Technology
Charter Announces Third Quarter 2024 Results
Published
2 hours agoon
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STAMFORD, Conn., Nov. 1, 2024 /PRNewswire/ — Charter Communications, Inc. (along with its subsidiaries, the “Company” or “Charter”), which operates the Spectrum brand, today reported financial and operating results for the three and nine months ended September 30, 2024.
Third quarter total Internet customers decreased by 110,000. As of September 30, 2024, Charter served 30.3 million Internet customers.Third quarter total mobile lines increased by 545,000. As of September 30, 2024, Charter served 9.4 million mobile lines.As of September 30, 2024, Charter had a total of 31.7 million customer relationships, excluding mobile-only relationships.Third quarter revenue of $13.8 billion grew by 1.6% year-over-year, driven by residential mobile service revenue growth of 37.6% and residential Internet revenue growth of 1.7%.Net income attributable to Charter shareholders totaled $1.3 billion in the third quarter.Third quarter Adjusted EBITDA1 of $5.6 billion grew by 3.6% year-over-year.Third quarter capital expenditures totaled $2.6 billion and included $1.1 billion of line extensions.Third quarter net cash flows from operating activities totaled $3.9 billion, in-line with the prior year period.Third quarter free cash flow1 of $1.6 billion increased from $1.1 billion in the prior year, primarily driven by lower capital expenditures and higher Adjusted EBITDA.During the third quarter, Charter purchased 844 thousand shares of Charter Class A common stock and Charter Communications Holdings, LLC (“Charter Holdings”) common units for $262 million.
“We executed well during the third quarter, building on our operating strategy and foundational investments,” said Chris Winfrey, President and CEO of Charter. “Now and in the future, we have the best, fully deployed network uniquely capable of delivering seamless connectivity and entertainment, everywhere we operate. We have pricing and packaging that saves customers money with the best products, and a service capability and investment that has yet to be fully realized as a competitive advantage.”
1.
Adjusted 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, in the addendum of this news release.
Key Operating Results
Approximate as of
September 30,
2024 (c)
September 30,
2023 (c)
Y/Y Change
Footprint
Estimated Passings (d)
58,206
56,582
2.9 %
Customer Relationships (e)
Residential
29,465
30,012
(1.8) %
Small and Medium Business (“SMB”)
2,223
2,224
— %
Total Customer Relationships
31,688
32,236
(1.7) %
Residential
(150)
3
(153)
SMB
1
5
(4)
Total Customer Relationships Quarterly Net Additions
(149)
8
(157)
Total Customer Relationship Penetration of Estimated Passings (f)
54.4 %
57.0 %
(2.6) ppts
Monthly Residential Revenue per Residential Customer (g)
$ 121.47
$ 119.28
1.8 %
Monthly SMB Revenue per SMB Customer (h)
$ 164.38
$ 162.94
0.9 %
Residential Customer Relationships Penetration
One Product Penetration (i)
47.9 %
46.5 %
1.4 ppts
Two Product Penetration (i)
33.4 %
33.0 %
0.4 ppts
Three or More Product Penetration (i)
18.7 %
20.5 %
(1.8) ppts
% Residential Non-Video Customer Relationships
57.8 %
54.2 %
3.6 ppts
Internet
Residential
28,205
28,606
(1.4) %
SMB
2,052
2,043
0.4 %
Total Internet Customers
30,257
30,649
(1.3) %
Residential
(113)
57
(170)
SMB
3
6
(3)
Total Internet Quarterly Net Additions
(110)
63
(173)
Video
Residential
12,437
13,751
(9.6) %
SMB
578
628
(8.0) %
Total Video Customers
13,015
14,379
(9.5) %
Residential
(281)
(320)
39
SMB
(13)
(7)
(6)
Total Video Quarterly Net Additions
(294)
(327)
33
Voice
Residential
5,895
6,960
(15.3) %
SMB
1,263
1,296
(2.5) %
Total Voice Customers
7,158
8,256
(13.3) %
Residential
(275)
(288)
13
SMB
(13)
2
(15)
Total Voice Quarterly Net Additions
(288)
(286)
(2)
Mobile Lines (j)
Residential
9,057
6,987
29.6 %
SMB
297
233
27.4 %
Total Mobile Lines
9,354
7,220
29.6 %
Residential
526
577
(51)
SMB
19
17
2
Total Mobile Lines Quarterly Net Additions
545
594
(49)
Enterprise (k)
Enterprise Primary Service Units (“PSUs”)
315
298
5.7 %
Enterprise Quarterly Net Additions
3
4
(1)
In thousands, except per customer and penetration data. See footnotes to unaudited summary of operating statistics on page 7 of the addendum of this news release. The footnotes contain important disclosures regarding the definitions used for these operating statistics. All percentages are calculated using whole numbers. Minor differences may exist due to rounding.
In September, Spectrum launched a new brand platform, Life Unlimited, which emphasizes the power of Spectrum’s advanced network and cutting-edge connectivity products and services to create opportunities and remove barriers to help customers live their best lives. As part of its new brand platform, Spectrum launched a new and simplified pricing strategy that better utilizes its seamless connectivity and entertainment products to offer lower promotional and persistent bundled pricing to drive growth. Additionally, Spectrum announced new customer commitments focused on reliable connectivity, transparency, exceptional service and a focus on always improving.
Third quarter total Internet customers decreased by 110,000, driven by the end of the FCC’s Affordable Connectivity Program (“ACP”) in the second quarter, compared to an increase of 63,000 during the third quarter of 2023. Spectrum Internet® delivers the fastest Internet speeds1 in the nation. Spectrum is evolving its connectivity network to offer symmetrical and multi-gigabit Internet speeds across its entire footprint and has launched symmetrical Internet service in eight markets. Unlike competitors, Spectrum upgrades its network for all households and can do so at a much lower cost. Spectrum Advanced WiFi, a managed WiFi service that provides customers an optimized home network while providing greater control of connected devices with enhanced security and privacy is available to all Spectrum Internet customers.
Total video customers decreased by 294,000 in the third quarter of 2024, compared to a decline of 327,000 in the third quarter of 2023. As of September 30, 2024, Charter had 13.0 million total video customers. Spectrum TV Select video customers will soon receive up to $80 per month of programmers’ streaming application retail value at no extra cost, including the ad-supported versions of Max, Disney+, Peacock, Paramount+, ESPN+, AMC+, Discovery+, BET+, ViX, and Tennis Channel Plus. This programmer streaming application inclusion is part of Charter’s broader video evolution strategy to provide flexible packages with enhanced value, whether through full packages with seamless entertainment, smaller video packages, or a suite of a-la-carte programmer application options for broadband-only customers.
During the third quarter of 2024, total wireline voice customers declined by 288,000, compared to a decline of 286,000 in the third quarter of 2023. As of September 30, 2024, Charter had 7.2 million total wireline voice customers.
During the third quarter of 2024, Charter added 545,000 total mobile lines, compared to growth of 594,000 during the third quarter of 2023. Spectrum Mobile™ is available to all new and existing Spectrum Internet customers and offers the fastest overall speeds,2 with plans that include 5G access, do not require contracts and include taxes and fees in the price. Spectrum Mobile is central to Charter’s converged network strategy to provide consumers a differentiated connectivity experience with highly competitive, simple data plans and pricing.
Charter continues to work with federal, state and local governments to bring Spectrum Internet to unserved and underserved communities. During the third quarter of 2024, Charter activated 114,000 subsidized rural passings. Within Charter’s subsidized rural footprint, total customer relationships increased by 41,000 in the third quarter of 2024.
1.
Based on Broadband Download Speed nationally in Opensignal USA: Fixed Broadband Experience Report – National View, May 2024. Based on Opensignal independent analysis of mean download speed. © 2024 Opensignal Limited.
2.
Based on Charter’s analysis of Ookla® Speedtest Intelligence® data for overall mobile WiFi and Cellular performance for 1Q24 in Charter’s footprint.
Third Quarter Financial Results
(in millions)
Three Months Ended September 30,
2024
2023
% Change
Revenues:
Internet
$ 5,872
$ 5,776
1.7 %
Video
3,735
4,004
(6.7) %
Voice
360
379
(5.0) %
Mobile service
801
581
37.6 %
Residential revenue
10,768
10,740
0.3 %
Small and medium business
1,096
1,085
1.0 %
Enterprise
723
698
3.7 %
Commercial revenue
1,819
1,783
2.0 %
Advertising sales
452
384
18.1 %
Other
756
677
11.6 %
Total Revenues
$ 13,795
$ 13,584
1.6 %
Net income attributable to Charter shareholders
$ 1,280
$ 1,255
2.0 %
Net income attributable to Charter shareholders margin
9.3 %
9.2 %
Adjusted EBITDA1
$ 5,647
$ 5,449
3.6 %
Adjusted EBITDA margin
40.9 %
40.1 %
Capital Expenditures
$ 2,563
$ 2,961
(13.5) %
Net cash flows from operating activities
$ 3,905
$ 3,944
(1.0) %
Free cash flow1
$ 1,619
$ 1,097
47.6 %
All percentages are calculated using whole numbers. Minor differences may exist due to rounding.
1.
Adjusted 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, in the addendum of this news release.
Revenues
Third quarter revenue increased by 1.6% year-over-year to $13.8 billion, driven by growth in residential mobile service, residential Internet, advertising and other revenues, partly offset by lower residential video revenue. Year-over-year revenue growth was favorably impacted by $68 million of total customer credits in the prior year period related to the temporary loss of Disney programming in September 2023.
Residential revenue totaled $10.8 billion in the third quarter, an increase of 0.3% year-over-year. Year-over-year revenue growth was favorably impacted by $63 million of residential customer credits in the prior year period related to the temporary loss of Disney programming in September 2023.
Third quarter 2024 monthly residential revenue per residential customer totaled $121.47, and increased by 1.8% compared to the prior year period. The growth was driven by promotional rate step-ups, rate adjustments, the growth of Spectrum Mobile and $63 million of residential customer credits in the prior year period related to the temporary loss of Disney programming in September 2023, partly offset by a lower mix of video customer relationships and a higher mix of lower priced video packages within Charter’s video customer base.
Internet revenue grew by 1.7% year-over-year to $5.9 billion, driven by promotional rate step-ups and rate adjustments, partly offset by lower bundled revenue allocation and a decline in Internet customers during the last year.
Video revenue totaled $3.7 billion in the third quarter, a decrease of 6.7% compared to the prior year period, driven by a decline in video customers during the last year and a higher mix of lower priced video packages within Charter’s video customer base, partly offset by promotional rate step-ups, video rate adjustments that pass through programmer rate increases and the aforementioned $63 million of residential customer credits recorded in September 2023.
Voice revenue decreased by 5.0% year-over-year to $360 million, driven by a decline in wireline voice customers over the last twelve months, partly offset by voice rate adjustments.
Third quarter mobile service revenue totaled $801 million, an increase of 37.6% year-over-year, driven by mobile line growth and higher bundled revenue allocation.
Commercial revenue increased by 2.0% year-over-year to $1.8 billion, driven by enterprise and SMB revenue growth of 3.7% and 1.0% year-over-year, respectively. The year-over-year increase in third quarter 2024 SMB revenue was driven by higher monthly SMB revenue per SMB customer, primarily due to rate adjustments. Enterprise revenue excluding wholesale increased by 5.9% year-over-year, mostly reflecting PSU growth.
Third quarter advertising sales revenue of $452 million increased by 18.1% compared to the year-ago quarter, primarily driven by higher political revenue. Excluding political revenue in both periods, advertising sales revenue decreased by 6.3% year-over-year due to a more challenged advertising market, partly offset by higher advanced advertising revenue.
Other revenue totaled $756 million in the third quarter, an increase of 11.6% compared to the third quarter of 2023, primarily driven by higher mobile device sales.
Operating Costs and Expenses
Third quarter programming costs decreased by $259 million, or 10.0% as compared to the third quarter of 2023, reflecting fewer video customers and a higher mix of lower cost packages within Charter’s video customer base, partly offset by contractual programming rate increases and renewals and a $61 million benefit in the prior year period related to the temporary loss of Disney programming in September 2023.
Other costs of revenue increased by $219 million, or 15.8% year-over-year, primarily driven by higher mobile device sales and mobile service direct costs.
Costs to service customers decreased by $12 million, or 0.5% year-over-year, primarily due to lower labor costs.
Sales and marketing expenses increased by $40 million, or 4.4% year-over-year, given Spectrum’s continued focus on driving growth and the launch of its new brand platform, Life Unlimited.
Other expenses increased by $25 million, or 2.3% as compared to the third quarter of 2023.
Net Income Attributable to Charter Shareholders
Net income attributable to Charter shareholders totaled $1.3 billion in the third quarter of 2024, compared to $1.3 billion in the third quarter of 2023, with higher Adjusted EBITDA mostly offset by higher other expenses, net primarily due to non-cash changes in the value of financial instruments.
Net income per basic common share attributable to Charter shareholders totaled $8.99 in the third quarter of 2024 compared to $8.42 during the same period last year. The increase was primarily the result of the factors described above in addition to a 4.5% decrease in basic weighted average common shares outstanding versus the prior year period.
Adjusted EBITDA
Third quarter Adjusted EBITDA of $5.6 billion grew by 3.6% year-over-year, reflecting growth in revenue and operating expenses of 1.6% and 0.2%, respectively.
Capital Expenditures
Capital expenditures totaled $2.6 billion in the third quarter of 2024, a decrease of $398 million compared to the third quarter of 2023, driven by lower spend on CPE and upgrade/rebuild (primarily network evolution). Line extensions capital expenditures totaled $1.1 billion in the third quarter of 2024, driven by Charter’s subsidized rural construction initiative and continued network expansion across residential and commercial greenfield and market fill-in opportunities.
Charter now expects full year 2024 capital expenditures to total approximately $11.5 billion, a decrease from Charter’s previous expectation of approximately $12.0 billion. The decrease primarily reflects lower expected network evolution and line extension spend in 2024, partly offset by higher expected rebuild spend related to plant restoration following recent hurricanes. Charter now expects full year 2024 network evolution spend of approximately $1.1 billion versus prior expectations of approximately $1.6 billion, due to the timing of software certification and integration. Charter now expects full year 2024 line extensions spend of approximately $4.3 billion versus $4.5 billion previously, reflecting a temporary shift in labor resources for plant restoration efforts following hurricanes Helene and Milton. The actual amount of capital expenditures in 2024 will depend on a number of factors including, but not limited to, the pace of Charter’s network evolution and expansion initiatives, supply chain timing and growth rates in Charter’s residential and commercial businesses.
Cash Flow and Free Cash Flow
During the third quarter of 2024, net cash flows from operating activities totaled $3.9 billion, in-line with the prior year quarter, with higher Adjusted EBITDA offset by higher cash taxes.
Free cash flow in the third quarter of 2024 totaled $1.6 billion, an increase of $522 million compared to the third quarter of 2023. The year-over-year increase in free cash flow was primarily driven by lower capital expenditures and a more favorable change in accrued expenses related to capital expenditures.
Liquidity & Financing
As of September 30, 2024, total principal amount of debt was $95.1 billion and Charter’s credit facilities provided approximately $5.5 billion of additional liquidity in excess of Charter’s $721 million cash position.
Share Repurchases
During the three months ended September 30, 2024, Charter purchased 844 thousand shares of Charter Class A common stock and Charter Holdings common units for $262 million.
Webcast
Charter will host a webcast on Friday, November 1, 2024 at 8:30 a.m. Eastern Time (ET) related to the contents of this release.
The webcast can be accessed live via the Company’s investor relations website at ir.charter.com. Participants should go to the webcast link no later than 10 minutes prior to the start time to register. The webcast will be archived at ir.charter.com two hours after completion of the webcast.
Additional Information Available on Website
The information in this press release should be read in conjunction with the financial statements and footnotes contained in the Company’s Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2024, which will be posted on the “Results & SEC Filings” section of the Company’s investor relations website at ir.charter.com, when it is filed with the Securities and Exchange Commission (the “SEC”). A slide presentation to accompany the conference call and a trending schedule containing historical customer and financial data will also be available in the “Results & SEC Filings” section.
Use of Adjusted EBITDA and Free Cash Flow Information
The Company uses certain measures that are not defined by U.S. generally accepted accounting principles (“GAAP”) to evaluate various aspects of its business. Adjusted EBITDA and free cash flow are non-GAAP financial measures and should be considered in addition to, not as a substitute for, net income attributable to Charter shareholders and net cash flows from operating activities reported in accordance with GAAP. These terms, as defined by Charter, may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA and free cash flow are reconciled to net income attributable to Charter shareholders and net cash flows from operating activities, respectively, in the Addendum to this release.
Adjusted EBITDA is defined as net income attributable to Charter shareholders plus net income attributable to noncontrolling interest, net interest expense, income taxes, depreciation and amortization, stock compensation expense, other income (expenses), net and other operating (income) expenses, net, such as special charges and (gain) loss on sale or retirement of assets. As such, it eliminates the significant non-cash depreciation and amortization expense that results from the capital-intensive nature of the Company’s businesses as well as other non-cash or special items, and is unaffected by the Company’s capital structure or investment activities. However, this measure is limited in that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues and the cash cost of financing. These costs are evaluated through other financial measures.
Free cash flow is defined as net cash flows from operating activities, less capital expenditures and changes in accrued expenses related to capital expenditures.
Management and Charter’s board of directors use Adjusted EBITDA and free cash flow to assess Charter’s performance and its ability to service its debt, fund operations and make additional investments with internally generated funds. In addition, Adjusted EBITDA generally correlates to the leverage ratio calculation under the Company’s credit facilities or outstanding notes to determine compliance with the covenants contained in the facilities and notes (all such documents have been previously filed with the SEC). For the purpose of calculating compliance with leverage covenants, the Company uses Adjusted EBITDA, as presented, excluding certain expenses paid by its operating subsidiaries to other Charter entities. The Company’s debt covenants refer to these expenses as management fees, which were $373 million and $345 million for the three months ended September 30, 2024 and 2023, respectively, and $1.1 billion and $1.1 billion for the nine months ended September 30, 2024 and 2023, respectively.
About Charter
Charter Communications, Inc. (NASDAQ:CHTR) is a leading broadband connectivity company and cable operator with services available to more than 58 million homes and businesses in 41 states through its Spectrum brand. Over an advanced communications network, the Company offers a full range of state-of-the-art residential and business services including Spectrum Internet®, TV, Mobile and Voice.
For small and medium-sized companies, Spectrum Business® delivers the same suite of broadband products and services coupled with special features and applications to enhance productivity, while for larger businesses and government entities, Spectrum Enterprise® provides highly customized, fiber-based solutions. Spectrum Reach® delivers tailored advertising and production for the modern media landscape. The Company also distributes award-winning news coverage and sports programming to its customers through Spectrum Networks. More information about Charter can be found at corporate.charter.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This communication includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies and prospects, both business and financial. Although we believe that our plans, intentions and expectations as reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions including, without limitation, the factors described under “Risk Factors” from time to time in our filings with the SEC. Many of the forward-looking statements contained in this communication may be identified by the use of forward-looking words such as “believe,” “expect,” “anticipate,” “should,” “planned,” “will,” “may,” “intend,” “estimated,” “aim,” “on track,” “target,” “opportunity,” “tentative,” “positioning,” “designed,” “create,” “predict,” “project,” “initiatives,” “seek,” “would,” “could,” “continue,” “ongoing,” “upside,” “increases,” “grow,” “focused on” and “potential,” among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this communication are set forth in our annual report on Form 10-K, and in other reports or documents that we file from time to time with the SEC, and include, but are not limited to:
our ability to sustain and grow revenues and cash flow from operations by offering Internet, video, voice, mobile, advertising and other services to residential and commercial customers, to adequately meet the customer experience demands in our service areas and to maintain and grow our customer base, particularly in the face of increasingly aggressive competition, the need for innovation and the related capital expenditures;the impact of competition from other market participants, including but not limited to incumbent telephone companies, direct broadcast satellite (“DBS”) operators, wireless broadband and telephone providers, digital subscriber line (“DSL”) providers, fiber to the home providers and providers of video content over broadband Internet connections;general business conditions, unemployment levels and the level of activity in the housing sector and economic uncertainty or downturn;our ability to obtain programming at reasonable prices or to raise prices to offset, in whole or in part, the effects of higher programming costs (including retransmission consents and distribution requirements);our ability to develop and deploy new products and technologies including consumer services and service platforms;any events that disrupt our networks, information systems or properties and impair our operating activities or our reputation;the effects of governmental regulation on our business including subsidies to consumers, subsidies and incentives for competitors, costs, disruptions and possible limitations on operating flexibility related to, and our ability to comply with, regulatory conditions applicable to us;the ability to hire and retain key personnel;our ability to procure necessary services and equipment from our vendors in a timely manner and at reasonable costs including in connection with our network evolution and rural construction initiatives;the availability and access, in general, of funds to meet our debt obligations prior to or when they become due and to fund our operations and necessary capital expenditures, either through (i) cash on hand, (ii) free cash flow, or (iii) access to the capital or credit markets; andour ability to comply with all covenants in our indentures and credit facilities, any violation of which, if not cured in a timely manner, could trigger a default of our other obligations under cross-default provisions.
All forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by this cautionary statement. We are under no duty or obligation to update any of the forward-looking statements after the date of this communication.
CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
UNAUDITED RECONCILIATION OF NON-GAAP MEASURES TO GAAP MEASURES
(dollars in millions)
Three Months Ended
September 30,
Nine Months Ended
September 30,
Last Twelve Months
Ended September 30,
2024
2023
2024
2023
2024
2023
Net income attributable to Charter shareholders
$ 1,280
$ 1,255
$ 3,617
$ 3,499
$ 4,675
$ 4,695
Plus: Net income attributable to noncontrolling interest
194
181
560
533
731
722
Interest expense, net
1,311
1,306
3,955
3,869
5,274
5,096
Income tax expense
406
369
1,279
1,187
1,685
1,606
Depreciation and amortization
2,145
2,130
6,505
6,508
8,693
8,700
Stock compensation expense
146
164
513
540
665
650
Other, net
165
44
380
185
659
334
Adjusted EBITDA (a)
$ 5,647
$ 5,449
$ 16,809
$ 16,321
$ 22,382
$ 21,803
Net cash flows from operating activities
$ 3,905
$ 3,944
$ 10,970
$ 10,578
$ 14,825
$ 14,365
Less: Purchases of property, plant and equipment
(2,563)
(2,961)
(8,207)
(8,259)
(11,063)
(11,179)
Change in accrued expenses related to capital
expenditures
277
114
510
110
572
379
Free cash flow (a)
$ 1,619
$ 1,097
$ 3,273
$ 2,429
$ 4,334
$ 3,565
The above schedule is presented in order to reconcile Adjusted EBITDA and free cash flow, non-GAAP measures, to the most directly comparable GAAP measures in accordance with Section 401(b) of the Sarbanes-Oxley Act.
UNAUDITED ALTERNATIVE PRESENTATION OF ADJUSTED EBITDA
(dollars in millions)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
% Change
2024
2023
% Change
REVENUES:
Internet
$ 5,872
$ 5,776
1.7 %
$ 17,504
$ 17,227
1.6 %
Video
3,735
4,004
(6.7) %
11,510
12,446
(7.5) %
Voice
360
379
(5.0) %
1,084
1,117
(3.0) %
Mobile service
801
581
37.6 %
2,223
1,617
37.5 %
Residential revenue
10,768
10,740
0.3 %
32,321
32,407
(0.3) %
Small and medium business
1,096
1,085
1.0 %
3,285
3,270
0.4 %
Enterprise
723
698
3.7 %
2,152
2,070
4.0 %
Commercial revenue
1,819
1,783
2.0 %
5,437
5,340
1.8 %
Advertising sales
452
384
18.1 %
1,240
1,123
10.5 %
Other
756
677
11.6 %
2,161
2,026
6.6 %
Total Revenues
13,795
13,584
1.6 %
41,159
40,896
0.6 %
COSTS AND EXPENSES:
Programming
2,336
2,595
(10.0) %
7,378
8,134
(9.3) %
Other costs of revenue
1,604
1,385
15.8 %
4,600
4,080
12.8 %
Costs to service customers
2,130
2,142
(0.5) %
6,205
6,306
(1.6) %
Sales and marketing
952
912
4.4 %
2,784
2,753
1.1 %
Other expense (b)
1,126
1,101
2.3 %
3,383
3,302
2.4 %
Total operating costs and expenses (b)
8,148
8,135
0.2 %
24,350
24,575
(0.9) %
Adjusted EBITDA (a)
$ 5,647
$ 5,449
3.6 %
$ 16,809
$ 16,321
3.0 %
All percentages are calculated using whole numbers. Minor differences may exist due to rounding.
See footnotes on page 7.
CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in millions, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
REVENUES
$ 13,795
$ 13,584
$ 41,159
$ 40,896
COSTS AND EXPENSES:
Operating costs and expenses (exclusive of items shown separately below)
8,294
8,299
24,863
25,115
Depreciation and amortization
2,145
2,130
6,505
6,508
Other operating (income) expenses, net
21
29
62
(19)
10,460
10,458
31,430
31,604
Income from operations
3,335
3,126
9,729
9,292
OTHER INCOME (EXPENSES):
Interest expense, net
(1,311)
(1,306)
(3,955)
(3,869)
Other expenses, net
(144)
(15)
(318)
(204)
(1,455)
(1,321)
(4,273)
(4,073)
Income before income taxes
1,880
1,805
5,456
5,219
Income tax expense
(406)
(369)
(1,279)
(1,187)
Consolidated net income
1,474
1,436
4,177
4,032
Less: Net income attributable to noncontrolling interests
(194)
(181)
(560)
(533)
Net income attributable to Charter shareholders
$ 1,280
$ 1,255
$ 3,617
$ 3,499
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CHARTER
SHAREHOLDERS:
Basic
$ 8.99
$ 8.42
$ 25.23
$ 23.30
Diluted
$ 8.82
$ 8.25
$ 24.86
$ 22.94
Weighted average common shares outstanding, basic
142,308,740
149,004,322
143,379,041
150,169,275
Weighted average common shares outstanding, diluted
145,059,470
152,019,159
145,489,370
152,495,273
CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in millions)
September 30,
December 31,
2024
2023
ASSETS
(unaudited)
CURRENT ASSETS:
Cash and cash equivalents
$ 721
$ 709
Accounts receivable, net
3,067
2,965
Prepaid expenses and other current assets
704
458
Total current assets
4,492
4,132
INVESTMENT IN CABLE PROPERTIES:
Property, plant and equipment, net
41,846
39,520
Customer relationships, net
1,148
1,745
Franchises
67,455
67,396
Goodwill
29,668
29,668
Total investment in cable properties, net
140,117
138,329
OTHER NONCURRENT ASSETS
4,762
4,732
Total assets
$ 149,371
$ 147,193
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable, accrued and other current liabilities
$ 11,362
$ 11,214
Current portion of long-term debt
1,798
2,000
Total current liabilities
13,160
13,214
LONG-TERM DEBT
93,517
95,777
EQUIPMENT INSTALLMENT PLAN FINANCING FACILITY
998
—
DEFERRED INCOME TAXES
18,983
18,954
OTHER LONG-TERM LIABILITIES
4,659
4,530
SHAREHOLDERS’ EQUITY:
Controlling interest
14,099
11,086
Noncontrolling interests
3,955
3,632
Total shareholders’ equity
18,054
14,718
Total liabilities and shareholders’ equity
$ 149,371
$ 147,193
CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net income
$ 1,474
$ 1,436
$ 4,177
$ 4,032
Adjustments to reconcile consolidated net income to net cash flows from
operating activities:
Depreciation and amortization
2,145
2,130
6,505
6,508
Stock compensation expense
146
164
513
540
Noncash interest, net
9
9
25
13
Deferred income taxes
61
17
48
(46)
Other, net
159
25
264
212
Changes in operating assets and liabilities, net of effects from acquisitions
and dispositions:
Accounts receivable
(66)
(68)
(99)
(11)
Prepaid expenses and other assets
(272)
(173)
(537)
(534)
Accounts payable, accrued liabilities and other
249
404
74
(136)
Net cash flows from operating activities
3,905
3,944
10,970
10,578
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment
(2,563)
(2,961)
(8,207)
(8,259)
Change in accrued expenses related to capital expenditures
277
114
510
110
Other, net
(153)
(47)
(378)
(334)
Net cash flows from investing activities
(2,439)
(2,894)
(8,075)
(8,483)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of long-term debt
2,645
3,543
17,388
14,591
Borrowings of equipment installment plan financing facility
124
—
1,000
—
Repayments of long-term debt
(4,115)
(3,650)
(19,899)
(14,385)
Payments for debt issuance costs
—
—
(27)
(18)
Purchase of treasury stock
(222)
(783)
(1,099)
(2,021)
Proceeds from exercise of stock options
27
16
29
21
Purchase of noncontrolling interest
(44)
(78)
(185)
(254)
Distributions to noncontrolling interest
(44)
(35)
(108)
(118)
Other, net
271
30
47
15
Net cash flows from financing activities
(1,358)
(957)
(2,854)
(2,169)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND
RESTRICTED CASH
108
93
41
(74)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period
642
478
709
645
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period
$ 750
$ 571
$ 750
$ 571
CASH PAID FOR INTEREST
$ 1,214
$ 1,234
$ 3,812
$ 3,666
CASH PAID FOR TAXES
$ 473
$ 243
$ 1,120
$ 1,149
As of September 30, 2024, cash, cash equivalents and restricted cash includes $29 million of restricted cash included in prepaid expenses and other current assets in the consolidated balance sheets.
CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
UNAUDITED SUMMARY OF OPERATING STATISTICS
(in thousands, except per customer and penetration data)
Approximate as of
September 30,
2024(c)
June 30,
2024(c)
December 31,
2023 (c)
September 30,
2023(c)
Footprint
Estimated Passings (d)
58,206
57,774
56,986
56,582
Customer Relationships (e)
Residential
29,465
29,615
29,904
30,012
SMB
2,223
2,222
2,222
2,224
Total Customer Relationships
31,688
31,837
32,126
32,236
Residential
(150)
(182)
(108)
3
SMB
1
3
(2)
5
Total Customer Relationships Quarterly Net Additions
(149)
(179)
(110)
8
Total Customer Relationship Penetration of Estimated Passings (f)
54.4 %
55.1 %
56.4 %
57.0 %
Monthly Residential Revenue per Residential Customer (g)
$ 121.47
$ 120.77
$ 119.41
$ 119.28
Monthly SMB Revenue per SMB Customer (h)
$ 164.38
$ 165.28
$ 162.38
$ 162.94
Residential Customer Relationships Penetration
One Product Penetration (i)
47.9 %
47.7 %
46.7 %
46.5 %
Two Product Penetration (i)
33.4 %
33.2 %
33.1 %
33.0 %
Three or More Product Penetration (i)
18.7 %
19.2 %
20.2 %
20.5 %
% Residential Non-Video Customer Relationships
57.8 %
57.1 %
54.8 %
54.2 %
Internet
Residential
28,205
28,318
28,544
28,606
SMB
2,052
2,049
2,044
2,043
Total Internet Customers
30,257
30,367
30,588
30,649
Residential
(113)
(154)
(62)
57
SMB
3
5
1
6
Total Internet Quarterly Net Additions
(110)
(149)
(61)
63
Video
Residential
12,437
12,718
13,503
13,751
SMB
578
591
619
628
Total Video Customers
13,015
13,309
14,122
14,379
Residential
(281)
(393)
(248)
(320)
SMB
(13)
(15)
(9)
(7)
Total Video Quarterly Net Additions
(294)
(408)
(257)
(327)
Voice
Residential
5,895
6,170
6,712
6,960
SMB
1,263
1,276
1,293
1,296
Total Voice Customers
7,158
7,446
8,005
8,256
Residential
(275)
(268)
(248)
(288)
SMB
(13)
(12)
(3)
2
Total Voice Quarterly Net Additions
(288)
(280)
(251)
(286)
Mobile Lines (j)
Residential
9,057
8,531
7,519
6,987
SMB
297
278
247
233
Total Mobile Lines
9,354
8,809
7,766
7,220
Residential
526
539
532
577
SMB
19
18
14
17
Total Mobile Lines Quarterly Net Additions
545
557
546
594
Enterprise (k)
Enterprise Primary Service Units (“PSUs”)
315
312
303
298
Enterprise Quarterly Net Additions
3
4
5
4
See footnotes on page 7.
CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
UNAUDITED CAPITAL EXPENDITURES
(dollars in millions)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Customer premise equipment (l)
$ 400
$ 659
$ 1,597
$ 1,772
Scalable infrastructure (m)
321
308
1,011
1,015
Upgrade/rebuild (n)
358
509
1,228
1,190
Support capital (o)
403
420
1,212
1,245
Capital expenditures, excluding line extensions
1,482
1,896
5,048
5,222
Subsidized rural construction line extensions
577
498
1,569
1,398
Other line extensions
504
567
1,590
1,639
Total line extensions (p)
1,081
1,065
3,159
3,037
Total capital expenditures
$ 2,563
$ 2,961
$ 8,207
$ 8,259
Capital expenditures included in total related to:
Commercial services
$ 346
$ 403
$ 1,103
$ 1,179
Subsidized rural construction initiative (q)
$ 581
$ 512
$ 1,575
$ 1,444
Mobile
$ 58
$ 76
$ 181
$ 235
See footnotes on page 7.
CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
FOOTNOTES
(a)
Adjusted EBITDA is defined as net income attributable to Charter shareholders plus net income attributable to noncontrolling interest, net interest expense, income taxes, depreciation and amortization, stock compensation expense, other (income) expenses, net and other operating (income) expenses, net such as special charges and (gain) loss on sale or retirement of assets. As such, it eliminates the significant non-cash depreciation and amortization expense that results from the capital-intensive nature of our businesses as well as other non-cash or special items, and is unaffected by our capital structure or investment activities. Free cash flow is defined as net cash flows from operating activities, less capital expenditures and changes in accrued expenses related to capital expenditures.
(b)
Other expense excludes stock compensation expense. Total operating costs and expenses excludes stock compensation expense, depreciation and amortization and other operating (income) expenses, net.
(c)
We calculate the aging of customer accounts based on the monthly billing cycle for each account in accordance with our collection policies. On that basis, at September 30, 2024, June 30, 2024, December 31, 2023 and September 30, 3023, customers included approximately 127,300, 79,400, 135,800 and 143,300 customers, respectively, whose accounts were over 60 days past due, approximately 11,900, 10,000, 54,700 and 53,400 customers, respectively, whose accounts were over 90 days past due and approximately 11,800, 13,500, 286,000 and 261,700 customers, respectively, whose accounts were over 120 days past due. The decrease in accounts past due is predominately due to revisions to customer account balances associated with the end of the Affordable Connectivity Program, including balance write-offs and conversion to payment plans. Bad debt expense associated with these past due accounts was predominantly reflected in our consolidated statements of operations in prior periods.
(d)
Passings represent our estimate of the number of units, such as single family homes, apartment and condominium units and SMB and enterprise sites passed by our cable distribution network in the areas where we offer the service indicated. These estimates are based upon the information available at this time and are updated for all periods presented when new information becomes available.
(e)
Customer relationships include the number of customers that receive one or more levels of service, encompassing Internet, video, voice and mobile services, without regard to which service(s) such customers receive. Customers who reside in residential multiple dwelling units (“MDUs”) and that are billed under bulk contracts are counted based on the number of billed units within each bulk MDU. Total customer relationships exclude enterprise and mobile-only customer relationships.
(f)
Penetration represents residential and SMB customers as a percentage of estimated passings. Penetration excludes mobile-only customers.
(g)
Monthly residential revenue per residential customer is calculated as total residential quarterly revenue divided by three divided by average residential customer relationships during the respective quarter and excludes mobile-only customer relationships.
(h)
Monthly SMB revenue per SMB customer is calculated as total SMB quarterly revenue divided by three divided by average SMB customer relationships during the respective quarter and excludes mobile-only customer relationships.
(i)
One product, two product and three or more product penetration represents the number of residential customers that subscribe to one product, two products or three or more products, respectively, as a percentage of residential customer relationships, excluding mobile-only customers.
(j)
Mobile lines include phones and tablets which require one of our standard rate plans (e.g., “Unlimited” or “By the Gig”). Mobile lines exclude wearables and other devices that do not require standard phone rate plans.
(k)
Enterprise PSUs represents the aggregate number of fiber service offerings counting each separate service offering at each customer location as an individual PSU.
(l)
Customer premise equipment includes equipment and devices located at the customer’s premise used to deliver our Internet, video and voice services (e.g., modems, routers and set-top boxes), as well as installation costs.
(m)
Scalable infrastructure includes costs, not related to customer premise equipment or our network, to secure growth of new customers or provide service enhancements (e.g., headend equipment).
(n)
Upgrade/rebuild includes costs to modify or replace existing fiber/coaxial cable networks, including our network evolution initiative.
(o)
Support capital includes costs associated with the replacement or enhancement of non-network assets (e.g., back-office systems, non-network equipment, land and buildings, vehicles, tools and test equipment).
(p)
Line extensions include network costs associated with entering new service areas (e.g., fiber/coaxial cable, amplifiers, electronic equipment, make-ready and design engineering).
(q)
The subsidized rural construction initiative subcategory includes projects for which we are receiving subsidies from federal, state and local governments, excluding customer premise equipment and installation.
View original content to download multimedia:https://www.prnewswire.com/news-releases/charter-announces-third-quarter-2024-results-302293610.html
SOURCE Charter Communications, Inc.
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Christiane Ayotte, the first woman to receive the highest distinction of Ordre des chimistes du Québec
Published
59 mins agoon
November 1, 2024By
Retired INRS professor named member of Société honorifique des Compagnons de Lavoisier
LAVAL, QC, Nov. 1, 2024 /CNW/ – A leading figure in the fight against doping in sport, Christiane Ayotte, retired professor at Institut national de la recherche scientifique (INRS), has recently been recognized by Ordre des chimistes du Québec (OCQ) with the honorary title of Compagnon de Lavoisier.
Professor Ayotte thus becomes the first woman in Québec to receive this eminent distinction and joins the 25 other emeritus members who collectively form Société honorifique des Compagnons de Lavoisier.
This distinction, the highest bestowed by the Order, is awarded on an ad hoc basis to recognize a member’s valuable contribution to society and their notable involvement in promoting the discipline of chemistry during their career.
This nomination echoes Professor Ayotte’s exceptional career path, as she has previously confided that she pursued a career in science out of a desire for emancipation, in a sector where women were still under-represented.
“I am delighted and honoured to receive this distinction from my peers, and to highlight the essential contribution of Ordre des chimistes to Québec. Before guillotining Antoine Lavoisier, the court declared that the ‘republic has no need of scientists or chemists.’ Today, 230 years later and at a time when every opinion, no matter how unfounded, carries equal weight and spreads throughout society, the voice of chemists and biochemists must be heard. I’ve always been very proud to be a woman and a chemist. I hope that by speaking out, I’ve inspired young Quebecers to take an interest in science and make it their career,” says Christiane Ayotte, retired INRS professor, world expert in doping control.
“The contributions of Ms. Christiane Ayotte extend far beyond the world of sports. Her work and research have had positive impacts in several other health-related professions. Her ability to simplify complex concepts has helped educate the public on the risks associated with doping, as well as the importance of ethical rules in all areas of life. Ms. Ayotte is an ambassador for the profession, but also for the entire professional system,” proudly emphasizes Mr. Michel Alsayegh, president of the Ordre des chimistes du Québec.
The awards ceremony took place at the Gala de reconnaissance des membres émérites as part of the Grand RDV des chimistes et des biochimistes 2024, held on October 17.
A world-class career
Throughout her career, Professor Ayotte has distinguished herself as a world expert in doping control. Her dedication to the integrity of sport, the protection of athletes, and the advancement of scientific knowledge in this ever-evolving field has been applauded the world over.
For more than 30 years, Professor Ayotte headed the INRS Doping Control Laboratory based at the INRS Armand-Frappier Santé Biotechnologie Research Centre in Laval and served as a scientific expert on the International Olympic Committee’s Medical Commission at the Salt Lake City, Beijing, London, Sochi, and Rio Olympic Games. Under her leadership, the laboratory team achieved international recognition, carrying out analyses for several major competitions such as the Pan-American Games, the Central American Games, the Vancouver Olympics, and other Olympic Games.
She has also served on a number of World Anti-Doping Agency committees and working groups, contributing to the drafting of standards and technical documents governing analyses carried out in accredited laboratories. She has not hesitated to defend the science of doping control when challenged in international courts.
Her scientific expertise and vast experience have made her a key figure in the sports media landscape, with several thousand interviews to her credit. She is called upon by national and international media as an authority in the field when cases of doping in sport occur.
“Professor Ayotte’s contribution to our establishment is invaluable: thanks to the immense scope of her work, our laboratories are now among the most recognized infrastructures in the fight against doping in Quebec and around the world. This distinction is a magnificent recognition of all that she has accomplished for her profession and her field of research, but also for society and for the next generation of scientists,” adds Luc-Alain Giraldeau, Executive Director of INRS.
Regularly recognized for her research work, Professor Ayotte has received numerous awards and distinctions. In 2018, she was awarded the insignia of Officer of the Order of Canada “for her relentless fight against doping in sport,” as well as a 50th Anniversary Tribute Medal from Ministère des Relations internationales et de la Francophonie. She was also the first chemist to receive the Prix René Dussault 2024, awarded by Conseil interprofessionnel du Québec (CIQ), for her prestigious career.
About INRS
INRS is an academic institution dedicated exclusively to graduate research and training in strategic sectors in Quebec. For the past 55 years, it has actively contributed to Quebec’s economic, social, and cultural development. INRS is first in Canada in research intensity. It is made up of four interdisciplinary research and training centres located in Quebec City, Montreal, Laval, and Varennes, which focus their efforts on strategic sectors: water, earth, and environment (Eau Terre Environnement Research Centre); energy, materials, and telecommunications (Énergie Matériaux Télécommunications Research Centre); urbanization, culture, and society (Urbanisation Culture Société Research Centre); and health and biotechnology (Armand-Frappier Santé Biotechnologie Research Centre). The INRS community includes over 1,500 students, postdoctoral fellows, and faculty and staff members. inrs.ca
SOURCE Institut National de la recherche scientifique (INRS)
Technology
Lexmark Receives Duo of Awards from Seramount in Recognition as Top Employer
Published
59 mins agoon
November 1, 2024By
Accolades include “2024 100 Best Companies” and “2024 Top Companies for Executive Women”
LEXINGTON, Ky., Nov. 1, 2024 /PRNewswire/ — Lexmark, a global imaging and IoT solutions leader, has received two top employer awards from Seramount, a strategic professional services and research firm dedicated to inclusive workplaces.
The first award, “2024 100 Best Companies,” is an annual list of U.S. companies that set the standard for family-friendly practices including parental leave, fertility/adoption benefits and flexible scheduling. This is the eighth year Lexmark has received the honor.
The second award, “2024 Top Companies for Executive Women,” is an annual ranking that evaluates how U.S. companies champion women’s achievements in the workplace, with a focus on succession planning, gender-pay parity, and flexibility, among other categories. This is the sixth time Lexmark has been named to the list.
“It is an honor to again be recognized by Seramount,” said Tonya Jackson, senior vice president and chief people officer at Lexmark. “Our people are the most valuable resource of our company. Enabling their success means setting Lexmark up for success.”
Jackson noted that Lexmark continuously evaluates its policies to help families balance responsibilities at work and home and considers the importance of having diverse leadership that reflects our workforce and our customers.
Employers included in the top 100 list can recognize up to two employees to be named “Working Parents of the Year.” Lexmark’s 2024 parent honorees are Meagan Sisk, senior manager for embedded systems, and Phillip Sisk, senior manager for quality and compliance.
Click here to read about the Sisks, Lexmark’s 2024 Working Parents of the Year.
Supporting resources
Learn about Lexmark’s recent awards and recognitionsSubscribe to the Lexmark News Blog.Follow Lexmark on LinkedIn.
About Lexmark
Lexmark creates cloud-enabled imaging and IoT technologies that help customers worldwide quickly realize business outcomes. Through a powerful combination of proven technologies and deep industry expertise, Lexmark accelerates business transformation, turning information into insights, data into decisions, and analytics into action.
Lexmark and the Lexmark logo are trademarks of Lexmark International, Inc., registered in the United States and/or other countries. All other trademarks are the property of their respective owners.
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SOURCE Lexmark
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Quantum Innovators Converge: QC Ware Announces Return of Q2B Conference with IBM as Platinum Sponsor
Published
59 mins agoon
November 1, 2024By
Visionary Leaders, International Industry Experts, and Startups in Quantum Technology Collaborate to Turn Quantum Potential into Real-World Solutions
PALO ALTO, Calif., Nov. 1, 2024 /PRNewswire/ — QC Ware, a leader in quantum and quantum-inspired software and services, is proud to announce the 8th edition of its flagship event, Q2B (Quantum to Business) Silicon Valley. Regarded as the premier event for the global quantum computing community, Q2B will take place at the Santa Clara Convention Center from December 10–12, 2024. This event, themed “The Roadmap to Quantum Value,” will convene top industry leaders, pioneering startups, academics, and quantum technology vendors. Registration is open now and conference tickets are available. To learn more about the conference and register, visit Q2B Silicon Valley.
As the Q2B Platinum sponsor, IBM will contribute to discussions and demonstrations aimed at accelerating the adoption of quantum computing in various industries, such as pharmaceuticals, finance, logistics, and artificial intelligence.
Additional key sponsors for the event include Quantum Delta NL, Google Quantum AI, AWS, Classiq, Pasqal, Horizon Quantum, Quantum Corridor, IONQ, Q-CTRL, Quantum Machines, C12, QuEra Computing, Rigetti, the Ministry of Foreign Affairs of Denmark, and Quobly, among others. These industry leaders will host sessions, live demonstrations, and collaborations aimed at accelerating the commercialization and adoption of quantum technologies.
“Quantum technology is advancing steadily, with meaningful progress being made in areas like error correction and quantum algorithms,” said Matt Johnson, CEO of QC Ware. “Q2B is more than a platform for showcasing these breakthroughs—it’s a global collaboration to accelerate quantum’s journey from research to real-world applications. By coming together, we can push the boundaries of quantum technologies and bring practical solutions to industries that stand to benefit most.”
Three Days of Quantum Speaker Insights and Networking
Over the course of three days, Q2B will offer cutting-edge discussions, exclusive product announcements, and hands-on demonstrations from the forefront of the quantum industry. Attendees will hear from thought leaders across government, academia, and Fortune 100 corporations. Key areas of focus include:
Quantum Computing Hardware & SoftwareError CorrectionQuantum AIGovernment ProgramsOn-Premises Quantum ComputingCommunications and SecurityIndustry Case StudiesAnalyst and Business Track
This year’s conference also brings together a prestigious lineup of speakers who will present on key topics, including:
John Preskill – Richard P. Feynman Professor of Theoretical Physics and Director, Institute for Quantum Information and Matter at California Institute of TechnologyScott Aaronson, David J. Bruton Centennial Professor of Computer Science and Director of the Quantum Information Center, University of Texas at AustinHartmut Neven, VP, Engineering, GoogleDr. Michael Hayduk – Deputy Director, Information Directorate, Air Force Research Laboratory, Rome, New YorkWilliam Hurley, Founder & CEO, StrangeworksCelia Merzbacher, QED-C Executive Director, SRI International
This year’s program will also place special emphasis on quantum error correction, quantum sensing, and quantum communications—all critical for advancing the commercial viability of quantum technologies. Government programs and initiatives will be a central focus, reflecting the growing investments in quantum research for both national security and economic development.
Dr. Michael J. Hayduk, the Deputy Director of the Information Directorate at Air Force Research Laboratory (AFRL), conveyed AFRL’s anticipation for the annual Q2B conference. He underscored AFRL’s steadfast dedication to advancing quantum research and underscored how the event harmonizes with AFRL’s research mission. Dr. Hayduk also emphasized the potential for collaboration and the expedited development of quantum capabilities, with AFRL’s engagement in the quantum arena benefiting both the nation and the global community.
Get Hands-On With the Quantum Hackathon
For the first time, Q2B will include a Quantum Hackathon, led by IBM, and powered by Qiskit — the world’s most popular software stack for quantum computing. This collaborative event invites participants from industry and academia to tackle real-world challenges using quantum algorithms and tools, with a particular focus on optimization, and machine learning.
Pitch Competition Serves as a Launchpad for Quantum Startups
As part of its commitment to nurturing the next generation of quantum innovators, Q2B 2024 will feature a startup pitch competition, organized by QAI Ventures. This competition will give early-stage companies a platform to present their innovations to a global audience of investors, researchers, and industry leaders.
To register to attend Q2B Silicon Valley 2024, click here.
About QC Ware
QC Ware is a leading software and services company at the forefront of quantum and classical computing. Our team includes some of the industry’s top experts in machine learning and chemistry applications for near-term quantum computers and high-performance classical systems. We deliver real enterprise value with cutting-edge computational technology, providing innovative solutions that drive business success. QC Ware is headquartered in Palo Alto, California, and supports its European customers through its subsidiary in Paris and customers in Asia through its business development office in Tokyo, Japan. QC Ware also organizes Q2B, a global series of conferences for industry, practitioner, and academic quantum computing communities.
Media Contact:
Allie Kuopus
Purpose Brand
q2bmedia@qcware.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/quantum-innovators-converge-qc-ware-announces-return-of-q2b-conference-with-ibm-as-platinum-sponsor-302293605.html
SOURCE QC Ware Corp.
Christiane Ayotte, the first woman to receive the highest distinction of Ordre des chimistes du Québec
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User-Owned Internet & AI: The Real Challenge in Model Training