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8-K
CHARTER COMMUNICATIONS, INC. /MO/ filed this Form 8-K on 11/03/2016
Entire Document
 

 
CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND OPERATING DATA
(dollars in millions, except per share data)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2016
 
2015
 
 
 
2016
 
2015
 
 
 
Actual
 
Actual
 
% Change
 
Actual
 
Actual
 
% Change
REVENUES:
 
 
 
 
 
 
 
 
 
 
 
Video
$
4,094

 
$
1,143

 
258.0
%
 
$
7,869

 
$
3,420

 
130.1
%
Internet
3,206

 
762

 
320.5
%
 
5,960

 
2,222

 
168.2
%
Voice
728

 
135

 
441.0
%
 
1,286

 
404

 
218.7
%
Residential revenue
8,028

 
2,040

 
293.4
%
 
15,115

 
6,046

 
150.0
%
Small and medium business
868

 
193

 
347.2
%
 
1,590

 
565

 
181.3
%
Enterprise
508

 
93

 
453.4
%
 
903

 
268

 
236.8
%
Commercial revenue
1,376

 
286

 
381.3
%
 
2,493

 
833

 
199.1
%
Advertising sales
419

 
77

 
448.5
%
 
728

 
222

 
228.7
%
Other
214

 
47

 
353.5
%
 
392

 
141

 
178.0
%
Total Revenue
10,037

 
2,450

 
309.6
%
 
18,728

 
7,242

 
158.6
%
COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Programming
2,404

 
667

 
260.3
%
 
4,648

 
2,004

 
131.9
%
Regulatory, connectivity and produced content
508

 
108

 
369.2
%
 
936

 
324

 
188.2
%
Costs to service customers
1,825

 
438

 
316.8
%
 
3,329

 
1,285

 
159.1
%
Marketing
591

 
163

 
263.4
%
 
1,134

 
474

 
139.1
%
Transition costs
32

 
12

 
158.9
%
 
78

 
50

 
56.0
%
Other expense
1,041

 
212

 
389.2
%
 
1,864

 
607

 
207.1
%
Total operating costs and expenses (exclusive of items shown separately below)
6,401

 
1,600

 
299.7
%
 
11,989

 
4,744

 
152.7
%
Adjusted EBITDA
3,636

 
850

 
328.3
%
 
6,739

 
2,498

 
169.8
%
Adjusted EBITDA margin
36.2
%
 
34.7
%
 
 
 
36.0
%
 
34.5
%
 
 
Depreciation and amortization
2,437

 
538

 
 
 
4,412

 
1,580

 
 
Stock compensation expense
81

 
20

 
 
 
168

 
58

 
 
Other operating expenses, net
194

 
19

 
 
 
243

 
69

 
 
Income from operations
924

 
273

 
 
 
1,916

 
791

 
 
OTHER EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net
(724
)
 
(353
)
 
 
 
(1,771
)
 
(871
)
 
 
Loss on extinguishment of debt

 

 
 
 
(110
)
 
(128
)
 
 
Gain (loss) on financial instruments, net
71

 
(5
)
 
 
 
16

 
(10
)
 
 
Other expense, net
(5
)
 
(3
)
 
 
 
(10
)
 
(3
)
 
 
 
(658
)
 
(361
)
 
 
 
(1,875
)
 
(1,012
)
 
 
Income (loss) before income taxes
266

 
(88
)
 
 
 
41

 
(221
)
 
 
Income tax benefit (expense)
(16
)
 
142

 
 
 
3,135

 
72

 
 
Consolidated net income (loss)
250

 
54

 
 
 
3,176

 
(149
)
 
 
Less: Net income attributable to noncontrolling interests
(61
)
 

 
 
 
(108
)
 

 
 
Net income (loss) attributable to Charter shareholders
$
189

 
$
54

 
 
 
$
3,068

 
$
(149
)
 
 
EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO CHARTER SHAREHOLDERS:
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.70

 
$
0.54

 
 
 
$
16.52

 
$
(1.48
)
 
 
Diluted
$
0.69

 
$
0.53

 
 
 
$
15.23

 
$
(1.48
)
 
 
Weighted average common shares outstanding, basic
271,263,259

 
101,205,400

 
 
 
185,706,106

 
101,080,587

 
 
Weighted average common shares outstanding, diluted
275,373,202

 
102,481,924

 
 
 
208,460,148

 
101,080,587

 
 

Adjusted EBITDA is a non-GAAP term. See page 7 of this addendum for the reconciliation of adjusted EBITDA to consolidated net income (loss) as defined by GAAP. All percentages are calculated using whole numbers. Minor differences may exist due to rounding.

Addendum to Charter Communications, Inc. Third Quarter 2016 Earnings Release
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