Charter Communications, Inc. (NASDAQ:CHTR) Q1 2024 Earnings Call Transcript April 26, 2024 8:30 AM ET
Company Participants
Stefan Anninger - IR
Chris Winfrey - President and CEO
Jessica Fischer - CFO
Conference Call Participants
John Hodulik - UBS
Benjamin Swinburne - Morgan Stanley
Jonathan Chaplin - New Street
Craig Moffett - MoffettNathanson
Bryan Kraft - Deutsche Bank
Michael Rollins - Citi
Vijay Jayant - Evercore
Steven Cahall - Wells Fargo
Operator
Hello and welcome to Charter Communications' First Quarter Investor 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 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
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, 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 first quarter, we lost 72,000 Internet customers. Despite lower Internet sales, we added nearly 500,000 Spectrum Mobile lines and close to 2.3 million lines year-over-year. We now have more than 8.2 million total mobile lines with still low mobile penetration of Internet customers and passings. We have a long runway for customer and financial growth with the nation's fastest mobile service at incredible value.
Revenue was relatively flat in the quarter, while adjusted EBITDA grew by 2.8%. And during the first quarter, our Internet customer growth remained challenged by a low move and generally low activity environment, coupled with continued elevated competition at least in the short term and a small impact from fewer low income connects due to discontinued ACP availability.
Churn remains at historically low levels. Cell phone Internet continues to compete for gross additions and has expanded its addressable market within our footprint, and we remain confident in our ability to return to healthy long-term growth. Our Internet product is faster and it's more reliable. Our pricing is lower when similarly bundled with mobile, and the cell phone companies will face capacity challenges as customer bandwidth grows. In the first quarter, wireline overbuild activity continued at a similar pace. And given the value of our converged products, we resisted chasing some less rational promotional offers from overbuilders.