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Charter announces second quarter 2023 results

Charter Communications, Inc. (along with its subsidiaries, the “Company” or “Charter”) today reported financial and operating results for the three and six months ended June 30, 2023.

  • Second quarter total residential and small and medium business (“SMB”) Internet customers increased by 77,000. As of June 30, 2023, Charter served a total of 30.6 million residential and SMB Internet customers.
  • Second quarter total residential and SMB mobile lines increased by 648,000. As of June 30, 2023, Charter served a total of 6.6 million mobile lines.
  • As of June 30, 2023, Charter had a total of 32.2 million residential and SMB customer relationships, which excludes mobile-only relationships.
  • Second quarter revenue of $13.7 billion grew by 0.5% year-over-year, driven by residential Internet revenue growth of 3.1%, residential mobile service revenue growth of 29.8% and other revenue growth of 28.5%, primarily driven by higher mobile device sales.
  • Net income attributable to Charter shareholders totaled $1.2 billion in the second quarter.
  • Second quarter Adjusted EBITDA1 of $5.5 billion grew by 0.2% year-over-year.
  • Second quarter capital expenditures totaled $2.8 billion and included $1.1 billion of line extensions.
  • Second quarter net cash flows from operating activities totaled $3.3 billion, compared to $3.7 billion in the prior year. The year-over-year decline was primarily due to higher cash taxes.
  • Second quarter free cash flow1 of $668 million decreased from $1.7 billion in the prior year, primarily due to higher capital expenditures, mostly driven by Charter’s network expansion and evolution initiatives, and higher cash taxes.
  • During the second quarter, Charter purchased 1.1 million shares of Charter Class A common stock and Charter Communications Holdings, LLC (“Charter Holdings”) common units for approximately $378 million.

“We are growing our business by providing differentiated and valuable products, and high-quality service to our customers,” said Chris Winfrey, President and CEO of Charter. “We are also executing well on our evolution and expansion initiatives, and these strategic investments will lead to further customer and financial growth, creating long-term value for Charter shareholders.”

CT Bureau

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