Thu, Oct. 29, 9:38 PM
- In Charter's (NASDAQ:CHTR) earnings call today, CEO Tom Rutledge weighed in on bundles, package pricing and wireless ambitions, and had a word or two about millennials' password-sharing and its effect on the bottom line.
- With regard to the traditional bundle: An economically pressured population that's "poor, essentially" is affecting what people are willing to pay for cable, Rutledge says. But he downplayed the distinctions around whether Charter would offer streaming service, noting 1.4M customers have downloaded its apps: "We continue to expand the platforms that the app system is available [on], but it's cable television."
- On usage-based pricing: "We don't do it. We don't do it because we want to sell more services, and that's our business model."
- Charter's gotten approval from most states for the Bright House/Time Warner Cable (NYSE:TWC) deal, as well as shareholders, and Rutledge says it's gotten nearly all the acquisition financing, so attention turns to the FCC. The agency will close its comment cycle for the deal in mid-November, and Rutledge says "realistically" they're looking at a Q1 closing.
- As for whether Charter will take place in the spring's wireless spectrum auction: "We're studying the auction. We're interested in it. And I talked extensively in the past about the opportunities in being a mobile business, and there are a variety of ways to go into it." Rutledge said Charter wasn't teaming with Comcast on the auction -- "at the moment."
- Rutledge dinged networks that manage streaming and authenticated "TV Everywhere" services -- ineffectively, in his view, by mismanaging password sharing: "They haven't been in that business before, and they haven't really thought through what they're doing. ... And they've created a problem where they devalued their own product by their inability to secure it." That's going on in the "college market," he said, and reducing demand for video.
- Previously: Charter up 1.6% on Q3 beat, subscriber growth (Oct. 29 2015)
- Previously: Charter Communications reports Q3 results (Oct. 29 2015)
Thu, Oct. 29, 10:17 AM
- Time Warner Cable (NYSE:TWC) is trading up 2% after a Q3 report where it posted record subscriber gains and beat bottom-line expectations solidly.
- Revenues grew 3.6% though operating income and EPS dipped about 13% as the company posted higher depreciation expense from its TWC Maxx initiative.
- Revenue breakout: In residential ($4.735B), Video revenues of $2.453B (down 1.8%); High-speed data, $1.772B (up 9.4%); Voice, $483M (up 1.5%). In business services ($836M), Video revenues of $97M (up 4.3%); High-speed data, $412M (up 20.1%); Voice, $153M (up 15.9%); Wholesale transport, $122M (up 16.2%).
- In residential results, video subscribers declined again, but at -7,000 subscribers it was the company's best Q3 in that area since 2006. Overall, residential customer relationships were up a net 147K. Residential high-speed data net adds of 232K; residential voice net adds of 237K; residential triple-play net adds of 218K.
- Press Release
Thu, Oct. 29, 6:03 AM
Wed, Oct. 28, 5:30 PM
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Thu, Jul. 30, 9:42 AM
- Time Warner Cable (NYSE:TWC) is up 0.2% out of the open after a Q2 miss on top and bottom lines as costs rose in several areas, including content acquisition and sales and marketing.
- The cableco did post its first positive Q2 for net customer adds since 2008. It added 66K net residential customer relationships, its best Q2 on that front ever.
- Operating income dropped 11.5%, to $1.03B, in part due to higher depreciation from TWC Maxx and other investments, while EPS dropped 18.5% to $1.54. Aggressive investing along with pension expenses led adjusted OIBDA down 1.2% to $2B.
- Revenue breakouts: Residential services, $4.76B (up 2.1%); Business services, $803M (up 16.2%); Other, $431M (down 1.1%). Of residential services, video revenue was $2.51B (down 1.3%); high-speed data, $1.74B (up 8.5%); voice, $478M (down 2.4%). For business services, video, $95M (up 5.6%); high-speed data, $391M (up 18.1%); voice, $147M (up 19.5%); wholesale transport, $120M (up 23.7%).
- A residential video net decline of 45K customers and residential high-speed data net adds of 172K also marked TWC's best Q2 in those areas since 2008. Residential voice net adds of 252K and triple play net adds of 233K represented its best Q2 ever.
- Press Release
Thu, Jul. 30, 6:02 AM
Thu, Apr. 30, 9:17 AM
- Time Warner Cable (NYSE:TWC) doesn't have a merger partner -- yet -- but it is pointing to its "best subscriber quarter ever" in a mixed Q1 earnings report where it missed expectations on top and bottom lines.
- "We are a far stronger company than we were just five short quarters ago," says CEO Rob Marcus.
- Residential video net additions of 30K, its first positive quarterly net adds since Q1 2009. Residential high-speed data net adds of 315K, the best quarter for that number since Q1 2007.
- Residential voice net adds of 320K and triple-play net adds of 298K marked the best-ever quarters for those numbers.
- EBITDA of $1.996B missed an expected $2.067B.
- Residential revenues: Video, $2.47B (down 1%); High-speed data, $1.7B (up 8.9%); Voice, $473M (down 4.6%); Other, $24M (up 26%).
- Business Services revenues: Video, $94M (up 5.6%); High-speed data, $376M (up 22.9%); Voice, $142M (up 20.3%); Wholesale transport, $121M (up 19.8%); Other, $48M (down 11.1%).
- Capex was $1.1B as the company continued to roll out TWC Maxx in Kansas City, Dallas and San Antonio.
- Press release
Thu, Apr. 30, 6:02 AM
Tue, Apr. 28, 8:42 PM
- During T-Mobile's (NYSE:TMUS) Q1 earnings call, colorful CEO John Legere took another opportunity to hint at the tie-up that increasingly seems to be in the company's future: with a cableco that offers broadband.
- Just days after FCC opposition killed the Comcast-TWC merger, Legere pointed to the need to counterbalance AT&T (NYSE:T) and Verizon (NYSE:VZ), which combine wireless service with broadband offerings and even TV business.
- Regulators seem to be opposed to cable-cable deals, and wireless-wireless deals like aborted plans for a Sprint (NYSE:S) merger with T-Mobile -- but Legere notes a natural fit may occur across industries: "The tangential players are touching mobile players in a way that makes a go-to-market strategy."
- Analyst Craig Moffett urges caution, as regulators might already see the two industries as competition. "Wireless broadband is clearly the FCC's best hope for a counter to cable's wired advantage. They might decide that they aren't ready to allow a combination like that."
- Possible cable suitors: CMCSA, TWC, CHTR, CVC
- After earnings today, TMUS -0.3%.
- Related: T-Mobile US (TMUS) Q1 2015 Results - Earnings Call Transcript (Apr. 28 2015)
- Previously: T-Mobile grows Q1 revenues 13%, adds 1.8M subscribers (Apr. 28 2015)
- Previously: T-Mobile keeps fanning Dish partnership flames (Mar. 06 2015)
Tue, Feb. 24, 12:25 PM
- Comcast (NASDAQ:CMCSA) is "optimistic" it will close its $45B acquisition of Time Warner Cable (NYSE:TWC) in "early 2015," and CEO Brian Roberts' comment on today's earnings conference call that there's "lots of information-gathering" between Comcast and regulators is likely an understatement.
- Roberts hopes that as soon as the FCC handles this week's vote on re-regulation (a stance he calls "antiquated"), the commission can turn its attention to the TWC transaction.
- As part of its Cable Communications revenue (up 6.1% to $11.3B), Comcast noted a 9.9% increase in revenue from high-speed Internet (to $2.9B), which outpaced Video (up 1.3% to $5.19B).
- And while NBCUniversal revenues were up 2.3%, that was mitigated by a revenue slip in filmed entertainment -- down 10.6% to $1.3B -- as home entertainment revenue slipped. Theme parks carried the day for this division, up 30% to $735M.
- The company dropped some hints about how it might move into WiFi-fueled services, like Cablevision (NYSE:CVC) has, and has deployed about 8.3M hotspots, in-home and outdoors: “We do believe in the asset and [are] working on ways on bringing it to market in the coming months," says Cable CEO Neil Smit, noting it might even evolve into a new business. Comcast has MVNO relationships with Sprint and Verizon.
- Currently, CMCSA up 1.7%.
- Q4 earnings
- Previously: Comcast beats on revenue as cable sales grow 6% (Feb. 24 2015)
Thu, Jan. 29, 9:20 AM
- On Time Warner Cable's (NYSE:TWC) earnings conference call, the company waved off persistent attempts to get a hint of 2015 guidance due to the Comcast (NASDAQ:CMCSA) deal. Capex of $4.1B in 2014 (up 28%) comprised "accelerated investment in TWC Maxx, improved customer experience and network expansion."
- Revenue growth was offset in part by increasing operating expenses of 2.8%, including increases in programming costs (up 4.7%), sales and marketing (business) costs, and technical operations (residential) costs.
- Q4 Free cash flow of $891M, up 15% Y/Y; full-year free cash flow of $2.35B is down about 10%.
- Previously: TWC misses expectations as video subs continue exodus (Jan. 29 2015)
- Previously: Time Warner Cable misses by $0.06, misses on revenue (Jan. 29 2015)
Thu, Jan. 29, 8:52 AM
- Time Warner Cable's (NYSE:TWC) earnings miss today comes as it continued to bleed off residential video customers, while business services revenues and ad revenues made up highlights of its revenue growth. Operating income up 4.5%.
- Subscriber breakdowns: Residential video customers net loss of 38K; Residential high-speed data net adds of 168K; residential voice net adds of 295K; residential triple play net adds of 273K. Total customer relationship net adds of 67K.
- Residential services revenue up on increased high-speed data revenue, offset by declines in video and voice.
- Business services revenue up mainly on high-speed data and voice customers as well as cell tower backhaul.
- No full-year guidance offered, given where TWC is with the ongoing Comcast (NASDAQ:CMCSA) buyout.
- Q4 results
- Press release
Thu, Jan. 29, 6:05 AM
Oct. 30, 2014, 6:04 AM
Jul. 31, 2014, 6:03 AM
Apr. 24, 2014, 6:03 AM
Time Warner Cable Inc provides video, high-speed data and voice services. The Company also offers security and home management services, networking and transport services and enterprise-class, cloud-enabled hosting, managed applications and services.
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