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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 June 30, 2020
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
chtr-20200630_g1.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 classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock $.001 Par ValueCHTRNASDAQ 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 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 June 30, 2020: 204,899,176

Number of shares of Class B common stock outstanding as of June 30, 2020: 1




chtr-20200630_g1.jpg
CHARTER COMMUNICATIONS, INC.
QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD ENDED JUNE 30, 2020

TABLE OF CONTENTS
Page No.

This quarterly report on Form 10-Q is for the three and six months ended June 30, 2020. 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,” “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 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:

the impact of the COVID-19 pandemic on the economy, our customers, our vendors, local, state and federal governmental responses to the pandemic and our businesses generally;
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;
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 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, including the impacts of the COVID-19 pandemic to unemployment levels and the level of activity in the housing sector;
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)
June 30,
2020
December 31,
2019
(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$2,097  $3,483  
Accounts receivable, less allowance for doubtful accounts of $218 and $151, respectively
1,994  2,227  
Prepaid expenses and other current assets674  761  
Total current assets4,765  6,471  
RESTRICTED CASH5  66  
INVESTMENT IN CABLE PROPERTIES:
Property, plant and equipment, net of accumulated depreciation of $29,138 and $27,656, respectively
34,074  34,591  
Customer relationships, net6,486  7,453  
Franchises67,322  67,322  
Goodwill29,554  29,554  
Total investment in cable properties, net137,436  138,920  
OTHER NONCURRENT ASSETS2,930  2,731  
Total assets$145,136  $148,188  
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued liabilities$8,436  $8,885  
Current portion of long-term debt706  3,500  
Total current liabilities9,142  12,385  
LONG-TERM DEBT77,663  75,578  
DEFERRED INCOME TAXES17,789  17,711  
OTHER LONG-TERM LIABILITIES4,141  3,703  
SHAREHOLDERS’ EQUITY:
Class A common stock; $0.001 par value; 900 million shares authorized;
212,393,939 and 209,975,963 shares issued, respectively
    
Class B common stock; $0.001 par value; 1,000 shares authorized;
1 share issued and outstanding
    
Preferred stock; $0.001 par value; 250 million shares authorized;
no shares issued and outstanding
    
Additional paid-in capital31,661  31,405  
Retained earnings 1,202  40  
Treasury stock at cost; 7,494,763 and no shares, respectively
(3,507)   
Accumulated other comprehensive loss    
Total Charter shareholders’ equity 29,356  31,445  
Noncontrolling interests7,045  7,366  
Total shareholders’ equity36,401  38,811  
Total liabilities and shareholders’ equity$145,136  $148,188  

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 June 30, Six Months Ended June 30,
2020201920202019
REVENUES$11,696  $11,347  $23,434  $22,553  
COSTS AND EXPENSES:
Operating costs and expenses (exclusive of items shown separately below)
7,297  7,244  14,729  14,480  
Depreciation and amortization2,428  2,500  4,925  5,050  
Other operating expenses, net2  62  9  57  
9,727  9,806  19,663  19,587  
Income from operations1,969  1,541  3,771  2,966  
OTHER INCOME (EXPENSES):
Interest expense, net
(957) (945) (1,937) (1,870) 
Loss on extinguishment of debt(36)   (63)   
Gain (loss) on financial instruments, net
64  (119) (254) (82) 
Other pension benefits, net11  9  21  18  
Other expense, net(9) (16)   (126) 
(927) (1,071) (2,233) (2,060) 
Income before income taxes1,042  470  1,538  906  
Income tax expense
(166) (84) (195) (203) 
Consolidated net income876  386  1,343  703  
Less: Net income attributable to noncontrolling interests(110) (72) (181) (136) 
Net income attributable to Charter shareholders$766  $314  $1,162  $567  
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CHARTER SHAREHOLDERS:
Basic$3.72  $1.41  $5.62  $2.54  
Diluted$3.63  $1.39  $5.48  $2.50  
Weighted average common shares outstanding, basic
205,777,438  222,392,274  206,804,371  223,505,016  
Weighted average common shares outstanding, diluted
210,906,946  225,942,172  212,158,218  226,889,745  


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 StockClass B Common StockAdditional Paid-in CapitalRetained Earnings Treasury StockAccumulated Other Comprehensive LossTotal Charter Shareholders’ EquityNon-controlling InterestsTotal Shareholders’ Equity
BALANCE, December 31, 2019$  $  $31,405  $40  $  $  $31,445  $7,366  $38,811  
Consolidated net income      396      396  71  467  
Stock compensation expense    90        90    90  
Exercise of stock options    93        93    93  
Issuance of equity    23        23    23  
Purchases of treasury stock        (2,352)   (2,352)   (2,352) 
Purchase of noncontrolling interest, net of tax    (149)       (149) (195) (344) 
Change in noncontrolling interest ownership, net of tax    82        82  (109) (27) 
Distributions to noncontrolling interest              (39) (39) 
BALANCE, March 31, 2020    31,544  436  (2,352)   29,628  7,094  36,722  
Consolidated net income      766      766  110  876  
Stock compensation expense    90        90    90  
Exercise of stock options    28        28    28  
Purchases of treasury stock        (1,155)   (1,155)   (1,155) 
Purchase of noncontrolling interest, net of tax    (42)       (42) (69) (111) 
Change in noncontrolling interest ownership, net of tax    41        41  (52) (11) 
Distributions to noncontrolling interest              (38) (38) 
BALANCE, June 30, 2020$  $  $31,661  $1,202  $(3,507) $  $29,356  $7,045  $36,401  

Class A Common StockClass B Common StockAdditional Paid-in CapitalRetained Earnings Treasury StockAccumulated Other Comprehensive LossTotal Charter Shareholders’ EquityNon-controlling InterestsTotal 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  

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


CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions)
Unaudited
Six Months Ended June 30,
20202019
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net income $1,343  $703  
Adjustments to reconcile consolidated net income to net cash flows from operating activities:
Depreciation and amortization4,925  5,050  
Stock compensation expense180  167  
Noncash interest income, net(21) (72) 
Other pension benefits, net(21) (18) 
Loss on extinguishment of debt63    
Loss on financial instruments, net254  82  
Deferred income taxes101  137  
Other, net(17) 151  
Changes in operating assets and liabilities, net of effects from acquisitions and dispositions:
Accounts receivable233  (337) 
Prepaid expenses and other assets(164) (176) 
Accounts payable, accrued liabilities and other(127) (240) 
Net cash flows from operating activities6,749  5,447  
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment(3,338) (3,262) 
Change in accrued expenses related to capital expenditures(174) (428) 
Real estate investments through variable interest entities(81) (64) 
Other, net(8) 8  
Net cash flows from investing activities(3,601) (3,746) 
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of long-term debt7,322  10,714  
Repayments of long-term debt(7,892) (10,123) 
Payments for debt issuance costs(62) (32) 
Issuance of equity23    
Purchase of treasury stock(3,507) (1,801) 
Proceeds from exercise of stock options121  81  
Purchase of noncontrolling interest(518) (254) 
Distributions to noncontrolling interest(77) (78) 
Borrowings for real estate investments through variable interest entities24    
Distributions to variable interest entities noncontrolling interest(4)   
Other, net(25) (127) 
Net cash flows from financing activities(4,595) (1,620) 
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH(1,447) 81  
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period3,549  765  
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period$2,102  $846  
CASH PAID FOR INTEREST$1,985  $2,017  
CASH PAID FOR TAXES$50  $43