Altice USA (NYSE: ATUS) reported Q4 EPS of $0.30, $0.20 better than the analyst estimate of $0.10. Revenue for the quarter came in at $2.45 billion versus the consensus estimate of $2.46 billion.

• Revenue growth +4.0% YoY in Q4 2018 to $2.45 billion, driven by Residential revenue growth of +2.1%, Business Services revenue growth of +5.3% and advertising revenue growth of +33.2%; FY 2018 revenue growth of 2.8% YoY
• Adjusted EBITDA(1) grew +7.8% YoY and Adjusted EBITDA margin of 45.5% in Q4 2018 excluding impact of consolidating i24 losses (+6.9% YoY Adjusted EBITDA growth to $1.11 billion on a reported basis; margin highest ever level at 45.1%); FY 2018 Adjusted EBITDA growth of 4.6% and margin of 43.5%
• Operating Free Cash Flow (“OpFCF”)(1) declined -2.1% YoY in Q4 2018 to $785 million with an OpFCF margin of 32.0% with higher investment in key growth initiatives including fiber (FTTH), Altice One and mobile; FY 2018 OpFCF declined -0.7% YoY.
• Free Cash Flow(2) grew +27.0% YoY in FY 2018 to $1.35 billion ($417m in Q4), supporting total shareholder return in 2018 of $2 billion, including $500 million of share repurchases ($259m in Q4) and $1.5 billion special cash dividend

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