| Metric [USD Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Internet             | **5,637**    | **5,718**  **[0001091667-23-000082_chtrex991earningsrelease33.htm:3]**  | **5,733**  **[0001091667-23-000108_chtr-20230630.htm:13]**  | **5,776**  **[0001091667-23-000141_chtrex991earningsrelease93.htm:4]**  | **5,805**  **[0001091667-24-000027_chtrex991earningsrelease12.htm:3]**  | **5,826**  **[0001091667-24-000084_chtrex991earningsrelease33.htm:3]**  | **5,806**  **[0001091667-24-000103_chtrex991earningsrelease63.htm:3]**  | **5,872**  **[0001091667-24-000123_chtr-20240930.htm:15]**  |
| Video                | **4,251**    | **4,254**  **[0001091667-23-000082_chtrex991earningsrelease33.htm:3]**  | **4,188**  **[0001091667-23-000108_chtr-20230630.htm:13]**  | **4,004**  **[0001091667-23-000141_chtrex991earningsrelease93.htm:4]**  | **3,905**  **[0001091667-24-000027_chtrex991earningsrelease12.htm:3]**  | **3,908**  **[0001091667-24-000084_chtrex991earningsrelease33.htm:3]**  | **3,867**  **[0001091667-24-000103_chtrex991earningsrelease63.htm:3]**  | **3,735**  **[0001091667-24-000123_chtr-20240930.htm:15]**  |
| Voice                | **379**      | **373**  **[0001091667-23-000082_chtrex991earningsrelease33.htm:3]**    | **365**  **[0001091667-23-000108_chtr-20230630.htm:13]**    | **379**  **[0001091667-23-000141_chtrex991earningsrelease93.htm:4]**    | **393**  **[0001091667-24-000027_chtrex991earningsrelease12.htm:3]**    | **374**  **[0001091667-24-000084_chtrex991earningsrelease33.htm:3]**    | **350**  **[0001091667-24-000103_chtrex991earningsrelease63.htm:3]**    | **360**  **[0001091667-24-000123_chtr-20240930.htm:15]**    |
| Mobile Service       | **876**      | **497**  **[0001091667-23-000082_chtrex991earningsrelease33.htm:3]**    | **539**  **[0001091667-23-000108_chtr-20230630.htm:13]**    | **581**  **[0001091667-23-000141_chtrex991earningsrelease93.htm:4]**    | **626**  **[0001091667-24-000027_chtrex991earningsrelease12.htm:3]**    | **685**  **[0001091667-24-000084_chtrex991earningsrelease33.htm:3]**    | **737**  **[0001091667-24-000103_chtrex991earningsrelease63.htm:3]**    | **801**  **[0001091667-24-000123_chtr-20240930.htm:15]**    |
| Residential Revenue  | **10,267**    | **10,842**  **[0001091667-23-000082_chtrex991earningsrelease33.htm:3]**  | **10,825**  **[0001091667-23-000108_chtr-20230630.htm:13]**  | **10,740**  **[0001091667-23-000141_chtrex991earningsrelease93.htm:4]**  | **10,729**  **[0001091667-24-000027_chtrex991earningsrelease12.htm:3]**  | **10,793**  **[0001091667-24-000084_chtrex991earningsrelease33.htm:3]**  | **10,760**  **[0001091667-24-000103_chtrex991earningsrelease63.htm:3]**  | **10,768**  **[0001091667-24-000123_chtr-20240930.htm:15]**  |
| SMB Revenue          | **1,080**    | **1,091**  **[0001091667-23-000082_chtrex991earningsrelease33.htm:3]**  | **1,094**  **[0001091667-23-000108_chtr-20230630.htm:13]**  | **1,085**  **[0001091667-23-000141_chtrex991earningsrelease93.htm:4]**  | **1,083**  **[0001091667-24-000027_chtrex991earningsrelease12.htm:3]**  | **1,088**  **[0001091667-24-000084_chtrex991earningsrelease33.htm:3]**  | **1,101**  **[0001091667-24-000103_chtrex991earningsrelease63.htm:3]**  | **1,096**  **[0001091667-24-000123_chtr-20240930.htm:15]**  |
| Enterprise Revenue   | **674**      | **682**  **[0001091667-23-000082_chtrex991earningsrelease33.htm:3]**    | **690**  **[0001091667-23-000108_chtr-20230630.htm:13]**    | **698**  **[0001091667-23-000141_chtrex991earningsrelease93.htm:4]**    | **700**  **[0001091667-24-000027_chtrex991earningsrelease12.htm:3]**    | **708**  **[0001091667-24-000084_chtrex991earningsrelease33.htm:3]**    | **721**  **[0001091667-24-000103_chtrex991earningsrelease63.htm:3]**    | **723**  **[0001091667-24-000123_chtr-20240930.htm:15]**    |
| Commercial Revenue   | **1,754**    | **1,773**  **[0001091667-23-000082_chtrex991earningsrelease33.htm:3]**  | **1,784**  **[0001091667-23-000108_chtr-20230630.htm:13]**  | **1,783**  **[0001091667-23-000141_chtrex991earningsrelease93.htm:4]**  | **1,783**  **[0001091667-24-000027_chtrex991earningsrelease12.htm:3]**  | **1,796**  **[0001091667-24-000084_chtrex991earningsrelease33.htm:3]**  | **1,822**  **[0001091667-24-000103_chtrex991earningsrelease63.htm:3]**  | **1,819**  **[0001091667-24-000123_chtr-20240930.htm:15]**  |
| Advertising Sales    | **558**      | **355**  **[0001091667-23-000082_chtrex991earningsrelease33.htm:3]**    | **384**  **[0001091667-23-000108_chtr-20230630.htm:13]**    | **384**  **[0001091667-23-000141_chtrex991earningsrelease93.htm:4]**    | **428**  **[0001091667-24-000027_chtrex991earningsrelease12.htm:3]**    | **391**  **[0001091667-24-000084_chtrex991earningsrelease33.htm:3]**    | **397**  **[0001091667-24-000103_chtrex991earningsrelease63.htm:3]**    | **452**  **[0001091667-24-000123_chtr-20240930.htm:15]**    |
| Other Revenue        | **219**      | **683**  **[0001091667-23-000082_chtrex991earningsrelease33.htm:3]**    | **666**  **[0001091667-23-000108_chtr-20230630.htm:13]**    | **677**  **[0001091667-23-000141_chtrex991earningsrelease93.htm:4]**    | **771**  **[0001091667-24-000027_chtrex991earningsrelease12.htm:3]**    | **699**  **[0001091667-24-000084_chtrex991earningsrelease33.htm:3]**    | **706**  **[0001091667-24-000103_chtrex991earningsrelease63.htm:3]**    | **756**  **[0001091667-24-000123_chtr-20240930.htm:15]**    |
| Total Revenue        | **13,674**    | **13,653**  **[0001091667-23-000082_chtrex991earningsrelease33.htm:3]**  | **13,659**  **[0001091667-23-000108_chtr-20230630.htm:13]**  | **13,584**  **[0001091667-23-000141_chtrex991earningsrelease93.htm:4]**  | **13,711**  **[0001091667-24-000027_chtrex991earningsrelease12.htm:3]**  | **13,679**  **[0001091667-24-000084_chtrex991earningsrelease33.htm:3]**  | **13,685**  **[0001091667-24-000103_chtrex991earningsrelease63.htm:3]**  | **13,795**  **[0001091667-24-000123_chtr-20240930.htm:15]**  |

deead462eca4f53101c9be5cba89b0b97db45fbf5624aba6fc5ace3a381f5521

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

Depreciation and Amortization (D&A) [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

Earnings Per Share (EPS) - Basic [USD]

Earnings Per Share (EPS) - Diluted [USD]

6d11db91ae28e1ee7ed3a7d5371744c55fa32ca6cbc5827e2f642b13cfd47e20

44101fe4099667f18c478ac878ddbcd0ad94cc32c3ccd1215058a14d6f5f4f23

Charter Communications, Inc. is a leading broadband connectivity company and cable operator serving over 32 million customers in 41 states under the Spectrum brand. The company offers a comprehensive range of residential and business services, including Internet, TV, Mobile, and Voice services **[0001091667-24-000028_chtr-20231231.htm:61]** **[0001091667-24-000028_chtr-20231231.htm:5]** **[0001091667-24-000085_chtr-20240331.htm:8]**. Charter's product lines include Internet, Video, Voice, Mobile Service, and others, with residential revenue being the largest segment **[0001091667-24-000028_chtr-20231231.htm:146]**.

1. **Internet** - Provides high-speed broadband services to residential and business customers, forming the backbone of Charter's connectivity offerings.
2. **Video** - Offers a variety of television services, including cable TV packages with a wide range of channels and on-demand content.
3. **Mobile Service** - Delivers mobile phone services with flexible plans and nationwide coverage under the Spectrum brand.
4. **Voice** - Supplies residential and business voice services, including landline and VoIP options for clear and reliable communication.
5. **Others** - Encompasses additional services such as tailored advertising and production services through Spectrum Reach, and award-winning news and sports programming via Spectrum Networks.

bc95ab2c0e13ed2e495e38728dfbaf255b496c0e02ed4cdf8ff7a5d637ecbb71

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

8bc768b3f3d5caba9ccaa8167066e40c2541d795ee208ee73589939774c3e8b3

| Metric / Quarter                                      | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|-------------------------------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Enterprise PSUs Increased**                         | 2,000  **[0001091667-23-000022_chtrex991earningsrelease12.htm:2]**  | 4,000  **[0001091667-23-000082_chtrex991earningsrelease33.htm:2]**  | 6,000  **[0001091667-23-000107_chtrex991earningsrelease63.htm:1]** **[0001091667-23-000107_chtrex991earningsrelease63.htm:12]**  | 4,000  **[0001091667-23-000141_chtrex991earningsrelease93.htm:2]**  | 5,000  **[0001091667-24-000027_chtrex991earningsrelease12.htm:2]**  | 20,000  **[0001091667-24-000085_chtr-20240331.htm:22]**  | 4,000  **[0001091667-24-000103_chtrex991earningsrelease63.htm:2]**  | 17,000  **[0001091667-24-000123_chtr-20240930.htm:26]**  |
| **Monthly Residential Revenue per Customer ($)**      | 114.20  **[0001091667-23-000022_chtrex991earningsrelease12.htm:2]** **[0001091667-23-000022_chtrex991earningsrelease12.htm:1]**  | 120.56  **[0001091667-23-000084_chtr-20230331.htm:17]** **[0001091667-23-000082_chtrex991earningsrelease33.htm:11]**  | 120.25  **[0001091667-23-000107_chtrex991earningsrelease63.htm:12]**  | 119.28  **[0001091667-23-000141_chtrex991earningsrelease93.htm:2]** **[0001091667-23-000141_chtrex991earningsrelease93.htm:13]** **[0001091667-23-000141_chtrex991earningsrelease93.htm:1]**  | 119.41  **[0001091667-24-000027_chtrex991earningsrelease12.htm:2]** **[0001091667-24-000027_chtrex991earningsrelease12.htm:13]**  | 120.48  **[0001091667-24-000084_chtrex991earningsrelease33.htm:11]** **[0001091667-24-000085_chtr-20240331.htm:17]**  | 120.77  **[0001091667-24-000103_chtrex991earningsrelease63.htm:13]**  | 121.47  **[0001091667-24-000121_chtrex991earningsrelease93.htm:14]**  |
| **Monthly SMB Revenue per Customer ($)**              | 163.44  **[0001091667-23-000022_chtrex991earningsrelease12.htm:13]**  | 164.58  **[0001091667-23-000084_chtr-20230331.htm:17]**  | 164.56  **[0001091667-23-000107_chtrex991earningsrelease63.htm:12]** **[0001091667-23-000108_chtr-20230630.htm:19]**  | 162.94  **[0001091667-23-000141_chtrex991earningsrelease93.htm:13]**  | 162.38  **[0001091667-24-000027_chtrex991earningsrelease12.htm:13]**  | 163.44  **[0001091667-24-000084_chtrex991earningsrelease33.htm:11]** **[0001091667-24-000085_chtr-20240331.htm:17]**  | 165.28  **[0001091667-24-000103_chtrex991earningsrelease63.htm:13]**  | 164.38  **[0001091667-24-000121_chtrex991earningsrelease93.htm:14]**  |
| **Total Mobile Lines (millions)**                     | 5.3  **[CHTR_3181990_0]** **[0001091667-23-000022_chtrex991earningsrelease12.htm:2]** **[0001091667-23-000022_chtrex991earningsrelease12.htm:0]**  | 5.978  **[0001091667-23-000082_chtrex991earningsrelease33.htm:0]** **[0001091667-23-000082_chtrex991earningsrelease33.htm:11]** **[0001091667-23-000082_chtrex991earningsrelease33.htm:1]**  | 6.6  **[0001091667-23-000107_chtrex991earningsrelease63.htm:0]** **[0001091667-23-000107_chtrex991earningsrelease63.htm:12]**  | 7.2  **[0001091667-23-000141_chtrex991earningsrelease93.htm:0]**  | 7.8  **[0001091667-24-000027_chtrex991earningsrelease12.htm:0]**  | 8.3  **[0001091667-24-000084_chtrex991earningsrelease33.htm:0]**  | 8.8  **[0001091667-24-000103_chtrex991earningsrelease63.htm:0]**  | 9.4  **[0001091667-24-000121_chtrex991earningsrelease93.htm:0]**  |
| **Enterprise PSUs (thousands)**                       | 284  **[0001091667-23-000022_chtrex991earningsrelease12.htm:1]** **[0001091667-23-000022_chtrex991earningsrelease12.htm:13]**  | 288  **[0001091667-23-000084_chtr-20230331.htm:17]** **[0001091667-23-000082_chtrex991earningsrelease33.htm:1]**  | 294  **[0001091667-23-000108_chtr-20230630.htm:19]**  | 298  **[0001091667-23-000141_chtrex991earningsrelease93.htm:13]**  | 303  **[0001091667-24-000027_chtrex991earningsrelease12.htm:13]**  | 308  **[0001091667-24-000084_chtrex991earningsrelease33.htm:1]** **[0001091667-24-000084_chtrex991earningsrelease33.htm:11]**  | 312  **[0001091667-24-000103_chtrex991earningsrelease63.htm:13]** **[0001091667-24-000103_chtrex991earningsrelease63.htm:1]**  | 315  **[0001091667-24-000121_chtrex991earningsrelease93.htm:14]** **[0001091667-24-000121_chtrex991earningsrelease93.htm:1]**  |
| **Subsidized Rural Passings Activated**               | 120,000  **[0001193125-23-072624_d460546ddef14a.htm:47]**  | 44,000  **[CHTR_3248005_1]** **[0001091667-23-000084_chtr-20230331.htm:16]** **[0001091667-23-000082_chtrex991earningsrelease33.htm:2]** **[CHTR_3248005_2]**  | 68,000  **[CHTR_3385460_4]** **[CHTR_3256157_2]** **[0001091667-23-000107_chtrex991earningsrelease63.htm:2]**  | 78,000  **[CHTR_3362543_3]** **[0001091667-23-000141_chtrex991earningsrelease93.htm:2]** **[0001091667-23-000143_chtr-20230930.htm:19]**  | 105,000  **[CHTR_3371753_4]** **[0001091667-24-000027_chtrex991earningsrelease12.htm:2]**  | 73,000  **[CHTR_3381142_3]** **[0001091667-24-000084_chtrex991earningsrelease33.htm:2]** **[0001091667-24-000085_chtr-20240331.htm:16]**  | 89,000  **[0001091667-24-000103_chtrex991earningsrelease63.htm:2]** **[CHTR_3394684_4]** **[0001091667-24-000104_chtr-20240630.htm:19]**  | 114,000  **[0001091667-24-000121_chtrex991earningsrelease93.htm:2]** **[0001091667-24-000123_chtr-20240930.htm:20]**  |

d2ab2e4b81abc861e7f92ad3d12dfaf7e3d7b4c768abb7657d2c01ffadc2b298

7879805a30bba28c55cc4651d028a635678ce2d62270b539a87045eca0cca33f

1. Given the loss of the Affordable Connectivity Program and its significant impact on broadband subscriber numbers, how does the company plan to mitigate this loss in the long term? What strategies are in place to replace the retention benefits previously provided by ACP, especially considering the potential for higher churn rates among low-income customers?

2. You mentioned that your 2024 capital expenditures guidance has been reduced due to lower customer net additions and the impact of the end of ACP. Can you elaborate on how this reduction in CapEx might affect your long-term network evolution initiatives and competitive positioning, particularly in light of increasing competition from fiber overbuilds and fixed wireless access providers?

3. In your prepared remarks, you highlighted that your standalone mobile adjusted EBITDA was positive for the first time, even after subscriber acquisition costs. Can you provide more details on the sustainability of mobile profitability, especially considering the increasingly competitive mobile market and aggressive promotions from other carriers?

4. Regarding the hybrid direct-to-consumer linear model and inclusion of streaming services like Paramount+, Disney+, and others into your video packages, how confident are you that these partnerships will stabilize or grow your video segment? What metrics will you use to assess the success of this strategy over the next few quarters?

5. With the expansion of open-access fiber networks and potential increased competition from wholesalers and other converged players, how do you plan to defend your market share and margins in the face of these emerging competitive threats? Specifically, what strategies are you implementing to address the risks posed by these new market entrants?

38103b19e5cd1ca258ccecbb12f28bb4d8e204b9e6415ed220370f415deb26ea

4ecc79b6f9e1f766c5dd5e252a4a4f9eb3655b3ca5dff3f9a7170a32e2b445fb

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Cost of Service**: Expected to decline by **1% to 2%**, inclusive of bad debt expense  **[CHTR_3394684_11]** .
  2. **Programming Costs**: Expected to be flattish year-over-year  **[CHTR_3394684_11]** .
  3. **Sales and Marketing Costs**: Expected to be at the low end of the **2% to 3%** growth range, if not a bit below  **[CHTR_3394684_11]** .
  4. **Capital Expenditures**: Expected to total approximately **$12 billion**, down from the previous range of **$12.2 billion to $12.4 billion**  **[CHTR_3394684_5]** .
  5. **Leverage**: Expected to continue moving closer to the middle of their **4 to 4.5x** target leverage range  **[CHTR_3394684_6]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Capital Expenditures**: Expected to total approximately **$12 billion**, down from the previous guidance of between **$12.2 billion and $12.4 billion**  **[CHTR_3394684_5]** .
  2. **Line Extension Spend**: Expected to be approximately **$4.5 billion** and network evolution spend of approximately **$1.6 billion**  **[CHTR_3394684_6]** .
  3. **Expense Management**: Programming cost per video customer expected to be flattish year-over-year. Cost to serve expected to decline by **1% to 2%**. Sales and marketing costs expected to be at the low end of the **2% to 3% growth** range  **[CHTR_3394684_11]** .
  4. **Leverage**: Aiming to move closer to the middle of their **4 to 4.5x target leverage range**  **[CHTR_3394684_6]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Capital Expenditures**: Expected to total between **$12.2 billion and $12.4 billion**, including line extension spend of approximately **$4.5 billion** and network evolution spend of approximately **$1.6 billion**  **[CHTR_3381142_5]** .
  2. **Leverage Ratio**: Aiming to move closer to the middle of their **4 to 4.5x target leverage range**  **[CHTR_3381142_5]** .
  3. **Rural Passings**: Expected to activate approximately **450,000 new subsidized rural passings** in 2024  **[CHTR_3381142_3]** .
  4. **Network Evolution Initiative**: Completion planned by **2026**, at an incremental cost of just over **$100 per passing**  **[CHTR_3381142_1]** .
  5. **EBITDA Growth**: Aiming for solid growth despite significant investments and competitive challenges  **[CHTR_3381142_4]** .
  6. **Affordable Connectivity Program (ACP) Impact**: Expected to be mostly limited to the second and third quarters, with potential onetime pressure on Internet ARPU and bad debt expense  **[CHTR_3381142_3]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Capital Expenditures for 2024**: Expected to total between **$12.2 billion and $12.4 billion**, including line extensions of approximately **$4.5 billion** and network evolution spend of approximately **$1.6 billion**  **[CHTR_3371753_5]** .
  2. **Capital Expenditures Outlook through 2027**: Expected to be just over **$12 billion in 2024** and fall to approximately **$8 billion by 2027**  **[CHTR_3371753_5]** .
  3. **Programming Cost per Video Customer for 2024**: Expected to grow in the **1% to 2% range year-over-year**  **[CHTR_3371753_4]** .
  4. **Cash Tax Payments for 2024**: Expected to land between **$1.5 billion and $1.9 billion**  **[CHTR_3371753_7]** .

ecb445ff65623aa82ec6d8d199bae07202a0ee7e14b962421fc2decee9172036

**Enterprise PSUs Increased**

**Monthly Residential Revenue per Customer ($)**

**Monthly SMB Revenue per Customer ($)**

**Enterprise PSUs (thousands)**

**Subsidized Rural Passings Activated**

df0ce85876779235daa9fb4f858f2e36462fcddc1aa2db5c19bffb842cc28011

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

0e9d1a3d6bd82cec014575437a66f77b4a1c4419e1e377806c4bd4d35c2ccdc8

| Name                  | Position                                                        | Start Date       | Short Bio                                                                                                                                                                                                                                                                                                                                                       |
|-----------------------|-----------------------------------------------------------------|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Christopher L. Winfrey| President and Chief Executive Officer                           | December 2022    | Christopher L. Winfrey was named **President and Chief Executive Officer** of Charter Communications in **December 2022**. He joined Charter as Chief Financial Officer in 2010 and served as Chief Operating Officer from 2021, overseeing all cable operations  **[0001193125-24-058021_d534477dpre14a.htm:13]** **[0001193125-24-067965_d534477ddef14a.htm:13]** **[0001193125-23-072624_d460546ddef14a.htm:31]** .                                                                                   |
| Richard J. DiGeronimo | President, Product and Technology                               | December 2022    | Richard J. DiGeronimo has been serving as the **President, Product and Technology** at Charter Communications since **December 2022**. He oversees Charter's product, engineering, software development, and other key areas. He joined Charter in 2008 and has held several leadership roles  **[0001193125-24-058021_d534477dpre14a.htm:31]** **[0001193125-24-067965_d534477ddef14a.htm:31]** **[0001193125-23-072624_d460546ddef14a.htm:32]** .                                                        |
| Jessica M. Fischer    | Chief Financial Officer                                         | October 2021     | Jessica M. Fischer is the **Chief Financial Officer** of Charter Communications, having been named to the position in **October 2021**. She oversees various departments including Accounting, Finance, and Tax, and manages Charter's equity and capital markets strategy  **[0001193125-24-058021_d534477dpre14a.htm:31]** **[0001193125-24-067965_d534477ddef14a.htm:31]** .                                                                             |
| Jamal H. Haughton     | Executive Vice President, General Counsel, and Corporate Secretary | 2023             | Jamal H. Haughton joined Charter Communications as **Executive Vice President, General Counsel, and Corporate Secretary in 2023**. He serves as Charter's chief legal officer, overseeing all legal functions across various disciplines  **[0001193125-24-058021_d534477dpre14a.htm:33]** **[0001193125-24-067965_d534477ddef14a.htm:33]** **[0001193125-24-067965_d534477ddef14a.htm:32]** .                                                                                                            |
| Kevin D. Howard       | Executive Vice President, Chief Accounting Officer, and Controller | 2006             | Kevin D. Howard is the **Executive Vice President, Chief Accounting Officer, and Controller** at Charter Communications. He joined Charter in **2002** and was promoted to his current role in **2006**. He is responsible for Charter's operational and technical accounting, taxes, and financial reporting  **[0001193125-24-058021_d534477dpre14a.htm:33]** **[0001193125-24-067965_d534477ddef14a.htm:33]** .                                          |
| R. Adam Ray           | Executive Vice President, Chief Commercial Officer              | 2005             | R. Adam Ray is the **Executive Vice President, Chief Commercial Officer** at Charter Communications. He oversees all residential and SMB marketing and sales activity for Charter. Mr. Ray joined Charter in **2005** and has held several leadership positions  **[0001193125-24-058021_d534477dpre14a.htm:33]** **[0001193125-24-067965_d534477ddef14a.htm:33]** .                                                                                       |
| Scott A. Schwartz     | Group Vice President, Corporate Finance and Treasurer           | N/A              | Scott A. Schwartz serves as the **Group Vice President, Corporate Finance and Treasurer** of Charter Communications Operating, LLC. However, the documents do not provide specific details about his start date in this role or a detailed biography  **[0001104659-24-126817_tm2430518d1_ex10-1.htm:6]** **[0001091667-24-000028_chtr12312023exh-482.htm:2]** .                                                                                                   |

51e417a86cdc0de2a26cb5865ab2d44de5810a4cc4d87e480f9e43734853b01f

| Program Details          | Program 1          |
|--------------------------|--------------------|
| Approval Date            | N/A                |
| End Date/Duration        | N/A                |
| Total Additional Amount  | N/A                |
| Remaining Authorization  | **$599 million**  **[0001091667-24-000123_chtr-20240930.htm:13]** **[0001091667-24-000123_chtr-20240930.htm:31]** **[0001091667-24-000123_chtr-20240930.htm:42]**  |
| Details                  | Charter has been actively purchasing shares of its Class A common stock since September 2016. As of September 30, 2024, Charter has purchased approximately **162.3 million shares** for approximately **$73.3 billion**.  **[0001091667-24-000123_chtr-20240930.htm:30]**  |

12697323bbc30259c3a3de91e4a87ff66a5216c433d8696e2b9f79a11604991a

**Annual guidance for FY 2024:**
- **Cost of Service**: Expected to decline by 1% to 2%  **[CHTR_3394684_11]**  (no change from prior guidance  **[CHTR_3394684_11]** )  
- **Programming Costs**: Expected to be flattish year-over-year  **[CHTR_3394684_11]**  (no change from prior guidance  **[CHTR_3394684_11]** )  
- **Sales and Marketing Costs**: Expected to be at the low end of the 2% to 3% growth range, if not a bit below  **[CHTR_3394684_11]**  (lowered from the low end of 2% to 3%  **[CHTR_3394684_11]** )  
- **Capital Expenditures**: Expected to total approximately $12 billion  **[CHTR_3394684_5]**  (no change from prior guidance  **[CHTR_3394684_5]** )  
- **Leverage**: Expected to continue moving closer to the middle of their 4 to 4.5x target leverage range  **[CHTR_3394684_6]**  (no change from prior guidance  **[CHTR_3394684_6]** )  

ad449674b1f5400f895033f1e81937b417c8f474c3d2d5d541b11bc64cb8b7a6

- Total Revenue: $13,926 million (+2% YoY)  **[0001091667-24-000028_chtr-20231231.htm:146]** **[0001091667-25-000033_chtrex991earningsrelease12.htm:11]** **[0001091667-25-000033_chtrex991earningsrelease12.htm:12]** **[0001091667-25-000033_chtrex991earningsrelease12.htm:3]**   
- Video: $3,616 million (−7% YoY)  **[0001091667-24-000028_chtr-20231231.htm:146]** **[0001091667-25-000033_chtrex991earningsrelease12.htm:11]** **[0001091667-25-000033_chtrex991earningsrelease12.htm:3]**   
- Voice: $353 million (−10% YoY)  **[0001091667-24-000028_chtr-20231231.htm:146]** **[0001091667-25-000033_chtrex991earningsrelease12.htm:11]** **[0001091667-25-000033_chtrex991earningsrelease12.htm:3]**   
- Mobile Service: $86 million (**−86% YoY**)  **[0001091667-24-000028_chtr-20231231.htm:146]** **[0001091667-25-000033_chtrex991earningsrelease12.htm:11]** **[0001091667-25-000033_chtrex991earningsrelease12.htm:3]**   
- Advertising Sales: $54 million (**−87% YoY**)  **[0001091667-24-000028_chtr-20231231.htm:146]** **[0001091667-25-000033_chtrex991earningsrelease12.htm:11]** **[0001091667-25-000033_chtrex991earningsrelease12.htm:4]**   
- Other Revenue: $884 million (+15% YoY)  **[0001091667-24-000028_chtr-20231231.htm:146]** **[0001091667-25-000033_chtrex991earningsrelease12.htm:11]** **[0001091667-25-000033_chtrex991earningsrelease12.htm:4]**   
- Net Income: $1,466 million (**+39% YoY**)  **[0001091667-24-000028_chtr-20231231.htm:124]** **[0001091667-25-000033_chtrex991earningsrelease12.htm:12]** **[0001091667-25-000033_chtrex991earningsrelease12.htm:11]** **[0001091667-25-000033_chtrex991earningsrelease12.htm:3]**   
- Diluted EPS: $10.10 (**+43% YoY**)  **[0001091667-24-000028_chtr-20231231.htm:124]** **[0001091667-25-000033_chtrex991earningsrelease12.htm:12]**   

6e7805a2e57df943decf1a4fe5e8a8c0839ea5dcb550fc1de09b072ecac31c0f

| Name      | Start Date | End Date | Reason for Change |
|-----------|------------|----------|-------------------|
| KPMG LLP  | 2002  **[0001091667-24-000028_chtr-20231231.htm:123]**    | Present  | Current auditor   |

b4549c4aa60fd0a5d0b06a534b55c4f9b6aa8cf3248a2c769a710f17eff0c047

f4d8ae76c9473c8e4d97c3f0fb365d6a43327b32de73ac43f909c257ebdf9f12

9dbc64bcfd04307878723addd8173a33723e0d764d464a2782ec4bb67742c6ed

- Total Revenue: $13,795 million (+2% YoY)  **[0001091667-23-000143_chtr-20230930.htm:14]** **[0001091667-24-000123_chtr-20240930.htm:15]**   
- Mobile Service: $801 million (**+38% YoY**)  **[0001091667-23-000143_chtr-20230930.htm:14]** **[0001091667-24-000123_chtr-20240930.htm:15]**   
- Video: $3,735 million (-7% YoY)  **[0001091667-23-000143_chtr-20230930.htm:14]** **[0001091667-24-000123_chtr-20240930.htm:15]**   
- Voice: $360 million (-5% YoY)  **[0001091667-23-000143_chtr-20230930.htm:14]** **[0001091667-24-000123_chtr-20240930.htm:15]**   
- Advertising Sales: $452 million (+18% YoY)  **[0001091667-23-000143_chtr-20230930.htm:14]** **[0001091667-24-000123_chtr-20240930.htm:15]**   
- Other: $756 million (+12% YoY)  **[0001091667-23-000143_chtr-20230930.htm:14]** **[0001091667-24-000123_chtr-20240930.htm:15]**   
- Operating Income: $3,335 million (+7% YoY)  **[0001091667-23-000143_chtr-20230930.htm:6]** **[0001091667-24-000123_chtr-20240930.htm:6]**   
- **Net Income: $1,280 million (+42% YoY)**  **[0001091667-23-000143_chtr-20230930.htm:6]** **[0001091667-24-000123_chtr-20240930.htm:6]**   
- EPS (Basic): $8.99 (+7% YoY)  **[0001091667-23-000143_chtr-20230930.htm:6]** **[0001091667-24-000123_chtr-20240930.htm:6]**   

bf68644484bfd87d5affd584719a3e18916ae64cd47cac19fa960ac4f4951df2

- **Charter's subsidized rural markets are achieving nearly 50% penetration at the 12-month mark, faster than initial expectations**, indicating strong growth potential.  **[CHTR_3362543_7]**
- **Spectrum One is performing well, with mobile retention rates better than expected and customers actively using the service**, leading to significant growth in mobile lines.  **[CHTR_3362543_12]**
- **The company anticipates EBITDA growth will improve as pressures from investments begin to abate moving into 2024**, expecting upward trends to continue.  **[CHTR_3362543_11]**

7a5be98ca068dcfa718ef80f5d6bbcd6a2b0a5c92aa5dcf24bf0ecf375a962f4

| Year | Amount Due (in millions) | Debt Type | Interest Rate | % of Total Debt |
|------|--------------------------|-----------|---------------|-----------------|
| 2025 | $1,799 **[0001091667-25-000034_chtr-20241231.htm:135]** | 4.908% Senior Notes **[0001091667-25-000034_chtr-20241231.htm:86]** | 4.908% **[0001091667-25-000034_chtr-20241231.htm:86]** | 1.9% = (1,799M / 93,800M) * 100 **[0001091667-25-000034_chtr-20241231.htm:149]** **[0001091667-25-000034_chtr-20241231.htm:85]** |
| 2026 | $1,850 **[0001091667-25-000034_chtr-20241231.htm:86]** **[0001091667-25-000034_chtr-20241231.htm:85]** | 6.150% Senior Notes **[0001091667-25-000034_chtr-20241231.htm:86]** | 6.150% **[0001091667-25-000034_chtr-20241231.htm:86]** | 2.0% = (1,850M / 93,800M) * 100 **[0001091667-25-000034_chtr-20241231.htm:149]** **[0001091667-25-000034_chtr-20241231.htm:85]** |
| 2027 | $3,250 **[0001091667-25-000034_chtr-20241231.htm:85]** | 5.125% Senior Notes **[0001091667-25-000034_chtr-20241231.htm:85]** | 5.125% **[0001091667-25-000034_chtr-20241231.htm:85]** | 3.5% = (3,250M / 93,800M) * 100 **[0001091667-25-000034_chtr-20241231.htm:149]** **[0001091667-25-000034_chtr-20241231.htm:85]** |
| 2028 | $4,750 **[0001091667-25-000034_chtr-20241231.htm:86]** **[0001091667-25-000034_chtr-20241231.htm:85]** | 3.750% Senior Notes **[0001091667-25-000034_chtr-20241231.htm:86]** | 3.750% **[0001091667-25-000034_chtr-20241231.htm:86]** | 5.1% = (4,750M / 93,800M) * 100 **[0001091667-25-000034_chtr-20241231.htm:149]** **[0001091667-25-000034_chtr-20241231.htm:85]** |
| 2029 | $6,750 **[0001091667-25-000034_chtr-20241231.htm:86]** **[0001091667-25-000034_chtr-20241231.htm:85]** | 2.250% Senior Notes **[0001091667-25-000034_chtr-20241231.htm:86]** | 2.250% **[0001091667-25-000034_chtr-20241231.htm:86]** | 7.2% = (6,750M / 93,800M) * 100 **[0001091667-25-000034_chtr-20241231.htm:149]** **[0001091667-25-000034_chtr-20241231.htm:85]** |
| 2030 | $10,300 **[0001091667-25-000034_chtr-20241231.htm:86]** **[0001091667-25-000034_chtr-20241231.htm:152]** | 4.750% Senior Notes **[0001091667-25-000034_chtr-20241231.htm:86]** | 4.750% **[0001091667-25-000034_chtr-20241231.htm:86]** | 11.0% = (10,300M / 93,800M) * 100 **[0001091667-25-000034_chtr-20241231.htm:149]** **[0001091667-25-000034_chtr-20241231.htm:85]** |
| 2031 | $6,825 **[0001091667-25-000034_chtr-20241231.htm:86]** | 4.250% Senior Notes **[0001091667-25-000034_chtr-20241231.htm:86]** | 4.250% **[0001091667-25-000034_chtr-20241231.htm:86]** | 7.3% = (6,825M / 93,800M) * 100 **[0001091667-25-000034_chtr-20241231.htm:149]** **[0001091667-25-000034_chtr-20241231.htm:85]** |
| 2032 | $8,000 **[0001091667-25-000034_chtr-20241231.htm:86]** | 4.750% Senior Notes **[0001091667-25-000034_chtr-20241231.htm:86]** | 4.750% **[0001091667-25-000034_chtr-20241231.htm:86]** | 8.5% = (8,000M / 93,800M) * 100 **[0001091667-25-000034_chtr-20241231.htm:149]** **[0001091667-25-000034_chtr-20241231.htm:85]** |
| 2033 | $2,750 **[0001091667-25-000034_chtr-20241231.htm:86]** | 4.500% Senior Notes **[0001091667-25-000034_chtr-20241231.htm:86]** | 4.500% **[0001091667-25-000034_chtr-20241231.htm:86]** | 2.9% = (2,750M / 93,800M) * 100 **[0001091667-25-000034_chtr-20241231.htm:149]** **[0001091667-25-000034_chtr-20241231.htm:85]** |
| 2034 | $6,800 **[0001091667-25-000034_chtr-20241231.htm:86]** | 4.250% Senior Notes **[0001091667-25-000034_chtr-20241231.htm:86]** | 4.250% **[0001091667-25-000034_chtr-20241231.htm:86]** | 7.2% = (6,800M / 93,800M) * 100 **[0001091667-25-000034_chtr-20241231.htm:149]** **[0001091667-25-000034_chtr-20241231.htm:85]** |
| 2035 | $2,000 **[0001091667-25-000034_chtr-20241231.htm:86]** | 6.384% Senior Notes **[0001091667-25-000034_chtr-20241231.htm:86]** | 6.384% **[0001091667-25-000034_chtr-20241231.htm:86]** | 2.1% = (2,000M / 93,800M) * 100 **[0001091667-25-000034_chtr-20241231.htm:149]** **[0001091667-25-000034_chtr-20241231.htm:85]** |
| 2038 | $2,300 **[0001091667-25-000034_chtr-20241231.htm:86]** | 5.375% Senior Notes **[0001091667-25-000034_chtr-20241231.htm:86]** | 5.375% **[0001091667-25-000034_chtr-20241231.htm:86]** | 2.5% = (2,300M / 93,800M) * 100 **[0001091667-25-000034_chtr-20241231.htm:149]** **[0001091667-25-000034_chtr-20241231.htm:85]** |
| 2041 | $1,500 **[0001091667-25-000034_chtr-20241231.htm:86]** | 3.500% Senior Notes **[0001091667-25-000034_chtr-20241231.htm:86]** | 3.500% **[0001091667-25-000034_chtr-20241231.htm:86]** | 1.6% = (1,500M / 93,800M) * 100 **[0001091667-25-000034_chtr-20241231.htm:149]** **[0001091667-25-000034_chtr-20241231.htm:85]** |
| 2042 | $2,350 **[0001091667-25-000034_chtr-20241231.htm:86]** | 3.500% Senior Notes **[0001091667-25-000034_chtr-20241231.htm:86]** | 3.500% **[0001091667-25-000034_chtr-20241231.htm:86]** | 2.5% = (2,350M / 93,800M) * 100 **[0001091667-25-000034_chtr-20241231.htm:149]** **[0001091667-25-000034_chtr-20241231.htm:85]** |
| 2045 | $3,500 **[0001091667-25-000034_chtr-20241231.htm:86]** | 6.484% Senior Notes **[0001091667-25-000034_chtr-20241231.htm:86]** | 6.484% **[0001091667-25-000034_chtr-20241231.htm:86]** | 3.7% = (3,500M / 93,800M) * 100 **[0001091667-25-000034_chtr-20241231.htm:149]** **[0001091667-25-000034_chtr-20241231.htm:85]** |
| 2047 | $2,500 **[0001091667-25-000034_chtr-20241231.htm:86]** | 5.375% Senior Notes **[0001091667-25-000034_chtr-20241231.htm:86]** | 5.375% **[0001091667-25-000034_chtr-20241231.htm:86]** | 2.7% = (2,500M / 93,800M) * 100 **[0001091667-25-000034_chtr-20241231.htm:149]** **[0001091667-25-000034_chtr-20241231.htm:85]** |
| 2048 | $2,450 **[0001091667-25-000034_chtr-20241231.htm:86]** | 5.750% Senior Notes **[0001091667-25-000034_chtr-20241231.htm:86]** | 5.750% **[0001091667-25-000034_chtr-20241231.htm:86]** | 2.6% = (2,450M / 93,800M) * 100 **[0001091667-25-000034_chtr-20241231.htm:149]** **[0001091667-25-000034_chtr-20241231.htm:85]** |
| 2049 | $1,250 **[0001091667-25-000034_chtr-20241231.htm:86]** | 5.125% Senior Notes **[0001091667-25-000034_chtr-20241231.htm:86]** | 5.125% **[0001091667-25-000034_chtr-20241231.htm:86]** | 1.3% = (1,250M / 93,800M) * 100 **[0001091667-25-000034_chtr-20241231.htm:149]** **[0001091667-25-000034_chtr-20241231.htm:85]** |
| 2050 | $2,800 **[0001091667-25-000034_chtr-20241231.htm:86]** | 4.800% Senior Notes **[0001091667-25-000034_chtr-20241231.htm:86]** | 4.800% **[0001091667-25-000034_chtr-20241231.htm:86]** | 3.0% = (2,800M / 93,800M) * 100 **[0001091667-25-000034_chtr-20241231.htm:149]** **[0001091667-25-000034_chtr-20241231.htm:85]** |
| 2051 | $2,050 **[0001091667-25-000034_chtr-20241231.htm:86]** | 3.700% Senior Notes **[0001091667-25-000034_chtr-20241231.htm:86]** | 3.700% **[0001091667-25-000034_chtr-20241231.htm:86]** | 2.2% = (2,050M / 93,800M) * 100 **[0001091667-25-000034_chtr-20241231.htm:149]** **[0001091667-25-000034_chtr-20241231.htm:85]** |
| 2052 | $2,400 **[0001091667-25-000034_chtr-20241231.htm:86]** | 3.900% Senior Notes **[0001091667-25-000034_chtr-20241231.htm:86]** | 3.900% **[0001091667-25-000034_chtr-20241231.htm:86]** | 2.6% = (2,400M / 93,800M) * 100 **[0001091667-25-000034_chtr-20241231.htm:149]** **[0001091667-25-000034_chtr-20241231.htm:85]** |
| 2053 | $1,500 **[0001091667-25-000034_chtr-20241231.htm:86]** | 5.250% Senior Notes **[0001091667-25-000034_chtr-20241231.htm:86]** | 5.250% **[0001091667-25-000034_chtr-20241231.htm:86]** | 1.6% = (1,500M / 93,800M) * 100 **[0001091667-25-000034_chtr-20241231.htm:149]** **[0001091667-25-000034_chtr-20241231.htm:85]** |
| 2055 | $500 **[0001091667-25-000034_chtr-20241231.htm:86]** | 6.834% Senior Notes **[0001091667-25-000034_chtr-20241231.htm:86]** | 6.834% **[0001091667-25-000034_chtr-20241231.htm:86]** | 0.5% = (500M / 93,800M) * 100 **[0001091667-25-000034_chtr-20241231.htm:149]** **[0001091667-25-000034_chtr-20241231.htm:85]** |
| 2061 | $3,250 **[0001091667-25-000034_chtr-20241231.htm:86]** | 3.850% Senior Notes **[0001091667-25-000034_chtr-20241231.htm:86]** | 3.850% **[0001091667-25-000034_chtr-20241231.htm:86]** | 3.5% = (3,250M / 93,800M) * 100 **[0001091667-25-000034_chtr-20241231.htm:149]** **[0001091667-25-000034_chtr-20241231.htm:85]** |
| 2062 | $1,400 **[0001091667-25-000034_chtr-20241231.htm:86]** | 3.950% Senior Notes **[0001091667-25-000034_chtr-20241231.htm:86]** | 3.950% **[0001091667-25-000034_chtr-20241231.htm:86]** | 1.5% = (1,400M / 93,800M) * 100 **[0001091667-25-000034_chtr-20241231.htm:149]** **[0001091667-25-000034_chtr-20241231.htm:85]** |
| 2063 | $1,000 **[0001091667-25-000034_chtr-20241231.htm:86]** | 5.500% Senior Notes **[0001091667-25-000034_chtr-20241231.htm:86]** | 5.500% **[0001091667-25-000034_chtr-20241231.htm:86]** | 1.1% = (1,000M / 93,800M) * 100 **[0001091667-25-000034_chtr-20241231.htm:149]** **[0001091667-25-000034_chtr-20241231.htm:85]** |

e9e0fa258c178c1ca0785ed917d51fdb5d4db6efb3710b2665331d53d56e6260

419541eeadea2f8b79fb3389b340517aa1b20937376a3120fd9c7edd51f2f0a5

1. **Impact of ACP on Net Additions**  
   **Q:** How is the Affordable Connectivity Program (ACP) affecting net additions?  
   **A:** The loss of ACP had a significant impact on net additions, resulting in a reduction of **well over 100,000** subscribers in the quarter, with about half from voluntary churn and the other half from reduced gross additions.  **[CHTR_3394684_7]**  This impact was also seen in the first quarter and is expected to continue into the third quarter with more non-pay disconnects.  **[CHTR_3394684_10]** **[CHTR_3394684_11]**  The company views this as a one-time event and expects market activity to normalize once the ACP impact is flushed out between Q2 and Q3.  **[CHTR_3394684_10]** 

2. **Competitive Environment and Market Growth**  
   **Q:** How is the competitive environment affecting broadband market growth?  
   **A:** Despite a shrinking broadband market in the second quarter due to factors like reduced housing starts and the removal of ACP for new connects, Charter is competing well against fixed wireless and fiber overbuilds.  **[CHTR_3394684_8]** **[CHTR_3394684_10]**  The pace of competitive fiber overbuild has been steady or slightly lower, and Charter's unique advantage lies in having a gigabit network deployed everywhere, upgrading to symmetrical and multi-gig speeds, and offering seamless connectivity through WiFi and strategic partnerships.  **[CHTR_3394684_8]** 

3. **Cost Reductions and Expense Management**  
   **Q:** What cost actions is Charter taking, and how will they impact financials?  
   **A:** Charter is implementing extensive expense management initiatives, including vendor cost reductions, reduced spend on discretionary categories, overhead expense reductions, and efficiency improvements.  **[CHTR_3394684_11]**  As a result, they now expect programming costs per video customer to be **flattish year-over-year**, previously expected to grow 1%-2%.  **[CHTR_3394684_11]**  Cost to serve is now expected to **decline by 1%-2%**, inclusive of bad debt expense, compared to previous expectations of being flat with 2023.  **[CHTR_3394684_11]** 

4. **Mobile Strategy and Growth**  
   **Q:** How is Charter evolving its mobile offerings to drive growth?  
   **A:** Charter's mobile lines increased significantly, even excluding the benefit of ACP mobile retention offers.  **[CHTR_3394684_9]**  They've introduced new programs like the **Anytime Upgrade**, service and repair functions, and phone balance buyout options, which are attracting customers without subsidizing phones.  **[CHTR_3394684_9]**  Their competitive pricing at **$30 for Unlimited** and **$40 for Unlimited Plus** per line offers substantial savings, contributing to strong mobile growth.  **[CHTR_3394684_9]** 

5. **Free Cash Flow and Share Repurchases**  
   **Q:** What is Charter's outlook on free cash flow and share buybacks?  
   **A:** Charter is working on balance sheet management to extract cash to support the business, potentially doing better than previous flat working capital expectations.  **[CHTR_3394684_10]**  They believe they can continue share buybacks over the course of the year while meeting leverage targets, without having to wait until reaching **4.25x leverage** before accelerating buybacks.  **[CHTR_3394684_10]** 

6. **Video Strategy and Direct-to-Consumer Offers**  
   **Q:** How is the take-up of direct-to-consumer in hybrid linear offers progressing?  
   **A:** The take-up of direct-to-consumer (DTC) offerings is going **very well**, with products like **Disney+ Basic** growing every month since its launch in January.  **[CHTR_3394684_12]**  Charter is adding features like **Disney+ Premium**, the **Disney Duo Basic Bundle**, and plans to launch **Paramount+** soon.  **[CHTR_3394684_12]**  While not expecting to completely arrest the loss of video subscribers, Charter aims to offer valuable video products as part of their broadband packages.  **[CHTR_3394684_12]** 

7. **Political Advertising Expectations**  
   **Q:** What are Charter's expectations for political advertising revenue?  
   **A:** Political advertising is variable and depends on state-by-state dynamics and swing states.  **[CHTR_3394684_12]**  Recent events may have increased national political advertising spending, but it's uncertain whether this will occur in the right states for Charter.  **[CHTR_3394684_12]**  The company focuses on the underlying growth of the subscription business, considering political advertising as one-time in nature.  **[CHTR_3394684_12]** 

67a56d8014e715ca3cbc6dfc99f70fa5fe72dd75cd8a17244b4184c562e4bf68

- **Charter is confident in returning to sustainable growth**, thanks to their **superior products** and **unique ability to provide attractively priced mobile services**, which together with the **expanding rural footprint**, positions them for **long-term customer and financial growth**.  **[CHTR_3381142_14]** **[CHTR_3381142_10]** **[CHTR_3381142_7]**
- The company is leveraging their **converged offering** (e.g., **Spectrum One**) to drive growth, believing they have a **competitive advantage** by offering **fastest connectivity at incredible value**, and see **convergence as a new product category** with significant potential.  **[CHTR_3381142_6]** **[CHTR_3381142_14]** **[CHTR_3381142_10]**
- **Effective expense management** and **prudent financial strategies**, including maintaining a **comfortable leverage range** and **managing expenses across the business**, enable Charter to **grow EBITDA** even in a challenging environment, showing **strong free cash flow** and commitment to shareholder value.  **[CHTR_3381142_8]** **[CHTR_3381142_9]** **[CHTR_3381142_7]**

1dc27818a0abd33c024ba86937a355d04e05cc4e37791fbc2e1db97847d51dd5

- *Bear Case for Charter Communications ($CHTR):**
- **Slower Growth and Competitive Pressures in Core Broadband Markets**: Charter is experiencing **slower broadband subscriber growth in its core markets** than expected, partly due to **increased competition from fixed wireless access providers**, particularly in the lower-end, price-sensitive customer segments. The usual back-to-school reconnects have **not returned to previous levels**, indicating a stunted growth in the broadband market.  **[CHTR_3362543_7]**
- **Rising Capital Expenditures and Uncertain Return on Rural Investments**: The company's **capital expenditures are increasing significantly** due to network evolution initiatives and accelerated rural expansion. Adjusting the timing of network upgrades may **not fully offset additional line extension spending**, leading to higher total capital expenses. Additionally, **uncertainty surrounding participation in the federal BEAD program** due to unfavorable guidelines may limit future growth opportunities in rural broadband expansion.  **[CHTR_3362543_9]** **[CHTR_3362543_10]**

94a860f845088f3142a9c05066b1aecf3cab59d7a34a80ef8e66b3e44381c59c

- Charter is achieving higher-than-expected penetration rates in its rural expansion projects, reaching close to **50%** penetration at the 12-month mark, ahead of initial projections, indicating strong demand and attractive returns on investment.  **[CHTR_3371753_12]**
- The company is strategically investing in significant network upgrades and expansions, including the largest broadband expansion since the **1980s**, expected to drive long-term free cash flow growth and shareholder value.  **[CHTR_3371753_10]**
- Charter expects strong EBITDA growth in **2024** by efficiently managing costs, keeping cost to serve flat, and finding efficiencies without impacting service levels, with additional tailwinds expected from political advertising.  **[CHTR_3371753_10]**

64d3e61a0e755f198b410f94194fd298751a96314e7eb627f7ec13daf607715a

1. **EBITDA Outlook Amid ACP Impact**  
   **Q:** Can you still grow EBITDA despite ACP ending?  
   **A:** Management remains confident in **EBITDA growth for the year** despite the nonrenewal of the Affordable Connectivity Program (ACP), which will impact subscriber growth and potentially ARPU in Q2 and Q3.  **[CHTR_3381142_6]**  The short-term impact is difficult to predict due to unprecedented events, but they expect EBITDA growth to accelerate across the rest of the year, considering cost-cutting opportunities and expense initiatives.  **[CHTR_3381142_6]** 

2. **Leverage Target Adjustment**  
   **Q:** Why are you moving leverage toward the midpoint?  
   **A:** Charter is adjusting its leverage target toward the midpoint of its **4x to 4.5x range** to create additional headroom during the peak of its investment cycle.  **[CHTR_3381142_8]**  Management emphasizes that their confidence in the business hasn't changed, and they are committed to maintaining an investment-grade rating.  **[CHTR_3381142_8]** 

3. **Broadband Competition and Subscriber Growth**  
   **Q:** How are you addressing broadband competition and growth?  
   **A:** Despite competition from fixed wireless and fiber overbuilds, Charter believes it offers the best products at the best all-in price, especially when combining broadband and mobile.  **[CHTR_3381142_7]**  They acknowledge lower selling opportunities due to market factors and expect short-term pressures, but remain focused on execution and disciplined pricing to return to sustainable growth over time.  **[CHTR_3381142_7]** 

4. **Mobile Strategy and Convergence**  
   **Q:** How does Spectrum One fit into your convergence strategy?  
   **A:** Spectrum One is more than an offer; it's a new product category that positions Charter uniquely to provide seamless connectivity through broadband, Wi-Fi, and mobile services.  **[CHTR_3381142_9]**  Management views mobile as an extension of internet connectivity and sees an opportunity to capitalize on their network capabilities to offer ubiquitous broadband Internet.  **[CHTR_3381142_9]** 

5. **Impact of ACP Ending on Subscribers and ARPU**  
   **Q:** What is the subscriber and ARPU impact from ACP ending?  
   **A:** The nonrenewal of ACP is expected to impact internet customer growth in Q2 and Q3 due to elevated nonpay activity.  **[CHTR_3381142_6]**  Short-term subscriber losses and initial suppression of ARPU are anticipated, but it is considered a one-time event that won't affect long-term growth potential.  **[CHTR_3381142_6]** 

6. **Video Churn and Programming Costs**  
   **Q:** How is video churn affected by programming renewals?  
   **A:** Video churn remained consistent, but lower internet sales opportunities and a programming cost increase pass-through in Q1 contributed to video subscriber losses.  **[CHTR_3381142_6]**  Management believes that bundling direct-to-consumer services like Disney+ and ESPN+ can stem churn and add value to packages, offsetting programming cost increases.  **[CHTR_3381142_6]** 

7. **Free Cash Flow and Working Capital**  
   **Q:** How did one-time payments and working capital affect free cash flow?  
   **A:** A one-time payment of **$150 million to $180 million** impacted free cash flow in Q1.  **[CHTR_3381142_11]**  Management expects negative working capital in Q1 but anticipates recovering to close to flat over the course of the year, excluding the ongoing drag from mobile device sales.  **[CHTR_3381142_11]** 

8. **Net Neutrality Regulatory Concerns**  
   **Q:** Any concerns about net neutrality rules returning?  
   **A:** Management is not concerned about net neutrality but is cautious about potential regulation under Title II.  **[CHTR_3381142_10]**  They believe Title II could lead to unintended consequences like rate regulation and is not the right approach for services they are already delivering effectively.  **[CHTR_3381142_10]** 

867662361d2a264e706558cbe6a45bf6815845048c116372ed534eb59fd9c504

- **Competitive pressures from fixed wireless access and wireline overbuilders are leading to slower net internet customer growth**, with Charter losing **61,000 Internet customers in the fourth quarter**, driven by increased competition and aggressive promotions from competitors.  **[CHTR_3371753_8]** ,  **[CHTR_3371753_4]**
- **Flat revenue per customer relationship**, with residential revenue per customer relationship up only **0.1% year-over-year**, due to inability to raise prices significantly amid competitive pressures, impacting ARPU growth and revenue prospects.  **[CHTR_3371753_11]** ,  **[CHTR_3371753_4]**
- **Increased capital expenditures and delayed network evolution project may impact free cash flow**, with **2024 capital expenditures expected to be between $12.2 billion and $12.4 billion**, and the network evolution initiative completion pushed to **2026**, affecting long-term cash flow implications.  **[CHTR_3371753_10]** ,  **[CHTR_3371753_6]** ,  **[CHTR_3371753_7]**

4880fc6bd2ae2edcc5d254caf1214e12232ab9c07f4aafaf51618cc45b474226

- **Charter is upgrading its network to provide symmetrical and multi-gig speeds everywhere**, leveraging its **ubiquitous gigabit network**, combined with **WiFi and CBRS capabilities and a strategic relationship with Verizon** to offer **seamless connectivity and converged broadband**, which is a **unique competitive advantage in the market**.  **[CHTR_3394684_8]**
- **Mobile net additions improved in the second quarter**, even excluding ACP retention offers, driven by the evolution of their mobile offerings, including **innovative programs like Anytime Upgrade, Repair and Replacement Plan, and phone balance buyout program**, which enhance profitable growth and attract new customer segments.  **[CHTR_3394684_9]**
- **Effective expense management initiatives** have resulted in cost reductions and increased efficiency, with the **expense management process working better than expected**, leading to **accelerating EBITDA growth** anticipated in the back half of the year.  **[CHTR_3394684_11]**

800b2386a6a2b50a8d1fbc04ca7daeef53a7294ea39bca12655f5e8529627999

- **Shrinking Broadband Market and Loss of ACP Impact**: The company indicated that in Q2, "*the broadband market actually shrunk as a onetime event*" due to factors like reduced housing starts, rental vacancies, and notably, the removal of the Affordable Connectivity Program (ACP) for new connects  **[CHTR_3394684_10]** . The loss of ACP is expected to lead to more non-payment disconnects, with ongoing impacts into Q3 and potentially Q4  **[CHTR_3394684_10]** **[CHTR_3394684_13]** . This could result in higher churn rates and pressure on subscriber growth.
- **Increased Competition from Fiber Overbuilds and Alternative Providers**: Despite downplaying the impact, there is acknowledgment of competitive fiber overbuilds and the expansion of footprints by fixed wireless and fiber competitors  **[CHTR_3394684_8]** . The presence of "*open access and other wholesale providers getting into the mix and increasing the fiber availability*" could intensify competitive pressures and affect Charter's market share  **[CHTR_3394684_8]** .
- **Cost Reduction Measures May Impact Service Quality**: The company has initiated expense management processes, including vendor cost reductions, reduced overhead expenses, and implementing efficiency tools  **[CHTR_3394684_11]** . While they state they are not impacting sales or service capabilities, such cost reductions could potentially affect service quality if not managed carefully  **[CHTR_3394684_11]** .

4b3d2f159a3a6fd3315e472d9ba1eaaf7d0b34ed43983a73634ccbeb5de5117c

- **Discontinuation of the Affordable Connectivity Program (ACP)** poses significant risks to Charter Communications, including potential subscriber losses, increased churn, higher bad debt expenses, and suppression of ARPU growth, particularly in **Q2 and Q3**. The company mentions that the impact is difficult to predict but acknowledges it could be substantial.  **[CHTR_3381142_12]** ,  **[CHTR_3381142_14]** ,  **[CHTR_3381142_6]**
- The **mobile segment continues to be a drag on working capital** due to device sales, and this negative impact could accelerate as the company offers free mobile lines to ACP customers and introduces programs like **Anytime Upgrade**. This could increase financial strain on the company's working capital.  **[CHTR_3381142_11]** ,  **[CHTR_3381142_14]**
- **Increased competition from overbuilders** is making it difficult for Charter to predict when subscriber growth will return. The company acknowledges challenges in timing the reacceleration of subscriber additions due to factors like ACP discontinuation and competitive pressures from fiber and fixed wireless providers.  **[CHTR_3381142_14]** ,  **[CHTR_3381142_6]**

cbd38c33c6660b465f1720087c5ec6dc866d747b5c017408a15ad105484c97ef

1. **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.  **[CHTR_3405457_9]**  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.  **[CHTR_3405457_9]**  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.  **[CHTR_3405457_9]** 

2. **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.  **[CHTR_3405457_13]**  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.  **[CHTR_3405457_13]**  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.  **[CHTR_3405457_13]**  Expense reduction efforts should help mitigate these headwinds.  **[CHTR_3405457_13]** 

3. **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).  **[CHTR_3405457_12]**  Competitively, there's no significant difference between FTTH and hybrid fiber-coaxial (HFC) networks.  **[CHTR_3405457_12]**  The HFC network has advantages like more telemetry and the ability to support wireless strategies.  **[CHTR_3405457_12]**  The company believes it can compete effectively regardless of network type.  **[CHTR_3405457_12]** 

4. **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.  **[CHTR_3405457_11]**  This is a multiyear process aimed at improving customer service and reputation.  **[CHTR_3405457_11]**  While bill credits may have minimal ARPU impact, focusing on service quality is expected to enhance customer acquisition and retention over time.  **[CHTR_3405457_11]**  Early indications show the bundled strategy is successful in driving higher customer ARPU by encouraging customers to take higher-tiered packages and more products.  **[CHTR_3405457_11]** 

5. **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**.  **[CHTR_3405457_14]**  Priorities include completing programming agreements, launching programmer apps, implementing ad-free upgrades, and creating a video portal to manage subscriptions.  **[CHTR_3405457_14]**  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.  **[CHTR_3405457_14]**  Long term, this is expected to positively impact customer acquisition and retention, especially when bundled with Internet services.  **[CHTR_3405457_14]** 

6. **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.  **[CHTR_3405457_12]**  They believe in operating cable businesses effectively and pursue opportunities that make sense and drive returns.  **[CHTR_3405457_12]**  There's not necessarily a trade-off between BEAD participation and pursuing M&A; they consider both where appropriate.  **[CHTR_3405457_12]** 

28ad9c15e21dc2ddf2f03bb4843ed6a6410e5ebdfc91ec1961231611007b92eb

1. **CapEx Guidance and Investment Priorities**  
   **Q:** Why guide CapEx out to 2027 instead of shorter term?  
   **A:** Chris explained they provided multiyear CapEx guidance to show investors the size and returns of their commitments, given unique investment opportunities like subsidized rural builds, which are generational. While they typically prefer shorter-term guidance, they wanted to demonstrate the value of their long-term investments so shareholders understand the benefits. The delay in DAA equipment certification also pushed out the timing of network upgrades.  **[CHTR_3371753_10]** 

2. **EBITDA Growth Outlook for 2024**  
   **Q:** What can you tell us about EBITDA growth in 2024?  
   **A:** Jessica didn't provide specific EBITDA guidance but mentioned factors supporting growth. They expect political advertising to be a tailwind, have fully lapped employee investments, aim to keep cost to serve essentially flat, and anticipate sales and marketing costs to grow only **2-3%**. They're identifying efficiencies across the business to maintain strong EBITDA growth.  **[CHTR_3371753_10]** 

3. **Competitive Dynamics and Fixed Wireless Impact**  
   **Q:** Has fixed wireless competition affected your growth?  
   **A:** Chris noted continued expansion of fixed wireless and aggressive promotions from competitors in Q4, impacting gross adds and churn, especially on the gross adds front, leading to outsized changes in net adds. They're improving short-term go-to-market strategies without overreacting. Jessica added that the environment wasn't consistent through the quarter due to factors like the Disney dispute, and net adds remained slightly negative in December and consistent into January.  **[CHTR_3371753_8]** 

4. **ARPU Trends and Pricing Power**  
   **Q:** How will ARPU progress in 2024, has pricing power changed?  
   **A:** Jessica said average revenue per customer is flat mainly due to declining video penetration, but Internet ARPU continues to grow, even slightly higher than historical levels. Chris affirmed their long-term strategy of keeping prices low to enhance growth and reduce churn but acknowledged passing through inflationary pressures where needed. They see pricing power balanced with competitiveness and the need to recover costs.  **[CHTR_3371753_11]** 

5. **Mobile Strategy's Impact on Churn and Growth**  
   **Q:** Is mobile reducing churn or driving new subscribers?  
   **A:** Chris stated that mobile significantly reduces churn among customers who adopt it, who are about **13%** of their base. While it's unclear if mobile is yet driving new sales, there's opportunity for convergence to boost acquisition over time. The rollout of their own capacity, like CBRS, is paced considering other investments but offers clear returns.  **[CHTR_3371753_11]** 

6. **ACP Subscribers and Potential Impact**  
   **Q:** How many ACP subscribers do you have, impact if ACP ends?  
   **A:** Jessica said they have a little over **5 million** households receiving the ACP benefit, all for wireline Internet. Most ACP customers were already Internet customers before the program began. It's challenging to predict the impact if the program ends, but they'll work hard to keep customers connected and keep stakeholders informed. Chris emphasized their focus on getting ACP refunded and believes there's a strong possibility it could happen.  **[CHTR_3371753_9]** 

7. **Penetration Assumptions and BEAD Investments**  
   **Q:** How do fixed wireless and satellites affect your penetration outlook and BEAD investments?  
   **A:** Chris explained their penetration assumptions for rural builds were already conservative, but they're achieving about **50%** penetration at the 12-month mark, ahead of expectations. Fixed wireless and LEO satellites are factored into their planning but don't significantly change their investment outlook or expectations for terminal penetration.  **[CHTR_3371753_12]** 

8. **Cash Tax Guidance with Depreciation Extension**  
   **Q:** How much would cash taxes decrease if depreciation is extended?  
   **A:** Jessica stated it's premature to adjust guidance. It's not just bonus depreciation but also R&D and interest expense deductions that will impact them. The reforms being considered support their investment economics, and they expect a material benefit to cash taxes if the legislation passes.  **[CHTR_3371753_8]** 

9. **Fiber Overbuild Overlap Update**  
   **Q:** What's your current fiber overlap percentage?  
   **A:** Chris said their overbuild percentage is roughly **50%**, as disclosed in their **10-K**.  **[CHTR_3371753_13]** 

10. **CBRS Build-out and Offload Strategy**  
    **Q:** What's the update on your CBRS build-out strategy?  
    **A:** Chris noted they are fully deployed with thousands of radio access networks in one large market and expanding to another this year. The CBRS deployment is ROI-based with clear returns. Deployment is paced due to other capital investments, but they plan to fully deploy it as it offers great returns.  **[CHTR_3371753_13]** 

a3f3c7cbdc046888d50d4f42059ed0ebb9b3f76c89027384930cf0eae85466f8

Charter Communications Inc (CHTR)

Financials