STAMFORD, Conn., April 26, 2024 /PRNewswire/ -- Charter Communications, Inc. (along with its subsidiaries, the "Company" or "Charter") today reported financial and operating results for the three months ended March 31, 2024. First quarter total residential and small and medium business ("SMB") Internet customers decreased by 72,000. As of March 31, 2024, Charter served a total of 30.5 million residential and SMB Internet customers. First quarter total residential and SMB mobile lines increased by 486,000. As of March 31, 2024, Charter served a total of 8.3 million mobile lines. As of March 31, 2024, Charter had a total of 32.0 million residential and SMB customer relationships, excluding mobile-only relationships. First quarter revenue of $13.7 billion grew by 0.2% year-over-year, driven by residential mobile service revenue growth of 37.8% and residential Internet revenue growth of 1.9%. Net income attributable to Charter shareholders totaled $1.1 billion in the first quarter. First quarter Adjusted EBITDA1 of $5.5 billion grew by 2.8% year-over-year. First quarter capital expenditures totaled $2.8 billion and included $1.0 billion of line extensions. First quarter net cash flows from operating activities totaled $3.2 billion, compared to $3.3 billion in the prior year. First quarter free cash flow1 of $358 million decreased from $664 million in the prior year, primarily due to higher capital expenditures, mostly driven by Charter's network evolution and expansion initiatives and a one-time settlement payment in the first quarter of 2024. During the first quarter, Charter purchased 1.7 million shares of Charter Class A common stock and Charter Communications Holdings, LLC ("Charter Holdings") common units for $567 million. "Our differentiated converged connectivity products provide us with significant competitive advantages that position Charter for sustainable customer and financial growth," said Chris Winfrey, President and CEO of Charter. 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 March 31, 2024 (c) March 31, 2023 (c) Y/Y Change Footprint Estimated Passings (d) 57,351 55,885 2.6 % Customer Relationships (e) Residential 29,797 29,996 (0.7) % SMB 2,219 2,215 0.2 % Total Customer Relationships 32,016 32,211 (0.6) % Residential (107) 8 (115) SMB (3) 8 (11) Total Customer Relationships Quarterly Net Additions (110) 16 (126) Total Customer Relationship Penetration of Estimated Passings (f) 55.8 % 57.6 % (1.8) ppts Monthly Residential Revenue per Residential Customer (g) $               120.48 $               120.56 (0.1) % Monthly SMB Revenue per SMB Customer (h) $               163.44 $               164.58 (0.7) % Residential Customer Relationships Penetration One Product Penetration (i) 47.3 % 46.0 % 1.3 ppts Two Product Penetration (i) 33.0 % 32.8 % 0.2 ppts Three or More Product Penetration (i) 19.7 % 21.1 % (1.4) ppts % Residential Non-Video Customer Relationships 56.0 % 52.5 % 3.5 ppts Internet Residential 28,472 28,479 0.0 % SMB 2,044 2,030 0.7 % Total Internet Customers 30,516 30,509 0.0 % Residential (72) 67 (139) SMB — 9 (9) Total Internet Quarterly Net Additions (72) 76 (148) Video Residential 13,111 14,260 (8.1) % SMB 606 646 (6.2) % Total Video Customers 13,717 14,906 (8.0) % Residential (392) (237) (155) SMB (13) (4) (9) Total Video Quarterly Net Additions (405) (241) (164) Voice Residential 6,438 7,473 (13.8) % SMB 1,288 1,290 (0.2) % Total Voice Customers 7,726 8,763 (11.8) % Residential (274) (224) (50) SMB (5) 4 (9) Total Voice Quarterly Net Additions (279) (220) (59) Mobile Lines (j) Residential 7,992 5,782 38.2 % SMB 260 196 32.9 % Total Mobile Lines 8,252 5,978 38.1 % Residential 473 666 (193) SMB 13 20 (7) Total Mobile Lines Quarterly Net Additions 486 686 (200) Enterprise (k) Enterprise Primary Service Units ("PSUs") 308 288 6.9 % Enterprise Quarterly Net Additions 5 4 1 In thousands, except per customer and penetration data. See footnotes to unaudited summary of operating statistics on page 7 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.  As of March 31, 2024, Charter had 29.8 million residential customer relationships, excluding mobile-only relationships. First quarter residential Internet customers decreased by 72,000, compared to an increase of 67,000 during the first quarter of 2023. Charter is on plan to evolve its network at a lower cost than its competitors to offer symmetrical and multi-gigabit speeds across its entire footprint. Charter's Advanced WiFi, a managed WiFi service that provides customers an optimized home network while providing greater control of their connected devices with enhanced security and privacy is available to all Spectrum Internet customers. Residential video customers decreased by 392,000 in the first quarter of 2024, compared to a decline of 237,000 in the first quarter of 2023. As of March 31, 2024, Charter had 13.1 million residential video customers. In October 2023, Charter began deploying Xumo Stream Boxes to video customers. The Xumo Stream Box combines a live TV experience with access to hundreds of the most popular direct-to-consumer TV applications, and features unified search and discovery along with a curated content offering based on the customer's interests and subscriptions. During the first quarter, Charter launched two new value-oriented Internet-delivered streaming TV packages, Spectrum TV® Stream and Spectrum Stream Latino, for Spectrum Internet customers. Spectrum TV Stream features many of the most popular news and entertainment networks, and Spectrum Stream Latino adds another option for Hispanic audiences to take advantage of Charter's robust programming lineup. During the first quarter of 2024, residential wireline voice customers declined by 274,000, compared to a decline of 224,000 in the first quarter of 2023. As of March 31, 2024, Charter had 6.4 million residential wireline voice customers. During the first quarter of 2024, Charter added 473,000 residential mobile lines, compared to growth of 666,000 during the first quarter of 2023. Spectrum MobileTM is available to all new and existing Spectrum Internet customers and offers the fastest overall speeds,1 with plans that include 5G access, do not require contracts and include taxes and fees in the price. Charter's converged offer, Spectrum One, and Spectrum Mobile are central to Charter's converged network strategy to provide consumers a differentiated connectivity experience with highly competitive, simple data plans and pricing. In April, Charter launched Anytime Upgrade, which is now included in the Spectrum Mobile Unlimited Plus data plan at no extra cost, and allows new and existing customers to upgrade their phones whenever they want, as many times as they want, eliminating the traditional wait times and condition requirements associated with phone upgrades.       First quarter 2024 monthly residential revenue per residential customer totaled $120.48, and decreased by 0.1% compared to the prior year period, given a lower mix of video customer relationships and a higher mix of lower priced video packages within Charter's video customer base, mostly offset by promotional rate step-ups, rate adjustments and the growth of Spectrum Mobile. SMB customer relationships decreased by 3,000 in the first quarter of 2024, while first quarter 2023 SMB customer relationships grew by 8,000. Enterprise PSUs grew by 5,000 in the first quarter of 2024 versus 4,000 added in the first quarter of 2023. Charter continues to work with federal, state and local governments to bring Spectrum Internet to unserved and underserved communities. During the first quarter of 2024, Charter activated 73,000 subsidized rural passings. Within Charter's subsidized rural footprint, total residential and SMB customer relationships increased by 35,000 in the first quarter of 2024. 1 Fastest Overall Speed claim based on Global Wireless Solutions' combined cellular and WiFi speed test results in Spectrum service areas where WiFi is available. Cellular speeds vary by location.   First Quarter Financial Results(in millions) Three Months Ended March 31, 2024 2023 % Change Revenues: Internet $      5,826 $      5,718 1.9 % Video 3,908 4,254 (8.1) % Voice 374 373 0.3 % Mobile service 685 497 37.8 % Residential revenue 10,793 10,842 (0.4) % Small and medium business 1,088 1,091 (0.3) % Enterprise 708 682 3.8 % Commercial revenue 1,796 1,773 1.3 % Advertising sales 391 355 10.0 % Other 699 683 2.4 % Total Revenues $    13,679 $    13,653 0.2 % Net income attributable to Charter shareholders $      1,106 $      1,021 8.4 % Net income attributable to Charter shareholders margin 8.1 % 7.5 % Adjusted EBITDA1 $      5,497 $      5,350 2.8 % Adjusted EBITDA margin 40.2 % 39.2 % Capital Expenditures $      2,791 $      2,464 13.3 %