Charter Communications Inc Q2 2025 Earnings Call Transcript

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

Question: Craig Moffett - Moffettnathanson LLC - Analyst : I'm going to let others focus on the obligatory broadband questions and ask you about the T-Mobile deal that you announced for business and then the new MVNO. Can you just talk about that deal a little bit? I guess, it's reasonable from our side to presume that part of the appeal was lower prices relative to the existing Verizon deal. But can we read anything into your targeting small businesses with T-Mobile about a potentially larger relationship? And what should we conclude that the deal means for the relationship with Verizon? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JULY 25, 2025 / 12:30PM, CHTR.OQ - Q2 2025 Charter Communications Inc Earnings Call

Question: Craig Moffett - Moffettnathanson LLC - Analyst : And if I could just ask one quick follow-up question on that topic. I assume it's reasonable to assume that that deal contemplates the addition of Cox under the same relationship?

Question: John Hodulik - UBS AG - Analyst : Two quick ones, if I can. First, for Jessica, thanks for the numbers on the tax reform. Do you have a number for '26 and maybe more detail on the sort of the use of the cash tax savings? And then as Craig suggested, switching to broadband, Chris, you gave some sort of high-level sort of detail on sort of gross adds, non-pay churn, and voluntary churn. And it seems like the non-pay churn might have been one of the drivers of the sort of core declines. Is there any way you could give a little bit more color on that? It sounds like you're having such success getting new customers in but that nonpaid churn, maybe stemming from ACP stepped up a bit. So any color on sort of that dynamic would be great. Thanks. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JULY 25, 2025 / 12:30PM, CHTR.OQ - Q2 2025 Charter Communications Inc Earnings Call

Question: Jessica Reif Ehrlich - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Maybe switching to video for a second. You had obviously a really fantastic video improvement. Still losing subs but very modest. How do you see the offer evolving in terms of whether it's personalized recommendations or something else? Like where do you see the most potential to improve the video experience? And can you just discuss the attach rate with broadband because there should be a ripple -- do you think there would be a ripple effect?

Question: Sebastiano Petti - JPMorgan Chase & Co - Analyst : Just quickly on EBITDA. So you reiterated expectations to grow EBITDA within 2025. Quick just a housekeeping question. So the -- Jessica, the $45 million one-timer on other revenue, what's the flow through to the bottom line there? I'm just trying to see if EBITDA would have grown in the second quarter, excluding that. And then in the past, you've talked about cost to serve benefits having legs, and that's one of the material drivers that post mobile for the EBITDA growth through the year. Any change there versus prior expectations? Should we still think about those as the drivers? And then, if you could update us on cost expectations relative to last quarter, just given cost of service and sales and marketing were a little bit higher than anticipated. Thank you.

Question: Bryan Kraft - Deutsche Bank AG - Analyst : I just wanted to follow up on the video topic. I was wondering if what you're seeing underlying the improvement is fewer bundled subs dropping video or more new customers taking it or more existing customers adding it? Is there any color you could provide on what specifically is driving the improvement in subscriber trends? And then just related to that, are you starting to see any favorable change in that mix shift toward the lower end and toward the full video packages as a result of the new product construct that you've launched? Thanks. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JULY 25, 2025 / 12:30PM, CHTR.OQ - Q2 2025 Charter Communications Inc Earnings Call

Question: Steven Cahall - Wells Fargo Securities LLC - Analyst : So Chris, you all have a lot of experience buying and integrating including on the customer-facing side with your historical acquisitions. I think, with Cox, the Internet ARPU is above Charter. So can you just think about how you're thinking about managing that transition when it comes? I imagine you're going to see a lot of customer touch points. It's probably an opportunity to sell in more services. So maybe you can just help us think through that. And then as it relates to the CapEx outlook and capital intensity, kind of related question. So it sounds like that's going to be going down even pro forma for the acquisition. I imagine that's a lot of technology savings. So maybe you can just give a bit more color on where you see a lot of those savings for that intensity coming from? Thank you.

Question: James Schneider, Ph.D. - Goldman Sachs Group Inc - Analyst : I was wondering in light of some of the increased fiber investments you've seen from some of your competitors in the market, whether you're thinking any differently about your multi-year CapEx outlook, either in terms of the overall envelope or in terms of the composition? And specifically, maybe talk to the prospects for increased rural build investments and maybe using that as a source for the cash tax savings. Thank you.