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SEC Filings

8-K
CHARTER COMMUNICATIONS, INC. /MO/ filed this Form 8-K on 10/26/2017
Entire Document
 

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND OPERATING DATA
(dollars in millions, except per share data)
 
Nine Months Ended September 30,
 
2017
 
2016
 
 
 
Actual
 
Pro Forma
 
% Change
REVENUES:
 
 
 
 
 
Video
$
12,416

 
$
12,292

 
1.0
 %
Internet
10,467

 
9,376

 
11.6
 %
Voice
1,955

 
2,186

 
(10.6
)%
Residential revenue
24,838

 
23,854

 
4.1
 %
Small and medium business
2,755

 
2,518

 
9.4
 %
Enterprise
1,640

 
1,499

 
9.4
 %
Commercial revenue
4,395

 
4,017

 
9.4
 %
Advertising sales
1,091

 
1,190

 
(8.2
)%
Other
655

 
687

 
(4.8
)%
Total Revenue
30,979

 
29,748

 
4.1
 %
COSTS AND EXPENSES:
 
 
 
 
 
Programming
7,952

 
7,228

 
10.0
 %
Regulatory, connectivity and produced content
1,553

 
1,570

 
(1.1
)%
Costs to service customers
5,798

 
5,933

 
(2.3
)%
Marketing
1,812

 
1,804

 
0.5
 %
Transition costs
104

 
78

 
33.4
 %
Other expense
2,440

 
2,524

 
(3.3
)%
Total operating costs and expenses (exclusive of items shown separately below)
19,659

 
19,137

 
2.7
 %
Adjusted EBITDA
11,320

 
10,611

 
6.7
 %
Adjusted EBITDA margin
36.5
%
 
35.7
%
 
 
Depreciation and amortization
7,846

 
7,060

 
 
Stock compensation expense
198

 
219

 
 
Other operating expenses, net
374

 
519

 
 
Income from operations
2,902

 
2,813

 
 
OTHER EXPENSES:
 
 
 
 
 
Interest expense, net
(2,250
)
 
(2,155
)
 
 
Loss on extinguishment of debt
(35
)
 
(110
)
 
 
Gain (loss) on financial instruments, net
(15
)
 
16

 
 
Other pension benefits
9

 
549

 
 
Other income (expense), net
(14
)
 
5

 
 
 
(2,305
)
 
(1,695
)
 
 
Income before income taxes
597

 
1,118

 
 
Income tax expense
(99
)
 
(288
)
 
 
Consolidated net income
498

 
830

 
 
Less: Net income attributable to noncontrolling interests
(156
)
 
(214
)
 
 
Net income attributable to Charter shareholders
$
342

 
$
616

 
 
EARNINGS PER COMMON SHARE
 
 
 
 
 
ATTRIBUTABLE TO CHARTER SHAREHOLDERS:
 
 
 
 
 
Basic
$
1.31

 
$
2.28

 
 
Diluted
$
1.29

 
$
2.25

 
 
Weighted average common shares outstanding, basic
262,074,603

 
270,028,132

 
 
Weighted average common shares outstanding, diluted
266,363,602

 
273,824,029

 
 


Pro forma results reflect certain acquisitions of cable systems in 2016 as if they occurred as of January 1, 2015. 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. Third Quarter 2017 Earnings Release
Page 2 of 8