Tom. Thanks,
results, that remind first, customer XXXX Before items; I to administrative I'll the everyone them results, fourth fourth I comparing covering quarter to when be reference quarter results want our a the XXXX to the adjusted that of of been investor today's legacy customer seasonal year-over-year program have X exclude fourth House. at that We've presentation. comparison on Bright activity quarter XXXX provided in Slide few
into operating head and we model integration, year pure distinction our integration as the Additionally, between for activities of the implementation blurry. the is second
first in of some no expense into today’s provides our disclose expense in occur XXXX, our of the expenditures, a expenses we’ll cost time. starting of quarter transition-related still although regular this X So Page historical P&L lines. longer schedule trending mapping will or transition transition for capital
QX, also in to shows in all reporting these So down the call cost line first where activities do are center will in sales move now. quarter we’ll retention schedule That and in flip so service those from would marketing models make to managed. customers trending a expense now like can to advance adjust
We change highlight haven’t wanted quarter the fourth reflected financials, the that but before in to QX. change
no Finally, impact the third and fourth quarter revenue expenses to storms fourth combined. or our subscriber storm-related were There and expenditures capital in was by $XX negative immaterial operating quarter impacted quarter XXXX were in the under quarter and modestly fourth Texas million Florida. results results
our to results. turning Now,
voice XXX,XXX grew and by TWC, year, House. SMB, million customer X.X% growth in X.X% Bright and customers by residential internet XXX,XXX at TWC year. During by XXX,XXX, residential the and XXX,XXX at legacy grew at and the Charter, quarter markets versus the in last were Including X XX,XXX, year-over-year and or Slide with year. at video fourth Customer end and by grew relationships connects last X X.X% our PSUs packaging of pricing were Spectrum Bright of XX% XX,XXX. House up shows; by in as we the new
declined pre-deal base legacy by year, video Charter X.X%, customers the grew TWC X%, residential by about Over House last declined and Bright by X.X%. customer video its
lower net video flat with residential growth in continued the continued TWC quarter, of basic by in limited base customers, churn the Within expanded traditional adds from were offset customers. migration
We our us and offerings buy lower customers also that currently who growth We more video doesn’t targeted and a customers actively focus driven of in by XX,XXX our in larger XX,XXX product marketed which fourth Legacy price in require at residential a video the across the the from quarter is quarter. versus is ago, integration product had widely on that footprint Charter footprints. video gain stream lost year don’t acquired today. equipment our a a product
to a to this of advertised us a additional mean by benefit product build price also years. two seen and the and In getting mentioned, Tom struggles national we’ve of integration As and service standard product out the competitor timing legacy competitors over a year time, adjust from we across at less some upgrades for caused have competitor. offers key promotional Charter
loss legacy into XX,XXX markets some puts with infrastructure gained operating certain pre-upgraded video respect We areas to House growth. residential in regional quarter Charter the service year. new addition Charter XXX,XXX XXX,XXX the total, That a versus legacy created a areas. legacy a X,XXX to we residential Bright state last added internet, in service. fourth as also video merger In In X,XXX customers TWC year. into of we last total customers added SMB customers versus we of
XX,XXX to legacy sales or customers higher at higher legacy the at internet X.X of grew months, customers triple-play voice, churn we fourth X.X% last last offset residential by of quarter XX Bright passages the and versus X,XXX our residential year. TWC. In House. X.X% we million growth by X.X%. base in The by customer is TWC growth X.X% grew total Over The Charter
results So to continue will improve. subscribers’
often through portion as be of as with of higher progress negative before, well a and each with product particularly all-digital, success as the Spectrum products. these of new We in not launch base and the of go new we expect effects integration positive as linear, said cross-markets. But, further the will the business launches short-term staged we
the Bright up rates, our growth we combined by ARPU year, higher grew with modest or activity increases, residential There combined, customer ARPU from revenue revenue, migration of XXX,XXX remained SMB growth the the seasonal X X% and packaging. in and growth X.X%. is and growth legacy ARPU to muted shows plan. continued changes in Total enterprise a commercial House the last given enterprise X.X% hit also Slide year-over-year and customers and selling, residential standalone resulted our grew by Bright promotional with legacy the by Spectrum X.X%. X.X%. Over pricing House up mechanical SMB selling at internet total with TWC price
in XX%. House Excluding net quarter both at NaviSite, Enterprise SMB over SMB Sales year. last TWC higher up with grew fourth adds PSU cell in by Bright are backhaul and Enterprise and versus and XX% the
Our transition and unit won’t followed the in get pricing revenue until markets growth to TWC products. House SMB of Bright competitive and enterprise growth hasn’t and yet we it our the both the through more
ARPU expect revenue Fourth will prior unit political by year growth. the by follow growth advertising will We driven the XX% XXXX, revenue the that quarter year. year, but ultimately through continue offset in declined over
advertising was X% quarter year-over-year In and fourth for revenue close X.X% advertising. year-over-year, X.X% when digital to revenue. year-over-year grew excluding national given total, political, Excluding higher and company up the revenue local,
growth of X.X%, each revenue grew revenue our Bright X.X%, grew driven TWC growth. advertising total And at by excluding legacy companies, X.X%. pre-deal by at by Looking Charter by revenue House customer grew
growth. by expense and mix, by renewals, a XX.X% for the or increased total of increases roughly accounted slide operating year-over-year. driven quarter, and expanded year-over-year, cost million fourth higher Programming and in to which $XXX X, Moving that expense grew on base operating customer X.X% programming rate contractual X%
periods, renewed exclusive per which customers to Cost reflects decline bad investment the expenses a due and EBITDA also months XX three transition transition benefits expenses XXXX. the were to driven rate year-over-year year-over-year grew for benefits declined of – is in by lot and pass but EBITDA operating benefit and sales or cable, service and original significant small we adjusted mentioned. full byX.X% to duplicate later you X.X% levels Adjusted slower X.X% in Tom debt still model, from our the That a EBITDA programming to growth applies moving elimination in improved There of higher of of and from of reflects by programming to higher the expected expect cost. the political we XXXX, level the quarter other make driven customer excluding last in companies, down growth both that grew the by by combination rate video grow by X.X% grow cost acquisition revenue. X.X%. at also should expense Marketing amount higher fourth quarter fourth offset marketing the include productivity probably of from content to partly by some year-over-year year XX of the sorry in costs advertising our points from rate activity opportunities the cost not which low won’t customer whether in parts in the of For year. including expect we
to on transactions. tax our that the as a generated deferred result our quarter. pension of tax quarter of Turning tax generated $X.X we of X, a due liability sheet reforms. deferred net to on balance remeasurement Charter to We given of gain non-cash the of the in of our related is that fourth liability tax million a purchase year net the to $XXX income to of income accounting in put in liability. income $X.X attributable as Much of was shareholders reduction benefit slide fourth the from billion last net billion related part
and to was from fourth were depreciation the gain were aside Advance/Newhouse benefits from the liability year, tax a last So benefit expenses Those a EBITDA adjusted quarter our higher pension amortization tax this partly this and expenses. leaving tax remeasurement interest lower reform. higher, year, by offset agreement recognized receivables $XXX and million we’ve severance-related also gain higher in due of the
including quarter expenditures spend. Slide to in million Turning fourth $X.X billion of XX, the $XXX transition capital totaled
million $XXX Excluding transition, and fourth driven higher by support. on spending scalable CPE, quarter year-over-year, CapEx primarily increased by infrastructure
this quarter CapEx CPE significant for fourth larger including for DOCSIS year purchases and activity X.X Our the XXXX and much purchases scalable included activity infrastructure. all-digital inventory from
and all-digital procurement in XXXX in and a For operating equipment was benefit, for X.X, both and stage there significant inventory launches XXXX.
any the to connect “pull-forward over CPE in our higher transition was set-top higher volumes, of for of and placement spends” migration customers year-over-year higher provided with frequently legacy still and quarter equipment. impact the new per fourth rate CapEx Excluding Spectrum box a given higher connect
totaled had $XX quarter. the I million in all-digital inventory which excluding We staging spend, about the mentioned fourth also
spent spending also in-sourcing, tools the more development We some to in in equipment, software related vehicles, categories facility to case and test support on each and some integration.
to be total, expect capital by factors driven in-sourcing all-digital, expenditures year look customer spectrum revenue cable a as than migration, growth, as integration. XXXX, including the of we capital percentage we of many should As same to and In our XXXX. and lower last cable or be expenditures a bit intensity capital
a meaningful that dollars. and intensity year, deliver should Next is, decline in XXXX capital
CPE annual was interest billion to December the also the revenue base versus unit remains we $X.X a with rate. generated the about of two-way our of quarter $X.X billion the decline we’ll driven the all-digital due that run year and DOCSIS growth, expense fully that is for the the higher We DOCSIS improvements finished quarter fourth with by our in upgrade of last was approximately flow video the fourth bulk $XX already billion, annualized billion difference in growth interest runrate that and accounting. expense will XX of P&L on our occurred $X.X video will path whereas cash a in boxes largely That complete, debt And with principals purchase have quarter in free billion quarter cash set-top the should and CapEx. at back X.X the and shows, Spectrum $X.X half and suggests integration deployed be in XX dramatically Continued inside. packaging Slide dollars of XXXX. of even modem spending XXXX be efficiency modern with best drop
fourth debt As $XX times, billion financings of of of transactions, about adjusted X us. and for our the for to refinancing year times. end last EBITDA over balance $XX target of XX-months of leverage debt our the executed was partly repurchase. X.X the the a billion net We to high-end our at quarter, XXXX funding X.XX range of busy was share
Our XX% refinancings our of XX.X year X.X average end from of of weighted over at debt matures and extended the debt our today, life years to last the the after XXXX.
So a very attractive maturity profile.
We by also weighted cost $X did to enable we around as it and that upsized raising billion revolver buybacks all today at flexibility our of without which a including did average year debt, more ago. strategic stands the X.X% our
million we’ve quarter, fourth Holdings totaling share. $X.X billion per Charter units common of in price the $XXX at During average an repurchased XX.X shares
XXXX, company’s at reflecting half by of knew high-end our an operating leverage For throughout on period, per XXXX. $XX.X about shows the and month share. last target bought also diluted price confidence reflects of all over range our operating we billion, what in repurchases turn of we billion average The statistics have raising XX% drive spent of $XXX The complexity the we $XX.X over our model of back the fully we would in the a our to XX a year XX equity. Slide
range in cover leverage at in end target that high leverage our not XXXX material a that from of are cash less moment. are than changing X.X currently buybacks of X The to our versus the fact a tax mathematically positive which will times we be range I’ll XXXX means the flow despite increase half XXXX. turn We reform impacts
all-digital for XXXX projects the of the in achieve the XXXX effects and working expect consumer hasn’t late with effects products capital capital can working cable given Some purchases on expectation pull-forward and level improvement working other our capital XXXX the same which lower integration local XXXX the to of other and factors also capital. a capital for I we don’t devices our of impact including large XXXX CapEx play in launch working with that the of in role completion
when what shareholder So be than, we create no other opportunistic remain guidance on will artificial to value preserve to getting we less XXXX, in without like XXXX buybacks we’ll did targets. and we flexibility trapped by did
for Spectrum higher Lower minimum in a number and certainty markets better for on factor internet utilize customers. broadband X.X tax was for support a increasing last Turning fourth and remove Charter, the to capabilities. and also will long-term year, benefits to the will over construction, acceleration the already of Slide new at current a legislation ability savings of those deployment, taxes expect the December Tom and tax the Charter’s business see on in expect our behalf in and key the purposes in previously, accelerating and that DOCSIS cash of We At tax made our capital quarter interest and XXXX the regulatory which was don���t we we create The the House expect the of of fiber rural deployment significant incentives including tax not from Title White on wireless significant I today. commitments certainty deep extension in taxes GIG our around Spectrum specifically investment commitments more time do material our deduct fourth limitations mentioned savings II existing and from NOLs bonus that Anticipating our anticipated to reform. FCC regulatory XX. use tax This action the quarter passing build if eminent scope factor of the depreciation. framework the ever. greater plan; speeds to tax
expect later than also we income don’t payer currently until two XXXX cash We what previously material be earliest expected. a tax that’s years to at and the
estimate much present net by about of value offset we from that’s Given from $X which higher later depreciation, income That declined and Federal drives our just utilization assets reform of the flow tax associated rate cash reflecting value with a lower the bonus Tax lower over billion is a larger lower $X.X against rate, decline total to the value perpetuity. billion. present NOL in tax free
our of a Wireless wanted the Before this Spectrum moving later provide to I year. to financial Q&A, launch framework for Services
As revenue more customer that and generate penetration. entry growth generate, actual sold period. be Tom that of a in cable. of contract customer and incremental cost drive device the customer and which wireless further the date believe can fully will our the similarly, Much with under from beginning mentioned, accelerate longer accounting, recognized the contract wireless growth revenue we’ll The we payments received into is revenue over goods we more as EIP on
EBITDA exceed wireless subscription business and OpEx activity Wireless a The our the time, on through cable services. short-term. our which creates the the day. broader the generate and which core growth customer service drag launch more EBITDA within positive on, we CapEx growth to expect the early in with upfront flow basis early we generate to cash As experienced and standalone gross we acquisition benefits benefits in Over more margin
fully bundle from Our wireless integrated; just cable be it’s a business the and care, marketing eventually will in billing service another perspective. product
today will or not service isolate cost flow no device necessarily it of and of The So CapEx. costs, Through subsidies. impacts will subscriber revenue, We revenue be able from key with effects cost and we not related the device be MVNO performance. of the isolate line-by-line around be cash cadence. pricing than and to for voice related launch separate Those include, with could phase different allocation to goods messy cost timing direct able and disclosure the of capital a will sold, bundle the to or should working cable internet and as transparency any items selling be certain which any segment such. P&L create items, however,
target maintain Q&A. and additional current move now goal launch through is provide ready leverage as even the detail wireless a on our year Operator, business through phase. to basis but we consolidated from we will We are as the scales, business the the our for
