Charter Communications (CHTR) UBS Global Media & Communications Conference summary

Strategic priorities and industry positioning

• Executing a multi-year strategy with the largest network expansion since the 1980s and major physical upgrades since the 1990s.

• Pursuing convergence of services, leveraging a structural advantage in combining broadband, video, and mobile.

• Focused on video transformation and maintaining a fully converged, gigabit-capable network, soon to offer symmetrical and multi-gig speeds.

• Committed to onshore, insourced sales and service infrastructure, emphasizing long-term investment and customer savings.

• Navigating challenges in 2024, including ACP unwind and increased competition, but optimistic about long-term prospects.

Broadband performance and competitive landscape

• 2024 impacted by ACP disconnects and hurricanes, but underlying subscriber trends are slightly better year-over-year.

• New pricing and packaging are performing well, with no major ARPU changes expected aside from one-time storm credits.

• Market stabilization and early results from network investments are contributing to improved performance.

• Facing competition from fixed wireless and fiber, but emphasizing the superior value and reliability of bundled broadband and mobile.

• Ongoing investments in network evolution and convergence to maintain competitive edge.

Fiber, overbuilds, and market dynamics

• About 55% overlap with gig providers; expects further increases but notes overbuild ROI is declining due to duplication and lower-density builds.

• Market share stabilizes after initial declines when new wireline competitors enter, with converged services helping retention.

• Unique ability to deliver converged wireline and wireless services across the entire footprint, unmatched by competitors.

• No dramatic change expected from competitors' convergence initiatives, as their footprints remain limited.