Altice USA, Inc. (NYSE:ATUS) Q2 2022 Results Conference Call April 28, 2022 4:30 PM ET
Company Participants
Nick Brown - SVP-Corporate Finance & Development
Dexter Goei - Chief Executive Officer
Mike Grau - Chief Financial Officer
Conference Call Participants
John Hodulik - UBS
Philip Cusick - JP Morgan
Craig Moffett - MoffettNathanson
Brett Feldman - Goldman Sachs
James Ratcliffe - Evercore ISI
Michael Rollins - Citigroup
Doug Mitchelson - Credit Suisse
Kannan Venkateshwar - Barclays
Jonathan Chaplin - New Street Research
Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are designed to help you navigate the audio should the corresponding text be unclear. The machine-assisted output provided is partly edited and is designed as a guide.
Operator
00:04 Greetings and welcome to the Altice USA First Quarter 2022 Earnings Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note that this conference is being recorded.
00:27 I will now turn the conference over to our host, Nick Brown. Please go ahead.
Nick Brown
00:32 Hello everyone, thank you for joining. In a moment I'll hand over to Altice USA's CEO, Dexter Goei; and CFO, Mike Grau, who will take you through the presentation and then we'll open the lines for Q&A.
0:43 As today's presentation may contain forward-looking statements, please read the disclaimer on slide two. Dexter, please go ahead.
Dexter Goei
00:51Thanks, Nick and good afternoon everyone. Jumping in with the summary of our recent quarterly performance on Slide four, revenue in Q1 declined 2.3% year-over-year, driven by our residential business, partly offset by strength in News and Advertising. Broadband customer net losses were 13,000 for Q1 with trends similar to those at the end of last year as we have not yet realized the full benefits of our growth initiatives.
01:18 Q1 adjusted EBITDA declined 7.7% with a margin of 40.9%, reflecting both the revenue decline and higher OpEx to drive future growth. Free cash flow of $208 million was solid, even though that -- even with the elevated levels of investment as we are accelerating our fiber expansion, new-build activity and other network upgrades. Recall, we launched more competitive Internet plus mobile converged offerings in January, and in March we announced expanded MVNO agreement with T-Mobile, allowing us to offer more attractive mobile promotions.