Charter Communications Inc at Goldman Sachs Communacopia & Technology Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Michael Ng - Goldman Sachs & Company, Inc. - Analyst : Yes. To start things off, I wanted to ask about how you see the market evolving? I've been really impressed with some of Charter's efforts to innovate in video with the streaming conclusions. You guys are obviously doing a lot in terms of marketing and branding, emphasizing how the network is fiber powered and talking about the retail value that video subscribers will get on the streaming side of the equation. Could you maybe just put that into context of how you see the market and the competitive landscape today and how you're setting up the company for success?

Question: Michael Ng - Goldman Sachs & Company, Inc. - Analyst : Great. Let's start a little bit with the fastest-growing side of the business, which is mobile. To your point, you have a very attractive mobile offering. It's been a strategic focus for the past several years. You've been mostly focused on the residential side. Can you just give us an update on where you are in terms of mobile penetration, how you think about mobile as part of the broader product suite? And then we could talk about kind of business after that.

Question: Michael Ng - Goldman Sachs & Company, Inc. - Analyst : Yes. And when you think about what's preventing that mobile penetration to increase back to what you would consider like a terminal or a fair level, like what is the holdup in the minds of consumers? Is it brand perception? I'm actually a Spectrum customer. I haven't signed up for mobile yet because I'm stuck with my device payment plan on a different care.

Question: Michael Ng - Goldman Sachs & Company, Inc. - Analyst : Only two, which is -- so I've asked about the line buyout.

Question: Michael Ng - Goldman Sachs & Company, Inc. - Analyst : It's pretty close, yes.

Question: Michael Ng - Goldman Sachs & Company, Inc. - Analyst : Yes. And could you maybe just expand a little bit --

Question: Michael Ng - Goldman Sachs & Company, Inc. - Analyst : I'm looking forward to the promotion coming live. I think you said next week. So you could add one more net add. I was wondering if you could just talk a little bit more about brand perception. And our team talks about this a lot. And I think there's a historical or legacy perception of what cable is from a service and quality perspective. But I think that's changed a lot. Could you maybe just talk to some of the improvements in customer service and brand and quality? And what needs to happen for consumer brand perception to catch up with what reality is?

Question: Michael Ng - Goldman Sachs & Company, Inc. - Analyst : Going back to the mobile conversation for a minute. Charter recently signed a new MVNO with T-Mobile. I think it's mostly on the business side of the equation. My understanding is that there were limitations on the existing MVNO in terms of number of lines. So this was required to move more into business and SMB. Could you help us just understand your ambitions on this side of the business, how important is having a mobile

Question: Michael Ng - Goldman Sachs & Company, Inc. - Analyst : Right. And just -- that's a good segue to the next question, which is Charter's mobile EBITDA as CapEx has been profitable for several quarters. Could you just expand a little bit on how you view the mobile profit pool? Is it a business in and of itself that you expect to be a driver of P&L? Or is this really something that's complementary to the broadband business? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2025 / 5:50PM, CHTR.OQ - Charter Communications Inc at Goldman Sachs Communacopia & Technology Conference

Question: Michael Ng - Goldman Sachs & Company, Inc. - Analyst : Right. Okay. Shifting back towards just the broadband discussion. Could you talk a little bit about the competitiveness in the market, starting with fixed wireless? What are you seeing today in terms of competitive intensity from fixed wireless access providers? And what does Charter do in response to that being increasingly available in Charter markets?

Question: Michael Ng - Goldman Sachs & Company, Inc. - Analyst : And just on the move activity point, I guess my interpretation of that would be like, hey, when move activity picks up, the switcher pool will increase and I would just like to hear a little bit about your position in that scenario. Like do you think you're a net share gainer when there's a meaningful switcher pool and --

Question: Michael Ng - Goldman Sachs & Company, Inc. - Analyst : Okay. Great. And on the pricing side of the equation, could you frame for us how you think about broadband pricing over time? How do we kind of interpret what the impact to broadband ARPU will be from this pivot towards broadband plans with multiyear price locks?

Question: Michael Ng - Goldman Sachs & Company, Inc. - Analyst : Yes. And maybe we can talk about that on the set of products. I mean, I think irrespective of where you come out on the cable debate, I think everybody would acknowledge that you guys are doing really interesting things in video, right? And I think there's a tremendous amount of support from the media industry and what you all are doing. So could you talk a little bit about that and perhaps talk about some of the obligations from the media companies to make sure that you succeed or the incentive that they have for you to succeed and where you are in the time line of marketing that, then obviously, from the investor and analyst side, like when will we begin to see all those streaming inclusions show up in results, right?

Question: Michael Ng - Goldman Sachs & Company, Inc. - Analyst : Yes. It's really interesting to me because when I think about ARPU, you have the kind of broadband and video ARPU on a like-for-like basis, but then you also have this storefront revenue, which will sit on top of that and also be additive to ARPU.

Question: Michael Ng - Goldman Sachs & Company, Inc. - Analyst : Yes. And that piece makes perfect sense where you're a store, you're a reseller, the relationship is completely symbiotic. I was just wondering if you could comment a little bit on the ad-supported inclusions into the video package because things like ESPN Unlimited make perfect sense to me because your customers shouldn't be paying for ESPN twice.

Question: Michael Ng - Goldman Sachs & Company, Inc. - Analyst : But with something like a Disney+, right? Like there is exclusive content on a Disney+.

Question: Michael Ng - Goldman Sachs & Company, Inc. - Analyst : Right. Yes. That's a good point. Like they're not investing as much in the linear network. So makes sense.

Question: Michael Ng - Goldman Sachs & Company, Inc. - Analyst : That's right. Okay. Can we talk a little bit about the Cox acquisition. It seems very complementary to the charter strategy. When you look at things like Cox's video penetration, mobile penetration, it seems like there's a playbook that can be executed on to help improve those sorts of things. But could you talk a little bit about Cox? Why it made sense where you see the biggest opportunities?

Question: Michael Ng - Goldman Sachs & Company, Inc. - Analyst : Yes. When you look back to like TWC, Bright House, I would have thought a big part of the cost synergies there would be programming cost synergies. And as you look to Cox, are there diminishing returns to scale because you're yes, both I think, are scaled players at this point?

Question: Michael Ng - Goldman Sachs & Company, Inc. - Analyst : Yes. Maybe in the last couple of minutes here, could you talk a little bit about EBITDA growth in the midterm? You guys are obviously doing a ton in terms of investing in the brand and some of the new products and services. There's some cyclical stuff later this year about --

Question: Michael Ng - Goldman Sachs & Company, Inc. - Analyst : Yes.

Question: Michael Ng - Goldman Sachs & Company, Inc. - Analyst : Excellent. Well, Chris, it's been such a privilege to have you on stage here with us. Thank you so much for coming to our conference and for speaking with us.

Question: Michael Ng - Goldman Sachs & Company, Inc. - Analyst : Thank you.

Question: Michael Ng - Goldman Sachs & Company, Inc. - Analyst : Thank you, sir.