InvestorsJanuary 29, 2021
Charter Announces Fourth Quarter and Full Year 2020 Results
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Key highlights:
- As of
December 31, 2020 , Charter served a total of 31.1 million residential and small and medium business ("SMB") customers, with 1.9 million customers added in 2020 versus 1.1 million added in 2019. Charter added 197,000 total customer relationships in the fourth quarter, compared to 268,000 during the fourth quarter of 2019. - As of
December 31, 2020 , Charter served a total of 28.9 million residential and SMB Internet customers, with 2.2 million Internet customers added in 2020 versus 1.4 million added in 2019. Charter added 246,000 total Internet customers in the fourth quarter compared to 339,000 during the fourth quarter of 2019. - As of
December 31, 2020 , Charter served a total of 2.4 million mobile lines, with 1.3 million mobile lines added in 2020 versus 948,000 added in 2019. Charter added 315,000 mobile lines in the fourth quarter, compared to 288,000 during the fourth quarter of 2019. - Fourth quarter revenue of
$12.6 billion grew by 7.3% year-over-year, driven by residential revenue growth of 5.0%, mobile revenue growth of 80.9% and advertising revenue growth of 43.9%. - Fourth quarter Adjusted EBITDA1 of
$5.0 billion grew by 10.2% year-over-year. - For the year ended
December 31, 2020 , revenue of$48.1 billion increased by 5.1% year-over-year. Full year 2020 Adjusted EBITDA totaled$18.5 billion , 9.9% higher than in 2019. - Net income attributable to Charter shareholders totaled
$1.2 billion in the fourth quarter, compared to$714 million during the same period last year. For the year endedDecember 31, 2020 , net income attributable to Charter shareholders totaled$3.2 billion , compared to$1.7 billion in 2019. - Fourth quarter capital expenditures totaled
$2.1 billion and included$157 million of mobile-related capital expenditures. For the year endedDecember 31, 2020 , capital expenditures totaled$7.4 billion and included$508 million of mobile-related capital expenditures. - Full year 2020 free cash flow1 totaled
$7.1 billion , compared to$4.6 billion in 2019. - During the fourth quarter, Charter purchased approximately 7.4 million shares of Charter Class A common stock and
Charter Communications Holdings, LLC ("Charter Holdings ") common units for approximately$4.8 billion . For the year endedDecember 31, 2020 , Charter purchased 21.1 million shares of Charter Class A common stock andCharter Holdings common units for approximately$12.1 billion .
"Our 2020 performance demonstrates that our customer-friendly operating strategy works well for Charter communities, employees and shareholders, even in challenging economic and operating environments," said
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 |
|||||||||||
|
|
Y/Y Change |
|||||||||
Footprint (b) |
|||||||||||
Estimated Passings |
53,300 |
52,154 |
2.2 |
% |
|||||||
Customer Relationships (c) |
|||||||||||
Residential |
29,079 |
27,277 |
6.6 |
% |
|||||||
SMB |
2,051 |
1,958 |
4.8 |
% |
|||||||
Total Customer Relationships |
31,130 |
29,235 |
6.5 |
% |
|||||||
Residential |
167 |
240 |
(30.3) |
% |
|||||||
SMB |
30 |
28 |
10.2 |
% |
|||||||
Total Customer Relationships Quarterly Net Additions |
197 |
268 |
(26.2) |
% |
|||||||
Total Customer Relationship Penetration of Estimated Passings (d) |
58.4 |
% |
56.1 |
% |
2.3 ppts |
||||||
Monthly Residential Revenue per Residential Customer (e) |
$ |
111.85 |
$ |
113.79 |
(1.7) |
% |
|||||
Monthly SMB Revenue per SMB Customer (f) |
$ |
163.02 |
$ |
169.06 |
(3.6) |
% |
|||||
Residential Customer Relationships Penetration |
|||||||||||
Single Play Penetration (g) |
44.5 |
% |
43.0 |
% |
1.5 ppts |
||||||
Double Play Penetration (g) |
32.7 |
% |
30.7 |
% |
2.0 ppts |
||||||
Triple Play Penetration (g) |
22.9 |
% |
26.2 |
% |
(3.3) ppts |
||||||
% Residential Non-Video Customer Relationships |
46.2 |
% |
42.7 |
% |
3.5 ppts |
||||||
Internet |
|||||||||||
Residential |
27,023 |
24,908 |
8.5 |
% |
|||||||
SMB |
1,856 |
1,756 |
5.7 |
% |
|||||||
Total Internet Customers |
28,879 |
26,664 |
8.3 |
% |
|||||||
Residential |
216 |
313 |
(30.9) |
% |
|||||||
SMB |
30 |
26 |
13.8 |
% |
|||||||
Total Internet Quarterly Net Additions |
246 |
339 |
(27.4) |
% |
|||||||
Video |
|||||||||||
Residential |
15,639 |
15,620 |
0.1 |
% |
|||||||
SMB |
561 |
524 |
7.0 |
% |
|||||||
Total Video Customers |
16,200 |
16,144 |
0.3 |
% |
|||||||
Residential |
(66) |
(105) |
37.4 |
% |
|||||||
SMB |
31 |
4 |
678.5 |
% |
|||||||
Total Video Quarterly Net Additions |
(35) |
(101) |
65.3 |
% |
|||||||
Voice |
|||||||||||
Residential |
9,215 |
9,443 |
(2.4) |
% |
|||||||
SMB |
1,224 |
1,144 |
7.0 |
% |
|||||||
Total Voice Customers |
10,439 |
10,587 |
(1.4) |
% |
|||||||
Residential |
(120) |
(152) |
21.4 |
% |
|||||||
SMB |
17 |
24 |
(30.1) |
% |
|||||||
Total Voice Quarterly Net Additions |
(103) |
(128) |
19.7 |
% |
|||||||
Mobile Lines |
|||||||||||
Residential |
2,320 |
1,078 |
115.3 |
% |
|||||||
SMB |
55 |
4 |
NM |
||||||||
Total Mobile Lines |
2,375 |
1,082 |
119.6 |
% |
|||||||
Residential |
300 |
285 |
5.5 |
% |
|||||||
SMB |
15 |
3 |
316.4 |
% |
|||||||
Total Mobile Lines Quarterly Net Additions |
315 |
288 |
9.4 |
% |
|||||||
Enterprise (h) |
|||||||||||
Enterprise Primary Service Unites ("PSUs") |
274 |
267 |
2.6 |
% |
|||||||
Enterprise Quarterly Net Additions |
2 |
3 |
(36.9) |
% |
Footnotes - In thousands, except per customer and penetration data. See footnotes to unaudited summary of operating statistics on page 5 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. NM - Not meaningful |
In 2020, Charter added 1.8 million residential customer relationships versus 1.0 million added in 2019. During the fourth quarter of 2020, Charter's residential customer relationships grew by 167,000, while fourth quarter 2019 residential customer relationships increased by 240,000.
Charter added 2.1 million residential Internet customers in 2020, versus 1.3 million added in 2019. During the fourth quarter of 2020, Charter added 216,000 residential Internet customers versus fourth quarter 2019 net additions of 313,000, which is a function of lower sales activity caused by adding 1.9 million residential Internet customers in the prior three quarters as well as lower market churn, resulting in fewer selling opportunities in the fourth quarter. As of
Charter added 19,000 residential video customers in 2020, compared to a decline of 484,000 in 2019. Residential video customers decreased by 66,000 in the fourth quarter of 2020, while fourth quarter 2019 residential video customers decreased by 105,000.
In 2020, Charter's residential wireline voice customers declined by 228,000 versus a decline of 692,000 in 2019. During the fourth quarter of 2020, residential wireline voice customers declined by 120,000, while fourth quarter 2019 residential wireline voice customers declined by 152,000.
Fourth quarter 2020 residential revenue per residential customer (excluding mobile) totaled
Charter added 93,000 SMB customer relationships in 2020, compared to 125,000 added in 2019. SMB customer relationships grew by 30,000 in the fourth quarter of 2020, while fourth quarter 2019 SMB customer relationships grew by 28,000. Enterprise PSUs grew by 7,000 in 2020 versus 19,000 added in 2019. During the fourth quarter of 2020, enterprise PSUs grew by 2,000, compared to growth of 3,000 in the fourth quarter of 2019.
In 2020, Charter added 1.3 million mobile lines versus 948,000 added in 2019. During the fourth quarter of 2020, Charter added 315,000 mobile lines, compared to 288,000 in the fourth quarter of 2019. Spectrum MobileTM is available to all new and existing Spectrum Internet customers and runs on America's most awarded LTE network combined with Spectrum WiFi. Spectrum Mobile customers can choose one of two simple ways to pay for data, "Unlimited" or "By the Gig." All plans include 4G and 5G access, with no added taxes, fees or contracts.
Fourth Quarter Financial Results
|
||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND OPERATING DATA |
||||||||||
(dollars in millions, except per share data) |
||||||||||
Three Months Ended |
||||||||||
2020 |
2019 |
% Change |
||||||||
REVENUES: |
||||||||||
Internet |
$ |
4,862 |
$ |
4,345 |
11.9 |
% |
||||
Video |
4,418 |
4,473 |
(1.2) |
% |
||||||
Voice |
449 |
450 |
(0.2) |
% |
||||||
Residential revenue |
9,729 |
9,268 |
5.0 |
% |
||||||
Small and medium business |
997 |
986 |
1.1 |
% |
||||||
Enterprise |
623 |
617 |
0.9 |
% |
||||||
Commercial revenue |
1,620 |
1,603 |
1.0 |
% |
||||||
Advertising sales |
625 |
434 |
43.9 |
% |
||||||
Mobile |
428 |
236 |
80.9 |
% |
||||||
Other |
222 |
220 |
1.5 |
% |
||||||
Total Revenue |
12,624 |
11,761 |
7.3 |
% |
||||||
COSTS AND EXPENSES: |
||||||||||
Total operating costs and expenses |
7,630 |
7,232 |
5.5 |
% |
||||||
Adjusted EBITDA |
$ |
4,994 |
$ |
4,529 |
10.2 |
% |
||||
Adjusted EBITDA margin |
39.6 |
% |
38.5 |
% |
||||||
Capital Expenditures |
$ |
2,063 |
$ |
2,282 |
||||||
% Total Revenue |
16.3 |
% |
19.4 |
% |
||||||
Net income attributable to Charter shareholders |
$ |
1,246 |
$ |
714 |
||||||
Earnings per common share attributable to Charter shareholders: |
||||||||||
Basic |
$ |
6.33 |
$ |
3.36 |
||||||
Diluted |
$ |
6.05 |
$ |
3.28 |
||||||
Net cash flows from operating activities |
$ |
4,149 |
$ |
3,358 |
||||||
Free cash flow |
$ |
2,079 |
$ |
1,580 |
Revenues
Fourth quarter revenue increased by 7.3% year-over-year to
Internet revenue grew by 11.9% year-over-year to
Video revenue totaled
Voice revenue totaled
Residential revenue totaled
Commercial revenue increased by 1.0% year-over-year to
Fourth quarter advertising sales revenue of
Fourth quarter mobile revenue totaled
Other revenue totaled
Operating Costs and Expenses
Fourth quarter total operating costs and expenses increased by
Fourth quarter programming costs increased by
Regulatory, connectivity and produced content expenses decreased by
Costs to service customers increased by
Marketing expenses increased by
Other expenses increased by
Fourth quarter mobile costs totaled
Adjusted EBITDA
Fourth quarter Adjusted EBITDA of
Net Income Attributable to Charter Shareholders
Net income attributable to Charter shareholders totaled
Net income per basic common share attributable to Charter shareholders totaled
Capital Expenditures
Property, plant and equipment expenditures totaled
Cash Flow and Free Cash Flow
During the fourth quarter of 2020, net cash flows from operating activities totaled
Free cash flow in the fourth quarter of 2020 totaled
Liquidity & Financing
As of
In
In
Share Repurchases
During the three months ended
Full Year Financial Results
|
||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND OPERATING DATA |
||||||||||
(dollars in millions, except per share data) |
||||||||||
Year Ended |
||||||||||
2020 |
2019 |
% Change |
||||||||
REVENUES: |
||||||||||
Internet |
$ |
18,521 |
$ |
16,667 |
11.1 |
% |
||||
Video |
17,432 |
17,607 |
(1.0) |
% |
||||||
Voice |
1,806 |
1,920 |
(5.9) |
% |
||||||
Residential revenue |
37,759 |
36,194 |
4.3 |
% |
||||||
Small and medium business |
3,964 |
3,868 |
2.5 |
% |
||||||
Enterprise |
2,468 |
2,556 |
(3.5) |
% |
||||||
Commercial revenue |
6,432 |
6,424 |
0.1 |
% |
||||||
Advertising sales |
1,699 |
1,568 |
8.3 |
% |
||||||
Mobile |
1,364 |
726 |
87.9 |
% |
||||||
Other |
843 |
852 |
(0.9) |
% |
||||||
Total Revenue |
48,097 |
45,764 |
5.1 |
% |
||||||
COSTS AND EXPENSES: |
||||||||||
Total operating costs and expenses |
29,579 |
28,909 |
2.3 |
% |
||||||
Adjusted EBITDA |
$ |
18,518 |
$ |
16,855 |
9.9 |
% |
||||
Adjusted EBITDA margin |
38.5 |
% |
36.8 |
% |
||||||
Capital Expenditures |
$ |
7,415 |
$ |
7,195 |
||||||
% Total Revenue |
15.4 |
% |
15.7 |
% |
||||||
Net income attributable to Charter shareholders |
$ |
3,222 |
$ |
1,668 |
||||||
Earnings per common share attributable to Charter shareholders: |
||||||||||
Basic |
$ |
15.85 |
$ |
7.60 |
||||||
Diluted |
$ |
15.40 |
$ |
7.45 |
||||||
Net cash flows from operating activities |
$ |
14,562 |
$ |
11,748 |
||||||
Free cash flow |
$ |
7,070 |
$ |
4,608 |
Revenues
For the year ended
Operating Costs and Expenses
Operating costs and expenses totaled
Adjusted EBITDA
Adjusted EBITDA totaled
Net Income Attributable to Charter Shareholders
Net income attributable to Charter shareholders totaled
Net income per basic common share attributable to Charter shareholders totaled
Capital Expenditures
Capital expenditures totaled
Charter currently expects 2021 cable capital expenditures to be relatively consistent or lower as a percentage of cable revenue versus 2020.
Cash Flow and Free Cash Flow
For the year ended
Free cash flow for the year ended
Share Repurchases
For the year ended
Conference Call
Charter will host a conference call on
The conference call will be webcast live via the Company's investor relations website at ir.charter.com. The call will be archived under the "Financial Information" section two hours after completion of the call. Participants should go to the webcast link no later than 10 minutes prior to the start time to register.
Those participating via telephone should dial 866-919-0894 no later than 10 minutes prior to the call. International participants should dial 706-679-9379. The conference ID code for the call is 1862755.
A replay of the call will be available at 855-859-2056 or 404-537-3406 beginning two hours after the completion of the call through the end of business on
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 Annual Report on Form 10-K for the year ended
Use of Adjusted EBITDA and Free Cash Flow Information
The company uses certain measures that are not defined by
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, loss on extinguishment of debt, (gain) loss on financial instruments, net, other pension (benefits) costs, net, other (income) expense, 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 the
About Charter
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. 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," "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
- 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, including the impacts of the Novel Coronavirus ("COVID-19") pandemic to our customers, our vendors and local, state and federal governmental responses to the pandemic;
- 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 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;
- the ability to hire and retain 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 communication.
|
|||||||||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND OPERATING DATA |
|||||||||||||||||||||
(dollars in millions, except per share data) |
|||||||||||||||||||||
Three Months Ended |
Year Ended |
||||||||||||||||||||
2020 |
2019 |
% Change |
2020 |
2019 |
% Change |
||||||||||||||||
REVENUES: |
|||||||||||||||||||||
Internet |
$ |
4,862 |
$ |
4,345 |
11.9 |
% |
$ |
18,521 |
$ |
16,667 |
11.1 |
% |
|||||||||
Video |
4,418 |
4,473 |
(1.2) |
% |
17,432 |
17,607 |
(1.0) |
% |
|||||||||||||
Voice |
449 |
450 |
(0.2) |
% |
1,806 |
1,920 |
(5.9) |
% |
|||||||||||||
Residential revenue |
9,729 |
9,268 |
5.0 |
% |
37,759 |
36,194 |
4.3 |
% |
|||||||||||||
Small and medium business |
997 |
986 |
1.1 |
% |
3,964 |
3,868 |
2.5 |
% |
|||||||||||||
Enterprise |
623 |
617 |
0.9 |
% |
2,468 |
2,556 |
(3.5) |
% |
|||||||||||||
Commercial revenue |
1,620 |
1,603 |
1.0 |
% |
6,432 |
6,424 |
0.1 |
% |
|||||||||||||
Advertising sales |
625 |
434 |
43.9 |
% |
1,699 |
1,568 |
8.3 |
% |
|||||||||||||
Mobile |
428 |
236 |
80.9 |
% |
1,364 |
726 |
87.9 |
% |
|||||||||||||
Other |
222 |
220 |
1.5 |
% |
843 |
852 |
(0.9) |
% |
|||||||||||||
Total Revenue |
12,624 |
11,761 |
7.3 |
% |
48,097 |
45,764 |
5.1 |
% |
|||||||||||||
COSTS AND EXPENSES: |
|||||||||||||||||||||
Programming |
2,909 |
2,808 |
3.6 |
% |
11,401 |
11,290 |
1.0 |
% |
|||||||||||||
Regulatory, connectivity and produced content |
532 |
596 |
(10.7) |
% |
2,183 |
2,366 |
(7.7) |
% |
|||||||||||||
Costs to service customers |
1,874 |
1,794 |
4.4 |
% |
7,472 |
7,277 |
2.7 |
% |
|||||||||||||
Marketing |
758 |
748 |
1.4 |
% |
3,031 |
3,044 |
(0.4) |
% |
|||||||||||||
Mobile |
522 |
372 |
40.5 |
% |
1,765 |
1,246 |
41.7 |
% |
|||||||||||||
Other expense |
1,035 |
914 |
13.3 |
% |
3,727 |
3,686 |
1.1 |
% |
|||||||||||||
Total operating costs and expenses (exclusive |
7,630 |
7,232 |
5.5 |
% |
29,579 |
28,909 |
2.3 |
% |
|||||||||||||
Adjusted EBITDA |
4,994 |
4,529 |
10.2 |
% |
18,518 |
16,855 |
9.9 |
% |
|||||||||||||
Adjusted EBITDA margin |
39.6 |
% |
38.5 |
% |
38.5 |
% |
36.8 |
% |
|||||||||||||
Depreciation and amortization |
2,409 |
2,461 |
9,704 |
9,926 |
|||||||||||||||||
Stock compensation expense |
88 |
77 |
351 |
315 |
|||||||||||||||||
Other operating expenses, net |
35 |
32 |
58 |
103 |
|||||||||||||||||
Income from operations |
2,462 |
1,959 |
8,405 |
6,511 |
|||||||||||||||||
OTHER INCOME (EXPENSES): |
|||||||||||||||||||||
Interest expense, net |
(965) |
(964) |
(3,848) |
(3,797) |
|||||||||||||||||
Loss on extinguishment of debt |
(22) |
(25) |
(143) |
(25) |
|||||||||||||||||
Gain (loss) on financial instruments, net |
170 |
62 |
(15) |
(54) |
|||||||||||||||||
Other pension benefits (costs), net |
28 |
(96) |
(66) |
(69) |
|||||||||||||||||
Other expense, net |
(18) |
(4) |
(31) |
(135) |
|||||||||||||||||
(807) |
(1,027) |
(4,103) |
(4,080) |
||||||||||||||||||
Income before income taxes |
1,655 |
932 |
4,302 |
2,431 |
|||||||||||||||||
Income tax expense |
(254) |
(110) |
(626) |
(439) |
|||||||||||||||||
Consolidated net income |
1,401 |
822 |
3,676 |
1,992 |
|||||||||||||||||
Less: Net income attributable to noncontrolling |
(155) |
(108) |
(454) |
(324) |
|||||||||||||||||
Net income attributable to Charter shareholders |
$ |
1,246 |
$ |
714 |
$ |
3,222 |
$ |
1,668 |
|||||||||||||
EARNINGS PER COMMON SHARE |