Last week, I posted an article with some thoughts on Liberty’s investor day. I meant to end that article with some quick thoughts on Charter (CHTR), but those thoughts quickly morphed from “quick thoughts” to something approaching a novella, so I figured I’d break them into a separate post.
Good stuff. I like to keep an eye on how much headroom there is in the latest DOCSIS tech, and seeing a clear path to 10G makes it seem pretty solid competitively for the foreseeable future.
"On October 12, 2021 (the “Closing Date”), Charter Communications Operating, LLC (“CCO”) and Charter Communications Operating Capital Corp. (together with CCO, the “Issuers”) issued (i) $1.25 billion aggregate principal amount of 2.250% Senior Secured Notes due 2029 (the “2029 Notes”), (ii) $1.35 billion aggregate principal amount of 3.500% Senior Secured Notes due 2042 (the “2042 Notes”) and (iii) $1.4 billion aggregate principal amount of 3.950% Senior Secured Notes due 2062 (the “2062 Notes” and together with the 2029 Notes and 2042 Notes, the “Notes”)."
"Charter’s always tried to grow EBITDA by double digits annually"
And how many times have they actualy done this, not counting 2016 (straight after the TWC acquisition) and 2021 (full benefit of COVID-19 sign-ups). (2020 was 9.9%, so not double digit.)
Good stuff. I like to keep an eye on how much headroom there is in the latest DOCSIS tech, and seeing a clear path to 10G makes it seem pretty solid competitively for the foreseeable future.
Very thoughtful, as always. Small nit, but I'm building to ~186mm diluted shares from the Q3'21 common and FY20 stock comp numbers.
Even cheaper debt more recently:
"On October 12, 2021 (the “Closing Date”), Charter Communications Operating, LLC (“CCO”) and Charter Communications Operating Capital Corp. (together with CCO, the “Issuers”) issued (i) $1.25 billion aggregate principal amount of 2.250% Senior Secured Notes due 2029 (the “2029 Notes”), (ii) $1.35 billion aggregate principal amount of 3.500% Senior Secured Notes due 2042 (the “2042 Notes”) and (iii) $1.4 billion aggregate principal amount of 3.950% Senior Secured Notes due 2062 (the “2062 Notes” and together with the 2029 Notes and 2042 Notes, the “Notes”)."
"Charter’s always tried to grow EBITDA by double digits annually"
And how many times have they actualy done this, not counting 2016 (straight after the TWC acquisition) and 2021 (full benefit of COVID-19 sign-ups). (2020 was 9.9%, so not double digit.)