Charter Communications, Inc. (NASDAQ:CHTR) Q3 2023 Earnings Conference Call October 27, 2023 8:30 AM ET
Company Participants
Stefan Anninger - IR
Chris Winfrey - President and CEO
Jessica Fischer - CFO
Conference Call Participants
Jonathan Chaplin - New Street Research
Craig Moffett - MoffettNathanson
Ben Swinburne - Morgan Stanley
Vijay Jayant - Evercore
Phil Cusick - JPMorgan
Steven Cahall - Wells Fargo
Operator
Hello, and welcome to the Charter Communications Q3 Conference Call. We ask that you please hold all questions until the completion of the formal remarks, at which time you’ll be given instructions for the question-and-answer session. Also, as a reminder, this conference call is being recorded today. If you have any objections, please disconnect at this time.
I'll now pass you over to Stefan Anninger.
Stefan Anninger
Thanks, operator, and welcome, everyone. The presentation that accompanies this call can be found on our website at 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, which we encourage you to read 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.
On today's call, we have Chris Winfrey, our President and CEO; and Jessica Fischer, our CFO.
With that, let's turn the call over to Chris.
Chris Winfrey
Thanks, Stefan. During the third quarter, we added 63,000 Internet customers, as we continue to benefit from growth in both our existing footprint and new subsidized rural footprint. We also added nearly 600,000 Spectrum mobile lines, benefiting from our Spectrum One offering.
At the end of the third quarter, we had over 7 million total mobile lines, and over 12% of our Internet customers now have mobile service. We expect mobile penetration to meaningfully grow over the next several years as the quality and the value of our converged connectivity service gains wider recognition.
Revenue was essentially flat year-over-year, with some temporary headwinds within the quarter. And adjusted EBITDA grew at 0.7% year-over-year, moving past the low point last quarter. We expect that upward trend to continue as we realize the benefit of our operating investments.
More importantly, we're making significant progress against the multiyear strategic initiatives we outlined late last year. Our footprint expansion initiative remains on track. We expect to add approximately 300,000 new subsidized rural passings in 2023 and to accelerate that pace in 2024.