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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, 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-20200930_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 September 30, 2020: 199,875,128

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




chtr-20200930_g1.jpg
CHARTER COMMUNICATIONS, INC.
QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD ENDED SEPTEMBER 30, 2020

TABLE OF CONTENTS
Page No.

This quarterly report on Form 10-Q is for the three and nine months ended September 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)
September 30,
2020
December 31,
2019
(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$1,283 $3,483 
Accounts receivable, less allowance for doubtful accounts of $223 and $151, respectively
2,068 2,227 
Prepaid expenses and other current assets709 761 
Total current assets4,060 6,471 
RESTRICTED CASH3 66 
INVESTMENT IN CABLE PROPERTIES:
Property, plant and equipment, net of accumulated depreciation of $30,407 and $27,656, respectively
34,196 34,591 
Customer relationships, net6,050 7,453 
Franchises67,322 67,322 
Goodwill29,554 29,554 
Total investment in cable properties, net137,122 138,920 
OTHER NONCURRENT ASSETS3,008 2,731 
Total assets$144,193 $148,188 
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued liabilities$8,541 $8,885 
Current portion of long-term debt1,715 3,500 
Total current liabilities10,256 12,385 
LONG-TERM DEBT77,947 75,578 
DEFERRED INCOME TAXES17,929 17,711 
OTHER LONG-TERM LIABILITIES4,349 3,703 
SHAREHOLDERS’ EQUITY:
Class A common stock; $0.001 par value; 900 million shares authorized;
213,203,558 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 capital31,758 31,405 
Retained earnings 2,016 40 
Treasury stock at cost; 13,328,430 and no shares, respectively
(6,868) 
Accumulated other comprehensive loss  
Total Charter shareholders’ equity 26,906 31,445 
Noncontrolling interests6,806 7,366 
Total shareholders’ equity33,712 38,811 
Total liabilities and shareholders’ equity$144,193 $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 September 30, Nine Months Ended September 30,
2020201920202019
REVENUES$12,039 $11,450 $35,473 $34,003 
COSTS AND EXPENSES:
Operating costs and expenses (exclusive of items shown separately below)
7,483 7,435 22,212 21,915 
Depreciation and amortization2,370 2,415 7,295 7,465 
Other operating expenses, net14 14 23 71 
9,867 9,864 29,530 29,451 
Income from operations2,172 1,586 5,943 4,552 
OTHER INCOME (EXPENSES):
Interest expense, net
(946)(963)(2,883)(2,833)
Loss on extinguishment of debt(58) (121) 
Gain (loss) on financial instruments, net
69 (34)(185)(116)
Other pension benefits (costs), net(115)9 (94)27 
Other expense, net(13)(5)(13)(131)
(1,063)(993)(3,296)(3,053)
Income before income taxes1,109 593 2,647 1,499 
Income tax expense
(177)(126)(372)(329)
Consolidated net income932 467 2,275 1,170 
Less: Net income attributable to noncontrolling interests(118)(80)(299)(216)
Net income attributable to Charter shareholders$814 $387 $1,976 $954 
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CHARTER SHAREHOLDERS:
Basic$4.01 $1.77 $9.62 $4.30 
Diluted$3.90 $1.74 $9.35 $4.23 
Weighted average common shares outstanding, basic
202,826,502 218,499,213 205,468,736 221,818,079 
Weighted average common shares outstanding, diluted
208,722,129 222,355,867 211,399,781 225,337,984 


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 $38,811 
Consolidated net income   396   396 71 467 
Stock compensation expense  90    90  90 
Exercise of stock options  93    93  93 
Issuance of equity  23    23  23 
Purchases of treasury stock    (2,352) (2,352) (2,352)
Purchase of noncontrolling interest, net of tax  (149)   (149)(195)(344)
Change in noncontrolling interest ownership, net of tax  82    82 (109)(27)
Distributions to noncontrolling interest       (39)(39)
BALANCE, March 31, 2020  31,544 436 (2,352) 29,628 7,094 36,722 
Consolidated net income   766   766 110 876 
Stock compensation expense  90    90  90 
Exercise of stock options  28    28  28 
Purchases of treasury stock    (1,155) (1,155) (1,155)
Purchase of noncontrolling interest, net of tax  (42)   (42)(69)(111)
Change in noncontrolling interest ownership, net of tax  41    41 (52)(11)
Distributions to noncontrolling interest       (38)(38)
BALANCE, June 30, 2020  31,661 1,202 (3,507) 29,356 7,045 36,401 
Consolidated net income   814   814 118 932 
Stock compensation expense  83    83  83 
Exercise of stock options  50    50  50 
Purchases of treasury stock    (3,361) (3,361) (3,361)
Purchase of noncontrolling interest, net of tax  (154)   (154)(163)(317)
Change in noncontrolling interest ownership, net of tax  118    118 (157)(39)
Distributions to noncontrolling interest       (37)(37)
BALANCE, September 30, 2020$ $ $31,758 $2,016 $(6,868)$ $26,906 $6,806 $33,712 

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 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 $44,272 
Consolidated net income   253   253 64 317 
Stock compensation expense  85    85  85 
Exercise of stock options  44    44  44 
Purchases of treasury stock    (940) (940) (940)
Purchase of noncontrolling interest, net of tax  (15)   (15)(74)(89)
Change in noncontrolling interest ownership, net of tax  22    22 (29)(7)
Distributions to noncontrolling interest       (39)(39)
BALANCE, March 31, 2019  33,643 3,033 (940)(2)35,734 7,909 43,643 
Consolidated net income   314   314 72 386 
Stock compensation expense  82    82  82 
Exercise of stock options  37    37  37 
Purchases of treasury stock    (861) (861) (861)
Purchase of noncontrolling interest, net of tax  (37)   (37)(111)(148)
Change in noncontrolling interest ownership, net of tax  17    17 (23)(6)
Distributions to noncontrolling interest       (39)(39)
BALANCE, June 30, 2019  33,742 3,347 (1,801)(2)35,286 7,808 43,094 
Consolidated net income   387   387 80 467 
Stock compensation expense  71    71  71 
Exercise of stock options  25    25  25 
Purchases of treasury stock    (2,767) (2,767) (2,767)
Purchase of noncontrolling interest, net of tax  (93)   (93)(215)(308)
Change in noncontrolling interest ownership, net of tax  65    65 (87)(22)
Distributions to noncontrolling interest       (38)(38)
BALANCE, September 30, 2019$ $ $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.
4


CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions)
Unaudited
Nine Months Ended September 30,
20202019
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net income $2,275 $1,170 
Adjustments to reconcile consolidated net income to net cash flows from operating activities:
Depreciation and amortization7,295 7,465 
Stock compensation expense263 238 
Noncash interest income, net(31)(89)
Other pension (benefits) costs, net94 (27)
Loss on extinguishment of debt121  
Loss on financial instruments, net185 116 
Deferred income taxes252 233 
Other, net(21)148 
Changes in operating assets and liabilities, net of effects from acquisitions and dispositions:
Accounts receivable159 (564)
Prepaid expenses and other assets(240)(225)
Accounts payable, accrued liabilities and other61 (75)
Net cash flows from operating activities10,413 8,390 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment(5,352)(4,913)
Change in accrued expenses related to capital expenditures(70)(449)
Real estate investments through variable interest entities(122)(125)
Other, net(43)10 
Net cash flows from investing activities(5,587)(5,477)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of long-term debt10,352 13,157 
Repayments of long-term debt(9,711)(10,886)
Payments for debt issuance costs(91)(48)
Issuance of equity23  
Purchase of treasury stock(6,868)(4,568)
Proceeds from exercise of stock options171 106 
Purchase of noncontrolling interest(884)(593)
Distributions to noncontrolling interest(114)(116)
Borrowings for real estate investments through variable interest entities, net63  
Other, net(30)(133)
Net cash flows from financing activities(7,089)(3,081)
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH(2,263)(168)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period3,549 765 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period$1,286 $597 
CASH PAID FOR INTEREST$3,023 $3,065 
CASH PAID FOR TAXES$84 $55 

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 a leading broadband connectivity company and cable operator. 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, sports and high-quality original programming to its customers through Spectrum Networks and Spectrum Originals.

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 the Company'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, impairments of franchises and goodwill, pension benefits and income taxes. Actual results could differ from those estimates.

Certain prior period amounts have been reclassified to conform with the 2020 presentation.


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, 2020 and December 31, 2019:

September 30, 2020December 31, 2019
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Indefinite-lived intangible assets:
Franchises$67,322 $— $67,322 $67,322 $— $67,322 
Goodwill29,554 — 29,554 29,554 — 29,554 
Trademarks159 — 159 159 — 159 
$97,035 $— $97,035 $97,035 $— $97,035 
Finite-lived intangible assets:
Customer relationships$18,230 $(12,180)$6,050 $18,230 $(10,777)$7,453 
Other intangible assets405 (150)255 405 (122)283 
$18,635 $(12,330)$6,305 $18,635 $(10,899)$7,736 

Amortization expense related to customer relationships and other intangible assets for the three and nine months ended September 30, 2020 was $445 million and $