Charter Reports Third Quarter: Pro Forma Revenue of $16.5 Billion, Internet Customers Down 233,000, and a $2 Billion Savings Plan
Charter Communications, the nation's leading Internet and video provider, reported third-quarter results for the period ended September 30 on November 6 and announced a new operating model designed to return the company to growth. On a pro forma basis that treats its Cox Communications transactions as completed, third-quarter revenue was $16.5 billion, down 1.5 percent year over year; on an actual basis, revenue was $14.9 billion, up 9.1 percent, primarily driven by the Cox transactions.
On profitability, pro forma net loss attributable to Charter shareholders totaled $2.1 billion, and $2.4 billion on an actual basis, both primarily driven by a $6.3 billion franchise impairment charge. Pro forma Adjusted EBITDA was $6.6 billion, down 4.0 percent year over year.
In customer data, on a pro forma basis Charter's Internet customers declined by 233,000 in the quarter, with 34.3 million Internet customers served as of September 30; mobile lines grew by 508,000 to 13.5 million; video customers fell by 77,000 to 13.8 million; and total customer relationships stood at 36.7 million.
Charter also announced a plan targeting $2 billion in annualized run-rate operating expense savings over the next 18 months, in addition to more than $1 billion in anticipated Cox transactions synergies, by eliminating nonessential activities, simplifying organizational structures and driving efficiencies through vendor partnerships. Charter completed its transactions with Cox Communications on August 19, adding more than 11 million passings and over 5 million customer relationships and becoming the nation's leading Internet and video provider.
Chris Winfrey, President and CEO of Charter, said that with the combination of Charter and Cox the company has the scale and network capabilities to connect more Americans than ever before, and that Charter is fundamentally rethinking how it operates and competes, aiming to return to Internet customer growth and become a simpler, faster and more agile organization.
Source: Charter Communications
Published by GSM · USA (original Chinese edition)
Photo: 图：Charter Communications 位于 Stamford 的总部大楼，楼体可见 Spectrum 与 Charter 标志（资料图）。照片：AirportExpert 摄，CC0，经 Wikimedia Commons。 / Photo: Charter Communications headquarters in Stamford, with Spectrum and Charter signage (file photo). Photo: AirportExpert, CC0, via Wikimedia Commons.
