Charter Communications added 3,000 video customers and 104,000 residential high-speed Internet subscribers in the fourth quarter, driving double-digit increases in revenue and cash flow for the mid-sized cable operator and solidifying its all-digital strategy.
Revenue rose 10% in the period to $2.4 billion and adjusted EBITDA, a measure of cash flow, increased 10.5% to $845 million, driven by the subscriber gains and the completion of its all-digital rollout.
During the fourth quarter, Charter completed its all-digital initiative and the rollout of Charter Spectrum, the Company's new and more advanced product suite.
Commercial revenue grew16.1% and advertising revenue was up 28.9% in the quarter.
Residential customer relationships increased by 73,000 during the fourth quarter and have grown by 5.0%, or 280,000, since the end of 2013.
Full year 2014 revenues and adjusted EBITDA each rose 8.2% on a pro formabasis, with capital expenditures totaling $2.2 billion.
"We recently completed our all-digital transition and the rollout of our more advanced product suite, Charter Spectrum, on plan. We have now unleashed the capabilities of our high capacity two-way interactive network, freeing network capacity we can utilize for years to come," Charter CEO Tom Rutledge said in a statement. "Our fourth quarter and full year 2014 results demonstrate that our new products, combined with our improving service levels, are generating strong market share growth across all of our businesses. Customer growth continues to drive improving financial performance, with reduced capital intensity going forward."