Mediacom’s third-quarter 8-K filings continued to tell an all-too-familiar cable-industry story of growing residential broadband and business services revenue streams, both amid declining video metrics.
Overall, the privately held New York-based cable operator, which reports earnings conditionally to creditors, registered a 3.8% revenue uptick in the third quarter to $471.6 million across its two operating divisions.
Revenue from residential high-speed data (HSD) services was up 11% year over year to $169 million, with HSD customers increasing by 9,000 to 1.194 million. Revenue from business services increased 8.5% to just over $69 million.
Video metrics continued to erode, albeit slightly, with revenue down 0.7% to just over $199 million, and Mediacom’s total residential pay TV base shrinking by 6,000 to 823,000.
Mediacom ended the third quarter with $2.64 billion in total debut, a reduction of $190 million from the end of Q3 2016.
Capital expenditures were $90 million, compared to $82.1 million in the prior period, with the cable operator putting the finishing touches on its DOCSIS 3.1 buildout.
Free cash flow was $56.5 million, compared to $57 million in the third quarter of 2016.
Operating income before taxes and depreciation (OIBDA), a preferred company metric, was up 2.3% to $173 million for the third quarter.