Q2 2024 Charter Communications Inc Earnings Call Transcript
Key Points
- Charter Communications Inc (CHTR) added over 550,000 Spectrum Mobile lines in the second quarter, with a year-over-year increase of close to 2.2 million lines.
- Revenue was up slightly in the quarter, while adjusted EBITDA grew by 2.6%.
- The company has a high capacity fully deployed network, with a 1 gigabit network available across 58 million passings.
- Charter Communications Inc (CHTR) launched several new mobile offerings, including Anytime Upgrade and a new repair-and-replacement plan, which have been well-received.
- The company is actively managing vendor rates and construction materials to make capital expenditures more efficient, reducing the 2024 capital expenditure outlook to approximately $12 billion.
- Charter Communications Inc (CHTR) lost 149,000 Internet customers in the second quarter, primarily due to the end of the affordable connectivity program (ACP).
- Video customers declined by 408,000 and wireline voice customers declined by 280,000 in the second quarter.
- The end of the ACP program resulted in a $30 million headwind to second quarter revenue from one-time nonrecurring ACP-related items.
- The company faces higher levels of market churn and selling opportunities for connectivity services over time due to the lack of ACP.
- Charter Communications Inc (CHTR) continues to experience losses in video, driven by downgrade churn from programmer rate increases and the impact of the end of the ACP program.
Hello, and welcome to the Charter Communications second quarter investor call. (Operator Instructions) Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time.
I'll now turn over the call to Stefan Anninger.
Thanks, operator, and welcome, everyone. the presentation that accompanies this call can be found on our website, ir.charter.com. I would like to remind you that there are a number of risk factors and other cautionary statements contained in our SEC filings, and we encourage you to read them carefully.
Various remarks that we make on this call concerning expectations, predictions, plans, and prospects constitute forward-looking statements, which are subject to risks and uncertainties that may cause actual results to differ from historical or anticipated results. Any forward-looking statements reflect management's current view only and Charter undertakes no obligation to revise or update such statements.
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