Business
Charter Announces First Quarter 2020 Results
STAMFORD, Conn., May 1, 2020 /PRNewswire/ -- Charter Communications, Inc. (along with its subsidiaries, the "Company" or "Charter") today reported financial
About this update from Charter Communications, Inc.
[{"type":"text","content":"STAMFORD, Conn., May 1, 2020 /PRNewswire/ -- Charter Communications, Inc. (along with its subsidiaries, the \"Company\" or \"Charter\") today reported financial and operating results for the three months ended March 31, 2020.\n\n \n \n \n \n \n \n\n \nKey highlights:\nFirst quarter total residential and SMB customer relationships1 increased by 486,000, compared to 351,000 during the first quarter of 2019. First quarter total residential and SMB Internet customers1 increased by 582,000, compared to 428,000 during the first quarter of 2019. Charter added 290,000 Spectrum MobileTM lines in the first quarter and as of March 31, 2020, Charter served a total of 1.4 million mobile lines. First quarter revenue of $11.7 billion grew by 4.8% year-over-year, driven by residential revenue growth of 4.2%, mobile revenue growth of 85.0% and SMB revenue growth of 5.4%. First quarter Adjusted EBITDA2 of $4.4 billion grew by 8.4% year-over-year, while first quarter cable Adjusted EBITDA2 of $4.5 billion grew by 8.1% year-over-year. Net income attributable to Charter shareholders totaled $396 million in the first quarter, compared to $253 million during the same period last year. First quarter capital expenditures totaled $1.5 billion and included $87 million of mobile-related capital expenditures. Consolidated free cash flow2 for the first quarter of 2020 totaled $1.4 billion, compared to $645 million in 2019. Cable free cash flow2 totaled $1.6 billion for the first quarter of 2020, versus $936 million in 2019. During the first quarter, Charter purchased approximately 5.2 million shares of Charter Class A common stock and Charter Communications Holdings, LLC (\"Charter Holdings\") common units for approximately $2.6 billion. \"Thanks to the dedication of our employees and the quality of our network, we have continued to deliver high quality connectivity services to millions of existing and new customers in the communities we serve, including homes, businesses, hospital and educational systems, and local, state and federal government institutions. And I am very proud that the products we deliver have played a key role in enabling social distancing, remote working, distance learning, and much more\" said Tom Rutledge, CEO and Chairman of Charter Communications, Inc. \"Our ability to service existing customers with significantly more data, and inst...