Charter Communications: Strategic Initiatives and Long-Term Growth Potential Amid Current ChallengesWe've noted in the past on numerous occasions (including our 2Q Preview) the potential risk of Charter's sizable former ACP base (we estimate to be 4MM+ subscribers) could rear its head again, and that narrative is materializing. Mgmt. still believes it can eventually grow broadband subscribers, but that belief clearly remains to be seen as we consider the large former ACP base at risk of churning, record FTTH deployments over the next two years, and continued FWA spectrum deployment from Verizon through the remainder of 2025. In the meantime, Charter will help to mitigate the losses with its network evolution, mobile convergence, rural expansion, the video reboot, and new pricing and packaging, all of which are still in early days.