Charter Communications, Inc. (CHTR) Q1 2023 Earnings Call Transcript

Charter Communications, Inc. (NASDAQ:CHTR) Q1 2023 Earnings Conference Call April 28, 2023 8:30 AM ET

Company Participants

Stefan Anninger - Investor Relations

Chris Winfrey - President and Chief Executive Officer

Tom Rutledge - Executive Chairman

Jessica Fischer - Chief Financial Officer

Conference Call Participants

Doug Mitchelson - Credit Suisse

Ben Swinburne - Morgan Stanley

John Hodulik - UBS

Phil Cusick - JPMorgan

Peter Supino - Wolfe Research

Jonathan Chaplin - New Street

Craig Moffett - MoffettNathanson

Jessica Ehrlich - Bank of America

Michael Rollins - Citi

Operator

Hello and welcome to the Charter Communications First 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 Anniger. Please go ahead.

Stefan Anninger

Good morning and welcome to Charter’s first 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 expectations, 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 first quarter, we added 76,000 Internet customers with contributions from our Spectrum One offering and our rural construction initiative. We continue to operate in a low transaction environment and yet we added 686,000 Spectrum Mobile lines. At the end of the first quarter, we had 6 million total mobile lines. Just over 10% of our Internet customers now have mobile service and we expect mobile penetration to meaningfully grow over the next several years and our increasing convergence capabilities will contribute to Internet growth.