Mediacom Broadband LLC and Mediacom LLC Report Results for First Quarter 2013
Mediacom Broadband LLC and Mediacom LLC Report Results for First Quarter 2013
MIDDLETOWN, N.Y.--(BUSINESS WIRE)-- MEDIACOM BROADBAND LLC AND MEDIACOM LLC, wholly-owned subsidiaries of Mediacom Communications Corporation, today each reported unaudited financial and operating highlights for the three months ended March 31, 2013.
Mediacom Broadband LLC*
Revenues were $225.3 million, reflecting a 1.8% increase from the prior year period
Operating income before depreciation and amortization ("OIBDA") was $84.2 million, reflecting a 0.9% increase from the prior year period
Free cash flow of $24.9 million, compared to $17.7 million in the prior year period
Net quarterly additions of 21,000 primary service units ("PSUs"), compared to a net gain of 25,000 PSUs in the prior year period
Mediacom LLC*
Revenues were $171.0 million, reflecting a 1.4% increase from the prior year period
Adjusted OIBDA was $68.5 million, reflecting a 0.1% increase from the prior year period
Free cash flow of $16.9 million, compared to $24.5 million in the prior year period
Net quarterly additions of 12,000 PSUs, compared to a net gain of 16,000 PSUs in the prior year period
About Mediacom
Mediacom Communications Corporation is the nation's eighth largest cable television company and one of the leading cable operators focused on serving the smaller cities in the United States, with a significant customer concentration in the Midwestern and Southeastern regions. Mediacom Communications offers a wide array of information, communications and entertainment services, including video, high-speed data and phone, and provides innovative broadband communications solutions through its Mediacom Business division that can be tailored to any size business. Mediacom Communications' advertising sales and production services are sold under its OnMedia division. More information about Mediacom Communications is available at www.mediacomcc.com.
TABLE 1* | |||||||||||
Mediacom Broadband LLC | |||||||||||
Selected Financial and Operating Data | |||||||||||
(Dollars in thousands, except per unit data) | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2013 | 2012 | YoY% Change | |||||||||
Video | $ | 113,618 | $ | 118,051 | (3.8 | )% | |||||
High-speed data | 60,366 | 55,389 | 9.0 | % | |||||||
Phone | 16,519 | 16,520 | ― | ||||||||
Business services | 23,441 | 19,385 | 20.9 | % | |||||||
Advertising | 11,321 | 11,855 | (4.5 | )% | |||||||
Total revenues | $ | 225,265 | $ | 221,200 | 1.8 | % | |||||
Service costs | (92,236 | ) | (90,309 | ) | 2.1 | % | |||||
SG&A expenses | (44,796 | ) | (43,982 | ) | 1.9 | % | |||||
Management fees | (4,000 | ) | (3,460 | ) | 15.6 | % | |||||
OIBDA(a) | $ | 84,233 | $ | 83,449 | 0.9 | % | |||||
Cash interest expense (a) | (23,544 | ) | (26,735 | ) | (11.9 | )% | |||||
Capital expenditures (b) | (31,290 | ) | (34,513 | ) | (9.3 | )% | |||||
Dividend to preferred members | (4,500 | ) | (4,500 | ) | ― | ||||||
Free cash flow(a) | $ | 24,899 | $ | 17,701 | 40.7 | % | |||||
OIBDA margin (c) | 37.4 | % | 37.7 | % | |||||||
March 31, 2013 | March 31, 2012 | ||||||||||
Video customers | 558,000 | 591,000 | |||||||||
High-speed data ("HSD") customers | 520,000 | 489,000 | |||||||||
Phone customers | 196,000 | 189,000 | |||||||||
Primary service units ("PSUs") | 1,274,000 | 1,269,000 | |||||||||
Video customer declines | ― | (5,000 | ) | ||||||||
HSD customer increases | 15,000 | 21,000 | |||||||||
Phone customer increases | 6,000 | 9,000 | |||||||||
Quarterly PSU increases | 21,000 | 25,000 | |||||||||
Customer relationships (d) | 714,000 | 706,000 | |||||||||
Average total monthly revenue per: | |||||||||||
Video customer (e) | $ | 134.57 | $ | 124.23 | |||||||
PSU (f) | $ | 59.43 | $ | 58.68 | |||||||
Customer relationship (g) | $ | 105.61 | $ | 104.81 | |||||||
March 31, 2013 | March 31, 2012 | ||||||||||
Bank credit facility | $ | 1,644,000 | $ | 1,470,000 | |||||||
8½% senior notes due 2015 | ― | 500,000 | |||||||||
6⅜% senior notes due 2023 | 300,000 | ― | |||||||||
Total debt | $ | 1,944,000 | $ | 1,970,000 | |||||||
Total leverage ratio (h) | 5.77x | 5.90x | |||||||||
Interest coverage ratio (i) | 3.58x | 3.12x | |||||||||
_________________________ | |||||||||||
* See Tables 3 and 5. | |||||||||||
TABLE 2* | |||||||||||
Mediacom LLC | |||||||||||
Selected Financial and Operating Data | |||||||||||
(Dollars in thousands, except per unit data) | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2013 | 2012 | YoY% Change | |||||||||
Video | $ | 87,123 | $ | 90,940 | (4.2 | )% | |||||
High-speed data | 49,800 | 45,696 | 9.0 | % | |||||||
Phone | 14,894 | 15,096 | (1.3 | )% | |||||||
Business services | 15,867 | 13,259 | 19.7 | % | |||||||
Advertising | 3,335 | 3,666 | (9.0 | )% | |||||||
Total revenues | $ | 171,019 | $ | 168,657 | 1.4 | % | |||||
Service costs | (76,122 | ) | (73,713 | ) | 3.3 | % | |||||
SG&A expenses | (27,932 | ) | (27,618 | ) | 1.1 | % | |||||
Management fees | (3,000 | ) | (3,460 | ) | (13.3 | )% | |||||
OIBDA(a) | $ | 63,965 | $ | 63,866 | 0.2 | % | |||||
Investment income from affiliate | 4,500 | 4,500 | ― | ||||||||
Adjusted OIBDA(a) | $ | 68,465 | $ | 68,366 | 0.1 | % | |||||
Cash interest expense (a) | (22,810 | ) | (23,355 | ) | (2.3 | )% | |||||
Capital expenditures (b) | (28,754 | ) | (20,537 | ) | 40.0 | % | |||||
Free cash flow(a) | $ | 16,901 | $ | 24,474 | (30.9 | )% | |||||
Adjusted OIBDA margin (j) | 40.0 | % | 40.5 | % | |||||||
March 31, 2013 | March 31, 2012 | ||||||||||
Video customers | 441,000 | 468,000 | |||||||||
High-speed data ("HSD") customers | 420,000 | 398,000 | |||||||||
Phone customers | 169,000 | 165,000 | |||||||||
Primary service units ("PSUs") | 1,030,000 | 1,031,000 | |||||||||
Video customer declines | (1,000 | ) | (5,000 | ) | |||||||
HSD customer increases | 10,000 | 15,000 | |||||||||
Phone customer increases | 3,000 | 6,000 | |||||||||
Quarterly PSU increases | 12,000 | 16,000 | |||||||||
Customer relationships (d) | 574,000 | 574,000 | |||||||||
Average total monthly revenue per: | |||||||||||
Video customer (e) | $ | 129.12 | $ | 119.49 | |||||||
PSU (f) | $ | 55.67 | $ | 54.96 | |||||||
Customer relationship (g) | $ | 99.57 | $ | 98.37 | |||||||
March 31, 2013 | March 31, 2012 | ||||||||||
Bank credit facility | $ | 922,000 | $ | 980,000 | |||||||
9⅛% senior notes due 2019 | 350,000 | 350,000 | |||||||||
7¼% senior notes due 2022 | 250,000 | 250,000 | |||||||||
Total debt | $ | 1,522,000 | $ | 1,580,000 | |||||||
Total leverage ratio (h) | 5.56x | 5.78x | |||||||||
Interest coverage ratio (i) | 3.00x | 2.93x | |||||||||
_________________________ | |||||||||||
* See Tables 4 and 5. | |||||||||||
TABLE 3 | ||||||||
Mediacom Broadband LLC | ||||||||
Reconciliation of Non-GAAP Measures | ||||||||
(Dollars in thousands) | ||||||||
(Unaudited) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2013 | 2012 | |||||||
Free cash flow | $ | 24,899 | $ | 17,701 | ||||
Capital expenditures | 31,290 | 34,513 | ||||||
Dividend to preferred members | 4,500 | 4,500 | ||||||
Other expense, net | (152 | ) | (326 | ) | ||||
Changes in assets and liabilities, net | 1,354 | 14,859 | ||||||
Net cash flows provided by operating activities | $ | 61,891 | $ | 71,247 | ||||
