Charter Communications Inc. reported first-quarter total revenue of nearly $10.2 million, up 4.3 percent on a pro forma basis compared to the prior year period, driven by residential revenue growth of 4.2 percent and commercial revenue growth of 10.8 percent. On an actual basis, first quarter revenue grew 301.7 percent year-over-year, driven primarily by transactions.
The Stamford telecommunications company said that advertising revenues were $337 million, down 7.7 percent year over year, while other revenues came in at $217 million, down 9.7 percent.
In the first quarter of 2017, Charter generated $2.8 billion of cash from operations compared with $424 million a year ago. Free cash flow in the reported quarter was $1.1 billion.
At the end of March 2017, Charter Communications had $2.9 billion of cash and cash equivalents and $63.4 billion of outstanding debt compared with $1.5 billion and nearly $62.5 billion, respectively, at the end of December 2016.
During the first quarter of 2017, Charter launched its Spectrum pricing, packaging and brand to residences in additional Legacy Time Warner Cable markets, including areas in the Northeast, Midwest and the Carolinas. As of March 31, Spectrum had been introduced in approximately 98 percent of the combined Legacy TWC and Legacy Bright House footprints, with the launch expected to be completed with the introduction of Spectrum in Hawaii in the second quarter of this year.
