Charter Communications, Inc. (CHTR) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

July 28, 2023 8:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Hello, and welcome to Charter Communications' Second Quarter 2023 Investor Call. [Operator Instructions] Also, as a reminder, this conference call is being recorded today. If you have any objections, please disconnect at this time.

I will now turn the call over to Stefan Anninger.

Stefan Anninger

Good morning, and welcome to Charter's second quarter 2023 investor call. The presentation that accompanies this call can be found on our website, ir.charter.com, under the Financial Information section.

Before we proceed, I would like to remind you that there are a number of risk factors and other cautionary statements contained in our SEC filings, including our most recent 10-K and also our 10-Q filed this morning. We will not review those risk factors and other cautionary statements on this call; however, we encourage you to read them carefully.

Various remarks that we make on this call concerning expectation, predictions, plans and prospects constitute forward-looking statements. These forward-looking statements 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 or to make additional forward-looking statements in the future.

During the course of today’s call, we will be referring to non-GAAP measures as defined and reconciled in our earnings materials. These non-GAAP measures, as defined by Charter, may not be comparable to measures with similar titles used by other companies. Please also note that, all growth rates noted on this call and in the presentation are calculated on a year-over-year basis unless otherwise specified.

On today’s call, we have Chris Winfrey, our President and CEO; Tom Rutledge, our Executive Chairman; and Jessica Fischer, our CFO.

With that, let’s turn the call over to Chris.

Chris Winfrey

Thanks, Stefan.

During the second quarter, we added 77,000 Internet customers, and we continue to benefit from our Spectrum One offering and our network expansion initiatives. We also added 648,000 spectrum mobile lines. At the end of the second quarter, we had over 6.6 million total mobile lines. Over 11% of our Internet customers now have mobile service, and we expect mobile penetration to meaningfully grow over the next several years.

Spectrum Mobile is the nation's fastest mobile service. We see mobile lines as an extension of our WiFi and seamless connectivity service, and we expect our increasing convergence capabilities will contribute to further Internet growth.