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8-K
CHARTER COMMUNICATIONS, INC. /MO/ filed this Form 8-K on 07/27/2017
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 June 30,
 
Six Months Ended June 30,
 
2017
 
2016
 
 
 
2017
 
2016
 
 
 
Actual
 
Actual
 
% Change
 
Actual
 
Actual
 
% Change
REVENUES:
 
 
 
 
 
 
 
 
 
 
 
Video
$
4,124

 
$
2,605

 
58.3
%
 
$
8,203

 
$
3,775

 
117.3
%
Internet
3,513

 
1,950

 
80.2
%
 
6,911

 
2,754

 
151.0
%
Voice
650

 
423

 
53.4
%
 
1,344

 
558

 
140.6
%
Residential revenue
8,287

 
4,978

 
66.4
%
 
16,458

 
7,087

 
132.2
%
Small and medium business
924

 
520

 
77.7
%
 
1,824

 
722

 
152.5
%
Enterprise
548

 
296

 
85.1
%
 
1,087

 
395

 
175.1
%
Commercial revenue
1,472

 
816

 
80.4
%
 
2,911

 
1,117

 
160.5
%
Advertising sales
381

 
237

 
61.3
%
 
718

 
309

 
132.9
%
Other
217

 
130

 
67.0
%
 
434

 
178

 
143.8
%
Total Revenue
10,357

 
6,161

 
68.1
%
 
20,521

 
8,691

 
136.1
%
COSTS AND EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Programming
2,649

 
1,541

 
71.9
%
 
5,253

 
2,244

 
134.1
%
Regulatory, connectivity and produced content
532

 
317

 
67.2
%
 
1,030

 
429

 
139.7
%
Costs to service customers
1,907

 
1,189

 
60.4
%
 
3,855

 
1,647

 
134.0
%
Marketing
601

 
382

 
57.6
%
 
1,183

 
547

 
116.3
%
Transition costs
30

 
25

 
21.9
%
 
81

 
46

 
77.3
%
Other expense
791

 
487

 
62.3
%
 
1,618

 
675

 
139.8
%
Total operating costs and expenses (exclusive of items shown separately below)
6,510

 
3,941

 
65.2
%
 
13,020

 
5,588

 
133.0
%
Adjusted EBITDA
3,847

 
2,220

 
73.3
%
 
7,501

 
3,103

 
141.7
%
Adjusted EBITDA margin
37.1
%
 
36.0
%
 
 
 
36.5
%
 
35.7
%
 
 
Depreciation and amortization
2,595

 
1,436

 
 
 
5,145

 
1,975

 
 
Stock compensation expense
65

 
63

 
 
 
134

 
87

 
 
Other operating expenses, net
135

 
551

 
 
 
229

 
569

 
 
Income from operations
1,052

 
170

 
 
 
1,993

 
472

 
 
OTHER EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net
(749
)
 
(593
)
 
 
 
(1,462
)
 
(1,047
)
 
 
Loss on extinguishment of debt
(1
)
 
(110
)
 
 
 
(35
)
 
(110
)
 
 
Loss on financial instruments, net
(70
)
 
(50
)
 
 
 
(32
)
 
(55
)
 
 
Other pension benefits
13

 
520

 
 
 
26

 
520

 
 
Other expense, net
(2
)
 
(2
)
 
 
 
(11
)
 
(5
)
 
 
 
(809
)
 
(235
)
 
 
 
(1,514
)
 
(697
)
 
 
Income (loss) before income taxes
243

 
(65
)
 
 
 
479

 
(225
)
 
 
Income tax benefit (expense)
(48
)
 
3,179

 
 
 
(73
)
 
3,151

 
 
Consolidated net income
195

 
3,114

 
 
 
406

 
2,926

 
 
Less: Net income attributable to noncontrolling interests
(56
)
 
(47
)
 
 
 
(112
)
 
(47
)
 
 
Net income attributable to Charter shareholders
$
139

 
$
3,067

 
 
 
$
294

 
$
2,879

 
 
EARNINGS PER COMMON SHARE
 
 
 
 
 
 
 
 
 
 
 
ATTRIBUTABLE TO CHARTER SHAREHOLDERS:
 
 
 
 
 
 
 
 
 
 
Basic
$
0.53

 
$
16.73

 
 
 
$
1.11

 
$
20.21

 
 
Diluted
$
0.52

 
$
15.17

 
 
 
$
1.09

 
$
19.00

 
 
Weighted average common shares outstanding, basic
263,460,911

 
183,362,776

 
 
 
266,217,549

 
142,457,435

 
 
Weighted average common shares outstanding, diluted
267,309,261

 
205,214,266

 
 
 
270,249,433

 
153,959,234

 
 


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

Addendum to Charter Communications, Inc. Second Quarter 2017 Earnings Release
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