Connect with us

Technology

Genpact Reports Full Year and Fourth Quarter 2024 Results

Published

on

2024 Net Revenues of $4.77 billion, Up 6.5% (6.7% constant currency)1,2
2024 Data-Tech-AI Net Revenues of $2.23 billion, Up 6.9%1,2,3,4
2024 Digital Operations Net Revenues of $2.53 billion, Up 6.1% (6.5% constant currency)1,4
2024 Diluted EPS of $2.85, Down 16%; Adjusted Diluted EPS of $3.28, Up 10%5,6
Increases Quarterly Dividend by 11% and Share Repurchase Authorization by $500 million

NEW YORK, Feb. 6, 2025 /PRNewswire/ — Genpact Limited (NYSE: G), a global advanced technology services and solutions company, today announced financial results for the fourth quarter and full year ended December 31, 2024.

“We delivered another strong quarter to close out what has been an outstanding year for Genpact. Q4 revenue grew 9% with Data-Tech-AI up 12%, driving accelerating revenue growth. For the full year, revenue grew 6.5%, with adjusted EPS growth of 10%, consistent with our long-term objective of growing adjusted EPS faster than revenue.  We also delivered record new bookings of $5.7 billion, up 15%, building on exceptionally strong new bookings in 2023,” said Balkrishan “BK” Kalra, Genpact’s President and CEO. “Looking ahead, we are incredibly excited about the future as we accelerate the pace of innovation and change at Genpact. Building on our industry-specific domain expertise, our investment in Data, AI and Agentic Solutions is positioning us as a clear leader in AI-driven transformation and driving superior value for our clients.” 

Key Financial Highlights – Full Year 2024

Net revenues were $4.77 billion, up 6.5% year-over-year on an as reported basis, and 6.7% on a constant currency basis.1,2Data-Tech-AI net revenues were $2.23 billion, up 6.9% year-over-year, both on an as reported and constant currency basis,1,2,4 representing 47% of total revenue.Digital Operations net revenues were $2.53 billion, up 6.1% year-over-year on an as reported basis, and 6.5% on a constant currency basis,1,4 representing 53% of total revenue.Gross profit was $1.69 billion, up 8% year-over-year, with a corresponding margin of 35.5%.Net income was $514 million, down 19% year-over-year, with a corresponding margin of 10.8%.6Income from operations was $702 million, up 11% year-over-year, with a corresponding margin of 14.7%.Adjusted income from operations was $814 million, up 7% year-over-year, with a corresponding margin of 17.1%.6,7Diluted earnings per share was $2.85, down 16% year-over-year.6Adjusted diluted earnings per share was $3.28, up 10% year-over-year.5,6 New bookings were approximately $5.7 billion, up 15% year-over-year.8Cash generated from operations was $615 million, up 25% year-over-year.Genpact repurchased approximately 7 million of its common shares during the year for total consideration of approximately $253 million at an average price per share of $38.31.

Key Financial Highlights – Fourth Quarter 2024

Net revenues were $1.25 billion, up 8.9% year-over-year on an as reported basis and 8.7% on a constant currency basis.1Data-Tech-AI net revenues were $595 million, up 11.9% year-over-year on an as reported basis, and 11.7% on a constant currency basis,1,4 representing 48% of total revenue.Digital Operations net revenues were $654 million, up 6.4% year-over-year on an as reported and 6.1% on a constant currency basis,1,4 representing 52% of total revenue.Gross profit was $446 million, up 9% year-over-year, with a corresponding margin of 35.7%.Net income was $142 million, down 51% year-over-year, with a corresponding margin of 11.4%.6Income from operations was $190 million, up 17% year-over-year, with a corresponding margin of 15.2%.Adjusted income from operations was $221 million, up 9% year-over-year, with a corresponding margin of 17.7%.6,7Diluted earnings per share was $0.79, down 50% year-over-year.6Adjusted diluted earnings per share was $0.91, up 11% year-over-year.5,6Cash generated from operations was $203 million, compared to $192 million in the fourth quarter of 2023.Genpact repurchased approximately 2 million of its common shares during the quarter for total consideration of approximately $85 million at an average price per share of $45.41.

Capital Allocation

Genpact’s Board of Directors declared a quarterly cash dividend for the first quarter of 2025 of $0.17 per common share, an 11% increase, payable on March 26, 2025 to shareholders of record as of the close of business on March 11, 2025, and approved a $500 million increase to the Company’s existing share repurchase authorization. The newly approved quarterly dividend represents a planned annual dividend of $0.68 per common share, increased from $0.61 per common share in 2024.

Outlook

Genpact’s outlook for the full year 2025 is as follows:

Net revenues in the range of $5.029 billion to $5.125 billion, representing year-over-year growth of approximately 5.5% to 7.5% as reported, or 6.2% to 8.2% on a constant currency basis.1Data-Tech-AI net revenues growth of approximately 6.2% year-over-year and Digital Operations net revenues growth of approximately 6.8% year-over-year as reported at the midpoint of the range.Data-Tech-AI net revenues growth of approximately 6.4% year-over-year and Digital Operations net revenues growth of approximately 7.9% year-over-year on a constant currency basis1 at the midpoint of the range.Gross margin of approximately 36.0%.Adjusted income from operations margin9 of approximately 17.3%.Adjusted diluted EPS10 in the range of $3.52 to $3.59.

Genpact’s outlook for the first quarter of 2025 is as follows:

Net revenues in the range of $1.202 billion to $1.213 billion, representing year-over-year growth of approximately 6.2% to 7.2% as reported, or 7.1% to 8.1% on a constant currency basis.1Data-Tech-AI net revenues growth of approximately 9.8% year-over-year and Digital Operations net revenues growth of approximately 4.1% year-over-year as reported at the midpoint of the range.Data-Tech-AI net revenues growth of approximately 10.0% year-over-year and Digital Operations net revenues growth of approximately 5.4% year-over-year on a constant currency basis1 at the midpoint of the range.Gross margin of approximately 35.0%.Adjusted income from operations margin9 of approximately 16.5%.Adjusted diluted EPS10 in the range of $0.79 to $0.80.

Our outlook for the first quarter and full year 2025 reflects foreign currency exchange rates as of January 30, 2025.

1 Revenue growth on a constant currency basis is a non-GAAP measure and is calculated by restating current-period activity using the prior fiscal period’s foreign currency exchange rates adjusted for hedging gains/losses in such period.

2 Net revenues and Data-Tech-AI net revenues for the full year 2023 include $0.5 million of revenue associated with a business classified as held for sale.

3 Both on an as reported and constant currency basis.

4 Genpact updated the classification of certain revenues from Digital Operations to Data-Tech-AI in the quarter ended March 31, 2024 to more accurately reflect the nature of, and mode of delivery for, the services provided, which have evolved over time. As a result, the revenue from Digital Operations and Data-Tech-AI for the full year 2023 originally reported was $2.48 billion and $1.99 billion, respectively, which is $2.39 billion and $2.09 billion, respectively, in accordance with the updated classification. The numbers presented in this release for Data-Tech-AI net revenues and Digital Operations net revenues may not add up precisely to the total net revenues provided due to rounding.

5 Adjusted diluted earnings per share is a non-GAAP measure. A reconciliation of GAAP diluted earnings per share to adjusted diluted earnings per share is attached to this release.

6 During the quarter and full year ended December 31, 2023, Genpact completed an intercompany transfer of certain intellectual property rights from non-US to US wholly-owned subsidiaries, which resulted in a non-recurring tax benefit of $170 million. Net income and diluted earnings per share for the quarter and full year ended December 31, 2023 included this benefit. This benefit was excluded from adjusted diluted earnings per share and adjusted income from operations for the quarter and year ended December 31, 2023.

7 Adjusted income from operations and adjusted income from operations margin are non-GAAP measures. Reconciliations of each of GAAP income from operations and GAAP net income to adjusted income from operations and GAAP income from operations margin and GAAP net income margin to adjusted income from operations margin are attached to this release. Adjusted income from operations margin for the full year 2023 was derived by adjusting total revenue to exclude $0.5 million of revenue associated with a business previously classified as held for sale.

8 New bookings, an operating measure, represents the total contract value of new contracts and certain renewals, extensions and changes to existing contracts. Regular renewals of contracts with no change in scope are not counted as new bookings. Prior to 2024, new bookings of contracts with longer than five-year terms were limited to the total contract value of the initial five-year term. In 2024, Genpact updated its definition of new bookings to eliminate the five-year limitation. New bookings as reported for the full year 2023 were $4.9 billion and would have been $5.0 billion in accordance with the new definition. New bookings for the full year 2024 as reported are $5.7 billion and would have been $5.4 billion in accordance with the prior definition.

9 Adjusted income from operations margin is a non-GAAP measure. A reconciliation of the outlook for each of GAAP income from operations margin and GAAP net income margin to adjusted income from operations margin is attached to this release.

10 Adjusted diluted earnings per share is a non-GAAP measure. A reconciliation of the outlook for GAAP diluted earnings per share to adjusted diluted earnings per share is attached to this release.

Conference Call to Discuss Financial Results

Genpact’s management will host a conference call on February 6, 2025, at 5:00 PM ET to discuss the company’s performance for the fourth quarter and full year ended December 31, 2024. Participants are encouraged to register here to receive a dial-in number and unique PIN for seamless access. It is recommended to join 10 minutes before the call starts, although registration and dial-in will be available at any time.  A live webcast will be available on the Genpact Investor Relations website. For those unable to attend the live call, an archived replay and transcript will be available on the website shortly after the call.

About Genpact
Genpact (NYSE: G) is a global professional services and solutions firm delivering outcomes that shape the future. Our 125,000+ people across 30+ countries are driven by our innate curiosity, entrepreneurial agility, and desire to create lasting value for clients. Powered by our purpose – the relentless pursuit of a world that works better for people – we serve and transform leading enterprises, including the Fortune Global 500, with our deep business and industry knowledge, digital operations services, and expertise in data, technology, and AI.

Safe Harbor
This press release contains certain statements concerning our future growth prospects, including our outlook for 2025, financial results and other forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those in such forward-looking statements. These risks, uncertainties, and other factors include but are not limited to general economic conditions, any deterioration in the global economic environment and its impact on our clients, our ability to develop and successfully execute our business strategies, technological innovation, including AI technology and future uses of agentic AI, generative AI and large language models, and our ability to invest in new technologies and adapt to industry developments at sufficient speed and scale, our ability to effectively price our services and maintain pricing and employee utilization rates, general inflationary pressures and our ability to share increased costs with our clients, wage increases in locations in which we have operations, our ability to attract and retain skilled professionals, our ability to protect our and our clients’ data from security incidents or cyberattacks, the economic and other impacts of geopolitical conflicts and any related sanctions and other measures that have been or may be implemented or imposed in response thereto, as well as any potential expansion or escalation of existing conflicts or economic disruption beyond their current scope, a slowdown in the economies and sectors in which our clients operate, a slowdown in the sectors in which we operate, the risks and uncertainties arising from our past and future acquisitions, our ability to convert bookings to revenues, our ability to manage growth, factors which may impact our cost advantage, changes in tax rates and tax legislation and other laws and regulations, our ability to effectively execute our tax planning strategies, risks and uncertainties regarding fluctuations in our earnings, foreign currency fluctuations, political, economic or business conditions in countries in which we operate, as well as other risks detailed in our reports filed with the U.S. Securities and Exchange Commission, including Genpact’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. These filings are available at www.sec.gov. Genpact may from time to time make additional written and oral forward-looking statements, including statements contained in our filings with the Securities and Exchange Commission and our reports to shareholders. Although Genpact believes that these forward-looking statements are based on reasonable assumptions, you are cautioned not to put undue reliance on these forward-looking statements, which reflect management’s current analysis of future events and should not be relied upon as representing management’s expectations or beliefs as of any date subsequent to the time they are made. Genpact undertakes no obligation to update any forward-looking statements that may be made from time to time by or on behalf of Genpact.

Contacts

Investors

Tyra Whelton

+1 (908) 418-2995

tyra.whelton@genpact.com

Media

Alexia Taxiarchos

 +1 (617) 259-8172

alexia.taxiarchos@genpact.com

 

GENPACT LIMITED AND ITS SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

(In thousands, except per share data and share count)

As of December 31, 2023

As of December 31, 2024

Assets

Current assets

Cash and cash equivalents

$                           583,670

$                           648,246

 Short-term investments

23,359

Accounts receivable, net of allowance for credit losses of $18,278
and $12,094 as of December 31, 2023 and 2024, respectively

1,116,273

1,198,606

Prepaid expenses and other current assets

191,566

209,893

Total current assets

$                        1,891,509

$                        2,080,104

Property, plant and equipment, net

189,803

207,943

Operating lease right-of-use assets

186,167

182,190

Deferred tax assets

298,921

269,476

Intangible assets, net

53,028

26,950

Goodwill

1,683,782

1,669,769

Contract cost assets

202,543

200,900

Other assets, net of allowance for credit losses of $4,096 and $7,320 as
of December 31, 2023 and December 31, 2024, respectively

299,960

349,821

Total assets

$                        4,805,713

$                        4,987,153

Liabilities and equity

Current liabilities

Short-term borrowings

$                             10,000

$                                     —

Current portion of long-term debt

432,242

26,173

Accounts payable

27,739

36,469

Income taxes payable

38,458

35,431

Accrued expenses and other current liabilities

759,180

812,994

Operating leases liability

50,313

52,672

Total current liabilities

$                        1,317,932

$                           963,739

Long-term debt, less current portion

824,720

1,195,267

Operating leases liability

168,015

153,587

Deferred tax liabilities

11,706

15,908

Other liabilities

234,948

269,041

Total liabilities

$                        2,557,321

$                        2,597,542

Shareholders’ equity

Preferred shares, $0.01 par value, 250,000,000 authorized, none issued

Common shares, $0.01 par value, 500,000,000 authorized, 179,494,132
and 174,661,953, issued and outstanding as of December 31, 2023 and
2024, respectively

1,789

1,740

Additional paid-in capital

1,883,944

1,945,261

Retained earnings

1,085,209

1,236,696

Accumulated other comprehensive income (loss)

(722,550)

(794,086)

Total equity

$                        2,248,392

$                        2,389,611

Total liabilities and equity

$                        4,805,713

$                        4,987,153

 

GENPACT LIMITED AND ITS SUBSIDIARIES

Consolidated Statements of Income

(Unaudited)

(In thousands, except per share data and share count)

Three months ended December 31,

2022

2023

2024

Net revenues

$          1,102,545

$          1,146,253

$          1,248,741

Cost of revenue

717,337

738,699

802,969

Gross profit

$             385,208

$             407,554

$             445,772

Operating expenses:

Selling, general and administrative expenses

236,557

237,419

249,157

Amortization of acquired intangible assets

9,862

7,454

6,496

Other operating (income) expense, net

11,038

(51)

(55)

Income from operations

$             127,751

$             162,732

$             190,174

Foreign exchange gains (losses), net

6,080

576

(1,487)

Interest income (expense), net

(15,513)

(12,915)

(11,047)

Other income (expense), net

4,799

8,081

4,908

Income before income tax expense

$             123,117

$             158,474

$             182,548

Income tax expense/(benefit)

33,405

(132,835)

40,633

Net income

$               89,712

$             291,309

$             141,915

Earnings per common share

Basic

$                   0.49

$                   1.61

$                   0.81

Diluted

$                   0.48

$                   1.59

$                   0.79

Weighted average number of common shares used in computing
earnings per common share

Basic

183,371,581

180,956,638

175,880,251

Diluted

187,525,698

183,354,187

179,183,557

 

GENPACT LIMITED AND ITS SUBSIDIARIES

Consolidated Statements of Income

(Unaudited)

(In thousands, except per share data and share count)

Year ended December 31,

2022

2023

2024

Net revenues

$           4,371,172

$         4,476,888

$          4,767,139

Cost of revenue

2,834,774

2,906,223

3,077,073

Gross profit

$           1,536,398

$         1,570,665

$          1,690,066

Operating expenses:

Selling, general and administrative expenses

938,385

913,061

967,145

Amortization of acquired intangible assets

42,667

31,463

26,476

Other operating (income) expense, net

53,195

(4,716)

(5,616)

Income from operations

$              502,151

$            630,857

$             702,061

Foreign exchange gains (losses), net

15,392

4,274

2,937

Interest income (expense), net

(52,204)

(47,935)

(47,214)

Other income (expense), net

(103)

15,028

19,036

Income before income tax expense

$              465,236

$            602,224

$             676,820

Income tax expense/(benefit)

111,832

(29,031)

163,150

Net income

$              353,404

$            631,255

$             513,670

Earnings per common share

Basic

$                    1.92

$                  3.46

$                   2.88

Diluted

$                    1.88

$                  3.41

$                   2.85

Weighted average number of common shares used in computing
earnings per common share

Basic

184,184,930

182,345,548

178,385,972

Diluted

188,087,240

185,141,843

180,436,900

 

GENPACT LIMITED AND ITS SUBSIDIARIES

Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

Year ended December 31,

2022

2023

2024

Operating activities

Net income

$                         353,404

$                          631,255

$                          513,670

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

86,849

72,530

69,778

Amortization of debt issuance costs (including loss on extinguishment of debt)

2,376

1,967

2,412

Amortization of acquired intangible assets

42,667

31,463

26,476

Write-down of intangible assets and property, plant and equipment

1,377

Impairment charge on assets classified as held for sale

32,575

Loss on sale of business classified as held for sale

802

Write-down of operating lease right-of-use assets and other assets

20,307

Allowance for credit losses

1,583

3,979

13,806

Unrealized loss/(gain) on revaluation of foreign currency asset/liability

525

(1,061)

(11,354)

Stock-based compensation expense

77,373

88,576

66,383

Deferred tax expense (benefit)

(29,151)

(157,932)

36,610

Others, net

863

1,477

(2,179)

Change in operating assets and liabilities:

(Increase) in accounts receivable

(112,341)

(130,791)

(96,555)

(Increase) decrease in prepaid expenses, other current assets, contract cost assets,
operating lease right-of-use assets and other assets

3,822

(39,075)

(73,512)

Increase (decrease) in accounts payable

14,185

(8,215)

8,733

Increase (decrease) in accrued expenses, other current liabilities, operating lease
liabilities and other liability

(54,329)

1,862

63,340

Increase (decrease) in income taxes payable

1,585

(6,025)

(2,184)

Net cash provided by operating activities

$                         443,670

$                          490,812

$                          615,424

Investing activities

Purchase of property, plant and equipment

(50,614)

(55,421)

(82,766)

Payment for internally generated intangible assets (including intangibles under development)

(3,775)

(3,356)

(2,469)

Purchase of short term investments

(23,359)

Proceeds from sale of property, plant and equipment and intangible assets

60

25

2,635

Payment for business acquisitions, net of cash acquired

(33)

(682)

Proceeds from / (payment) for divestiture of business

17,769

(19,510)

Net cash used for investing activities

$                         (36,593)

$                          (78,944)

$                         (105,959)

Financing activities

Repayment of finance lease obligations

(12,810)

(12,165)

(11,358)

Payment of debt issuance costs

(3,045)

(4,165)

Proceeds from long-term debt

239,130

400,000

Repayment of long-term debt

(620,130)

(19,875)

(433,125)

Proceeds from short-term borrowings

261,000

148,000

50,000

Repayment of short-term borrowings

(110,000)

(289,000)

(60,000)

Proceeds from issuance of common shares under stock-based compensation plans

27,751

39,485

17,215

Payment for net settlement of stock-based awards

(44,942)

(21,529)

(22,278)

Payment of earn-out consideration

(2,437)

(2,399)

Dividend paid

(91,837)

(100,014)

(108,466)

Payment for stock repurchased and retired (including expenses related to stock repurchased)

(214,082)

(225,499)

(252,671)

Net cash used for financing activities

$                       (571,402)

$                        (482,996)

$                         (424,848)

Effect of exchange rate changes

(88,368)

8,033

(20,041)

Net increase (decrease) in cash and cash equivalents

(164,325)

(71,128)

84,617

Cash and cash equivalents at the beginning of the period

899,458

646,765

583,670

Cash and cash equivalents at the end of the period

$                         646,765

$                          583,670

$                          648,246

Supplementary information

Cash paid during the period for interest (including interest rate swaps)

$                           51,147

$                            47,989

$                            68,913

Cash paid during the period for income taxes, net of refunds

$                         145,979

$                          156,733

$                          113,629

Property, plant and equipment acquired under finance lease obligations

$                             7,078

$                              2,459

$                            11,483

 

Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with GAAP, this press release includes the following non-GAAP financial measures:

Adjusted income from operations; Adjusted income from operations margin;Adjusted diluted earnings per share; and Revenue growth on a constant currency basis.

These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. Accordingly, these non-GAAP financial measures, the financial statements prepared in accordance with GAAP and the reconciliations of Genpact’s GAAP financial statements to such non-GAAP financial measures should be carefully evaluated.

Given Genpact’s acquisitions of varying scale and size, and the difficulty in predicting expenses relating to acquisitions and the amortization of acquired intangibles thereof, since July 2012 Genpact’s management has used financial statements that exclude all acquisition-related expenses and amortization of acquired intangibles for its internal management reporting, budgeting and decision-making purposes, including comparing Genpact’s operating results to those of its competitors. For the same reasons, since April 2016, Genpact’s management has excluded the impairment of acquired intangible assets from the financial statements it uses for internal management purposes. Acquisition-related expenses are excluded in the period in which an acquisition is consummated. Genpact’s management also uses financial statements that exclude stock-based compensation expense. Because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use when adopting ASC 718 “Compensation-Stock Compensation,” Genpact’s management believes that providing non-GAAP financial measures that exclude such expenses allows investors to make additional comparisons between Genpact’s operating results and those of other companies.

During the second quarter of 2022, Genpact approved a plan to divest a business that was no longer deemed strategic. Given the specialized nature of this business, we anticipated completing a transaction within twelve months after the end of the second quarter of 2022, and therefore, we classified the revenues and expenses related to this business as held for sale with effect from April 1, 2022. During the first quarter of 2023, the Company consummated this transaction and recorded a loss on the sale of the business. During the second quarter of 2023, the Company terminated a lease for office property which was fully impaired as part of a restructuring in the second quarter of 2022 and recorded a gain on such lease termination as restructuring income in the second quarter of 2023. During the fourth quarter of 2023, Genpact completed an intercompany transfer of certain intellectual property rights from non-US to US wholly-owned subsidiaries, which resulted in a non-recurring tax benefit of $170 million. Genpact’s management believes that excluding the loss on the sale of the business previously classified as held for sale, the revenues and expenses associated with such business, the gain on the lease termination and the non-recurring tax benefit on the transfer of intellectual property rights in calculating its non-GAAP financial measures provides useful information to both management and investors regarding the Company’s financial performance and underlying business trends. Additionally, in its calculations of non-GAAP financial measures, Genpact’s management has adjusted foreign exchange gains and losses, interest income and expense and income tax expenses from GAAP net income, and other income and expenses, and certain gains from GAAP income from operations, because management believes that the Company’s results after taking into account these adjustments more accurately reflect the Company’s ongoing operations. In its calculations of adjusted diluted earnings per share, Genpact’s management adds back stock-based compensation expense, amortization and impairment of acquired intangible assets, and acquisition-related expenses along with the related tax impact of other adjustments and excludes the non-recurring tax benefit on the transfer of intellectual property rights from GAAP diluted earnings per share. For the purpose of calculating adjusted diluted earnings per share, the combined current and deferred tax effect is determined by multiplying each pre-tax adjustment by the applicable statutory income tax rate.

Genpact’s management provides information about revenues on a constant currency basis so that the revenues may be viewed without the impact of foreign currency exchange rate fluctuations compared to prior fiscal periods, thereby facilitating period-to-period comparisons of the Company’s true business performance. Revenue growth on a constant currency basis is calculated by restating current-period activity using the prior fiscal period’s foreign currency exchange rates adjusted for hedging gains/losses in such period.

Accordingly, Genpact believes that the presentation of adjusted income from operations, adjusted income from operations margin, adjusted diluted earnings per share and revenue growth on a constant currency basis, when read in conjunction with the Company’s reported results, can provide useful supplemental information to investors and management regarding financial and business trends relating to its financial condition and results of operations.

A limitation of using adjusted income from operations and adjusted income from operations margin versus income from operations, income from operations margin, net income and net income margin calculated in accordance with GAAP is that these non-GAAP financial measures exclude certain recurring costs and certain other charges, namely stock-based compensation expense and amortization and impairment of acquired intangible assets. Management compensates for this limitation by providing specific information on the GAAP amounts excluded from adjusted income from operations and adjusted income from operations margin.

The following tables show the reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures for the three months and years ended December 31, 2023 and 2024:

Reconciliation of Net Income/Margin to Adjusted Income from Operations/Margin

(In thousands)

Three months ended
December 31,

Year ended
December 31,

2023

2024

2023

2024

Net income

$      291,309

$       141,915

$      631,255

$      513,670

Foreign exchange (gains) losses, net

(576)

1,487

(4,274)

(2,937)

Interest (income) expense, net

12,915

11,047

47,935

47,214

Income tax expense /(benefit)

(132,835)

40,633

(29,031)

163,150

Stock-based compensation expense

24,726

19,107

88,576

66,383

Amortization and impairment of acquired intangible assets

7,453

6,493

31,348

26,456

Restructuring (income) expense

(4,874)

Operating loss from the business classified as held for sale

1,201

Loss on the sale of business classified as held for sale

802

Adjusted income from operations

$      202,992

$       220,682

$      762,938

$      813,936

Net income margin

25.4 %

11.4 %

14.1 %

10.8 %

Adjusted income from operations margin

17.7 %

17.7 %

17.0 %

17.1 %

 

Reconciliation of Income from Operations/Margin to Adjusted Income from Operations/Margin

(In thousands)

Three months ended
December 31,

Year ended
December 31,

2023

2024

2023

2024

Income from operations

$      162,732

$       190,174

$      630,857

$      702,061

Stock-based compensation expense

24,726

19,107

88,576

66,383

Amortization and impairment of acquired intangible assets

7,453

6,493

31,348

26,456

Other income (expense), net

8,081

4,908

15,028

19,036

Restructuring (income) expense

(4,874)

Operating loss from the business classified as held for sale

1,201

Loss on the sale of business classified as held for sale

802

Adjusted income from operations

$      202,992

$       220,682

$      762,938

$      813,936

Income from operations margin

14.2 %

15.2 %

14.1 %

14.7 %

Adjusted income from operations margin

17.7 %

17.7 %

17.0 %

17.1 %

 

Reconciliation of Diluted EPS to Adjusted Diluted EPS11

(Per share data) 

Three months ended
December 31,

Year ended
December 31,

2023

2024

2023

2024

Diluted EPS

$       1.59

$      0.79

$        3.41

$       2.85

Stock-based compensation expense

0.13

0.11

0.48

0.37

Amortization and impairment of acquired intangible assets

0.04

0.04

0.17

0.15

Restructuring (income) expense

(0.03)

Operating loss from the business classified as held for sale

0.01

Loss on the sale of business classified as held for sale

0.00

Tax impact on stock-based compensation expense

(0.01)

(0.02)

(0.10)

(0.05)

Tax impact on amortization and impairment of acquired intangible assets

(0.01)

(0.01)

(0.04)

(0.04)

Tax impact on restructuring (income) expense

0.01

Tax impact on operating loss from the business classified as held for sale

Tax benefit on intercompany transfer of intellectual property rights

(0.93)

(0.92)

Adjusted diluted EPS

$       0.82

$       0.91

$        2.98

$       3.28

11 Due to rounding, the numbers presented in this table may not add up precisely to the totals provided.

The following tables show the reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP measures for the year ending December 31, 2025:

Reconciliation of Outlook for Net Income Margin to Adjusted Income from Operations Margin12

Year ending December 31, 2025

Net income margin

10.7 %

Estimated interest (income) expense, net

1.0 %

Estimated income tax expense

3.5 %

Estimated stock-based compensation expense

1.6 %

Estimated amortization and impairment of acquired intangible assets

0.5 %

Adjusted income from operations margin

17.3 %

 

Reconciliation of Outlook for Income from Operations Margin to Adjusted Income from

Operations Margin12

Year ending December 31, 2025

Income from operations margin

14.9 %

Estimated stock-based compensation expense

1.6 %

Estimated amortization and impairment of acquired intangible assets

0.5 %

Estimated other income (expense), net

0.3 %

Adjusted income from operations margin

17.3 %

 

Reconciliation of Outlook for Diluted EPS to Adjusted Diluted EPS12

(Per share data)

Year ending December 31, 2025

Lower

Upper

Diluted EPS

$               3.04

$                 3.11

Estimated stock-based compensation expense

0.46

0.46

Estimated amortization and impairment of acquired intangible assets

0.15

0.15

Estimated tax impact on stock-based compensation expense

(0.08)

(0.08)

Estimated tax impact on amortization and impairment of acquired intangible assets

(0.04)

(0.04)

Adjusted diluted EPS

$                3.52

$                3.59

12 Due to rounding, the numbers presented in this table may not add up precisely to the totals provided.

The following tables show the reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP measures for the quarter ending March 31, 2025:

Reconciliation of Outlook for Net Income Margin to Adjusted Income from Operations Margin13

Quarter ending March 31, 2025

Net income margin

10.1 %

Estimated interest (income) expense, net

1.1 %

Estimated income tax expense

3.3 %

Estimated stock-based compensation expense

1.5 %

Estimated amortization and impairment of acquired intangible assets

0.5 %

Adjusted income from operations margin

16.5 %

 

Reconciliation of Outlook for Income from Operations Margin to Adjusted Income from

Operations Margin13

Quarter ending March 31, 2025

Income from operations margin

14.1 %

Estimated stock-based compensation expense

1.5 %

Estimated amortization and impairment of acquired intangible assets

0.5 %

Estimated other income (expense), net

0.3 %

Adjusted income from operations margin

16.5 %

 

Reconciliation of Outlook for Diluted EPS to Adjusted Diluted EPS13

(Per share data)

Quarter ending March 31, 2025

Lower

Upper

Diluted EPS

$               0.68

$               0.69

Estimated stock-based compensation expense

0.10

0.10

Estimated amortization and impairment of acquired intangible assets

0.04

0.04

Estimated tax impact on stock-based compensation expense

(0.02)

(0.02)

Estimated tax impact on amortization and impairment of acquired intangible assets

(0.01)

(0.01)

Adjusted diluted EPS

$                0.79

$               0.80

13 Due to rounding, the numbers presented in this table may not add up precisely to the totals provided.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/genpact-reports-full-year-and-fourth-quarter-2024-results-302370628.html

SOURCE Genpact

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

S&P Global Announces New Strategic Direction for Upstream Energy Business

Published

on

By

Divests its geoscience and petroleum engineering software portfolio to global technology firm SLB in order to sharpen focus on proprietary data and insightsLaunches Titan, a new customer facing AI-powered platform for upstream data and insightsPartners with SLB to distribute S&P Global Energy data and develop new tools

NEW YORK, April 24, 2026 /PRNewswire/ — Today, S&P Global announced strategic innovations and changes to its upstream energy business, beginning with a definitive agreement to sell S&P Global Energy’s geoscience and petroleum engineering software portfolio to SLB, a global technology company driving energy innovation across more than 100 countries. This portfolio of subsurface and engineering software, widely used by U.S. onshore and unconventional operators, includes Kingdom Software, Petra, Harmony Enterprise, Analytics Explorer, SubPUMP, PowerTools, FieldDIRECT, Piper, WellTest, and The Element Platform, together with associated business services.

In addition, S&P Global Energy will launch an AI-powered upstream data platform known as Titan, designed to transform how customers discover, analyze, and act on high-quality data and insights. Built on comprehensive global coverage spanning 113 countries, Titan will serve an estimated 110,000 users across 4,000 client organizations, scaling from individual analysts to global enterprises.

Currently in beta testing with select customers, Titan is scheduled for full commercial launch later this year. The platform consolidates content and analytics into a single, high-performance workspace that accelerates critical decision-making. Titan differentiates through an AI-Powered experience that enables anticipatory discovery, surfacing relevant patterns before users need to search, and helping teams translate upstream market signals into faster commercial and strategic actions.

“This new strategic direction for our upstream business will allow us to transform a core part of our business and deliver enhanced value to our customers,” said Dave Ernsberger, President, S&P Global Energy. “Backed by an innovative new AI-powered platform, Titan, that will fundamentally change how our upstream data is connected and delivered, we are taking a significant leap forward in how we serve global energy markets as the most trusted provider of data and insights. These new investments could not come at a more important time as the world navigates a challenging energy environment, powered by the data and insights we provide.”

Along with launching Titan, divesting these software assets will allow S&P Global Energy to focus on providing world class data and insights and pursue a channel-agnostic approach toward the distribution of its content. As part of this transaction, S&P Global Energy will continue to distribute its leading proprietary data through the divested geoscience and petroleum engineering workflow tools. The parties have also entered an agreement to expand their partnership through further data distribution and collaboration on building new AI models to transform upstream business use cases.
 
“Unconventional markets demand speed, scale and efficiency,” said Olivier Le Peuch, Chief Executive Officer, SLB. “This software portfolio is widely used by U.S. land operators in their daily workflows. By integrating these capabilities with our industrial-scale digital platforms and AI technologies we can serve customers across the full spectrum of subsurface and planning needs.”  

SLB’s upstream energy sector tools and services are designed to deliver insights and manage data to meet diverse client needs across exploration, production, logistics, and midstream infrastructure including pipelines, storage terminals, and ports. The customers include national and international energy companies, and independents, along with midstream-downstream operating companies.

The transaction is subject to the satisfaction of customary conditions, including the receipt of regulatory approvals, and is expected to close in the second half of 2026 or early 2027. Terms of the transaction were not disclosed.

J.P. Morgan Securities LLC is acting as financial advisor to S&P Global. Ropes & Gray LLP is acting as legal advisor to S&P Global. Akin Gump Strauss Hauer & Feld LLP is acting as legal advisor to SLB.

Media Contacts:

Josh Goldstein    
S&P Global Energy  
+1 954-254-4900  
josh.goldstein@spglobal.com  

Orla O’Brien  
S&P Global  
+1 857-407-8559  
orla.obrien@spglobal.com   

About S&P Global Energy
At S&P Global Energy (formerly S&P Global Commodity Insights), our comprehensive view of global energy and commodities markets enables our customers to make superior decisions and create long-term, sustainable value. Our four core capabilities are: Platts for pricing and news; CERA for research and advisory; Horizons for energy expansion and sustainability solutions; and Events for industry collaboration.

S&P Global Energy is a division of S&P Global (NYSE: SPGI). S&P Global enables businesses, governments, and individuals with trusted data, expertise, and technology to make decisions with conviction. We are Advancing Essential Intelligence through world-leading benchmarks, data, and insights that customers need in order to plan confidently, act decisively, and thrive economically in a rapidly changing global landscape. Learn more at www.spglobal.com/energy

About SLB  
SLB is a global technology company that has driven energy innovation for 100 years.  With a global presence in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition.

Forward-Looking Statements: This press release contains “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management’s current views concerning future events, trends, contingencies or results, appear at various places in this press release and use words like “anticipate,” “assume,” “believe,” “continue,” “estimate,” “expect,” “forecast,” “future,” “intend,” “plan,” “potential,” “predict,” “project,” “strategy,” “target” and similar terms, and future or conditional tense verbs like “could,” “may,” “might,” “should,” “will” and “would.” For example, management may use forward-looking statements when addressing topics such as: the outcome of contingencies; future actions by regulators; changes in the Company’s business strategies and methods of generating revenue; the development and performance of the Company’s services and products; the expected impact of acquisitions and dispositions; the Company’s effective tax rates; the Company’s cost structure, dividend policy, cash flows or liquidity; and the anticipated separation of S&P Global Mobility (“Mobility”) into a standalone public company.

Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things:

worldwide economic, financial, political, and regulatory conditions (including slower GDP growth or recession, restrictions on trade (e.g., tariffs), instability in the banking sector and inflation), and factors that contribute to uncertainty and volatility (e.g., supply chain risk), geopolitical uncertainty (including military conflict), natural and man-made disasters, civil unrest, public health crises (e.g., pandemics), and conditions that result from legislative, regulatory, trade and policy changes, including from the U.S. administration;the volatility and health of debt, equity, commodities, energy and automotive markets, including credit quality and spreads, the composition and mix of credit maturity profiles, the level of liquidity and future debt issuances, equity flows from active to passive, fluctuations in average asset prices in global equities, demand for investment products that track indices and assessments and trading volumes of certain exchange traded derivatives;the demand and market for credit ratings in and across the sectors and geographies where the Company operates;the Company’s ability to maintain adequate physical, technical and administrative safeguards to protect the security of confidential information and data, or protect against a system or network disruption that results in regulatory penalties and remedial costs or improper disclosure of confidential information or data;the outcome of litigation, government and regulatory proceedings, investigations and inquiries;concerns in the marketplace affecting the Company’s credibility or otherwise affecting market perceptions of the integrity or utility of independent credit ratings, benchmarks, indices and other services;the level of merger and acquisition activity in the United States and abroad;the level of the Company’s future cash flows and capital investments;the effect of competitive products (including those incorporating artificial intelligence (“AI”)) and pricing, including the level of success of new product developments and global expansion;the impact of customer cost-cutting pressures;a decline in the demand for our products and services by our customers and other market participants;our ability to develop new products or technologies, to integrate our products with new technologies (e.g., AI), or to compete with new products or technologies offered by new or existing competitors;the introduction of competing products (including those developed by AI) or technologies by other companies;our ability to protect our intellectual property from unauthorized use and infringement, including by others using AI technologies, and to operate our business without violating third-party intellectual property rights, including through our own use of AI in our products and services;our ability to attract, incentivize and retain key employees, especially in a competitive business environment;our ability to successfully navigate key organizational changes;the continuously evolving regulatory environment in Europe, the United States and elsewhere around the globe affecting each of our businesses and the products they offer, and our compliance therewith;the Company’s exposure to potential criminal sanctions or civil penalties for noncompliance with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which it operates, including sanctions laws relating to countries such as Iran, Russia and Venezuela, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act of 2010, and local laws prohibiting corrupt payments to government officials, as well as import and export restrictions;the Company’s ability to make acquisitions and dispositions and successfully integrate the businesses we acquire;consolidation of the Company’s customers, suppliers or competitors;the ability of the Company, and its third-party service providers, to maintain adequate physical and technological infrastructure;the Company’s ability to successfully recover from a disaster or other business continuity problem, such as an earthquake, hurricane, flood, civil unrest, protests, military conflict, terrorist attack, outbreak of pandemic or contagious diseases, security breach, cyber attack, data breach, power loss, telecommunications failure or other natural or man-made event;the impact on the Company’s revenue and net income caused by fluctuations in foreign currency exchange rates;the impact of changes in applicable tax or accounting requirements on the Company;the separation of Mobility not being consummated within the anticipated time period or at all;the ability of the separation of Mobility to qualify for tax-free treatment for U.S. federal income tax purposes;any disruption to the Company’s business in connection with the proposed separation of Mobility;any loss of synergies from separating the businesses of Mobility and the Company that adversely impact the results of operations of both businesses, or the companies resulting from the separation of Mobility not realizing all of the expected benefits of the separation; andfollowing the separation of Mobility, the combined value of the common stock of the two publicly-traded companies not being equal to or greater than the value of the Company’s common stock had the separation not occurred.

The factors noted above are not exhaustive. The Company and its subsidiaries operate in a dynamic business environment in which new risks emerge frequently. Accordingly, the Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made, except as required by applicable law. Further information about the Company’s businesses, including information about factors that could materially affect its results of operations and financial condition, is contained in the Company’s filings with the SEC, including Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K.

View original content to download multimedia:https://www.prnewswire.com/news-releases/sp-global-announces-new-strategic-direction-for-upstream-energy-business-302752785.html

SOURCE S&P Global

Continue Reading

Technology

Charter Announces First Quarter 2026 Results

Published

on

By

STAMFORD, Conn., April 24, 2026 /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 months ended March 31, 2026.

First quarter Spectrum Mobile™ lines increased by 368,000 and by 1.8 million over the last twelve months. As of March 31, 2026, Charter served 12.1 million mobile lines.During the first quarter, Spectrum Internet® customers declined by 120,000. As of March 31, 2026, Charter served 29.6 million Internet customers.As of March 31, 2026, customer relationships totaled 31.7 million and connectivity customers totaled 30.5 million.First quarter revenue of $13.6 billion declined 1.0% year-over-year, primarily driven by lower residential video revenue. Residential connectivity revenue grew 0.9% year-over-year.Net income attributable to Charter shareholders totaled $1.2 billion in the first quarter.  First quarter Adjusted EBITDA1 of $5.6 billion declined 2.2% year-over-year and declined 1.8% excluding transition expenses.First quarter capital expenditures totaled $2.9 billion and included $812 million of line extensions.First quarter net cash flows from operating activities totaled $4.3 billion versus $4.2 billion in the prior year.First quarter free cash flow1 of $1.4 billion decreased from $1.6 billion in the prior year, primarily due to higher capital expenditures, partly offset by higher operating cash flow.During the first quarter, Charter purchased 4.3 million shares of Charter Class A common stock for $963 million.

“We remain confident about our ability to win in the marketplace and grow over the longer term. That confidence is founded on our advanced network, our core operating strategy of delivering great products at great prices and our focus on increasing customer satisfaction,” said Chris Winfrey, President and CEO of Charter. “As we continue to improve our products, pricing, packaging, and service, and complete our rural and network initiatives, we are poised for improving customer and free cash flow growth.”

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, 2026 (c)

March 31, 2025 (c)

Y/Y Change

Footprint

Estimated Passings (d)

58,661

57,167

2.6 %

Customer Relationships (e)

Residential

29,452

29,914

(1.5) %

Small Business

2,231

2,246

(0.7) %

  Total Customer Relationships

31,683

32,160

(1.5) %

Residential

(157)

(50)

(107)

Small Business

(6)

(4)

(2)

  Total Customer Relationships Quarterly Net Additions

(163)

(54)

(109)

Total Customer Relationship Penetration of Estimated Passings (f)

54.0 %

56.3 %

(2.3) ppts

Monthly Residential Revenue per Residential Customer (g)

$               118.44

$               120.07

(1.4) %

Monthly Small Business Revenue per Small Business Customer (h)

$               162.71

$               161.31

0.9 %

Residential Customer Relationships Penetration (i)

One Product Penetration

47.7 %

48.9 %

(1.2) ppts

Two Product Penetration

34.8 %

33.4 %

1.4 ppts

Three or More Product Penetration

17.5 %

17.7 %

(0.2) ppts

Connectivity (j)

Residential

28,446

28,758

(1.1) %

Small Business

2,074

2,080

(0.3) %

  Total Connectivity Customers

30,520

30,838

(1.0) %

Residential

(117)

(5)

(112)

Small Business

(3)

(2)

(1)

  Total Connectivity Quarterly Net Additions

(120)

(7)

(113)

Internet

Residential

27,524

27,979

(1.6) %

Small Business

2,036

2,045

(0.5) %

  Total Internet Customers

29,560

30,024

(1.5) %

Residential

(117)

(55)

(62)

Small Business

(3)

(4)

1

  Total Internet Quarterly Net Additions

(120)

(59)

(61)

Mobile Lines (k)

Residential

11,714

10,031

16.8 %

Small Business

420

334

25.7 %

  Total Mobile Lines

12,134

10,365

17.1 %

Residential

344

488

(144)

Small Business

24

19

5

  Total Mobile Lines Quarterly Net Additions

368

507

(139)

Video (l)

Residential

12,021

12,160

(1.1) %

Small Business

524

551

(5.0) %

  Total Video Customers

12,545

12,711

(1.3) %

Residential

(51)

(167)

116

Small Business

(9)

(14)

5

  Total Video Quarterly Net Additions

(60)

(181)

121

Voice

Residential

4,665

5,372

(13.2) %

Small Business

1,207

1,234

(2.2) %

  Total Voice Customers

5,872

6,606

(11.1) %

Mid-Market & Large Business (m)

Mid-Market & Large Business Primary Service Units (“PSUs”)

360

344

4.5 %

Mid-Market & Large Business Quarterly Net Additions

3

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.

First quarter total Internet customers decreased by 120,000, compared to a decline of 59,000 during the first quarter of 2025. 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 several markets. Spectrum expects to complete its network evolution initiative in 2027. Spectrum Advanced WiFi provides customers an optimized home network while providing greater control of connected devices with enhanced security and privacy. In February, Spectrum launched its Invincible WiFi™ product, a tri-band advanced WiFi 7 router that integrates 5G cellular and battery backup to keep customers seamlessly and fully connected during a power outage or network disruption. In the first quarter, Spectrum launched its $1,000 savings guarantee; customers signing up to Spectrum Internet and switching two or more mobile lines from Verizon, AT&T or T-Mobile are now guaranteed $1,000 of savings in their first year, or Spectrum will cover the difference.

During the first quarter of 2026, Charter added 368,000 total mobile lines, compared to growth of 507,000 during the first quarter of 2025. Spectrum Mobile 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 customers a differentiated connectivity experience with highly competitive, simple data plans and pricing.

Total video customers decreased by 60,000 in the first quarter of 2026, compared to a decline of 181,000 in the first quarter of 2025, with the improvement driven by simplified pricing and packaging and benefits from the inclusion of programmers’ streaming applications in Spectrum’s expanded basic video packages. As of March 31, 2026, Charter had 12.5 million total video customers.

Spectrum TV Select video customers now receive up to approximately $120 per month (soon to be approximately $126 per month) of programmers’ streaming application retail value at no extra cost, including the ad-supported versions of Disney+, Hulu, ESPN Unlimited, HBO Max, Paramount+, Peacock, AMC+, ViX, Tennis Channel and Fox One, with Discovery+ launching soon. In October 2025, Spectrum unveiled the Spectrum App Store, an innovative digital marketplace where Spectrum TV customers can activate, manage and upgrade the streaming apps included with their video plans. The Spectrum App Store also allows Spectrum customers without a traditional TV package to purchase and manage streaming apps à la carte.

During the first quarter of 2026, total wireline voice customers declined by 174,000, compared to a decline of 278,000 in the first quarter of 2025. As of March 31, 2026, Charter had 5.9 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 first quarter of 2026, Charter activated 89,000 subsidized rural passings. Within Charter’s subsidized rural footprint, total customer relationships increased by 41,000 in the first quarter of 2026.

1.

Fastest Speeds claim based on Broadband Download Speed among the top 5 national providers in Opensignal USA: Fixed Broadband Experience Report – May 2025. Based on Opensignal independent analysis of mean download speed.

2.

Fastest Wireless Speeds based on combined mean download speed results for 4G, 5G and Wi-Fi across converged users on the top 5 national providers in November 2025 report.

First Quarter Financial Results
(in millions)

Three Months Ended March 31,

2026

2025

% Change

Revenues:

  Internet

$    5,852

$    5,930

(1.3) %

  Mobile service

1,052

914

15.1 %

Connectivity

6,904

6,844

0.9 %

Video

3,252

3,580

(9.2) %

Voice

338

356

(5.0) %

Residential revenue

10,494

10,780

(2.7) %

Small business

1,090

1,088

0.2 %

Mid-market & large business

749

734

2.1 %

Commercial revenue

1,839

1,822

1.0 %

Advertising sales

358

340

5.3 %

Other

906

793

14.2 %

Total Revenues

$  13,597

$  13,735

(1.0) %

Net income attributable to Charter shareholders

$    1,163

$    1,217

(4.4) %

Net income attributable to Charter shareholders margin

8.6 %

8.9 %

Adjusted EBITDA1

$    5,637

$    5,763

(2.2) %

Adjusted EBITDA margin

41.5 %

42.0 %

Capital expenditures

$    2,855

$    2,399

19.0 %

Net cash flows from operating activities

$    4,304

$    4,236

1.6 %

Free cash flow1

$    1,372

$    1,564

(12.3) %

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

First quarter revenue decreased by 1.0% year-over-year to $13.6 billion, driven by lower residential video revenue partly due to costs allocated to programmer streaming applications and netted within video revenue and lower residential Internet revenue, partly offset by an increase in residential mobile service revenue and higher mobile device revenue. Excluding advertising sales revenue and costs allocated to programmer streaming applications and netted within video revenue, first quarter total revenue grew by 0.1% year-over-year.

Residential revenue totaled $10.5 billion in the first quarter, a decrease of 2.7% year-over-year, driven by a year-over-year decline in residential customers of 1.5% and a decrease in monthly residential revenue per residential customer of 1.4%.

First quarter 2026 monthly residential revenue per residential customer totaled $118.44, a decrease of 1.4% compared to the prior year period. The decline was driven by a higher mix of lower priced video packages within Charter’s video customer base, $218 million of costs allocated to programmer streaming applications and netted within video revenue versus $47 million in the prior year period and a decline in video customers during the last year, partly offset by promotional rate step-ups, rate adjustments and the growth of Spectrum Mobile. Excluding costs allocated to programmer streaming applications and netted within video revenue, monthly residential revenue per residential customer increased 0.3% compared to the prior year period.

Internet revenue declined 1.3% year-over-year to $5.9 billion, driven by a decline in Internet customers year-over year, partly offset by a favorable change in bundled revenue allocation year-over-year, promotional rate step-ups and rate adjustments.

First quarter mobile service revenue totaled $1.1 billion, an increase of 15.1% year-over-year, driven by mobile line growth and rate adjustments, partly offset by less favorable bundled revenue allocation year-over-year.

Video revenue totaled $3.3 billion in the first quarter, a decrease of 9.2% compared to the prior year period, driven by a higher mix of lower priced video packages within Charter’s video customer base, $218 million of costs allocated to programmer streaming applications and netted within video revenue versus $47 million in the prior year period, more unfavorable bundled revenue allocation year-over-year and a decline in video customers during the last year, partly offset by promotional rate step-ups and video rate adjustments that pass through programmer rate increases.

Voice revenue decreased by 5.0% year-over-year to $338 million, driven by a decline in wireline voice customers, partly offset by voice rate adjustments.

Commercial revenue increased by 1.0% year-over-year to $1.8 billion, driven by mid-market and large business revenue growth of 2.1% year-over-year and an increase in small business revenue of 0.2%. Mid-market and large business revenue excluding wholesale increased by 2.8% year-over-year, mostly reflecting PSU growth. The year-over-year increase in first quarter 2026 small business revenue was driven by a 0.9% increase year-over-year in monthly small business revenue per small business customer, mostly offset by a decline in small business customer relationships year-over-year.

First quarter advertising sales revenue of $358 million increased by 5.3% compared to the year-ago quarter, primarily driven by higher political revenue. Excluding political revenue in both periods, advertising sales revenue decreased by 3.4% year-over-year driven by lower linear advertising revenue, partly offset by higher streaming advertising revenue.

Other revenue totaled $906 million in the first quarter, an increase of 14.2% compared to the first quarter of 2025, primarily driven by higher mobile device sales.

Operating Costs and Expenses

First quarter total operating costs and expenses declined 0.2% year-over-year to $8.0 billion driven by lower programming costs, mostly offset by higher other costs of revenue.

First quarter programming costs decreased by $214 million, or 9.3% as compared to the first quarter of 2025, reflecting $218 million of costs allocated to programmer streaming applications and netted within video revenue versus $47 million in the prior year period, a higher mix of lower cost packages within Charter’s video customer base and fewer video customers, partly offset by contractual programming rate increases and renewals.

Other costs of revenue increased by $181 million, or 11.4% year-over-year, primarily driven by higher mobile service direct costs, higher mobile device sales and higher advertising sales costs given higher political revenue.

Field and technology operations expenses decreased by $24 million, or 1.8% year-over-year, primarily driven by lower labor expense.

Customer operations expenses decreased by $6 million, or 0.8% year-over-year, primarily due to a decrease in bad debt expense.

Marketing and residential sales expenses decreased by $30 million or 3.2% year-over-year, due to lower marketing and labor expenses.

Transition expenses represent incremental costs incurred to prepare for the integration of the previously announced Cox transaction.

Other expenses increased by $57 million, or 5.3% as compared to the first quarter of 2025, primarily due to one-time benefits of $75 million in the prior year period.

Net Income Attributable to Charter Shareholders

Net income attributable to Charter shareholders totaled $1.2 billion in the first quarter of 2026 and 2025, with lower Adjusted EBITDA and higher depreciation and amortization, partly offset by a decrease in other operating expenses due to a non-strategic asset impairment charge in the first quarter of 2025.

Net income per basic common share attributable to Charter shareholders totaled $9.27 in the first quarter of 2026 compared to $8.59 during the same period last year. The increase was primarily the result of a 11.4% decrease in basic weighted average common shares outstanding versus the prior year period, partly offset by the factors described above.

Adjusted EBITDA

First quarter Adjusted EBITDA of $5.6 billion declined by 2.2% year-over-year, reflecting a decline in revenue of 1.0%, partly offset by a decrease in operating costs and expenses of 0.2%. Excluding transition expenses, Adjusted EBITDA declined 1.8% year-over-year.

Capital Expenditures

Capital expenditures totaled $2.9 billion in the first quarter of 2026, an increase of $456 million compared to the first quarter of 2025 given timing of spend, with higher upgrade/rebuild (primarily network evolution) and CPE, partly offset by lower line extension spend.

Charter continues to expect full year 2026 capital expenditures, excluding impacts from the previously announced Cox transaction, to total approximately $11.4 billion. The actual amount of capital expenditures in 2026 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 first quarter of 2026, net cash flows from operating activities totaled $4.3 billion, an increase from $4.2 billion in the prior year. The year-over-year increase was primarily due to a less unfavorable change in working capital, partly offset by lower Adjusted EBITDA and higher cash paid for interest.

Free cash flow in the first quarter of 2026 totaled $1.4 billion, a decrease of $192 million compared to the first quarter of 2025. The year-over-year decrease in free cash flow was driven by higher capital expenditures, partly offset by a less unfavorable change in accrued expenses related to capital expenditures and higher net cash flows from operating activities.

Liquidity & Financing

As of March 31, 2026, total principal amount of debt was $94.3 billion and Charter’s credit facilities provided approximately $4.6 billion of additional liquidity in excess of Charter’s $517 million cash position.

In January 2026, CCO Holdings, LLC (“CCO Holdings”) and CCO Holdings Capital Corp. jointly issued $1.75 billion aggregate principal amount of 7.000% senior notes due February 2033 at par and $1.25 billion aggregate principal amount of 7.375% senior notes due February 2036 at par. In February 2026, CCO Holdings and CCO Holdings Capital Corp. redeemed $750 million in aggregate principal amount of the outstanding 5.500% senior notes due 2026 and $2.25 billion in aggregate principal amount of the outstanding 5.125% senior notes due 2027.

Share Repurchases

During the three months ended March 31, 2026, Charter purchased 4.3 million shares of Charter Class A common stock for $963 million.

Webcast

Charter will host a webcast on Friday, April 24, 2026 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 Quarterly Report on Form 10-Q for the three months ended March 31, 2026, 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, merger and acquisition costs 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 $366 million for both the three months ended March 31, 2026 and 2025.

About Charter

Charter Communications, Inc. (NASDAQ:CHTR) is a leading broadband connectivity company with services available to nearly 59 million homes and small to large businesses across 41 states through its Spectrum brand. Founded in 1993, Charter has evolved from providing cable TV to streaming, and from high-speed Internet to a converged broadband, WiFi and mobile experience. Over the Spectrum Fiber Broadband Network and supported by our 100% U.S.-based employees, the Company offers Seamless Connectivity and Entertainment with Spectrum Internet®, Mobile, TV and Voice products.

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,” “future,” “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, mobile, video, 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 and satellite 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 the Cox Transactions and/or to consummate the Liberty Broadband Combination and/or the Cox Transactions 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 and the Cox Communications Transaction Agreement are in effect;other risks related to the Liberty Broadband Combination as described in the definitive joint proxy statement/prospectus with respect to the Liberty Broadband Combination, filed by Charter on January 22, 2025, including the sections entitled “Risk Factors” and “Where You Can Find More Information” included therein; andother risks related to the Cox Transactions as described in the definitive proxy statement with respect to the Cox Transactions, filed by Charter on July 2, 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
March 31,

Last Twelve Months Ended
March 31,

2026

2025

2026

2025

Net income attributable to Charter shareholders

$      1,163

$      1,217

$       4,933

$       5,194

Plus:  Net income attributable to noncontrolling interest

200

192

787

788

  Interest expense, net

1,256

1,241

5,057

5,154

  Income tax expense

465

445

1,712

1,648

  Depreciation and amortization

2,211

2,181

8,741

8,664

  Stock compensation expense

203

222

654

659

  Other, net

139

265

698

728

Adjusted EBITDA (a)

$      5,637

$      5,763

$     22,582

$     22,835

Net cash flows from operating activities

$      4,304

$      4,236

$     16,145

$     15,454

Less:  Purchases of property, plant and equipment

(2,855)

(2,399)

(12,115)

(10,877)

  Change in accrued expenses related to capital expenditures

(77)

(273)

782

886

Free cash flow (a)

$      1,372

$      1,564

$       4,812

$       5,463

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 March 31,

2026

2025

% Change

REVENUES:

  Internet

$        5,852

$        5,930

(1.3) %

  Mobile service

1,052

914

15.1 %

Connectivity

6,904

6,844

0.9 %

Video

3,252

3,580

(9.2) %

Voice

338

356

(5.0) %

Residential revenue

10,494

10,780

(2.7) %

Small business

1,090

1,088

0.2 %

Mid-market & large business

749

734

2.1 %

Commercial revenue

1,839

1,822

1.0 %

Advertising sales

358

340

5.3 %

Other

906

793

14.2 %

Total Revenues

13,597

13,735

(1.0) %

COSTS AND EXPENSES:

Programming

2,088

2,302

(9.3) %

Other costs of revenue

1,765

1,584

11.4 %

Field and technology operations

1,258

1,282

(1.8) %

Customer operations

766

772

(0.8) %

Marketing and residential sales

919

949

(3.2) %

Transition expenses

24

n/a

Other expense (b)

1,140

1,083

5.3 %

  Total operating costs and expenses (b)

7,960

7,972

(0.2) %

Adjusted EBITDA (a)

$        5,637

$        5,763

(2.2) %

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 March 31,

2026

2025

REVENUES

$       13,597

$       13,735

COSTS AND EXPENSES:

Operating costs and expenses (exclusive of items shown separately below)

8,163

8,194

Depreciation and amortization

2,211

2,181

Other operating expenses, net

15

123

10,389

10,498

  Income from operations

3,208

3,237

OTHER INCOME (EXPENSES):

Interest expense, net

(1,256)

(1,241)

Other expenses, net

(124)

(142)

(1,380)

(1,383)

Income before income taxes

1,828

1,854

Income tax expense

(465)

(445)

Consolidated net income

1,363

1,409

Less: Net income attributable to noncontrolling interests

(200)

(192)

Net income attributable to Charter shareholders

$         1,163

$         1,217

EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CHARTER SHAREHOLDERS:

Basic

$           9.27

$           8.59

Diluted

$           9.17

$           8.42

Weighted average common shares outstanding, basic

125,488,486

141,591,396

Weighted average common shares outstanding, diluted

126,849,271

144,574,684

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in millions)

March 31,

December 31

2026

2025

ASSETS

(unaudited)

CURRENT ASSETS:

Cash and cash equivalents

$               517

$               477

Accounts receivable, net

3,510

3,680

Prepaid expenses and other current assets

933

987

Total current assets

4,960

5,144

INVESTMENT IN CABLE PROPERTIES:

Property, plant and equipment, net

47,198

46,444

Customer relationships, net

324

440

Franchises

67,471

67,471

Goodwill

29,710

29,710

Total investment in cable properties, net

144,703

144,065

OTHER NONCURRENT ASSETS

4,981

5,004

Total assets

$        154,644

$        154,213

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable, accrued and other current liabilities

$          12,375

$          12,556

Current portion of long-term debt

750

Total current liabilities

12,375

13,306

LONG-TERM DEBT

94,414

94,006

EQUIPMENT INSTALLMENT PLAN FINANCING FACILITY

1,596

1,447

DEFERRED INCOME TAXES

20,049

19,841

OTHER LONG-TERM LIABILITIES

5,140

5,094

SHAREHOLDERS’ EQUITY:

Controlling interest

16,385

16,054

Noncontrolling interests

4,685

4,465

Total shareholders’ equity

21,070

20,519

Total liabilities and shareholders’ equity

$        154,644

$        154,213

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in millions)

Three Months Ended March 31,

2026

2025

CASH FLOWS FROM OPERATING ACTIVITIES:

Consolidated net income

$        1,363

$        1,409

Adjustments to reconcile consolidated net income to net cash flows from operating activities:

  Depreciation and amortization

2,211

2,181

  Stock compensation expense

203

222

  Noncash interest, net

6

8

  Deferred income taxes

214

(27)

  Other, net

126

233

Changes in operating assets and liabilities, net of effects from acquisitions and dispositions:

  Accounts receivable

5

(48)

  Prepaid expenses and other assets

7

(235)

  Accounts payable, accrued liabilities and other

169

493

  Net cash flows from operating activities

4,304

4,236

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of property, plant and equipment

(2,855)

(2,399)

Change in accrued expenses related to capital expenditures

(77)

(273)

Other, net

(42)

(132)

Net cash flows from investing activities

(2,974)

(2,804)

CASH FLOWS FROM FINANCING ACTIVITIES:

Borrowings of long-term debt

7,216

1,393

Borrowings of equipment installment plan financing facility

148

121

Repayments of long-term debt

(7,499)

(1,609)

Payments for debt issuance costs

(30)

Purchase of treasury stock

(1,026)

(802)

Proceeds from exercise of stock options

2

17

Purchase of noncontrolling interest

(20)

Distributions to noncontrolling interest

(2)

(3)

Other, net

(115)

(169)

Net cash flows from financing activities

(1,306)

(1,072)

NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

24

360

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period

598

506

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period

$           622

$          866

CASH PAID FOR INTEREST

$        1,067

$          995

As of March 31, 2026, December 31, 2025, March 31, 2025 and December 31, 2024, cash, cash equivalents and restricted cash includes $105 million, $121 million, $70 million and $47 million of restricted cash included in prepaid expenses and other current assets in the consolidated balance sheets, respectively.

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES

UNAUDITED SUMMARY OF OPERATING STATISTICS

(in thousands, except per customer and penetration data)

Approximate as of

March 31,
2026 (c)

December 31,
2025 (c)

March 31,
2025 (c)

Footprint

Estimated Passings (d)

58,661

58,399

57,167

Customer Relationships (e)

Residential

29,452

29,609

29,914

Small Business

2,231

2,237

2,246

  Total Customer Relationships

31,683

31,846

32,160

Residential

(157)

(125)

(50)

Small Business

(6)

(2)

(4)

  Total Customer Relationships Quarterly Net Additions

(163)

(127)

(54)

Total Customer Relationship Penetration of Estimated Passings (f)

54.0 %

54.5 %

56.3 %

Monthly Residential Revenue per Residential Customer (g)

$     118.44

$       117.19

$     120.07

Monthly Small Business Revenue per Small Business Customer (h)

$     162.71

$       159.85

$     161.31

Residential Customer Relationships Penetration (i)

One Product Penetration

47.7 %

48.0 %

48.9 %

Two Product Penetration

34.8 %

34.5 %

33.4 %

Three or More Product Penetration

17.5 %

17.5 %

17.7 %

Connectivity (j)

Residential

28,446

28,563

28,758

Small Business

2,074

2,077

2,080

  Total Connectivity Customers

30,520

30,640

30,838

Residential

(117)

(95)

(5)

Small Business

(3)

(2)

  Total Connectivity Quarterly Net Additions

(120)

(95)

(7)

Internet

Residential

27,524

27,641

27,979

Small Business

2,036

2,039

2,045

  Total Internet Customers

29,560

29,680

30,024

Residential

(117)

(119)

(55)

Small Business

(3)

(4)

  Total Internet Quarterly Net Additions

(120)

(119)

(59)

Mobile Lines (k)

Residential

11,714

11,370

10,031

Small Business

420

396

334

  Total Mobile Lines

12,134

11,766

10,365

Residential

344

406

488

Small Business

24

22

19

  Total Mobile Lines Quarterly Net Additions

368

428

507

Video (l)

Residential

12,021

12,072

12,160

Small Business

524

533

551

  Total Video Customers

12,545

12,605

12,711

Residential

(51)

49

(167)

Small Business

(9)

(5)

(14)

  Total Video Quarterly Net Additions

(60)

44

(181)

Voice

Residential

4,665

4,832

5,372

Small Business

1,207

1,214

1,234

  Total Voice Customers

5,872

6,046

6,606

Mid-Market & Large Business (m)

Mid-Market & Large Business Primary Service Units (“PSUs”)

360

357

344

Mid-Market & Large Business Quarterly Net Additions

3

3

4

See footnotes on page 7.

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES

UNAUDITED CAPITAL EXPENDITURES

(dollars in millions)

Three Months Ended March 31,

2026

2025

Customer premise equipment (n)

$          668

$          473

Scalable infrastructure (o)

310

293

Upgrade/rebuild (p)

675

395

Support capital (q)

390

360

Capital expenditures, excluding line extensions

2,043

1,521

  Subsidized rural construction line extensions

426

467

  Other line extensions

386

411

Total line extensions (r)

812

878

Total capital expenditures

$       2,855

$       2,399

Capital expenditures included in total related to:

Commercial services

$          286

$          273

Subsidized rural construction initiative (s)

$          427

$          468

Mobile

$            60

$            53

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, merger and acquisition costs 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)

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 March 31, 2026, December 31, 2025 and March 31, 2025, customers included approximately 87,600, 82,300 and 92,200 customers, respectively, whose accounts were over 60 days past due, approximately 7,800, 9,700 and 10,700 customers, respectively, whose accounts were over 90 days past due and approximately 13,600, 13,600 and 17,000 customers, respectively, whose accounts were over 120 days past due.     

(d)

Passings represent our estimate of the number of units, such as single family homes, apartment and condominium units and small business and mid-market & large business 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. 

(e)

Customer relationships include the number of customers that receive one or more levels of service, encompassing Internet, mobile, video 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 mid-market & large business customer relationships.

(f)

Penetration represents residential and small business customers as a percentage of estimated passings. 

(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.

(h)

Monthly small business revenue per small business customer is calculated as total small business quarterly revenue divided by three divided by average small business customer relationships during the respective quarter.

(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.

(j)

Connectivity customers represent all customers receiving our Internet and/or mobile connectivity services.

(k)

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.

(l)

Video customers only include customers that purchase Spectrum traditional or streaming linear video packages and exclude customers that only purchase streaming applications.

(m)

Mid-market & large business PSUs represents the aggregate number of fiber service offerings counting each separate service offering at each customer location as an individual PSU.

(n)

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.

(o)

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).

(p)

Upgrade/rebuild includes costs to modify or replace existing fiber/coaxial cable networks, including our network evolution initiative.

(q)

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).

(r)

Line extensions include network costs associated with entering new service areas (e.g., fiber/coaxial cable, amplifiers, electronic equipment, make-ready and design engineering).

(s)

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.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/charter-announces-first-quarter-2026-results-302752467.html

SOURCE Charter Communications, Inc.

Continue Reading

Technology

KVB Futures Marks Its First Anniversary with Heartfelt CSR Initiative, Sharing Joy This Easter Season

Published

on

By

JAKARTA, Indonesia, April 24, 2026 /PRNewswire/ — Marking its first anniversary, KVB Futures celebrates a year of growth and milestones by hosting its inaugural Corporate Social Responsibility (CSR) initiative under the #BetterTogether vision at Yayasan Pondok Kasih Mandiri, Jakarta. Held in conjunction with Easter, the initiative reflects the company’s commitment to creating meaningful connections with the community through activities such as Easter egg colouring, a communal meal, and a donation handover to the foundation’s children.

The event was attended by President Director Tonny Fong, alongside the Compliance Director and KVB staff, highlighting KVB Futures’ commitment at the leadership level to actively contribute to social impact initiatives and community development.

“At KVB Futures, we believe that meaningful impact begins with care. This initiative reflects our responsibility to support and give back to the community, and we hope to continue creating a positive and lasting difference through our actions.”
Tonny Fong, President Director of KVB Futures.

In celebration of this first anniversary milestone, KVB Futures also introduces its Loyalty Program as a form of appreciation for its loyal clients. The program is designed to reward clients for their continuous trading activities, where each transaction contributes to earning exclusive rewards. Through this initiative, clients are encouraged to grow together with KVB Futures while enjoying additional benefits beyond the trading experience. Rewards offered under the program range from international travel, motorcycles, gold, iPhones, to vouchers reflecting the company’s commitment to delivering tangible value to its clients.

Beyond business growth, this initiative marks the beginning of KVB Futures’ long-term commitment to community engagement and sustainable impact. The company aims to continue developing meaningful programs that not only strengthen relationships with the community but also reinforce its position as a trusted, responsible, and people-first brokerage in Indonesia.

About KVB Futures

PT KVB Futures is a fully regulated brokerage under BAPPEBTI, operating in accordance with applicable regulations of OJK and Bank Indonesia (BI), and is ISO-certified to ensure high standards of security and operational excellence.

KVB Futures offers multi-asset trading services, including foreign exchange, gold, silver, oil, global stock indices, and US stock CFDs. With its KVB app at the core, KVB Futures combines innovative technology and a client-first approach to deliver a seamless, reliable, and competitive trading experience in Indonesia.

KVB Futures Contact

+62 851-1701-0756 | brand@kvb.co.id

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/kvb-futures-marks-its-first-anniversary-with-heartfelt-csr-initiative-sharing-joy-this-easter-season-302752543.html

SOURCE KVB Futures

Continue Reading

Trending