TWC improvements starting to come through
EBITDA was a touch light but we really are seeing indications that the CHTR strategy is starting to work with legacy TWC video losses of just 1k vs. 86k in Q3 and 105k in Q4 last year. TWC broadband adds were 154k, in line with the prior year. We would note that it is easy to overlook the Bright House sub accounting changes (which are not reflected in the trending schedules but are in the slides). So while total broadband adds might have missed consensus for the quarter at 263k vs 285k, adjusting for BH accounting, Q4 broadband adds declined by 40k YoY vs. 95k in Q3. The buy back was very significant at $4.7bn while the company will not be a cash tax payer until 2021 (previously 2019).Charter Communications is a holding company. Through its subsidiaries, the company is a cable operator and a broadband communications company providing video, Internet and voice services. The company also provides its mobile service to residential customers. In addition, the company sells video and online advertising inventory to local, regional and national advertising customers and communications and managed solutions to enterprise customers. The company also owns and operates regional sports networks and local sports, news and community channels. The company owns and operates a two-way telecommunications network which passes various households and small and medium businesses across United States.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
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