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Sennheiser launches the creator’s audio multitool

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SINGAPORE, Nov. 1, 2024 /PRNewswire/ — Profile Wireless, a 2-channel, 2.4 GHz all-in-one microphone system, provides videographers with everything they need to effortlessly capture high-quality audio.

When creating content, preparedness and flexibility are key, as is a versatile wireless audio system that helps you capture sound easily and quickly without sacrificing audio quality. For creators and videographers, Sennheiser now introduces Profile Wireless, a two-channel, 2.4 GHz wireless microphone system that connects to mobile phones, cameras or computers, and can be used as a clip-on mic, handheld mic or table-top microphone – whatever the situation demands.

“We cannot imagine content creation today without compact 2.4 GHz mic systems, and I am really proud that Sennheiser is adding an all-in-one microphone system to its portfolio that truly makes a difference for creators and videographers,” says Hendrik Millauer, Product Manager, Broadcast and Film, at Sennheiser. “We’ve outfitted Profile Wireless with many exciting features that will help users to capture audio more reliably, longer, and more flexibly than was possible before.”

Open the zipper bag…

…and you hold a rugged, multifunctional charging bar in your hands. This charging bar is the heart of Profile Wireless. It stores and charges the key components of the system and doubles as a handheld or desktop mic. The charging bar safely holds a two-channel mini-receiver with an OLED touch display, two pre-paired clip-on microphones that automatically connect to the receiver, magnetic clips for attaching the mics to delicate clothing, and adaptors for connecting the receiver to mobile phones or a camera cold shoe mount. The bag also contains a 3.5 mm jack coiled cable for camera use, a USB-C to USB-C charging cable and windshields for the clip-on mics and charging bar.

A true audio multitool – versatile in every recording situation

“It was important to us that Profile Wireless can master a diverse set of recording requirements, while being as compact and portable as possible,” says Callie Blake, Category Marketing Manager, Creators. “The range of use cases for Profile Wireless is impressive.”

With the included adaptors, the receiver connects to the filming device of choice, and lets the creator monitor the audio via a dedicated headphone output. The mini-mics of the system simply clip to the clothing or can be attached using the included magnetic mounts.

“While the clip-on mics ensure signature Sennheiser audio quality and are quite unobtrusive, there may still be instances where a creator or videographer would like to work with separate lavalier mics, so there’s a lockable 3.5 mm TRS jack for connecting external mics,” adds Blake.

When a mobile phone is used for capturing video, the Profile Wireless receiver is connected with the included Lightning or mini-USB adaptor. Thanks to a gyro-sensor, the receiver display automatically rotates by 180° to remain clearly legible.

Handheld mic included

There are recording situations where a handheld microphone is an ideal choice, for example for reporter-style pieces to camera, and interviews where the creator needs more control over the conversation or is speaking with varying interviewees. For this application, the creator simply inserts a clip-on mic into the charging bar, puts the included big foam windshield on – and a fully-fledged reporter’s microphone is ready for the job.

All Profile Wireless components come with mounting threads for standard creator’s accessories such as table stands. Thus, the system can also be conveniently used as a desktop mic.

Reliability where you most need it

Losing audio on a shoot is a nightmare. Three clever functions in Profile Wireless help users get great audio even in difficult conditions. First and foremost, each clip-on microphone has 16 GB memory for internal recording – a comfortable safety net. When the creator activates Backup Recording Mode, internal recording will be automatically turned on if the wireless signal should become too weak. And finally, a Safety Channel Mode outputs and records backup audio at a lower volume to help protect against clipping.

“The clip-on microphone has 24-bit recording capability, and records simultaneously at two different audio levels”, notes Blake. “This not only reduces the risk of clipped audio, but also maximises the usable dynamic range of the capsule.”

Range is ample, at up to 245 m in line of sight, and up to 150 m line of sight when taking body blocking into account.

Why Profile Wireless is better

“Right from the start of product development, we involved seasoned videographers and content creators to see what they wished for from a compact wireless audio system, and how existing products could be improved upon,” shares Millauer. “So we’ve come up with a few exciting usability features that make Profile Wireless a gem among 2.4 GHz systems.

“Profile Wireless is the first and at present only compact 2.4 GHz wireless system that has a handheld option integrated, and this option gives you a real 15+ hours of runtime, while with other sets, you cannot use the mics when the system is being recharged,” Millauer continues.

“Usability features like the auto-rotating receiver display, the fact that no app is required, and the diverse mounting options – only Sennheiser has thread mounts on the components – make for smooth workflows in content creation. And while there may be lighter clip-on mics on the market, they do not have internal recording or a connector for an external lav mic.”

Availability and pricing

Profile Wireless can be pre-ordered from today and will start shipping in December 2024. The system retails at SGD 459 (MSRP) and can be pre-ordered from Cathay Photo, City Music and Luther Music

About the Sennheiser Brand
https://mma.prnewswire.com/media/2221327/About_the_Sennheiser_brand.pdf

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SOURCE Sennheiser Electronic Asia Pte Ltd

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Canaan Inc. Awarded Order from New Customer CleanSpark for Avalon A1566I Miners

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Contributing to CleanSpark’s Immersion Mining Operations

SINGAPORE, Nov. 1, 2024 /PRNewswire/ — Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), a leading high-performance computing solutions provider, today announced that Canaan U.S. Inc., a wholly owned subsidiary of the Company, has entered into a purchase agreement with a new customer, CleanSpark Inc., for its Avalon A1566I miners.

According to the purchase agreement, Canaan U.S. Inc. will provide CleanSpark with 3800 Avalon A1566I Immersion Cooling Miners. The miners, with average compute power of 249 Terahash per second (TH/s) without overclocking, are scheduled to be delivered in the fourth quarter of 2024. 

“We are thrilled that CleanSpark has chosen Canaan’s high-performance mining solutions to advance their state-of-the-art immersion facilities. CleanSpark operates one of the industry’s highest-performing and most power-efficient mining fleets, led by a skilled team committed to maximizing efficiency and pursuing strategic site acquisitions,” said Mr. Nangeng Zhang, Chairman and CEO of Canaan. “We look forward to seeing our immersion-cooled miners integrated into CleanSpark’s impressive, vertically integrated system.”

“CleanSpark’s choice of Canaan miners highlights the strength of our products and our shared dedication to shaping the future of Bitcoin mining,” Mr. Zhang continued. “Our commitment to supporting the North American mining community is unwavering, and we are excited about the new opportunities this collaboration opens as we expand our regional presence.”

About Canaan Inc.

Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan’s founding team shipped to its customers the world’s first batch of mining machines incorporating ASIC technology in bitcoin‘s history under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.

Safe Harbor Statement

This press release contains forward−looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward−looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, Canaan Inc.’s anticipated financing plans and its intended use of proceeds contain forward−looking statements. Canaan Inc. may also make written or oral forward−looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.’s beliefs and expectations, are forward−looking statements. Forward−looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward−looking statement, including but not limited to the following: the Company’s goals and strategies; the Company’s future business development, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company’s expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company’s expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company’s investment plans and strategies, fluctuations in the Company’s quarterly operating results; competition in its industry in China; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward−looking statement, except as required under applicable law.

Investor Relations Contact

Canaan Inc.
Ms. Xi Zhang
Email: IR@canaan-creative.com 

ICR, LLC.
Robin Yang
Tel: +1 (347) 396-3281
Email: canaan.ir@icrinc.com 

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SOURCE Canaan Inc.

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TTEC Special Committee Retains Legal and Financial Advisors

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DENVER, Nov. 1, 2024 /PRNewswire/ — TTEC Holdings, Inc. (NASDAQ: TTEC) (“TTEC” or the “Company”), a leading global CX (customer experience) technology and services innovator for AI-enabled CX solutions, announced today that the previously established Special Committee of TTEC’s Board of Directors has retained Rothschild & Co as its independent financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP as its independent legal advisor, to assist with its review and evaluation of the previously announced unsolicited, preliminary, non-binding proposal letter, dated September 27, 2024, from TTEC founder, Chairman and Chief Executive Officer Kenneth Tuchman, to acquire the shares of the Company’s common stock not already owned by Mr. Tuchman and his controlled affiliates at a proposed purchase price of $6.85 per share and any alternatives.

The Special Committee, in consultation with its financial and legal advisors, is carefully evaluating and considering Mr. Tuchman’s proposal and has not yet determined whether it is appropriate to pursue this transaction or other alternatives. No action is required by TTEC stockholders at this time.

There can be no assurance that any definitive offer will be received, that any definitive agreement will be executed relating to the proposal or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.

ABOUT TTEC

TTEC (pronounced T-TEC) Holdings, Inc. (NASDAQ: TTEC) is a leading global CX (customer experience) technology and services innovator for AI-enabled digital CX solutions. Serving iconic and disruptive brands, TTEC’s outcome-based solutions span the entire enterprise, touch every virtual interaction channel, and improve each step of the customer journey. Leveraging next-gen digital technology, the Company’s TTEC Digital business designs, builds, and operates omnichannel contact center technology, CRM, AI and analytics solutions. The Company’s TTEC Engage business delivers AI-enhanced customer engagement, customer acquisition and growth, tech support, back office, and fraud prevention services. Founded in 1982, the Company’s singular obsession with CX excellence has earned it leading client, customer, and employee satisfaction scores across the globe. The Company’s employees operate on six continents and bring technology and humanity together to deliver happy customers and differentiated business results. To learn more visit us at https://www.ttec.com.

Corporate Comms
Meredith Matthews
meredith.matthews@ttec.com

Investor Relations
Paul Miller
paul.miller@ttec.com

 

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SOURCE TTEC Holdings

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Charter Announces Third Quarter 2024 Results

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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.

 

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SOURCE Charter Communications, Inc.

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