Charter Communications Inc., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income attributable to Charter shareholders	4,557)	5,055)	4,654)	3,222)	1,668)
Net income attributable to noncontrolling interests	704)	794)	666)	454)	324)
Net noncash charges	9,619)	9,472)	10,759)	10,693)	10,761)
Changes in operating assets and liabilities, net of effects from acquisitions and dispositions	(447)	(396)	160)	193)	(1,005)
Net cash flows from operating activities	14,433)	14,925)	16,239)	14,562)	11,748)
Cash paid for interest, net of tax¹	3,853)	3,534)	3,367)	3,303)	3,247)
Purchases of property, plant and equipment	(11,115)	(9,376)	(7,635)	(7,415)	(7,195)
Purchases of wireless spectrum licenses	—)	—)	—)	(464)	—)
Free cash flow to the firm (FCFF)	7,171)	9,083)	11,971)	9,986)	7,800)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ See details »

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Charter Communications Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Charter Communications Inc. FCFF decreased from 2021 to 2022 and from 2022 to 2023.

Charter Communications Inc., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR¹	23.24%	21.62%	16.72%	14.55%	18.06%
Interest Paid, Net of Tax
Cash paid for interest, before tax	5,020)	4,509)	4,043)	3,866)	3,963)
Less: Cash paid for interest, tax²	1,167)	975)	676)	563)	716)
Cash paid for interest, net of tax	3,853)	3,534)	3,367)	3,303)	3,247)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ See details »

² 2023 Calculation
Cash paid for interest, tax = Cash paid for interest × EITR
= 5,020 × 23.24% = 1,167

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Charter Communications Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	147,057)
Free cash flow to the firm (FCFF)	7,171)
Valuation Ratio
EV/FCFF	20.51
Benchmarks
EV/FCFF, Competitors¹
Alphabet Inc.	32.41
Comcast Corp.	15.14
Meta Platforms Inc.	32.46
Netflix Inc.	52.65
Walt Disney Co.	23.63
EV/FCFF, Sector
Media & Entertainment	31.63
EV/FCFF, Industry
Communication Services	27.90

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Charter Communications Inc., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	147,057)	160,595)	197,065)	205,933)	191,615)
Free cash flow to the firm (FCFF)²	7,171)	9,083)	11,971)	9,986)	7,800)
Valuation Ratio
EV/FCFF³	20.51	17.68	16.46	20.62	24.57
Benchmarks
EV/FCFF, Competitors⁴
Alphabet Inc.	23.84	20.67	27.17	29.53	28.19
Comcast Corp.	17.60	17.93	15.77	20.50	18.00
Meta Platforms Inc.	26.42	24.09	15.40	29.48	25.83
Netflix Inc.	33.81	77.11	335.37	95.41	—
Walt Disney Co.	31.55	90.23	78.66	63.77	143.18
EV/FCFF, Sector
Media & Entertainment	24.72	23.60	24.79	31.56	32.03
EV/FCFF, Industry
Communication Services	22.31	23.31	31.50	25.72	24.63

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ See details »

² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 147,057 ÷ 7,171 = 20.51

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Charter Communications Inc. EV/FCFF ratio increased from 2021 to 2022 and from 2022 to 2023.

Charter Communications Inc. (NASDAQ:CHTR)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical