Charter announces first quarter 2023 results
Charter Communications, Inc. reported financial and operating results for the three months ended March 31, 2023.
- First quarter total residential and small and medium business (“SMB”) Internet customers increased by 76,000. As of March 31, 2023,
- Charter served a total of 30.5 million residential and SMB Internet customers.
- First quarter total residential and SMB mobile lines increased by 686,000. As of March 31, 2023, Charter served a total of 6.0 million mobile lines.
- As of March 31, 2023, Charter had a total of 32.2 million residential and SMB customer relationships, which excludes mobile-only relationships.
- First quarter revenue of $13.7 billion grew by 3.4% year-over-year, driven by residential revenue growth of 2.5%, other revenue growth of 34.0%, primarily driven by higher mobile device sales, and commercial revenue growth of 2.4%.
- Net income attributable to Charter shareholders totaled $1.0 billion in the first quarter.
- First quarter Adjusted EBITDA1 of $5.4 billion grew by 2.6% year-over-year.
- First quarter capital expenditures totaled $2.5 billion and included $890 million of line extensions.
- First quarter net cash flows from operating activities totaled $3.3 billion, compared to $3.6 billion in the prior year. The year-over-year decline was primarily due to a more unfavorable change in working capital.
- First quarter free cash flow1 of $664 million decreased from $1.8 billion in the prior year, primarily due to higher capital expenditures mostly driven by Charter’s network expansion and evolution initiatives and a seasonality-driven change in working capital, excluding the impact of mobile devices.
- During the first quarter, Charter purchased 2.6 million shares of Charter Class A common stock and Charter Communications Holdings, LLC (“Charter Holdings”) common units for approximately $1.0 billion.
“In the first quarter, we made significant progress on our three key initiatives — evolution, expansion and execution,” said Chris Winfrey, President and CEO of Charter. “Our customer-first strategy is focused on delivering a differentiated, converged connectivity product that delivers the fastest speeds and saves customers money, while simultaneously driving growth and creating long-term value for Charter shareholders.”
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