Charter Communications Inc. - Ordinary Shares - Class A

Customer Growth and Performance: Charter added over 500,000 Spectrum Mobile lines in Q1 2025, bringing total line growth to over 2.1 million lines in the past year (over 25%). Internet customer results improved with stable churn rates despite the headwind from the Affordable Connectivity Program (ACP) now dissipated. However, there were losses of 60,000 Internet customers and 181,000 video customers, though video losses were improved from 405,000 in the same quarter last year.

Revenue Growth and Financials: Total revenue increased by 0.4% year-over-year, with a notable adjusted EBITDA growth of 4.8%, credited to mobile growth and improved service quality. The company's adjusted EBITDA for Q1 2025 stood at approximately $1.3 billion, up from around $1.24 billion in the previous year, driven by a strong contribution from mobile and a stable operating environment.

Capital Expenditures and Free Cash Flow: Total capital expenditures were $2.4 billion in Q1 2025, down from $2.8 billion in Q1 2024. The company continues to expect total capital expenditures to reach around $12 billion in 2025. Free cash flow increased significantly to $1.6 billion, up approximately $1.2 billion from last year’s equivalent quarter, providing ample liquidity for potential stock buybacks.