New Street Research - Altice USA Inc. Class A (ATUS) ATUS 1Q25 Quick Take: EBITDA missed but EBITDA guidance increased

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New Street Research

Jonathan Chaplin

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ATUS 1Q25 Quick Take: EBITDA missed but EBITDA guidance increased

EBITDA missed expectations. Broadband adds were in line with our estimate but missed consensus (we suspect buy-side was closer to our estimate on adds and EBITDA). Management quantified the impact of the programming dispute on results. Adjusting for this, adds would have been a little better than our estimate but EBITDA would still have missed.

08/05/2025 1 EN

Underlying

Altice USA Inc. Class A

Altice USA is a holding company. Through its subsidiaries, the company provides broadband communications and video services and markets its services primarily under two brands: Optimum, in the New York metropolitan area, and Suddenlink, principally in markets in the south-central United States. The company delivers broadband, video, and telephony services to the residential and business customers. The company also provides fiber connectivity, bandwidth and managed services to enterprise customers through its Lightpath business (also marketed as Altice Business) and the company provides advertising time and services to advertisers. The company has launched Altice Mobile, a mobile offering, to consumers across its footprint.

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US02156K1034 New York Stock Exchange United States

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Analysts

Jonathan Chaplin

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ATUS 1Q25 Quick Take: EBITDA missed but EBITDA guidance increased

ATUS: quick thoughts following the call 1Q25

Autumn for Broadband 1Q25

The Match Group (MTCH, Neutral, $31 target) A battle between short-term and long-term outlooks

Shopify (SHOP, Neutral, $90 target) Expect FCF consensus to ease back to reality (aka guidance)

CMCSA: Thoughts following two days with the Comcast team

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