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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Charter Communications, Inc.    CHTR

CHARTER COMMUNICATIONS, INC.

(CHTR)
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Charter Communications : 3Q20 Trending Schedule

10/30/2020 | 08:50am EST

Charter Communications, Inc. Customer Metrics

(in thousands except ARPU and penetration, unaudited)

2018

2019

2020

1Q

2Q

3Q

4Q

FY

1Q

2Q

3Q

4Q

FY

1Q

2Q

3Q

Footprint (a)

Estimated Passings

50,526

50,725

50,977

51,185

51,185

51,384

51,619

51,940

52,154

52,154

52,418

52,714

53,022

Customer Relationships (b)

Residential

25,730

25,871

26,063

26,270

26,270

26,591

26,755

27,037

27,277

27,277

27,745

28,496

28,912

Small and Medium Business ("SMB")

1,695

1,750

1,792

1,833

1,833

1,863

1,902

1,930

1,958

1,958

1,976

1,980

2,021

Total Customer Relationships

27,425

27,621

27,855

28,103

28,103

28,454

28,657

28,967

29,235

29,235

29,721

30,476

30,933

Residential

231

141

192

207

771

321

164

282

240

1,007

468

751

416

SMB

33

55

42

41

171

30

39

28

28

125

18

4

41

Total Customer Relationships Net Additions

264

196

234

248

942

351

203

310

268

1,132

486

755

457

Total Customer Relationship Penetration of Estimated Passings (c)

54.3%

54.5%

54.6%

54.9%

54.9%

55.4%

55.5%

55.8%

56.1%

56.1%

56.7%

57.8%

58.3%

Monthly Residential Revenue per Residential Customer (d)

$

111.41

$

111.88

$

111.13

$

111.78

$

111.56

$

112.47

$

112.20

$

112.00

$

113.79

$

112.63

$

112.73

$

110.82

$

109.03

Monthly SMB Revenue per SMB Customer (e)

$

178.84

$

176.96

$

173.52

$

170.62

$

174.88

$

170.64

$

170.42

$

169.44

$

169.06

$

169.90

$

168.83

$

166.06

$

164.77

Residential Customer Relationships Penetration

Single Play Penetration (f)

41.1%

41.3%

41.7%

41.6%

41.6%

42.1%

42.4%

42.7%

43.0%

43.0%

43.6%

44.0%

44.2%

Double Play Penetration (f)

25.4%

25.6%

26.1%

27.0%

27.0%

27.9%

28.8%

29.9%

30.7%

30.7%

31.2%

31.7%

32.3%

Triple Play Penetration (f)

33.5%

33.0%

32.3%

31.4%

31.4%

30.0%

28.8%

27.3%

26.2%

26.2%

25.2%

24.3%

23.5%

% Residential Non-Video Customer Relationships

36.7%

37.4%

38.1%

38.7%

38.7%

40.0%

40.9%

41.8%

42.7%

42.7%

44.0%

45.1%

45.7%

Internet

Residential

22,852

23,070

23,336

23,625

23,625

24,023

24,244

24,595

24,908

24,908

25,471

26,313

26,807

SMB

1,503

1,552

1,594

1,634

1,634

1,664

1,701

1,730

1,756

1,756

1,775

1,783

1,826

Total Internet Customers

24,355

24,622

24,930

25,259

25,259

25,687

25,945

26,325

26,664

26,664

27,246

28,096

28,633

Residential

334

218

266

289

1,107

398

221

351

313

1,283

563

842

494

SMB

33

49

42

40

164

30

37

29

26

122

19

8

43

Total Internet Net Additions

367

267

308

329

1,271

428

258

380

339

1,405

582

850

537

Video

Residential

16,279

16,206

16,140

16,104

16,104

15,952

15,802

15,725

15,620

15,620

15,550

15,652

15,705

SMB

460

476

488

502

502

509

518

520

524

524

524

516

530

Total Video Customers

16,739

16,682

16,628

16,606

16,606

16,461

16,320

16,245

16,144

16,144

16,074

16,168

16,235

Residential

(121)

(73)

(66)

(36)

(296)

(152)

(150)

(77)

(105)

(484)

(70)

102

53

SMB

10

16

12

14

52

7

9

2

4

22

-

(8)

14

Total Video Net Additions (Losses)

(111)

(57)

(54)

(22)

(244)

(145)

(141)

(75)

(101)

(462)

(70)

94

67

Voice

Residential

10,370

10,325

10,218

10,135

10,135

10,015

9,808

9,595

9,443

9,443

9,360

9,398

9,335

SMB

957

994

1,024

1,051

1,051

1,072

1,097

1,120

1,144

1,144

1,162

1,169

1,207

Total Voice Customers

11,327

11,319

11,242

11,186

11,186

11,087

10,905

10,715

10,587

10,587

10,522

10,567

10,542

Residential

(54)

(45)

(107)

(83)

(289)

(120)

(207)

(213)

(152)

(692)

(83)

38

(63)

SMB

27

37

30

27

121

21

25

23

24

93

18

7

38

Total Voice Net Additions (Losses)

(27)

(8)

(77)

(56)

(168)

(99)

(182)

(190)

(128)

(599)

(65)

45

(25)

Mobile Lines

Residential

-

-

21

134

134

310

518

793

1,078

1,078

1,359

1,672

2,020

SMB

-

-

-

-

-

-

-

1

4

4

13

25

40

Total Mobile Lines

-

-

21

134

134

310

518

794

1,082

1,082

1,372

1,697

2,060

Residential

-

-

21

113

134

176

208

275

285

944

281

313

348

SMB

-

-

-

-

-

-

-

1

3

4

9

12

15

Total Mobile Lines Net Additions

-

-

21

113

134

176

208

276

288

948

290

325

363

Enterprise (g)

Enterprise Primary Service Units ("PSUs")

228

235

243

248

248

253

258

264

267

267

269

270

272

Enterprise Net Additions

8

7

8

5

28

5

5

6

3

19

2

1

2

All percentages are calculated using whole numbers. Minor differences may exist due to rounding.

1

See footnotes on page 5.

Charter Communications, Inc.

Revenue, Expenses, and Adjusted EBITDA (h) ($ in millions; unaudited)

2018

2019

2020

1Q

2Q

3Q

4Q

FY

1Q

2Q

3Q

4Q

FY

1Q

2Q

3Q

Revenue

Internet

$

3,707

$

3,770

$

3,809

$

3,895

$

15,181

$

4,024

$

4,103

$

4,195

$

4,345

$

16,667

$

4,407

$

4,530

$

4,722

Video

4,292

4,363

4,332

4,361

17,348

4,384

4,391

4,359

4,473

17,607

4,422

4,371

4,221

Voice

556

531

512

515

2,114

504

489

477

450

1,920

457

451

449

Residential Revenue

8,555

8,664

8,653

8,771

34,643

8,912

8,983

9,031

9,268

36,194

9,286

9,352

9,392

Small and Medium Business

900

915

922

928

3,665

945

963

974

986

3,868

996

983

988

Enterprise

622

627

632

647

2,528

643

652

644

617

2,556

622

606

617

Commercial Revenue

1,522

1,542

1,554

1,575

6,193

1,588

1,615

1,618

1,603

6,424

1,618

1,589

1,605

Advertising Sales

356

427

440

562

1,785

345

395

394

434

1,568

365

249

460

Mobile

-

-

17

89

106

140

158

192

236

726

258

310

368

Other

224

221

228

234

907

221

196

215

220

852

211

196

214

Total Revenue

$

10,657

$

10,854

$

10,892

$

11,231

$

43,634

$

11,206

$

11,347

$

11,450

$

11,761

$

45,764

$

11,738

$

11,696

$

12,039

Y/Y Growth

4.9%

4.8%

4.2%

5.9%

4.9%

5.1%

4.5%

5.1%

4.7%

4.9%

4.8%

3.1%

5.1%

Costs and Expenses

Programming

$

2,752

$

2,803

$

2,778

$

2,791

$

11,124

$

2,865

$

2,827

$

2,790

$

2,808

$

11,290

$

2,892

$

2,873

$

2,727

Regulatory, Connectivity and Produced Content

533

560

546

571

2,210

561

597

612

596

2,366

551

488

612

Costs to Service Customers

1,854

1,784

1,854

1,835

7,327

1,822

1,767

1,894

1,794

7,277

1,848

1,848

1,902

Marketing

751

769

790

732

3,042

735

768

793

748

3,044

766

719

788

Mobile

8

33

94

211

346

260

277

337

372

1,246

374

413

456

Other Expense

866

854

879

927

3,526

908

926

938

914

3,686

911

866

915

Total Operating Costs and Expenses

$

6,764

$

6,803

$

6,941

$

7,067

$

27,575

$

7,151

$

7,162

$

7,364

$

7,232

$

28,909

$

7,342

$

7,207

$

7,400

Adjusted EBITDA (h)

Adjusted EBITDA (h)

$

3,893

$4,051

$3,951

$4,164

$16,059

$4,055

$4,185

$4,086

$4,529

$16,855

$4,396

$4,489

$4,639

Y/Y Growth

6.5%

5.3%

3.5%

4.6%

5.0%

4.2%

3.3%

3.4%

8.8%

5.0%

8.4%

7.3%

13.6%

Adjusted EBITDA Margin (h)

36.5%

37.3%

36.3%

37.1%

36.8%

36.2%

36.9%

35.7%

38.5%

36.8%

37.4%

38.4%

38.5%

Cable Adjusted EBITDA (h)

$

3,901

$

4,084

$

4,028

$

4,286

$

16,299

$

4,175

$

4,304

$

4,231

$

4,665

$

17,375

$

4,512

$

4,592

$

4,727

Cable Y/Y Growth

6.8%

6.2%

5.5%

7.6%

6.5%

7.0%

5.4%

5.0%

8.9%

6.6%

8.1%

6.7%

11.7%

Cable Adjusted EBITDA Margin (h)

36.6%

37.6%

37.0%

38.5%

37.4%

37.7%

38.5%

37.6%

40.5%

38.6%

39.3%

40.3%

40.5%

Adjusted EBITDA(h) and cable Adjusted EBITDA(h) are non-GAAP terms. See page 4 for the reconciliation of Adjusted EBITDA(h) and cable Adjusted EBITDA(h) to net income attributable to Charter shareholders as defined by GAAP.

All percentages are calculated using whole numbers. Minor differences may exist due to rounding. See footnotes on page 5.

2

Charter Communications, Inc. Capital Expenditures

($ in millions; unaudited)

2018

2019

2020

1Q

2Q

3Q

4Q

FY

1Q

2Q

3Q

4Q

FY

1Q

2Q

3Q

Capital Expenditures

Customer premise equipment (i)

$

934

$

828

$

675

$

687

$

3,124

$

565

$

492

$

470

$

543

$

2,070

$

463

$

518

$

520

Scalable infrastructure (j)

486

587

505

649

2,227

297

223

320

599

1,439

170

385

424

Line extensions (k)

291

353

348

381

1,373

321

363

370

390

1,444

343

422

439

Success Based

1,711

1,768

1,528

1,717

6,724

1,183

1,078

1,160

1,532

4,953

976

1,325

1,383

Upgrade/Rebuild (l)

142

190

190

182

704

131

155

165

183

634

129

155

175

Support capital (m)

330

433

400

534

1,697

351

364

326

567

1,608

356

397

456

Total capital expenditures

2,183

2,391

2,118

2,433

9,125

1,665

1,597

1,651

2,282

7,195

1,461

1,877

2,014

Less: Mobile capital expenditures

(17)

(53)

(66)

(106)

(242)

(88)

(93)

(100)

(151)

(432)

(87)

(125)

(139)

Cable capital expenditures

$

2,166

$

2,338

$

2,052

$

2,327

$

8,883

$

1,577

$

1,504

$

1,551

$

2,131

$

6,763

$

1,374

$

1,752

$

1,875

Capital expenditures included in total related to:

Commercial services

$

283

$

309

$

342

$

379

$

1,313

$

305

$

324

$

327

$

358

$

1,314

$

261

$

323

$

358

All-digital transition

$

186

$

88

$

42

$

28

$

344

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

See footnotes on page 5.

3

Charter Communications, Inc.

Reconciliation of Non-GAAP Measures to GAAP Measures ($ in millions; unaudited)

2018

2019

2020

1Q

2Q

3Q

4Q

FY

1Q

2Q

3Q

4Q

FY

1Q

2Q

3Q

Reconciliation

Net income attributable to Charter shareholders

$

168

$

273

$

493

$

296

$

1,230

$

253

$

314

$

387

$

714

$

1,668

$

396

$

766

$

814

Plus:

Net income attributable to noncontrolling interest

55

66

91

64

276

64

72

80

108

324

71

110

118

Interest expense, net

851

878

901

910

3,540

925

945

963

964

3,797

980

957

946

Income tax expense

28

41

109

2

180

119

84

126

110

439

29

166

177

Depreciation and amortization

2,710

2,592

2,482

2,534

10,318

2,550

2,500

2,415

2,461

9,926

2,497

2,428

2,370

Stock compensation expense

72

70

71

72

285

85

82

71

77

315

90

90

83

Loss on extinguishment of debt

-

-

-

-

-

-

-

-

25

25

27

36

58

Gain (loss) on financial instruments, net

(63)

75

(12)

110

110

(37)

119

34

(62)

54

318

(64)

(69)

Other pension (benefits) costs, net

(20)

(20)

(207)

55

(192)

(9)

(9)

(9)

96

69

(10)

(11)

115

Other, net

92

76

23

121

312

105

78

19

36

238

(2)

11

27

Adjusted EBITDA (h)

3,893

4,051

3,951

4,164

16,059

4,055

4,185

4,086

4,529

16,855

4,396

4,489

4,639

Less: Mobile revenue

-

-

(17)

(89)

(106)

(140)

(158)

(192)

(236)

(726)

(258)

(310)

(368)

Plus: Mobile costs and expenses

8

33

94

211

346

260

277

337

372

1,246

374

413

456

Cable Adjusted EBITDA (h)

$

3,901

$

4,084

$

4,028

$

4,286

$

16,299

$

4,175

$

4,304

$

4,231

$

4,665

$

17,375

$

4,512

$

4,592

$

4,727

Net cash flows from operating activities

$

2,699

$

3,096

$

2,804

$

3,168

$

11,767

$

2,686

$

2,761

$

2,943

$

3,358

$

11,748

$

3,220

$

3,529

$

3,664

Less:

Purchases of property, plant and equipment

(2,183)

(2,391)

(2,118)

(2,433)

(9,125)

(1,665)

(1,597)

(1,651)

(2,282)

(7,195)

(1,461)

(1,877)

(2,014)

Change in accrued expenses related to capital expenditures

(565)

99

(154)

150

(470)

(376)

(52)

(21)

504

55

(388)

214

104

Free cash flow (h)

(49)

804

532

885

2,172

645

1,112

1,271

1,580

4,608

1,371

1,866

1,754

Plus:

Mobile net cash outflows from operating activities

8

63

83

198

352

203

204

156

166

729

173

108

126

Purchases of mobile property, plant and equipment

17

53

66

106

242

88

93

100

151

432

87

125

139

Cable free cash flow (h)

$

(24)

$

920

$

681

$

1,189

$

2,766

$

936

$

1,409

$

1,527

$

1,897

$

5,769

$

1,631

$

2,099

$

2,019

See page 2 for detail of the components included within Adjusted EBITDA (h) and cable Adjusted EBITDA (h).

The above schedule is presented in order to reconcile Adjusted EBITDA (h), cable Adjusted EBITDA (h), free cash flow (h) and cable free cash flow (h), non-GAAP measures, to the most directly comparable GAAP measures in accordance with Section 401(b) of the Sarbanes-Oxley Act. See footnotes on page 5.

4

Charter Communications, Inc.

Notes

  1. Passings represent our estimate of the number of units, such as single family homes, apartment and condominium units and small and medium business and enterprise sites passed by our cable distribution network in the areas where we offer service. These estimates are based upon the information available at this time and are updated for all periods presented when new information becomes available.
  2. Customer relationships include the number of customers that receive one or more levels of service, encompassing Internet, video and voice services, without regard to which service(s) such customers receive. Customers who reside in residential multiple dwelling units ("MDUs") and that are billed under bulk contracts are counted based on the number of billed units within each bulk MDU. Total customer relationships exclude enterprise and mobile-only customer relationships. At September 30, 2020, there were approximately 60,200 customers that would have been disconnected under our normal collection policies, but were not due to certain mandates in place.
  3. Penetration represents residential and SMB customers as a percentage of estimated passings. Penetration excludes mobile-only customers.
  4. Monthly residential revenue per residential customer is calculated as total residential quarterly revenue divided by three divided by average residential customer relationships during the respective quarter and excludes mobile revenue and customers.
  5. Monthly SMB revenue per SMB customer is calculated as total SMB quarterly revenue divided by three divided by average SMB customer relationships during the respective quarter and excludes mobile revenue and customers.
  6. Single play, double play and triple play penetration represents the number of residential single play, double play and triple play customers, respectively, as a percentage of residential customer relationships, excluding mobile.
  7. Enterprise PSUs represents the aggregate number of fiber service offerings counting each separate service offering at each customer location as an individual PSU.
  8. Adjusted EBITDA is defined as net income attributable to Charter shareholders plus net income attributable to noncontrolling interest, net interest expense, income taxes, depreciation and amortization, stock compensation expense, loss on extinguishment of debt, (gain) loss on financial instruments, net, other pension (benefits) costs, net, other (income) expense, net and other operating (income) expenses, net such as special charges and (gain) loss on sale or retirement of assets. As such, it eliminates the significant non-cash depreciation and amortization expense that results from the capital-intensive nature of our businesses as well as other non-cash or special items, and is unaffected by our capital structure or investment activities.
    Free cash flow is defined as net cash flows from operating activities, less capital expenditures and changes in accrued expenses related to capital expenditures.
    Cable Adjusted EBITDA is defined as Adjusted EBITDA less mobile revenues plus mobile operating costs and expenses. Cable free cash flow is defined as free cash flow plus net cash outflows from operating activities and capital expenditures related to mobile.
  9. Customer premise equipment includes costs incurred at the customer residence to secure new customers and revenue generating units, including customer installation costs and customer premise equipment (e.g., set-top boxes and cable modems, etc.).
  10. Scalable infrastructure includes costs, not related to customer premise equipment or our network, to secure growth of new customers and revenue generating units, or provide service enhancements (e.g., headend equipment).
  11. Line extensions include network costs associated with entering new service areas (e.g., fiber/coaxial cable, amplifiers, electronic equipment, make-ready and design engineering).
  1. Upgrade/rebuild includes costs to modify or replace existing fiber/coaxial cable networks, including betterments.
  1. Support capital includes costs associated with the replacement or enhancement of non-network assets due to technological and physical obsolescence (e.g., non-network equipment, land, buildings and vehicles).

5

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Charter Communications Inc. published this content on 30 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2020 13:49:02 UTC


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Financials (USD)
Sales 2020 48 038 M - -
Net income 2020 3 024 M - -
Net Debt 2020 80 272 M - -
P/E ratio 2020 46,3x
Yield 2020 -
Capitalization 130 B 130 B -
EV / Sales 2020 4,37x
EV / Sales 2021 4,21x
Nbr of Employees 95 100
Free-Float 63,9%
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Technical analysis trends CHARTER COMMUNICATIONS, INC.
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 31
Average target price 700,86 $
Last Close Price 649,54 $
Spread / Highest target 23,6%
Spread / Average Target 7,90%
Spread / Lowest Target -20,7%
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Managers and Directors
NameTitle
Thomas M. Rutledge Chairman & Chief Executive Officer
John Bickham President & Chief Operating Officer
Christopher L. Winfrey Chief Financial Officer
James A. Blackley EVP-Engineering & Information Technology
Richard J. DiGeronimo Chief Product & Technology Officer
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