MEDIACOM PARK, N.Y.--(BUSINESS WIRE)--MEDIACOM COMMUNICATIONS CORPORATION today released combined unaudited financial and operating highlights for the three months ended September 30, 2020.
Mediacom Combined Results for Third Quarter 2020*
- Revenues were $538.6 million, a 5.5% increase from the prior year period
- Adjusted OIBDA was $228.9 million, a 15.4% increase from the prior year period
- Free cash flow was $138.9 million, a 41.0% increase from the prior year period
- High-speed data (“HSD”) customers were 1,425,000, an 8.3% increase from September 30, 2019
- Net debt of $1,857.5 billion, a $427.0 million reduction from September 30, 2019
- Net leverage ratio of 2.03x, compared to 2.88x at September 30, 2019
- Interest coverage ratio of 27.08x, compared to 8.28x at September 30, 2019
- Average borrowing costs of 1.7%, compared to 4.1% for the prior year period
- Available cash and unused revolving credit lines exceeded $673 million at September 30, 2020
“Despite challenges posed by the coronavirus pandemic and the devastating windstorms and hurricanes impacting certain markets we serve, our dedicated and hard-working frontline employees rose to the task of helping Mediacom deliver outstanding results this quarter, both operationally and financially,” stated Rocco B. Commisso, Mediacom’s founder, Chairman and CEO.
“With Adjusted OIBDA growth of 15.4%, Mediacom registered the best quarterly performance in its 25-year history, driven in large part by record high-speed data customer gains. Our investment-grade balance sheet strengthened even more, with the net leverage ratio reducing to 2.0x. Moreover, we expect to generate at least $525 million of free cash flow in 2020, representing an all-time high.
“Looking longer term, with CBRS spectrum rights acquired in the recent FCC auction, we are excited about the opportunity to provide fixed wireless broadband to hundreds of thousands of unserved or underserved households in close proximity to our existing footprint beginning in the second half of 2021, furthering our deliberate transition to a data-centric business model,” concluded Mr. Commisso.
About Mediacom
Mediacom Communications Corporation is the 5th largest cable operator in the U.S. serving over 1.4 million customers in smaller markets primarily in the Midwest and Southeast. Mediacom offers a wide array of information, communications and entertainment services to households and businesses, including video, high-speed data, phone, and home security and automation. Through Mediacom Business, the company provides innovative broadband solutions to commercial and public sector customers of all sizes, and sells advertising and production services under the OnMedia brand. More information about Mediacom is available at www.mediacomcable.com.
