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Mar 31, 2024
Charter Q1 2024 Earnings Report
Charter's financial performance remained relatively stable year-over-year, with revenue growth driven by mobile and internet services, offset by declines in video. Customer relationships experienced a slight decrease, while strategic investments in network evolution and expansion continued.
Key Takeaways
Charter Communications reported a slight increase in revenue, driven by growth in residential mobile and internet services. The company's net income attributable to shareholders increased, and Adjusted EBITDA also saw growth. However, free cash flow decreased due to higher capital expenditures related to network evolution and expansion.
Total residential and SMB Internet customers decreased by 72,000.
Total residential and SMB mobile lines increased by 486,000.
First quarter revenue grew slightly by 0.2% year-over-year to $13.7 billion.
Net income attributable to Charter shareholders totaled $1.1 billion.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Charter expects full year 2024 capital expenditures to total between $12.2 billion and $12.4 billion, including line extensions capital expenditures of approximately $4.5 billion and network evolution spend of approximately $1.6 billion.
Positive Outlook
- Continued network expansion across residential and commercial greenfield and market fill-in opportunities.
- Focus on upgrade/rebuild (primarily network evolution).
- Deployment of Xumo Stream Boxes to video customers.
- Launch of new value-oriented Internet-delivered streaming TV packages.
- Availability of Spectrum Mobile to new and existing Spectrum Internet customers.
Challenges Ahead
- Pace of Charter's network evolution and expansion initiatives.
- Supply chain timing.
- Growth rates in Charter's residential and commercial businesses.
- Competition from other market participants.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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