Charter Communications Inc (CHTR US) - GAAP Highlights

In Millions of USD except Per Share FY 2009 FY 2010 FY 2011 FY 2012

12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Total Revenues 6,755.0 7,059.0 7,204.0 7,504.0
Operating Income -979.0 1,024.0 1,041.0 915.0
Net Income to Common 11,366.0 -237.0 -369.0 -304.0
Basic EPS, GAAP 112.16 -2.31 -3.75 -3.37
Diluted EPS, GAAP 112.16 -2.31 -3.75 -3.37
Basic Weighted Avg Shares 101.3 102.3 98.5 90.1
Diluted Weighted Avg Shares 101.3 102.3 98.5 90.1

Cash and Equivalents 709.0 4.0 2.0 7.0

Total Current Assets 1,071.0 356.0 357.0 333.0
Total Assets 16,658.0 15,737.0 15,601.0 15,599.0
Total Current Liabilities 968.0 1,049.0 1,157.0 1,224.0
Total Liabilities 14,740.0 14,259.0 15,192.0 15,450.0
Total Equity 1,918.0 1,478.0 409.0 149.0
Shares Out on Balance Sheet 101.8 101.7 90.9 91.5
Shares Out on Filing Cover — — 100.5 101.2

Cash From Operations 594.0 1,911.0 1,737.0 1,876.0

Cash From Investing -1,304.0 -1,170.0 -1,366.0 -1,737.0
Cash From Financing 504.0 -1,463.0 -373.0 -134.0
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
8,155.0 9,108.0 9,754.0 29,003.0 41,581.0 43,634.0
909.0 971.0 1,114.0 2,456.0 4,106.0 5,221.0
-169.0 -183.0 -271.0 3,522.0 9,895.0 1,230.0
-1.82 -1.88 -2.69 17.05 38.54 5.29
-1.82 -1.88 -2.69 15.94 34.09 5.22
92.2 98.0 101.2 206.5 256.7 232.4
92.2 98.0 101.2 234.8 296.7 235.5

21.0 3.0 5.0 1,535.0 621.0 551.0

322.0 345.0 345.0 3,300.0 2,555.0 2,944.0
17,295.0 24,388.0 39,316.0 149,067.0 146,623.0 146,130.0
1,467.0 1,635.0 1,972.0 9,572.0 11,090.0 12,095.0
17,144.0 24,242.0 39,362.0 98,701.0 99,092.0 101,858.0
151.0 146.0 -46.0 50,366.0 47,531.0 44,272.0
96.0 101.3 101.7 268.9 238.5 225.4
106.1 112.0 112.4 268.9 238.5 225.4

2,158.0 2,359.0 2,359.0 8,041.0 11,954.0 11,767.0

-2,443.0 -9,304.0 -17,032.0 -33,554.0 -8,098.0 -9,736.0
299.0 6,927.0 14,675.0 4,779.0 -4,770.0 -1,887.0
Charter Communications Inc (CHTR US) - Per Share
In Millions of USD except Per Share FY 2012 FY 2013 FY 2014 FY 2015
12 Months Ending 12/31/2012 12/31/2013 12/31/2014 12/31/2015
Basic Shares Outstanding 91.5 96.0 101.3 101.7
Diluted Weighted Avg Shares 90.1 92.2 98.0 101.2
Basic Weighted Avg Shares 90.1 92.2 98.0 101.2

Per Share Data Items

Revenue 83.28 88.48 92.95 96.43
EBITDA 29.16 29.98 31.36 32.02
Operating Income 10.15 9.86 9.91 11.01
Net Income to Common - Basic -3.37 -1.82 -1.88 -2.69
Net Income before XO - Basic -3.37 -1.82 -1.88 -2.69
Normalized Net Income - Basic -2.86 -1.10 -1.32 -0.80
Net Income to Common - Diluted -3.37 -1.82 -1.88 -2.69
Net Income before XO - Diluted -3.37 -1.82 -1.88 -2.69
Normalized Net Income - Diluted -2.86 -1.10 -1.33 -0.80
Dividends 0.00 0.00 0.00 0.00

Cash Flow 20.82 23.41 24.07 23.32

Free Cash Flow 1.45 3.61 1.41 5.13

Cash & Equivalents 0.08 0.22 0.03 0.05

Book Value 1.63 1.57 1.44 -0.45
Tangible Book Value -82.15 -90.36 -80.31 -79.44
Source: Bloomberg
 FY 2016 FY 2017 FY 2018 Last 12M FY 2019 Est FY 2020 Est
12/31/2016 12/31/2017 12/31/2018 06/30/2019 12/31/2019 12/31/2020
268.9 238.5 225.4 221.5
234.8 296.7 235.5 225.9
206.5 256.7 232.4 222.4

140.42 161.97 187.79 197.63

45.33 57.24 66.88 70.58
11.89 15.99 22.47 25.60
17.05 38.54 5.29 5.99 6.48 12.59
17.05 38.54 5.29 5.99 6.48 12.59
20.71 3.43 6.47 7.31 6.53 12.08
15.94 34.09 5.22 5.90 6.48 12.59
15.94 34.09 5.22 5.90 6.48 12.59
19.16 3.43 6.38 7.21 6.53 12.08
0.00 0.00 0.00 0.00 0.09 0.09

38.93 46.56 50.64 50.49 53.59 63.10

13.15 12.75 11.37 15.99

5.71 2.60 2.45 3.14

149.27 163.87 161.01 159.32 170.09 171.61
-265.13 -292.40 -311.30 -316.28
Charter Communications Inc (CHTR US) - Stock Value
In Millions of USD except Per Share FY 2010 FY 2011 FY 2012 FY 2013
12 Months Ending 12/31/2010 12/31/2011 12/31/2012 12/31/2013
Last Price 43.07 62.97 84.32 151.25
Period-over-Period % Change 9.69 46.22 33.90 79.38
Open Price 39.26 43.22 63.61 85.71
High Price 44.23 67.63 92.25 159.28
Low Price 32.18 42.25 61.99 84.26

Market Capitalization 4,380.5 5,726.5 7,713.7 14,516.3

Current Shares Outstanding 101.63 97.32 91.37 94.16
Equity Float 81.94 77.52 46.68 67.98
Source: Bloomberg
 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Current
12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 10/08/2019
184.27 202.50 287.92 335.96 284.97 428.41
21.83 9.89 42.18 16.69 -15.18
151.68 184.95 199.69 290.24 338.43 426.91
187.85 220.08 294.87 408.83 396.64 430.94
129.15 165.31 172.67 282.54 250.10 423.05

18,661.4 20,587.5 77,421.1 80,128.5 64,219.1 105,940.4

98.80 101.30 270.67 248.61 228.92 221.48
71.85 65.15 204.71 182.40 163.85 158.38
Charter Communications Inc (CHTR US) - GAAP
In Millions of USD except Per Share FY 2012 FY 2013 FY 2014 FY 2015
12 Months Ending 12/31/2012 12/31/2013 12/31/2014 12/31/2015
Revenue 7,504.0 8,155.0 9,108.0 9,754.0
+ Sales & Services Revenue 7,504.0 8,155.0 8,928.0 9,565.0
+ Other Revenue — — 180.0 189.0
- Cost of Revenue 4,860.0 5,345.0 5,973.0 6,426.0
+ Cost of Goods & Services 4,860.0 5,345.0 5,973.0 6,426.0
Gross Profit 2,644.0 2,810.0 3,135.0 3,328.0
+ Other Operating Income 0.0 0.0 0.0 0.0
- Operating Expenses 1,729.0 1,901.0 2,164.0 2,214.0
+ Selling, General & Admin — — — —
+ Selling & Marketing — — — —
+ Research & Development 0.0 0.0 0.0 0.0
+ Depreciation & Amortization 1,713.0 1,854.0 2,102.0 2,125.0
+ Other Operating Expense 16.0 47.0 62.0 89.0
Operating Income (Loss) 915.0 909.0 971.0 1,114.0
- Non-Operating (Income) Loss 962.0 958.0 918.0 1,445.0
+ Interest Expense, Net 907.0 846.0 911.0 1,306.0
+ Interest Expense 907.0 846.0 911.0 1,306.0
- Interest Income 0.0 0.0 0.0 0.0
+ Foreign Exch (Gain) Loss 0.0 0.0 0.0 0.0
+ (Income) Loss from Affiliates 0.0 0.0 0.0 0.0
+ Other Non-Op (Income) Loss 55.0 112.0 7.0 139.0
Pretax Income -47.0 -49.0 53.0 -331.0
- Income Tax Expense (Benefit) 257.0 120.0 236.0 -60.0
+ Current Income Tax 7.0 8.0 3.0 5.0
+ Deferred Income Tax 250.0 112.0 233.0 -65.0
+ Tax Allowance/Credit 0.0 0.0 0.0 0.0
Income (Loss) from Cont Ops -304.0 -169.0 -183.0 -271.0
- Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0
+ Discontinued Operations 0.0 0.0 0.0 0.0
+ XO & Accounting Changes 0.0 0.0 0.0 0.0
Income (Loss) Incl. MI -304.0 -169.0 -183.0 -271.0
- Minority Interest 0.0 0.0 0.0 0.0
Net Income, GAAP -304.0 -169.0 -183.0 -271.0
- Preferred Dividends 0.0 0.0 0.0 0.0
- Other Adjustments 0.0 0.0 0.0 0.0
Net Income Avail to Common, GAAP -304.0 -169.0 -183.0 -271.0

Net Income Avail to Common, Adj -257.9 -101.7 -129.1 -80.6

Net Abnormal Losses (Gains) 46.2 67.4 54.0 190.5
Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0
Basic Weighted Avg Shares 90.1 92.2 98.0 101.2
Basic EPS, GAAP -3.37 -1.82 -1.88 -2.69
Basic EPS from Cont Ops -3.37 -1.82 -1.88 -2.69
Basic EPS from Cont Ops, Adjusted -2.86 -1.10 -1.32 -0.80

Diluted Weighted Avg Shares 90.1 92.2 98.0 101.2

Diluted EPS, GAAP -3.37 -1.82 -1.88 -2.69
Diluted EPS from Cont Ops -3.37 -1.82 -1.88 -2.69
Diluted EPS from Cont Ops, Adjusted -2.86 -1.10 -1.33 -0.80

Reference Items
Accounting Standard US GAAP US GAAP US GAAP US GAAP
EBITDA 2,628.0 2,763.0 3,073.0 3,239.0
EBITDA Margin (T12M) 35.02 33.88 33.74 33.21
EBITA 1,228.0 1,163.0 1,273.0 1,339.0
EBIT 915.0 909.0 971.0 1,114.0
Gross Margin 35.23 34.46 34.42 34.12
Operating Margin 12.19 11.15 10.66 11.42
Profit Margin -4.05 -2.07 -2.01 -2.78
Current Profit — — — —
Sales per Employee — 377,546.30 392,586.21 409,831.93
Dividends per Share 0.00 0.00 0.00 0.00
Total Cash Common Dividends 0.0 0.0 0.0 0.0
Depreciation Expense 1,400.0 1,600.0 1,800.0 1,900.0
Rental Expense 28.0 34.0 49.0 53.0
Source: Bloomberg
 FY 2016 FY 2017 FY 2018 Last 12M FY 2019 Est FY 2020 Est
12/31/2016 12/31/2017 12/31/2018 06/30/2019 12/31/2019 12/31/2020
29,003.0 41,581.0 43,634.0 44,676.0 45,634.5 48,040.8
28,388.0 40,694.0 42,621.0 38,636.0
615.0 887.0 1,013.0 6,040.0
13,808.0 19,895.0 21,007.0 21,656.0
13,808.0 19,895.0 21,007.0 21,656.0
15,195.0 21,686.0 22,627.0 23,020.0 25,893.9 27,386.2
0.0 0.0 0.0 0.0
12,739.0 17,580.0 17,406.0 17,235.0
— — —
2,136.0 3,036.0 3,042.0 3,025.0
0.0 0.0 0.0
6,907.0 10,588.0 10,318.0 10,066.0
3,696.0 3,956.0 4,046.0 4,144.0
2,456.0 4,106.0 5,221.0 5,785.0 6,311.2 7,902.0
1,636.0 3,078.0 3,535.0 3,824.0
2,499.0 3,090.0 3,540.0 3,681.0
2,499.0 3,090.0 3,540.0 3,681.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0
— — —
-863.0 -12.0 -5.0 143.0
820.0 1,028.0 1,686.0 1,961.0 2,320.7 3,968.6
-2,925.0 -9,087.0 180.0 314.0
33.0 29.0 70.0
-2,958.0 -9,116.0 110.0
— — —
3,745.0 10,115.0 1,506.0 1,647.0 1,550.9 2,804.6
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
3,745.0 10,115.0 1,506.0 1,647.0
223.0 220.0 276.0 291.0
3,522.0 9,895.0 1,230.0 1,356.0 1,550.9 2,804.6
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
3,522.0 9,895.0 1,230.0 1,356.0 1,550.9 2,804.6

4,278.0 881.7 1,502.6 1,655.4 1,493.2 2,654.9

756.0 -9,013.4 272.6 299.4
0.0 0.0 0.0 0.0
 206.5 256.7 232.4 222.4
17.05 38.54 5.29 5.99 6.48 12.59
17.05 38.54 5.29 5.99 6.48 12.59
20.71 3.43 6.47 7.31 6.53 12.08

234.8 296.7 235.5 225.9

15.94 34.09 5.22 5.90 6.48 12.59
15.94 34.09 5.22 5.90 6.48 12.59
19.16 3.43 6.38 7.21 6.53 12.08

US GAAP US GAAP US GAAP

9,363.0 14,694.0 15,539.0 15,953.0 16,681.2 18,083.9
32.28 35.34 35.61 35.71 36.55 37.64
4,363.0 6,894.0 7,639.0 8,853.0
2,456.0 4,106.0 5,221.0 5,785.0 6,311.2 7,902.0
52.39 52.15 51.86 51.53
8.47 9.87 11.97 12.95 13.83 16.45
12.14 23.80 2.82 3.04 3.27 5.53
— — — 1,928.4 2,790.4
316,972.68 438,618.14 445,244.90
0.00 0.00 0.00 0.00 0.09 0.09
0.0 0.0 0.0 0.0
5,000.0 7,800.0 7,900.0 7,100.0
215.0 321.0 382.0 102.0
Charter Communications Inc (CHTR US) - Standardized
In Millions of USD except Per Share FY 2009 FY 2010 FY 2011 FY 2012
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Total Assets
+ Cash, Cash Equivalents & STI 709.0 4.0 2.0 7.0
+ Cash & Cash Equivalents 709.0 4.0 2.0 7.0
+ ST Investments 0.0 0.0 0.0 0.0
+ Accounts & Notes Receiv 248.0 247.0 268.0 234.0
+ Accounts Receivable, Net 248.0 247.0 268.0 234.0
+ Notes Receivable, Net — 0.0 0.0 0.0
+ Inventories 0.0 0.0 0.0 0.0
+ Raw Materials 0.0 0.0 0.0 0.0
+ Work In Process 0.0 0.0 0.0 0.0
+ Finished Goods 0.0 0.0 0.0 0.0
+ Other Inventory 0.0 0.0 0.0 0.0
+ Other ST Assets 114.0 105.0 87.0 92.0
+ Derivative & Hedging Assets 0.0 0.0 0.0 0.0
+ Misc ST Assets 114.0 105.0 87.0 92.0
Total Current Assets 1,071.0 356.0 357.0 333.0
+ Property, Plant & Equip, Net 6,833.0 6,819.0 6,897.0 7,206.0
+ Property, Plant & Equip 6,927.0 8,009.0 9,261.0 10,769.0
- Accumulated Depreciation 94.0 1,190.0 2,364.0 3,563.0
+ LT Investments & Receivables 0.0 0.0 0.0 0.0
+ Other LT Assets 8,754.0 8,562.0 8,347.0 8,060.0
+ Total Intangible Assets 8,558.0 8,208.0 7,946.0 7,664.0
+ Goodwill 951.0 951.0 954.0 953.0
+ Other Intangible Assets 7,607.0 7,257.0 6,992.0 6,711.0
+ Derivative & Hedging Assets 0.0 0.0 0.0 0.0
+ Misc LT Assets 196.0 354.0 401.0 396.0
Total Noncurrent Assets 15,587.0 15,381.0 15,244.0 15,266.0
Total Assets 16,658.0 15,737.0 15,601.0 15,599.0

Liabilities & Shareholders' Equity

+ Payables & Accruals 898.0 1,049.0 1,157.0 1,216.0
+ Accounts Payable 113.0 168.0 80.0 107.0
+ Accrued Taxes — 0.0 0.0 0.0
+ Interest & Dividends Payable — 0.0 0.0 0.0
+ Other Payables & Accruals 785.0 881.0 1,077.0 1,109.0
+ ST Debt 70.0 0.0 0.0 0.0
+ ST Borrowings 0.0 0.0 0.0 0.0
+ ST Lease Liabilities 0.0 0.0 0.0 0.0
+ ST Finance Leases 0.0 0.0 0.0 0.0
+ Current Portion of LT Debt 70.0 — — —
 + Other ST Liabilities 0.0 0.0 0.0 8.0
+ Deferred Revenue 0.0 0.0 0.0 0.0
+ Derivatives & Hedging 0.0 0.0 0.0 8.0
+ Misc ST Liabilities 0.0 0.0 0.0 0.0
Total Current Liabilities 968.0 1,049.0 1,157.0 1,224.0
+ LT Debt 13,252.0 12,306.0 12,856.0 12,808.0
+ LT Borrowings 13,252.0 12,306.0 12,856.0 12,808.0
+ LT Lease Liabilities 0.0 0.0 0.0 0.0
+ LT Finance Leases 0.0 0.0 0.0 0.0
+ Other LT Liabilities 520.0 904.0 1,179.0 1,418.0
+ Accrued Liabilities 0.0 0.0 0.0 0.0
+ Pension Liabilities 0.0 0.0 0.0 0.0
+ Pensions 0.0 0.0 0.0 0.0
+ Other Post-Ret Benefits 0.0 0.0 0.0 0.0
+ Deferred Revenue 0.0 0.0 0.0 0.0
+ Deferred Tax Liabilities — 568.0 847.0 1,122.0
+ Derivatives & Hedging 148.0 57.0 65.0 67.0
+ Misc LT Liabilities 372.0 279.0 267.0 229.0
Total Noncurrent Liabilities 13,772.0 13,210.0 14,035.0 14,226.0
Total Liabilities 14,740.0 14,259.0 15,192.0 15,450.0
+ Preferred Equity and Hybrid Capital 0.0 0.0 0.0 0.0
+ Share Capital & APIC 1,914.0 1,776.0 1,556.0 1,616.0
+ Common Stock — — — —
+ Additional Paid in Capital — — — —
- Treasury Stock 0.0 6.0 0.0 0.0
+ Retained Earnings 2.0 -235.0 -1,082.0 -1,392.0
+ Other Equity 0.0 -57.0 -65.0 -75.0
Equity Before Minority Interest 1,916.0 1,478.0 409.0 149.0
+ Minority/Non Controlling Interest 2.0 0.0 0.0 0.0
Total Equity 1,918.0 1,478.0 409.0 149.0
Total Liabilities & Equity 16,658.0 15,737.0 15,601.0 15,599.0

Reference Items
Accounting Standard US GAAP US GAAP US GAAP US GAAP
Shares Outstanding 101.8 101.7 90.9 91.5
Number of Treasury Shares 0.0 0.2 0.0 0.0
Pension Obligations 0.0 0.0 0.0 0.0
Future Minimum Operating Lease Obligation 0.0 0.0 100.0 0.0
Capital Leases - Total 0.0 0.0 0.0 0.0
Options Granted During Period — 1.3 2.8 0.7
Options Outstanding at Period End — 1.3 3.6 3.2
Net Debt 12,613.0 12,302.0 12,854.0 12,801.0
Net Debt to Equity 657.61 832.34 3,142.79 8,591.28
Tangible Common Equity Ratio -82.00 -89.39 -98.46 -94.71
Current Ratio 1.11 0.34 0.31 0.27
Number of Employees 16,700.00 16,600.00 16,800.00 —
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018

21.0 3.0 5.0 1,535.0 621.0 551.0

21.0 3.0 5.0 1,535.0 621.0 551.0
0.0 0.0 0.0 0.0 0.0 0.0
234.0 285.0 279.0 1,432.0 1,635.0 1,733.0
234.0 285.0 279.0 1,432.0 1,635.0 1,733.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
67.0 57.0 61.0 333.0 299.0 660.0
0.0 0.0 0.0 0.0 0.0 0.0
67.0 57.0 61.0 333.0 299.0 660.0
322.0 345.0 345.0 3,300.0 2,555.0 2,944.0
7,981.0 8,373.0 8,345.0 32,963.0 33,888.0 35,126.0
12,768.0 13,857.0 14,863.0 44,066.0 51,965.0 58,201.0
4,787.0 5,484.0 6,518.0 11,103.0 18,077.0 23,075.0
0.0 0.0 0.0 0.0 0.0 0.0
8,992.0 15,670.0 30,626.0 112,804.0 110,180.0 108,060.0
8,823.0 8,279.0 8,030.0 111,433.0 108,824.0 106,438.0
1,177.0 1,168.0 1,168.0 29,509.0 29,554.0 29,554.0
7,646.0 7,111.0 6,862.0 81,924.0 79,270.0 76,884.0
0.0 0.0 0.0 0.0 0.0 0.0
169.0 7,391.0 22,596.0 1,371.0 1,356.0 1,622.0
16,973.0 24,043.0 38,971.0 145,767.0 144,068.0 143,186.0
17,295.0 24,388.0 39,316.0 149,067.0 146,623.0 146,130.0

1,459.0 1,633.0 1,969.0 7,539.0 9,020.0 8,568.0

91.0 140.0 134.0 454.0 740.0 758.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
1,368.0 1,493.0 1,835.0 7,085.0 8,280.0 7,810.0
0.0 0.0 0.0 2,028.0 2,045.0 3,290.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
— — 0.0 2,028.0 2,045.0 3,290.0
 8.0 2.0 3.0 5.0 25.0 237.0
0.0 0.0 0.0 0.0 0.0 0.0
8.0 2.0 3.0 5.0 25.0 237.0
0.0 0.0 0.0 0.0 0.0 0.0
1,467.0 1,635.0 1,972.0 9,572.0 11,090.0 12,095.0
14,181.0 20,887.0 35,723.0 59,719.0 68,186.0 69,537.0
14,181.0 20,887.0 35,723.0 59,719.0 68,186.0 69,537.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
1,496.0 1,720.0 1,667.0 29,410.0 19,816.0 20,226.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
1,431.0 1,648.0 1,590.0 26,665.0 17,314.0 17,389.0
22.0 16.0 10.0 251.0 0.0 0.0
43.0 56.0 67.0 2,494.0 2,502.0 2,837.0
15,677.0 22,607.0 37,390.0 89,129.0 88,002.0 89,763.0
17,144.0 24,242.0 39,362.0 98,701.0 99,092.0 101,858.0
0.0 0.0 0.0 0.0 0.0 0.0
1,760.0 1,930.0 2,028.0 39,413.0 35,253.0 33,507.0
— 0.1 — 0.3 0.2 0.2
— 1,929.9 — 39,412.7 35,252.8 33,506.8
0.0 0.0 0.0 0.0 0.0 0.0
-1,568.0 -1,762.0 -2,061.0 733.0 3,832.0 2,780.0
-41.0 -22.0 -13.0 -7.0 -1.0 -2.0
151.0 146.0 -46.0 40,139.0 39,084.0 36,285.0
0.0 0.0 0.0 10,227.0 8,447.0 7,987.0
151.0 146.0 -46.0 50,366.0 47,531.0 44,272.0
17,295.0 24,388.0 39,316.0 149,067.0 146,623.0 146,130.0

US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP

96.0 101.3 101.7 268.9 238.5 225.4
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 183.0 1,324.0 1,512.0 1,611.0
0.0 0.0 0.0 0.0 0.0 0.0
0.2 1.1 1.1 6.0 1.2 1.5
2.8 3.3 3.5 9.6 9.6 10.4
14,160.0 20,884.0 35,718.0 60,212.0 69,610.0 72,276.0
9,377.48 14,304.11 — 119.55 146.45 163.25
-102.36 -50.49 -25.81 -189.44 -184.50 -176.74
0.22 0.21 0.17 0.34 0.23 0.24
21,600.00 23,200.00 23,800.00 91,500.00 94,800.00 98,000.00
Charter Communications Inc (CHTR US) - Standardized
In Millions of USD except Per Share FY 2010 FY 2011 FY 2012 FY 2013
12 Months Ending 12/31/2010 12/31/2011 12/31/2012 12/31/2013
Cash from Operating Activities
+ Net Income -237.0 -369.0 -304.0 -169.0
+ Depreciation & Amortization 1,524.0 1,592.0 1,713.0 1,854.0
+ Non-Cash Items 476.0 500.0 395.0 349.0
+ Stock-Based Compensation — — — —
+ Deferred Income Taxes 287.0 290.0 250.0 112.0
+ Other Non-Cash Adj 189.0 210.0 145.0 237.0
+ Chg in Non-Cash Work Cap 148.0 14.0 72.0 124.0
+ (Inc) Dec in Accts Receiv 0.0 -24.0 34.0 10.0
+ (Inc) Dec in Inventories 0.0 0.0 — —
+ Inc (Dec) in Accts Payable 126.0 — — —
+ Inc (Dec) in Other 22.0 38.0 38.0 114.0
+ Net Cash From Disc Ops 0.0 0.0 0.0 0.0
Cash from Operating Activities 1,911.0 1,737.0 1,876.0 2,158.0

Cash from Investing Activities

+ Change in Fixed & Intang -1,209.0 -1,399.0 -1,726.0 -2,501.0
+ Disp in Fixed & Intang 0.0 0.0 19.0 0.0
+ Disp of Fixed Prod Assets 0.0 0.0 0.0 0.0
+ Disp of Intangible Assets 0.0 0.0 19.0 —
+ Acq of Fixed & Intang -1,209.0 -1,399.0 -1,745.0 -2,501.0
+ Acq of Fixed Prod Assets -1,209.0 -1,311.0 -1,745.0 -1,825.0
+ Acq of Intangible Assets 0.0 -88.0 0.0 -676.0
+ Net Change in LT Investment 0.0 0.0 0.0 0.0
+ Dec in LT Investment 0.0 0.0 0.0 0.0
+ Inc in LT Investment 0.0 0.0 0.0 0.0
+ Net Cash From Acq & Div 0.0 0.0 0.0 0.0
+ Cash from Divestitures 0.0 0.0 0.0 0.0
+ Cash for Acq of Subs 0.0 0.0 0.0 0.0
+ Cash for JVs 0.0 0.0 0.0 0.0
+ Other Investing Activities 39.0 33.0 -11.0 58.0
+ Net Cash From Disc Ops 0.0 0.0 0.0 0.0
Cash from Investing Activities -1,170.0 -1,366.0 -1,737.0 -2,443.0

Cash from Financing Activities

+ Dividends Paid 0.0 0.0 0.0 0.0
+ Cash From (Repayment) Debt -1,237.0 417.0 -71.0 262.0
+ Cash From (Repay) ST Debt 0.0 0.0 0.0 0.0
+ Cash From LT Debt 3,115.0 5,489.0 5,830.0 6,782.0
+ Repayments of LT Debt -4,352.0 -5,072.0 -5,901.0 -6,520.0
 + Cash (Repurchase) of Equity -144.0 -733.0 4.0 89.0
+ Increase in Capital Stock 0.0 0.0 15.0 104.0
+ Decrease in Capital Stock -144.0 -733.0 -11.0 -15.0
+ Other Financing Activities -82.0 -57.0 -67.0 -52.0
+ Net Cash From Disc Ops 0.0 0.0 0.0 0.0
Cash from Financing Activities -1,463.0 -373.0 -134.0 299.0

Effect of Foreign Exchange Rates 0.0 0.0 0.0 0.0

Net Changes in Cash -722.0 -2.0 5.0 14.0

Cash Paid for Taxes — — — —

Cash Paid for Interest 735.0 899.0 904.0 763.0

Reference Items
EBITDA 2,548.0 2,633.0 2,628.0 2,763.0
Trailing 12M EBITDA Margin 36.10 36.55 35.02 33.88
Net Cash Paid for Acquisitions — — — —
Free Cash Flow 702.0 426.0 131.0 333.0
Free Cash Flow to Firm -2,881.6 — — —
Free Cash Flow to Equity -535.0 843.0 60.0 595.0
Free Cash Flow per Basic Share 6.86 4.32 1.45 3.61
Price to Free Cash Flow 6.28 14.56 58.00 41.86
Cash Flow to Net Income — — — —
Source: Bloomberg
 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Last 12M
12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 06/30/2019

-183.0 -271.0 3,522.0 9,895.0 1,230.0 1,356.0

2,102.0 2,125.0 6,907.0 10,588.0 10,318.0 10,066.0
342.0 181.0 -3,257.0 -8,894.0 192.0 527.0
— 78.0 244.0 261.0 285.0 310.0
233.0 -65.0 -2,958.0 -9,116.0 110.0 190.0
109.0 168.0 -543.0 -39.0 -203.0 27.0
98.0 324.0 869.0 365.0 27.0 -530.0
-51.0 5.0 -160.0 -84.0 -98.0 -451.0
0.0 0.0 0.0 0.0 0.0 0.0
— — — — —
149.0 319.0 1,029.0 449.0 125.0 -79.0
0.0 0.0 0.0 0.0 0.0 0.0
2,359.0 2,359.0 8,041.0 11,954.0 11,767.0 11,419.0

-2,210.0 -1,840.0 -5,325.0 -8,681.0 -9,125.0 -7,813.0

11.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
11.0 0.0 0.0 0.0 0.0 0.0
-2,221.0 -1,840.0 -5,325.0 -8,681.0 -9,125.0 -7,813.0
-2,221.0 -1,840.0 -5,325.0 -8,681.0 -9,125.0 -7,813.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 -28,810.0 -9.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 -28,810.0 -9.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
-7,094.0 -15,192.0 581.0 592.0 -611.0 -562.0
0.0 0.0 0.0 0.0 0.0 0.0
-9,304.0 -17,032.0 -33,554.0 -8,098.0 -9,736.0 -8,375.0

0.0 0.0 0.0 0.0 0.0 0.0

6,826.0 14,719.0 1,823.0 8,769.0 3,051.0 1,514.0
0.0 0.0 0.0 0.0 0.0 0.0
8,806.0 26,045.0 12,344.0 25,276.0 13,820.0 18,906.0
-1,980.0 -11,326.0 -10,521.0 -16,507.0 -10,769.0 -17,392.0
 104.0 -8.0 3,524.0 -11,599.0 -4,330.0 -3,812.0
123.0 30.0 5,086.0 116.0 69.0 107.0
-19.0 -38.0 -1,562.0 -11,715.0 -4,399.0 -3,919.0
-3.0 -36.0 -568.0 -1,940.0 -608.0 -673.0
0.0 0.0 0.0 0.0 0.0 0.0
6,927.0 14,675.0 4,779.0 -4,770.0 -1,887.0 -2,971.0

0.0 0.0 0.0 0.0 0.0 0.0

-18.0 2.0 -20,734.0 -914.0 144.0 73.0

— — 63.0 41.0 45.0 66.0

850.0 1,064.0 2,685.0 3,421.0 3,865.0 3,993.0

3,073.0 3,239.0 9,363.0 14,694.0 15,539.0 15,953.0

33.74 33.21 32.28 35.34 35.61 35.71
— 0.0 28,810.0 9.0 0.0 0.0
138.0 519.0 2,716.0 3,273.0 2,642.0 3,606.0
-3,007.5 — — — 5,804.1 6,718.9
6,964.0 15,238.0 4,539.0 12,042.0 5,693.0 5,120.0
1.41 5.13 13.15 12.75 11.37 15.99
130.85 39.47 21.89 26.35 25.06 26.79
— — 2.28 1.21 9.57 8.79
Charter Communications Inc (CHTR US) - Profitability
In Millions of USD except Per Share FY 2009 FY 2010 FY 2011 FY 2012
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Returns
Return on Common Equity — -13.97 -39.11 -108.96
Return on Assets — -1.46 -2.35 -1.95
Return on Capital — -26.33 1.90 2.18
Return on Invested Capital — -28.81 2.61 2.45

Margins
Gross Margin 56.94 56.59 36.65 35.23
EBITDA Margin 4.99 36.10 36.55 35.02
Operating Margin -14.49 14.51 14.45 12.19
Incremental Operating Margin — 658.88 11.72 —
Pretax Margin 144.46 0.82 -0.97 -0.63
Income before XO Margin 149.53 -3.36 -5.12 -4.05
Net Income Margin 168.26 -3.36 -5.12 -4.05
Net Income to Common Margin 168.26 -3.36 -5.12 -4.05

Additional
Effective Tax Rate — 508.62 — —
Dvd Payout Ratio 0.00 — — —
Sustainable Growth Rate — — — —
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018

-112.67 -123.23 — — 24.98 3.26

-1.03 -0.88 -0.85 3.74 6.69 0.84
2.79 -18.82 2.04 7.27 10.55 3.98
3.16 -17.43 2.23 4.44 8.84 3.31

34.46 34.42 34.12 52.39 52.15 51.86

33.88 33.74 33.21 32.28 35.34 35.61
11.15 10.66 11.42 8.47 9.87 11.97
— 6.51 22.14 6.97 13.12 54.31
-0.60 0.58 -3.39 2.83 2.47 3.86
-2.07 -2.01 -2.78 12.91 24.33 3.45
-2.07 -2.01 -2.78 12.14 23.80 2.82
-2.07 -2.01 -2.78 12.14 23.80 2.82

— 445.28 — — — 10.68
— — — 0.00 0.00 0.00
— — — — 24.98 3.26
Charter Communications Inc (CHTR US) - Growth
In Millions of USD except Per Share FY 2010 FY 2011 FY 2012 FY 2013
12 Months Ending 12/31/2010 12/31/2011 12/31/2012 12/31/2013
1 Year Growth
Revenue 4.50 2.05 4.16 8.68
EBITDA 656.08 3.34 -0.19 5.14
Operating Income — 1.66 -12.10 -0.66
Net Income to Common — -55.70 17.62 44.41
EPS Diluted — -62.20 10.03 45.90
EPS Diluted before XO — -62.20 10.03 45.90
EPS Diluted before Abnormal — -74.68 -3.70 61.46

Accounts Receivable -0.40 8.50 -12.69 0.00

Fixed Assets -0.20 1.14 4.48 10.75
Total Assets -5.53 -0.86 -0.01 10.87
Modified Working Capital -41.48 137.97 -32.45 12.60
Working Capital — -15.44 -11.38 -28.51
Employees -0.60 1.20 — —
Accounts Payable 48.67 -52.38 33.75 -14.95
Short-Term Debt — — — —
Total Debt -7.63 4.47 -0.37 10.72
Total Equity -22.94 -72.33 -63.57 1.34
Capital -9.55 -3.77 -2.32 10.61
Book Value per Share -22.80 -69.05 -63.79 -3.40

Cash From Operations 221.72 -9.11 8.00 15.03

Capital Expenditures 6.61 8.44 33.10 4.58
Net Change In Cash -250.49 99.72 — 180.00
Free Cash Flow — -39.32 -69.25 154.20

5 Year Growth
Revenue — — — —
EBITDA — — — —
Operating Income — — — —

Accounts Receivable — — — —
Fixed Assets — — — —
Total Assets — — — —
Modified Working Capital — — — —
Employees — — — —
Accounts Payable — — — —
Short-Term Debt — — — —
Total Debt — — — —
Total Equity — — — —
Total Capital 5 Year Growth — — — —
Book Value per Share — — — —

Cash From Operations — — — —

Free Cash Flow — — — —

Sequential Growth
Revenue 4.50 2.05 4.16 8.68
EBITDA 656.08 3.34 -0.19 5.14
Operating Income — 1.66 -12.10 -0.66
Net Income to Common -102.09 — — —
EPS Diluted -102.06 — — —
EPS Diluted before XO -102.06 — — —
EPS Diluted before Abnormal -104.38 — — —

Accounts Receivable -0.40 8.50 -12.69 0.00

Fixed Assets -0.20 1.14 4.48 10.75
Total Assets -5.53 -0.86 -0.01 10.87
Modified Working Capital -41.48 137.97 -32.45 12.60
Working Capital -772.82 — — —
Employees -0.60 1.20 — —
Accounts Payable 48.67 -52.38 33.75 -14.95
Short-Term Debt -100.00 — — —
Total Debt -7.63 4.47 -0.37 10.72
Total Equity -22.94 -72.33 -63.57 1.34
Capital -9.55 -3.77 -2.32 10.61
Book Value per Share -22.80 -69.05 -63.79 -3.40

Cash From Operations 221.72 -9.11 8.00 15.03

Capital Expenditures 6.61 8.44 33.10 4.58
Net Change In Cash — — — 180.00
Free Cash Flow — -39.32 -69.25 154.20
Source: Bloomberg
 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018

11.69 7.09 197.34 43.37 4.94

11.22 5.40 189.07 56.94 5.75
6.82 14.73 120.47 67.18 27.16
-8.28 -48.09 — 180.95 -87.57
-3.03 -42.94 — 113.85 -84.69
-3.03 -42.94 — 113.85 -84.69
-20.56 39.48 — -82.08 85.69

21.79 -2.11 413.26 14.18 5.99

4.91 -0.33 295.00 2.81 3.65
41.01 61.21 279.15 -1.64 -0.34
1.40 0.00 574.48 -8.49 8.94
-12.66 -26.12 -285.49 -36.08 -7.22
7.41 2.59 284.45 3.61 3.38
53.85 -4.29 238.81 63.00 2.43
— — — 0.84 60.88
47.29 71.03 72.85 13.74 3.70
-3.31 — — -5.63 -6.86
46.76 69.62 214.24 5.04 -0.56
-8.37 — — 9.78 -1.74

9.31 0.00 240.86 48.66 -1.56

21.70 -17.15 189.40 63.02 5.11
— — — 95.59 —
-58.56 276.09 423.31 20.51 -19.28

6.16 6.68 32.12 40.84 39.86

55.59 4.92 28.88 41.09 41.26
— 1.70 18.73 35.02 41.85

2.82 2.47 39.82 47.52 49.25

4.15 4.12 36.73 36.29 34.50
7.92 20.10 57.05 56.54 53.24
1.44 12.91 39.07 47.78 46.80
— — — — 35.32
4.38 -4.42 41.51 47.22 52.80
-100.00 — — — —
9.41 23.76 36.87 40.54 38.71
 -40.26 — 161.87 216.78 211.48
6.66 20.95 53.25 55.49 52.21
-40.18 — 101.46 151.50 152.35

31.76 4.30 35.86 44.83 40.39

— -5.86 44.85 90.34 51.32

11.69 7.09 197.34 43.37 4.94

11.22 5.40 189.07 56.94 5.75
6.82 14.73 120.47 67.18 27.16
— — — 180.95 -87.57
— — — 113.85 -84.69
— — — 113.85 -84.69
— — — -82.08 85.69

21.79 -2.11 413.26 14.18 5.99

4.91 -0.33 295.00 2.81 3.65
41.01 61.21 279.15 -1.64 -0.34
1.40 0.00 574.48 -8.49 8.94
— — — — —
7.41 2.59 284.45 3.61 3.38
53.85 -4.29 238.81 63.00 2.43
— — — 0.84 60.88
47.29 71.03 72.85 13.74 3.70
-3.31 -131.51 — -5.63 -6.86
46.76 69.62 214.24 5.04 -0.56
-8.37 -131.38 — 9.78 -1.74

9.31 0.00 240.86 48.66 -1.56

21.70 -17.15 189.40 63.02 5.11
-228.57 — -1,036,800.00 — —
-58.56 276.09 423.31 20.51 -19.28
Charter Communications Inc (CHTR US) - Credit
In Millions of USD except Per Share FY 2009 FY 2010 FY 2011 FY 2012
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
IFRS 16/ASC 842 Adoption No No No No

Total Debt 13,322.0 12,306.0 12,856.0 12,808.0

Short-Term Debt 70.0 0.0 0.0 0.0
Long Term Debt 13,252.0 12,306.0 12,856.0 12,808.0

Total Debt/T12M EBITDA 39.53 4.83 4.88 4.87

Net Debt/EBITDA 37.43 4.83 4.88 4.87

Total Debt/EBIT — 12.02 12.35 14.00

Net Debt/EBIT — 12.01 12.35 13.99

EBITDA to Interest Expense 0.31 2.91 2.73 2.90

EBITDA-CapEx/Interest Expense -0.73 1.53 1.37 0.97
EBIT to Interest Expense -0.90 1.17 1.08 1.01

EBITDA/Cash Interest Paid 0.31 3.47 2.93 2.91

EBITDA-CapEx/Cash Interest Paid -0.72 1.82 1.47 0.98
EBIT/Cash Interest Paid -0.89 1.39 1.16 1.01

Cash Interest Paid 1,100.0 735.0 899.0 904.0

Interest Expense 1,088.0 877.0 963.0 907.0

Common Equity/Total Assets 11.50 9.39 2.62 0.96

Long-Term Debt/Equity 690.93 832.61 3,143.28 8,595.97
Long-Term Debt/Capital 86.96 89.28 96.92 98.85
Long-Term Debt/Total Assets 79.55 78.20 82.40 82.11

Total Debt/Equity 694.58 832.61 3,143.28 8,595.97

Total Debt/Capital 87.41 89.28 96.92 98.85
Total Debt/Total Assets 79.97 78.20 82.40 82.11

Net Debt/Equity 657.61 832.34 3,142.79 8,591.28

Net Debt/Capital 86.80 89.27 96.92 98.85

EBITDA 337.0 2,548.0 2,633.0 2,628.0

EBITDA-CapEx -797.0 1,339.0 1,322.0 883.0
EBIT -979.0 1,024.0 1,041.0 915.0
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
No No No No No No

14,181.0 20,887.0 35,723.0 61,747.0 70,231.0 72,827.0

0.0 0.0 0.0 2,028.0 2,045.0 3,290.0
14,181.0 20,887.0 35,723.0 59,719.0 68,186.0 69,537.0

5.13 6.80 11.03 6.59 4.78 4.69

5.12 6.80 11.03 6.43 4.74 4.65

15.60 21.51 32.07 25.14 17.10 13.95

15.58 21.51 32.06 24.52 16.95 13.84

3.27 3.37 2.48 3.75 4.76 4.39

1.11 0.94 1.07 1.62 1.95 1.81
1.07 1.07 0.85 0.98 1.33 1.47

3.62 3.62 3.04 3.49 4.30 4.02

1.23 1.00 1.31 1.50 1.76 1.66
1.19 1.14 1.05 0.91 1.20 1.35

763.0 850.0 1,064.0 2,685.0 3,421.0 3,865.0

846.0 911.0 1,306.0 2,499.0 3,090.0 3,540.0

0.87 0.60 -0.12 26.93 26.66 24.83

9,391.39 14,306.16 — 118.57 143.46 157.07
98.95 99.31 100.13 53.27 57.90 59.38
81.99 85.64 90.86 40.06 46.50 47.59

9,391.39 14,306.16 — 122.60 147.76 164.50

98.95 99.31 100.13 55.08 59.64 62.19
81.99 85.64 90.86 41.42 47.90 49.84

9,377.48 14,304.11 — 119.55 146.45 163.25

98.94 99.31 100.13 54.45 59.42 62.01

2,763.0 3,073.0 3,239.0 9,363.0 14,694.0 15,539.0

938.0 852.0 1,399.0 4,038.0 6,013.0 6,414.0
909.0 971.0 1,114.0 2,456.0 4,106.0 5,221.0
Charter Communications Inc (CHTR US) - Credit Ex Operating Leases
In Millions of USD except Per Share FY 2009 FY 2010 FY 2011 FY 2012
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
IFRS 16/ASC 842 Adoption No No No No
Total Debt 13,322.0 12,306.0 12,856.0 12,808.0
Short-Term Debt 70.0 0.0 0.0 0.0
Long Term Debt 13,252.0 12,306.0 12,856.0 12,808.0

Total Debt/T12M EBITDA 39.53 4.83 4.88 4.87

Net Debt/EBITDA 37.43 4.83 4.88 4.87

Total Debt/EBIT — 12.02 12.35 14.00

Net Debt/EBIT — 12.01 12.35 13.99

EBITDA to Interest Expense 0.31 2.91 2.73 2.90

EBITDA-CapEx/Interest Expense -0.73 1.53 1.37 0.97
EBIT to Interest Expense -0.90 1.17 1.08 1.01

EBITDA/Cash Interest Paid 0.31 3.47 2.93 2.91

EBITDA-CapEx/Cash Interest Paid -0.72 1.82 1.47 0.98
EBIT/Cash Interest Paid -0.89 1.39 1.16 1.01

Cash Interest Paid 1,100.0 735.0 899.0 904.0

Interest Expense 1,088.0 877.0 963.0 907.0

Common Equity/Total Assets 11.50 9.39 2.62 0.96

Long-Term Debt/Equity 690.93 832.61 3,143.28 8,595.97
Long-Term Debt/Capital 86.96 89.28 96.92 98.85
Long-Term Debt/Total Assets 79.55 78.20 82.40 82.11

Total Debt/Equity 694.58 832.61 3,143.28 8,595.97

Total Debt/Capital 87.41 89.28 96.92 98.85
Total Debt/Total Assets 79.97 78.20 82.40 82.11

Net Debt/Equity 657.61 832.34 3,142.79 8,591.28

Net Debt/Capital 86.80 89.27 96.92 98.85

EBITDA 337.0 2,548.0 2,633.0 2,628.0

EBITDA-CapEx -797.0 1,339.0 1,322.0 883.0
EBIT -979.0 1,024.0 1,041.0 915.0
Source: Bloomberg
perating Leases
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
No No No No No No
14,181.0 20,887.0 35,723.0 61,747.0 70,231.0 72,827.0
0.0 0.0 0.0 2,028.0 2,045.0 3,290.0
14,181.0 20,887.0 35,723.0 59,719.0 68,186.0 69,537.0

5.13 6.80 11.03 6.59 4.78 4.69

5.12 6.80 11.03 6.43 4.74 4.65

15.60 21.51 32.07 25.14 17.10 13.95

15.58 21.51 32.06 24.52 16.95 13.84

3.27 3.37 2.48 3.75 4.76 4.39

1.11 0.94 1.07 1.62 1.95 1.81
1.07 1.07 0.85 0.98 1.33 1.47

3.62 3.62 3.04 3.49 4.30 4.02

1.23 1.00 1.31 1.50 1.76 1.66
1.19 1.14 1.05 0.91 1.20 1.35

763.0 850.0 1,064.0 2,685.0 3,421.0 3,865.0

846.0 911.0 1,306.0 2,499.0 3,090.0 3,540.0

0.87 0.60 -0.12 26.93 26.66 24.83

9,391.39 14,306.16 — 118.57 143.46 157.07
98.95 99.31 100.13 53.27 57.90 59.38
81.99 85.64 90.86 40.06 46.50 47.59

9,391.39 14,306.16 — 122.60 147.76 164.50

98.95 99.31 100.13 55.08 59.64 62.19
81.99 85.64 90.86 41.42 47.90 49.84

9,377.48 14,304.11 — 119.55 146.45 163.25

98.94 99.31 100.13 54.45 59.42 62.01

2,763.0 3,073.0 3,239.0 9,363.0 14,694.0 15,539.0

938.0 852.0 1,399.0 4,038.0 6,013.0 6,414.0
909.0 971.0 1,114.0 2,456.0 4,106.0 5,221.0
Charter Communications Inc (CHTR US) - Liquidity
In Millions of USD except Per Share FY 2009 FY 2010 FY 2011 FY 2012
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Cash Ratio 0.73 0.00 0.00 0.01
Current Ratio 1.11 0.34 0.31 0.27
Quick Ratio 0.99 0.24 0.23 0.20
CFO/Avg Current Liab — 1.89 1.57 1.58
Common Equity/Total Assets 11.50 9.39 2.62 0.96

Long-Term Debt/Equity 690.93 832.61 3,143.28 8,595.97

Long-Term Debt/Capital 86.96 89.28 96.92 98.85
Long-Term Debt/Total Assets 79.55 78.20 82.40 82.11

Total Debt/Equity 694.58 832.61 3,143.28 8,595.97

Total Debt/Capital 87.41 89.28 96.92 98.85
Total Debt/Total Assets 79.97 78.20 82.40 82.11

CFO/Total Liabilities 4.03 13.40 11.43 12.14

CFO/CapEx 0.52 1.58 1.32 1.08
Altman's Z-Score 0.61 1.42 1.31 1.25

Total Line of Credit — — 4,100.0 3,600.0

Total Available Line Of Credit — — 1,300.0 960.0
Total Credit Lines Drawn — — 2,800.0 2,640.0

Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
0.01 0.00 0.00 0.16 0.06 0.05
0.22 0.21 0.17 0.34 0.23 0.24
0.17 0.18 0.14 0.31 0.20 0.19
1.60 1.52 1.31 1.39 1.16 1.02
0.87 0.60 -0.12 26.93 26.66 24.83

9,391.39 14,306.16 — 118.57 143.46 157.07

98.95 99.31 100.13 53.27 57.90 59.38
81.99 85.64 90.86 40.06 46.50 47.59

9,391.39 14,306.16 — 122.60 147.76 164.50

98.95 99.31 100.13 55.08 59.64 62.19
81.99 85.64 90.86 41.42 47.90 49.84

12.59 9.73 5.99 8.15 12.06 11.55

1.18 1.06 1.28 1.51 1.38 1.29
1.39 0.97 0.59 1.36 1.90 1.78

1,300.0 1,300.0 1,300.0 3,000.0 4,000.0 4,000.0

1,160.0 901.0 961.0 2,800.0 3,600.0 2,800.0
140.0 399.0 340.0 498.0 545.0 1,358.0
Charter Communications Inc (CHTR US) - Working Capital
In Millions of USD except Per Share FY 2009 FY 2010 FY 2011 FY 2012
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Accounts Receivable Turnover — 28.52 27.98 29.90
Days Sales Outstanding — 12.80 13.05 12.24
Accounts Payable Turnover — 21.81 36.81 51.98
Accounts Payable Turnover Days — 16.74 9.92 7.04

Total Inventory 0.0 0.0 0.0 0.0

Inventory Raw Materials 0.0 0.0 0.0 0.0
Inventory In Progress 0.0 0.0 0.0 0.0
Inventory Finished Goods 0.0 0.0 0.0 0.0
Other Inventory 0.0 0.0 0.0 0.0
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
34.85 35.10 34.59 33.90 27.12 25.91
10.47 10.40 10.55 10.80 13.46 14.09
53.99 51.71 46.91 46.97 33.32 28.05
6.76 7.06 7.78 7.79 10.95 13.01

0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
Charter Communications Inc (CHTR US) - Yield Analysis
In Millions of USD except Per Share FY 2011 FY 2012 FY 2013 FY 2014
12 Months Ending 12/31/2011 12/31/2012 12/31/2013 12/31/2014
T12 Cash Flows to Equity
+ Cash From Operations 1,737.0 1,876.0 2,158.0 2,359.0
+ Capital Expenditures -1,311.0 -1,745.0 -1,825.0 -2,221.0
Free Cash Flow 426.0 131.0 333.0 138.0
Market Capitalization 5,726.5 7,713.7 14,516.3 18,661.4
Free Cash Flow Yield 6.87 1.72 2.39 0.76

Dividends Paid 0.0 0.0 0.0 0.0

Net Share Repurchases -733.0 4.0 89.0 104.0
Net ST Debt Repayments 0.0 0.0 0.0 0.0
Net LT Debt Repayments 417.0 -71.0 262.0 6,826.0
Other Financing Activities -57.0 -67.0 -52.0 -3.0
T12 Cash to Suppliers of Capital -373.0 -134.0 299.0 6,927.0
Market Capitalization 5,726.5 7,713.7 14,516.3 18,661.4
T12 Shareholder Yield 6.51 1.74 -2.06 -37.12

- Dividends Paid 0.0 0.0 0.0 0.0

- Net Share Repurchases -733.0 4.0 89.0 104.0
T12 Cash to Shareholders 733.0 -4.0 -89.0 -104.0
Market Capitalization 5,726.5 7,713.7 14,516.3 18,661.4
T12 Shareholder Yield, Ex Debt 12.80 -0.05 -0.61 -0.56

T12 Cash Flows to the Firm

+ Cash From Operations 1,737.0 1,876.0 2,158.0 2,359.0
+ Capital Expenditures -1,311.0 -1,745.0 -1,825.0 -2,221.0
+ After-Tax Interest Expense — — — -3,145.5
Trailing 12M Free Cash Flow To Firm — — — -3,007.5
Periodic Enterprise Value 18,580.5 20,514.7 28,676.3 39,545.4
T12 FCFF Yield — — — -7.61

- Dividends Paid 0.0 0.0 0.0 0.0

- Net Share Repurchases -733.0 4.0 89.0 104.0
- Net ST Debt Repayments 0.0 0.0 0.0 0.0
- Net LT Debt Repayments 417.0 -71.0 262.0 6,826.0
- Other Financing Activities -57.0 -67.0 -52.0 -3.0
T12 Cash to Suppliers of Capital -373.0 -134.0 299.0 6,927.0
Periodic Enterprise Value 18,580.5 20,514.7 28,676.3 39,545.4
T12 Capital Yield 2.01 0.65 -1.04 -17.52
Source: Bloomberg
 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Est FY 2020 Est
12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020

2,359.0 8,041.0 11,954.0 11,767.0 12,452.5 14,661.7

-1,840.0 -5,325.0 -8,681.0 -9,125.0
519.0 2,716.0 3,273.0 2,642.0 5,241.0 7,499.7
20,587.5 77,421.1 80,128.5 64,219.1
2.53 4.57 3.79 3.99

0.0 0.0 0.0 0.0

-8.0 3,524.0 -11,599.0 -4,330.0
0.0 0.0 0.0 0.0
14,719.0 1,823.0 8,769.0 3,051.0
-36.0 -568.0 -1,940.0 -608.0
14,675.0 4,779.0 -4,770.0 -1,887.0
20,587.5 77,421.1 80,128.5 64,219.1
-71.28 -6.17 5.95 2.94

0.0 0.0 0.0 0.0

-8.0 3,524.0 -11,599.0 -4,330.0
8.0 -3,524.0 11,599.0 4,330.0
20,587.5 77,421.1 80,128.5 64,219.1
0.04 -4.55 14.48 6.74

2,359.0 8,041.0 11,954.0 11,767.0 12,452.5 14,661.7

-1,840.0 -5,325.0 -8,681.0 -9,125.0
— — — 3,162.1
— — — 5,804.1
56,305.5 137,633.1 149,738.5 136,495.1
— — — 4.25

0.0 0.0 0.0 0.0

-8.0 3,524.0 -11,599.0 -4,330.0
0.0 0.0 0.0 0.0
14,719.0 1,823.0 8,769.0 3,051.0
-36.0 -568.0 -1,940.0 -608.0
14,675.0 4,779.0 -4,770.0 -1,887.0
56,305.5 137,633.1 149,738.5 136,495.1
-26.06 -3.47 3.19 1.38
Charter Communications Inc (CHTR US) - DuPont Analysis
In Millions of USD except Per Share FY 2009 FY 2010 FY 2011 FY 2012
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Tax Burden
Net Inc to Comn/Pre-Tax Profit % 116.48 -408.62 527.14 646.81
Adjustment Factor
Normlzd Net Inc/Net Inc to Cmn 0.32 — — —
Interest Burden
Pre-Tax Profit/EBIT % 89.97 6.20 -7.84 -5.47
Operating Margin
EBIT/Revenue % 160.56 13.25 12.40 11.46
Asset Turnover
Revenue/Avg Assets — 0.44 0.46 0.48
Leverage Ratio
Avg Assets/Avg Equity — 9.54 16.61 55.91

Adjusted Return on Equity — -9.52 -28.78 -92.42

5 Year Average Adj ROE — — — —

Payout Ratio 0.00 — — —
Sustainable Growth Rate — — — —
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018

344.90 -345.28 81.87 429.51 962.55 72.95

— — — 1.21 0.09 1.22

-6.15 5.50 -33.95 24.71 24.96 32.26

9.77 10.58 10.00 11.44 9.90 11.98

0.50 0.44 0.31 0.31 0.28 0.30

109.65 140.35 637.04 4.70 3.73 3.88

-67.77 -86.90 — — 2.23 3.99

— -57.08 — — — —
— — — 0.00 0.00 0.00
— — — — 24.98 3.26