Technology
Charter Announces Fourth Quarter and Full Year 2024 Results
Published
1 year agoon
By
STAMFORD, Conn., Jan. 31, 2025 /PRNewswire/ — Charter Communications, Inc. (along with its subsidiaries, the “Company” or “Charter”), which operates the Spectrum brand, today reported financial and operating results for the three and twelve months ended December 31, 2024.
Fourth quarter total Internet customers decreased by 177,000. As of December 31, 2024, Charter served 30.1 million Internet customers.Fourth quarter total mobile lines increased by 529,000. As of December 31, 2024, Charter served 9.9 million mobile lines, with 2.1 million mobile lines added in 2024.As of December 31, 2024, Charter had a total of 31.5 million customer relationships, excluding mobile-only relationships.Fourth quarter revenue of $13.9 billion grew by 1.6% year-over-year, driven by residential mobile service revenue growth of 37.4%, advertising sales revenue growth of 26.4%, other revenue growth of 14.6% and residential Internet revenue growth of 0.9%.Net income attributable to Charter shareholders totaled $1.5 billion in the fourth quarter. For the year ended December 31, 2024, net income attributable to Charter shareholders totaled $5.1 billion.Fourth quarter Adjusted EBITDA1 of $5.8 billion grew by 3.4% year-over-year.For the year ended December 31, 2024, revenue of $55.1 billion grew by 0.9% year-over-year. Full year 2024 Adjusted EBITDA totaled $22.6 billion, 3.1% higher than in 2023.For the year ended December 31, 2024, capital expenditures totaled $11.3 billion and included $4.2 billion of line extensions.Full year 2024 net cash flows from operating activities totaled $14.4 billion, in-line with the prior year.Full year 2024 free cash flow1 of $4.3 billion increased from $3.5 billion in the prior year, primarily due to higher Adjusted EBITDA and a favorable change in working capital excluding mobile devices, partly offset by higher cash interest and a non-recurring item in the first quarter of 2024.For the year ended December 31, 2024, Charter purchased 4.3 million shares of Charter Class A common stock and Charter Holdings common units for approximately $1.3 billion.
“Our multi-year investments in network evolution, expansion and execution are delivering tangible results,” said Chris Winfrey, President and CEO of Charter. “By having the best network, the best products and delivering customers the most value with unmatched service, we are well-positioned for customer and profitability growth and have clear visibility to free cash flow growth following this unique one-time investment cycle.”
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
December 31,
2024 (c)
December 31,
2023 (c)
Y/Y Change
Footprint
Estimated Passings (d)
56,861
55,322
2.8 %
Customer Relationships (e)
Residential
29,258
29,904
(2.2) %
Small and Medium Business (“SMB”)
2,215
2,222
(0.3) %
Total Customer Relationships
31,473
32,126
(2.0) %
Residential
(207)
(108)
(99)
SMB
(8)
(2)
(6)
Total Customer Relationships Quarterly Net Additions
(215)
(110)
(105)
Total Customer Relationship Penetration of Estimated Passings (f)
55.4 %
58.1 %
(2.7) ppts
Monthly Residential Revenue per Residential Customer (g)
$ 121.40
$ 119.41
1.7 %
Monthly SMB Revenue per SMB Customer (h)
$ 163.14
$ 162.38
0.5 %
Residential Customer Relationships Penetration
One Product Penetration (i)
47.6 %
46.7 %
0.9 ppts
Two Product Penetration (i)
33.9 %
33.1 %
0.8 ppts
Three or More Product Penetration (i)
18.5 %
20.2 %
(1.7) ppts
% Residential Non-Video Customer Relationships
57.9 %
54.8 %
3.1 ppts
Internet
Residential
28,034
28,544
(1.8) %
SMB
2,046
2,044
0.1 %
Total Internet Customers
30,080
30,588
(1.7) %
Residential
(171)
(62)
(109)
SMB
(6)
1
(7)
Total Internet Quarterly Net Additions
(177)
(61)
(116)
Video
Residential
12,327
13,503
(8.7) %
SMB
565
619
(8.7) %
Total Video Customers
12,892
14,122
(8.7) %
Residential
(110)
(248)
138
SMB
(13)
(9)
(4)
Total Video Quarterly Net Additions
(123)
(257)
134
Mobile Lines (j)
Residential
9,568
7,519
27.3 %
SMB
315
247
27.7 %
Total Mobile Lines
9,883
7,766
27.3 %
Residential
511
532
(21)
SMB
18
14
4
Total Mobile Lines Quarterly Net Additions
529
546
(17)
Voice
Residential
5,636
6,712
(16.0) %
SMB
1,248
1,293
(3.5) %
Total Voice Customers
6,884
8,005
(14.0) %
Residential
(259)
(248)
(11)
SMB
(15)
(3)
(12)
Total Voice Quarterly Net Additions
(274)
(251)
(23)
Enterprise (k)
Enterprise Primary Service Units (“PSUs”)
319
303
5.2 %
Enterprise Quarterly Net Additions
4
5
(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.
In September, Spectrum launched a new brand platform, Life Unlimited, which emphasizes the power of Spectrum’s advanced network and cutting-edge connectivity products and services to create opportunities and remove barriers to help customers live their best lives. As part of its new brand platform, Spectrum launched a new and simplified pricing and packaging strategy that better utilizes its seamless connectivity and entertainment products to offer lower promotional and persistent bundled pricing to drive growth. Additionally, Spectrum announced new customer commitments focused on reliable connectivity, transparency, exceptional service and a focus on always improving.
Fourth quarter total Internet customers decreased by 177,000, primarily driven by the end of the FCC’s Affordable Connectivity Program (“ACP”) in the second quarter and impacts of hurricanes in the fourth quarter, compared to a decline of 61,000 during the fourth quarter of 2023. Spectrum Internet® delivers the fastest Internet speeds1 in the nation. Spectrum is evolving its connectivity network to offer symmetrical and multi-gigabit Internet speeds across its entire footprint and has launched symmetrical Internet service in eight markets. In January 2025, Spectrum launched 2×1 Gbps service in two markets. Unlike competitors, Spectrum upgrades its network for all households and can do so at a much lower cost. Spectrum Advanced WiFi, a managed WiFi service that provides customers an optimized home network while providing greater control of connected devices with enhanced security and privacy, is available to all Spectrum Internet customers.
Total video customers decreased by 123,000 in the fourth quarter of 2024, compared to a decline of 257,000 in the fourth quarter of 2023, with the improvement driven by new and simplified pricing and packaging launched in September. As of December 31, 2024, Charter had 12.9 million total video customers. Spectrum TV Select video customers will soon receive up to approximately $80 per month of programmers’ streaming application retail value at no extra cost, including the ad-supported versions of Max, Disney+, Peacock, Paramount+, ESPN+, AMC+, Discovery+, BET+, ViX, and Tennis Channel Plus. This programmer streaming application inclusion is part of Charter’s broader video evolution strategy to provide flexible packages with enhanced value, whether through full packages with seamless entertainment, smaller video packages, or a suite of a-la-carte programmer application options for broadband-only customers.
During the fourth quarter of 2024, Charter added 529,000 total mobile lines, compared to growth of 546,000 during the fourth quarter of 2023. Spectrum Mobile™ is available to all new and existing Spectrum Internet customers and offers the fastest overall speeds,2 with plans that include 5G access, do not require contracts and include taxes and fees in the price. Spectrum Mobile is central to Charter’s converged network strategy to provide consumers a differentiated connectivity experience with highly competitive, simple data plans and pricing.
During the fourth quarter of 2024, total wireline voice customers declined by 274,000, compared to a decline of 251,000 in the fourth quarter of 2023. As of December 31, 2024, Charter had 6.9 million total wireline voice customers.
Charter continues to work with federal, state and local governments to bring Spectrum Internet to unserved and underserved communities. During the fourth quarter of 2024, Charter activated 117,000 subsidized rural passings and 393,000 in 2024. Within Charter’s subsidized rural footprint, total customer relationships increased by 41,000 in the fourth quarter of 2024.
1.
Based on Broadband Download Speed nationally in Opensignal USA: Fixed Broadband Experience Report – National View, May 2024. Based on Opensignal independent analysis of mean download speed. © 2025 Opensignal Limited.
2.
Based on Charter’s analysis of Ookla® Speedtest Intelligence® data for overall mobile WiFi and Cellular performance for 1Q24 in Charter’s footprint.
Fourth Quarter Financial Results
(in millions)
Three Months Ended December 31,
2024
2023
% Change
Revenues:
Internet
$ 5,856
$ 5,805
0.9 %
Video
3,616
3,905
(7.4) %
Mobile service
860
626
37.4 %
Voice
353
393
(10.4) %
Residential revenue
10,685
10,729
(0.4) %
Small and medium business
1,086
1,083
0.3 %
Enterprise
731
700
4.4 %
Commercial revenue
1,817
1,783
1.9 %
Advertising sales
540
428
26.4 %
Other
884
771
14.6 %
Total Revenues
$ 13,926
$ 13,711
1.6 %
Net income attributable to Charter shareholders
$ 1,466
$ 1,058
38.6 %
Net income attributable to Charter shareholders margin
10.5 %
7.7 %
Adjusted EBITDA1
$ 5,760
$ 5,573
3.4 %
Adjusted EBITDA margin
41.4 %
40.6 %
Capital Expenditures
$ 3,062
$ 2,856
7.2 %
Net cash flows from operating activities
$ 3,460
$ 3,855
(10.2) %
Free cash flow1
$ 984
$ 1,061
(7.3) %
All percentages are calculated using whole numbers. Minor differences may exist due to rounding.
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.
Revenues
Fourth quarter revenue increased by 1.6% year-over-year to $13.9 billion, driven by growth in residential mobile service, advertising, other and residential Internet revenues, partly offset by lower residential video revenue and $37 million of total customer credits related to hurricanes Helene and Milton.
Residential revenue totaled $10.7 billion in the fourth quarter, a decrease of 0.4% year-over-year.
Fourth quarter 2024 monthly residential revenue per residential customer totaled $121.40, and increased by 1.7% compared to the prior year period. The growth was driven by promotional rate step-ups, rate adjustments and the growth of Spectrum Mobile, partly offset by a lower mix of video customer relationships, a higher mix of lower priced video packages within Charter’s video customer base, $37 million of costs which accounting principles require be allocated to programmer streaming applications and netted within video revenue and $34 million of residential customer credits related to hurricanes Helene and Milton.
Internet revenue grew by 0.9% year-over-year to $5.9 billion, driven by promotional rate step-ups and rate adjustments, partly offset a decline in Internet customers during the last year and customer credits related to hurricanes Helene and Milton.
Video revenue totaled $3.6 billion in the fourth quarter, a decrease of 7.4% compared to the prior year period, driven by a decline in video customers during the last year, a higher mix of lower priced video packages within Charter’s video customer base and $37 million of costs which accounting principles require be allocated to programmer streaming applications and netted within video revenue, partly offset by promotional rate step-ups and video rate adjustments that pass through programmer rate increases.
Fourth quarter mobile service revenue totaled $860 million, an increase of 37.4% year-over-year, driven by mobile line growth and mobile service revenue per line growth.
Voice revenue decreased by 10.4% year-over-year to $353 million, driven by a decline in wireline voice customers over the last twelve months, partly offset by voice rate adjustments.
Commercial revenue increased by 1.9% year-over-year to $1.8 billion, driven by enterprise and SMB revenue growth of 4.4% and 0.3% year-over-year, respectively. The year-over-year increase in fourth quarter 2024 SMB revenue was driven by higher monthly SMB revenue per SMB customer, primarily due to rate adjustments. Enterprise revenue excluding wholesale increased by 5.2% year-over-year, mostly reflecting PSU growth.
Fourth quarter advertising sales revenue of $540 million increased by 26.4% compared to the year-ago quarter, primarily driven by higher political revenue. Excluding political revenue in both periods, advertising sales revenue decreased by 8.2% year-over-year due to a more challenged local and national advertising market.
Other revenue totaled $884 million in the fourth quarter, an increase of 14.6% compared to the fourth quarter of 2023, primarily driven by higher mobile device sales.
Operating Costs and Expenses
Fourth quarter programming costs decreased by $229 million, or 9.1% as compared to the fourth quarter of 2023, reflecting fewer video customers, a higher mix of lower cost packages within Charter’s video customer base and $37 million of costs which accounting principles require be allocated to programmer streaming applications and netted within video revenue, partly offset by contractual programming rate increases and renewals.
Other costs of revenue increased by $244 million, or 16.2% year-over-year, primarily driven by higher mobile device sales and mobile service direct costs, and higher advertising sales expense related to political revenue.
Field and technology operations increased by $11 million, or 0.9% year-over-year.
Customer operations decreased by $21 million, or 2.6% year-over-year, primarily due to lower labor costs.
Sales and marketing expenses increased by $30 million, or 3.2% year-over-year, given Spectrum’s continued focus on driving growth and the launch of its new brand platform, Life Unlimited.
Other expenses decreased by $7 million, or 0.7% as compared to the fourth quarter of 2023.
Net Income Attributable to Charter Shareholders
Net income attributable to Charter shareholders totaled $1.5 billion in the fourth quarter of 2024, compared to $1.1 billion in the fourth quarter of 2023, due to a larger pension remeasurement loss in the prior year period and higher Adjusted EBITDA.
Net income per basic common share attributable to Charter shareholders totaled $10.32 in the fourth quarter of 2024 compared to $7.23 during the same period last year. The increase was primarily the result of the factors described above in addition to a 2.9% decrease in basic weighted average common shares outstanding versus the prior year period.
Adjusted EBITDA
Fourth quarter Adjusted EBITDA of $5.8 billion grew by 3.4% year-over-year, reflecting growth in revenue and operating expenses of 1.6% and 0.3%, respectively.
Capital Expenditures
Capital expenditures totaled $3.1 billion in the fourth quarter of 2024, an increase of $206 million compared to the fourth quarter of 2023, driven by higher spend on line extensions, CPE (timing of equipment purchases) and scalable infrastructure. Line extensions capital expenditures totaled $1.1 billion in the fourth quarter of 2024, driven by Charter’s subsidized rural construction initiative and continued network expansion across residential and commercial greenfield and market fill-in opportunities.
Charter currently expects full year 2025 capital expenditures to total approximately $12 billion, including line extensions capital expenditures of approximately $4.2 billion and network evolution spend of approximately $1.5 billion. The actual amount of capital expenditures in 2025 will depend on a number of factors including, but not limited to, the pace of Charter’s network evolution and expansion initiatives, supply chain timing and growth rates in Charter’s residential and commercial businesses.
Cash Flow and Free Cash Flow
During the fourth quarter of 2024, net cash flows from operating activities totaled $3.5 billion, a decrease from $3.9 billion in the prior year. The year-over-year decline was primarily driven by a more unfavorable change in working capital, higher cash taxes and cash interest, partly offset by higher Adjusted EBITDA.
Free cash flow in the fourth quarter of 2024 totaled $984 million, a decrease of $77 million compared to the fourth quarter of 2023. The year-over-year decline in free cash flow was primarily driven by lower net cash flows from operating activities and higher capital expenditures, partly offset by a more favorable change in accrued expenses related to capital expenditures.
Liquidity & Financing
As of December 31, 2024, total principal amount of debt was $93.8 billion and Charter’s credit facilities provided approximately $6.3 billion of additional liquidity in excess of Charter’s $459 million cash position.
On December 3, 2024, Charter announced that its subsidiary, Charter Communications Operating, LLC, had entered into an amendment to its existing Credit Agreement that extends the maturity date of a significant portion of debt due in 2027 to maturity dates in 2030 and 2031.
Share Repurchases
During the three months ended December 31, 2024, Charter purchased 292 thousand shares of Charter Class A common stock and Charter Holdings common units for $113 million.
Webcast
Charter will host a webcast on Friday, January 31, 2025 at 8:30 a.m. Eastern Time (ET) related to the contents of this release.
The webcast can be accessed live via the Company’s investor relations website at ir.charter.com. Participants should go to the webcast link no later than 10 minutes prior to the start time to register. The webcast will be archived at ir.charter.com two hours after completion of the webcast.
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 December 31, 2024, which will be posted on the “Results & SEC Filings” section of the Company’s investor relations website at ir.charter.com, when it is filed with the Securities and Exchange Commission (the “SEC”). A slide presentation to accompany the conference call and a trending schedule containing historical customer and financial data will also be available in the “Results & SEC Filings” section.
Use of Adjusted EBITDA and Free Cash Flow Information
The Company uses certain measures that are not defined by U.S. generally accepted accounting principles (“GAAP”) to evaluate various aspects of its business. Adjusted EBITDA and free cash flow are non-GAAP financial measures and should be considered in addition to, not as a substitute for, net income attributable to Charter shareholders and net cash flows from operating activities reported in accordance with GAAP. These terms, as defined by Charter, may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA and free cash flow are reconciled to net income attributable to Charter shareholders and net cash flows from operating activities, respectively, in the Addendum to this release.
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, other income (expenses), 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 SEC). For the purpose of calculating compliance with leverage covenants, the Company uses Adjusted EBITDA, as presented, excluding certain expenses paid by its operating subsidiaries to other Charter entities. The Company’s debt covenants refer to these expenses as management fees, which were $375 million and $378 million for the three months ended December 31, 2024 and 2023, respectively, and $1.5 billion and $1.4 billion for the years ended December 31, 2024 and 2023, respectively.
About Charter
Charter Communications, Inc. (NASDAQ:CHTR) is a leading broadband connectivity company and cable operator with services available to an estimated 57 million homes and businesses in 41 states through its Spectrum brand. 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 and sports programming to its customers through Spectrum Networks. 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,” “grow,” “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 SEC, and include, but are not limited to:
our ability to sustain and grow revenues and cash flow from operations by offering Internet, video, mobile, voice, 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;our ability to develop and deploy new products and technologies including 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 subsidies to consumers, subsidies and incentives for competitors, costs, disruptions and possible limitations on operating flexibility related to, and our ability to comply with, regulatory conditions applicable to us;our ability to procure necessary services and equipment from our vendors in a timely manner and at reasonable costs including in connection with our network evolution and rural construction initiatives;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);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;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;our ability to satisfy the conditions to consummate the Liberty Broadband combination and/or to consummate the Liberty Broadband combination in a timely manner or at all;the risks related to us being restricted in the operation of our business while the Liberty Broadband merger agreement is in effect; andother risks related to the Liberty Broadband combination as described in the definitive joint proxy statement/prospectus with respect to the combination, filed by Charter on January 22, 2025, including the sections entitled “Risk Factors” and “Where You Can Find More Information” included therein.
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.
CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
UNAUDITED RECONCILIATION OF NON-GAAP MEASURES TO GAAP MEASURES
(dollars in millions)
Three Months Ended
December 31,
Year Ended December 31,
2024
2023
2024
2023
Net income attributable to Charter shareholders
$ 1,466
$ 1,058
$ 5,083
$ 4,557
Plus: Net income attributable to noncontrolling interest
210
171
770
704
Interest expense, net
1,274
1,319
5,229
5,188
Income tax expense
370
406
1,649
1,593
Depreciation and amortization
2,168
2,188
8,673
8,696
Stock compensation expense
138
152
651
692
Other, net
134
279
514
464
Adjusted EBITDA (a)
$ 5,760
$ 5,573
$ 22,569
$ 21,894
Net cash flows from operating activities
$ 3,460
$ 3,855
$ 14,430
$ 14,433
Less: Purchases of property, plant and equipment
(3,062)
(2,856)
(11,269)
(11,115)
Change in accrued expenses related to capital expenditures
586
62
1,096
172
Free cash flow (a)
$ 984
$ 1,061
$ 4,257
$ 3,490
The above schedule is presented in order to reconcile Adjusted EBITDA and free cash flow, non-GAAP measures, to the most directly comparable GAAP measures in accordance with Section 401(b) of the Sarbanes-Oxley Act.
UNAUDITED ALTERNATIVE PRESENTATION OF ADJUSTED EBITDA
(dollars in millions)
Three Months Ended December 31,
Year Ended December 31,
2024
2023
% Change
2024
2023
% Change
REVENUES:
Internet
$ 5,856
$ 5,805
0.9 %
$ 23,360
$ 23,032
1.4 %
Video
3,616
3,905
(7.4) %
15,126
16,351
(7.5) %
Mobile service
860
626
37.4 %
3,083
2,243
37.5 %
Voice
353
393
(10.4) %
1,437
1,510
(4.9) %
Residential revenue
10,685
10,729
(0.4) %
43,006
43,136
(0.3) %
Small and medium business
1,086
1,083
0.3 %
4,371
4,353
0.4 %
Enterprise
731
700
4.4 %
2,883
2,770
4.1 %
Commercial revenue
1,817
1,783
1.9 %
7,254
7,123
1.8 %
Advertising sales
540
428
26.4 %
1,780
1,551
14.8 %
Other
884
771
14.6 %
3,045
2,797
8.8 %
Total Revenues
13,926
13,711
1.6 %
55,085
54,607
0.9 %
COSTS AND EXPENSES:
Programming
2,275
2,504
(9.1) %
9,653
10,638
(9.3) %
Other costs of revenue
1,751
1,507
16.2 %
6,351
5,587
13.7 %
Field and technology operations (b)
1,302
1,291
0.9 %
5,083
5,113
(0.6) %
Customer operations (b)
797
818
(2.6) %
3,221
3,302
(2.4) %
Sales and marketing
930
900
3.2 %
3,714
3,653
1.7 %
Other expense (b)
1,111
1,118
(0.7) %
4,494
4,420
1.7 %
Total operating costs and expenses (b)
8,166
8,138
0.3 %
32,516
32,713
(0.6) %
Adjusted EBITDA (a)
$ 5,760
$ 5,573
3.4 %
$ 22,569
$ 21,894
3.1 %
All percentages are calculated using whole numbers. Minor differences may exist due to rounding.
See footnotes on page 7.
CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in millions, except per share data)
Three Months Ended
December 31,
Year Ended December 31,
2024
2023
2024
2023
REVENUES
$ 13,926
$ 13,711
$ 55,085
$ 54,607
COSTS AND EXPENSES:
Operating costs and expenses (exclusive of items shown separately below)
8,304
8,290
33,167
33,405
Depreciation and amortization
2,168
2,188
8,673
8,696
Other operating (income) expenses, net
65
(34)
127
(53)
10,537
10,444
41,967
42,048
Income from operations
3,389
3,267
13,118
12,559
OTHER INCOME (EXPENSES):
Interest expense, net
(1,274)
(1,319)
(5,229)
(5,188)
Other expenses, net
(69)
(313)
(387)
(517)
(1,343)
(1,632)
(5,616)
(5,705)
Income before income taxes
2,046
1,635
7,502
6,854
Income tax expense
(370)
(406)
(1,649)
(1,593)
Consolidated net income
1,676
1,229
5,853
5,261
Less: Net income attributable to noncontrolling interests
(210)
(171)
(770)
(704)
Net income attributable to Charter shareholders
$ 1,466
$ 1,058
$ 5,083
$ 4,557
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CHARTER
SHAREHOLDERS:
Basic
$ 10.32
$ 7.23
$ 35.53
$ 30.54
Diluted
$ 10.10
$ 7.07
$ 34.97
$ 29.99
Weighted average common shares outstanding, basic
142,115,129
146,356,269
143,061,337
149,208,188
Weighted average common shares outstanding, diluted
145,269,468
149,651,479
145,363,771
151,966,313
CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in millions)
December 31,
2024
2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$ 459
$ 709
Accounts receivable, net
3,097
2,965
Prepaid expenses and other current assets
677
458
Total current assets
4,233
4,132
INVESTMENT IN CABLE PROPERTIES:
Property, plant and equipment, net
42,913
39,520
Customer relationships, net
975
1,745
Franchises
67,462
67,396
Goodwill
29,674
29,668
Total investment in cable properties, net
141,024
138,329
OTHER NONCURRENT ASSETS
4,763
4,732
Total assets
$ 150,020
$ 147,193
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable, accrued and other current liabilities
$ 11,687
$ 11,214
Current portion of long-term debt
1,799
2,000
Total current liabilities
13,486
13,214
LONG-TERM DEBT
92,134
95,777
EQUIPMENT INSTALLMENT PLAN FINANCING FACILITY
1,072
—
DEFERRED INCOME TAXES
18,845
18,954
OTHER LONG-TERM LIABILITIES
4,776
4,530
SHAREHOLDERS’ EQUITY:
Controlling interest
15,587
11,086
Noncontrolling interests
4,120
3,632
Total shareholders’ equity
19,707
14,718
Total liabilities and shareholders’ equity
$ 150,020
$ 147,193
CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions)
Three Months Ended
December 31,
Year Ended December 31,
2024
2023
2024
2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net income
$ 1,676
$ 1,229
$ 5,853
$ 5,261
Adjustments to reconcile consolidated net income to net cash flows from
operating activities:
Depreciation and amortization
2,168
2,188
8,673
8,696
Stock compensation expense
138
152
651
692
Noncash interest, net
9
7
34
20
Deferred income taxes
(135)
(34)
(87)
(80)
Other, net
90
79
354
291
Changes in operating assets and liabilities, net of effects from acquisitions
and dispositions:
Accounts receivable
(30)
(33)
(129)
(44)
Prepaid expenses and other assets
(72)
(38)
(609)
(572)
Accounts payable, accrued liabilities and other
(384)
305
(310)
169
Net cash flows from operating activities
3,460
3,855
14,430
14,433
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment
(3,062)
(2,856)
(11,269)
(11,115)
Change in accrued expenses related to capital expenditures
586
62
1,096
172
Other, net
(103)
150
(481)
(184)
Net cash flows from investing activities
(2,579)
(2,644)
(10,654)
(11,127)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of long-term debt
8,505
7,471
25,893
22,062
Borrowings of equipment installment plan financing facility
74
—
1,074
—
Repayments of long-term debt
(9,761)
(7,553)
(29,660)
(21,938)
Payments for debt issuance costs
(29)
(14)
(56)
(32)
Purchase of treasury stock
(114)
(1,194)
(1,213)
(3,215)
Proceeds from exercise of stock options
3
1
32
22
Purchase of noncontrolling interest
(4)
(173)
(189)
(427)
Distributions to noncontrolling interest
(49)
(40)
(157)
(158)
Other, net
250
429
297
444
Net cash flows from financing activities
(1,125)
(1,073)
(3,979)
(3,242)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND
RESTRICTED CASH
(244)
138
(203)
64
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period
750
571
709
645
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period
$ 506
$ 709
$ 506
$ 709
CASH PAID FOR INTEREST
$ 1,522
$ 1,354
$ 5,334
$ 5,020
CASH PAID FOR TAXES
$ 461
$ 321
$ 1,581
$ 1,470
As of December 31, 2024, cash, cash equivalents and restricted cash includes $47 million of restricted cash included in prepaid expenses and other current assets in the consolidated balance sheets.
CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
UNAUDITED SUMMARY OF OPERATING STATISTICS
(in thousands, except per customer and penetration data)
Approximate as of
December 31,
2024(c)
September 30,
2024(c)
December 31,
2023 (c)
Footprint
Estimated Passings (d)
56,861
56,542
55,322
Customer Relationships (e)
Residential
29,258
29,465
29,904
SMB
2,215
2,223
2,222
Total Customer Relationships
31,473
31,688
32,126
Residential
(207)
(150)
(108)
SMB
(8)
1
(2)
Total Customer Relationships Quarterly Net Additions
(215)
(149)
(110)
Total Customer Relationship Penetration of Estimated Passings (f)
55.4 %
56.0 %
58.1 %
Monthly Residential Revenue per Residential Customer (g)
$ 121.40
$ 121.47
$ 119.41
Monthly SMB Revenue per SMB Customer (h)
$ 163.14
$ 164.38
$ 162.38
Residential Customer Relationships Penetration
One Product Penetration (i)
47.6 %
47.9 %
46.7 %
Two Product Penetration (i)
33.9 %
33.4 %
33.1 %
Three or More Product Penetration (i)
18.5 %
18.7 %
20.2 %
% Residential Non-Video Customer Relationships
57.9 %
57.8 %
54.8 %
Internet
Residential
28,034
28,205
28,544
SMB
2,046
2,052
2,044
Total Internet Customers
30,080
30,257
30,588
Residential
(171)
(113)
(62)
SMB
(6)
3
1
Total Internet Quarterly Net Additions
(177)
(110)
(61)
Video
Residential
12,327
12,437
13,503
SMB
565
578
619
Total Video Customers
12,892
13,015
14,122
Residential
(110)
(281)
(248)
SMB
(13)
(13)
(9)
Total Video Quarterly Net Additions
(123)
(294)
(257)
Mobile Lines (j)
Residential
9,568
9,057
7,519
SMB
315
297
247
Total Mobile Lines
9,883
9,354
7,766
Residential
511
526
532
SMB
18
19
14
Total Mobile Lines Quarterly Net Additions
529
545
546
Voice
Residential
5,636
5,895
6,712
SMB
1,248
1,263
1,293
Total Voice Customers
6,884
7,158
8,005
Residential
(259)
(275)
(248)
SMB
(15)
(13)
(3)
Total Voice Quarterly Net Additions
(274)
(288)
(251)
Enterprise (k)
Enterprise Primary Service Units (“PSUs”)
319
315
303
Enterprise Quarterly Net Additions
4
3
5
See footnotes on page 7.
CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
UNAUDITED CAPITAL EXPENDITURES
(dollars in millions)
Three Months Ended
December 31,
Year Ended December 31,
2024
2023
2024
2023
Customer premise equipment (l)
$ 575
$ 514
$ 2,172
$ 2,286
Scalable infrastructure (m)
411
353
1,422
1,368
Upgrade/rebuild (n)
543
529
1,771
1,719
Support capital (o)
476
482
1,688
1,727
Capital expenditures, excluding line extensions
2,005
1,878
7,053
7,100
Subsidized rural construction line extensions
575
424
2,144
1,822
Other line extensions
482
554
2,072
2,193
Total line extensions (p)
1,057
978
4,216
4,015
Total capital expenditures
$ 3,062
$ 2,856
$ 11,269
$ 11,115
Capital expenditures included in total related to:
Commercial services
$ 334
$ 381
$ 1,437
$ 1,560
Subsidized rural construction initiative (q)
$ 577
$ 426
$ 2,152
$ 1,870
Mobile
$ 64
$ 79
$ 245
$ 314
See footnotes on page 7.
CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
FOOTNOTES
(a)
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, other (income) expenses, 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 our businesses as well as other non-cash or special items, and is unaffected by our capital structure or investment activities. Free cash flow is defined as net cash flows from operating activities, less capital expenditures and changes in accrued expenses related to capital expenditures.
(b)
The previously reported “Costs to Service Customers” expense category has been separated between “Field and Technology Operations” and “Customer Operations” for all periods presented with the adoption of FASB’s Accounting Standards Update No. 2023-07, Improvements to Reportable Segment Disclosures. The new presentation does not result in any changes to total operating expenses or Adjusted EBITDA for any period presented. Other expense excludes stock compensation expense. Total operating costs and expenses excludes stock compensation expense, depreciation and amortization and other operating (income) expenses, net.
(c)
We calculate the aging of customer accounts based on the monthly billing cycle for each account in accordance with our collection policies. On that basis, at December 31, 2024, September 30, 2024 and December 31, 2023, customers included approximately 102,500, 127,300 and 135,800 customers, respectively, whose accounts were over 60 days past due, approximately 12,100, 11,900 and 54,700 customers, respectively, whose accounts were over 90 days past due and approximately 13,600, 11,800 and 286,000 customers, respectively, whose accounts were over 120 days past due. The decrease in accounts past due is predominately due to revisions to customer account balances associated with the end of the Federal Communications Commission’s Affordable Connectivity Program, including balance write-offs and conversion to payment plans.
(d)
Passings represent our estimate of the number of units, such as single family homes, apartment and condominium units and SMB and enterprise sites passed by our cable distribution network in the areas where we offer the service indicated. These estimates are based upon the information available at this time and are updated for all periods presented when new information becomes available. In the fourth quarter of 2024, we completed a review of our passings which resulted in a net reduction of approximately 1.7 million passings for all periods presented.
(e)
Customer relationships include the number of customers that receive one or more levels of service, encompassing Internet, video, mobile and voice services, without regard to which service(s) such customers receive. Customers who reside in residential multiple dwelling units (“MDUs”) and that are billed under bulk contracts are counted based on the number of billed units within each bulk MDU. Total customer relationships exclude enterprise and mobile-only customer relationships.
(f)
Penetration represents residential and SMB customers as a percentage of estimated passings. Penetration excludes mobile-only customers.
(g)
Monthly residential revenue per residential customer is calculated as total residential quarterly revenue divided by three divided by average residential customer relationships during the respective quarter and excludes mobile-only customer relationships.
(h)
Monthly SMB revenue per SMB customer is calculated as total SMB quarterly revenue divided by three divided by average SMB customer relationships during the respective quarter and excludes mobile-only customer relationships.
(i)
One product, two product and three or more product penetration represents the number of residential customers that subscribe to one product, two products or three or more products, respectively, as a percentage of residential customer relationships, excluding mobile-only customers.
(j)
Mobile lines include phones and tablets which require one of our standard rate plans (e.g., “Unlimited” or “By the Gig”). Mobile lines exclude wearables and other devices that do not require standard phone rate plans.
(k)
Enterprise PSUs represents the aggregate number of fiber service offerings counting each separate service offering at each customer location as an individual PSU.
(l)
Customer premise equipment includes equipment and devices located at the customer’s premise used to deliver our Internet, video and voice services (e.g., modems, routers and set-top boxes), as well as installation costs.
(m)
Scalable infrastructure includes costs, not related to customer premise equipment or our network, to secure growth of new customers or provide service enhancements (e.g., headend equipment).
(n)
Upgrade/rebuild includes costs to modify or replace existing fiber/coaxial cable networks, including our network evolution initiative.
(o)
Support capital includes costs associated with the replacement or enhancement of non-network assets (e.g., back-office systems, non-network equipment, land and buildings, vehicles, tools and test equipment).
(p)
Line extensions include network costs associated with entering new service areas (e.g., fiber/coaxial cable, amplifiers, electronic equipment, make-ready and design engineering).
(q)
The subsidized rural construction initiative subcategory includes projects for which we are receiving subsidies from federal, state and local governments, excluding customer premise equipment and installation.
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SOURCE Charter Communications, Inc.
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Technology
Breakthrough Prize Foundation Announces Winner of the 11th Annual Breakthrough Junior Challenge
Published
2 hours agoon
April 19, 2026By
Matea Cañizarez, Age 18, of Quito, Ecuador, Receives Top Honors and $400,000 in Education Prizes for her Original Video Explaining Quark-Gluon Plasma
SAN FRANCISCO, April 18, 2026 /PRNewswire/ — The Breakthrough Prize Foundation today announced Ecuador-based student Matea Cañizarez as the winner of the 11th annual Breakthrough Junior Challenge, a global competition that empowers young people to creatively communicate complex ideas in the life sciences, physics, and mathematics.
The Breakthrough Junior Challenge will provide $400,000 in educational awards to Matea and her teacher, Roberto Procel. As the student winner, Matea will be granted a $250,000 college scholarship. In recognition of his work as a science teacher, Mr. Procel will receive a $50,000 award. The prize package also includes a cutting-edge science laboratory, designed by Cold Spring Harbor Laboratory and valued at $100,000, to be installed at Colegio Johannes Kepler, Matea’s current school, located in Quito, Ecuador.
Matea was honored alongside the 2026 Breakthrough Prize laureates at The Breakthrough Prize Ceremony in Los Angeles on April 18, 2026.
“It’s exhilarating to meet bright, curious young people like Matea,” said Julia Milner, co-founder of the Breakthrough Junior Challenge, “And to see them pursuing their passion for ideas and communicating it to others makes me truly hopeful for the future,” said Julia Milner, co-founder of the Breakthrough Prize.
Matea’s winning entry explains quark-gluon plasma, an extreme state of matter that existed just after the Big Bang, in which quarks and gluons move freely instead of being bound inside protons and neutrons. Her short video can be seen here. This was Matea’s first entry to the Breakthrough Junior Prize, and she is currently applying for college next fall.
“Coming from a rural town in Ecuador, my passion for science was not a given. I am humbled by the honor of winning the Breakthrough Junior Challenge and hope to work in the service of society and nature by making the most of this opportunity,” said Matea.
“Congratulations on your beautiful video explaining the quark-gluon plasma,” said David Gross, winner of the 2026 Special Breakthrough Prize in Fundamental Physics, whose theories led directly to the discovery of the phenomenon in Matea’s video. Gross continued, “Very exciting, very well done, and I hope you stay in physics and help us understand even better the properties of the quark-gluon plasma in the laboratory, in the early Universe, and perhaps in the core of neutron stars.”
The Breakthrough Junior Challenge is a global program designed to showcase and advance young people’s understanding of science and core scientific principles, spark enthusiasm for STEM fields, encourage pursuit of STEM careers, and engage the broader public in fundamental scientific concepts. Each year, students ages 13 to 18 are invited to produce original videos of up to two minutes that explain a concept or theory in life sciences, physics, or mathematics.
Entries are judged on how effectively participants communicate complex scientific ideas in clear, compelling, and creative ways.
“Seeing students take on complex topics and explain them with enthusiasm and creativity is inspiring,” said Sal Khan, founder and CEO of Khan Academy and Vision Steward of TED. “Their work is a reminder that when young people are given access and opportunity to explore their interests, they can achieve great things.”
This year, the Breakthrough Junior Challenge attracted more than 2,500 applicants from around the world. Submissions were narrowed down to 30 semifinalists, which represented the top submissions after two rounds of judging: first, a mandatory peer review, followed by an evaluation panel of judges. Sixteen finalists were selected in December 2025.
Celebrating its 11th year, the Breakthrough Junior Challenge has reached a global community of more than 100,000 students, parents, and educators, drawing upwards of 30,000 applications from students in over 200 countries, including Canada, Nigeria, Kazakhstan, the Philippines, Singapore, and the United States. Since its launch, the program has distributed more than $2.5 million in college scholarships, invested $1 million in state-of-the-art science laboratories, and awarded $500,000 to exceptional science and mathematics teachers. Winning submissions have explored subjects ranging from Mechanogenetic Cellular Engineering, Einstein’s Theory of Relativity, Circadian Rhythms, Neutrino Astronomy, and more. Challenge alumni have continued their academic journeys at top-tier universities such as MIT, Harvard, Princeton, and Stanford.
This year’s Selection Committee was comprised of: Thea Booysen, MsC, social media director for neurologist Dr. Richard Isaacson and founder of MadeByHuman; Rachel Crane, space and science correspondent, CNN; Pascale Ehrenfreund, PhD, president, Committee on Space Research COSPAR; Dennis Gaitsgory, professor, Max Planck Institute for Mathematics, and Breakthrough Prize in Mathematics Laureate; John Grunsfelt, PhD astronaut, associate administrator for science, chief scientist at NASA Headquarters; Mae Jemison, physician, former astronaut, entrepreneur; Jeffery W. Kelly, professor of chemistry, Scripps Research Institute and Breakthrough Prize in Life Sciences laureate; Scott Kelly, retired NASA astronaut; Salman Khan, founder and CEO, Khan Academy; Ijad Madisch, CEO, co-founder, ResearchGate; Samaya Nissanke, University of Amsterdam, Breakthrough Prize in Fundamental Physics laureate; Nicole Stott, NASA astronaut, and co-founder of the Space for Art Foundation; Andrew Strominger, professor of physics, Harvard University, and Breakthrough Prize in Fundamental Physics laureate; Terence Tao, UCLA professor and Breakthrough Prize in Mathematics laureate; Esther Wojcicki, founder, Palo Alto High Media Arts Center; Richard Youle, National Institutes of Health, and Breakthrough Prize in Life Sciences laureate; and S. Pete Worden, chairman, Breakthrough Prize Foundation.
Partners
The Breakthrough Junior Challenge
The Breakthrough Junior Challenge, co-founded by Julia and Yuri Milner, is a global science video competition, aiming to develop and demonstrate young people’s knowledge of science and scientific principles and communications skills; generate excitement in these fields; support STEM career choices; and engage the imagination and interest of the public-at-large in key concepts of fundamental science.
The Breakthrough Prize
The Breakthrough Prize, renowned as the “Oscars of Science,” recognizes the world’s top scientists. Each prize is $3 million and presented in the fields of Life Sciences, Fundamental Physics (one per year) and Mathematics (one per year). In addition, up to three New Horizons in Physics Prizes, up to three New Horizons in Mathematics Prizes and up to three Maryam Mirzakhani New Frontiers Prizes are given out to early-career researchers each year. Laureates attend a gala award ceremony designed to celebrate their achievements and inspire the next generation of scientists.
The Breakthrough Prizes were founded by Sergey Brin, Priscilla Chan and Mark Zuckerberg, Julia and Yuri Milner, and Anne Wojcicki. The Prizes have been sponsored by the personal foundations established by Sergey Brin, Priscilla Chan and Mark Zuckerberg, Julia and Yuri Milner and Anne Wojcicki. Selection Committees composed of previous Breakthrough Prize laureates in each field choose the winners. Information on the Breakthrough Prize is available at breakthroughprize.org.
About Khan Academy
Khan Academy is a 501(c)(3) nonprofit organization with the mission of providing a free, world-class education for anyone, anywhere. Since 2008, Khan Academy has provided an education safety net, a free platform designed to provide global access to high-quality learning for students and free resources for teachers. Khan Academy partners with more than 600 school districts in the United States and works with school systems in countries around the world, providing tools that personalize education. Khan Academy is at the forefront of using AI in education to support students while ensuring educators remain at the heart of the classroom. Worldwide, more than 200 million registered learners have used Khan Academy in 190 countries and more than 50 languages. For more information, please see research findings about Khan Academy and our press center.
Cold Spring Harbor Laboratory (CSHL)
The Breakthrough Prize Lab for the winning student’s school is designed in partnership with Cold Spring Harbor Laboratory (CSHL). Founded in 1890, CSHL, an independent 501(c)(3) nonprofit, powers transformational discoveries in cancer, neuroscience, artificial intelligence, plant biology, and quantitative biology. Through world-renowned science and education divisions, CSHL nurtures a culture of curiosity, discovery, and innovation to make lives better. CSHL’s DNA Learning Center (DNALC) is the largest provider of hands-on instruction in genetics and biotechnology, reaching nearly 40,000 middle and high school students through field trips, day camps, summer camps, mentored research projects, and teacher training. For more than a century, CSHL has been a powerful and productive environment for developing, connecting, and sharing world-changing ideas. For more information, visit www.cshl.edu<http://www.cshl.edu/>>.
Contact
For more information, including competition rules, video submission guidelines and queries, go to: breakthroughjuniorchallenge.org.
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SOURCE Breakthrough Prize
Technology
Penn Medicine, Children’s Hospital of Philadelphia team awarded Breakthrough Prize for developing gene therapy for inherited blindness
Published
3 hours agoon
April 18, 2026By
LOS ANGELES, April 18, 2026 /PRNewswire/ — Their discovery started with a group of blind dogs living at a vet school. Now, the work has been awarded the prestigious Breakthrough Prize at the “Oscars of Science.”
Today, Jean Bennett, MD, PHD, and Albert Maguire, MD, both emeritus professors of Ophthalmology in the Perelman School of Medicine at the University of Pennsylvania, and Katherine High, MD, an emeritus professor of Pediatrics and the founding director of the Raymond G. Perelman Center for Cellular and Molecular Therapeutics at Children’s Hospital of Philadelphia (CHOP), received the Breakthrough Prize in Life Sciences for their work in developing the first FDA-approved gene therapy for an inherited condition, which dramatically improves sight in people with a form of blindness called Leber Congenital Amaurosis (LCA).
Their work blazed a trail for the more than 140 gene therapy trials for retinal conditions, including macular degeneration and diabetic retinopathy, diseases that collectively impact about 30 million people in the US. Eighty more trials are currently underway.
“Even 20 years ago, treating people with gene therapy was seen by some as an impossibility,” said Jonathan Epstein, MD, dean of the Perelman School of Medicine and executive vice president of the University of Pennsylvania for the Health System. “But this group of incredible physician-scientists persisted and created something that is providing sight to people who would have been completely blind as early as kindergarten. Their belief in the power of life-changing science has led to breathtaking results and richly deserved global recognition.”
The Breakthrough Prizes are called the “Oscars of Science” for their high-profile celebration of research and support from celebrities spanning numerous areas of pop culture. Created in 2012 by Sergey Brin, Priscilla Chan and Mark Zuckerberg, Yuri and Julia Milner, and Anne Wojcicki, the prizes are given out in five categories including Life Sciences, Fundamental Physics, and Math, each with an accompanying $3 million award.
This year’s accolade now means that nine Penn-affiliated researchers have received the Breakthrough Prize, tied for the most with Harvard University. The prior Penn Medicine award winners are Carl June, PhD (2024), Drew Weissman, MD, PhD, and Katalin Karikó, PhD (2022), and Virginia M.Y. Lee, PhD (2019). Additionally, Penn faculty members Charles Kane, PhD, and Eugene Mele, PhD, won the prize for Physics in 2019. Mathew Madhavacheril, PhD, an assistant professor of Physics and Astronomy in Penn’s School of Arts & Sciences, also received recognition at this year’s Breakthrough Prize ceremony when he was honored with the New Horizons in Physics award, given to researchers early in their careers.
“Science is rarely a straight path, and those who make the most profound discoveries are resilient and persistent, overcoming obstacles along the way,” said J. Larry Jameson, MD, PhD, president of the University of Pennsylvania. “That is exactly what I see in this year’s awardees, and it has been true of all our remarkable faculty who have been recognized for scientific breakthroughs. Whether they are discovering what lies beneath Alzheimer’s Disease, curing cancer by engineering a patients’ own immune cells, or reversing blindness—they have persisted with imagination and rigor. Their steadfastness has pushed the boundaries of what medicine can achieve.”
“Developing cell and gene therapies has long been a top priority for our organization,” said Madeline Bell, CHOP’s CEO. “This breakthrough is the result of decades of investment and collaboration, and reflects our commitment to translating scientific discoveries into therapies that will transform patients’ lives. It has paved the way for many more cell and gene therapy innovations and has given hope to families around the world.”
“They can see!”
Bennett and Maguire met and married during medical school in the 1980s. It was then that they both became intrigued by the concept of genetic therapy, the practice of replacing a mutated or faulty gene with a functional copy, and started dreaming of treating inherited forms of blindness with the technique, which at that time remained the stuff of science fiction.
It was “like thinking you wanted to go to the moon in 1950,” Maguire said many years later.
Both Bennett and Maguire joined Penn’s Scheie Eye Institute in the 1990s and began working on their ideas with lab mice. They learned that the University of Pennsylvania School of Veterinary Medicine housed a group of blind dogs who had a condition similar to the human disease: Leber congenital amaurosis (LCA). People born with a mutation on the RPE65 gene have poor vision starting at birth and often progress rapidly to complete blindness, usually by their 20s, but sometimes in early childhood.
The pair developed a therapy that used a virus as a transport, carrying a piece of DNA into cells that would then correct the faulty, blindness-causing proteins formed by the bad gene. The idea: Once the proteins were set right, some sight might return. First, they tested the therapy by injecting it into a single eye in each of three dogs.
It wasn’t long until they knew whether it worked. Bennett recalls receiving an excited phone call from a technician at the lab, who exclaimed, “They can see!”
Sure enough, the dogs were twirling around, using their treated eyes to see. Before treatment, the dogs had bumped and tripped through an obstacle course set up to test their sight. After the full treatment, the course was an easy task for the dogs.
A knock on the door
In parallel with Bennett and Maguire’s dreams of gene therapy, High was also working to bring the field forward. Like Bennett and Maguire, she had achieved long-term reversal of a serious genetic disease in a dog model: In her case, for hemophilia, a life-threatening bleeding disorder. High had advanced these studies from success in dogs to initial clinical trials in humans, delivering the donated gene into skeletal muscle and the liver.
The work was promising, but the human immune response to the gene delivery vessel—which was derived from a virus in the same way Bennett and Maguire’s therapy was—prevented sustained benefits from the therapeutic gene. At the same time, companies and investors, discouraged by high profile negative events, began to turn away from gene therapy. Progress stalled.
But with support from CHOP, High founded the Raymond G. Perelman Center for Cellular and Molecular Therapeutics (CCMT) in 2004. She recruited experts in all aspects of clinical gene therapy, including specialized knowledge in the manufacturing and release of gene therapy vectors, which are the particles that deliver a healthy copy of a defective gene to patients.
After vector production was set up at CHOP, High went to Bennett’s office and knocked on the door with a proposition to start a clinical trial in humans. In 2007, Maguire, who was then a surgeon in Pediatric Ophthalmology at CHOP, administered an injection of the experimental therapy at CHOP into a clinical trial participant – a 26-year-old woman—for the first time. Her twin, with the same condition, received the treatment shortly after.
When the team assessed the treatment of the 37 eligible participants from the original clinical trials, 72 percent reported the maximum possible improvement in a test of low-light conditions, which simulates night vision. Amid these, many reported improved peripheral and central vision, too. One patient, who could only detect changes in light, was suddenly able to navigate walking through Philadelphia at night, unaided, and could make out the clock on City Hall. Another patient was able to see a star for the first time in her life just six days after the procedure.
In 2017, the therapy—by then manufactured by Spark Therapeutics, a spinout from CHOP, and called Luxturna—received approval by the U.S. Food and Drug Administration. It became the first FDA approval of a genetic therapy for an inherited disease. Today, hundreds of people around the world have successfully received the treatment.
A celebration of decades of work
Today’s celebration in Los Angeles marks a celebratory milestone in roughly 40 years of work led by Bennett, Maguire, and High that has inspired others in the now vibrant field of gene therapy. In fact, a treatment stemming from High’s original work with hemophilia received FDA approval in 2024.
“We always just did what we thought you were supposed to do if you were a doctor: Find treatments for diseases,” said Maguire. “Both my father and Jean’s worked in science, and it seemed normal to try to push the envelope.”
“I think the only surprise for us was that things worked out so well,” Bennett said. “For every success, there are usually so many failures. That’s just the nature of science. But our team hit on something that has helped so many people and helped progress the field, and we’re really grateful for our part in that.”
High described the journey between the start of her collaboration with Bennett and Maguire in 2005 and the FDA approval in 2017 as “an arduous one.”
“At times, it seemed that the number of obstacles we needed to overcome to reach regulatory approval was never-ending,” High said. “Working without the benefit of the guidelines and precedents we now have today, we sought to solve each day’s problems so that the program would have a tomorrow. It was a bold and uncertain investment of time, effort, and resources. Few were willing to take on the risks, but it ultimately paid off, and it helped build the foundation of modern gene therapy.”
About Penn Medicine:
Penn Medicine is one of the world’s leading academic medical centers, dedicated to the related missions of medical education, biomedical research, excellence in patient care, and community service.
The organization consists of the University of Pennsylvania Health System and Penn’s Raymond and Ruth Perelman School of Medicine, founded in 1765 as the nation’s first medical school.
The Perelman School of Medicine is consistently among the nation’s top recipients of funding from the National Institutes of Health, with more than $588 million awarded in the 2024 fiscal year. Home to a proud history of “firsts,” Penn Medicine teams have pioneered discoveries that have shaped modern medicine, including CAR T cell therapy for cancer and the Nobel Prize-winning mRNA technology used in COVID-19 vaccines.
The University of Pennsylvania Health System cares for patients in facilities and their homes stretching from the Susquehanna River in Pennsylvania to the New Jersey shore. UPHS facilities include the Hospital of the University of Pennsylvania, Penn Presbyterian Medical Center, Chester County Hospital, Doylestown Health, Lancaster General Health, Princeton Health, and Pennsylvania Hospital—the nation’s first hospital, chartered in 1751. Additional facilities and enterprises include Penn Medicine at Home, GSPP Rehabilitation, Lancaster Behavioral Health Hospital, and Princeton House Behavioral Health, among others.
Penn Medicine is a $13.7 billion enterprise powered by more than 50,000 talented faculty and staff.
About Children’s Hospital of Philadelphia:
A non-profit, charitable organization, Children’s Hospital of Philadelphia was founded in 1855 as the nation’s first pediatric hospital. Through its long-standing commitment to providing exceptional patient care, training new generations of pediatric healthcare professionals, and pioneering major research initiatives, the hospital has fostered many discoveries that have benefited children worldwide. Its pediatric research program is among the largest in the country. The institution has a well-established history of providing advanced pediatric care close to home through its CHOP Care Network, which includes more than 50 primary care practices, specialty care and surgical centers, urgent care centers, and community hospital alliances throughout Pennsylvania and New Jersey. CHOP also operates the Middleman Family Pavilion and its dedicated pediatric emergency department in King of Prussia, the Behavioral Health and Crisis Center (including a 24/7 Crisis Response Center) and the Center for Advanced Behavioral Healthcare, a mental health outpatient facility. Its unique family-centered care and public service programs have brought Children’s Hospital of Philadelphia recognition as a leading advocate for children and adolescents. For more information, visit www.chop.edu.
Media Contacts:
CHOP PR Contact:
Ashley Moore
Moorea1@chop.edu
267-426-6071
Penn Medicine PR Contact:
Frank Otto
Frank.Otto@pennmedicine.upenn.edu
267-693-2999
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SOURCE Children’s Hospital of Philadelphia
Technology
Haloid Solutions Expands Access to Radio Equipment by Offering Flexible Financing and Leasing Solutions Named HaloidFLEX
Published
6 hours agoon
April 18, 2026By
NEW YORK, April 18, 2026 /PRNewswire/ — As part of Haloid Solutions’ long-term commitment to helping businesses and municipalities acquire critical communications equipment despite budgetary constraints, Haloid now offers specialized financing and leasing programs through its HaloidFLEX program.
Designed to ensure that companies and governments have the equipment they need without costly capital expenditures outlays, HaloidFLEX offers financing for equipment purchased directly from manufacturers or local radio dealers. HaloidFLEX financing offers zero percent and low-interest options as well as predictable monthly payments for qualified buyers. HaloidFLEX clients can even opt to incorporate extended support services and protections into their financing to prepare for accidents, theft, or equipment losses. This gives companies peace of mind with one low monthly payment.
For organizations that don’t want or need to own equipment long-term, the HaloidFLEX leasing program offers similar benefits with potential tax advantages. Companies can lease brand new equipment and upgrade or return it at lease-end as needed. For companies seeking flexible options – or those that are interested in upgrading to the latest technology as it becomes available – leasing makes perfect sense.
One of the added benefits of each program is that HaloidFLEX allows clients to bundle services and protections that would normally be billed separately. Accidental damage, theft, and loss protections can be put in place, so that there’s never a lapse in communication if a radio fails. Extended warranties are also available upon request, so companies can customize their financing and protection to fit their budget and safeguard their equipment simultaneously.
According to a Haloid Solutions spokesperson, “Bundling expenses simply makes sense. It reduces the need for multiple policies and flexes with organizations to ensure critical communication equipment is available when needed while guaranteeing that the company’s investment is protected for the life of the equipment.”
HaloidFLEX financing and leasing programs are available to qualified businesses and municipalities nationwide. To learn more or request a customized quote, visit HaloidSolutions.com.
About Haloid Solutions
Haloid Solutions is the go-to resource for U.S. businesses and municipalities in search of financing and leasing for two-way radios, walkie talkies, communications equipment, accessories, and services. Focused on reliability, affordability, and performance, Haloid strives to equip professionals in all communication-based industries with the resources they need most.
For more information about Haloid Solutions, or details about the HaloidFLEX financing or leasing programs, please visit https://haloidsolutions.com/collections/lmr-radio-financing-and-leasing-and-subscription-low-cost-payment-options-for-2-way-radio-equipment or contact us on our website.
View original content to download multimedia:https://www.prnewswire.com/news-releases/haloid-solutions-expands-access-to-radio-equipment-by-offering-flexible-financing-and-leasing-solutions-named-haloidflex-302746527.html
SOURCE HALOID SOLUTIONS
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