Business
Charter Announces Second Quarter 2022 Results
STAMFORD, Conn., July 29, 2022 /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., July 29, 2022 /PRNewswire/ -- 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, 2022.\n\n \n \n \n \n \n \n\n \nSecond quarter total residential and small and medium business (\"SMB\") mobile lines increased by 344,000. As of June 30, 2022, Charter served a total of 4.3 million mobile lines.Second quarter total residential and SMB Internet customers increased by 38,000 when excluding 59,000 customer disconnects related to the discontinuation of the Emergency Broadband Benefit program and additional requirements of the Affordable Connectivity Program. Including the unfavorable transition impact, second quarter total residential and SMB Internet customers decreased by 21,000. As of June 30, 2022, Charter served a total of 30.3 million residential and SMB Internet customers.As of June 30, 2022, Charter had a total of 32.1 million residential and SMB customer relationships, which excludes mobile-only relationships.Second quarter revenue of $13.6 billion grew by 6.2% year-over-year, driven by residential revenue growth of 4.5%, mobile revenue growth of 39.8% and commercial revenue growth of 4.2%.Net income attributable to Charter shareholders totaled $1.5 billion in the second quarter, an increase of 44.2% year-over-year.Second quarter Adjusted EBITDA1 of $5.5 billion grew by 9.7% year-over-year.Second quarter capital expenditures totaled $2.2 billion and included $357 million of rural construction initiative capital expenditures and $95 million of mobile-related capital expenditures.Second quarter net cash flows from operating activities totaled $3.7 billion, compared to $4.0 billion in the prior year quarter.Second quarter free cash flow1 of $1.7 billion decreased by 19.8% year-over-year, primarily due to higher cash taxes and capital expenditures associated with Charter's rural construction initiative.During the second quarter, Charter purchased 8.3 million shares of Charter Class A common stock and Charter Communications Holdings, LLC (\"Charter Holdings\") common units for approximately $4.3 billion.\"Our growth has always been driven by offering value-rich packages at prices customers can afford,\" said Tom Rutledge, Chairman and CEO of Charter Communications. \"Looking forward, we...