Broadband Trends Outlook
Q: What are the broadband trends and outlook excluding ACP losses?
A: The company is competing well in a highly competitive market, with encouraging broadband net additions in the quarter excluding ACP impacts. However, the fourth quarter won't have the seasonal benefits and will face approximately 100,000 nonpay disconnects from ACP early in the quarter, along with hurricane impacts. Looking ahead, 2025 is expected to have a better unit growth setup than 2024, with continued tailwinds from newly built passings and potential to drive higher Internet sales through new pricing and packaging.

Margin and EBITDA Expectations
Q: How will new pricing affect margins and EBITDA?
A: The new pricing and packaging is expected to drive additional cash flow per customer due to the value pushed into bundles. While margin percentage may be less clear due to product mix, there is confidence in driving the most collective margin by offering more products to customers. Strong EBITDA growth is anticipated in Q4, though not accelerating as hoped, with meaningful headwinds in 2025 including Internet customer losses and lower advertising revenue in a nonpolitical year. Expense reduction efforts should help mitigate these headwinds.

Fiber Footprint Expansion
Q: What's the status of fiber expansion and competition?
A: Approximately 90% of new build is now fiber-to-the-home (FTTH). Competitively, there's no significant difference between FTTH and hybrid fiber-coaxial (HFC) networks. The HFC network has advantages like more telemetry and the ability to support wireless strategies. The company believes it can compete effectively regardless of network type.

Brand Repositioning Impact
Q: Is brand repositioning affecting customer metrics?
A: It's too early to see an impact on gross adds or churn from the brand repositioning. This is a multiyear process aimed at improving customer service and reputation. While bill credits may have minimal ARPU impact, focusing on service quality is expected to enhance customer acquisition and retention over time. Early indications show the bundled strategy is successful in driving higher customer ARPU by encouraging customers to take higher-tiered packages and more products.

Video Offering Development
Q: How will the video offering affect retention and acquisition?
A: The company is developing a unique video offering, aiming to fully operationalize it by the first half of 2025. Priorities include completing programming agreements, launching programmer apps, implementing ad-free upgrades, and creating a video portal to manage subscriptions. They are already seeing a significant uplift in video sell-in with the new pricing and packaging, even before the full offering is in place. Long term, this is expected to positively impact customer acquisition and retention, especially when bundled with Internet services.

Potential for Small-Scale M&A
Q: Will lower BEAD participation lead to small-scale M&A?
A: The company is open to small-scale acquisitions that fit well with its footprint. They believe in operating cable businesses effectively and pursue opportunities that make sense and drive returns. There's not necessarily a trade-off between BEAD participation and pursuing M&A; they consider both where appropriate.