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elefante72

join:2010-12-03
East Amherst, NY

They still dont believe its real

NOTE:

But Cablevision said Tuesday that it held the number of TV subscribers steady at 3.3 million in the second quarter. It's typically a weak period for cable because college students cancel cable ahead of summer break and others cancel as they move to summer homes.

BYLINE: This cord cutting is just not real.

Some items of note:

RPS $155.12
Cable advertising up 8.3%
3.6m customer relationships on 5.6m passings (64% attach rate - excellent)

Capex way up 6 months L $512m vs $345m last year. Good news they are spending on infrastructure.... Bad news it's draining cash. They still gave a dividend though...

Since 2007-2011 AMC Networks (spin off revenue is up 58%) while inflation CPI over the same period was 8.7%, WELL outpacing it while customer subs remains relatively constant.

The problem they have is that they have a 64% attach rate whereas Verizon which is in most of their patch is in the mid 30's. So there is going to be an ugly battle or if the cableco swap happens maybe they give them a pass.

In any case their cash flow has taken a major hit ( $100m) and their financials are nowhere near as solid as TWC, T, or VZ earnings, so they are definitely going to have issues if they don't keep attach ratio up there. Sooner or later the network revenue is going to reach a pinnacle (I would say we are close) because the inflation is WAY above core inflation with no real value benefit other than content and advertising which can be highly fickle.


FutureMon
Ach Du Lieber
Premium,ExMod 2002-05
join:2000-10-05
Seaside, CA
Reviews:
·Suddenlink
I cancelled my Charter cable services back in April - and I still get monthly invoices from them - with a balance due of $0.00

Kinda like they're keeping me on the rolls even though I quit them.

- FM
--
Q: How many theoretical physicists specializing in general relativity does it take to change a light bulb?
A: Two. One to hold the bulb and one to rotate the universe.