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Wachovia Securities 2006 Media and Communications Conference

Wachovia Securities 2006 Media and Communications Conference. May 24, 2006.

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Wachovia Securities 2006 Media and Communications Conference

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  1. Wachovia Securities2006 Media and Communications Conference May 24, 2006

  2. This presentation contains certain forward-looking statements relating to future events and Mediacom’s future financial performance. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated. Factors that could cause actual results to differ from those contained in the forward-looking statements include: competition in the video, high-speed Internet access and telephone businesses; Mediacom’s ability to achieve anticipated customer and revenue growth and to successfully introduce new products and services; increasing programming costs; changes in laws and regulations; Mediacom’s ability to generate sufficient cash flow to meet its debt service obligations and to access capital to maintain its financial flexibility; and the other risks and uncertainties described in the reports and documents Mediacom files from time to time with the Securities and Exchange Commission. Mediacom assumes no obligation to update or alter these forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law. This presentation may include financial measures which are not determined in accordance with generally accepted accounting principles (GAAP) in the United States. Any applicable reconciliation of historical non-GAAP financial measures included in this presentation to the most directly comparable GAAP financial measures is available at the Press Releases link in the Investor Relations section of the Company’s website at www.mediacomcc.com. Caution Concerning Forward Looking Statements and Non-GAAP Financial Measures

  3. Mark Stephan Executive VP and Chief Financial Officer

  4. Mediacom Today • Improving basic subscriber trend • Expanding RGU penetration • Delivering solid operating performance • Maintaining financial flexibility

  5. 2006 Objectives • Scaling of phone • Add 1 million marketable homes by YE 2006 (reaching 87% of total) • Realize triple-play pull through across all products • Retention of 2005 discounted customers • Exceeding expectations YTD • Cost controls • Capture operating efficiencies

  6. Potential Upside in Pull Through Effect Q1 2006 (1) Weighted average of Comcast, Time Warner, Charter, Adelphia, Cablevision and Insight. Source: Public information.

  7. Competitive Advantage ONDEMAND • No equipment to purchase • No contract • Low entry price Orders per Month Usage Rates 3.8 million 1.9 million • Our advantage today: local broadcast channels • Up to 16 HD channels Over 1,200 hoursof content

  8. Enhanced High-Speed Data Product • Mediacom OnlineMax: 10 Mbps • Free wireless router • Free premium content

  9. RGU Rebound RGU Adds Penetration of Homes Passed 79.3% 80.1% 79.7% 86.1% 87.9%

  10. Mediacom Phone Rollout Total homes passed = 2.8 million Mediacom Phone Customers 1.6 million homes marketed Q1 2006 0.9 million additional homes by YE 2006

  11. Phone Customer Distribution New Customer Distribution Total Customer Distribution Triple Play Customer Monthly ARPU: $116

  12. Phone’s Ripple Effect MEDIACOM’s OPPORTUNITY: Total Homes Passed = 2.8 million Incremental RGU penetration 1.5 million homes (customer relationships) 1.3 million homes New video, voice and data customers

  13. MSO-RBOC Footprint Overlap 100% = Total Homes Passed Source: Wall Street Research * Pro forma for AT&T-BellSouth merger

  14. Business Services – the Next Growth Market • Business voice penetration expected to converge with residential VoIP • Estimated 250,000 businesses in Mediacom’s markets • Business interest in VoIP has gone from weak to strong • We become a full service provider to commercial marketplace

  15. Matt Derdeyn Group VP, Corporate Finance and Treasurer

  16. MCCC – Summary Q1 06 Results (1) Excludes non-cash stock compensation charges.

  17. Capex Shift to Success-Based Product Growth ($ in millions) $408 Q1 2006: $47.6 $241 $228 $200 $181 33% 52% 55% 66% 67% Hurricane Capex $8.1 $6.6 $2.2 Massive shift to success-based investment

  18. Flexible Capital Structure ($ in millions) Mediacom Communications Corporation Convertible Notes $173 Total Debt $3,100 Mediacom LLC Senior Notes $625 Total Debt/OCF(2) 7.1x Mediacom Broadband LLC Senior Notes $600 Total Debt/OCF 6.1x Mediacom LLCSubsidiaries Senior Debt(1) $862 Unused Credit Commitments $388 Senior Debt/SCF(2) 4.0x Mediacom Broadband LLCSubsidiaries Senior Debt(1) $861Unused Credit Commitments $581 Senior Debt/SCF 3.4x Note: Based on Q1 2006 data. OCF and SCF are Q1 annualized and exclude non-cash compensation charges. Pro forma for refinancings of Mediacom LLC Group Term Loan B and Mediacom Broadband Group Term Loan C on May 5, 2006. (1) Excludes letters of credit. (2) OCF and SCF for Mediacom LLC includes cash investment income. 18

  19. MCCC Scheduled Debt Maturities ($ in millions) $1,304 $912 $172.5 Convert Maturity $203 $189 $118 $112 $92 $85 $72 $12 Note: Assumes no repayment of revolver outstanding until required by commitment reduction schedule. Pro forma for May 2006 term loan refinancings at Mediacom LLC Group and Mediacom Broadband Group.

  20. Credit Availability • Solid track record of preserving liquidity and maintaining ample borrowing availability ($ in millions) 20 * Pro forma for May 2006 term loan refinancings at Mediacom LLC Group and Mediacom Broadband Group. ** Pro forma for drawdown of $250.0 million Mediacom Broadband Group Term Loan D-2 and repayment of MCC 5.25% convertible notes due July 1, 2006.

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