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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 | |
---|---|---|---|---|---|---|---|---|---|---|
1.56 | 0.48% | 326.15 | 325.12 | 326.11 | 328.41 | 324.085 | 324.59 | 40,450 | 14:35:52 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
84-1496755
|
||||||||||
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
||||||||||
400 Atlantic Street
|
Stamford
|
Connecticut
|
06901
|
||||||||
(Address of Principal Executive Offices)
|
(Zip Code)
|
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Class A Common Stock $.001 Par Value | CHTR | NASDAQ Global Select Market |
Page No. | ||||||||
September 30,
2020 |
December 31,
2019 |
||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
CURRENT ASSETS: | |||||||||||
Cash and cash equivalents | $ | 1,283 | $ | 3,483 | |||||||
Accounts receivable, less allowance for doubtful accounts of $223 and $151, respectively
|
2,068 | 2,227 | |||||||||
Prepaid expenses and other current assets | 709 | 761 | |||||||||
Total current assets | 4,060 | 6,471 | |||||||||
RESTRICTED CASH | 3 | 66 | |||||||||
INVESTMENT IN CABLE PROPERTIES: | |||||||||||
Property, plant and equipment, net of accumulated depreciation of $30,407 and $27,656, respectively
|
34,196 | 34,591 | |||||||||
Customer relationships, net | 6,050 | 7,453 | |||||||||
Franchises | 67,322 | 67,322 | |||||||||
Goodwill | 29,554 | 29,554 | |||||||||
Total investment in cable properties, net | 137,122 | 138,920 | |||||||||
OTHER NONCURRENT ASSETS | 3,008 | 2,731 | |||||||||
Total assets | $ | 144,193 | $ | 148,188 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
CURRENT LIABILITIES: | |||||||||||
Accounts payable and accrued liabilities | $ | 8,541 | $ | 8,885 | |||||||
Current portion of long-term debt | 1,715 | 3,500 | |||||||||
Total current liabilities | 10,256 | 12,385 | |||||||||
LONG-TERM DEBT | 77,947 | 75,578 | |||||||||
DEFERRED INCOME TAXES | 17,929 | 17,711 | |||||||||
OTHER LONG-TERM LIABILITIES | 4,349 | 3,703 | |||||||||
SHAREHOLDERS’ EQUITY: | |||||||||||
Class A common stock; $0.001 par value; 900 million shares authorized;
|
|||||||||||
213,203,558 and 209,975,963 shares issued, respectively
|
— | — | |||||||||
Class B common stock; $0.001 par value; 1,000 shares authorized;
|
|||||||||||
1 share issued and outstanding
|
— | — | |||||||||
Preferred stock; $0.001 par value; 250 million shares authorized;
no shares issued and outstanding
|
— | — | |||||||||
Additional paid-in capital | 31,758 | 31,405 | |||||||||
Retained earnings | 2,016 | 40 | |||||||||
Treasury stock at cost; 13,328,430 and no shares, respectively
|
(6,868) | — | |||||||||
Accumulated other comprehensive loss | — | — | |||||||||
Total Charter shareholders’ equity | 26,906 | 31,445 | |||||||||
Noncontrolling interests | 6,806 | 7,366 | |||||||||
Total shareholders’ equity | 33,712 | 38,811 | |||||||||
Total liabilities and shareholders’ equity | $ | 144,193 | $ | 148,188 |
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, 2019 | $ | — | $ | — | $ | 31,405 | $ | 40 | $ | — | $ | — | $ | 31,445 | $ | 7,366 | $ | 38,811 | |||||||||||
Consolidated net income | — | — | — | 396 | — | — | 396 | 71 | 467 | ||||||||||||||||||||
Stock compensation expense | — | — | 90 | — | — | — | 90 | — | 90 | ||||||||||||||||||||
Exercise of stock options | — | — | 93 | — | — | — | 93 | — | 93 | ||||||||||||||||||||
Issuance of equity | — | — | 23 | — | — | — | 23 | — | 23 | ||||||||||||||||||||
Purchases of treasury stock | — | — | — | — | (2,352) | — | (2,352) | — | (2,352) | ||||||||||||||||||||
Purchase of noncontrolling interest, net of tax | — | — | (149) | — | — | — | (149) | (195) | (344) | ||||||||||||||||||||
Change in noncontrolling interest ownership, net of tax | — | — | 82 | — | — | — | 82 | (109) | (27) | ||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (39) | (39) | ||||||||||||||||||||
BALANCE, March 31, 2020 | — | — | 31,544 | 436 | (2,352) | — | 29,628 | 7,094 | 36,722 | ||||||||||||||||||||
Consolidated net income | — | — | — | 766 | — | — | 766 | 110 | 876 | ||||||||||||||||||||
Stock compensation expense | — | — | 90 | — | — | — | 90 | — | 90 | ||||||||||||||||||||
Exercise of stock options | — | — | 28 | — | — | — | 28 | — | 28 | ||||||||||||||||||||
Purchases of treasury stock | — | — | — | — | (1,155) | — | (1,155) | — | (1,155) | ||||||||||||||||||||
Purchase of noncontrolling interest, net of tax | — | — | (42) | — | — | — | (42) | (69) | (111) | ||||||||||||||||||||
Change in noncontrolling interest ownership, net of tax | — | — | 41 | — | — | — | 41 | (52) | (11) | ||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (38) | (38) | ||||||||||||||||||||
BALANCE, June 30, 2020 | — | — | 31,661 | 1,202 | (3,507) | — | 29,356 | 7,045 | 36,401 | ||||||||||||||||||||
Consolidated net income | — | — | — | 814 | — | — | 814 | 118 | 932 | ||||||||||||||||||||
Stock compensation expense | — | — | 83 | — | — | — | 83 | — | 83 | ||||||||||||||||||||
Exercise of stock options | — | — | 50 | — | — | — | 50 | — | 50 | ||||||||||||||||||||
Purchases of treasury stock | — | — | — | — | (3,361) | — | (3,361) | — | (3,361) | ||||||||||||||||||||
Purchase of noncontrolling interest, net of tax | — | — | (154) | — | — | — | (154) | (163) | (317) | ||||||||||||||||||||
Change in noncontrolling interest ownership, net of tax | — | — | 118 | — | — | — | 118 | (157) | (39) | ||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (37) | (37) | ||||||||||||||||||||
BALANCE, September 30, 2020 | $ | — | $ | — | $ | 31,758 | $ | 2,016 | $ | (6,868) | $ | — | $ | 26,906 | $ | 6,806 | $ | 33,712 |
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 | $ | 2,780 | $ | — | $ | (2) | $ | 36,285 | $ | 7,987 | $ | 44,272 | |||||||||||
Consolidated net income | — | — | — | 253 | — | — | 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 |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Consolidated net income | $ | 2,275 | $ | 1,170 | |||||||
Adjustments to reconcile consolidated net income to net cash flows from operating activities: | |||||||||||
Depreciation and amortization | 7,295 | 7,465 | |||||||||
Stock compensation expense | 263 | 238 | |||||||||
Noncash interest income, net | (31) | (89) | |||||||||
Other pension (benefits) costs, net | 94 | (27) | |||||||||
Loss on extinguishment of debt | 121 | — | |||||||||
Loss on financial instruments, net | 185 | 116 | |||||||||
Deferred income taxes | 252 | 233 | |||||||||
Other, net | (21) | 148 | |||||||||
Changes in operating assets and liabilities, net of effects from acquisitions and dispositions: | |||||||||||
Accounts receivable | 159 | (564) | |||||||||
Prepaid expenses and other assets | (240) | (225) | |||||||||
Accounts payable, accrued liabilities and other | 61 | (75) | |||||||||
Net cash flows from operating activities | 10,413 | 8,390 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchases of property, plant and equipment | (5,352) | (4,913) | |||||||||
Change in accrued expenses related to capital expenditures | (70) | (449) | |||||||||
Real estate investments through variable interest entities | (122) | (125) | |||||||||
Other, net | (43) | 10 | |||||||||
Net cash flows from investing activities | (5,587) | (5,477) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Borrowings of long-term debt | 10,352 | 13,157 | |||||||||
Repayments of long-term debt | (9,711) | (10,886) | |||||||||
Payments for debt issuance costs | (91) | (48) | |||||||||
Issuance of equity | 23 | — | |||||||||
Purchase of treasury stock | (6,868) | (4,568) | |||||||||
Proceeds from exercise of stock options | 171 | 106 | |||||||||
Purchase of noncontrolling interest | (884) | (593) | |||||||||
Distributions to noncontrolling interest | (114) | (116) | |||||||||
Borrowings for real estate investments through variable interest entities, net | 63 | — | |||||||||
Other, net | (30) | (133) | |||||||||
Net cash flows from financing activities | (7,089) | (3,081) | |||||||||
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (2,263) | (168) | |||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 3,549 | 765 | |||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $ | 1,286 | $ | 597 | |||||||
CASH PAID FOR INTEREST | $ | 3,023 | $ | 3,065 | |||||||
CASH PAID FOR TAXES | $ | 84 | $ | 55 |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||
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 | $ | 67,322 | $ | — | $ | 67,322 | ||||||||||||||||||||||||||
Goodwill | 29,554 | — | 29,554 | 29,554 | — | 29,554 | ||||||||||||||||||||||||||||||||
Trademarks | 159 | — | 159 | 159 | — | 159 | ||||||||||||||||||||||||||||||||
$ | 97,035 | $ | — | $ | 97,035 | $ | 97,035 | $ | — | $ | 97,035 | |||||||||||||||||||||||||||
Finite-lived intangible assets: | ||||||||||||||||||||||||||||||||||||||
Customer relationships | $ | 18,230 | $ | (12,180) | $ | 6,050 | $ | 18,230 | $ | (10,777) | $ | 7,453 | ||||||||||||||||||||||||||
Other intangible assets | 405 | (150) | 255 | 405 | (122) | 283 | ||||||||||||||||||||||||||||||||
$ | 18,635 | $ | (12,330) | $ | 6,305 | $ | 18,635 | $ | (10,899) | $ | 7,736 |
Three months ended December 31, 2020 | $ | 443 | ||||||
2021 | 1,599 | |||||||
2022 | 1,329 | |||||||
2023 | 1,072 | |||||||
2024 | 821 | |||||||
Thereafter | 1,041 | |||||||
$ | 6,305 |
September 30, 2020 | December 31, 2019 | ||||||||||
Assets | |||||||||||
Current assets | $ | 3 | $ | — | |||||||
Restricted cash | $ | 3 | $ | 66 | |||||||
Property, plant and equipment | $ | 431 | $ | 295 | |||||||
Liabilities | |||||||||||
Current liabilities | $ | 30 | $ | 11 | |||||||
Other long-term liabilities | $ | 410 | $ | 350 |
September 30, 2020 | December 31, 2019 | ||||||||||
Accounts payable – trade | $ | 728 | $ | 786 | |||||||
Deferred revenue | 477 | 460 | |||||||||
Accrued liabilities: | |||||||||||
Programming costs | 1,913 | 2,042 | |||||||||
Labor | 1,129 | 1,028 | |||||||||
Capital expenditures | 1,264 | 1,441 | |||||||||
Interest | 962 | 1,052 | |||||||||
Taxes and regulatory fees | 585 | 537 | |||||||||
Property and casualty | 472 | 458 | |||||||||
Operating lease liabilities | 233 | 214 | |||||||||
Other | 778 | 867 | |||||||||
$ | 8,541 | $ | 8,885 |
September 30, 2020 | December 31, 2019 | ||||||||||
Operating lease right-of-use assets: | |||||||||||
Included within other noncurrent assets | $ | 1,157 | $ | 1,092 | |||||||
Operating lease liabilities: | |||||||||||
Current portion included within accounts payable and accrued liabilities | $ | 233 | $ | 214 | |||||||
Long-term portion included within other long-term liabilities | 1,045 | 979 | |||||||||
$ | 1,278 | $ | 1,193 | ||||||||
Weighted average remaining lease term for operating leases | 6.3 years | 6.6 years | |||||||||
Weighted average discount rate for operating leases | 4.1 | % | 4.4 | % |
Operating leases | |||||||||||
Three months ended December 31, 2020 | $ | 78 | |||||||||
2021 | 298 | ||||||||||
2022 | 262 | ||||||||||
2023 | 233 | ||||||||||
2024 | 194 | ||||||||||
Thereafter | 462 | ||||||||||
Undiscounted lease cash flow commitments
|
1,527 | ||||||||||
Reconciling impact from discounting | (249) | ||||||||||
Lease liabilities on consolidated balance sheet as of September 30, 2020
|
$ | 1,278 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
Principal Amount | Accreted Value | Principal Amount | Accreted Value | ||||||||||||||||||||
CCO Holdings, LLC: | |||||||||||||||||||||||
5.250% senior notes due September 30, 2022
|
$ | — | $ | — | $ | 1,250 | $ | 1,241 | |||||||||||||||
5.125% senior notes due February 15, 2023
|
— | — | 1,000 | 995 | |||||||||||||||||||
4.000% senior notes due March 1, 2023
|
500 | 498 | 500 | 497 | |||||||||||||||||||
5.125% senior notes due May 1, 2023
|
— | — | 1,150 | 1,145 | |||||||||||||||||||
5.750% senior notes due September 1, 2023
|
— | — | 500 | 497 | |||||||||||||||||||
5.750% senior notes due January 15, 2024
|
— | — | 150 | 149 | |||||||||||||||||||
5.875% senior notes due April 1, 2024
|
— | — | 1,700 | 1,690 | |||||||||||||||||||
5.375% senior notes due May 1, 2025
|
750 | 747 | 750 | 746 | |||||||||||||||||||
5.750% senior notes due February 15, 2026
|
2,500 | 2,474 | 2,500 | 2,471 | |||||||||||||||||||
5.500% senior notes due May 1, 2026
|
1,500 | 1,492 | 1,500 | 1,491 | |||||||||||||||||||
5.875% senior notes due May 1, 2027
|
800 | 796 | 800 | 796 | |||||||||||||||||||
5.125% senior notes due May 1, 2027
|
3,250 | 3,224 | 3,250 | 3,222 | |||||||||||||||||||
5.000% senior notes due February 1, 2028
|
2,500 | 2,471 | 2,500 | 2,469 | |||||||||||||||||||
5.375% senior notes due June 1, 2029
|
1,500 | 1,501 | 1,500 | 1,501 | |||||||||||||||||||
4.750% senior notes due March 1, 2030
|
3,050 | 3,042 | 3,050 | 3,041 | |||||||||||||||||||
4.500% senior notes due August 15, 2030
|
2,750 | 2,750 | — | — | |||||||||||||||||||
4.250% senior notes due February 1, 2031
|
3,000 | 3,001 | — | — | |||||||||||||||||||
4.500% senior notes due May 1, 2032
|
1,400 | 1,387 | — | — | |||||||||||||||||||
Charter Communications Operating, LLC: | |||||||||||||||||||||||
3.579% senior notes due July 23, 2020
|
— | — | 2,000 | 1,997 | |||||||||||||||||||
4.464% senior notes due July 23, 2022
|
3,000 | 2,990 | 3,000 | 2,987 | |||||||||||||||||||
Senior floating rate notes due February 1, 2024 | 900 | 902 | 900 | 902 | |||||||||||||||||||
4.500% senior notes due February 1, 2024
|
1,100 | 1,094 | 1,100 | 1,093 | |||||||||||||||||||
4.908% senior notes due July 23, 2025
|
4,500 | 4,474 | 4,500 | 4,471 | |||||||||||||||||||
3.750% senior notes due February 15, 2028
|
1,000 | 988 | 1,000 | 987 | |||||||||||||||||||
4.200% senior notes due March 15, 2028
|
1,250 | 1,241 | 1,250 | 1,240 | |||||||||||||||||||
5.050% senior notes due March 30, 2029
|
1,250 | 1,241 | 1,250 | 1,241 | |||||||||||||||||||
2.800% senior notes due April 1, 2031
|
1,600 | 1,583 | — | — | |||||||||||||||||||
6.384% senior notes due October 23, 2035
|
2,000 | 1,983 | 2,000 | 1,982 | |||||||||||||||||||
5.375% senior notes due April 1, 2038
|
800 | 786 | 800 | 786 | |||||||||||||||||||
6.484% senior notes due October 23, 2045
|
3,500 | 3,468 | 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 | 2,450 | 2,391 | |||||||||||||||||||
5.125% senior notes due July 1, 2049
|
1,250 | 1,240 | 1,250 | 1,240 | |||||||||||||||||||
4.800% senior notes due March 1, 2050
|
2,800 | 2,797 | 2,800 | 2,798 | |||||||||||||||||||
3.700% senior notes due April 1, 2051
|
1,400 | 1,380 | — | — | |||||||||||||||||||
6.834% senior notes due October 23, 2055
|
500 | 495 | 500 | 495 | |||||||||||||||||||
Credit facilities | 10,219 | 10,147 | 10,427 | 10,345 | |||||||||||||||||||
Time Warner Cable, LLC: |
5.000% senior notes due February 1, 2020
|
— | — | 1,500 | 1,503 | |||||||||||||||||||
4.125% senior notes due February 15, 2021
|
700 | 704 | 700 | 711 | |||||||||||||||||||
4.000% senior notes due September 1, 2021
|
1,000 | 1,011 | 1,000 | 1,021 | |||||||||||||||||||
5.750% sterling senior notes due June 2, 2031 (a)
|
806 | 860 | 828 | 886 | |||||||||||||||||||
6.550% senior debentures due May 1, 2037
|
1,500 | 1,670 | 1,500 | 1,675 | |||||||||||||||||||
7.300% senior debentures due July 1, 2038
|
1,500 | 1,766 | 1,500 | 1,772 | |||||||||||||||||||
6.750% senior debentures due June 15, 2039
|
1,500 | 1,708 | 1,500 | 1,713 | |||||||||||||||||||
5.875% senior debentures due November 15, 2040
|
1,200 | 1,254 | 1,200 | 1,255 | |||||||||||||||||||
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)
|
839 | 810 | 861 | 831 | |||||||||||||||||||
4.500% senior debentures due September 15, 2042
|
1,250 | 1,144 | 1,250 | 1,142 | |||||||||||||||||||
Time Warner Cable Enterprises LLC: | |||||||||||||||||||||||
8.375% senior debentures due March 15, 2023
|
1,000 | 1,115 | 1,000 | 1,148 | |||||||||||||||||||
8.375% senior debentures due July 15, 2033
|
1,000 | 1,273 | 1,000 | 1,284 | |||||||||||||||||||
Total debt | 79,064 | 79,662 | 78,416 | 79,078 | |||||||||||||||||||
Less current portion: | |||||||||||||||||||||||
5.000% senior notes due February 1, 2020 | — | — | (1,500) | (1,503) | |||||||||||||||||||
3.579% senior notes due July 23, 2020 | — | — | (2,000) | (1,997) | |||||||||||||||||||
4.125% senior notes due February 15, 2021 | (700) | (704) | — | — | |||||||||||||||||||
4.000% senior notes due September 1, 2021 | (1,000) | (1,011) | — | — | |||||||||||||||||||
Long-term debt | $ | 77,364 | $ | 77,947 | $ | 74,916 | $ | 75,578 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Shares | $ | Shares | $ | Shares | $ | Shares | $ | ||||||||||||||||||||||||||||||||||||||||
Share buybacks | 5,466,295 | $ | 3,250 | 6,894,762 | $ | 2,748 | 11,947,078 | $ | 6,452 | 11,757,758 | $ | 4,455 | |||||||||||||||||||||||||||||||||||
Income tax withholding | 186,548 | 111 | 46,691 | 19 | 769,853 | 416 | 324,731 | 113 | |||||||||||||||||||||||||||||||||||||||
Exercise cost | 180,824 | 75,476 | 611,499 | 260,646 | |||||||||||||||||||||||||||||||||||||||||||
5,833,667 | $ | 3,361 | 7,016,929 | $ | 2,767 | 13,328,430 | $ | 6,868 | 12,343,135 | $ | 4,568 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Number of units purchased | 644,806 | 864,826 | 1,720,482 | 1,615,561 | |||||||||||||||||||
Average price per unit | $ | 568.19 | $ | 391.62 | $ | 514.10 | $ | 366.76 | |||||||||||||||
Amount of units purchased | $ | 366 | $ | 339 | $ | 884 | $ | 593 | |||||||||||||||
Decrease in noncontrolling interest based on carrying value | $ | (163) | $ | (215) | $ | (427) | $ | (400) | |||||||||||||||
Decrease in additional paid-in-capital, net of tax | $ | (154) | $ | (93) | $ | (345) | $ | (145) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Decrease in noncontrolling interest | $ | (157) | $ | (87) | $ | (318) | $ | (139) | |||||||||||||||
Increase in additional paid-in-capital, net of tax | $ | 118 | $ | 65 | $ | 241 | $ | 104 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Gain (Loss) on Financial Instruments, Net: | |||||||||||||||||||||||
Change in fair value of cross-currency derivative instruments
|
$ | 135 | $ | (86) | $ | (230) | $ | (172) | |||||||||||||||
Foreign currency remeasurement of Sterling Notes to U.S. dollars
|
(66) | 52 | 45 | 56 | |||||||||||||||||||
$ | 69 | $ | (34) | $ | (185) | $ | (116) |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||
Senior notes and debentures | $ | 69,515 | $ | 78,793 | $ | 68,733 | $ | 74,938 | ||||||||||||||||||
Credit facilities | $ | 10,147 | $ | 9,983 | $ | 10,345 | $ | 10,448 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Internet | $ | 4,722 | $ | 4,195 | $ | 13,659 | $ | 12,322 | |||||||||||||||
Video | 4,221 | 4,359 | 13,014 | 13,134 | |||||||||||||||||||
Voice | 449 | 477 | 1,357 | 1,470 | |||||||||||||||||||
Residential revenue | 9,392 | 9,031 | 28,030 | 26,926 | |||||||||||||||||||
Small and medium business | 988 | 974 | 2,967 | 2,882 | |||||||||||||||||||
Enterprise | 617 | 644 | 1,845 | 1,939 | |||||||||||||||||||
Commercial revenue | 1,605 | 1,618 | 4,812 | 4,821 | |||||||||||||||||||
Advertising sales | 460 | 394 | 1,074 | 1,134 | |||||||||||||||||||
Mobile | 368 | 192 | 936 | 490 | |||||||||||||||||||
Other | 214 | 215 | 621 | 632 | |||||||||||||||||||
$ | 12,039 | $ | 11,450 | $ | 35,473 | $ | 34,003 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Programming | $ | 2,727 | $ | 2,790 | $ | 8,492 | $ | 8,482 | |||||||||||||||
Regulatory, connectivity and produced content | 612 | 612 | 1,651 | 1,770 | |||||||||||||||||||
Costs to service customers | 1,902 | 1,894 | 5,598 | 5,483 | |||||||||||||||||||
Marketing | 788 | 793 | 2,273 | 2,296 | |||||||||||||||||||
Mobile | 456 | 337 | 1,243 | 874 | |||||||||||||||||||
Other | 998 | 1,009 | 2,955 | 3,010 | |||||||||||||||||||
$ | 7,483 | $ | 7,435 | $ | 22,212 | $ | 21,915 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Special charges, net | $ | 28 | $ | 19 | $ | 50 | 38 | ||||||||||||||||
(Gain) loss on sale of assets, net | (14) | (5) | (27) | 33 | |||||||||||||||||||
$ | 14 | $ | 14 | $ | 23 | $ | 71 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Stock options | 17,100 | 39,400 | 1,282,400 | 1,821,800 | |||||||||||||||||||
Restricted stock | — | 200 | 6,000 | 8,300 | |||||||||||||||||||
Restricted stock units | 5,000 | 11,300 | 420,900 | 698,200 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income attributable to Charter shareholders | $ | 814 | $ | 387 | $ | 1,976 | $ | 954 | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average common shares outstanding, basic | 202,826,502 | 218,499,213 | 205,468,736 | 221,818,079 | |||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Assumed exercise or issuance of shares relating to stock plans | 5,895,627 | 3,856,654 | 5,931,045 | 3,519,905 | |||||||||||||||||||
Weighted average common shares outstanding, diluted | 208,722,129 | 222,355,867 | 211,399,781 | 225,337,984 | |||||||||||||||||||
Basic earnings per common share attributable to Charter shareholders | $ | 4.01 | $ | 1.77 | $ | 9.62 | $ | 4.30 | |||||||||||||||
Diluted earnings per common share attributable to Charter shareholders | $ | 3.90 | $ | 1.74 | $ | 9.35 | $ | 4.23 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Interest cost | $ | (29) | $ | (32) | $ | (85) | $ | (96) | |||||||||||||||
Expected return on plan assets | 39 | 41 | 116 | 123 | |||||||||||||||||||
Remeasurement loss, net | (125) | — | (125) | — | |||||||||||||||||||
Net periodic pension benefits | $ | (115) | $ | 9 | $ | (94) | $ | 27 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | % Change | 2020 | 2019 | % Change | ||||||||||||||||||||||||||||||
Revenues | $ | 12,039 | $ | 11,450 | 5.1 | % | $ | 35,473 | $ | 34,003 | 4.3 | % | |||||||||||||||||||||||
Adjusted EBITDA | $ | 4,639 | $ | 4,086 | 13.6 | % | $ | 13,524 | $ | 12,326 | 9.7 | % | |||||||||||||||||||||||
Income from operations | $ | 2,172 | $ | 1,586 | 36.9 | % | $ | 5,943 | $ | 4,552 | 30.6 | % |
Approximate as of | |||||||||||
September 30, | |||||||||||
2020 (a)
|
2019 (a)
|
||||||||||
Customer Relationships (b)
|
|||||||||||
Residential | 28,912 | 27,037 | |||||||||
SMB | 2,021 | 1,930 | |||||||||
Total Customer Relationships | 30,933 | 28,967 | |||||||||
Monthly Residential Revenue per Residential Customer (c)
|
$ | 109.03 | $ | 112.00 | |||||||
Monthly SMB Revenue per SMB Customer (d)
|
$ | 164.77 | $ | 169.44 | |||||||
Internet | |||||||||||
Residential | 26,807 | 24,595 | |||||||||
SMB | 1,826 | 1,730 | |||||||||
Total Internet Customers | 28,633 | 26,325 | |||||||||
Video | |||||||||||
Residential | 15,705 | 15,725 | |||||||||
SMB | 530 | 520 | |||||||||
Total Video Customers | 16,235 | 16,245 | |||||||||
Voice | |||||||||||
Residential | 9,335 | 9,595 | |||||||||
SMB | 1,207 | 1,120 | |||||||||
Total Voice Customers | 10,542 | 10,715 | |||||||||
Mobile Lines | |||||||||||
Residential | 2,020 | 793 | |||||||||
SMB | 40 | 1 | |||||||||
Total Mobile Lines | 2,060 | 794 | |||||||||
Enterprise Primary Service Units ("PSUs") (e)
|
272 | 264 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | % Change | 2020 | 2019 | % Change | ||||||||||||||||||||||||||||||
Internet | $ | 4,722 | $ | 4,195 | 12.5 | % | $ | 13,659 | $ | 12,322 | 10.8 | % | |||||||||||||||||||||||
Video | 4,221 | 4,359 | (3.2) | % | 13,014 | 13,134 | (0.9) | % | |||||||||||||||||||||||||||
Voice | 449 | 477 | (5.8) | % | 1,357 | 1,470 | (7.7) | % | |||||||||||||||||||||||||||
Residential revenue | 9,392 | 9,031 | 4.0 | % | 28,030 | 26,926 | 4.1 | % | |||||||||||||||||||||||||||
Small and medium business | 988 | 974 | 1.5 | % | 2,967 | 2,882 | 2.9 | % | |||||||||||||||||||||||||||
Enterprise | 617 | 644 | (4.3) | % | 1,845 | 1,939 | (4.9) | % | |||||||||||||||||||||||||||
Commercial revenue | 1,605 | 1,618 | (0.8) | % | 4,812 | 4,821 | (0.2) | % | |||||||||||||||||||||||||||
Advertising sales | 460 | 394 | 16.8 | % | 1,074 | 1,134 | (5.3) | % | |||||||||||||||||||||||||||
Mobile | 368 | 192 | 91.8 | % | 936 | 490 | 91.3 | % | |||||||||||||||||||||||||||
Other | 214 | 215 | (0.7) | % | 621 | 632 | (1.8) | % | |||||||||||||||||||||||||||
$ | 12,039 | $ | 11,450 | 5.1 | % | $ | 35,473 | $ | 34,003 | 4.3 | % |
Three months ended
September 30, 2020 compared to three months ended September 30, 2019 Increase / (Decrease) |
Nine months ended
September 30, 2020 compared to nine months ended September 30, 2019 Increase / (Decrease) |
||||||||||
Increase in average residential Internet customers | $ | 373 | $ | 895 | |||||||
Increase related to rate, product mix and allocation changes | 154 | 442 | |||||||||
$ | 527 | $ | 1,337 |
Three months ended
September 30, 2020 compared to three months ended September 30, 2019 Increase / (Decrease) |
Nine months ended
September 30, 2020 compared to nine months ended September 30, 2019 Increase / (Decrease) |
||||||||||
Estimated customer credits due to COVID-19 | $ | (218) | $ | (262) | |||||||
Decrease in average residential video customers | (20) | (224) | |||||||||
Decrease in video on demand and pay-per-view | (18) | (26) | |||||||||
Increase related to rate, product mix and allocation changes | 118 | 392 | |||||||||
$ | (138) | $ | (120) |
Three months ended
September 30, 2020 compared to three months ended September 30, 2019 Increase / (Decrease) |
Nine months ended
September 30, 2020 compared to nine months ended September 30, 2019 Increase / (Decrease) |
||||||||||
Decrease in average residential voice customers | $ | (16) | $ | (77) | |||||||
Decrease related to rate, product mix and allocation changes | (12) | (36) | |||||||||
$ | (28) | $ | (113) |
Three months ended
September 30, 2020 compared to three months ended September 30, 2019 Increase / (Decrease) |
Nine months ended
September 30, 2020 compared to nine months ended September 30, 2019 Increase / (Decrease) |
||||||||||
Increase in small and medium business customers | $ | 42 | $ | 150 | |||||||
Decrease related to rate and product mix changes | (28) | (65) | |||||||||
$ | 14 | $ | 85 |
Three months ended
September 30, 2020 compared to three months ended September 30, 2019 Increase / (Decrease) |
Nine months ended
September 30, 2020 compared to nine months ended September 30, 2019 Increase / (Decrease) |
||||||||||
Programming | $ | (63) | $ | 10 | |||||||
Regulatory, connectivity and produced content | — | (119) | |||||||||
Costs to service customers | 8 | 115 | |||||||||
Marketing | (5) | (23) | |||||||||
Mobile | 119 | 369 | |||||||||
Other | (11) | (55) | |||||||||
$ | 48 | $ | 297 |
Three months ended
September 30, 2020 compared to three months ended September 30, 2019 Increase / (Decrease) |
Nine months ended
September 30, 2020 compared to nine months ended September 30, 2019 Increase / (Decrease) |
||||||||||
Enterprise | $ | (16) | $ | (66) | |||||||
Property tax and insurance | (12) | (32) | |||||||||
Advertising sales expense | 9 | (26) | |||||||||
Corporate costs | (5) | 27 | |||||||||
Stock compensation expense | 12 | 25 | |||||||||
Other | 1 | 17 | |||||||||
$ | (11) | $ | (55) |
Three months ended
September 30, 2020 compared to three months ended September 30, 2019 Increase / (Decrease) |
Nine months ended
September 30, 2020 compared to nine months ended September 30, 2019 Increase / (Decrease) |
||||||||||
Special charges, net | $ | 9 | $ | 12 | |||||||
(Gain) loss on sale of assets, net | (9) | (60) | |||||||||
$ | — | $ | (48) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net income attributable to Charter shareholders | $ | 814 | $ | 387 | $ | 1,976 | $ | 954 | |||||||||||||||
Plus: Net income attributable to noncontrolling interest | 118 | 80 | 299 | 216 | |||||||||||||||||||
Interest expense, net | 946 | 963 | 2,883 | 2,833 | |||||||||||||||||||
Income tax expense | 177 | 126 | 372 | 329 | |||||||||||||||||||
Depreciation and amortization | 2,370 | 2,415 | 7,295 | 7,465 | |||||||||||||||||||
Stock compensation expense | 83 | 71 | 263 | 238 | |||||||||||||||||||
Loss on extinguishment of debt | 58 | — | 121 | — | |||||||||||||||||||
(Gain) loss on financial instruments, net | (69) | 34 | 185 | 116 | |||||||||||||||||||
Other pension (benefits) costs, net | 115 | (9) | 94 | (27) | |||||||||||||||||||
Other, net | 27 | 19 | 36 | 202 | |||||||||||||||||||
Adjusted EBITDA | $ | 4,639 | $ | 4,086 | $ | 13,524 | $ | 12,326 | |||||||||||||||
Net cash flows from operating activities | $ | 3,664 | $ | 2,943 | $ | 10,413 | $ | 8,390 | |||||||||||||||
Less: Purchases of property, plant and equipment | (2,014) | (1,651) | (5,352) | (4,913) | |||||||||||||||||||
Change in accrued expenses related to capital expenditures | 104 | (21) | (70) | (449) | |||||||||||||||||||
Free cash flow | $ | 1,754 | $ | 1,271 | $ | 4,991 | $ | 3,028 |
Three months ended
September 30, 2020 compared to three months ended September 30, 2019 Increase / (Decrease) |
Nine months ended
September 30, 2020 compared to nine months ended September 30, 2019 Increase / (Decrease) |
||||||||||
Changes in working capital, excluding change in accrued interest | $ | 318 | $ | 1,220 | |||||||
Increase in Adjusted EBITDA | 553 | 1,198 | |||||||||
Decrease in cash paid for interest, net | 6 | 34 | |||||||||
Increase in capital expenditures | (363) | (439) | |||||||||
Other, net | (31) | (50) | |||||||||
$ | 483 | $ | 1,963 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Customer premise equipment (a) | $ | 520 | $ | 470 | $ | 1,501 | $ | 1,527 | |||||||||||||||
Scalable infrastructure (b) | 424 | 320 | 979 | 840 | |||||||||||||||||||
Line extensions (c) | 439 | 370 | 1,204 | 1,054 | |||||||||||||||||||
Upgrade/rebuild (d) | 175 | 165 | 459 | 451 | |||||||||||||||||||
Support capital (e) | 456 | 326 | 1,209 | 1,041 | |||||||||||||||||||
Total capital expenditures | $ | 2,014 | $ | 1,651 | $ | 5,352 | $ | 4,913 | |||||||||||||||
Capital expenditures included in total related to:
|
|||||||||||||||||||||||
Mobile | $ | 139 | $ | 100 | $ | 351 | $ | 281 | |||||||||||||||
Commercial services | $ | 358 | $ | 327 | $ | 942 | $ | 956 |
2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||||||||||||||||||
Debt: | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed-Rate | $ | — | $ | 1,700 | $ | 3,000 | $ | 1,500 | $ | 1,100 | $ | 60,645 | $ | 67,945 | $ | 77,872 | |||||||||||||||||||||||||||||||
Average Interest Rate | — | % | 4.05 | % | 4.46 | % | 6.92 | % | 4.50 | % | 5.28 | % | 5.24 | % | |||||||||||||||||||||||||||||||||
Variable Rate | $ | 69 | $ | 277 | $ | 277 | $ | 436 | $ | 1,165 | $ | 8,895 | $ | 11,119 | $ | 10,904 | |||||||||||||||||||||||||||||||
Average Interest Rate | 1.52 | % | 1.50 | % | 1.51 | % | 1.61 | % | 1.93 | % | 2.25 | % | 2.15 | % |
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, 2020 | 1,375,567 | $537.54 | 1,188,061 | $4,404 | ||||||||||
August 1 - 31, 2020 | 2,027,469 | $607.06 | 1,915,988 | $3,190 | ||||||||||
September 1 - 30, 2020 | 2,430,631 | $615.83 | 2,362,246 | $1,649 |
CHARTER COMMUNICATIONS, INC., | |||||||||||
Registrant | |||||||||||
By: | /s/ Kevin D. Howard | ||||||||||
Kevin D. Howard | |||||||||||
Date: October 30, 2020 | Executive Vice President, Chief Accounting Officer and Controller |
Exhibit | Description | |||||||
10.1 | ||||||||
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, 2020, filed with the Securities and Exchange Commission on October 30, 2020, 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.
|
|||||||
104 | Cover Page, formatted in iXBRL and contained in Exhibit 101. |
1 Year Charter Communications Chart |
1 Month Charter Communications Chart |
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