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The "other cost" category, all miscellaneous costs feeding into the EBITDA other than the "big 3" (Network Access, Network Related and SG mentioned above, was increased to $52MM from $43MM to better reflect average "other" costs, even if it is a small change and will hardly be noticed in the model.Using this model and premising a 1% revenue decline per quarter, core cash costs representing 61.5% of revenue, but declining $22MM per quarter over the next four quarters, then remaining flat at a 57.5% level going forward thereafter, the impact on earnings and cash were calculated, as reflected in the Base Case.Base Case 1% Revenue Decline per Quarter: With the premises described above, revenue and EBITDA expected for the base model (1% revenue decline) are shown here:Revenue grinds down at the historical 1% level. EBITDA jumps with the upcoming cost reductions feathered in over the next four quarters, then moves down synchronously with the premised 1%/Q revenue decline thereafter.The resulting Net Operating Income from this case is shown here, turning positive in 4Q'18 and remaining positive through the 2028 period (out to the 2028 horizon or "The Horizon"):Early on, cost reductions help increase profitability. As debt redemption kicks in, reduced interest expense provides a second source of NOI improvement along with steadily declining non cash depreciation and amortization charges.

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iphone x cases Management stated only that it expects revenue to grow on a pro forma organic basis and that Adjusted EBITDA will grow toward the low end of its forecast high single digit range. In other words, management believes any Adjusted EBITDA improvement during the balance of the year will be more or less consistent with the Group's 6% year to date increase on a constant currency basis. Unfortunately for Altice shareholders, given the Group's high leverage, even such a light reduction in guidance resulted in a swift and stunning smackdown of its equity valuation iphone x cases..
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