Charter Comm Inc Del CL A New Citi’s 2026 Global TMT Conference

Great to be here. Thanks.

Sure. First off, I just have to express my gratitude to my teams at Spectrum, to Chris, who was a sponsor and mentor through a big chunk of my career, to the board who has been very supportive. Look, I think we've done the right things for the future of the business, right? We've made some great investments across the business that I think will carry it into the future. We took a stand in video that has changed the trajectory of the video business, which ultimately is good for broadband, and will grow the broadband side of the business. And we stuck to the strategy, right? Which is that we're selling high-quality products that have value to customers, and doing that coupled with high-quality customer service.

When you put that together, the industry has been really challenging, but we've been one of the most successful teams in the industry against that very challenging backdrop. That was what enabled us to close the Cox transaction and the Liberty Broadband transaction in the last couple of weeks, and it set the company up quite well to continue to grow its cash flow over the next few years. There's a lot of exciting stuff still to come at Charter. That being the case for me, it was a good time to go take on a new challenge. I've accepted a role at Crux AI, which is a partnership between Google and Blackstone. We'll be building AI infrastructure, which as we were just talking, is sort of being a different piece in the chain here, building what will create demand on the network going forward.

It's an exciting space. I'm excited to go do it. I wish the team well, and I think there's still a lot more to come here at Charter as well.

Yeah. The total footprint coming out of this, we have more than 70 million passings, only around 37 million customers. The opportunity that's there is around almost 35 million homes and businesses that we can go sell to. The way that we're going to do that, look, on the Cox side, the lever that we have is the ability to bundle products much better than what they've done before. Their video penetration is a little under 10%. Their mobile penetration is very low. Their broadband ARPUs are high. What we will go do, and we've already sort of started to go do, is we're going to go sell using our pricing and packaging strategy, which has performed better than theirs, to drive lower pricing at acquisition, and lower pricing actually sort of throughout the life cycle of the customer from a broadband perspective.

But to couple that with video and mobile such that we do what we have always done across our footprint, which is to maximize the amount of cash flow that you can get per household. And when you look at where customer ARPUs are on the Cox side versus on our side, excluding the Seamless Entertainment allocation, they are not that different. So there is really a clear opportunity to be able to sort of migrate the base in a way that will be good for the customer because it will make customers churn less because we will be delivering more value, and will be good for the business because I think that we can generate unit growth over time related to sort of creating that better package for customers. And you bring that together with like the. So you have what you need to do on the revenue side.

But a lot of real opportunity on the other side as well. There are some good things inside of the business, whether it is AI tools or what they are doing on the B2B side, where we can take things that they do well and bring them to our business. There are things that we do well, where we can push them into their business, some opportunities in advertising, and some spaces like that. The confidence that we have and the synergies that will come from the transaction, I would say, has increased dramatically as we have sort of dug in further. So we have raised our synergy target to more than $1 billion. So overall, there is a lot of work to do. And we are excited. I did not mention it, but in the pricing and packaging, actually, I think in the next week and a half, that we will be rolling that out over their footprint sort of at full scale.

So lots of exciting work to do on that side, but I think we are really confident in our ability to sort of bend the trajectory that they have been on to put that business in a better place, and to create value for the company in doing so.

Yeah. I actually think that there's a big chunk of the synergies that come very quickly. So you get to run rate, like something on the order of half, probably in a very short timeframe. Then I think the trajectory from there's a little more that you have to do to go get to the other pieces. But look, there's a lot of opportunity, whether it's around things like organizational structure and overhead, or whether it's around just sort of the bread and butter, contracts and operating efficiencies that we'll get implementing across the business. So I think you can get to a good amount of it quickly.