Thu, Aug 1, 9:24 PM (88 days ago)
Altice USA, Inc. filed an amendment to its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, to correct the Report of Independent Registered Public Accounting Firm from KPMG LLP on the consolidated financial statements of CSC Holdings, LLC. The amendment was necessary to include the phrase “and in accordance with auditing standards generally accepted in the United States of America” in the Basis for Opinion section. The amendment does not affect the financial statements or KPMG’s opinion on them. Key Financial Highlights: - Revenue: $9.24 billion, a decrease from $9.65 billion in 2022. - Net Income: $79.04 million, down from $220.89 million in 2022. - Operating Expenses: $7.54 billion, down from $7.85 billion in 2022. - Earnings Per Share: Basic and diluted EPS of $0.12, down from $0.43 in 2022. - Goodwill Impairment: $163.1 million for the News and Advertising reporting unit. - Total Debt: $25.13 billion, with significant refinancing activities in early 2024. Strategic Overview: - Focus on broadband, video, and telephony services, with an emphasis on expanding fiber-to-the-home infrastructure. - No share repurchases in 2023; the share repurchase program expired in November 2023. - Continued investments in network infrastructure and customer service improvements. Future Outlook: - Expectation of continued pressure on advertising revenue. - Ongoing focus on cost management and strategic investments to drive long-term growth. Risk Factors: - Legal risks, including ongoing copyright infringement litigation. - Market risks related to competitive pressures and changing consumer preferences. - Financial risks associated with high leverage and interest rate volatility.