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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 | 323.87 | 329.94 | 3 | 12:07:41 |
☒ |
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 Washington Blvd.
|
Stamford
|
Connecticut
|
06902
|
||||||||
(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. | ||||||||
June 30,
2021 |
December 31,
2020 |
||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
CURRENT ASSETS: | |||||||||||
Cash and cash equivalents | $ | 1,711 | $ | 1,001 | |||||||
Accounts receivable, less allowance for doubtful accounts of $193 and $217, respectively
|
2,583 | 2,539 | |||||||||
Prepaid expenses and other current assets | 388 | 369 | |||||||||
Total current assets | 4,682 | 3,909 | |||||||||
INVESTMENT IN CABLE PROPERTIES: | |||||||||||
Property, plant and equipment, net of accumulated depreciation of $32,520 and $31,639, respectively
|
34,206 | 34,357 | |||||||||
Customer relationships, net | 4,787 | 5,615 | |||||||||
Franchises | 67,322 | 67,322 | |||||||||
Goodwill | 29,554 | 29,554 | |||||||||
Total investment in cable properties, net | 135,869 | 136,848 | |||||||||
OTHER NONCURRENT ASSETS | 3,475 | 3,449 | |||||||||
Total assets | $ | 144,026 | $ | 144,206 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
CURRENT LIABILITIES: | |||||||||||
Accounts payable and accrued liabilities | $ | 9,036 | $ | 8,867 | |||||||
Current portion of long-term debt | 1,002 | 1,008 | |||||||||
Total current liabilities | 10,038 | 9,875 | |||||||||
LONG-TERM DEBT | 86,962 | 81,744 | |||||||||
DEFERRED INCOME TAXES | 18,678 | 18,108 | |||||||||
OTHER LONG-TERM LIABILITIES | 4,262 | 4,198 | |||||||||
SHAREHOLDERS’ EQUITY: | |||||||||||
Class A common stock; $0.001 par value; 900 million shares authorized;
|
|||||||||||
195,489,213 and 193,730,992 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 | 29,878 | 29,000 | |||||||||
Retained earnings | (3,368) | (5,195) | |||||||||
Treasury stock at cost; 11,667,008 and no shares, respectively
|
(7,168) | — | |||||||||
Total Charter shareholders’ equity | 19,342 | 23,805 | |||||||||
Noncontrolling interests | 4,744 | 6,476 | |||||||||
Total shareholders’ equity | 24,086 | 30,281 | |||||||||
Total liabilities and shareholders’ equity | $ | 144,026 | $ | 144,206 |
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Total Charter Shareholders’ Equity | Non-controlling Interests | Total Shareholders’ Equity | |||||||||||||||||||
BALANCE, December 31, 2020 | $ | — | $ | — | $ | 29,000 | $ | (5,195) | $ | — | $ | 23,805 | $ | 6,476 | $ | 30,281 | ||||||||||
Consolidated net income | — | — | — | 807 | — | 807 | 114 | 921 | ||||||||||||||||||
Stock compensation expense | — | — | 134 | — | — | 134 | — | 134 | ||||||||||||||||||
Exercise of stock options | — | — | 9 | — | — | 9 | — | 9 | ||||||||||||||||||
Purchases of treasury stock | — | — | — | — | (3,652) | (3,652) | — | (3,652) | ||||||||||||||||||
Purchase of noncontrolling interest, net of tax | — | — | (237) | — | — | (237) | (192) | (429) | ||||||||||||||||||
Change in noncontrolling interest ownership, net of tax | — | — | 131 | — | — | 131 | (175) | (44) | ||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | (39) | (39) | ||||||||||||||||||
BALANCE, March 31, 2021 | — | — | 29,037 | (4,388) | (3,652) | 20,997 | 6,184 | 27,181 | ||||||||||||||||||
Consolidated net income | — | — | — | 1,020 | — | 1,020 | 138 | 1,158 | ||||||||||||||||||
Stock compensation expense | — | — | 100 | — | — | 100 | — | 100 | ||||||||||||||||||
Exercise of stock options | — | — | 17 | — | — | 17 | — | 17 | ||||||||||||||||||
Purchases of treasury stock | — | — | — | — | (3,516) | (3,516) | — | (3,516) | ||||||||||||||||||
Purchase of noncontrolling interest, net of tax | — | — | (279) | — | — | (279) | (213) | (492) | ||||||||||||||||||
Preferred unit conversion and change in noncontrolling interest ownership, net of tax | — | — | 1,003 | — | — | 1,003 | (1,333) | (330) | ||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | (32) | (32) | ||||||||||||||||||
BALANCE, June 30, 2021 | $ | — | $ | — | $ | 29,878 | $ | (3,368) | $ | (7,168) | $ | 19,342 | $ | 4,744 | $ | 24,086 | ||||||||||
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | 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 | ||||||||||
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Consolidated net income | $ | 2,079 | $ | 1,343 | |||||||
Adjustments to reconcile consolidated net income to net cash flows from operating activities: | |||||||||||
Depreciation and amortization | 4,795 | 4,925 | |||||||||
Stock compensation expense | 234 | 180 | |||||||||
Noncash interest income, net | (15) | (21) | |||||||||
Deferred income taxes | 371 | 101 | |||||||||
Other, net | 124 | 279 | |||||||||
Changes in operating assets and liabilities, net of effects from acquisitions and dispositions: | |||||||||||
Accounts receivable | (44) | 170 | |||||||||
Prepaid expenses and other assets | (113) | (101) | |||||||||
Accounts payable, accrued liabilities and other | 319 | (127) | |||||||||
Net cash flows from operating activities | 7,750 | 6,749 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchases of property, plant and equipment | (3,702) | (3,338) | |||||||||
Change in accrued expenses related to capital expenditures | (125) | (174) | |||||||||
Real estate investments through variable interest entities | (123) | (81) | |||||||||
Other, net | (22) | (8) | |||||||||
Net cash flows from investing activities | (3,972) | (3,601) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Borrowings of long-term debt | 10,958 | 7,322 | |||||||||
Repayments of long-term debt | (5,759) | (7,892) | |||||||||
Payments for debt issuance costs | (58) | (62) | |||||||||
Issuance of equity | — | 23 | |||||||||
Purchase of treasury stock | (7,168) | (3,507) | |||||||||
Proceeds from exercise of stock options | 26 | 121 | |||||||||
Purchase of noncontrolling interest | (1,090) | (518) | |||||||||
Distributions to noncontrolling interest | (71) | (77) | |||||||||
Borrowings for real estate investments through variable interest entities | 123 | 20 | |||||||||
Other, net | (29) | (25) | |||||||||
Net cash flows from financing activities | (3,068) | (4,595) | |||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 710 | (1,447) | |||||||||
CASH AND CASH EQUIVALENTS, beginning of period | 1,001 | 3,549 | |||||||||
CASH AND CASH EQUIVALENTS, end of period | $ | 1,711 | $ | 2,102 | |||||||
CASH PAID FOR INTEREST | $ | 1,996 | $ | 1,985 | |||||||
CASH PAID FOR TAXES | $ | 69 | $ | 50 |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
Wireless spectrum licenses | 464 | — | 464 | 464 | — | 464 | ||||||||||||||||||||||||||||||||
Trademarks | 159 | — | 159 | 159 | — | 159 | ||||||||||||||||||||||||||||||||
$ | 97,499 | $ | — | $ | 97,499 | $ | 97,499 | $ | — | $ | 97,499 | |||||||||||||||||||||||||||
Finite-lived intangible assets: | ||||||||||||||||||||||||||||||||||||||
Customer relationships | $ | 18,232 | $ | (13,445) | $ | 4,787 | $ | 18,230 | $ | (12,615) | $ | 5,615 | ||||||||||||||||||||||||||
Other intangible assets | 420 | (178) | 242 | 420 | (159) | 261 | ||||||||||||||||||||||||||||||||
$ | 18,652 | $ | (13,623) | $ | 5,029 | $ | 18,650 | $ | (12,774) | $ | 5,876 |
Six months ended December 31, 2021 | $ | 753 | ||||||
2022 | 1,332 | |||||||
2023 | 1,075 | |||||||
2024 | 824 | |||||||
2025 | 576 | |||||||
Thereafter | 469 | |||||||
$ | 5,029 |
June 30, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Current assets | $ | 5 | $ | 3 | |||||||
Property, plant and equipment | $ | 633 | $ | 490 | |||||||
Liabilities | |||||||||||
Current liabilities | $ | 48 | $ | 28 | |||||||
Other long-term liabilities | $ | 597 | $ | 470 |
June 30, 2021 | December 31, 2020 | ||||||||||
Accounts payable – trade | $ | 704 | $ | 763 | |||||||
Deferred revenue | 501 | 436 | |||||||||
Accrued liabilities: | |||||||||||
Programming costs | 2,123 | 1,940 | |||||||||
Labor | 1,166 | 1,374 | |||||||||
Capital expenditures | 1,059 | 1,227 | |||||||||
Interest | 1,090 | 1,083 | |||||||||
Taxes and regulatory fees | 614 | 555 | |||||||||
Property and casualty | 486 | 462 | |||||||||
Operating lease liabilities | 258 | 235 | |||||||||
Other | 1,035 | 792 | |||||||||
$ | 9,036 | $ | 8,867 |
June 30, 2021 | December 31, 2020 | ||||||||||
Operating lease right-of-use assets: | |||||||||||
Included within other noncurrent assets | $ | 1,288 | $ | 1,214 | |||||||
Operating lease liabilities: | |||||||||||
Current portion included within accounts payable and accrued liabilities | $ | 258 | $ | 235 | |||||||
Long-term portion included within other long-term liabilities | 1,166 | 1,110 | |||||||||
$ | 1,424 | $ | 1,345 | ||||||||
Weighted average remaining lease term for operating leases | 6.0 years | 6.4 years | |||||||||
Weighted average discount rate for operating leases | 3.6 | % | 3.9 | % |
Six months ended December 31, 2021 | $ | 165 | |||
2022 | 320 | ||||
2023 | 299 | ||||
2024 | 250 | ||||
2025 | 199 | ||||
Thereafter | 421 | ||||
Undiscounted lease cash flow commitments
|
1,654 | ||||
Reconciling impact from discounting | (230) | ||||
Lease liabilities on consolidated balance sheet as of June 30, 2021
|
$ | 1,424 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Principal Amount | Accreted Value | Principal Amount | Accreted Value | ||||||||||||||||||||
CCO Holdings, LLC: | |||||||||||||||||||||||
4.000% senior notes due March 1, 2023
|
$ | 500 | $ | 498 | $ | 500 | $ | 498 | |||||||||||||||
5.750% senior notes due February 15, 2026
|
1,250 | 1,239 | 2,500 | 2,475 | |||||||||||||||||||
5.500% senior notes due May 1, 2026
|
1,500 | 1,493 | 1,500 | 1,492 | |||||||||||||||||||
5.875% senior notes due May 1, 2027
|
— | — | 800 | 796 | |||||||||||||||||||
5.125% senior notes due May 1, 2027
|
3,250 | 3,227 | 3,250 | 3,225 |
5.000% senior notes due February 1, 2028
|
2,500 | 2,474 | 2,500 | 2,472 | |||||||||||||||||||
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 | 3,042 | |||||||||||||||||||
4.500% senior notes due August 15, 2030
|
2,750 | 2,750 | 2,750 | 2,750 | |||||||||||||||||||
4.250% senior notes due February 1, 2031
|
3,000 | 3,002 | 3,000 | 3,001 | |||||||||||||||||||
4.500% senior notes due May 1, 2032
|
2,900 | 2,927 | 2,900 | 2,928 | |||||||||||||||||||
4.500% senior notes due June 1, 2033
|
1,750 | 1,728 | — | — | |||||||||||||||||||
Charter Communications Operating, LLC: | |||||||||||||||||||||||
4.464% senior notes due July 23, 2022
|
3,000 | 2,994 | 3,000 | 2,992 | |||||||||||||||||||
Senior floating rate notes due February 1, 2024 | 900 | 901 | 900 | 902 | |||||||||||||||||||
4.500% senior notes due February 1, 2024
|
1,100 | 1,095 | 1,100 | 1,094 | |||||||||||||||||||
4.908% senior notes due July 23, 2025
|
4,500 | 4,478 | 4,500 | 4,475 | |||||||||||||||||||
3.750% senior notes due February 15, 2028
|
1,000 | 989 | 1,000 | 989 | |||||||||||||||||||
4.200% senior notes due March 15, 2028
|
1,250 | 1,242 | 1,250 | 1,241 | |||||||||||||||||||
5.050% senior notes due March 30, 2029
|
1,250 | 1,242 | 1,250 | 1,242 | |||||||||||||||||||
2.800% senior notes due April 1, 2031
|
1,600 | 1,584 | 1,600 | 1,583 | |||||||||||||||||||
2.300% senior notes due February 1, 2032
|
1,000 | 991 | 1,000 | 991 | |||||||||||||||||||
6.384% senior notes due October 23, 2035
|
2,000 | 1,984 | 2,000 | 1,983 | |||||||||||||||||||
5.375% senior notes due April 1, 2038
|
800 | 787 | 800 | 786 | |||||||||||||||||||
3.500% senior notes due June 1, 2041
|
1,500 | 1,482 | — | — | |||||||||||||||||||
6.484% senior notes due October 23, 2045
|
3,500 | 3,468 | 3,500 | 3,468 | |||||||||||||||||||
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 | 2,392 | 2,450 | 2,392 | |||||||||||||||||||
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 | 2,797 | |||||||||||||||||||
3.700% senior notes due April 1, 2051
|
2,050 | 2,031 | 2,050 | 2,030 | |||||||||||||||||||
3.900% senior notes due June 1, 2052
|
2,400 | 2,321 | — | — | |||||||||||||||||||
6.834% senior notes due October 23, 2055
|
500 | 495 | 500 | 495 | |||||||||||||||||||
3.850% senior notes due April 1, 2061
|
1,850 | 1,809 | 1,350 | 1,339 | |||||||||||||||||||
4.400% senior notes due December 1, 2061
|
1,400 | 1,389 | — | — | |||||||||||||||||||
Credit facilities | 10,012 | 9,949 | 10,150 | 10,081 | |||||||||||||||||||
Time Warner Cable, LLC: | |||||||||||||||||||||||
4.000% senior notes due September 1, 2021
|
1,000 | 1,002 | 1,000 | 1,008 | |||||||||||||||||||
5.750% sterling senior notes due June 2, 2031 (a)
|
865 | 919 | 854 | 911 | |||||||||||||||||||
6.550% senior debentures due May 1, 2037
|
1,500 | 1,665 | 1,500 | 1,668 | |||||||||||||||||||
7.300% senior debentures due July 1, 2038
|
1,500 | 1,759 | 1,500 | 1,763 | |||||||||||||||||||
6.750% senior debentures due June 15, 2039
|
1,500 | 1,703 | 1,500 | 1,706 | |||||||||||||||||||
5.875% senior debentures due November 15, 2040
|
1,200 | 1,253 | 1,200 | 1,254 | |||||||||||||||||||
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)
|
899 | 869 | 889 | 859 | |||||||||||||||||||
4.500% senior debentures due September 15, 2042
|
1,250 | 1,146 | 1,250 | 1,145 | |||||||||||||||||||
Time Warner Cable Enterprises LLC: | |||||||||||||||||||||||
8.375% senior debentures due March 15, 2023
|
1,000 | 1,081 | 1,000 | 1,104 | |||||||||||||||||||
8.375% senior debentures due July 15, 2033
|
1,000 | 1,262 | 1,000 | 1,270 | |||||||||||||||||||
Total debt | 87,526 | 87,964 | 82,143 | 82,752 | |||||||||||||||||||
Less current portion: |
4.000% senior notes due September 1, 2021 | (1,000) | (1,002) | (1,000) | (1,008) | |||||||||||||||||||
Long-term debt | $ | 86,526 | $ | 86,962 | $ | 81,143 | $ | 81,744 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
CCO Holdings notes redemption
|
$ | (46) | $ | (36) | $ | (75) | $ | (63) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Shares | $ | Shares | $ | Shares | $ | Shares | $ | ||||||||||||||||||||||||||||||||||||||||
Share buybacks | 5,147,257 | $ | 3,392 | 2,028,234 | $ | 1,026 | 10,703,575 | $ | 6,866 | 6,480,783 | $ | 3,202 | |||||||||||||||||||||||||||||||||||
Income tax withholding | 183,357 | 124 | 247,651 | 129 | 467,920 | 302 | 583,305 | 305 | |||||||||||||||||||||||||||||||||||||||
Exercise cost | 185,698 | 188,923 | 495,513 | 430,675 | |||||||||||||||||||||||||||||||||||||||||||
5,516,312 | $ | 3,516 | 2,464,808 | $ | 1,155 | 11,667,008 | $ | 7,168 | 7,494,763 | $ | 3,507 |
Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | ||||||||||
Number of shares purchased | 1,927,032 | 2,761,608 | |||||||||
Amount of shares purchased | $ | 1,244 | $ | 1,762 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Number of units purchased | 912,034 | 280,069 | 1,704,688 | 1,075,676 | |||||||||||||||||||
Average price per unit | $ | 639.28 | $ | 445.15 | $ | 639.28 | $ | 481.68 | |||||||||||||||
Amount of units purchased | $ | 583 | $ | 125 | $ | 1,090 | $ | 518 | |||||||||||||||
Decrease in noncontrolling interest based on carrying value | $ | (213) | $ | (69) | $ | (405) | $ | (264) | |||||||||||||||
Decrease in additional paid-in-capital, net of tax | $ | (279) | $ | (42) | $ | (516) | $ | (191) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Decrease in noncontrolling interest | $ | (1,333) | $ | (52) | $ | (1,508) | $ | (161) | |||||||||||||||
Increase in additional paid-in-capital, net of tax | $ | 1,003 | $ | 41 | $ | 1,134 | $ | 123 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Change in fair value of cross-currency derivative instruments
|
$ | (85) | $ | 61 | $ | (22) | $ | (365) | |||||||||||||||
Foreign currency remeasurement of Sterling Notes to U.S. dollars
|
(6) | 3 | (21) | 111 | |||||||||||||||||||
Gain (loss) on financial instruments, net | $ | (91) | $ | 64 | $ | (43) | $ | (254) |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
Senior notes and debentures | $ | 78,015 | $ | 87,958 | $ | 72,671 | $ | 84,163 | |||||||||||||||
Credit facilities | $ | 9,949 | $ | 9,963 | $ | 10,081 | $ | 10,063 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Internet | $ | 5,221 | $ | 4,530 | $ | 10,307 | $ | 8,937 | |||||||||||||||
Video | 4,378 | 4,371 | 8,722 | 8,793 | |||||||||||||||||||
Voice | 394 | 451 | 793 | 908 | |||||||||||||||||||
Residential revenue | 9,993 | 9,352 | 19,822 | 18,638 | |||||||||||||||||||
Small and medium business | 1,042 | 983 | 2,054 | 1,979 | |||||||||||||||||||
Enterprise | 636 | 606 | 1,274 | 1,228 | |||||||||||||||||||
Commercial revenue | 1,678 | 1,589 | 3,328 | 3,207 | |||||||||||||||||||
Advertising sales | 411 | 249 | 755 | 614 | |||||||||||||||||||
Mobile | 519 | 310 | 1,011 | 568 | |||||||||||||||||||
Other | 201 | 196 | 408 | 407 | |||||||||||||||||||
$ | 12,802 | $ | 11,696 | $ | 25,324 | $ | 23,434 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Programming | $ | 2,978 | $ | 2,873 | $ | 5,966 | $ | 5,765 | |||||||||||||||
Regulatory, connectivity and produced content | 668 | 488 | 1,268 | 1,039 | |||||||||||||||||||
Costs to service customers | 1,827 | 1,848 | 3,631 | 3,696 | |||||||||||||||||||
Marketing | 741 | 719 | 1,492 | 1,485 | |||||||||||||||||||
Mobile | 586 | 413 | 1,158 | 787 | |||||||||||||||||||
Other | 1,082 | 956 | 2,078 | 1,957 | |||||||||||||||||||
$ | 7,882 | $ | 7,297 | $ | 15,593 | $ | 14,729 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Special charges, net | $ | (6) | $ | 6 | $ | 249 | $ | 22 | |||||||||||||||
(Gain) loss on disposal of assets, net | (3) | (4) | 44 | (13) | |||||||||||||||||||
$ | (9) | $ | 2 | $ | 293 | $ | 9 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Loss on extinguishment of debt (see Note 6) | $ | (46) | $ | (36) | $ | (75) | $ | (63) | |||||||||||||||
Gain (loss) on financial instruments, net (see Note 9) | (91) | 64 | (43) | (254) | |||||||||||||||||||
Other pension benefits, net (see Note 21) | 173 | 11 | 191 | 21 | |||||||||||||||||||
Loss on equity investments, net (see Note 3) | (168) | (9) | (153) | — | |||||||||||||||||||
$ | (132) | $ | 30 | $ | (80) | $ | (296) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Stock options | 16,800 | 11,600 | 1,241,800 | 1,265,300 | |||||||||||||||||||
Restricted stock | 4,600 | 6,000 | 4,600 | 6,000 | |||||||||||||||||||
Restricted stock units | 9,100 | 7,600 | 354,200 | 415,900 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income attributable to Charter shareholders | $ | 1,020 | $ | 766 | $ | 1,827 | $ | 1,162 | |||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Charter Holdings convertible preferred units | 32 | — | 70 | — | |||||||||||||||||||
Net income attributable to Charter shareholders after assumed conversions | $ | 1,052 | $ | 766 | $ | 1,897 | $ | 1,162 | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average common shares outstanding, basic | 185,916,505 | 205,777,438 | 188,645,356 | 206,804,371 | |||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Assumed exercise or issuance of shares relating to stock plans | 5,058,176 | 5,129,508 | 5,098,205 | 5,353,847 | |||||||||||||||||||
Weighted average Charter Holdings convertible preferred units | 8,102,709 | — | 8,714,704 | — | |||||||||||||||||||
Weighted average common shares outstanding, diluted | 199,077,390 | 210,906,946 | 202,458,265 | 212,158,218 | |||||||||||||||||||
Basic earnings per common share attributable to Charter shareholders | $ | 5.48 | $ | 3.72 | $ | 9.69 | $ | 5.62 | |||||||||||||||
Diluted earnings per common share attributable to Charter shareholders | $ | 5.29 | $ | 3.63 | $ | 9.37 | $ | 5.48 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Interest cost | $ | (24) | $ | (28) | $ | (48) | $ | (56) | |||||||||||||||
Expected return on plan assets | 42 | 39 | 84 | 77 | |||||||||||||||||||
Remeasurement gain, net | 155 | — | 155 | — | |||||||||||||||||||
Net periodic pension benefits | $ | 173 | $ | 11 | $ | 191 | $ | 21 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||||||||||||||||||||||||||||
Revenues | $ | 12,802 | $ | 11,696 | 9.5 | % | $ | 25,324 | $ | 23,434 | 8.1 | % | |||||||||||||||||||||||
Adjusted EBITDA | $ | 5,020 | $ | 4,489 | 11.8 | % | $ | 9,965 | $ | 8,885 | 12.2 | % | |||||||||||||||||||||||
Income from operations | $ | 2,575 | $ | 1,969 | 30.7 | % | $ | 4,643 | $ | 3,771 | 23.1 | % |
Approximate as of | |||||||||||
June 30, | |||||||||||
2021 (a)
|
2020 (a)
|
||||||||||
Customer Relationships (b)
|
|||||||||||
Residential | 29,660 | 28,496 | |||||||||
Small and Medium Business ("SMB") | 2,104 | 1,980 | |||||||||
Total Customer Relationships | 31,764 | 30,476 | |||||||||
Monthly Residential Revenue per Residential Customer (c)
|
$ | 112.85 | $ | 110.82 | |||||||
Monthly SMB Revenue per SMB Customer (d)
|
$ | 166.28 | $ | 166.06 | |||||||
Internet | |||||||||||
Residential | 27,722 | 26,313 | |||||||||
SMB | 1,912 | 1,783 | |||||||||
Total Internet Customers | 29,634 | 28,096 | |||||||||
Video | |||||||||||
Residential | 15,420 | 15,652 | |||||||||
SMB | 592 | 516 | |||||||||
Total Video Customers | 16,012 | 16,168 | |||||||||
Voice | |||||||||||
Residential | 9,014 | 9,398 | |||||||||
SMB | 1,259 | 1,169 | |||||||||
Total Voice Customers | 10,273 | 10,567 | |||||||||
Mobile Lines (e)
|
|||||||||||
Residential | 2,855 | 1,672 | |||||||||
SMB | 85 | 25 | |||||||||
Total Mobile Lines | 2,940 | 1,697 | |||||||||
Enterprise Primary Service Units ("PSUs") (f)
|
280 | 270 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||||||||||||||||||||||||||||
Internet | $ | 5,221 | $ | 4,530 | 15.2 | % | $ | 10,307 | $ | 8,937 | 15.3 | % | |||||||||||||||||||||||
Video | 4,378 | 4,371 | 0.2 | % | 8,722 | 8,793 | (0.8) | % | |||||||||||||||||||||||||||
Voice | 394 | 451 | (12.7) | % | 793 | 908 | (12.7) | % | |||||||||||||||||||||||||||
Residential revenue | 9,993 | 9,352 | 6.8 | % | 19,822 | 18,638 | 6.3 | % | |||||||||||||||||||||||||||
Small and medium business | 1,042 | 983 | 6.0 | % | 2,054 | 1,979 | 3.8 | % | |||||||||||||||||||||||||||
Enterprise | 636 | 606 | 5.1 | % | 1,274 | 1,228 | 3.8 | % | |||||||||||||||||||||||||||
Commercial revenue | 1,678 | 1,589 | 5.6 | % | 3,328 | 3,207 | 3.8 | % | |||||||||||||||||||||||||||
Advertising sales | 411 | 249 | 65.1 | % | 755 | 614 | 23.0 | % | |||||||||||||||||||||||||||
Mobile | 519 | 310 | 67.5 | % | 1,011 | 568 | 78.0 | % | |||||||||||||||||||||||||||
Other | 201 | 196 | 2.8 | % | 408 | 407 | 0.3 | % | |||||||||||||||||||||||||||
$ | 12,802 | $ | 11,696 | 9.5 | % | $ | 25,324 | $ | 23,434 | 8.1 | % |
Three months ended
June 30, 2021 compared to three months ended June 30, 2020 Increase / (Decrease) |
Six months ended
June 30, 2021 compared to six months ended June 30, 2020 Increase / (Decrease) |
||||||||||
Increase related to rate, product mix and bundle allocation changes | $ | 404 | $ | 728 | |||||||
Increase in average residential Internet customers | 287 | 642 | |||||||||
$ | 691 | $ | 1,370 |
Three months ended
June 30, 2021 compared to three months ended June 30, 2020 Increase / (Decrease) |
Six months ended
June 30, 2021 compared to six months ended June 30, 2020 Increase / (Decrease) |
||||||||||
Decrease in average residential video customers | $ | (39) | $ | (40) | |||||||
Decrease in video on demand and pay-per-view | (17) | (37) | |||||||||
Decrease in installation | (3) | (13) | |||||||||
Increase related to rate, product mix and bundle allocation changes | 66 | 19 | |||||||||
$ | 7 | $ | (71) |
Three months ended
June 30, 2021 compared to three months ended June 30, 2020 Increase / (Decrease) |
Six months ended
June 30, 2021 compared to six months ended June 30, 2020 Increase / (Decrease) |
||||||||||
Decrease related to rate and bundle allocation changes | $ | (43) | $ | (90) | |||||||
Decrease in average residential voice customers | (14) | (25) | |||||||||
$ | (57) | $ | (115) |
Three months ended
June 30, 2021 compared to three months ended June 30, 2020 Increase / (Decrease) |
Six months ended
June 30, 2021 compared to six months ended June 30, 2020 Increase / (Decrease) |
||||||||||
Increase in SMB customers | $ | 57 | $ | 106 | |||||||
Increase related to COVID-19 programs which reduced prior year revenue | 17 | 13 | |||||||||
Decrease related to rate and product mix changes | (15) | (44) | |||||||||
$ | 59 | $ | 75 |
Three months ended
June 30, 2021 compared to three months ended June 30, 2020 Increase / (Decrease) |
Six months ended
June 30, 2021 compared to six months ended June 30, 2020 Increase / (Decrease) |
||||||||||
Programming | $ | 105 | $ | 201 | |||||||
Regulatory, connectivity and produced content | 180 | 229 | |||||||||
Costs to service customers | (21) | (65) | |||||||||
Marketing | 22 | 7 | |||||||||
Mobile | 173 | 371 | |||||||||
Other | 126 | 121 | |||||||||
$ | 585 | $ | 864 |
Three months ended
June 30, 2021 compared to three months ended June 30, 2020 Increase / (Decrease) |
Six months ended
June 30, 2021 compared to six months ended June 30, 2020 Increase / (Decrease) |
||||||||||
Corporate costs | $ | 53 | $ | 26 | |||||||
Advertising sales expense | 51 | 34 | |||||||||
Stock compensation expense | 10 | 54 | |||||||||
Enterprise | 7 | 9 | |||||||||
Property tax and insurance | 2 | (4) | |||||||||
Other | 3 | 2 | |||||||||
$ | 126 | $ | 121 |
Three months ended
June 30, 2021 compared to three months ended June 30, 2020 Increase / (Decrease) |
Six months ended
June 30, 2021 compared to six months ended June 30, 2020 Increase / (Decrease) |
||||||||||
Special charges, net | $ | (12) | $ | 227 | |||||||
(Gain) loss on disposal of assets, net | 1 | 57 | |||||||||
$ | (11) | $ | 284 |
Three months ended
June 30, 2021 compared to three months ended June 30, 2020 Increase / (Decrease) |
Six months ended
June 30, 2021 compared to six months ended June 30, 2020 Increase / (Decrease) |
||||||||||
Loss on extinguishment of debt (see Note 6) | $ | (10) | $ | (12) | |||||||
Gain (loss) on financial instruments, net (see Note 9) | (155) | 211 | |||||||||
Other pension benefits, net (see Note 21) | 162 | 170 | |||||||||
Loss on equity investments, net (see Note 3) | (159) | (153) | |||||||||
$ | (162) | $ | 216 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income attributable to Charter shareholders | $ | 1,020 | $ | 766 | $ | 1,827 | $ | 1,162 | |||||||||||||||
Plus: Net income attributable to noncontrolling interest | 138 | 110 | 252 | 181 | |||||||||||||||||||
Interest expense, net | 1,004 | 957 | 1,987 | 1,937 | |||||||||||||||||||
Income tax expense | 281 | 166 | 497 | 195 | |||||||||||||||||||
Depreciation and amortization | 2,354 | 2,428 | 4,795 | 4,925 | |||||||||||||||||||
Stock compensation expense | 100 | 90 | 234 | 180 | |||||||||||||||||||
Other (income) expenses, net | 123 | (28) | 373 | 305 | |||||||||||||||||||
Adjusted EBITDA | $ | 5,020 | $ | 4,489 | $ | 9,965 | $ | 8,885 | |||||||||||||||
Net cash flows from operating activities | $ | 3,999 | $ | 3,529 | $ | 7,750 | $ | 6,749 | |||||||||||||||
Less: Purchases of property, plant and equipment | (1,881) | (1,877) | (3,702) | (3,338) | |||||||||||||||||||
Change in accrued expenses related to capital expenditures | (50) | 214 | (125) | (174) | |||||||||||||||||||
Free cash flow | $ | 2,068 | $ | 1,866 | $ | 3,923 | $ | 3,237 |
Three months ended
June 30, 2021 compared to three months ended June 30, 2020 Increase / (Decrease) |
Six months ended
June 30, 2021 compared to six months ended June 30, 2020 Increase / (Decrease) |
||||||||||
Increase in Adjusted EBITDA | $ | 531 | $ | 1,080 | |||||||
Changes in working capital, excluding change in accrued interest | (275) | 20 | |||||||||
Increase in cash paid for interest, net | (47) | (24) | |||||||||
Increase in capital expenditures | (4) | (364) | |||||||||
Other, net | (3) | (26) | |||||||||
$ | 202 | $ | 686 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Customer premise equipment (a) | $ | 494 | $ | 518 | $ | 983 | $ | 981 | |||||||||||||||
Scalable infrastructure (b) | 437 | 385 | 848 | 555 | |||||||||||||||||||
Line extensions (c) | 400 | 422 | 799 | 765 | |||||||||||||||||||
Upgrade/rebuild (d) | 161 | 155 | 306 | 284 | |||||||||||||||||||
Support capital (e) | 389 | 397 | 766 | 753 | |||||||||||||||||||
Total capital expenditures | $ | 1,881 | $ | 1,877 | $ | 3,702 | $ | 3,338 | |||||||||||||||
Capital expenditures included in total related to:
|
|||||||||||||||||||||||
Commercial services | $ | 397 | $ | 323 | $ | 730 | $ | 584 | |||||||||||||||
Mobile | $ | 124 | $ | 125 | $ | 236 | $ | 212 |
2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||||||||||||||||||
Debt: | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed-Rate | $ | 1,000 | $ | 3,000 | $ | 1,500 | $ | 1,100 | $ | 4,500 | $ | 65,514 | $ | 76,614 | $ | 87,032 | |||||||||||||||||||||||||||||||
Average Interest Rate | 4.00 | % | 4.46 | % | 6.92 | % | 4.50 | % | 4.91 | % | 5.04 | % | 5.02 | % | |||||||||||||||||||||||||||||||||
Variable Rate | $ | 139 | $ | 277 | $ | 436 | $ | 1,165 | $ | 5,320 | $ | 3,575 | $ | 10,912 | $ | 10,889 | |||||||||||||||||||||||||||||||
Average Interest Rate | 1.48 | % | 1.60 | % | 2.09 | % | 2.71 | % | 2.90 | % | 3.48 | % | 2.99 | % |
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)
|
||||||||||
April 1 - 30, 2021 | 1,947,864 | $627.85 | 1,858,684 | $1,322 | ||||||||||
May 1 - 31, 2021 | 2,070,063 | $670.05 | 1,845,671 | $2,080 | ||||||||||
June 1 - 30, 2021 | 1,498,385 | $689.09 | 1,442,902 | $1,656 |
CHARTER COMMUNICATIONS, INC. | |||||||||||
Registrant | |||||||||||
By: | /s/ Kevin D. Howard | ||||||||||
Kevin D. Howard | |||||||||||
Date: July 30, 2021 | 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 six months ended June 30, 2021, filed with the Securities and Exchange Commission on July 30, 2021, 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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