Revenue rose 6.9% to $549.4 million and cash flow was up 16.3% to $246.8 million at Mediacom Communications in Q4, spurred by big increases in broadband customers during the pandemic.
Q4 marked Mediacom’s 96th consecutive quarter of year-over-year revenue growth. The 16.3% rise in adjusted Operating Income Before Depreciation and Amortization (OIBDA, a measure of cash flow) and a 24% bump in free cash flow to $151 million for the period were both all-time records for the company. For the full year, revenue was up 4.9% to $2.1 billion and adjusted OIBDA increased 11.2% to $898.8 million, another record.
Driving that performance was Mediacom’s broadband service, which added 110,000 customers in 2020, nearly twice the 64,000 it added in 2019. For the quarter, broadband subscribers rose by 13,000 compared to a gain of 12,000 in Q4 2019.
Broadband revenue rose by 14.7% to $249.8 million in Q4 and by 12.3% for the year to $944 million. At the same time, video customers declined by 20,000 in Q4 (compared to a loss of 19,000 in 2019) and by 67,000 in 2020, compared to a loss of 66,000 in the prior year.
“I am proud to announce record-breaking 2020 results, a truly exceptional performance in the face of the economic and operating challenges caused by the coronavirus pandemic,” Mediacom chairman and CEO Rocco Commisso said in a press release. “During these very difficult and trying times, Mediacom’s hard-working frontline employees have been critical to the mission of delivering fast and reliable broadband connections to our residential customers and their families, as well as to our commercial clients.”
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Mike Farrell is senior content producer, finance for Multichannel News/B+C, covering finance, operations and M&A at cable operators and networks across the industry. He joined Multichannel News in September 1998 and has written about major deals and top players in the business ever since. He also writes the On The Money blog, offering deeper dives into a wide variety of topics including, retransmission consent, regional sports networks,and streaming video. In 2015 he won the Jesse H. Neal Award for Best Profile, an in-depth look at the Syfy Network’s Sharknado franchise and its impact on the industry.