have been reflected in discontinued operations. |
(b) | Includes a net reduction of approximately 6 thousand customer relationships, 5 thousand video, 5 thousand high-speed data and 4 thousand voice customers that were located in the areas most severely impacted by Superstorm Sandy who were unable to be contacted and those whose billing we decided to suspend temporarily during restoration of their homes. |
(c) | Represents the number of households/businesses that receive at least one of the Company's services. |
(d) | Includes residential and commercial passings. |
(e) | Includes equipment rental, DVR, video-on-demand and pay-per-view revenue. |
(f) | Includes installation revenue, home shopping, advertising sales commissions and other product offerings. |
(g) | RPC is calculated by dividing average monthly Cable GAAP revenue for the quarter by the average number of total customers for the quarter. |
(h) | RPS is calculated by dividing average monthly Cable GAAP revenue for the quarter by the average number of video customers for the quarter. |
|
||||
|
||||
Cash and cash equivalents
|
$
|
768,122
|
||
|
||||
Credit facility debt
|
$
|
3,760,674
|
||
Senior notes and debentures
|
5,111,742
|
|||
Collateralized indebtedness
|
817,950
|
|||
Capital lease obligations and notes payable
|
75,142
|
|||
Debt
|
$
|
9,765,508
|
Debt
|
$
|
9,765,508
|
||
Less: Collateralized indebtedness of unrestricted subsidiaries(a)
|
817,950
|
|||
Cash and cash equivalents
|
768,122
|
|||
Net debt
|
$
|
8,179,436
|
||
|
||||
|
Leverage Ratios(b)
|
|||
Consolidated net debt to AOCF leverage ratio(a)(c)
|
4.7
|
x
|
||
Restricted Group leverage ratio (Credit Facility Test)(d)(e)
|
3.1
|
x
|
||
CSC Holdings notes and debentures leverage ratio(e)(f)
|
3.4
|
x
|
||
Cablevision senior notes leverage ratio(e)(g)
|
5.3
|
x
|
(a) | Collateralized indebtedness is excluded from the leverage calculation because it is viewed as a forward sale of the stock of unaffiliated companies 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 2014 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 which are primarily comprised of Newsday). The annualized AOCF (as defined) used in the Restricted Group leverage ratio was $1.831 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 which are primarily comprised of Newsday). The annualized AOCF (as defined) used in the CSC Holdings notes and debentures leverage ratio was $1.827 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. |
|
Three Months Ended
|
|||||||
|
2013(a)
|
|||||||
CAPITAL EXPENDITURES
|
||||||||
|
||||||||
Customer premise equipment
|
$
|
56,804
|
$
|
83,726
|
||||
Scalable infrastructure
|
46,829
|
54,337
|
||||||
Line extensions
|
1,236
|
5,958
|
||||||
Upgrade/rebuild
|
7,619
|
6,287
|
||||||
Support
|
32,837
|
48,546
|
||||||
Cable
|
145,325
|
198,854
|
||||||
Lightpath
|
26,870
|
26,414
|
||||||
Other(b)
|
13,880
|
12,072
|
||||||
Total Cablevision
|
$
|
186,075
|
$
|
237,340
|
(a) | Capital expenditures for Bresnan Cable and Clearview have been reflected in discontinued operations. |
(b) | Other primarily includes Newsday, News 12 Networks, Cablevision Media Sales Corporation, and Corporate. |
This ‘8-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
6/13/14 | ||||
5/23/14 | 3, 4, 8-K | |||
5/15/14 | 4 | |||
Filed on / For Period End: | 5/8/14 | 10-Q | ||
5/6/14 | ||||
3/31/14 | 10-Q | |||
12/31/13 | 10-K, 5, 8-K | |||
3/31/13 | 10-Q | |||
List all Filings |