Press release
Charter Announces Second Quarter 2024 Results
STAMFORD, Conn., July 26, 2024 /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 26, 2024 /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, 2024.\n\n \n \n \n \n \n \n\n \nSecond quarter total residential and small and medium business (\"SMB\") Internet customers decreased by 149,000. As of June 30, 2024, Charter served a total of 30.4 million residential and SMB Internet customers.Second quarter total residential and SMB mobile lines increased by 557,000. As of June 30, 2024, Charter served a total of 8.8 million mobile lines.As of June 30, 2024, Charter had a total of 31.8 million residential and SMB customer relationships, excluding mobile-only relationships.Second quarter revenue of $13.7 billion grew by 0.2% year-over-year, driven by residential mobile service revenue growth of 36.9% and residential Internet revenue growth of 1.3%.Net income attributable to Charter shareholders totaled $1.2 billion in the second quarter.Second quarter Adjusted EBITDA1 of $5.7 billion grew by 2.6% year-over-year.Second quarter capital expenditures totaled $2.9 billion and included $1.1 billion of line extensions.Second quarter net cash flows from operating activities totaled $3.9 billion, compared to $3.3 billion in the prior year.Second quarter free cash flow1 of $1.3 billion increased from $668 million in the prior year, primarily due to higher Adjusted EBITDA, a more favorable change in working capital and lower cash taxes due to timing.During the second quarter, Charter purchased 1.5 million shares of Charter Class A common stock and Charter Communications Holdings, LLC (\"Charter Holdings\") common units for $404 million.\"We are executing well on several transformational initiatives, growing EBITDA through efficiencies, and improving our service and sales capabilities,\" said Chris Winfrey, President and CEO of Charter. \"We remain fully focused on driving customer growth, with a unique, high quality product set that continues to evolve, creating long term value for shareholders.\"\n1.\nAdjusted EBITDA and free cash flow are non-GAAP measures defined in the \"Use of Adjusted EBITDA and Free Cash Flow Information\" section and are reconciled to net income attributable to Charter shareholders and net cash flows from operating activities, respectively...