Altice Europe N.V. is a French multinational telecommunications corporation. multinational telecoms and mass media company, founded and headed by the French-Israeli billionaire Patrick Drahi, and the second largest telecoms company in France, behind Orange.

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Total Revenue grew +1.0% YoY in Q2 2020 to $2.47 billion, driven by Broadband revenue growth of +14.2% YoY. Residential revenue grew +0.8% YoY, Business Services grew +2.2% YoY, and News and Advertising revenue declined -15.6% YoY.

Net income attributable to stockholders was $111 million for Q2 2020, or $0.19/share (compared to a net income of $86 million, or $0.13/share, in Q2 2019).

Adjusted EBITDA(2) increased +2.5% YoY in Q2 2020 to $1.11 billion with a margin of 44.7% (growth of +3.7% YoY and a margin of 45.8% ex-mobile(2)).

Cash capex of $229 million in Q2 2020 represented 9.2% of revenue, down -27.8% YoY partly due to delayed permitting in the company’s FTTH rollout.

Operating Free Cash Flow(2) for Q2 2020 increased +15.1% YoY to $877 million, primarily reflecting lower capital spending on a YoY basis.

Free Cash Flow(2) of $707 million in Q2 2020 increased +49.8% YoY.

Share repurchases were approximately $631 million in total in Q2 2020 and $1.4 billion year-to-date.

FY 2020 Outlook Update: The company is reinstating guidance for revenue (ex-mobile) and Adjusted EBITDA growth for 2020, and maintains guidance for capex of less than $1.3 billion for the year. The company retains its year-end leverage target of 4.5-5.0x (L2QA net debt to Adjusted EBITDA) for its CSC Holdings, LLC debt silo excluding Lightpath (Lightpath will be financed independently with its own debt silo following the completion of the sale of the minority stake) and continues to expect to complete $1.7 billion in share repurchases in 2020.