* Cablevision delivers first year of organic growth in total
customer relationships since 2008; Company also gained 49,000
high-speed data customers during 2015
* Full year 2015 Consolidated Free Cash Flow from Continuing
Operations1 of $447.4 million
* Full year 2015 Consolidated Net Revenues increase to $6.510
billion
* Industry-leading Average Monthly Cable Revenue per Customer
("RPC") of $155.88
* Customer service initiatives continued to improve efficiencies
in the fourth quarter of 2015, with a 30 percent reduction in
trouble call truck rolls compared to the prior year period
Cablevision Systems Corporation (NYSE:CVC) today reported
financial results for the fourth quarter and full year ended
December 31, 2015.
Fourth quarter consolidated net revenues decreased 0.1% to
$1.629 billion, consolidated adjusted operating cash flow
(“AOCF”)1 decreased 2.1% to $431.7 million and consolidated
operating income decreased 4.2% to $197.1 million, all
compared with the prior year period. Fourth quarter 2015 results
included unfavorable items totaling $14.2 million, as discussed
later in this release. Excluding these items, consolidated AOCF and
operating income would have increased 1.1% and 2.7%, respectively,
compared to the prior year period.
For full year 2015, consolidated net revenues increased 0.8% to
$6.510 billion, consolidated AOCF decreased 3.1% to
$1.777 billion and consolidated operating income decreased
7.9% to $848.5 million, all compared to 2014. 2015 results
included unfavorable items totaling $48.0 million, as discussed
later in this release. Excluding these items, consolidated net
revenues would have increased 0.8%, and AOCF and operating income
would have decreased 0.5% and 2.7%, respectively, compared to the
prior year period.
Cablevision CEO James L. Dolan said, “2015 marked a turning
point for Cablevision in several ways. We increased total
Cablevision customer relationships and ended the year with more
high-speed data customers than ever before in the nation’s most
competitive telecommunications market. Cablevision’s improved
operational performance demonstrates our continued execution of
strategic initiatives, including competing on value rather than
price, providing better products and services, and delivering a
superior customer experience. We continue to move full speed ahead
towards the completion of our transaction with Altice, and we are
proceeding through the regulatory process as expected.”
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 2015 increased 0.1% to
$1.456 billion, primarily due to an increase in high-speed
data customers, rate initiatives and continued disciplined pricing
strategies, partially offset by lower advertising revenue and fewer
video and voice customers compared to the prior year period. AOCF
decreased 1.5% to $434.5 million and operating income
decreased 4.4% to $237.8 million, both compared with the prior
year period. Fourth quarter AOCF primarily reflects higher
programming costs partially offset by lower employee and customer
service-related costs, as compared to the prior year period.
In addition, fourth quarter 2015 results included a $6.1 million
inventory valuation adjustment. If excluded, AOCF and operating
income would have decreased 0.1% and 1.9%, respectively, compared
to the prior year period.
For full year 2015, Cable net revenues increased 0.9% to
$5.836 billion, AOCF decreased 3.6% to $1.768 billion and
operating income decreased 7.4% to $985.4 million, all
compared to 2014. 2015 results included a $12.8 million reserve for
the probable settlement of a class action legal matter (of which
$3.3 million is reflected as a reduction in revenue), and an
inventory valuation adjustment of $17.4 million. Excluding these
items, Cable net revenues would have increased 0.9%, and AOCF and
operating income would have decreased 2.0% and 4.6%, respectively,
compared to the prior year period.
Customer Data
Cablevision delivered the first year of organic growth in total
customer relationships since 2008 with a net gain of 2,400, an
improvement of 72,000 compared to 2014. In addition, at year end
2015, the Company had more high-speed data customers in the New
York market than ever before, with a net gain of 49,000 compared to
2014. Video customer results showed marked improvement in 2015 with
45,000 fewer losses than the prior year period.
During the fourth quarter of 2015, Cablevision experienced the
lowest quarterly competitive voluntary churn in more than six
years, while continuing its disciplined pricing strategies.
The following table illustrates the change in the Cable customer
base during the fourth quarter of 2015:
(rounded to nearest thousand)
TotalSeptember 30, 2015
Net Gain/(Loss)
TotalDecember 31, 2015
Total Customers(a)
3,107
13 3,120 Video 2,604 (10
) 2,594 High-Speed Data 2,784 25
2,809 Voice 2,188 5 2,193
Serviceable Passings 5,075 5
5,080
(a) Total customers are defined as the
number of households/businesses that receive at least one of the
Company's
services.
Customer Service
During 2015, Cablevision continued to improve the customer
experience through its service initiatives which have resulted in
23 percent fewer trouble call truck rolls and 33 percent fewer
repeat trouble calls, compared to 2014. Since these initiatives
were implemented three years ago, the Company has reduced the
number of trouble call truck rolls by 35 percent and has reduced by
half the number of repeat trouble calls.
WiFi
Cablevision continued to optimize the density and quality of its
WiFi network through the deployment of smart routers and outside
access points in high usage areas, ending the year with more than
1.4 million Optimum WiFi access points. At year end, more than 1
million customers used Optimum WiFi monthly and averaged more than
9 gigabytes of data usage per month via Optimum WiFi. Additionally,
Optimum WiFi users generated nearly 5 billion sessions in 2015, and
passed 112 million gigabytes of data, which is equivalent to
streaming 100,000 high-definition movies per day and more than
double the amount of data passed in 2014.
Lightpath
Lightpath is an industry leader in providing advanced
Ethernet-based data, Internet, voice, video transport solutions and
managed services to large and mid-sized organizations throughout
the New York metropolitan area.
The company operates one of the densest metro area fiber
networks in the U.S., with more than 7,000 lit locations. In
the education market, Lightpath’s popular Hosted Voice, Private
Fiber Network and comprehensive data services offer an attractive
solution for schools to provide premium connectivity for staff and
students.
For the fourth quarter 2015, Lightpath net revenues increased
0.8% to $91.0 million, AOCF increased 7.9% to
$43.9 million and operating income increased 13.3% to
$19.2 million, each as compared with the prior year period.
Fourth quarter results primarily reflect reduced operating expenses
and an increase in revenue from Ethernet services.
For full year 2015, Lightpath net revenues increased 3.3% to
$364.4 million, AOCF increased 9.8% to $173.0 million and
operating income increased 12.2% to $76.6 million, each as
compared with 2014.
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 5.4% to
$91.1 million, primarily due to lower advertising revenue at
Newsday. The AOCF deficit increased 14.4% to $46.8 million and
operating loss increased 0.1% to $59.9 million, all compared
with the prior year period. Fourth quarter AOCF reflects lower
revenue and merger-related costs of $8.2 million, partially offset
by lower operating costs at Newsday.
If the merger-related costs were excluded, the AOCF deficit and
operating loss would have improved 5.5% and 13.5%, respectively,
compared to the prior year period.
For full year 2015, Other net revenues decreased 3.7% to
$347.8 million, AOCF deficit increased 4.0% to
$163.2 million and operating loss increased 1.2% to
$213.6 million, each as compared with 2014. The 2015 results
included merger-related costs of $17.9 million. If these costs were
excluded, the AOCF deficit and operating loss would have improved
7.4% and 7.3%, respectively, compared to 2014.
Other Matters
On September 16, 2015, Cablevision and Altice N.V. entered into
a definitive agreement pursuant to which Altice has agreed to
acquire Cablevision for $34.90 in cash for each share of
Cablevision Class A and Class B common stock.
Assuming timely satisfaction of the necessary closing
conditions, the acquisition by Altice is currently expected to
close in the second quarter of 2016.
Due to the pending acquisition by Altice and the terms of the
merger agreement, Cablevision has suspended its stock repurchase
program and does not anticipate declaring or paying any dividends
during the pendency of the acquisition.
For additional information, please refer to our SEC filings at
www.cablevision.com.
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 that
are not expected to be made in cash, in the case of restricted
shares, restricted stock units and stock options, and the
distortive effects of fluctuating stock prices in the case of
liability classified awards.
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.
ABOUT CABLEVISION
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, including the risks and uncertainties associated
with the expected timing and likelihood of the consummation of the
pending acquisition by Altice, including regarding the timing,
receipt and terms and conditions of any required governmental
approvals or that the pending acquisition with Altice will not be
consummated at all, and the risks that the proposed acquisition by
Altice and its announcement could have an adverse effect on the
ability of Cablevision to retain and hire key personnel and
maintain relationships with its suppliers and customers and on its
operating results and businesses generally, 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.
Due to the pending acquisition by Altice, Cablevision will
discontinue conference calls to discuss its quarterly and annual
results during the pendency of the acquisition.
Detailed financial and operating information related to the
Company's fourth quarter and full year 2015 results are available
in Cablevision's Form 10-K for the period ended December 31, 2015,
filed today with the Securities and Exchange Commission.
For additional information, please visit Cablevision’s Investor
Relations website at www.cablevision.com.
CABLEVISION SYSTEMS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME
(Dollars in thousands, except per share
data)
(Unaudited)
Three Months Ended December 31, Twelve
Months Ended December 31, 2015 2014 2015 2014
Revenues, net $ 1,628,978 $ 1,631,036 $ 6,509,743 $ 6,460,946
Operating expenses Technical and operating 795,831 787,880
3,198,194 3,136,808 Selling, general and administrative 421,504
413,310 1,599,475 1,533,898 Restructuring expense (credits) (632 )
1,950 (1,649 ) 2,480 Depreciation and amortization (including
impairments) 215,135 222,060 865,252 866,502
Operating income 197,140 205,836 848,471 921,258 Other
income (expense): Interest expense, net (147,252 ) (145,121 )
(584,839 ) (575,580 ) Gain (loss) on investments, net (9,567 )
90,671 (30,208 ) 129,659 Gain (loss) on equity derivative
contracts, net 15,311 (64,770 ) 104,927 (45,055 )
Gain (loss) on extinguishment of debt and
write-off of
deferred financing costs — 109 (1,735 ) (10,120 ) Miscellaneous,
net 1,931 1,640 6,045 4,988 Income from
continuing operations before income taxes 57,563 88,365 342,661
425,150
Income tax expense (a)
(23,782 ) (32,046 ) (154,872 ) (115,768 ) Income from continuing
operations, net of income taxes 33,781 56,319 187,789 309,382
Income (loss) from discontinued
operations, net of
income taxes ((b))
(1,633 ) (175 ) (12,541 ) 2,822 Net income 32,148 56,144
175,248 312,204
Net loss (income) attributable to
noncontrolling interests
(30 ) (169 ) 201 (765 )
Net income attributable to Cablevision
Systems
Corporation stockholders
$ 32,118 $ 55,975 $ 175,449 $ 311,439
Basic income (loss) per share
attributable to
Cablevision Systems Corporation
stockholders:
Income from continuing operations, net of income taxes $ 0.12
$ 0.21 $ 0.70 $ 1.17
Income (loss) from discontinued
operations, net of
income taxes
$ (0.01 ) $ — $ (0.05 ) $ 0.01 Net income $ 0.12
$ 0.21 $ 0.65 $ 1.18 Basic weighted
average common shares (in thousands) 270,277 266,969
269,388 264,623
Diluted income (loss) per share
attributable to
Cablevision Systems Corporation
stockholders:
Income from continuing operations, net of income taxes $ 0.12
$ 0.20 $ 0.68 $ 1.14
Income (loss) from discontinued
operations, net of
income taxes
$ (0.01 ) $ — $ (0.05 ) $ 0.01 Net income $ 0.12
$ 0.20 $ 0.63 $ 1.15 Diluted weighted
average common shares (in thousands) 278,439 273,903
276,339 270,703
Amounts attributable to
Cablevision Systems Corporation stockholders: Income
from continuing operations, net of income taxes $ 33,751 $ 56,150 $
187,990 $ 308,617
Income (loss) from discontinued
operations, net of
income taxes
(1,633 ) (175 ) (12,541 ) 2,822 Net income $ 32,118 $
55,975 $ 175,449 $ 311,439
Cash dividends
declared per share of common stock $ 0.00 $ 0.15
$ 0.45 $ 0.60 (a) 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. (b) The Company recorded an expense of
$1,626 and $12,380, net of income taxes, during the three and
twelve months ended December 31, 2015, with respect to the decision
in a case relating to Rainbow Media Holdings LLC, a business whose
operations were previously discontinued.
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)
Three Months Ended December 31, Twelve
Months Ended December 31, 2015 2014
2015
2014 Operating income $ 197,140 $ 205,836 $ 848,471 $
921,258 Share-based compensation 20,014 11,066 65,286 43,984
Restructuring expense (credits) (632 ) 1,950 (1,649 ) 2,480
Depreciation and amortization 215,135 222,060 865,252
866,502 Adjusted operating cash flow $ 431,657 $
440,912 $ 1,777,360 $ 1,834,224
CONSOLIDATED FREE
CASH FLOW FROM CONTINUING OPERATIONS(a)
Twelve Months Ended
December 31, 2015 2014 Net cash
provided by operating activities(b) $ 1,258,087 $ 1,378,271 Add:
excess tax benefits related to share-based awards 5,694 336 Less:
capital expenditures(c) (816,396 ) (891,678 ) Consolidated free
cash flow from continuing operations $ 447,385 $ 486,929
(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) 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. (c) 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, % 2015
2014 Change Cable $ 1,456,036 $ 1,454,190 0.1 %
Lightpath 91,041 90,293 0.8 % Other(a) 91,124 96,370 (5.4 )%
Eliminations(b) (9,223 ) (9,817 ) 6.1 %
Total Cablevision
$ 1,628,978 $ 1,631,036
(0.1 )% Twelve Months
Ended December 31, % 2015 2014 Change Cable $
5,836,188 $ 5,784,945 0.9 % Lightpath 364,439 352,964 3.3 %
Other(a) 347,805 361,305 (3.7 )% Eliminations(b) (38,689 ) (38,268
) (1.1 )%
Total Cablevision $ 6,509,743
$ 6,460,946 0.8 % (a)
Represents revenues of Newsday, News 12 Networks,
Cablevision Media Sales Corporation and certain other entities. (b)
Represents inter-segment revenues.
CABLEVISION SYSTEMS
CORPORATION CONSOLIDATED RESULTS FROM CONTINUING
OPERATIONS (Dollars in thousands) (Unaudited)
ADJUSTED
OPERATING CASH FLOW AND OPERATING INCOME (LOSS)
Adjusted OperatingCash Flow
Operating Income (Loss)
Three Months EndedDecember 31,
%
Three Months EndedDecember 31,
% 2015 2014 Change 2015 2014 Change
Cable $ 434,489 $ 441,068 (1.5 )% $ 237,839 $ 248,708 (4.4
)% Lightpath 43,944 40,733 7.9 % 19,164 16,910 13.3 % Other(a)
(46,776 ) (40,889 ) (14.4 )% (59,863 ) (59,782 ) (0.1 )%
Total
Cablevision $ 431,657 $
440,912 (2.1 )% $ 197,140
$ 205,836 (4.2 )%
Adjusted OperatingCash Flow
Operating Income (Loss)
Twelve Months EndedDecember 31,
%
Twelve Months EndedDecember 31,
% 2015 2014 Change 2015 2014 Change Cable $
1,767,500 $ 1,833,577 (3.6 )% $ 985,448 $ 1,064,142 (7.4 )%
Lightpath 173,022 157,516 9.8 % 76,637 68,295 12.2 % Other(a)
(163,162 ) (156,869 ) (4.0 )% (213,614 ) (211,179 ) (1.2 )%
Total Cablevision $ 1,777,360 $
1,834,224 (3.1 )% $
848,471 $ 921,258 (7.9
)% (a) 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 31,2015
September 30,2015
December 31,2014
(in thousands) Total Customers(a) 3,120 3,107 3,118 Video
Customers 2,594 2,604 2,681 High-Speed Data Customers 2,809 2,784
2,760 Voice Customers 2,193 2,188 2,229
Serviceable Passings (in
thousands)(b)
5,080 5,075 5,046
Penetration
Total Customers to Serviceable Passings 61.4 % 61.2 % 61.8 % Video
Customers to Serviceable Passings 51.1 % 51.3 % 53.1 % High-Speed
Data Customers to Serviceable Passings 55.3 % 54.9 % 54.7 % Voice
Customers to Serviceable Passings 43.2 % 43.1 % 44.2 %
Revenues for the three months
ended
(dollars in millions)
Video(c) $ 782 $ 785 $ 788 High-Speed Data 375 371 359 Voice
226 228 230 Advertising 38 32 48 Other(d) 35 31 29
Total Cable Revenue $ 1,456 $ 1,447 $ 1,454
Average Monthly Cable Revenue per
Customer (“RPC”)(e)
$
155.88
$
155.04
$
155.20
(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.
CAPITALIZATION
December 31, 2015 Cash and cash equivalents $
1,003,279 Credit facility debt $ 2,521,942 Senior notes and
debentures 5,860,642 Collateralized indebtedness 1,191,324 Capital
lease obligations and notes payable 60,510 Debt $ 9,634,418
LEVERAGE
Debt
$
9,634,418
Less: Collateralized indebtedness of
unrestricted subsidiaries(a)
1,191,324
Cash and cash equivalents
1,003,279
Net debt $ 7,439,815 Leverage Ratios(b) Consolidated net
debt to AOCF leverage ratio(a)(c) 4.3x Restricted Group leverage
ratio (Credit Facility Test)(d)(e) 3.0x CSC Holdings notes and
debentures leverage ratio(e)(f) 3.2x 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 anunaffiliated 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 2015 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). Theannualized AOCF (as defined) used in
the Restricted Group leverage ratio was $1.775 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 excludesapproximately $2.8 billion of
Cablevision’s senior notes and the debt and cash flows related to
CSC Holdings’ unrestrictedsubsidiaries). The annualized AOCF (as
defined) used in the CSC Holdings' notes and debentures leverage
ratio was $1.775 billion.
(g)
Adjusts the debt to cash flow ratio as
calculated under the CSC Holdings' notes and debentures leverage
ratio to includeapproximately $2.8 billion of Cablevision’s senior
notes plus $611 million of Cablevision’s senior notes that were
contributed toNewsday Holdings LLC.
CABLEVISION SYSTEMS CORPORATION CAPITAL
EXPENDITURES (Dollars in thousands) (Unaudited)
Three Months Ended December 31,
2015 2014 Customer premise equipment $ 35,141
$ 74,576 Scalable infrastructure 69,702 66,412 Line extensions
7,439 6,656 Upgrade/rebuild 12,532 11,896 Support 50,381
62,958 Cable 175,195 222,498 Lightpath 25,528 28,348 Other(a)
11,704 10,887
Total Cablevision $
212,427 $ 261,733 Twelve
Months Ended December 31, 2015 2014 Customer
premise equipment $ 212,350 $ 263,466 Scalable infrastructure
229,801 233,530 Line extensions 27,216 18,924 Upgrade/rebuild
55,694 44,024 Support 161,319 183,580 Cable 686,380 743,524
Lightpath 96,405 109,749 Other(a) 33,611 38,405
Total
Cablevision $ 816,396 $
891,678 (a) Other primarily includes Newsday,
News 12 Networks, Cablevision Media Sales Corporation and
Corporate.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160225005802/en/
Cablevision Systems CorporationCharles SchuelerExecutive Vice
PresidentMedia and Community Relations(516) 803-1013orCindi
BuckwalterSenior Vice PresidentInvestor Relations(516) 803-2264
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