Mediacom Communications Reports Combined Results for Second Quarter 2021

MEDIACOM COMMUNICATIONS CORPORATION today released combined unaudited financial and operating highlights for the three months ended June 30, 2021.

Mediacom Combined Results for Second Quarter 2021*

• Revenues were $557.0 million, a 5.9% increase from the prior year period
• Adjusted OIBDA was $251.2 million, a 15.2% increase from the prior year period
• After-tax free cash flow was $128.8 million, a 1.9% decrease from the prior year period
• High-speed data customers were 1,468,000, a 5.2% increase from the prior year period
• Net debt of $1.482 billion, a $508 million reduction from June 30, 2020
• Net leverage ratio of 1.47x, compared to 2.28x at June 30, 2020

“Mediacom delivered exceptional results in the second quarter of 2021, highlighted by a 15.2% increase in Adjusted OIBDA, our fourth consecutive quarter of industry-leading growth rates, benefiting largely by our decision to transition to a broadband-centric business strategy,” stated Rocco B. Commisso, Mediacom’s founder, Chairman and Chief Executive Officer. “Our streak of year-over-year revenue growth has now reached a remarkable 98 consecutive quarters, a testament to the perseverance of our dedicated employees in the face of numerous challenges encountered over the last 25 years.”

“Despite becoming a meaningful income taxpayer this year, we still managed to reduce our net debt by $232 million during the first half of 2021. Our lenders continue to benefit from our investment grade financial position, with Mediacom’s net leverage declining below 1.5x, the lowest in our history.”

About Mediacom

Mediacom Communications Corporation is the 5th largest cable operator in the United States and the leading gigabit broadband provider to smaller markets primarily in the Midwest and Southeast. Through its fiber-rich network, Mediacom provides high-speed data, video and phone services to 1.5 million households and businesses across 22 states. The company delivers scalable broadband solutions to commercial and public-sector customers of all sizes through Mediacom Business, and sells advertising and production services under the OnMedia brand. More information about Mediacom is available at www.mediacomcable.com.

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* See Table 4 regarding our usage and definitions of non-GAAP financial measures, and Table 5 for footnotes.

* See Table 4 regarding our usage and definitions of non-GAAP financial measures, and Table 5 for footnotes.

* See Table 4 regarding our usage and definitions of non-GAAP financial measures, and Table 5 for footnotes.

* See Table 4 regarding our usage and definitions of non-GAAP financial measures, and Table 5 for footnotes.

Due to rounding of Mediacom Broadband and Mediacom LLC results, slight differences may exist with actual Mediacom Combined results.

TABLE 4

Use of Non-GAAP Financial Measures

“OIBDA,” “Adjusted OIBDA,” “cash interest expense,” “estimated federal / state income taxes” and “after-tax free cash flow” are not financial measures calculated in accordance with generally accepted accounting principles (“GAAP”) in the United States. We define OIBDA as operating income before depreciation and amortization and Adjusted OIBDA as OIBDA plus investment income from affiliate and excluding non-cash share-based compensation. OIBDA and Adjusted OIBDA may not be comparable to similarly titled measures used by other companies, which may have different depreciation and amortization policies, and are key components in our covenant calculations.

We define cash interest expense as interest expense, net, less amortization of deferred financing costs. Cash interest expense excludes the amortization of financing costs which were paid upon the financing of the relevant debt.

We define income taxes as the estimated amount of federal and state income taxes that Mediacom Broadband LLC and Mediacom LLC would have paid during the three months ended June 30, 2021 and 2020, respectively, in the event they were each tax-paying corporations.

For Mediacom Broadband LLC, we define after-tax free cash flow as Adjusted OIBDA less capital expenditures, cash interest expense, estimated federal and state taxes and dividends to preferred members. For Mediacom LLC, we define free cash flow as Adjusted OIBDA less capital expenditures, cash interest expense and estimated federal and state taxes. After-tax free cash flow may not be comparable to similarly titled measures reported by other companies.

Reference to “Mediacom Combined” reflects the combined results of Mediacom Broadband LLC and Mediacom LLC, eliminating intercompany amounts.

TABLE 5

Footnotes

1. See Table 4 for information regarding our usage of non-GAAP financial measures.
2. Represents Adjusted OIBDA as a percentage of total revenues.
3. Total debt excludes the effect of deferred financing costs, net.
4. Represents unused and available commitments under our revolving credit facilities after giving effect to outstanding borrowings and letters of credit issued thereunder.
5. Represents net debt at period end divided by annualized Adjusted OIBDA for the period.
6. Represents Adjusted OIBDA divided by cash interest expense for the period.

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