$OPTU

Optimum Communications, Inc.

CIK:0001702780|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 2,023,703	$ 2,147,203	$ 4,089,071	$ 4,299,485
Operating expenses:
Programming and other direct costs	587,654	662,690	1,218,783	1,333,221
Other operating expenses	655,956	696,867	1,316,159	1,395,053
Restructuring, impairments and other operating items (See Note 7)	206,968	66,826	2,934,597	88,448
Depreciation and amortization	407,076	409,697	813,572	828,182
Total operating expenses	1,857,654	1,836,080	6,283,111	3,644,904
Operating Income (Loss), Total	166,049	311,123	(2,194,040)	654,581
Other income (expense):
Interest expense, net	(475,576)	(444,659)	(933,395)	(872,675)
Gain (loss) on investments and sale of affiliate interests	(10,958)	0	(10,958)	5
Gain (loss) on interest rate swap contracts, net	0	430	2,398	(1,289)
Loss on extinguishment of debt and write-off of deferred financing costs	0	(1,693)	(106,045)	(1,693)
Other expense, net	(315)	(834)	(844)	(1,797)
Total other income (expense)	(486,849)	(446,756)	(1,048,844)	(877,449)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total	(320,800)	(135,633)	(3,242,884)	(222,868)
Income tax benefit	38,671	47,647	83,779	63,611
Net loss	(282,129)	(87,986)	(3,159,105)	(159,257)
Net income attributable to noncontrolling interests	(9,632)	(8,265)	(16,727)	(12,670)
Net Income (Loss) Attributable to Parent, Total	$ (291,761)	$ (96,251)	$ (3,175,832)	$ (171,927)
Net loss per share:
Basic and diluted net loss per share	$ (0.67)	$ (0.21)	$ (6.93)	$ (0.37)
Basic weighted average common shares (in thousands)	445,703,000	467,744,000	458,988,000	466,311,000
Diluted income (loss) per share attributable to Optimum Communications, Inc. stockholders	$ (0.67)	$ (0.21)	$ (6.93)	$ (0.37)
Basic and diluted weighted average common shares (in thousands)	445,703,000	467,744,000	458,988,000	466,311,000
Cash dividends declared per common share	$ 0	$ 0	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (3,159,105)	$ (159,257)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	813,572	828,182
Loss (gain) on investments, sale of assets or sale of affiliate interests	10,958	(5)
Loss on extinguishment of debt and write-off of deferred financing costs	106,045	1,693
Amortization of deferred financing costs and discounts (premiums) on indebtedness	32,406	8,138
Share-based compensation expense	20,616	31,615
Deferred income taxes	(200,891)	(260,615)
Decrease in right-of-use assets	21,802	22,401
Non-cash exchange of shares for redeemable preferred units	156,555	0
Allowance for credit losses	39,616	30,589
Other	3,156	1,253
Change in operating assets and liabilities, net of effects of acquisitions and dispositions:
Accounts receivable, trade	(31,839)	2,590
Prepaid expenses and other assets	(117,538)	(62,685)
Amounts due from and due to affiliates	(20,139)	15,072
Accounts payable and accrued liabilities	(58,699)	114,732
Interest payable	24,730	(3,242)
Deferred revenue	56,232	23,425
Interest rate swap contracts	932	5,562
Net cash provided by operating activities	398,409	599,448
Cash flows from investing activities:
Capital expenditures	(627,729)	(739,643)
Payments for acquisitions, net of cash acquired	0	(7,616)
Proceeds related to sale of equipment, net of costs of disposal	12,138	2,337
Other, net	(7,260)	(633)
Net cash used in investing activities	(622,851)	(745,555)
Cash flows from financing activities:
Proceeds from long-term debt	2,856,954	675,000
Repayment of debt	(2,544,621)	(404,839)
Principal payments on finance lease obligations	(12,636)	(92,579)
Additions to deferred financing costs	(128,130)	0
Proceeds from issuance of redeemable preferred units, net	289,197	0
Distributions to noncontrolling interests	0	(26,452)
Other, net	(13,268)	(15,148)
Net cash provided by financing activities	447,496	135,982
Net increase (decrease) in cash and cash equivalents	223,054	(10,125)
Effect of exchange rate changes on cash and cash equivalents	2	884
Net increase (decrease) in cash, cash equivalents and restricted cash	223,056	(9,241)
Cash, cash equivalents and restricted cash at beginning of year	1,141,443	256,824
Cash, cash equivalents and restricted cash at end of period	1,364,499	247,583
Indefinite-lived cable franchise rights impairment	$ 2,700,000	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 1,296,270,000	$ 1,012,201,000
Restricted Cash, Current	62,994,000	107,384,000
Accounts receivable, trade (less allowance for credit losses of $27,505 and $35,389, respectively)	310,476,000	335,820,000
Prepaid expenses and other current assets ($445 and $475 due from affiliates, respectively)	267,344,000	189,391,000
Total current assets	1,937,084,000	1,644,796,000
Property, plant and equipment, net of accumulated depreciation of $10,394,257 and $9,835,958, respectively	8,257,432,000	8,351,391,000
Right-of-use operating lease assets	223,862,000	243,626,000
Other assets	139,771,000	120,341,000
Amortizable intangibles, net of accumulated amortization of $6,560,958 and $6,461,571, respectively	581,250,000	702,467,000
Indefinite-lived cable franchise rights	8,900,000,000	11,600,000,000
Goodwill	8,041,217,000	8,041,217,000
Total assets	28,080,616,000	30,703,838,000
Current Liabilities:
Accounts payable	782,708,000	816,860,000
Interest payable	438,439,000	413,709,000
Employee-related Liabilities, Current	139,923,000	206,192,000
Deferred revenue	183,906,000	147,139,000
Debt	4,147,837,000	60,842,000
Other Accrued Liabilities, Current	375,004,000	406,280,000
Total current liabilities	6,067,817,000	2,051,022,000
Other liabilities	338,348,000	316,398,000
Deferred tax liability	4,040,607,000	4,232,867,000
Operating Lease, Liability, Noncurrent	232,859,000	250,407,000
Long-term debt, net of current maturities	22,402,928,000	26,145,372,000
Total liabilities	33,082,559,000	32,996,066,000
Commitments and contingencies (Note 14)
Financial Instrument, Mandatorily Redeemable, Liability Classified, Settlement, Amount	508,594,000
Stockholders' Deficiency:
Preferred stock, $0.01 par value, 100,000,000 shares authorized, no shares issued and outstanding	$ 0	$ 0
Common stock, shares outstanding (in shares)	283,694,377	287,413,647
Paid-in capital	$ 245,128,000	$ 252,553,000
Accumulated deficit	(5,748,849,000)	(2,573,017,000)
Total stockholders' equity before accumulated other comprehensive Income and non-controlling interest	(5,498,936,000)	(2,315,750,000)
Treasury stock, at cost ($11,815,481 shares of Class A common stock at June 30, 2026 and 967,629 at December 31, 2025 and 74,153,348 shares of Class B common stock as of June 30, 2026)	(57,411,000)	(10,000)
Accumulated other comprehensive income	7,155,000	1,604,000
Total Optimum Communications stockholders' deficiency	(5,549,192,000)	(2,314,156,000)
Noncontrolling interests	38,655,000	21,928,000
Total stockholders' deficiency	(5,510,537,000)	(2,292,228,000)
Total liabilities and stockholders' deficiency	$ 28,080,616,000	$ 30,703,838,000
Common Class A
Stockholders' Deficiency:
Common stock, shares authorized (in shares)	4,000,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares outstanding (in shares)		4,000,000,000
Shares, Issued	295,509,858	288,381,276
Common stock	$ 2,955,000	$ 2,884,000
Treasury Stock, Shares	11,815,481	967,629
Common Class B
Stockholders' Deficiency:
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares outstanding (in shares)	108,866,013	183,019,831
Common stock	$ 1,830,000	$ 1,830,000
Treasury Stock, Shares	74,153,348
Common Class C
Stockholders' Deficiency:
Common stock, shares authorized (in shares)	4,000,000,000	4,000,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares outstanding (in shares)	0	0
Common stock	$ 0	$ 0