Charter Communications Tops Q2, Expands Margin Aided By Affordable Broadband Packages

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  • Charter Communications, Inc CHTR reported second-quarter FY22 revenue growth of 6.2% year-on-year to $13.6 billion, beating the consensus of $13.42 billion.
  • Revenue growth of 4.5% in Residential, 39.8% in Mobile, and 4.2% in Commercial drove the top-line performance.
  • Charter added 17,000 residential Internet customers compared to 365,000 last year due to the discontinuation of the Emergency Broadband Benefit program and additional requirements of the Affordable Connectivity Program. Residential video customers decreased by 240,000 versus 63,000 in the prior year, partly driven by downgrades following an April pass-through of higher programming expenses.
  • Margin: Adjusted EBITDA margin expanded by 130 bps to 40.5%.
  • EPS of $8.80 beat the consensus of $6.84.
  • As of June 30, Charter served 32.1 million residential and SMB Internet customers.
  • Net cash flow from operating activities totaled $3.7 billion. The company held $483 million in cash and equivalents.
  • "Our growth has always been driven by offering value-rich packages at prices customers can afford," said Tom Rutledge, Chair and CEO. "Looking forward, we remain well-positioned to grow our business using that same strategy. Our fixed and mobile broadband services continue to converge, and we offer a unique connectivity package while meaningfully reducing customer bills."
  • Price Action: CHTR shares closed lower by 8.48% at $435.58 on Thursday.
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