Cablevision Systems Corporation (NYSE:CVC) today reported financial results for the fourth quarter and full year ended December 31, 2014.
Fourth quarter consolidated net revenues increased 3.0% to $1.631 billion, consolidated adjusted operating cash flow (“AOCF”)1 decreased 3.4% to $440.9 million and consolidated operating income increased 22.1% to $205.8 million, all compared with the prior year period.
For full year 2014, consolidated net revenues increased 3.7% to $6.461 billion, consolidated AOCF increased 8.9% to $1.834 billion and consolidated operating income increased 31.8% to $921.3 million, all compared with 2013.
Operating highlights for the fourth quarter include:
- Average Monthly Cable Revenue per Customer ("RPC") of $155.20, an increase of $7.86 or 5.3%, compared with the prior year period.
- Cable advertising revenue growth of 9.0%, compared with the prior year period.
- Full year 2014 Consolidated Free Cash Flow from Continuing Operations1 of $486.9 million.
Cablevision CEO James L. Dolan said, “Cablevision delivered strong financial results in 2014, with significant year-over-year increases in revenue, AOCF and free cash flow. We also took steps to enhance our position as our customers’ preferred connectivity company, including the ongoing expansion of the Optimum WiFi network. As we look to 2015, we will continue to expand and improve connectivity inside and outside the home. The recent launch of Freewheel, our new all-WiFi data, talk and text service, is just one example of how we will serve the evolving needs of our customers while continuing to build the company for the long term.”
| 1. | See definition of AOCF and Consolidated Free Cash Flow from Continuing Operations included in the discussion of non-GAAP financial measures on page 4 of this earnings release. |
Cable
Cable includes our Optimum-branded digital cable television, high-speed Internet and voice services as well as Optimum WiFi, the nation's most robust WiFi network.
Cable net revenues for the fourth quarter 2014 increased 3.1% to $1.454 billion, AOCF decreased 4.6% to $441.1 million and operating income decreased 4.3% to $248.7 million, all compared with the prior year period. Fourth quarter net revenue growth primarily reflects rate initiatives, continued disciplined pricing strategies and higher advertising revenue, partially offset by a decline in customers. Fourth quarter AOCF reflects higher programming, employee-related and marketing costs, partially offset by the increase in revenue and lower customer service-related costs, as compared to the prior year period.
Full year 2014 net revenues rose 3.7% to $5.785 billion, AOCF increased 5.4% to $1.834 billion, and operating income increased 11.7% to $1.064 billion, all compared with the prior year period.
The following table illustrates the change in the Cable customer base during the fourth quarter of 2014:
Customer Data (rounded to nearest thousand) | ||||||||||
| Total September 30, 2014 | Net Gain/(Loss) | Total December 31, 2014 | ||||||||
| Total Customers(a) | 3,129 | (11) | 3,118 | |||||||
| Video | 2,715 | (34) | 2,681 | |||||||
| High-Speed Data | 2,756 | 4 | 2,760 | |||||||
| Voice | 2,240 | (11) | 2,229 | |||||||
| Serviceable Passings | 5,064 | (18) | 5,046 | |||||||
| (a) | Total customers are defined as the number of households/businesses that receive at least one of the Company's services. | |
Lightpath
Lightpath is a premier provider of integrated business communications solutions to large and mid-sized commercial organizations across the New York metropolitan area.
For the fourth quarter 2014, Lightpath net revenues increased 6.2% to $90.3 million, AOCF increased 10.0% to $40.7 million and operating income increased 24.9% to $16.9 million, each as compared with the prior year period. Fourth quarter results primarily reflect an increase in revenue from Ethernet services, partially offset by higher employee-related costs.
Full year 2014 net revenues rose 6.1% to $353.0 million, AOCF increased 7.7% to $157.5 million and operating income increased 22.6% to $68.3 million, all compared with the prior year period.
Other
Other principally consists of Newsday, News 12 Networks, Cablevision Media Sales Corporation and certain other businesses and unallocated corporate costs.
Fourth quarter net revenues decreased 0.6% to $96.4 million, AOCF deficit decreased 4.5% to $40.9 million and operating loss decreased 42.9% to $59.8 million, all compared with the prior year period. Fourth quarter results reflect increased advertising revenue at News 12 Networks and reduced expenditures at certain other businesses, partially offset by lower advertising revenue at Newsday.
Full year 2014 net revenues decreased 0.2% to $361.3 million, AOCF deficit decreased 22.0% to $156.9 million and operating loss decreased 31.6% to $211.2 million, all compared with the prior year period.
Other Matters
On February 24, 2015, the Board of Directors of Cablevision declared a quarterly dividend of $0.15 per share on each outstanding share of Cablevision NY Group Class A Common Stock and Cablevision NY Group Class B Common Stock. This quarterly dividend is payable on April 3, 2015 to shareholders of record at the close of business on March 16, 2015.
There were no stock repurchases during 2014. As of December 31, 2014, Cablevision had approximately $455 million available under its stock repurchase authorization.
Non-GAAP Financial Measures
We define adjusted operating cash flow (“AOCF”), which is a non-GAAP financial measure, as operating income (loss) before depreciation and amortization (including impairments), excluding share-based compensation expense and restructuring charges or credits. Because it is based upon operating income (loss), AOCF also excludes interest expense (including cash interest expense) and other non-operating income and expense items. We believe that the exclusion of share-based compensation expense allows investors to better track the performance of the various operating units of our business without regard to expense associated with awards of restricted shares, restricted stock units and stock options that are not expected to be made in cash.
We present AOCF as a measure of our ability to service our debt and make continuing investments, including in our capital infrastructure.We believe AOCF is an appropriate measure for evaluating the operating performance of our business segments and the company on a consolidated basis. AOCF 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 net revenues and AOCF measures as the most important indicators of our business performance, and evaluate management’s effectiveness with specific reference to these indicators. AOCF should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with U.S. generally accepted accounting principles ("GAAP"). Since AOCF 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. For a reconciliation of AOCF to operating income (loss), please see page 7 of this release.
We define Consolidated Free Cash Flow from Continuing Operations (“Free Cash Flow”), which is a non-GAAP financial measure, as net cash from operating activities (continuing operations) plus any excess tax benefit related to share-based awards less capital expenditures (continuing operations), all of which are reported in our Consolidated Statement of Cash Flows. Net cash from operating activities excludes net cash from operating activities of our discontinued operations. We believe the most comparable GAAP financial measure of our liquidity is net cash from operating activities. We believe that Free Cash Flow is useful as an indicator of our overall liquidity, as the amount of Free Cash Flow generated in any period is representative of cash that is available for debt repayment and other discretionary and non-discretionary cash uses. It is also one of several indicators of our ability to make investments and/or return capital to our shareholders. We also believe that Free Cash Flow is one of several benchmarks used by analysts and investors who follow our industry for comparison of our liquidity with other companies in our industry, although our measure of Free Cash Flow may not be directly comparable to similar measures reported by other companies.
COMPANY DESCRIPTION
Cablevision Systems Corporation (NYSE:CVC) is a leading media and telecommunications company, serving millions of households and businesses throughout the greater New York area. Providing quality products that keep customers connected, Cablevision offers Optimum-branded digital cable television, high-speed Internet and voice services as well as Optimum WiFi, the nation's most robust WiFi network. Cablevision’s Lightpath subsidiary is a premier provider of integrated business communications solutions for larger companies. Through its local media and programming properties – News 12 Networks and Newsday Media Group – Cablevision also delivers news and information created specifically for the communities it serves. Additional information about Cablevision is available at www.cablevision.com.
This earnings release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the company and its business, operations, financial condition and the industries in which it operates and the factors described in the company’s filings with the Securities and Exchange Commission, including the sections entitled "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" contained therein. The company disclaims any obligation to update any forward-looking statements contained herein.
Cablevision’s website: www.cablevision.com
The conference call will be webcast live today at 10:00 a.m. ET
Conference call dial-in number is (888) 694-4641 / Conference ID Number 74258456 / Conference call replay number (855) 859-2056 / Conference ID Number 74258456 until March 4, 2015.
CABLEVISION SYSTEMS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME(a) (Dollars in thousands, except per share data) (Unaudited) | ||||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||||
| Revenues, net | $ | 1,631,036 | $ | 1,583,468 | $ | 6,460,946 | $ | 6,232,152 | ||||||||||
| Operating expenses | ||||||||||||||||||
| Technical and operating | 787,880 | 759,465 | 3,136,808 | 3,079,226 | ||||||||||||||
| Selling, general and administrative | 413,310 | 379,680 | 1,533,898 | 1,521,005 | ||||||||||||||
| Restructuring expense | 1,950 | 24,132 | 2,480 | 23,550 | ||||||||||||||
| Depreciation and amortization (including impairments) | 222,060 | 251,544 | 866,502 | 909,147 | ||||||||||||||
| Operating income | 205,836 | 168,647 | 921,258 | 699,224 | ||||||||||||||
| Other income (expense): | ||||||||||||||||||
| Interest expense, net | (145,121 | ) | (142,775 | ) | (575,580 | ) | (600,637 | ) | ||||||||||
| Gain on investments, net | 90,671 | 146,276 | 129,659 | 313,167 | ||||||||||||||
| Loss on equity derivative contracts, net | (64,770 | ) | (105,428 | ) | (45,055 | ) | (198,688 | ) | ||||||||||
| Gain (loss) on extinguishment of debt and write-off of deferred financing costs | 109 | 604 | (10,120 | ) | (22,542 | ) | ||||||||||||
| Miscellaneous, net | 1,640 | 763 | 4,988 | 2,436 | ||||||||||||||
| Income from continuing operations before income taxes | 88,365 | 68,087 | 425,150 | 192,960 | ||||||||||||||
| Income tax expense(b) | (32,046 | ) | (21,599 | ) | (115,768 | ) | (65,635 | ) | ||||||||||
| Income from continuing operations | 56,319 | 46,488 | 309,382 | 127,325 | ||||||||||||||
| Income (loss) from discontinued operations, net of income taxes | (175 | ) | 4,800 | 2,822 | 338,316 | |||||||||||||
| Net income | 56,144 | 51,288 | 312,204 | 465,641 | ||||||||||||||
| Net loss (income) attributable to noncontrolling interests | (169 | ) | 554 | (765 | ) | 20 | ||||||||||||
| Net income attributable to Cablevision Systems Corporation stockholders | $ | 55,975 | $ | 51,842 | $ | 311,439 | $ | 465,661 | ||||||||||
| Basic income (loss) per share attributable to Cablevision Systems Corporation stockholders: | ||||||||||||||||||
| Income from continuing operations | $ | 0.21 | $ | 0.18 | $ | 1.17 | $ | 0.49 | ||||||||||
| Income (loss) from discontinued operations | $ | — | $ | 0.02 | $ | 0.01 | $ | 1.30 | ||||||||||
| Net income | $ | 0.21 | $ | 0.20 | $ | 1.18 | $ | 1.79 | ||||||||||
| Basic weighted average common shares (in thousands) | 266,969 | 261,622 | 264,623 | 260,763 | ||||||||||||||
| Diluted income (loss) per share attributable to Cablevision Systems Corporation stockholders: | ||||||||||||||||||
| Income from continuing operations | $ | 0.20 | $ | 0.18 | $ | 1.14 | $ | 0.48 | ||||||||||
| Income (loss) from discontinued operations | $ | — | $ | 0.02 | $ | 0.01 | $ | 1.27 | ||||||||||
| Net income | $ | 0.20 | $ | 0.19 | $ | 1.15 | $ | 1.75 | ||||||||||
| Diluted weighted average common shares (in thousands) | 273,903 | 267,263 | 270,703 | 265,935 | ||||||||||||||
| Amounts attributable to Cablevision Systems Corporation stockholders: | ||||||||||||||||||
| Income from continuing operations, net of income taxes | $ | 56,150 | $ | 47,042 | $ | 308,617 | $ | 127,345 | ||||||||||
| Income (loss) from discontinued operations, net of income taxes | (175 | ) | 4,800 | 2,822 | 338,316 | |||||||||||||
| Net income | $ | 55,975 | $ | 51,842 | $ | 311,439 | $ | 465,661 | ||||||||||
| Cash dividends declared per share of common stock | $ | 0.15 | $ | 0.15 | $ | 0.60 | $ | 0.60 | ||||||||||
| (a) | Financial results of Bresnan Cable and Clearview have been reflected in discontinued operations for all periods presented, as applicable. | |
| (b) | Income tax expense for the twelve months ended December 31, 2014 includes a tax benefit of $53,132 resulting from the reversal of an uncertain tax position liability in the first quarter of 2014. | |
CABLEVISION SYSTEMS CORPORATION RECONCILIATION OF OPERATING INCOME TO ADJUSTED OPERATING CASH FLOW AND CONSOLIDATED FREE CASH FLOW FROM CONTINUING OPERATIONS (Dollars in thousands) (Unaudited) | ||||||||||||||||
RECONCILIATION OF OPERATING INCOME TO ADJUSTED OPERATING CASH FLOW(a)(b) | ||||||||||||||||
|
Three Months Ended
December 31, |
Twelve Months Ended
December 31, | |||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||
| Operating income | $ | 205,836 | $ | 168,647 | $ | 921,258 | $ | 699,224 | ||||||||
| Share-based compensation expense | 11,066 | 12,171 | 43,984 | 52,715 | ||||||||||||
| Restructuring expense | 1,950 | 24,132 | 2,480 | 23,550 | ||||||||||||
| Depreciation and amortization (including impairments) | 222,060 | 251,544 | 866,502 | 909,147 | ||||||||||||
| Adjusted operating cash flow | $ | 440,912 | $ | 456,494 | $ | 1,834,224 | $ | 1,684,636 | ||||||||
CONSOLIDATED FREE CASH FLOW FROM CONTINUING OPERATIONS(a)(b) | ||||||||||
| Twelve Months Ended December 31, | ||||||||||
| 2014 | 2013 | |||||||||
| Net cash provided by operating activities(c) | $ | 1,378,271 | $ | 1,134,977 | ||||||
| Add: excess tax benefits related to share-based awards | 336 | 1,280 | ||||||||
| Less: capital expenditures(d) | (891,678 | ) | (951,679 | ) | ||||||
| Consolidated free cash flow from continuing operations | $ | 486,929 | $ | 184,578 | ||||||
| (a) | See Non-GAAP Financial Measures on page 4 of this release for a definition and discussion of AOCF and Free Cash Flow from Continuing Operations. | |
| (b) | Financial results of Bresnan Cable and Clearview have been reflected in discontinued operations for all periods presented, as applicable. | |
| (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 12 of this release for additional details relating to capital expenditures. | |
CABLEVISION SYSTEMS CORPORATION CONSOLIDATED RESULTS FROM CONTINUING OPERATIONS (Dollars in thousands) (Unaudited) | |||||||||||||
REVENUES, NET | |||||||||||||
| Three Months Ended December 31, | % | ||||||||||||
| 2014 | 2013 | Change | |||||||||||
| Cable | $ | 1,454,190 | $ | 1,410,859 | 3.1 | % | |||||||
| Lightpath | 90,293 | 85,013 | 6.2 | % | |||||||||
| Other(a) | 96,370 | 96,957 | (0.6 | )% | |||||||||
| Eliminations(b) | (9,817 | ) | (9,361 | ) | (4.9 | )% | |||||||
| Total Cablevision | $ | 1,631,036 | $ | 1,583,468 | 3.0 | % | |||||||
| Twelve Months Ended December 31, | % | ||||||||||||
| 2014 | 2013(c) | Change | |||||||||||
| Cable | $ | 5,784,945 | $ | 5,576,011 | 3.7 | % | |||||||
| Lightpath | 352,964 | 332,609 | 6.1 | % | |||||||||
| Other(a) | 361,305 | 362,020 | (0.2 | )% | |||||||||
| Eliminations(b) | (38,268 | ) | (38,488 | ) | 0.6 | % | |||||||
| Total Cablevision | $ | 6,460,946 | $ | 6,232,152 | 3.7 | % | |||||||
| (a) | Represents revenues of Newsday, News 12 Networks, Cablevision Media Sales Corporation and certain other entities. | |
| (b) | Represents inter-segment revenues. | |
| (c) | Net revenues of Bresnan Cable and Clearview have been reflected in discontinued operations. | |
CABLEVISION SYSTEMS CORPORATION CONSOLIDATED RESULTS FROM CONTINUING OPERATIONS (Dollars in thousands) (Unaudited) | ||||||||||||||||||||||||
ADJUSTED OPERATING CASH FLOW AND OPERATING INCOME (LOSS)(a) | ||||||||||||||||||||||||
|
Adjusted Operating
Cash Flow | Operating Income (Loss) | |||||||||||||||||||||||
| Three Months Ended December 31, | % | Three Months Ended December 31, | % | |||||||||||||||||||||
| 2014 | 2013 | Change | 2014 | 2013 | Change | |||||||||||||||||||
| Cable | $ | 441,068 | $ | 462,306 | (4.6 | )% | 248,708 | $ | 259,878 | (4.3 | )% | |||||||||||||
| Lightpath | 40,733 | 37,022 | 10.0 | % | 16,910 | 13,544 | 24.9 | % | ||||||||||||||||
| Other(b) | (40,889 | ) | (42,834 | ) | 4.5 | % | (59,782 | ) | (104,775 | ) | 42.9 | % | ||||||||||||
| Total Cablevision | $ | 440,912 | $ | 456,494 | (3.4 | )% | $ | 205,836 | $ | 168,647 | 22.1 | % | ||||||||||||
|
Adjusted Operating
Cash Flow | Operating Income (Loss) | |||||||||||||||||||||||
| Twelve Months Ended December 31, | % | Twelve Months Ended December 31, | % | |||||||||||||||||||||
| 2014 | 2013 | Change | 2014 | 2013 | Change | |||||||||||||||||||
| Cable | $ | 1,833,577 | $ | 1,739,529 | 5.4 | % | $ | 1,064,142 | $ | 952,462 | 11.7 | % | ||||||||||||
| Lightpath | 157,516 | 146,208 | 7.7 | % | 68,295 | 55,685 | 22.6 | % | ||||||||||||||||
| Other(b) | (156,869 | ) | (201,101 | ) | 22.0 | % | (211,179 | ) | (308,923 | ) | 31.6 | % | ||||||||||||
| Total Cablevision | $ | 1,834,224 | $ | 1,684,636 | 8.9 | % | $ | 921,258 | $ | 699,224 | 31.8 | % | ||||||||||||
| (a) | Financial results of Bresnan Cable and Clearview have been reflected in discontinued operations for all periods presented, as applicable. | |
| (b) | Includes unallocated corporate general and administrative costs and the operating results of Newsday, News 12 Networks, Cablevision Media Sales Corporation, and certain other entities. | |
CABLEVISION SYSTEMS CORPORATION SUMMARY OF CABLE OPERATING STATISTICS (Unaudited) | ||||||||||||||
CABLE |
December 31,
2014 |
September 30,
2014 |
December 31,
2013 | |||||||||||
| (in thousands) | ||||||||||||||
| Total Customers(a) | 3,118 | 3,129 | 3,188 | |||||||||||
| Video Customers | 2,681 | 2,715 | 2,813 | |||||||||||
| High-Speed Data Customers | 2,760 | 2,756 | 2,780 | |||||||||||
| Voice Customers | 2,229 | 2,240 | 2,272 | |||||||||||
| Serviceable Passings (in thousands)(b) | 5,046 | 5,064 | 5,034 | |||||||||||
| Penetration | ||||||||||||||
| Total Customers to Serviceable Passings | 61.8 | % | 61.8 | % | 63.3 | % | ||||||||
| Video Customers to Serviceable Passings | 53.1 | % | 53.6 | % | 55.9 | % | ||||||||
| High-Speed Data Customers to Serviceable Passings | 54.7 | % | 54.4 | % | 55.2 | % | ||||||||
| Voice Customers to Serviceable Passings | 44.2 | % | 44.2 | % | 45.1 | % | ||||||||
| Revenues for the three months ended (dollars in millions) | ||||||||||||||
| Video(c) | $ | 788 | $ | 800 | $ | 792 | ||||||||
| High-Speed Data | 359 | 356 | 339 | |||||||||||
| Voice | 230 | 233 | 211 | |||||||||||
| Advertising | 48 | 43 | 44 | |||||||||||
| Other(d) | 29 | 27 | 25 | |||||||||||
| Total Cable Revenue | $ | 1,454 | $ | 1,459 | $ | 1,411 | ||||||||
Average Monthly Cable Revenue per Customer (“RPC”)(e) | $ | 155.20 | $ | 154.50 | $ | 147.34 | ||||||||
| (a) | Represents the number of households/businesses that receive at least one of the Company's services. | |
| (b) | Includes residential passings, as well as commercial establishments that have connected to our cable distribution network. | |
| (c) | Includes equipment rental, DVR, franchise fees, video-on-demand and pay-per-view revenue. | |
| (d) | Includes installation revenue, advertising sales commissions, home shopping and other product offerings. | |
| (e) | RPC is calculated by dividing average monthly Cable GAAP revenue for the quarter by the average number of total customers for the quarter. | |
CABLEVISION SYSTEMS CORPORATION CAPITALIZATION AND LEVERAGE (Dollars in thousands) (Unaudited) | ||||||||||||||||||||||
CAPITALIZATION | ||||||||||||||||||||||
| December 31, 2014 | ||||||||||||||||||||||
| Cash and cash equivalents | $ | 850,413 | ||||||||||||||||||||
| Credit facility debt | $ | 2,780,649 | ||||||||||||||||||||
| Senior notes and debentures | 5,855,867 | |||||||||||||||||||||
| Collateralized indebtedness | 986,183 | |||||||||||||||||||||
| Capital lease obligations and notes payable | 70,323 | |||||||||||||||||||||
| Debt | $ | 9,693,022 | ||||||||||||||||||||
LEVERAGE | |||
| Debt | $ | 9,693,022 | |
| Less: Collateralized indebtedness of unrestricted subsidiaries(a) | 986,183 | ||
| Cash and cash equivalents | 850,413 | ||
| Net debt | $ | 7,856,426 | |
| Leverage Ratios(b) | |||
| Consolidated net debt to AOCF leverage ratio(a)(c) | 4.5x | ||
| Restricted Group leverage ratio (Credit Facility Test)(d)(e) | 3.1x | ||
| CSC Holdings notes and debentures leverage ratio(e)(f) | 3.3x | ||
| Cablevision senior notes leverage ratio(e)(g) | 5.2x | ||
| (a) | Collateralized indebtedness is excluded from the leverage calculation because it is viewed as a forward sale of the stock of an unaffiliated company 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 fourth 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). The annualized AOCF (as defined) used in the Restricted Group leverage ratio was $1.804 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). The annualized AOCF (as defined) used in the CSC Holdings notes and debentures leverage ratio was $1.807 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. | |
CABLEVISION SYSTEMS CORPORATION CAPITAL EXPENDITURES (Dollars in thousands) (Unaudited) | |||||||||
|
Three Months Ended
December 31, | |||||||||
| 2014 | 2013 | ||||||||
| Customer premise equipment | $ | 74,576 | $ | 40,905 | |||||
| Scalable infrastructure | 66,412 | 68,583 | |||||||
| Line extensions | 6,656 | 7,639 | |||||||
| Upgrade/rebuild | 11,896 | 7,935 | |||||||
| Support | 62,958 | 51,025 | |||||||
| Cable | 222,498 | 176,087 | |||||||
| Lightpath | 28,348 | 29,881 | |||||||
| Other(a) | 10,887 | 4,767 | |||||||
| Total Cablevision | $ | 261,733 | $ | 210,735 | |||||
|
Twelve Months Ended
December 31, | |||||||||
| 2014 | 2013(b) | ||||||||
| Customer premise equipment | $ | 263,466 | $ | 251,886 | |||||
| Scalable infrastructure | 233,530 | 311,162 | |||||||
| Line extensions | 18,924 | 29,040 | |||||||
| Upgrade/rebuild | 44,024 | 34,402 | |||||||
| Support | 183,580 | 180,188 | |||||||
| Cable | 743,524 | 806,678 | |||||||
| Lightpath | 109,749 | 111,830 | |||||||
| Other(a) | 38,405 | 33,171 | |||||||
| Total Cablevision | $ | 891,678 | $ | 951,679 | |||||
| (a) | Other primarily includes Newsday, News 12 Networks, Cablevision Media Sales Corporation and Corporate. | |
| (b) | Capital expenditures for Bresnan Cable and Clearview have been reflected in discontinued operations. |
Contacts:
Charles Schueler, 516-803-1013
Executive
Vice President
Media and Community Relations
or
Cindi
Buckwalter, 516-803-2264
Senior Vice President
Investor
Relations
