2024-07-26 12:47:15 ET
Charter Communications, Inc. (CHTR)
Q2 2024 Earnings Conference Call
July 26, 2024 8:30 AM ET
Company Participants
Stefan Anninger - Vice President of Investor Relations
Chris Winfrey - President and Chief Executive Officer
Jessica Fischer - Chief Financial Officer
Conference Call Participants
Craig Moffett - MoffettNathanson
Sebastiano Petti - JP Morgan
Jonathan Chaplin - New Street
Benjamin Swinburne - Morgan Stanley
Jessica Ehrlich - Bank of America Securities
Peter Cipino - Wolfe Research
Presentation
Operator
Hello. And welcome to Charter Communications' Second 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 second quarter, we lost 149 ,000 internet customers, most of which was driven by the end of the Affordable Connectivity Program. We added over 550,000 Spectrum Mobile lines and close to 2.2 million lines year-over-year. Revenue was up slightly in the quarter, while adjusted EBITDA grew by 2.6%. We put a lot of effort into the ACP program, and it wasn't renewed. Beginning early this year, we've been actively working with customers to preserve their connectivity. Our service and retention teams are handling the volume of calls well, and we've retained the vast majority of ACP customers so far. The real question is customers' ability to pay, not just now, but over time. I expect we'll have a better view of the total ACP impact once we're inside the fourth quarter. The lack of ACP will also drive higher levels of market churn and selling opportunities for connectivity services over time....
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Charter Communications, Inc. (CHTR) Q2 2024 Earnings Call Transcript