ATUS 4Q23 Quick Take and Model Update
Subscriber trends were nearly in-line but broadband adds remain pressured in 1Q24. EBITDA beat thanks to higher video ARPU. We think the company is doing the right thing by pulling back on fiber build and focusing on driving penetration in existing markets. The debt issuance last month pushes maturities to 2027 and gives management three years to fix the business. For now, we don’t see a big change in the business by 2027. We remain on the sidelines.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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