Many investors ask how S&P Global Ratings calculates leverage for certain U.S. telecommunications and cable companies. To address their questions, we are providing our analytical adjustments for EBITDA and debt for the following companies we rate: AT&T Inc., Charter Communications Inc., Comcast Corp., Cox Enterprises Inc., Equinix Inc., and Verizon Communications Inc.
Table 1
U.S. telecom and cable company peer risk profile comparison | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Company | Rating | Business/financial risk profiles | Adjusted leverage threshold--upside | Adjusted leverage threshold--downside | LTM adjusted leverage | |||||||
AT&T Inc. |
BBB/Stable/A-2 | Strong/Significant | 3.0x | 3.75x | 3.8x | |||||||
Charter Communications Inc. |
BB+/Stable/-- | Strong/Aggressive | 4.25x | 5.0x | 4.4x | |||||||
Comcast Corp. |
A-/Stable/A-2 | Strong/Intermediate | 2.0x | 3.0x | 2.6x | |||||||
Cox Enterprises Inc. |
BBB/Stable/A-2 | Satisfactory/Intermediate | 2.25x | 3.25x | 1.8x | |||||||
T-Mobile US Inc. |
BBB-/Positive/-- | Satisfactory/Significant | 3.25x | 4.0x | 3.9x | |||||||
Verizon Communications Inc. |
BBB+/Stable/A-2 | Strong/Intermediate | 2.5x | 3.25x | 3.1x | |||||||
Note: Ratings as of April 14, 2023. S&P Global Ratings-adjusted leverage as of Dec. 31, 2022. LTM--Last 12 months. Sources: Company reports and S&P Global Ratings estimates. |
Frequently Asked Questions
What debt adjustments does S&P Global Ratings make for U.S. telecommunications and cable companies?
Many of our adjustments to a company's as-reported debt balance--such as the tax-affected unfunded portion of pension and other post-employment benefits (OPEBs), and the netting of accessible cash and liquid investments--are common across most corporate issuers. However, we also make several less-common sector-specific adjustments to debt, most notably our adjustment for captive finance operations for the wireless equipment receivables. The wireless companies offer customers so-called equipment installment plans (EIPs) to finance the cost of their mobile handsets. These plans qualify as captive finance operations under our criteria (see "Standard & Poor's Analytical Approach To Wireless Equipment Installment Plans," published March 30, 2016), in line with our captive finance criteria (see "The Impact Of Captive Finance Operations On Nonfinancial Corporate Issuers," published Dec. 14, 2015). Because we base this calculation on publicly available data, we show this adjustment for AT&T and Verizon. We do not publish our captive finance adjustment for T-Mobile US Inc., but we report the impact on selected credit metrics. As of Dec. 31, 2022, our captive finance adjustment resulted in a 0.1x improvement in the company's adjusted debt to EBITDA. (For more details on our methodology and adjustments, see "Corporate Methodology: Ratios And Adjustments," and "Guidance: Corporate Methodology: Ratios And Adjustments," both published April 1, 2019).
When a company buys or merges with another, does S&P Global Ratings assess the rating based on pro forma adjusted leverage?
We generally don't assess the impact of mergers and acquisitions on ratings using pro forma EBITDA unless there's a compelling reason to do so. Pro forma financial statements allow for a more representative measure of full-year performance and more significant ratios, but they have limitations. First, they reflect the financial performance of the acquisition under a different management team, so at best it's an approximation of how the larger company will perform. Each company may have somewhat different accounting standards, especially for how it amortizes programming costs. Also, pro forma estimates that companies provide to the market reflect a recognition of all immediate synergies. Most synergies are realized over time (and some may not be achieved at all), and most companies' pro forma guidance doesn't include the costs (i.e., severance, restructuring) that they will incur to achieve those synergies. For example, T-Mobile's original 2018 pro forma guidance for its merger with Sprint recognized $6 billion in expected synergies (it has since increased to $7.5 billion), even though the company expected to achieve those synergies over three to four years.
How does S&P Global Ratings calculate EBITDA?
We define EBITDA as a company's revenues minus operating expenses (excluding depreciation, amortization, and noncurrent asset impairment and impairment reversals). We include any cash dividends the company receives from affiliates, associates, and joint ventures, and we exclude the company's share of these investees' profits. We also exclude any share-based compensation expense payable in shares. We include restructuring and acquisition-related costs in our EBITDA calculation but exclude asset impairments and write-downs.
How frequently does S&P Global Ratings update its adjustments?
We update our adjustments for operating leases, pension, and OPEBs once each year, when the companies release their form 10-K annual reports. However, we have made midyear adjustments when deemed material. We update all other adjustments quarterly.
Table 2
AT&T Inc. debt reconciliation | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Mil. $ | ||||||||||
As of Dec. 31, 2022 | Amount | Comments | Financial statements Reference | S&P Global Ratings reference | ||||||
Reported debt | 134,203.0 | Less: Portion accounting for finance leases | Page 71; 10-K dated Dec. 31, 2022 | |||||||
S&P Global Ratings adjustments | ||||||||||
Plus: Trade receivables sold | 8,712.0 | Page 91-92; 10-K dated Dec. 31, 2022 | Para 76; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | |||||||
Plus: Reported lease liabilities (finance and operating) | 24,023.0 | On-balance sheet (operating + finance) lease liability | Page 67-68; 10-K dated Dec. 31, 2022 | Para 46-55; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Less: Captive finance debt | (11,267.4) | Accounts for debt associated with device payment plan agreement receivables based on a debt-to-equity ratio of 7x | Page 91-92; 10-K dated Dec. 31, 2022 | Para 123-124; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Less: Accessible cash | (3,701) | 100% of unrestricted cash & cash equivalents | Page 45; 10-K dated Dec. 31, 2022 | Para 38-45; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Plus: No equity hybrid rep as equity, Equity | 7,965.0 | Preferred equity interest in Tower Holdings | Page 89 and 47; 10-K dated Dec. 31, 2022 | Para 82-88; Guidance; Criteria Hybrid Capital | ||||||
Plus: Intermediate-equity hybrid rep. as equity, Equity | 2,516.5 | Preferred equity interest treated as 50% debt treatment | Page 46; 10-K dated Dec. 31, 2022 | Para 82-88; Guidance; Criteria Hybrid Capital | ||||||
Plus: Postretirement benefit obligations/deferred compensation | 5,588.5 | Tax-effected pension (21%) and other post-retirement obligations | Page 82-88; 10-K dated Dec. 31, 2022 | Para 56-68; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Plus: Put rights/option/non-redeemable interests | 5,340.0 | Preferred equity interest in AT&T Mobility II LLC | Page 90; 10-K dated Dec. 31, 2022 | Para 19; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Plus: Other | 15,797.0 | Unamortized debt issuance cost and vendor financing payables | Page 35 and 71; 10-K dated Dec. 31, 2022 | Para 18; Criteria: Corporates: General: Corporate Methodology: Ratios And Adjustments | ||||||
Total S&P Global Ratings adjustments | 54,973.6 | |||||||||
S&P Global Ratings-adjusted debt | 189,176.6 | |||||||||
Sources: Company reports, S&P Global Ratings estimates. |
Table 3
AT&T Inc. EBITDA reconciliation | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Mil. $ | ||||||||||
For rolling 12 months ended Dec. 31, 2022 | Amount | Comments | Financial statements reference | S&P Global Ratings reference | ||||||
S&P Global Ratings reported EBITDA | 38,246.0 | Reported EBITDA is revenue less total cost of goods sold and selling, general, and administrative expenses | ||||||||
S&P Global Ratings adjustments | ||||||||||
Plus: Operating lease rent | 5,437.0 | Annual operating lease rent | Page 67-68; 10-K dated Dec. 31, 2022 | Para 46-55; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Less: Captive finance EBITDA | (536.1) | Removal of captive finance revenue and expenses based on a 5% revenue factor and 0.5% expense factor | Page 91-92; 10-K dated Dec. 31, 2022 | Para 123-124; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Plus: Dividends received from equity investments | 4,457.0 | Cash distributions from DIRECTV | Page 93; 10-K dated Dec. 31, 2022 | Para 26; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Plus: Share-based compensation expense | 518.0 | Annual share-based compensation expense (pre-tax) | Page 88; 10-K dated Dec. 31, 2022 | Para 25; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Plus: noncash pre-tax charge | 1,413.0 | noncash pre-tax charge to abandon conduits that will not be utilized to support future network activity | Page 66; 10-K dated Dec. 31, 2022 | Para 26; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Less: Others | 21.0 | Gain on repurchases under Equipment Installment Receivable Program | Page 91-92; 10-K dated Dec. 31, 2022 | Para 28; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Total S&P Global Ratings adjustments | 11,309.9 | |||||||||
S&P Global Ratings-adjusted EBITDA | 49,555.9 | |||||||||
Sources: Company reports, S&P Global Ratings estimates. |
Table 4
Charter Communications Inc. debt reconciliation | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Mil. $ | ||||||||||
As of Dec. 31, 2022 | Amount | Comments | Financial statements reference | S&P Global Ratings reference | ||||||
Reported debt | 97,603.0 | Less: Portion accounting for finance leases | Page F-4; 10-K dated December 31, 2022 | |||||||
S&P Global Ratings adjustments: | ||||||||||
Plus: Reported lease liabilities (finance and operating) | 1,378.0 | On-balance sheet (operating+finance) lease liability | Page F-14; 10-K dated Dec. 31, 2022 | Para 46-55; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Plus: Multi-employer pension plans | 0.0 | After-tax liabilities associated with withdrawal from multiemployer pension plan | Page F-45; 10-K dated Dec. 31, 2021 | Para 106; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Less: Accessible cash and liquid investments | (645) | 100% of unrestricted cash & cash equivalents | Page F-4; 10-K dated Dec. 31, 2022 | Para 38-45; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Plus: Postretirement benefit obligations/deferred compensation | 0.0 | Tax-effected pension (21%) and other post-retirement obligations | Page F-41; 10-K dated Dec. 31, 2020 | Para 54-56; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Total S&P Global Ratings adjustments | 733.0 | |||||||||
S&P Global Ratings-adjusted debt | 98,336.0 | |||||||||
Sources: Company reports, S&P Global Ratings estimates. |
Table 5
Charter Communications Inc. EBITDA reconciliation | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Mil. $ | ||||||||||
For rolling 12 months ended Dec. 31, 2022 | Amount | Comments | Financial statements reference | S&P Global Ratings reference | ||||||
S&P Global Ratings reported EBITDA | 20,865.0 | |||||||||
S&P Global Ratings adjustments | ||||||||||
Plus: Operating leases | 482.0 | Annual operating lease rent less variable lease costs | Page F-14; 10-K dated Dec. 31, 2022 | Para 46-55; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Plus: Share-based compensation expense | 470.0 | Annual share-based compensation expense | Page F-26; 10-K dated Dec. 31, 2022 | Para 25; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Plus: Loss on disposals of property, plant, and equipment | 8.0 | Net loss on sale of assets | Page F-25; 10-K dated Dec. 31, 2022 | Para 28; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Plus: Litigation settlement with Sprint Communications Co. L.P. and T-Mobile USA Inc. | 0.0 | Litigation settlement | Page F-32; 10-K dated Dec. 31, 2021 | Para 27; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Plus: EBITDA other |
273.0 |
Employee termination cost | Page F-25 &26; 10-K dated Dec. 31, 2022 | Para 27; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Total S&P Global Ratings adjustments | 1,233.0 | |||||||||
S&P Global Ratings-adjusted EBITDA | 22,098.0 | |||||||||
Sources: Company reports, S&P Global estimates. |
Table 6
Comcast Corp. debt reconciliation | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Mil. $ | ||||||||||
As of Dec. 31, 2022 | Amount | Comments | Financial statements reference | S&P Global Ratings reference | ||||||
Reported debt | 93,011.0 | Less: Portion accounting for finance leases | Page 84; 10-K dated Dec. 31, 2022 | |||||||
S&P Global Ratings adjustments | ||||||||||
Plus: Reported lease liabilities (finance and operating) | 8,582.0 | On-balance sheet (operating + inance) lease liability | Page 84 and 95; 10-K dated Dec. 31, 2022 | Para 46-55; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Less: Accessible cash and liquid investments | (4,845) | 100% of unrestricted cash & cash equivalents and marketable securities | Page 70 and 86; 10-K dated Dec. 31, 2022 | Para 38-45; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Plus: Postretirement benefit obligations/deferred compensation | 3,378.8 | Tax-effected pension (21%) and other post-retirement obligations | Page 91-92; 10-K dated Dec. 31, 2022 | Para 56-68; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Plus: Put options on minority stakes | 411.0 | Redeemable noncontrolling interests and redeemable subsidiary preferred stock | Page 70; 10-K dated Dec. 31, 2022 | Para 19; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Plus: Redeemable non-controlling interest and tax liabilities | 1,486.0 | As disclosed by management; includes outstanding loan balance from SPV to Comcast, present value of tax liability (associated with minimum put value) less difference between minimum value of put and collateralized debt initally raised | Para 19; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | |||||||
Total S&P Global Ratings adjustments | 9,012.8 | |||||||||
S&P Global Ratings-adjusted debt | 102,023.8 | |||||||||
Sources: Company reports, S&P Global Ratings estimates. |
Table 7
Comcast Corp. EBITDA reconciliation | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Mil. $ | ||||||||||
For rolling 12 months ended Dec. 31, 2022 | Amount | Comments | Financial statements reference | S&P Global Ratings reference | ||||||
S&P Global Ratings reported EBITDA | 36,445.0 | Reported EBITDA is revenue less total cost of goods sold and selling, general, and administrative expenses | ||||||||
S&P Global Ratings adjustments | ||||||||||
Plus: Operating leases | 1,200.0 | Operating lease rent as disclosed by management | Para 46-55; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | |||||||
Plus: Share-based compensation expense | 1,061.0 | Annual share-based compensation expense (pre-tax). Does not include employee stock repurchase plans which are settled in cash | Page 94; 10-K dated Dec. 31, 2022 | Para 25; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Total S&P Global Ratings adjustments | 2,261.0 | |||||||||
S&P Global Ratings-adjusted EBITDA | 38,706.0 | |||||||||
Sources: Company reports, S&P Global Ratings estimates. |
Table 8
Cox Enterprises Inc. debt reconciliation | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Mil. $ | ||||||||||
As of Dec. 31, 2022 | Amount | Comments | Financial statements reference | S&P Global Ratings Reference | ||||||
Reported debt | 12,695.1 | Less: Portion accounting for finance leases | Page 20 and 56; Financial Statements dated Dec. 31, 2022 | |||||||
S&P Global Ratings adjustments | ||||||||||
Plus: Reported lease liabilities (finance and operating) | 1,668.6 | On-balance sheet (operating + finance) lease liability | Page 54; Financial Statements dated Dec. 31, 2022 | Para 46-55; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Less: Accessible cash and liquid investments | (2,061) | 100% of unrestricted cash & cash equivalents and current marketable securities | Page 20; Financial Statements dated Dec. 31, 2022 | Para 38-45; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Less: Captive finance debt | (2,695.4) | Accounts for debt associated with device payment plan agreement receivables | As disclosed by the management related to NextGear, a wholly owned subsidiary of Cox Automotive Inc. | Para 123-124; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Plus: Postretirement benefit obligations/deferred compensation | 1,118.1 | Tax-effected pension (21%) and other post-retirement obligations | Page 68-74; Financial statements dated Dec. 31, 2022 | Para 56-68; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Plus: Other | 0.0 | Transition tax liability carry forward from previous year at present value | Para 106; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | |||||||
Total S&P Global Ratings adjustments | (1,969.7) | |||||||||
S&P Global Ratings-adjusted debt | 10,725.4 | |||||||||
Sources: Company reports, S&P Global Ratings estimates. |
Table 9
Cox Enterprises Inc. EBITDA reconciliation | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Mil. $ | ||||||||||
For rolling 12 months ended Dec. 31, 2022 | Amount | Comments | Financial statements reference | S&P Global Ratings reference | ||||||
S&P Global Ratings reported EBITDA | 6,043.3 | Reported EBITDA is revenue less total cost of goods sold and selling, general, and administrative expenses | ||||||||
S&P Global Ratings adjustments | ||||||||||
Plus: Operating lease rent | 227.3 | Annual operating lease rent less variable lease costs | Page 54; Financial Statements dated Dec. 31, 2022 | Para 46-55; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Less: Captive finance EBITDA | (425.9) | Removal of captive finance revenue and expenses based on information as disclosed by the management | As disclosed by the management related to NextGear, a wholly owned subsidiary of Cox Automotive Inc. | Para 123-124; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Plus: Share-based compensation expense | 318.0 | Annual share-based compensation expense (pre-tax) | Page 23; Financial Statements dated Dec. 31, 2022 | Para 25; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Less: Other | (172.2) | Reversal of gain on sale of business | Page 23; Financial Statements dated Dec. 31, 2022 | Para 28; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Total S&P Global Ratings adjustments | (52.8) | |||||||||
S&P Global Ratings-adjusted EBITDA | 5,990.5 | |||||||||
Sources: Company reports, S&P Global Ratings estimates. |
Table 10
Verizon Communications Inc. debt reconciliation | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Mil. $ | ||||||||||
As of Dec. 31, 2022 | Amount | Comments | Financial statements reference | S&P Global Ratings reference | ||||||
Reported debt | 148,907.0 | Less: Portion accounting for finance leases | Page 77; 10-K dated Dec. 31, 2022 | |||||||
S&P Global Ratings adjustments | ||||||||||
Plus: Reported lease liabilities (finance and operating) | 27,424.0 | On-balance sheet (operating + finance) lease liability | Page 56 and 74; 10-K dated Dec. 31, 2022 | Para 46-55; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Less: Accessible cash and liquid investments | (2,605) | 100% of unrestricted cash & cash equivalents and marketable securities | Page 56; 10-K dated Dec. 31, 2022 | Para 38-45; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Plus: Post-retirement benefit obligations/deferred compensation | 10,222.6 | Tax-effected pension (21%) and other post-retirement obligations | Page 92-97; 10-K dated Dec. 31, 2022 | Para 56-68; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Plus: Debt - contingent considerations | 317.0 | Fair value of the contingent consideration | Page 48; 10-K dated Dec. 31, 2022 | Para 100; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Less: Captive finance debt | (23,807.3) | Accounts for debt associated with device payment plan agreement receivables based on a debt-to-equity ratio of 10x | Page 82; 10-K dated Dec. 31, 2022 | Para 123-124; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Plus: Other | 4,039.0 | Unamortized discount, net of premium | Page 77; 10-K dated Dec. 31, 2022 | |||||||
Total S&P Global Ratings adjustments | 15,590.3 | |||||||||
S&P Global Ratings-adjusted debt | 164,497.3 | |||||||||
Sources: company reports; S&P Global Ratings estimates. |
Table 11
Verizon Communications Inc. EBITDA reconciliation | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Mil. $ | ||||||||||
For Rolling 12 months ended Dec. 31, 2022 | Amount | Comments | Financial statements reference | S&P Global Ratings reference | ||||||
S&P Global Ratings reported EBITDA | 47,582.0 | Reported EBITDA is revenue less total cost of goods sold and selling, general, and administrative expenses | ||||||||
S&P Global Ratings adjustments | ||||||||||
Plus: Operating lease rent | 5,345.0 | Annual operating lease rent less variable lease costs | Page 74; 10-K dated Dec. 31, 2022 | Para 46-55; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Less: Captive finance EBITDA | (831.1) | Removal of captive finance revenue and expenses based on a 4% revenue factor and 0.5% expense factor | Page 82; 10-K dated Dec. 31, 2022 | Para 123-124; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Plus: Dividends received from equity investments | 34.0 | Dividends received and equity in losses of unconsolidated businesses | Page 27; 10K dated Dec. 31, 2022 | Para 183; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Plus: Loss on disposals of property, plant, and equipment | 0.0 | Reversal of gain on asset sale and loss on spectrum licenses | Page 24 and 26; 10K dated Dec. 31, 2022 | Para 28; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Plus: Fair value changes of contingent consideration | (57) | Fair value adjustments for the contingent consideration | Page 48; 10K dated Dec. 31, 2022 | Para 100; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Plus: Share-based compensation expense | 770.9 | Annual share-based compensation expense (pre-tax) | Page 91; 10K dated Dec. 31, 2022 | Para 25; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments | ||||||
Total S&P Global Ratings adjustments | 5,261.8 | |||||||||
S&P Global Ratings-adjusted EBITDA | 52,843.8 | |||||||||
Sources: Company reports, S&P Global Ratings estimates . |
Related Criteria
- Key Credit Factors For The Telecommunications And Cable Industry, June 22, 2014
- Corporate Methodology, Nov. 19, 2013
Related Research
- Credit FAQ: Calculating Leverage For Selected U.S. Telecommunications And Cable Companies (2022 Update), April 22, 2022
- Guidance: Corporate Methodology: Ratios And Adjustments, April 1, 2019
- Standard & Poor's Analytical Approach To Wireless Equipment Installment Plans, March 30, 2016
- The Impact Of Captive Finance Operations On Nonfinancial Corporate Issuers, Dec. 14, 2015
This report does not constitute a rating action.
Primary Credit Analyst: | Naveen Sarma, New York + 1 (212) 438 7833; naveen.sarma@spglobal.com |
Secondary Contacts: | Allyn Arden, CFA, New York + 1 (212) 438 7832; allyn.arden@spglobal.com |
Chris Mooney, CFA, New York + 1 (212) 438 4240; chris.mooney@spglobal.com |
No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees, or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness, or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.
Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment, and experience of the user, its management, employees, advisors, and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.
To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.
S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process.
S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.spglobal.com/ratings (free of charge), and www.ratingsdirect.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.spglobal.com/usratingsfees.