Charter Faces a Bumpy Road Back to Broadband Customer Growth

We like Charter’s efforts to drive customer penetration by limiting price increases, improving customer service, and expanding its offerings to appeal to a variety of preferences. Competition has increased over the past couple of years as fixed-wireless broadband has gained share and fiber networks continue to expand, and we don't expect Charter will return to broadband customer growth over the next two years. But we still believe it can drive modest growth and generate consistent cash flows.