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Overview of Altice USA
Altice USA (NYSE: ATUS) is a leading telecommunications and media company that operates across the broadband, video, wireless, and advertising sectors. With a mission to connect people and businesses to what matters most, Altice USA leverages its advanced technology infrastructure to deliver high-speed internet, television, and phone services under its flagship brands, Optimum and Suddenlink. The company's offerings extend beyond consumer services to include enterprise connectivity solutions, media content, and advertising technologies, making it a diversified player in the digital ecosystem.
Core Business Areas
- Broadband and Video Services: Altice USA provides high-speed internet, digital television, and voice services to millions of residential and business customers across the United States. Its Optimum brand is particularly strong in the New York metro area, while Suddenlink serves smaller markets in regions such as Texas, Louisiana, and West Virginia.
- Enterprise Connectivity: Through its subsidiary Lightpath, Altice USA offers advanced fiber-optic solutions tailored for enterprises, governments, and educational institutions. Lightpath's portfolio includes high-capacity dark fiber, Ethernet, Internet, and wavelength services, supporting the growing demand for AI-driven and cloud-based applications.
- Media and Content: Altice USA owns and operates media assets such as News 12, a hyper-local news network, and i24News, which focuses on international and Middle Eastern news. These platforms enhance its value proposition by integrating content delivery with its telecommunications services.
- Advertising Solutions: The company’s a4 Advertising division provides data-driven, targeted advertising solutions to businesses, leveraging its extensive network and customer data to deliver measurable results.
Competitive Positioning
Altice USA operates in a highly competitive landscape, facing major players such as Comcast, Charter Communications, and Verizon. It differentiates itself through its focus on advanced fiber-optic infrastructure and tailored enterprise solutions. The company's strategic investments in high-capacity networks, including its recent expansions in regions like Phoenix and its acquisition of United Fiber and Data assets, underline its commitment to meeting the growing connectivity demands of hyperscalers, enterprises, and public sector clients.
Innovation and Infrastructure
Altice USA has made significant strides in building and expanding its fiber-optic network, which now spans tens of thousands of route miles. This infrastructure supports a wide range of services, from high-speed residential broadband to enterprise-grade solutions. The company is also addressing emerging trends such as AI-driven workloads and hybrid cloud architectures, ensuring its offerings remain relevant in a rapidly evolving digital landscape.
Commitment to ESG
Altice USA demonstrates a strong commitment to Environmental, Social, and Governance (ESG) principles. Through initiatives like digital wellness programs and efforts to bridge the digital divide, the company aims to empower communities and foster sustainable growth. Its subsidiary Lightpath recently achieved a top GRESB score for its ESG performance, reflecting its leadership in sustainability and governance.
Key Takeaways
Altice USA's diversified business model, robust infrastructure investments, and focus on innovation position it as a significant player in the telecommunications and media industry. By addressing both consumer and enterprise needs, the company continues to strengthen its market presence while driving digital transformation across its service areas.
Altice USA (NYSE: ATUS) has successfully completed the acquisition of Morris Broadband, LLC, enhancing its presence in North Carolina, where it now serves approximately 36,500 additional customers. This acquisition positions Altice as the sixth largest provider in the state. CEO Dexter Goei expressed enthusiasm for integrating Morris Broadband’s operations and expanding their Optimum-branded services. The company plans to invest in technology and infrastructure to improve connectivity for its customers, aiming for increased scale and operational efficiencies.
Altice USA (ATUS) announced a definitive agreement to acquire Morris Broadband for $310 million, expanding its presence in North Carolina. The acquisition will enhance Altice's footprint, making North Carolina the sixth-largest state for the company based on residential customers. Morris Broadband, serving approximately 36,500 customers, generated around $13 million in Adjusted EBITDA for Q4 2020. The purchase price represents a multiple of 24.1x Q4 LQA Adjusted EBITDA, which could adjust to 7.4x when factoring in expected synergies. Completion is anticipated in Q2 2021.
Altice USA (ATUS) reported solid financial results for Q4 and FY 2020, with total revenue rising 2.5% YoY to $2.54 billion in Q4 and 1.4% to $9.89 billion for the full year. Adjusted EBITDA increased by 6.1% YoY in Q4 to $1.15 billion, reflecting a margin of 45.4%. Notably, net income for Q4 soared to $330.5 million, compared to $0.3 million in the previous year. The company returned $4.8 billion to shareholders through share repurchases. For FY 2021, Altice predicts continued growth in revenue and adjusted EBITDA, while planning share buybacks totaling $1.5 billion.
Altice USA (NYSE: ATUS) will hold a conference call on February 10, 2021, at 4:30 p.m. EST to discuss its financial and operational results for the fourth quarter and full year ending December 31, 2020. A press release detailing these results will be issued at 4:05 p.m. EST. The call will be hosted by CEO Dexter Goei and CFO Michael Grau. Participants can access the call via toll-free and toll numbers, and a live webcast will be available on the company’s investor relations website.
Altice USA (NYSE: ATUS) has completed its modified Dutch auction tender offer, repurchasing 64,613,479 shares of Class A common stock at $36.00 per share, totaling approximately $2.33 billion. This transaction accounts for 18.2% of the Class A shares and 12.0% of all outstanding shares. The offer expired on December 21, 2020, and payments for accepted shares will be processed promptly. Altice USA continues to provide broadband and video services to over 5 million customers across the U.S.
Altice USA (NYSE: ATUS) announced preliminary results of its modified Dutch auction tender offer to repurchase up to $2.5 billion of Class A common stock. The offer expired on December 21, 2020, with 64,814,209 shares tendered at a final purchase price of $36.00 per share, totaling approximately $2.33 billion. This represents about 18.3% of the outstanding Class A shares. The actual number of shares and final price will be confirmed post the settlement period, expected by December 28, 2020.
Altice USA (NYSE: ATUS) has finalized the sale of 49.99% of its Lightpath fiber enterprise business to Morgan Stanley Infrastructure Partners for an implied enterprise value of $3.2 billion. Altice USA retains a 50.01% stake, maintaining control over Lightpath, which serves the greater New York Metropolitan region. The partnership aims to enhance operational performance and strategic flexibility, allowing Altice USA to focus on growth initiatives and providing advanced broadband services to enterprise customers.
Altice USA (NYSE: ATUS) announces CEO Dexter Goei's participation in the UBS Global TMT Virtual Conference on December 7, 2020, starting at 9:20 AM EST. Investors and interested parties can access the live webcast through the provided link. Altice USA is a leading provider of broadband communications and video services in the U.S., serving over 5 million customers and operating under the brands Optimum and Suddenlink.
Altice USA (ATUS) has initiated a modified "Dutch auction" tender offer to buy back up to $2.5 billion of its Class A common stock. The shares will be purchased at a price range of $32.25 to $36.00, representing a premium of approximately 0% to 12% over the $32.27 closing price on November 20, 2020. If fully subscribed, this will purchase around 19.6% to 21.9% of Class A shares. The buyback target for 2020 has increased from $2.0 billion to $5.0 billion. The offer ends on December 21, 2020, unless extended.
Altice USA (NYSE: ATUS) announces participation in the Morgan Stanley Virtual European Technology, Media & Telecoms Conference. CEO Dexter Goei and CFO Mike Grau will present on November 19, 2020, at 6:15 PM GMT (1:15 PM EST). Investors can access the live webcast of the event through a provided link. Altice USA stands as a major broadband and video service provider, serving over 4.9 million customers across 21 states with its Optimum and Suddenlink brands.
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