Charter Communications (CHTR) MoffettNathanson's 2026 Media, Internet & Communications Conference summary

Market reaction and ARPU discussion

• Stock price decline attributed to concerns over flat broadband ARPU growth and broadband subscriber losses.

• Management emphasizes focus on customer lifetime value and converged ARPU rather than single product ARPU.

• Short-term ARPU volatility seen as less important than long-term household revenue and margin optimization.

• Cost pass-throughs and retention activities impacted ARPU in the first quarter, with plans for adjustments later in the year.

• Converged ARPU is growing, and management avoids providing guidance on single product ARPU.

Growth strategy and competitive landscape

• Growth is challenged by increased new competition and historically low market move rates, reducing selling opportunities.

• Network is positioned as best-in-class, with symmetrical, multi-gig, and converged capabilities.

• Service improvements include rapid response times and high U.S.-based service levels.

• Free cash flow remains strong, supported by multi-year CapEx guidance and unique infrastructure assets.

• Opportunities identified in go-to-market execution and improving Net Promoter Score.

Broadband, convergence, and product positioning

• Competes effectively with FWA and fiber at all speed and price points, offering targeted low-cost products.

• Convergence strategy leverages bundled offerings, with mobile as an extension of broadband.

• Installation and customer experience improvements have been prioritized to match or exceed competitors.

• Bundling drives higher gig and multi-gig adoption, but only 25% penetration so far.

• Convergence is seen as the future, with unique ability to deliver wireline and wireless integration.