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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________
FORM 10-Q
______________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period From             to             
Commission File Number: 001-33664
a2014charterlogoa01a02a25.jpg
Charter Communications, Inc.
(Exact name of registrant as specified in its charter)

Delaware
 
84-1496755
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
400 Atlantic Street
Stamford
Connecticut
06901
(Address of Principal Executive Offices)
(Zip Code)
(203) 905-7801
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A Common Stock $.001 Par Value
CHTR
NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrants have submitted electronically and posted on their corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer x    Accelerated filer o    Non-accelerated filer o    Smaller reporting company      Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes   No x

Number of shares of Class A common stock outstanding as of September 30, 2019: 214,780,119

Number of shares of Class B common stock outstanding as of September 30, 2019: 1





a2014charterlogoa01a02a25.jpg
CHARTER COMMUNICATIONS, INC.
QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD ENDED
SEPTEMBER 30, 2019

TABLE OF CONTENTS
 
 
 
 
Page No.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

This quarterly report on Form 10-Q is for the three and nine months ended September 30, 2019. The United States Securities and Exchange Commission (“SEC”) allows us to “incorporate by reference” information that we file with the SEC, which means that we can disclose important information to you by referring you directly to those documents. In this quarterly report, “Charter,” “we,” “us” and “our” refer to Charter Communications, Inc. and its subsidiaries.


i



CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), regarding, among other things, our plans, strategies and prospects, both business and financial including, without limitation, the forward-looking statements set forth in the “Results of Operations” and “Liquidity and Capital Resources” sections under Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this quarterly report. 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” under Part I, Item 1A of our most recent Form 10-K filed with the SEC. Many of the forward-looking statements contained in this quarterly report 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” and “potential,” among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this quarterly report are set forth in this quarterly report on Form 10-Q, 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 video, Internet, 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, video provided over the Internet by (i) market participants that have not historically competed in the multichannel video business, (ii) traditional multichannel video distributors, and (iii) content providers that have historically licensed cable networks to multichannel video distributors, and providers of advertising over the Internet;
our ability to efficiently and effectively integrate acquired operations;
the effects of governmental regulation on our business including costs, disruptions and possible limitations on operating flexibility related to, and our ability to comply with, regulatory conditions applicable to us as a result of the Time Warner Cable Inc. and Bright House Networks, LLC Transactions;
general business conditions, economic uncertainty or downturn, unemployment levels and the level of activity in the housing sector;
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);
our ability to develop and deploy new products and technologies including mobile products and any other consumer services and service platforms;
any events that disrupt our networks, information systems or properties and impair our operating activities or our reputation;
the ability to retain and hire key personnel;
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; and
our 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 quarterly report.


ii



PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollars in millions, except share data)
 
September 30,
2019
 
December 31,
2018
 
(unaudited)
 
 
ASSETS
 
 
 
CURRENT ASSETS:
 
 
 
Cash and cash equivalents
$
508

 
$
551

Accounts receivable, less allowance for doubtful accounts of $170 and $129, respectively
2,284

 
1,733

Prepaid expenses and other current assets
596

 
446

Total current assets
3,388

 
2,730

 
 
 
 
RESTRICTED CASH
89

 
214

 
 
 
 
INVESTMENT IN CABLE PROPERTIES:
 
 
 
Property, plant and equipment, net of accumulated depreciation of $26,365 and $23,075, respectively
34,218

 
35,126

Customer relationships, net
7,956

 
9,565

Franchises
67,322

 
67,319

Goodwill
29,554

 
29,554

Total investment in cable properties, net
139,050

 
141,564

 
 
 
 
OPERATING LEASE RIGHT-OF-USE ASSETS
1,103

 

OTHER NONCURRENT ASSETS
1,637

 
1,622

 
 
 
 
Total assets
$
145,267

 
$
146,130

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
CURRENT LIABILITIES:
 
 
 
Accounts payable and accrued liabilities
$
8,263

 
$
8,805

Operating lease liabilities
210

 

Current portion of long-term debt
3,509

 
3,290

Total current liabilities
11,982

 
12,095

 
 
 
 
LONG-TERM DEBT
71,390

 
69,537

DEFERRED INCOME TAXES
17,609

 
17,389

LONG-TERM OPERATING LEASE LIABILITIES
991

 

OTHER LONG-TERM LIABILITIES
2,773

 
2,837

 
 
 
 
SHAREHOLDERS’ EQUITY:
 
 
 
Class A common stock; $.001 par value; 900 million shares authorized;
 
 
 
227,123,254 and 225,353,807 shares issued, respectively

 

Class B common stock; $.001 par value; 1,000 shares authorized;
 
 
 
1 share issued and outstanding

 

Preferred stock; $.001 par value; 250 million shares authorized;
no shares issued and outstanding

 

Additional paid-in capital
33,810

 
33,507

Retained earnings
3,734

 
2,780

Treasury stock at cost; 12,343,135 and no shares, respectively
(4,568
)
 

Accumulated other comprehensive loss
(2
)
 
(2
)
Total Charter shareholders’ equity
32,974

 
36,285

Noncontrolling interests
7,548

 
7,987

Total shareholders’ equity
40,522

 
44,272

 
 
 
 
Total liabilities and shareholders’ equity
$
145,267

 
$
146,130


The accompanying notes are an integral part of these consolidated financial statements.
1



CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in millions, except per share data)
Unaudited
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
REVENUES
$
11,450

 
$
10,892

 
$
34,003

 
$
32,403

 
 
 
 
 
 
 
 
COSTS AND EXPENSES:
 
 
 
 
 
 
 
Operating costs and expenses (exclusive of items shown separately below)
7,435

 
7,012

 
21,915

 
20,721

Depreciation and amortization
2,415

 
2,482

 
7,465

 
7,784

Other operating expenses, net
14

 
18

 
71

 
116

 
9,864

 
9,512

 
29,451

 
28,621

Income from operations
1,586

 
1,380

 
4,552

 
3,782

 
 
 
 
 
 
 
 
OTHER INCOME (EXPENSES):
 
 
 
 
 
 
 
Interest expense, net
(963
)
 
(901
)
 
(2,833
)
 
(2,630
)
Gain (loss) on financial instruments, net
(34
)
 
12

 
(116
)
 

Other pension benefits, net
9

 
207

 
27

 
247

Other expense, net
(5
)
 
(5
)
 
(131
)
 
(75
)
 
(993
)
 
(687
)
 
(3,053
)
 
(2,458
)
 
 
 
 
 
 
 
 
Income before income taxes
593

 
693

 
1,499

 
1,324

Income tax expense
(126
)
 
(109
)
 
(329
)
 
(178
)
Consolidated net income
467

 
584

 
1,170

 
1,146

Less: Net income attributable to noncontrolling interests
(80
)
 
(91
)
 
(216
)
 
(212
)
Net income attributable to Charter shareholders
$
387

 
$
493

 
$
954

 
$
934

 
 
 
 
 
 
 
 
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CHARTER SHAREHOLDERS:
 
 
 
 
 
 
 
Basic
$
1.77

 
$
2.14

 
$
4.30

 
$
3.99

Diluted
$
1.74

 
$
2.11

 
$
4.23

 
$
3.93

 
 
 
 
 
 
 
 
Weighted average common shares outstanding, basic
218,499,213

 
230,554,633

 
221,818,079

 
234,159,830

Weighted average common shares outstanding, diluted
222,355,867

 
233,607,414

 
225,337,984

 
237,343,924




The accompanying notes are an integral part of these consolidated financial statements.
2



CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(dollars in millions)
Unaudited
 
Class A Common Stock
Class B Common Stock
Additional Paid-in Capital
Retained Earnings
Treasury Stock
Accumulated Other Comprehensive Loss
Total Charter Shareholders’ Equity
Non-controlling Interests
Total Shareholders’ Equity
BALANCE, December 31, 2018
$

$

$
33,507

$
2,780

$

$
(2
)
$
36,285

$
7,987

$
44,272

Consolidated net income



253



253

64

317

Stock compensation expense


85




85


85

Exercise of stock options


44




44


44

Purchases of treasury stock




(940
)

(940
)

(940
)
Purchase of noncontrolling interest, net of tax


(15
)



(15
)
(74
)
(89
)
Change in noncontrolling interest ownership, net of tax


22




22

(29
)
(7
)
Distributions to noncontrolling interest







(39
)
(39
)
BALANCE, March 31, 2019


33,643

3,033

(940
)
(2
)
35,734

7,909

43,643

Consolidated net income



314



314

72

386

Stock compensation expense


82




82


82

Exercise of stock options


37




37


37

Purchases of treasury stock




(861
)

(861
)

(861
)
Purchase of noncontrolling interest, net of tax


(37
)



(37
)
(111
)
(148
)
Change in noncontrolling interest ownership, net of tax


17




17

(23
)
(6
)
Distributions to noncontrolling interest







(39
)
(39
)
BALANCE, June 30, 2019


33,742

3,347

(1,801
)
(2
)
35,286

7,808

43,094

Consolidated net income



387



387

80

467

Stock compensation expense


71




71


71

Exercise of stock options


25




25


25

Purchases of treasury stock




(2,767
)

(2,767
)

(2,767
)
Purchase of noncontrolling interest, net of tax


(93
)



(93
)
(215
)
(308
)
Change in noncontrolling interest ownership, net of tax


65




65

(87
)
(22
)
Distributions to noncontrolling interest







(38
)
(38
)
BALANCE, September 30, 2019
$

$

$
33,810

$
3,734

$
(4,568
)
$
(2
)
$
32,974

$
7,548

$
40,522


The accompanying notes are an integral part of these consolidated financial statements.
3



CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(dollars in millions)
Unaudited
 
Class A Common Stock
Class B Common Stock
Additional Paid-in Capital
Retained Earnings
Treasury Stock
Accumulated Other Comprehensive Loss
Total Charter Shareholders’ Equity
Non-controlling Interests
Total Shareholders’ Equity
BALANCE, December 31, 2017
$

$

$
35,253

$
3,832

$

$
(1
)
$
39,084

$
8,447

$
47,531

Consolidated net income



168



168

55

223

Stock compensation expense


72




72


72

Accelerated vesting of equity awards


5




5


5

Exercise of stock options


36




36


36

Cumulative effect of accounting change



34



34

4

38

Purchases of treasury stock




(617
)

(617
)

(617
)
Purchase of noncontrolling interest, net of tax


(28
)



(28
)
(90
)
(118
)
Change in noncontrolling interest ownership, net of tax


14




14

(20
)
(6
)
Distributions to noncontrolling interest







(39
)
(39
)
BALANCE, March 31, 2018


35,352

4,034

(617
)
(1
)
38,768

8,357

47,125

Consolidated net income



273



273

66

339

Stock compensation expense


70




70


70

Exercise of stock options


7




7


7

Changes in accumulated other comprehensive loss





(1
)
(1
)

(1
)
Purchases of treasury stock




(1,664
)

(1,664
)

(1,664
)
Purchase of noncontrolling interest, net of tax


(28
)



(28
)
(164
)
(192
)
Change in noncontrolling interest ownership, net of tax


18




18

(23
)
(5
)
Distributions to noncontrolling interest







(37
)
(37
)
BALANCE, June 30, 2018


35,419

4,307

(2,281
)
(2
)
37,443

8,199

45,642

Consolidated net income



493



493

91

584

Stock compensation expense


71




71


71

Exercise of stock options


13




13


13

Cumulative effect of accounting change



28



28

3

31

Purchases of treasury stock




(933
)

(933
)

(933
)
Purchase of noncontrolling interest, net of tax


(17
)



(17
)
(122
)
(139
)
Change in noncontrolling interest ownership, net of tax


7




7

(10
)
(3
)
Distributions to noncontrolling interest







(38
)
(38
)
BALANCE, September 30, 2018
$

$

$
35,493

$
4,828

$
(3,214
)
$
(2
)
$
37,105

$
8,123

$
45,228


The accompanying notes are an integral part of these consolidated financial statements.
4



CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions)
Unaudited
 
Nine Months Ended September 30,
 
2019
 
2018
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Consolidated net income
$
1,170

 
$
1,146

Adjustments to reconcile consolidated net income to net cash flows from operating activities:
 
 
 
Depreciation and amortization
7,465

 
7,784

Stock compensation expense
238

 
213

Accelerated vesting of equity awards

 
5

Noncash interest income, net
(89
)
 
(242
)
Other pension benefits, net
(27
)
 
(247
)
Loss on financial instruments, net
116

 

Deferred income taxes
233

 
137

Other, net
148

 
81

Changes in operating assets and liabilities, net of effects from acquisitions and dispositions:
 
 
 
Accounts receivable
(564
)
 
(101
)
Prepaid expenses and other assets
(225
)
 
(97
)
Accounts payable, accrued liabilities and other
(75
)
 
(80
)
Net cash flows from operating activities
8,390

 
8,599

 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
Purchases of property, plant and equipment
(4,913
)
 
(6,692
)
Change in accrued expenses related to capital expenditures
(449
)
 
(620
)
Real estate investments through variable interest entities
(125
)
 
(15
)
Other, net
10

 
(103
)
Net cash flows from investing activities
(5,477
)
 
(7,430
)
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Borrowings of long-term debt
13,157

 
11,552

Repayments of long-term debt
(10,886
)
 
(8,964
)
Payments for debt issuance costs
(48
)
 
(29
)
Purchase of treasury stock
(4,568
)
 
(3,214
)
Proceeds from exercise of stock options
106

 
56

Purchase of noncontrolling interest
(593
)
 
(473
)
Distributions to noncontrolling interest
(116
)
 
(114
)
Borrowings for real estate investments through variable interest entities

 
170

Distributions to variable interest entities noncontrolling interest

 
(107
)
Other, net
(133
)
 
(7
)
Net cash flows from financing activities
(3,081
)
 
(1,130
)
 
 
 
 
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
(168
)
 
39

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period
765

 
621

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period
$
597

 
$
660

 
 
 
 
CASH PAID FOR INTEREST
$
3,065

 
$
2,920

CASH PAID FOR TAXES
$
55

 
$
27



The accompanying notes are an integral part of these consolidated financial statements.
5


CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(dollars in millions, except per share amounts and where indicated)



1.    Organization and Basis of Presentation

Organization

Charter Communications, Inc. (together with its controlled subsidiaries, “Charter,” or the “Company”) is the second largest cable operator in the United States and a leading broadband communications company providing video, Internet and voice services to residential and business customers. The Company also offers mobile service to residential customers and recently launched mobile service to a select number of small and medium business customers. In addition, the Company sells video and online advertising inventory to local, regional and national advertising customers and fiber-delivered communications and managed information technology solutions to larger enterprise customers. The Company also owns and operates regional sports networks and local sports, news and community channels.

Charter is a holding company whose principal asset is a controlling equity interest in Charter Communications Holdings, LLC (“Charter Holdings”), an indirect owner of Charter Communications Operating, LLC (“Charter Operating”) under which substantially all of the operations reside. All significant intercompany accounts and transactions among consolidated entities have been eliminated.

The Company’s operations are managed and reported to its Chairman and Chief Executive Officer (“CEO”), the Company’s chief operating decision maker, on a consolidated basis. The CEO assesses performance and allocates resources based on the consolidated results of operations. Under this organizational and reporting structure, the Company has one reportable segment, cable services.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and footnote disclosures typically included in Charter’s Annual Report on Form 10-K have been condensed or omitted for this quarterly report. The accompanying consolidated financial statements are unaudited and are subject to review by regulatory authorities. However, in the opinion of management, such financial statements include all adjustments, which consist of only normal recurring adjustments, necessary for a fair presentation of the results for the periods presented. Interim results are not necessarily indicative of results for a full year.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Areas involving significant judgments and estimates include capitalization of labor and overhead costs; depreciation and amortization costs; impairments of property, plant and equipment, intangibles and goodwill; pension benefits; income taxes; contingencies and programming expense. Actual results could differ from those estimates.



6


CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(dollars in millions, except per share amounts and where indicated)


2.    Franchises, Goodwill and Other Intangible Assets

Indefinite-lived and finite-lived intangible assets consist of the following as of September 30, 2019 and December 31, 2018:

 
 
September 30, 2019
 
December 31, 2018
 
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
Indefinite-lived intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
Franchises
 
$
67,322

 
$

 
$
67,322

 
$
67,319

 
$

 
$
67,319

Goodwill
 
29,554

 

 
29,554

 
29,554

 

 
29,554

Trademarks
 
159

 

 
159