Year to Date Financial Results
CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND OPERATING DATA (dollars in millions, except per share data)
| | | | | | | | | | | | | Year Ended December 31, | | 2015 | | 2014 | | % Change | REVENUES: | | | | | | Video | $ | 4,587 |
| | $ | 4,443 |
| | 3.2 | % | Internet | 3,003 |
| | 2,576 |
| | 16.6 | % | Voice | 539 |
| | 575 |
| | (6.4 | )% | Residential revenue | 8,129 |
| | 7,594 |
| | 7.0 | % | Small and medium business | 764 |
| | 676 |
| | 13.0 | % | Enterprise | 363 |
| | 317 |
| | 14.8 | % | Commercial revenue | 1,127 |
| | 993 |
| | 13.5 | % | Advertising sales | 309 |
| | 341 |
| | (9.5 | )% | Other | 189 |
| | 180 |
| | 5.0 | % | Total Revenues | 9,754 |
| | 9,108 |
| | 7.1 | % | | | | | | | COSTS AND EXPENSES: | | | | | | Total operating costs and expenses | 6,348 |
| | 5,918 |
| | 7.3 | % | | | | | | | Adjusted EBITDA | $ | 3,406 |
| | $ | 3,190 |
| | 6.8 | % | | | | | | | Adjusted EBITDA margin | 34.9 | % | | 35.0 | % | | | | | | | | | Capital Expenditures | $ | 1,840 |
| | $ | 2,221 |
| | | % Total Revenues | 18.9 | % | | 24.4 | % | | | | | | | | | Net loss | $ | (271 | ) | | $ | (183 | ) | | | Loss per common share, basic and diluted | $ | (2.43 | ) | | $ | (1.70 | ) | | | | | | | | | | | | | | | Net cash flows from operating activities | $ | 2,359 |
| | $ | 2,359 |
| | | Free cash flow | $ | 547 |
| | $ | 171 |
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Revenue
For the year ended December 31, 2015, revenues rose to $9.8 billion, 7.1% higher than in 2014, driven by continued growth in Internet, video and commercial revenues.
Operating Costs and Expenses
Operating costs and expenses totaled $6.3 billion in 2015, an increase of $430 million, or 7.3%, compared to the year-ago period, reflecting increases in programming costs, other expenses and transition costs. Transition costs accounted for $72 million of total 2015 operating costs. Excluding transition costs, total operating expenses increased by $372 million, or 6.3% year over year.
Adjusted EBITDA
Adjusted EBITDA totaled $3.4 billion for the year ended December 31, 2015, an increase of 6.8% compared to 2014, reflecting revenue growth and operating costs and expenses growth of 7.1% and 7.3%, respectively. Excluding transition-related expenses, Adjusted EBITDA grew by 8.5% year-over-year.
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