Charter announces third quarter 2022 results

Charter Communications, Inc. (along with its subsidiaries, the “Company” or “Charter”) today reported financial and operating results for the three and nine months ended September 30, 2022.

• Third quarter total residential and small and medium business (“SMB”) Internet customers increased by 75,000. As of September 30, 2022, Charter served a total of 30.3 million residential and SMB Internet customers.
• Third quarter total residential and SMB mobile lines increased by 396,000. As of September 30, 2022, Charter served a total of 4.7 million mobile lines.
• As of September 30, 2022, Charter had a total of 32.1 million residential and SMB customer relationships, which excludes mobile-only relationships.
• Third quarter revenue of $13.6 billion grew by 3.1% year-over-year, driven by mobile revenue growth of 40.2%, advertising sales revenue growth of 22.9% and residential revenue growth of 0.7%.
• Net income attributable to Charter shareholders totaled $1.2 billion in the third quarter.
• Third quarter Adjusted EBITDA1 of $5.4 billion grew by 2.4% year-over-year.
• Third quarter capital expenditures totaled $2.4 billion and included $525 million of rural construction initiative capital expenditures and $96 million of mobile-related capital expenditures.
• Third quarter net cash flows from operating activities totaled $3.8 billion, compared to $4.3 billion in the prior year quarter. The year-over-year decline was primarily due to higher cash taxes and the payment of litigation settlements, partly offset by higher Adjusted EBITDA.
• Third quarter free cash flow1 of $1.5 billion decreased by 39.1% year-over-year, primarily due to capital expenditures associated with
• Charter’s rural construction initiative and higher cash taxes.
• During the third quarter, Charter purchased 5.8 million shares of Charter Class A common stock and Charter Communications Holdings, LLC (“Charter Holdings”) common units for approximately $2.6 billion.

“Charter now delivers the nation’s first converged broadband, WiFi and mobile experience at prices that generate significant savings for consumers,” said Tom Rutledge, Chairman and CEO of Charter. “And as I look at our existing advanced offerings, and our future product capabilities, we are well positioned to grow our business at very attractive rates for many years to come.”

CT Bureau