A left-for-dead government subsidy program appears to have been revived by a bipartisan group of Senators.Shares of cable telecom stocks Comcast (CMCSA 2.25%), Charter Communications (CHTR 4.12%), and Shenandoah (SHEN 11.48%) rallied on Wednesday, up 2.8%, 4.3%, and 9.8%, respectively, as of 1:15 p.m. ET, even as the broader markets were in the red.The entire industry got a lift today as a bipartisan group of Senators revived a key government subsidy program.The Affordable Connectivity Program (ACP) is aliv ...

STAMFORD, Conn., May 7, 2024 /PRNewswire/ -- Charter Communications, Inc. (NASDAQ: CHTR) (along with its subsidiaries, "Charter") today announced that Jessica Fischer, Chief Financial Officer, will participate in the J.P. Morgan Global Technology, Media and Communications Conference in Boston, Massachusetts on Wednesday, May 22, 2024. Ms. Fischer's remarks are scheduled to begin at 9:20 a.m. ET. A live webcast of the event can be accessed on Charter's investor relations website, ir.charter.com. Following th ...

STAMFORD, Conn., May 7, 2024 /PRNewswire/ -- Charter Communications, Inc. (NASDAQ: CHTR) (along with its subsidiaries, "Charter") today announced that Christopher Winfrey, President and Chief Executive Officer, will participate in the MoffettNathanson Media, Internet and Communications Conference in New York, New York on Tuesday, May 14, 2024. Mr. Winfrey's remarks are scheduled to begin at 10:00 a.m. ET. A live webcast of the event can be accessed on Charter's investor relations website, ir.charter.com. Fo ...

The company's inaugural quarter of 2024 didn't provide much fuel for optimism. Charter Communications (CHTR -1.73%) didn't end the stock trading week on a high note. The cable and telecom company published its latest quarterly earnings report Friday morning, and investors reacted with distaste. They traded Charter's shares down by almost 2% on the day, contrasting unfavorably to the S&P 500 index's 1% increase. Flat revenue in the first quarter In its first quarter, Charter's revenue came in at $13.7 billio ...

Charter Communications (CHTR) delivered first-quarter 2024 earnings of $7.55 per share, which missed the Zacks Consensus Estimate by 2.8%. The reported figure increased 13.5% year over year.Revenues of $13.67 billion increased 0.2% on a year-over-year basis, driven by growth in residential mobile service, residential Internet and advertising sales revenues, partly offset by lower residential video revenues. The top line missed the consensus mark by 0.1%.Segmental DetailsResidential revenues totaled $10.8 bi ...

• Income tax expense $72M higher Y/Y primarily due to higher pretax income First Quarter 2024 Results 8 Capital Expenditures by NCTA Category $537 1Q23 | --- | --- | --- | |-------|-----------|-------| | | | | | $659 | $353 $514 | | | | | | | 3Q23 | 4Q23 | | | --- | --- | --- | --- | |-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $328 | | | | | | | | | | $635 | | | | | 1Q24 | | | Sr. Sec. Notes due 2025-2063 1 st Lien Bank due 2025-2030 Total CCO • Y/Y incr ...

PART I FINANCIAL INFORMATION [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited consolidated financial statements for Q1 2024 and 2023, including balance sheets, statements of operations, cash flows, and explanatory notes [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) Q1 2024 saw total revenues of $13.68 billion, increased income from operations to $3.13 billion, and diluted EPS of $7.55 Q1 2024 vs Q1 2023 Statement of Operations Highlights | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Revenues** | $13,679 million | $13,653 million | | **Income from operations** | $3,131 million | $2,926 million | | **Net income attributable to Charter shareholders** | $1,106 million | $1,021 million | | **Diluted EPS** | $7.55 | $6.65 | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets reached $148.04 billion, with long-term debt at $97.97 billion and shareholders' equity at $15.61 billion Balance Sheet Summary (in millions) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | $148,044 | $147,193 | | **Long-Term Debt** | $97,965 | $95,777 | | **Total Shareholders' Equity** | $15,606 | $14,718 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Q1 2024 saw operating cash flow decrease to $3.21 billion, investing cash flow increase to $2.91 billion, and financing cash flow decrease to $353 million Q1 Cash Flow Summary (in millions) | Cash Flow Category | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Net cash flows from operating activities** | $3,212 | $3,323 | | **Net cash flows from investing activities** | $(2,907) | $(2,739) | | **Net cash flows from financing activities** | $(353) | $(695) | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed notes disclose revenue segmentation, operating costs, total debt of $98.0 billion, share repurchases, and derivative instruments Revenues by Product Line (Q1, in millions) | Product | 2024 | 2023 | | :--- | :--- | :--- | | Internet | $5,826 | $5,718 | | Video | $3,908 | $4,254 | | Mobile service | $685 | $497 | | Commercial | $1,796 | $1,773 | | Advertising sales | $391 | $355 | Operating Costs and Expenses (Q1, in millions) | Category | 2024 | 2023 | | :--- | :--- | :--- | | Programming | $2,570 | $2,799 | | Other costs of revenue | $1,458 | $1,328 | | Costs to service customers | $2,094 | $2,095 | - As of March 31, 2024, total debt principal was **$97.8 billion**, with a carrying value of **$98.0 billion**[53](index=53&type=chunk) - During Q1 2024, the company repurchased **1.6 million shares** of its Class A common stock for **$516 million**, including buybacks and shares withheld for taxes[57](index=57&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=16&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 performance, including 0.2% revenue growth, customer trends, the impact of ACP termination, network evolution, and financial resources [Overview and Key Metrics](index=16&type=section&id=Overview%20and%20Key%20Metrics) Q1 2024 saw a loss of 72,000 Internet customers but a gain of 486,000 mobile lines, with network evolution ongoing and the ACP termination posing a significant challenge - In Q1 2024, Charter lost **72,000 Internet customers** but added **486,000 mobile lines**, with growth challenged by competition and the freeze on new Affordable Connectivity Program (ACP) enrollments[110](index=110&type=chunk) - The company is upgrading its network to deliver symmetrical and multi-gigabit speeds and spent **$427 million** on its subsidized rural construction initiative in Q1 2024[111](index=111&type=chunk) - The expected end of government subsidies for **5.0 million ACP customers** in May 2024 is projected to have a one-time negative impact on customer net gains, revenue, and bad debt in Q2 and Q3[86](index=86&type=chunk) Customer Statistics (in thousands) | Customer Type | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | **Total Internet Customers** | 30,516 | 30,509 | | **Total Video Customers** | 13,717 | 14,906 | | **Total Voice Customers** | 7,726 | 8,763 | | **Total Mobile Lines** | 8,252 | 5,978 | [Results of Operations](index=19&type=section&id=Results%20of%20Operations) Q1 2024 total revenues marginally increased by 0.2%, driven by mobile and Internet growth, offset by video decline, leading to a 7.0% increase in income from operations to $3.1 billion Q1 Revenue by Service Offering (in millions) | Service | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Internet | $5,826 | $5,718 | 1.9% | | Video | $3,908 | $4,254 | (8.1)% | | Mobile service | $685 | $497 | 37.8% | | Advertising sales | $391 | $355 | 10.0% | | **Total Revenues** | **$13,679** | **$13,653** | **0.2%** | - The **8.1% decrease in video revenue** was driven by a net loss of **1,149,000 residential video customers** from March 31, 2023 to March 31, 2024[97](index=97&type=chunk)[120](index=120&type=chunk) - Programming costs decreased by **$229 million** due to fewer video customers and a higher mix of lower-cost video packages, partially offset by contractual rate adjustments[148](index=148&type=chunk)[125](index=125&type=chunk) - Other operating income included a **$67 million gain** on the sale of towers during Q1 2024[78](index=78&type=chunk)[62](index=62&type=chunk) [Liquidity and Capital Resources](index=24&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2024, the company had $661 million cash, $2.9 billion credit, $97.8 billion debt, a 4.4x leverage ratio, and Q1 free cash flow of $358 million - The company's leverage ratio was **4.4 times Adjusted EBITDA** as of March 31, 2024, within its target range of 4.0 to 4.5 times[156](index=156&type=chunk) Free Cash Flow Reconciliation (Q1, in millions) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Net cash flows from operating activities | $3,212 | $3,323 | | Less: Purchases of property, plant and equipment | $(2,791) | $(2,464) | | Change in accrued expenses related to capital expenditures | $(63) | $(195) | | **Free cash flow** | **$358** | **$664** | - Capital expenditures increased to **$2.8 billion** in Q1 2024 from **$2.5 billion** in Q1 2023, driven by network evolution, customer premise equipment (Xumo), and subsidized rural construction[189](index=189&type=chunk)[190](index=190&type=chunk) - Full-year 2024 capital expenditures are expected to be between **$12.2 billion and $12.4 billion**, including approximately **$4.5 billion** for line extensions and **$1.6 billion** for network evolution[164](index=164&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to market risk, specifically interest rate risk, have occurred since the 2023 Annual Report on Form 10-K - There have been no material changes to the interest rate risk as previously disclosed in the 2023 Annual Report on Form 10-K[195](index=195&type=chunk) [Item 4. Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including CEO and CFO, concluded disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal controls - The CEO and CFO concluded that disclosure controls and procedures were effective as of the end of the reporting period[196](index=196&type=chunk) - No material changes to internal control over financial reporting were identified during the first quarter of 2024[197](index=197&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various lawsuits and regulatory inquiries, with individual cases not expected to be material, but the aggregate impact could be - The company is party to lawsuits and regulatory inquiries arising in the ordinary course of business. While individual lawsuits are not expected to be material, the aggregate effect could be[83](index=83&type=chunk) [Item 1A. Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20Factors) Updated risk factors emphasize legal and regulatory changes, with the termination of the federal Affordable Connectivity Program (ACP) subsidy being a significant new risk - A key updated risk is the potential elimination of the federal broadband Affordable Connectivity Program (ACP) subsidy for low-income consumers, which could adversely affect the business[169](index=169&type=chunk) - The ACP program is expected to end after May 2024 unless Congress provides additional funding. This will be disruptive, leading to lost customers and revenues[170](index=170&type=chunk) - Participation in government programs like ACP and RDOF creates risks of non-compliance, which could result in penalties, fines, or suspension from future government programs[172](index=172&type=chunk)[203](index=203&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q1 2024, Charter repurchased 1.4 million shares for $472 million, with $263 million remaining authorized for repurchases as of March 31, 2024 Issuer Purchases of Equity Securities (Q1 2024) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Jan 1 - 31, 2024 | 872,123 | $374.21 | | Feb 1 - 29, 2024 | 377,577 | $291.59 | | Mar 1 - 31, 2024 | 307,854 | $288.60 | - In Q1 2024, Charter purchased approximately **1.4 million shares** of its Class A common stock for **$472 million**. As of March 31, 2024, **$263 million** remained authorized for repurchases[175](index=175&type=chunk) [Item 6. Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section indexes exhibits filed with Form 10-Q, including CEO and CFO certifications and iXBRL financial statements - The report lists filed exhibits, including CEO and CFO certifications pursuant to Rule 13a-14(a) and Section 906 of the Sarbanes-Oxley Act, as well as iXBRL financial data[209](index=209&type=chunk)

Internet revenue grew by 1.9% year-over-year to $5.8 billion, driven by promotional rate step-ups and rate adjustments, partly offset by lower bundled revenue allocation. Charter Announces First Quarter 2024 Results • First quarter total residential and small and medium business ("SMB") Internet customers decreased by 72,000. As of March 31, 2024, Charter served a total of 30.5 million residential and SMB Internet customers. • As of March 31, 2024, Charter had a total of 32.0 million residential and SMB cus ...

Charter Communications (CHTR) is set to report its first-quarter 2024 results on Apr 26.The Zacks Consensus Estimate for first-quarter 2024 revenues is pegged at $13.72 billion, indicating a 0.53% increase from the year-ago quarter’s reported figure.The consensus mark for earnings has moved down 11 cents to $7.67 per share in the past 30 days, suggesting an increase of 15.34% from the figure reported in the year-ago quarter.CHTR’s earnings beat the Zacks Consensus Estimate in two of the trailing four quarte ...

In its upcoming report, Charter Communications (CHTR) is predicted by Wall Street analysts to post quarterly earnings of $7.67 per share, reflecting an increase of 15.3% compared to the same period last year. Revenues are forecasted to be $13.72 billion, representing a year-over-year increase of 0.5%.The consensus EPS estimate for the quarter has undergone a downward revision of 2.6% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed ...