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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Charter Communications Inc New | NASDAQ:CHTR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 324.59 | 324.51 | 329.94 | 20 | 12:34:17 |
☒
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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84-1496755
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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400 Atlantic Street
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Stamford
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Connecticut
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06901
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(Address of Principal Executive Offices)
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(Zip Code)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Class A Common Stock $.001 Par Value
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CHTR
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NASDAQ Global Select Market
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Page No.
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•
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our ability to sustain and grow revenues and cash flow from operations by offering video, Internet, voice, mobile, advertising and other services to residential and commercial customers, to adequately meet the customer experience demands in our service areas and to maintain and grow our customer base, particularly in the face of increasingly aggressive competition, the need for innovation and the related capital expenditures;
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•
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the impact of competition from other market participants, including but not limited to incumbent telephone companies, direct broadcast satellite ("DBS") operators, wireless broadband and telephone providers, digital subscriber line (“DSL”) providers, fiber to the home providers, video provided over the Internet by (i) market participants that have not historically competed in the multichannel video business, (ii) traditional multichannel video distributors, and (iii) content providers that have historically licensed cable networks to multichannel video distributors, and providers of advertising over the Internet;
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•
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our ability to efficiently and effectively integrate acquired operations;
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•
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the effects of governmental regulation on our business including costs, disruptions and possible limitations on operating flexibility related to, and our ability to comply with, regulatory conditions applicable to us as a result of the Time Warner Cable Inc. and Bright House Networks, LLC Transactions;
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•
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general business conditions, economic uncertainty or downturn, unemployment levels and the level of activity in the housing sector;
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•
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our ability to obtain programming at reasonable prices or to raise prices to offset, in whole or in part, the effects of higher programming costs (including retransmission consents);
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•
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our ability to develop and deploy new products and technologies including mobile products and any other consumer services and service platforms;
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•
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any events that disrupt our networks, information systems or properties and impair our operating activities or our reputation;
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•
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the ability to retain and hire key personnel;
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•
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the availability and access, in general, of funds to meet our debt obligations prior to or when they become due and to fund our operations and necessary capital expenditures, either through (i) cash on hand, (ii) free cash flow, or (iii) access to the capital or credit markets; and
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•
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our ability to comply with all covenants in our indentures and credit facilities, any violation of which, if not cured in a timely manner, could trigger a default of our other obligations under cross-default provisions.
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September 30,
2019 |
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December 31,
2018 |
||||
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(unaudited)
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|
||||
ASSETS
|
|
|
|
||||
CURRENT ASSETS:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
508
|
|
|
$
|
551
|
|
Accounts receivable, less allowance for doubtful accounts of $170 and $129, respectively
|
2,284
|
|
|
1,733
|
|
||
Prepaid expenses and other current assets
|
596
|
|
|
446
|
|
||
Total current assets
|
3,388
|
|
|
2,730
|
|
||
|
|
|
|
||||
RESTRICTED CASH
|
89
|
|
|
214
|
|
||
|
|
|
|
||||
INVESTMENT IN CABLE PROPERTIES:
|
|
|
|
||||
Property, plant and equipment, net of accumulated depreciation of $26,365 and $23,075, respectively
|
34,218
|
|
|
35,126
|
|
||
Customer relationships, net
|
7,956
|
|
|
9,565
|
|
||
Franchises
|
67,322
|
|
|
67,319
|
|
||
Goodwill
|
29,554
|
|
|
29,554
|
|
||
Total investment in cable properties, net
|
139,050
|
|
|
141,564
|
|
||
|
|
|
|
||||
OPERATING LEASE RIGHT-OF-USE ASSETS
|
1,103
|
|
|
—
|
|
||
OTHER NONCURRENT ASSETS
|
1,637
|
|
|
1,622
|
|
||
|
|
|
|
||||
Total assets
|
$
|
145,267
|
|
|
$
|
146,130
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
CURRENT LIABILITIES:
|
|
|
|
||||
Accounts payable and accrued liabilities
|
$
|
8,263
|
|
|
$
|
8,805
|
|
Operating lease liabilities
|
210
|
|
|
—
|
|
||
Current portion of long-term debt
|
3,509
|
|
|
3,290
|
|
||
Total current liabilities
|
11,982
|
|
|
12,095
|
|
||
|
|
|
|
||||
LONG-TERM DEBT
|
71,390
|
|
|
69,537
|
|
||
DEFERRED INCOME TAXES
|
17,609
|
|
|
17,389
|
|
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LONG-TERM OPERATING LEASE LIABILITIES
|
991
|
|
|
—
|
|
||
OTHER LONG-TERM LIABILITIES
|
2,773
|
|
|
2,837
|
|
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|
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|
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SHAREHOLDERS’ EQUITY:
|
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|
||||
Class A common stock; $.001 par value; 900 million shares authorized;
|
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|
|
||||
227,123,254 and 225,353,807 shares issued, respectively
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—
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|
|
—
|
|
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Class B common stock; $.001 par value; 1,000 shares authorized;
|
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|
|
||||
1 share issued and outstanding
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—
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|
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—
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Preferred stock; $.001 par value; 250 million shares authorized;
no shares issued and outstanding
|
—
|
|
|
—
|
|
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Additional paid-in capital
|
33,810
|
|
|
33,507
|
|
||
Retained earnings
|
3,734
|
|
|
2,780
|
|
||
Treasury stock at cost; 12,343,135 and no shares, respectively
|
(4,568
|
)
|
|
—
|
|
||
Accumulated other comprehensive loss
|
(2
|
)
|
|
(2
|
)
|
||
Total Charter shareholders’ equity
|
32,974
|
|
|
36,285
|
|
||
Noncontrolling interests
|
7,548
|
|
|
7,987
|
|
||
Total shareholders’ equity
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40,522
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|
|
44,272
|
|
||
|
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|
||||
Total liabilities and shareholders’ equity
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$
|
145,267
|
|
|
$
|
146,130
|
|
|
Class A Common Stock
|
Class B Common Stock
|
Additional Paid-in Capital
|
Retained Earnings
|
Treasury Stock
|
Accumulated Other Comprehensive Loss
|
Total Charter Shareholders’ Equity
|
Non-controlling Interests
|
Total Shareholders’ Equity
|
||||||||||||||||||
BALANCE, December 31, 2018
|
$
|
—
|
|
$
|
—
|
|
$
|
33,507
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|
$
|
2,780
|
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$
|
—
|
|
$
|
(2
|
)
|
$
|
36,285
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$
|
7,987
|
|
$
|
44,272
|
|
Consolidated net income
|
—
|
|
—
|
|
—
|
|
253
|
|
—
|
|
—
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|
253
|
|
64
|
|
317
|
|
|||||||||
Stock compensation expense
|
—
|
|
—
|
|
85
|
|
—
|
|
—
|
|
—
|
|
85
|
|
—
|
|
85
|
|
|||||||||
Exercise of stock options
|
—
|
|
—
|
|
44
|
|
—
|
|
—
|
|
—
|
|
44
|
|
—
|
|
44
|
|
|||||||||
Purchases of treasury stock
|
—
|
|
—
|
|
—
|
|
—
|
|
(940
|
)
|
—
|
|
(940
|
)
|
—
|
|
(940
|
)
|
|||||||||
Purchase of noncontrolling interest, net of tax
|
—
|
|
—
|
|
(15
|
)
|
—
|
|
—
|
|
—
|
|
(15
|
)
|
(74
|
)
|
(89
|
)
|
|||||||||
Change in noncontrolling interest ownership, net of tax
|
—
|
|
—
|
|
22
|
|
—
|
|
—
|
|
—
|
|
22
|
|
(29
|
)
|
(7
|
)
|
|||||||||
Distributions to noncontrolling interest
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(39
|
)
|
(39
|
)
|
|||||||||
BALANCE, March 31, 2019
|
—
|
|
—
|
|
33,643
|
|
3,033
|
|
(940
|
)
|
(2
|
)
|
35,734
|
|
7,909
|
|
43,643
|
|
|||||||||
Consolidated net income
|
—
|
|
—
|
|
—
|
|
314
|
|
—
|
|
—
|
|
314
|
|
72
|
|
386
|
|
|||||||||
Stock compensation expense
|
—
|
|
—
|
|
82
|
|
—
|
|
—
|
|
—
|
|
82
|
|
—
|
|
82
|
|
|||||||||
Exercise of stock options
|
—
|
|
—
|
|
37
|
|
—
|
|
—
|
|
—
|
|
37
|
|
—
|
|
37
|
|
|||||||||
Purchases of treasury stock
|
—
|
|
—
|
|
—
|
|
—
|
|
(861
|
)
|
—
|
|
(861
|
)
|
—
|
|
(861
|
)
|
|||||||||
Purchase of noncontrolling interest, net of tax
|
—
|
|
—
|
|
(37
|
)
|
—
|
|
—
|
|
—
|
|
(37
|
)
|
(111
|
)
|
(148
|
)
|
|||||||||
Change in noncontrolling interest ownership, net of tax
|
—
|
|
—
|
|
17
|
|
—
|
|
—
|
|
—
|
|
17
|
|
(23
|
)
|
(6
|
)
|
|||||||||
Distributions to noncontrolling interest
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(39
|
)
|
(39
|
)
|
|||||||||
BALANCE, June 30, 2019
|
—
|
|
—
|
|
33,742
|
|
3,347
|
|
(1,801
|
)
|
(2
|
)
|
35,286
|
|
7,808
|
|
43,094
|
|
|||||||||
Consolidated net income
|
—
|
|
—
|
|
—
|
|
387
|
|
—
|
|
—
|
|
387
|
|
80
|
|
467
|
|
|||||||||
Stock compensation expense
|
—
|
|
—
|
|
71
|
|
—
|
|
—
|
|
—
|
|
71
|
|
—
|
|
71
|
|
|||||||||
Exercise of stock options
|
—
|
|
—
|
|
25
|
|
—
|
|
—
|
|
—
|
|
25
|
|
—
|
|
25
|
|
|||||||||
Purchases of treasury stock
|
—
|
|
—
|
|
—
|
|
—
|
|
(2,767
|
)
|
—
|
|
(2,767
|
)
|
—
|
|
(2,767
|
)
|
|||||||||
Purchase of noncontrolling interest, net of tax
|
—
|
|
—
|
|
(93
|
)
|
—
|
|
—
|
|
—
|
|
(93
|
)
|
(215
|
)
|
(308
|
)
|
|||||||||
Change in noncontrolling interest ownership, net of tax
|
—
|
|
—
|
|
65
|
|
—
|
|
—
|
|
—
|
|
65
|
|
(87
|
)
|
(22
|
)
|
|||||||||
Distributions to noncontrolling interest
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(38
|
)
|
(38
|
)
|
|||||||||
BALANCE, September 30, 2019
|
$
|
—
|
|
$
|
—
|
|
$
|
33,810
|
|
$
|
3,734
|
|
$
|
(4,568
|
)
|
$
|
(2
|
)
|
$
|
32,974
|
|
$
|
7,548
|
|
$
|
40,522
|
|
|
Class A Common Stock
|
Class B Common Stock
|
Additional Paid-in Capital
|
Retained Earnings
|
Treasury Stock
|
Accumulated Other Comprehensive Loss
|
Total Charter Shareholders’ Equity
|
Non-controlling Interests
|
Total Shareholders’ Equity
|
||||||||||||||||||
BALANCE, December 31, 2017
|
$
|
—
|
|
$
|
—
|
|
$
|
35,253
|
|
$
|
3,832
|
|
$
|
—
|
|
$
|
(1
|
)
|
$
|
39,084
|
|
$
|
8,447
|
|
$
|
47,531
|
|
Consolidated net income
|
—
|
|
—
|
|
—
|
|
168
|
|
—
|
|
—
|
|
168
|
|
55
|
|
223
|
|
|||||||||
Stock compensation expense
|
—
|
|
—
|
|
72
|
|
—
|
|
—
|
|
—
|
|
72
|
|
—
|
|
72
|
|
|||||||||
Accelerated vesting of equity awards
|
—
|
|
—
|
|
5
|
|
—
|
|
—
|
|
—
|
|
5
|
|
—
|
|
5
|
|
|||||||||
Exercise of stock options
|
—
|
|
—
|
|
36
|
|
—
|
|
—
|
|
—
|
|
36
|
|
—
|
|
36
|
|
|||||||||
Cumulative effect of accounting change
|
—
|
|
—
|
|
—
|
|
34
|
|
—
|
|
—
|
|
34
|
|
4
|
|
38
|
|
|||||||||
Purchases of treasury stock
|
—
|
|
—
|
|
—
|
|
—
|
|
(617
|
)
|
—
|
|
(617
|
)
|
—
|
|
(617
|
)
|
|||||||||
Purchase of noncontrolling interest, net of tax
|
—
|
|
—
|
|
(28
|
)
|
—
|
|
—
|
|
—
|
|
(28
|
)
|
(90
|
)
|
(118
|
)
|
|||||||||
Change in noncontrolling interest ownership, net of tax
|
—
|
|
—
|
|
14
|
|
—
|
|
—
|
|
—
|
|
14
|
|
(20
|
)
|
(6
|
)
|
|||||||||
Distributions to noncontrolling interest
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(39
|
)
|
(39
|
)
|
|||||||||
BALANCE, March 31, 2018
|
—
|
|
—
|
|
35,352
|
|
4,034
|
|
(617
|
)
|
(1
|
)
|
38,768
|
|
8,357
|
|
47,125
|
|
|||||||||
Consolidated net income
|
—
|
|
—
|
|
—
|
|
273
|
|
—
|
|
—
|
|
273
|
|
66
|
|
339
|
|
|||||||||
Stock compensation expense
|
—
|
|
—
|
|
70
|
|
—
|
|
—
|
|
—
|
|
70
|
|
—
|
|
70
|
|
|||||||||
Exercise of stock options
|
—
|
|
—
|
|
7
|
|
—
|
|
—
|
|
—
|
|
7
|
|
—
|
|
7
|
|
|||||||||
Changes in accumulated other comprehensive loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1
|
)
|
(1
|
)
|
—
|
|
(1
|
)
|
|||||||||
Purchases of treasury stock
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,664
|
)
|
—
|
|
(1,664
|
)
|
—
|
|
(1,664
|
)
|
|||||||||
Purchase of noncontrolling interest, net of tax
|
—
|
|
—
|
|
(28
|
)
|
—
|
|
—
|
|
—
|
|
(28
|
)
|
(164
|
)
|
(192
|
)
|
|||||||||
Change in noncontrolling interest ownership, net of tax
|
—
|
|
—
|
|
18
|
|
—
|
|
—
|
|
—
|
|
18
|
|
(23
|
)
|
(5
|
)
|
|||||||||
Distributions to noncontrolling interest
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(37
|
)
|
(37
|
)
|
|||||||||
BALANCE, June 30, 2018
|
—
|
|
—
|
|
35,419
|
|
4,307
|
|
(2,281
|
)
|
(2
|
)
|
37,443
|
|
8,199
|
|
45,642
|
|
|||||||||
Consolidated net income
|
—
|
|
—
|
|
—
|
|
493
|
|
—
|
|
—
|
|
493
|
|
91
|
|
584
|
|
|||||||||
Stock compensation expense
|
—
|
|
—
|
|
71
|
|
—
|
|
—
|
|
—
|
|
71
|
|
—
|
|
71
|
|
|||||||||
Exercise of stock options
|
—
|
|
—
|
|
13
|
|
—
|
|
—
|
|
—
|
|
13
|
|
—
|
|
13
|
|
|||||||||
Cumulative effect of accounting change
|
—
|
|
—
|
|
—
|
|
28
|
|
—
|
|
—
|
|
28
|
|
3
|
|
31
|
|
|||||||||
Purchases of treasury stock
|
—
|
|
—
|
|
—
|
|
—
|
|
(933
|
)
|
—
|
|
(933
|
)
|
—
|
|
(933
|
)
|
|||||||||
Purchase of noncontrolling interest, net of tax
|
—
|
|
—
|
|
(17
|
)
|
—
|
|
—
|
|
—
|
|
(17
|
)
|
(122
|
)
|
(139
|
)
|
|||||||||
Change in noncontrolling interest ownership, net of tax
|
—
|
|
—
|
|
7
|
|
—
|
|
—
|
|
—
|
|
7
|
|
(10
|
)
|
(3
|
)
|
|||||||||
Distributions to noncontrolling interest
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(38
|
)
|
(38
|
)
|
|||||||||
BALANCE, September 30, 2018
|
$
|
—
|
|
$
|
—
|
|
$
|
35,493
|
|
$
|
4,828
|
|
$
|
(3,214
|
)
|
$
|
(2
|
)
|
$
|
37,105
|
|
$
|
8,123
|
|
$
|
45,228
|
|
|
Nine Months Ended September 30,
|
||||||
|
2019
|
|
2018
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Consolidated net income
|
$
|
1,170
|
|
|
$
|
1,146
|
|
Adjustments to reconcile consolidated net income to net cash flows from operating activities:
|
|
|
|
||||
Depreciation and amortization
|
7,465
|
|
|
7,784
|
|
||
Stock compensation expense
|
238
|
|
|
213
|
|
||
Accelerated vesting of equity awards
|
—
|
|
|
5
|
|
||
Noncash interest income, net
|
(89
|
)
|
|
(242
|
)
|
||
Other pension benefits, net
|
(27
|
)
|
|
(247
|
)
|
||
Loss on financial instruments, net
|
116
|
|
|
—
|
|
||
Deferred income taxes
|
233
|
|
|
137
|
|
||
Other, net
|
148
|
|
|
81
|
|
||
Changes in operating assets and liabilities, net of effects from acquisitions and dispositions:
|
|
|
|
||||
Accounts receivable
|
(564
|
)
|
|
(101
|
)
|
||
Prepaid expenses and other assets
|
(225
|
)
|
|
(97
|
)
|
||
Accounts payable, accrued liabilities and other
|
(75
|
)
|
|
(80
|
)
|
||
Net cash flows from operating activities
|
8,390
|
|
|
8,599
|
|
||
|
|
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Purchases of property, plant and equipment
|
(4,913
|
)
|
|
(6,692
|
)
|
||
Change in accrued expenses related to capital expenditures
|
(449
|
)
|
|
(620
|
)
|
||
Real estate investments through variable interest entities
|
(125
|
)
|
|
(15
|
)
|
||
Other, net
|
10
|
|
|
(103
|
)
|
||
Net cash flows from investing activities
|
(5,477
|
)
|
|
(7,430
|
)
|
||
|
|
|
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Borrowings of long-term debt
|
13,157
|
|
|
11,552
|
|
||
Repayments of long-term debt
|
(10,886
|
)
|
|
(8,964
|
)
|
||
Payments for debt issuance costs
|
(48
|
)
|
|
(29
|
)
|
||
Purchase of treasury stock
|
(4,568
|
)
|
|
(3,214
|
)
|
||
Proceeds from exercise of stock options
|
106
|
|
|
56
|
|
||
Purchase of noncontrolling interest
|
(593
|
)
|
|
(473
|
)
|
||
Distributions to noncontrolling interest
|
(116
|
)
|
|
(114
|
)
|
||
Borrowings for real estate investments through variable interest entities
|
—
|
|
|
170
|
|
||
Distributions to variable interest entities noncontrolling interest
|
—
|
|
|
(107
|
)
|
||
Other, net
|
(133
|
)
|
|
(7
|
)
|
||
Net cash flows from financing activities
|
(3,081
|
)
|
|
(1,130
|
)
|
||
|
|
|
|
||||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
(168
|
)
|
|
39
|
|
||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period
|
765
|
|
|
621
|
|
||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period
|
$
|
597
|
|
|
$
|
660
|
|
|
|
|
|
||||
CASH PAID FOR INTEREST
|
$
|
3,065
|
|
|
$
|
2,920
|
|
CASH PAID FOR TAXES
|
$
|
55
|
|
|
$
|
27
|
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
||||||||||||
Indefinite-lived intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Franchises
|
|
$
|
67,322
|
|
|
$
|
—
|
|
|
$
|
67,322
|
|
|
$
|
67,319
|
|
|
$
|
—
|
|
|
$
|
67,319
|
|
Goodwill
|
|
29,554
|
|
|
—
|
|
|
29,554
|
|
|
29,554
|
|
|
—
|
|
|
29,554
|
|
||||||
Trademarks
|
|
159
|
|
|
—
|
|
|
159
|
|
|
159
|
|
|
—
|
|
|
159
|
|
||||||
|
|
$
|
97,035
|
|
|
$
|
—
|
|
|
$
|
97,035
|
|
|
$
|
97,032
|
|
|
$
|
—
|
|
|
$
|
97,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Finite-lived intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Customer relationships
|
|
$
|
18,230
|
|
|
$
|
(10,274
|
)
|
|
$
|
7,956
|
|
|
$
|
18,229
|
|
|
$
|
(8,664
|
)
|
|
$
|
9,565
|
|
Other intangible assets
|
|
405
|
|
|
(111
|
)
|
|
294
|
|
|
409
|
|
|
(92
|
)
|
|
317
|
|
||||||
|
|
$
|
18,635
|
|
|
$
|
(10,385
|
)
|
|
$
|
8,250
|
|
|
$
|
18,638
|
|
|
$
|
(8,756
|
)
|
|
$
|
9,882
|
|
Three months ended December 31, 2019
|
|
$
|
514
|
|
2020
|
|
1,875
|
|
|
2021
|
|
1,599
|
|
|
2022
|
|
1,329
|
|
|
2023
|
|
1,072
|
|
|
Thereafter
|
|
1,861
|
|
|
|
|
$
|
8,250
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Assets
|
|
|
|
||||
Current assets
|
$
|
2
|
|
|
$
|
2
|
|
Restricted cash
|
$
|
89
|
|
|
$
|
214
|
|
Property, plant and equipment
|
$
|
266
|
|
|
$
|
130
|
|
Liabilities
|
|
|
|
||||
Current liabilities
|
$
|
7
|
|
|
$
|
—
|
|
Other long-term liabilities
|
$
|
350
|
|
|
$
|
346
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Accounts payable – trade
|
$
|
663
|
|
|
$
|
758
|
|
Deferred revenue
|
526
|
|
|
494
|
|
||
Accrued liabilities:
|
|
|
|
||||
Programming costs
|
2,064
|
|
|
2,044
|
|
||
Labor
|
1,005
|
|
|
1,052
|
|
||
Capital expenditures
|
973
|
|
|
1,472
|
|
||
Interest
|
943
|
|
|
1,045
|
|
||
Taxes and regulatory fees
|
575
|
|
|
526
|
|
||
Property and casualty
|
464
|
|
|
424
|
|
||
Other
|
1,050
|
|
|
990
|
|
||
|
$
|
8,263
|
|
|
$
|
8,805
|
|
|
Three Months Ended September 30, 2019
|
|
Nine Months Ended September 30, 2019
|
||||
Operating lease expense (a)
|
$
|
105
|
|
|
$
|
321
|
|
|
|
|
|
||||
Finance lease expense:
|
|
|
|
||||
Amortization of right-of-use assets
|
3
|
|
|
10
|
|
||
Interest on lease liabilities
|
1
|
|
|
4
|
|
||
Total finance lease expense
|
4
|
|
|
14
|
|
||
|
|
|
|
||||
Sublease income
|
(6
|
)
|
|
(20
|
)
|
||
Total lease related expenses, net
|
$
|
103
|
|
|
$
|
315
|
|
(a)
|
Includes short-term leases and variable leases costs of $31 million and $96 million for the three and nine months ended September 30, 2019, respectively.
|
|
Nine Months Ended September 30, 2019
|
||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
||
Operating cash flows from operating leases
|
$
|
219
|
|
Operating cash flows from finance leases
|
$
|
4
|
|
Financing cash flows from finance leases
|
$
|
5
|
|
|
|
||
Right-of-use assets obtained in exchange for lease obligations:
|
|
||
Operating leases
|
$
|
209
|
|
Finance leases
|
$
|
27
|
|
|
September 30, 2019
|
||
Operating leases:
|
|
||
Operating lease right-of-use assets
|
$
|
1,103
|
|
|
|
||
Current operating lease liabilities
|
$
|
210
|
|
Long-term operating lease liabilities
|
991
|
|
|
Total operating lease liabilities
|
$
|
1,201
|
|
|
|
||
Finance leases:
|
|
||
Finance lease right-of-use assets (included within property, plant and equipment, net)
|
$
|
165
|
|
|
|
||
Current finance lease liabilities (included within accounts payable and accrued liabilities)
|
$
|
7
|
|
Long-term finance lease liabilities (included within other long-term liabilities)
|
51
|
|
|
Total finance lease liabilities
|
$
|
58
|
|
|
|
||
Weighted average remaining lease term
|
|
||
Operating leases
|
6.8 years
|
|
|
Finance leases
|
16.3 years
|
|
|
|
|
||
Weighted average discount rate
|
|
||
Operating leases
|
4.5
|
%
|
|
Finance leases
|
5.7
|
%
|
|
Operating leases
|
|
Finance leases
|
||||
Three months ended December 31, 2019
|
$
|
71
|
|
|
$
|
1
|
|
2020
|
280
|
|
|
6
|
|
||
2021
|
247
|
|
|
6
|
|
||
2022
|
210
|
|
|
6
|
|
||
2023
|
182
|
|
|
5
|
|
||
Thereafter
|
526
|
|
|
59
|
|
||
Undiscounted lease cash flow commitments
|
1,516
|
|
|
83
|
|
||
Reconciling impact from discounting
|
(315
|
)
|
|
(25
|
)
|
||
Lease liabilities on consolidated balance sheet as of September 30, 2019
|
$
|
1,201
|
|
|
$
|
58
|
|
|
Operating leases
|
|
Capital leases
|
||||
2019
|
$
|
286
|
|
|
$
|
10
|
|
2020
|
254
|
|
|
9
|
|
||
2021
|
207
|
|
|
9
|
|
||
2022
|
170
|
|
|
9
|
|
||
2023
|
143
|
|
|
10
|
|
||
Thereafter
|
440
|
|
|
64
|
|
||
|
$
|
1,500
|
|
|
$
|
111
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||
|
Principal Amount
|
|
Accreted Value
|
|
Principal Amount
|
|
Accreted Value
|
||||||||
CCO Holdings, LLC:
|
|
|
|
|
|
|
|
||||||||
5.250% senior notes due March 15, 2021
|
$
|
500
|
|
|
$
|
499
|
|
|
$
|
500
|
|
|
$
|
498
|
|
5.250% senior notes due September 30, 2022
|
1,250
|
|
|
1,240
|
|
|
1,250
|
|
|
1,238
|
|
||||
5.125% senior notes due February 15, 2023
|
1,000
|
|
|
995
|
|
|
1,000
|
|
|
994
|
|
||||
4.000% senior notes due March 1, 2023
|
500
|
|
|
497
|
|
|
500
|
|
|
496
|
|
||||
5.125% senior notes due May 1, 2023
|
1,150
|
|
|
1,145
|
|
|
1,150
|
|
|
1,144
|
|
||||
5.750% senior notes due September 1, 2023
|
500
|
|
|
497
|
|
|
500
|
|
|
497
|
|
||||
5.750% senior notes due January 15, 2024
|
1,000
|
|
|
994
|
|
|
1,000
|
|
|
993
|
|
||||
5.875% senior notes due April 1, 2024
|
1,700
|
|
|
1,690
|
|
|
1,700
|
|
|
1,688
|
|
||||
5.375% senior notes due May 1, 2025
|
750
|
|
|
746
|
|
|
750
|
|
|
745
|
|
||||
5.750% senior notes due February 15, 2026
|
2,500
|
|
|
2,470
|
|
|
2,500
|
|
|
2,467
|
|
||||
5.500% senior notes due May 1, 2026
|
1,500
|
|
|
1,491
|
|
|
1,500
|
|
|
1,490
|
|
||||
5.875% senior notes due May 1, 2027
|
800
|
|
|
795
|
|
|
800
|
|
|
795
|
|
||||
5.125% senior notes due May 1, 2027
|
3,250
|
|
|
3,221
|
|
|
3,250
|
|
|
3,219
|
|
||||
5.000% senior notes due February 1, 2028
|
2,500
|
|
|
2,468
|
|
|
2,500
|
|
|
2,466
|
|
||||
5.375% senior notes due June 1, 2029
|
1,500
|
|
|
1,501
|
|
|
—
|
|
|
—
|
|
||||
Charter Communications Operating, LLC:
|
|
|
|
|
|
|
|
||||||||
3.579% senior notes due July 23, 2020
|
2,000
|
|
|
1,996
|
|
|
2,000
|
|
|
1,992
|
|
||||
4.464% senior notes due July 23, 2022
|
3,000
|
|
|
2,985
|
|
|
3,000
|
|
|
2,982
|
|
||||
Senior floating rate notes due February 1, 2024
|
900
|
|
|
902
|
|
|
900
|
|
|
903
|
|
||||
4.500% senior notes due February 1, 2024
|
1,100
|
|
|
1,092
|
|
|
1,100
|
|
|
1,091
|
|
||||
4.908% senior notes due July 23, 2025
|
4,500
|
|
|
4,470
|
|
|
4,500
|
|
|
4,466
|
|
||||
3.750% senior notes due February 15, 2028
|
1,000
|
|
|
987
|
|
|
1,000
|
|
|
986
|
|
||||
4.200% senior notes due March 15, 2028
|
1,250
|
|
|
1,240
|
|
|
1,250
|
|
|
1,240
|
|
||||
5.050% senior notes due March 30, 2029
|
1,250
|
|
|
1,241
|
|
|
—
|
|
|
—
|
|
||||
6.384% senior notes due October 23, 2035
|
2,000
|
|
|
1,982
|
|
|
2,000
|
|
|
1,982
|
|
||||
5.375% senior notes due April 1, 2038
|
800
|
|
|
786
|
|
|
800
|
|
|
785
|
|
||||
6.484% senior notes due October 23, 2045
|
3,500
|
|
|
3,467
|
|
|
3,500
|
|
|
3,467
|
|
5.375% senior notes due May 1, 2047
|
2,500
|
|
|
2,506
|
|
|
2,500
|
|
|
2,506
|
|
||||
5.750% senior notes due April 1, 2048
|
2,450
|
|
|
2,391
|
|
|
1,700
|
|
|
1,683
|
|
||||
5.125% senior notes due July 1, 2049
|
1,250
|
|
|
1,240
|
|
|
—
|
|
|
—
|
|
||||
6.834% senior notes due October 23, 2055
|
500
|
|
|
495
|
|
|
500
|
|
|
495
|
|
||||
Credit facilities
|
10,834
|
|
|
10,759
|
|
|
10,038
|
|
|
9,959
|
|
||||
Time Warner Cable, LLC:
|
|
|
|
|
|
|
|
||||||||
8.750% senior notes due February 14, 2019
|
—
|
|
|
—
|
|
|
1,250
|
|
|
1,260
|
|
||||
8.250% senior notes due April 1, 2019
|
—
|
|
|
—
|
|
|
2,000
|
|
|
2,030
|
|
||||
5.000% senior notes due February 1, 2020
|
1,500
|
|
|
1,513
|
|
|
1,500
|
|
|
1,541
|
|
||||
4.125% senior notes due February 15, 2021
|
700
|
|
|
714
|
|
|
700
|
|
|
721
|
|
||||
4.000% senior notes due September 1, 2021
|
1,000
|
|
|
1,024
|
|
|
1,000
|
|
|
1,033
|
|
||||
5.750% sterling senior notes due June 2, 2031 (a)
|
769
|
|
|
823
|
|
|
796
|
|
|
855
|
|
||||
6.550% senior debentures due May 1, 2037
|
1,500
|
|
|
1,676
|
|
|
1,500
|
|
|
1,680
|
|
||||
7.300% senior debentures due July 1, 2038
|
1,500
|
|
|
1,774
|
|
|
1,500
|
|
|
1,780
|
|
||||
6.750% senior debentures due June 15, 2039
|
1,500
|
|
|
1,714
|
|
|
1,500
|
|
|
1,719
|
|
||||
5.875% senior debentures due November 15, 2040
|
1,200
|
|
|
1,255
|
|
|
1,200
|
|
|
1,256
|
|
||||
5.500% senior debentures due September 1, 2041
|
1,250
|
|
|
1,258
|
|
|
1,250
|
|
|
1,258
|
|
||||
5.250% sterling senior notes due July 15, 2042 (b)
|
799
|
|
|
771
|
|
|
827
|
|
|
798
|
|
||||
4.500% senior debentures due September 15, 2042
|
1,250
|
|
|
1,142
|
|
|
1,250
|
|
|
1,140
|
|
||||
Time Warner Cable Enterprises LLC:
|
|
|
|
|
|
|
|
||||||||
8.375% senior debentures due March 15, 2023
|
1,000
|
|
|
1,159
|
|
|
1,000
|
|
|
1,191
|
|
||||
8.375% senior debentures due July 15, 2033
|
1,000
|
|
|
1,288
|
|
|
1,000
|
|
|
1,298
|
|
||||
Total debt
|
74,202
|
|
|
74,899
|
|
|
71,961
|
|
|
72,827
|
|
||||
Less current portion:
|
|
|
|
|
|
|
|
||||||||
8.750% senior notes due February 14, 2019
|
—
|
|
|
—
|
|
|
(1,250
|
)
|
|
(1,260
|
)
|
||||
8.250% senior notes due April 1, 2019
|
—
|
|
|
—
|
|
|
(2,000
|
)
|
|
(2,030
|
)
|
||||
5.000% senior notes due February 1, 2020
|
(1,500
|
)
|
|
(1,513
|
)
|
|
—
|
|
|
—
|
|
||||
3.579% senior notes due July 23, 2020
|
(2,000
|
)
|
|
(1,996
|
)
|
|
—
|
|
|
—
|
|
||||
Long-term debt
|
$
|
70,702
|
|
|
$
|
71,390
|
|
|
$
|
68,711
|
|
|
$
|
69,537
|
|
(a)
|
Principal amount includes £625 million remeasured at $769 million and $796 million as of September 30, 2019 and December 31, 2018, respectively, using the exchange rate at the respective dates.
|
(b)
|
Principal amount includes £650 million remeasured at $799 million and $827 million as of September 30, 2019 and December 31, 2018, respectively, using the exchange rate at the respective dates.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||||||
|
Shares
|
|
$
|
|
Shares
|
|
$
|
|
Shares
|
|
$
|
|
Shares
|
|
$
|
||||||||||||
Share buybacks
|
6,894,762
|
|
|
$
|
2,748
|
|
|
3,046,346
|
|
|
$
|
929
|
|
|
11,757,758
|
|
|
$
|
4,455
|
|
|
10,349,639
|
|
|
$
|
3,142
|
|
Income tax withholding
|
46,691
|
|
|
19
|
|
|
12,703
|
|
|
4
|
|
|
324,731
|
|
|
113
|
|
|
209,394
|
|
|
72
|
|
||||
Exercise cost
|
75,476
|
|
|
|
|
8,785
|
|
|
|
|
260,646
|
|
|
|
|
15,200
|
|
|
|
||||||||
|
7,016,929
|
|
|
$
|
2,767
|
|
|
3,067,834
|
|
|
$
|
933
|
|
|
12,343,135
|
|
|
$
|
4,568
|
|
|
10,574,233
|
|
|
$
|
3,214
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Number of units purchased
|
864,826
|
|
|
495,447
|
|
|
1,615,561
|
|
|
1,546,475
|
|
||||
Average price per unit
|
$
|
391.62
|
|
|
$
|
292.81
|
|
|
$
|
366.76
|
|
|
$
|
306.11
|
|
Amount of units purchased
|
$
|
339
|
|
|
$
|
145
|
|
|
$
|
593
|
|
|
$
|
473
|
|
Decrease in noncontrolling interest based on carrying value
|
$
|
(215
|
)
|
|
$
|
(122
|
)
|
|
$
|
(400
|
)
|
|
$
|
(376
|
)
|
Decrease in additional paid-in-capital, net of tax
|
$
|
(93
|
)
|
|
$
|
(17
|
)
|
|
$
|
(145
|
)
|
|
$
|
(73
|
)
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Decrease in noncontrolling interest
|
$
|
(87
|
)
|
|
$
|
(10
|
)
|
|
$
|
(139
|
)
|
|
$
|
(53
|
)
|
Increase in additional paid-in-capital, net of tax
|
$
|
65
|
|
|
$
|
7
|
|
|
$
|
104
|
|
|
$
|
39
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Gain (Loss) on Financial Instruments, Net:
|
|
|
|
|
|
|
|
||||||||
Change in fair value of cross-currency derivative instruments
|
$
|
(86
|
)
|
|
$
|
(10
|
)
|
|
$
|
(172
|
)
|
|
$
|
(63
|
)
|
Foreign currency remeasurement of Sterling Notes to U.S. dollars
|
52
|
|
|
22
|
|
|
56
|
|
|
63
|
|
||||
|
$
|
(34
|
)
|
|
$
|
12
|
|
|
$
|
(116
|
)
|
|
$
|
—
|
|
•
|
Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
|
•
|
Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
|
•
|
Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||
|
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||
Senior notes and debentures
|
|
$
|
64,140
|
|
|
$
|
69,315
|
|
|
$
|
62,868
|
|
|
$
|
61,087
|
|
Credit facilities
|
|
$
|
10,759
|
|
|
$
|
10,842
|
|
|
$
|
9,959
|
|
|
$
|
9,608
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Video
|
$
|
4,359
|
|
|
$
|
4,332
|
|
|
$
|
13,134
|
|
|
$
|
12,987
|
|
Internet
|
4,195
|
|
|
3,809
|
|
|
12,322
|
|
|
11,286
|
|
||||
Voice
|
477
|
|
|
512
|
|
|
1,470
|
|
|
1,599
|
|
||||
Residential revenue
|
9,031
|
|
|
8,653
|
|
|
26,926
|
|
|
25,872
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Small and medium business
|
974
|
|
|
922
|
|
|
2,882
|
|
|
2,737
|
|
||||
Enterprise
|
644
|
|
|
632
|
|
|
1,939
|
|
|
1,881
|
|
||||
Commercial revenue
|
1,618
|
|
|
1,554
|
|
|
4,821
|
|
|
4,618
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Advertising sales
|
394
|
|
|
440
|
|
|
1,134
|
|
|
1,223
|
|
||||
Mobile
|
192
|
|
|
17
|
|
|
490
|
|
|
17
|
|
||||
Other
|
215
|
|
|
228
|
|
|
632
|
|
|
673
|
|
||||
|
$
|
11,450
|
|
|
$
|
10,892
|
|
|
$
|
34,003
|
|
|
$
|
32,403
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Programming
|
$
|
2,790
|
|
|
$
|
2,778
|
|
|
$
|
8,482
|
|
|
$
|
8,333
|
|
Regulatory, connectivity and produced content
|
612
|
|
|
546
|
|
|
1,770
|
|
|
1,639
|
|
||||
Costs to service customers
|
1,894
|
|
|
1,854
|
|
|
5,483
|
|
|
5,492
|
|
||||
Marketing
|
793
|
|
|
790
|
|
|
2,296
|
|
|
2,310
|
|
||||
Mobile
|
337
|
|
|
94
|
|
|
874
|
|
|
135
|
|
||||
Other
|
1,009
|
|
|
950
|
|
|
3,010
|
|
|
2,812
|
|
||||
|
$
|
7,435
|
|
|
$
|
7,012
|
|
|
$
|
21,915
|
|
|
$
|
20,721
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Special charges, net
|
$
|
19
|
|
|
$
|
14
|
|
|
$
|
38
|
|
|
$
|
125
|
|
(Gain) loss on sale of assets, net
|
(5
|
)
|
|
4
|
|
|
33
|
|
|
(9
|
)
|
||||
|
$
|
14
|
|
|
$
|
18
|
|
|
$
|
71
|
|
|
$
|
116
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Stock options
|
39,400
|
|
|
24,200
|
|
|
1,821,800
|
|
|
1,490,700
|
|
Restricted stock
|
200
|
|
|
500
|
|
|
8,300
|
|
|
10,200
|
|
Restricted stock units
|
11,300
|
|
|
13,500
|
|
|
698,200
|
|
|
518,900
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to Charter shareholders
|
$
|
387
|
|
|
$
|
493
|
|
|
$
|
954
|
|
|
$
|
934
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding, basic
|
218,499,213
|
|
|
230,554,633
|
|
|
221,818,079
|
|
|
234,159,830
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
||||||||
Assumed exercise or issuance of shares relating to stock plans
|
3,856,654
|
|
|
3,052,781
|
|
|
3,519,905
|
|
|
3,184,094
|
|
||||
Weighted average common shares outstanding, diluted
|
222,355,867
|
|
|
233,607,414
|
|
|
225,337,984
|
|
|
237,343,924
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic earnings per common share attributable to Charter shareholders
|
$
|
1.77
|
|
|
$
|
2.14
|
|
|
$
|
4.30
|
|
|
$
|
3.99
|
|
Diluted earnings per common share attributable to Charter shareholders
|
$
|
1.74
|
|
|
$
|
2.11
|
|
|
$
|
4.23
|
|
|
$
|
3.93
|
|
|
Nine Months Ended September 30, 2018
|
||
Consolidated net income
|
$
|
1,146
|
|
Foreign currency translation adjustment
|
(1
|
)
|
|
Consolidated comprehensive income
|
1,145
|
|
|
Less: Comprehensive income attributable to noncontrolling interest
|
(212
|
)
|
|
Comprehensive income attributable to Charter shareholders
|
$
|
933
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Interest cost
|
$
|
(32
|
)
|
|
$
|
(32
|
)
|
|
$
|
(96
|
)
|
|
$
|
(96
|
)
|
Expected return on plan assets
|
41
|
|
|
52
|
|
|
123
|
|
|
156
|
|
||||
Remeasurement gain, net
|
—
|
|
|
187
|
|
|
—
|
|
|
187
|
|
||||
Net periodic pension benefits
|
$
|
9
|
|
|
$
|
207
|
|
|
$
|
27
|
|
|
$
|
247
|
|
Charter Communications, Inc. and Subsidiaries
|
|||||||||||||||||||||||
Condensed Consolidating Statements of Operations
|
|||||||||||||||||||||||
For the nine months ended September 30, 2019
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Non-Guarantor Subsidiaries
|
|
Guarantor Subsidiaries
|
|
|
|
|
||||||||||||||||
|
Charter
|
|
Intermediate Holding Companies
|
|
CCO Holdings
|
|
Charter Operating and Restricted Subsidiaries
|
|
Eliminations
|
|
Charter Consolidated
|
||||||||||||
REVENUES
|
$
|
39
|
|
|
$
|
880
|
|
|
$
|
—
|
|
|
$
|
33,997
|
|
|
$
|
(913
|
)
|
|
$
|
34,003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
COSTS AND EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating costs and expenses (exclusive of items shown separately below)
|
39
|
|
|
843
|
|
|
—
|
|
|
21,950
|
|
|
(917
|
)
|
|
21,915
|
|
||||||
Depreciation and amortization
|
—
|
|
|
12
|
|
|
—
|
|
|
7,453
|
|
|
—
|
|
|
7,465
|
|
||||||
Other operating (income) expense, net
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
77
|
|
|
4
|
|
|
71
|
|
||||||
|
39
|
|
|
845
|
|
|
—
|
|
|
29,480
|
|
|
(913
|
)
|
|
29,451
|
|
||||||
Income from operations
|
—
|
|
|
35
|
|
|
—
|
|
|
4,517
|
|
|
—
|
|
|
4,552
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
OTHER INCOME (EXPENSES):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest income (expense), net
|
7
|
|
|
25
|
|
|
(785
|
)
|
|
(2,080
|
)
|
|
—
|
|
|
(2,833
|
)
|
||||||
Loss on financial instruments, net
|
—
|
|
|
—
|
|
|
—
|
|
|
(116
|
)
|
|
—
|
|
|
(116
|
)
|
||||||
Other pension benefits, net
|
—
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|
—
|
|
|
27
|
|
||||||
Other expense, net
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(129
|
)
|
|
—
|
|
|
(131
|
)
|
||||||
Equity in income of subsidiaries
|
1,180
|
|
|
1,347
|
|
|
2,132
|
|
|
—
|
|
|
(4,659
|
)
|
|
—
|
|
||||||
|
1,187
|
|
|
1,370
|
|
|
1,347
|
|
|
(2,298
|
)
|
|
(4,659
|
)
|
|
(3,053
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income before income taxes
|
1,187
|
|
|
1,405
|
|
|
1,347
|
|
|
2,219
|
|
|
(4,659
|
)
|
|
1,499
|
|
||||||
Income tax expense
|
(233
|
)
|
|
(10
|
)
|
|
—
|
|
|
(86
|
)
|
|
—
|
|
|
(329
|
)
|
||||||
Consolidated net income
|
954
|
|
|
1,395
|
|
|
1,347
|
|
|
2,133
|
|
|
(4,659
|
)
|
|
1,170
|
|
||||||
Less: Net income attributable to noncontrolling interests
|
—
|
|
|
(215
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(216
|
)
|
||||||
Net income
|
$
|
954
|
|
|
$
|
1,180
|
|
|
$
|
1,347
|
|
|
$
|
2,132
|
|
|
$
|
(4,659
|
)
|
|
$
|
954
|
|
Charter Communications, Inc. and Subsidiaries
|
|||||||||||||||||||||||
Condensed Consolidating Statements of Operations
|
|||||||||||||||||||||||
For the nine months ended September 30, 2018
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Non-Guarantor Subsidiaries
|
|
Guarantor Subsidiaries
|
|
|
|
|
||||||||||||||||
|
Charter
|
|
Intermediate Holding Companies
|
|
CCO Holdings
|
|
Charter Operating and Restricted Subsidiaries
|
|
Eliminations
|
|
Charter Consolidated
|
||||||||||||
REVENUES
|
$
|
37
|
|
|
$
|
844
|
|
|
$
|
—
|
|
|
$
|
32,390
|
|
|
$
|
(868
|
)
|
|
$
|
32,403
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
COSTS AND EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating costs and expenses (exclusive of items shown separately below)
|
37
|
|
|
810
|
|
|
—
|
|
|
20,742
|
|
|
(868
|
)
|
|
20,721
|
|
||||||
Depreciation and amortization
|
—
|
|
|
8
|
|
|
—
|
|
|
7,776
|
|
|
—
|
|
|
7,784
|
|
||||||
Other operating expenses, net
|
—
|
|
|
4
|
|
|
—
|
|
|
112
|
|
|
—
|
|
|
116
|
|
||||||
|
37
|
|
|
822
|
|
|
—
|
|
|
28,630
|
|
|
(868
|
)
|
|
28,621
|
|
||||||
Income from operations
|
—
|
|
|
22
|
|
|
—
|
|
|
3,760
|
|
|
—
|
|
|
3,782
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
OTHER INCOME (EXPENSES):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest income (expense), net
|
7
|
|
|
21
|
|
|
(762
|
)
|
|
(1,896
|
)
|
|
—
|
|
|
(2,630
|
)
|
||||||
Other pension benefits, net
|
—
|
|
|
—
|
|
|
—
|
|
|
247
|
|
|
—
|
|
|
247
|
|
||||||
Other expense, net
|
—
|
|
|
(26
|
)
|
|
—
|
|
|
(49
|
)
|
|
—
|
|
|
(75
|
)
|
||||||
Equity in income of subsidiaries
|
1,085
|
|
|
1,286
|
|
|
2,048
|
|
|
—
|
|
|
(4,419
|
)
|
|
—
|
|
||||||
|
1,092
|
|
|
1,281
|
|
|
1,286
|
|
|
(1,698
|
)
|
|
(4,419
|
)
|
|
(2,458
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income before income taxes
|
1,092
|
|
|
1,303
|
|
|
1,286
|
|
|
2,062
|
|
|
(4,419
|
)
|
|
1,324
|
|
||||||
Income tax expense
|
(158
|
)
|
|
(7
|
)
|
|
—
|
|
|
(13
|
)
|
|
—
|
|
|
(178
|
)
|
||||||
Consolidated net income
|
934
|
|
|
1,296
|
|
|
1,286
|
|
|
2,049
|
|
|
(4,419
|
)
|
|
1,146
|
|
||||||
Less: Net income attributable to noncontrolling interests
|
—
|
|
|
(211
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(212
|
)
|
||||||
Net income
|
$
|
934
|
|
|
$
|
1,085
|
|
|
$
|
1,286
|
|
|
$
|
2,048
|
|
|
$
|
(4,419
|
)
|
|
$
|
934
|
|
Charter Communications, Inc. and Subsidiaries
|
|||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income
|
|||||||||||||||||||||||
For the nine months ended September 30, 2018
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Non-Guarantor Subsidiaries
|
|
Guarantor Subsidiaries
|
|
|
|
|
||||||||||||||||
|
Charter
|
|
Intermediate Holding Companies
|
|
CCO Holdings
|
|
Charter Operating and Restricted Subsidiaries
|
|
Eliminations
|
|
Charter Consolidated
|
||||||||||||
Consolidated net income
|
$
|
934
|
|
|
$
|
1,296
|
|
|
$
|
1,286
|
|
|
$
|
2,049
|
|
|
$
|
(4,419
|
)
|
|
$
|
1,146
|
|
Foreign currency translation adjustment
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
3
|
|
|
(1
|
)
|
||||||
Consolidated comprehensive income
|
$
|
933
|
|
|
$
|
1,295
|
|
|
$
|
1,285
|
|
|
$
|
2,048
|
|
|
$
|
(4,416
|
)
|
|
$
|
1,145
|
|
Less: Comprehensive income attributable to noncontrolling interests
|
—
|
|
|
(211
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(212
|
)
|
||||||
Comprehensive income
|
$
|
933
|
|
|
$
|
1,084
|
|
|
$
|
1,285
|
|
|
$
|
2,047
|
|
|
$
|
(4,416
|
)
|
|
$
|
933
|
|
Charter Communications, Inc. and Subsidiaries
|
|||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows
|
|||||||||||||||||||||||
For the nine months ended September 30, 2018
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Non-Guarantor Subsidiaries
|
|
Guarantor Subsidiaries
|
|
|
|
|
||||||||||||||||
|
Charter
|
|
Intermediate Holding Companies
|
|
CCO Holdings
|
|
Charter Operating and Restricted Subsidiaries
|
|
Eliminations
|
|
Charter Consolidated
|
||||||||||||
NET CASH FLOWS FROM OPERATING ACTIVITIES
|
$
|
4
|
|
|
$
|
91
|
|
|
$
|
(728
|
)
|
|
$
|
9,232
|
|
|
$
|
—
|
|
|
$
|
8,599
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchases of property, plant and equipment
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,692
|
)
|
|
—
|
|
|
(6,692
|
)
|
||||||
Change in accrued expenses related to capital expenditures
|
—
|
|
|
—
|
|
|
—
|
|
|
(620
|
)
|
|
—
|
|
|
(620
|
)
|
||||||
Real estate investments through variable interest entities
|
—
|
|
|
(15
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
||||||
Contribution to subsidiaries
|
(56
|
)
|
|
(127
|
)
|
|
(127
|
)
|
|
—
|
|
|
310
|
|
|
—
|
|
||||||
Distributions from subsidiaries
|
3,217
|
|
|
3,763
|
|
|
4,491
|
|
|
—
|
|
|
(11,471
|
)
|
|
—
|
|
||||||
Other, net
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
(93
|
)
|
|
—
|
|
|
(103
|
)
|
||||||
Net cash flows from investing activities
|
3,161
|
|
|
3,611
|
|
|
4,364
|
|
|
(7,405
|
)
|
|
(11,161
|
)
|
|
(7,430
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Borrowings of long-term debt
|
—
|
|
|
—
|
|
|
—
|
|
|
11,552
|
|
|
—
|
|
|
11,552
|
|
||||||
Repayments of long-term debt
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,964
|
)
|
|
—
|
|
|
(8,964
|
)
|
||||||
Borrowings (repayments) loans payable - related parties
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
||||||
Payments for debt issuance costs
|
—
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
—
|
|
|
(29
|
)
|
||||||
Purchase of treasury stock
|
(3,214
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,214
|
)
|
||||||
Proceeds from exercise of stock options
|
56
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
56
|
|
||||||
Purchase of noncontrolling interest
|
—
|
|
|
(473
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(473
|
)
|
||||||
Distributions to noncontrolling interest
|
—
|
|
|
(113
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(114
|
)
|
||||||
Contributions from parent
|
—
|
|
|
56
|
|
|
127
|
|
|
127
|
|
|
(310
|
)
|
|
—
|
|
||||||
Distributions to parent
|
—
|
|
|
(3,217
|
)
|
|
(3,763
|
)
|
|
(4,491
|
)
|
|
11,471
|
|
|
—
|
|
||||||
Borrowings for real estate investments through variable interest entities
|
—
|
|
|
170
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
170
|
|
||||||
Distributions to variable interest entities noncontrolling interest
|
—
|
|
|
(107
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(107
|
)
|
||||||
Other, net
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
(7
|
)
|
||||||
Net cash flows from financing activities
|
(3,165
|
)
|
|
(3,684
|
)
|
|
(3,636
|
)
|
|
(1,806
|
)
|
|
11,161
|
|
|
(1,130
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NET INCRASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
—
|
|
|
18
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
39
|
|
||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period
|
—
|
|
|
291
|
|
|
—
|
|
|
330
|
|
|
—
|
|
|
621
|
|
||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period
|
$
|
—
|
|
|
$
|
309
|
|
|
$
|
—
|
|
|
$
|
351
|
|
|
$
|
—
|
|
|
$
|
660
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
||||||||||
Revenues
|
$
|
11,450
|
|
|
$
|
10,892
|
|
|
5.1
|
%
|
|
$
|
34,003
|
|
|
$
|
32,403
|
|
|
4.9
|
%
|
Adjusted EBITDA
|
$
|
4,086
|
|
|
$
|
3,951
|
|
|
3.4
|
%
|
|
$
|
12,326
|
|
|
$
|
11,895
|
|
|
3.6
|
%
|
Income from operations
|
$
|
1,586
|
|
|
$
|
1,380
|
|
|
15.0
|
%
|
|
$
|
4,552
|
|
|
$
|
3,782
|
|
|
20.4
|
%
|
|
Approximate as of
|
||||||
|
September 30,
|
||||||
|
2019 (a)
|
|
2018 (a)
|
||||
Customer Relationships (b)
|
|
|
|
||||
Residential
|
27,037
|
|
|
26,063
|
|
||
Small and Medium Business
|
1,930
|
|
|
1,792
|
|
||
Total Customer Relationships
|
28,967
|
|
|
27,855
|
|
||
|
|
|
|
||||
Residential Primary Service Units (“PSU”)
|
|
|
|
||||
Video
|
15,725
|
|
|
16,140
|
|
||
Internet
|
24,595
|
|
|
23,336
|
|
||
Voice
|
9,595
|
|
|
10,218
|
|
||
|
|
|
|
||||
Monthly Residential Revenue per Residential Customer (c)
|
$
|
112.00
|
|
|
$
|
111.13
|
|
|
|
|
|
||||
Small and Medium Business PSUs
|
|
|
|
||||
Video
|
520
|
|
|
488
|
|
||
Internet
|
1,730
|
|
|
1,594
|
|
||
Voice
|
1,120
|
|
|
1,024
|
|
||
|
|
|
|
||||
Monthly Small and Medium Business Revenue per Customer (d)
|
$
|
169.44
|
|
|
$
|
173.52
|
|
|
|
|
|
||||
Enterprise PSUs (e)
|
264
|
|
|
243
|
|
(a)
|
Customer statistics do not include mobile. We calculate the aging of customer accounts based on the monthly billing cycle
|
(b)
|
Customer relationships include the number of customers that receive one or more levels of service, encompassing video, Internet 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 customer relationships.
|
(c)
|
Monthly residential revenue per residential customer is calculated as total residential video, Internet and voice quarterly revenue divided by three divided by average residential customer relationships during the respective quarter.
|
(d)
|
Monthly small and medium business revenue per customer is calculated as total small and medium business quarterly revenue divided by three divided by average small and medium business customer relationships during the respective quarter.
|
(e)
|
Enterprise PSUs represent the aggregate number of fiber service offerings counting each separate service offering as an individual PSU.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
||||||||||
Video
|
$
|
4,359
|
|
|
$
|
4,332
|
|
|
0.6
|
%
|
|
$
|
13,134
|
|
|
$
|
12,987
|
|
|
1.1
|
%
|
Internet
|
4,195
|
|
|
3,809
|
|
|
10.1
|
%
|
|
12,322
|
|
|
11,286
|
|
|
9.2
|
%
|
||||
Voice
|
477
|
|
|
512
|
|
|
(6.8
|
)%
|
|
1,470
|
|
|
1,599
|
|
|
(8.0
|
)%
|
||||
Residential revenue
|
9,031
|
|
|
8,653
|
|
|
4.4
|
%
|
|
26,926
|
|
|
25,872
|
|
|
4.1
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Small and medium business
|
974
|
|
|
922
|
|
|
5.7
|
%
|
|
2,882
|
|
|
2,737
|
|
|
5.3
|
%
|
||||
Enterprise
|
644
|
|
|
632
|
|
|
1.8
|
%
|
|
1,939
|
|
|
1,881
|
|
|
3.0
|
%
|
||||
Commercial revenue
|
1,618
|
|
|
1,554
|
|
|
4.1
|
%
|
|
4,821
|
|
|
4,618
|
|
|
4.4
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Advertising sales
|
394
|
|
|
440
|
|
|
(10.6
|
)%
|
|
1,134
|
|
|
1,223
|
|
|
(7.3
|
)%
|
||||
Mobile
|
192
|
|
|
17
|
|
|
NM
|
|
|
490
|
|
|
17
|
|
|
NM
|
|
||||
Other
|
215
|
|
|
228
|
|
|
(5.6
|
)%
|
|
632
|
|
|
673
|
|
|
(6.0
|
)%
|
||||
|
$
|
11,450
|
|
|
$
|
10,892
|
|
|
5.1
|
%
|
|
$
|
34,003
|
|
|
$
|
32,403
|
|
|
4.9
|
%
|
|
Three months ended
September 30, 2019 compared to three months ended September 30, 2018 Increase / (Decrease) |
|
Nine months ended
September 30, 2019 compared to nine months ended September 30, 2018 Increase / (Decrease) |
||||
Increase related to rate changes
|
$
|
167
|
|
|
$
|
497
|
|
Decrease in average residential video customers
|
(110
|
)
|
|
(291
|
)
|
||
Decrease in video on demand and pay-per-view
|
(30
|
)
|
|
(59
|
)
|
||
|
$
|
27
|
|
|
$
|
147
|
|
|
Three months ended
September 30, 2019 compared to three months ended September 30, 2018 Increase / (Decrease) |
|
Nine months ended
September 30, 2019 compared to nine months ended September 30, 2018 Increase / (Decrease) |
||||
Increase in average residential Internet customers
|
$
|
199
|
|
|
$
|
577
|
|
Increase related to rate changes
|
187
|
|
|
459
|
|
||
|
$
|
386
|
|
|
$
|
1,036
|
|
|
Three months ended
September 30, 2019 compared to three months ended September 30, 2018 Increase / (Decrease) |
|
Nine months ended
September 30, 2019 compared to nine months ended September 30, 2018 Increase / (Decrease) |
||||
Decrease in average residential voice customers
|
$
|
(29
|
)
|
|
$
|
(68
|
)
|
Decrease related to rate changes
|
(6
|
)
|
|
(61
|
)
|
||
|
$
|
(35
|
)
|
|
$
|
(129
|
)
|
|
Three months ended
September 30, 2019 compared to three months ended September 30, 2018 Increase / (Decrease) |
|
Nine months ended
September 30, 2019 compared to nine months ended September 30, 2018 Increase / (Decrease) |
||||
Increase in small and medium business customers
|
$
|
76
|
|
|
$
|
251
|
|
Decrease related to rate changes
|
(24
|
)
|
|
(106
|
)
|
||
|
$
|
52
|
|
|
$
|
145
|
|
|
Three months ended
September 30, 2019 compared to three months ended September 30, 2018 Increase / (Decrease) |
|
Nine months ended
September 30, 2019 compared to nine months ended September 30, 2018 Increase / (Decrease) |
||||
Programming
|
$
|
12
|
|
|
$
|
149
|
|
Regulatory, connectivity and produced content
|
66
|
|
|
131
|
|
||
Costs to service customers
|
40
|
|
|
(9
|
)
|
||
Marketing
|
3
|
|
|
(14
|
)
|
||
Mobile
|
243
|
|
|
739
|
|
||
Other
|
59
|
|
|
198
|
|
||
|
$
|
423
|
|
|
$
|
1,194
|
|
|
Three months ended
September 30, 2019 compared to three months ended September 30, 2018 Increase / (Decrease) |
|
Nine months ended
September 30, 2019 compared to nine months ended September 30, 2018 Increase / (Decrease) |
||||
Corporate costs
|
$
|
33
|
|
|
$
|
69
|
|
Property tax and insurance
|
9
|
|
|
49
|
|
||
Stock compensation expense
|
—
|
|
|
25
|
|
||
Enterprise
|
—
|
|
|
14
|
|
||
Advertising sales expense
|
2
|
|
|
7
|
|
||
Other
|
15
|
|
|
34
|
|
||
|
$
|
59
|
|
|
$
|
198
|
|
|
Three months ended
September 30, 2019 compared to three months ended September 30, 2018 Increase / (Decrease) |
|
Nine months ended
September 30, 2019 compared to nine months ended September 30, 2018 Increase / (Decrease) |
||||
Special charges, net
|
$
|
5
|
|
|
$
|
(87
|
)
|
(Gain) loss on sale of assets, net
|
(9
|
)
|
|
42
|
|
||
|
$
|
(4
|
)
|
|
$
|
(45
|
)
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income attributable to Charter shareholders
|
$
|
387
|
|
|
$
|
493
|
|
|
$
|
954
|
|
|
$
|
934
|
|
Plus: Net income attributable to noncontrolling interest
|
80
|
|
|
91
|
|
|
216
|
|
|
212
|
|
||||
Interest expense, net
|
963
|
|
|
901
|
|
|
2,833
|
|
|
2,630
|
|
||||
Income tax expense
|
126
|
|
|
109
|
|
|
329
|
|
|
178
|
|
||||
Depreciation and amortization
|
2,415
|
|
|
2,482
|
|
|
7,465
|
|
|
7,784
|
|
||||
Stock compensation expense
|
71
|
|
|
71
|
|
|
238
|
|
|
213
|
|
||||
(Gain) loss on financial instruments, net
|
34
|
|
|
(12
|
)
|
|
116
|
|
|
—
|
|
||||
Other pension benefits, net
|
(9
|
)
|
|
(207
|
)
|
|
(27
|
)
|
|
(247
|
)
|
||||
Other, net
|
19
|
|
|
23
|
|
|
202
|
|
|
191
|
|
||||
Adjusted EBITDA
|
$
|
4,086
|
|
|
$
|
3,951
|
|
|
$
|
12,326
|
|
|
$
|
11,895
|
|
|
|
|
|
|
|
|
|
||||||||
Net cash flows from operating activities
|
$
|
2,943
|
|
|
$
|
2,804
|
|
|
$
|
8,390
|
|
|
$
|
8,599
|
|
Less: Purchases of property, plant and equipment
|
(1,651
|
)
|
|
(2,118
|
)
|
|
(4,913
|
)
|
|
(6,692
|
)
|
||||
Change in accrued expenses related to capital expenditures
|
(21
|
)
|
|
(154
|
)
|
|
(449
|
)
|
|
(620
|
)
|
||||
Free cash flow
|
$
|
1,271
|
|
|
$
|
532
|
|
|
$
|
3,028
|
|
|
$
|
1,287
|
|
|
Three months ended
September 30, 2019 compared to three months ended September 30, 2018 Increase / (Decrease) |
|
Nine months ended
September 30, 2019 compared to nine months ended September 30, 2018 Increase / (Decrease) |
||||
Decrease in capital expenditures
|
$
|
467
|
|
|
$
|
1,779
|
|
Increase in Adjusted EBITDA
|
135
|
|
|
431
|
|
||
Changes in working capital, excluding change in accrued interest
|
162
|
|
|
(378
|
)
|
||
Increase in cash paid for interest, net
|
(12
|
)
|
|
(126
|
)
|
||
Other, net
|
(13
|
)
|
|
35
|
|
||
|
$
|
739
|
|
|
$
|
1,741
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Customer premise equipment (a)
|
$
|
470
|
|
|
$
|
675
|
|
|
$
|
1,527
|
|
|
$
|
2,437
|
|
Scalable infrastructure (b)
|
320
|
|
|
505
|
|
|
840
|
|
|
1,578
|
|
||||
Line extensions (c)
|
370
|
|
|
348
|
|
|
1,054
|
|
|
992
|
|
||||
Upgrade/rebuild (d)
|
165
|
|
|
190
|
|
|
451
|
|
|
522
|
|
||||
Support capital (e)
|
326
|
|
|
400
|
|
|
1,041
|
|
|
1,163
|
|
||||
Total capital expenditures
|
$
|
1,651
|
|
|
$
|
2,118
|
|
|
$
|
4,913
|
|
|
$
|
6,692
|
|
|
|
|
|
|
|
|
|
||||||||
Capital expenditures included in total related to:
|
|
|
|
|
|
|
|
||||||||
Mobile
|
$
|
100
|
|
|
$
|
66
|
|
|
$
|
281
|
|
|
$
|
136
|
|
Commercial services
|
$
|
327
|
|
|
$
|
342
|
|
|
$
|
956
|
|
|
$
|
934
|
|
All-digital transition
|
$
|
—
|
|
|
$
|
42
|
|
|
$
|
—
|
|
|
$
|
316
|
|
(a)
|
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).
|
(b)
|
Scalable infrastructure includes costs not related to customer premise equipment, to secure growth of new customers and revenue generating units, or provide service enhancements (e.g., headend equipment).
|
(c)
|
Line extensions include network costs associated with entering new service areas (e.g., fiber/coaxial cable, amplifiers, electronic equipment, make-ready and design engineering).
|
(d)
|
Upgrade/rebuild includes costs to modify or replace existing fiber/coaxial cable networks, including betterments.
|
(e)
|
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).
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
|
Total
|
|
Fair Value
|
||||||||||||||||
Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Fixed-Rate
|
$
|
—
|
|
|
$
|
3,500
|
|
|
$
|
2,200
|
|
|
$
|
4,250
|
|
|
$
|
4,150
|
|
|
$
|
48,368
|
|
|
$
|
62,468
|
|
|
$
|
68,395
|
|
Average Interest Rate
|
—
|
%
|
|
4.19
|
%
|
|
4.32
|
%
|
|
4.70
|
%
|
|
5.85
|
%
|
|
5.61
|
%
|
|
5.44
|
%
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Variable Rate
|
$
|
71
|
|
|
$
|
286
|
|
|
$
|
286
|
|
|
$
|
286
|
|
|
$
|
584
|
|
|
$
|
10,221
|
|
|
$
|
11,734
|
|
|
$
|
11,762
|
|
Average Interest Rate
|
3.49
|
%
|
|
3.01
|
%
|
|
2.79
|
%
|
|
2.79
|
%
|
|
2.78
|
%
|
|
3.20
|
%
|
|
3.11
|
%
|
|
|
Period
|
Total Number of Shares Purchased (1)
|
Average Price Paid per Share
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2)
|
July 1 - 31, 2019
|
633,701
|
$401.83
|
583,021
|
$2,565
|
August 1 - 31, 2019
|
4,335,395
|
$388.63
|
4,295,096
|
$2,316
|
September 1 - 30, 2019
|
2,047,833
|
$418.61
|
2,016,645
|
$1,377
|
(1)
|
Includes 50,680, 40,299 and 31,188 shares withheld from employees for the payment of taxes and exercise costs upon the exercise of stock options or vesting of other equity awards for the months of July, August and September 2019, respectively.
|
(2)
|
During the three months ended September 30, 2019, Charter purchased approximately 6.9 million shares of its Class A common stock for approximately $2.7 billion. Charter Holdings purchased 0.9 million Charter Holdings common units from A/N at an average price per unit of $391.62, or $339 million, during the three months ended September 30, 2019. As of September 30, 2019, Charter had remaining board authority to purchase an additional $1.4 billion of Charter’s Class A common stock and/or Charter Holdings common units. In addition to open market purchases including pursuant to Rule 10b5-1 plans adopted from time to time, Charter may also buy shares of Charter Class A common stock, from time to time, pursuant to private transactions outside of its Rule 10b5-1 plan and any such repurchases would also trigger the repurchases from A/N pursuant to and to the extent provided in the Letter Agreement.
|
|
CHARTER COMMUNICATIONS, INC.,
|
||
|
Registrant
|
||
|
|
|
|
|
By:
|
|
/s/ Kevin D. Howard
|
|
|
|
Kevin D. Howard
|
Date: October 25, 2019
|
|
|
Executive Vice President, Chief Accounting Officer and Controller
|
Exhibit
|
|
Description
|
|
|
|
10.1
|
|
|
10.2
|
|
|
10.3
|
|
|
10.4
|
|
|
31.1
|
|
|
31.2
|
|
|
32.1
|
|
|
32.2
|
|
|
101
|
|
The following financial information from Charter Communications, Inc.’s Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2019, filed with the Securities and Exchange Commission on October 25, 2019, formatted in iXBRL (inline eXtensible Business Reporting Language) includes: (i) the Consolidated Balance Sheets; (ii) the Consolidated Statements of Operations; (iii) the Consolidated Statements of Changes in Shareholders' Equity; (iv) the Consolidated Statements of Cash Flows; and (vi) the Notes to the Consolidated Financial Statements.
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104
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Cover Page, formatted in iXBRL and contained in Exhibit 101.
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1 Year Charter Communications Chart |
1 Month Charter Communications Chart |
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