Q3 2024 Altice USA Inc Earnings Call Transcript
Key Points
- Altice USA Inc (ATUS) achieved a significant reduction in operating expenses and capital expenditures, delivering over $500 million in improvements.
- The company reported strong fiber net additions, with 47,000 new fiber customers in Q3, reaching a total of 482,000 fiber customers.
- Altice USA Inc (ATUS) achieved its strongest mobile performance in four years, adding 36,000 new mobile lines.
- The company demonstrated gross margin expansion of 50 basis points year over year and delivered free cash flow of approximately $100 million year-to-date.
- Altice USA Inc (ATUS) has made significant strides in strengthening its networks and operations, leading to marked improvements in service call and visit trends.
- Altice USA Inc (ATUS) reported a decline in total revenue of 3.9% year over year, driven by a 5.6% decline in residential revenue.
- The company experienced broadband subscriber net losses of 50,000 in the quarter, attributed to competitive pressure and the sunset of the ACP program.
- Residential ARPU declined 1.9% year over year, primarily due to video cord cutting and timing of rate actions.
- Altice USA Inc (ATUS) continues to face challenges from video declines, impacting overall revenue performance.
- The macroeconomic environment and increased competition from fixed wireless and overbuilders continue to weigh on the company's results.
Greetings and welcome to the ALL T USA third quarter, 2024 results conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation.
If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. And as a reminder, this conference is being recorded. It is now my pleasure to introduce you to Sarah Friedman with investor relations. Thank you, Sarah. You may begin.
Thank you. Welcome to LT USA Q3 2024 earnings call. We are joined today by LT CS A's Chairman and CEO Dennis Matthew and CFO Mark Sarota who together will take you through the presentation and then be available for questions. As today's presentation may contain forward-looking statements. Please carefully review the section titled forward-looking statements on slide 2. Now, turning over to Dennis to begin.
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