reports
Godaddy Inc: 1 director
A director at Godaddy Inc sold 2,173 shares at 177.870USD and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sho...
Charter Communications Inc: 1 director
A director at Charter Communications Inc sold 178,887 shares at 392.470USD and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ...
- Jonathan Chaplin
XPO Provides North American LTL Operating Data for May 2025
XPO Provides North American LTL Operating Data for May 2025 GREENWICH, Conn., June 04, 2025 (GLOBE NEWSWIRE) -- (NYSE: XPO), a leading provider of freight transportation in North America, today reported certain preliminary LTL segment operating metrics for May 2025. LTL tonnage per day decreased 5.7%, as compared with May 2024, attributable to a year-over-year decrease of 5.0% in shipments per day and a decrease of 0.7% in weight per shipment. Actual results for May 2025 may vary from the preliminary results reported above. About XPOXPO, Inc. (NYSE: XPO) is a leader in asset-based less-...
- Jonathan Chaplin
A closer look at Cox footprint
We’ve been getting questions from clients about competitive dynamics in Cox’s markets after Charter announced its acquisition. In this note, we use Broadband Insights to explore the fiber competition in Cox’s markets today and in the future, who the largest competitors are, and market demographics.
- Jonathan Chaplin
CHTR / Cox: thoughts following the call and detailed deal analysis
We published an initial take yesterday. Blair published his report on regulatory risks to the deal. In this report, we provide quick estimates for synergies, a pro forma model, thoughts on leverage and share repurchases, accretion / dilution, and valuation.
- Blair Levin
- Jonathan Chaplin
- Jonathan Chaplin
- Jonathan Chaplin
Autumn for Broadband 1Q25
In this installment of our Autumn for Broadband series, we provide a quick update on trends in the broadband market based on what we have seen from the companies that have reported so far. Net adds declined from an already weak pace a year ago and are well below the pre-pandemic norm. The expected recovery following the end of ACP didn’t materialize. We ponder whether growth is structurally lower, or whether temporary ACP-related pressures have persisted longer than expected.
XPO Recognized as a 2025 VETS Indexes 4 Star Employer for the Third Ye...
XPO Recognized as a 2025 VETS Indexes 4 Star Employer for the Third Year in a Row GREENWICH, Conn., May 05, 2025 (GLOBE NEWSWIRE) -- (NYSE: XPO), a leading provider of freight transportation in North America, announced today that it has been named a VETS Indexes 4 Star Employer for the third consecutive year. This award recognizes XPO’s extensive efforts to recruit veteran and military talent and build a workplace where they can establish fulfilling, long-term civilian careers. George Altman, president of VETS Indexes, said, “XPO has demonstrated exceptional support for veterans and the...
XPO Reports First Quarter 2025 Results
XPO Reports First Quarter 2025 Results GREENWICH, Conn., April 30, 2025 (GLOBE NEWSWIRE) -- (NYSE: XPO) today announced its financial results for the first quarter 2025. The company reported diluted earnings per share of $0.58, compared with $0.56 for the same period in 2024, and adjusted diluted earnings per share of $0.73, compared with $0.81 for the same period in 2024. First Quarter 2025 Summary Results Three Months Ended March 31, Revenue Operating Income (Loss)(in millions) 2025 2024 Change % 2025 2024 Change %North American Less-Than-Truckload Segmen...
- Jonathan Chaplin
CHTR and CMCSA: correcting price comparisons
This note corrects the pricing comparison we showed for Comcast and Charter last week. When we checked pricing on the Charter website, we were presented with an old Spectrum One offer, for some reason. In this note, we include a more complete comparison of pricing across both categories of offers available at both companies. The punchline: Charter’s rack rates have come down a lot.
- Jonathan Chaplin
Charter Post-1Q25 Model Update
This note focuses on model changes. Please see separate notes reviewing results and on thoughts following the earnings call. The major changes were higher broadband losses and higher EBITDA in 2025. We expect Consensus to increase broadband losses but also increase EBITDA. Our near-term price target is $448 (+21%). With broadband revaluation and M&A, stock could get to $759 (+105%).
- Jonathan Chaplin
CHTR: quick thoughts following the 1Q25 call
We just wrapped the earnings call (which was brief; efficient). This will be a similarly brief and efficient note that touches on the drivers of the difference in broadband trends between Comcast and Charter, where we think EBITDA growth expectations will go following results, and what it means for repurchases and valuation. We also touch on tariff and macro impact briefly.
- Jonathan Chaplin
CHTR 1Q25 Quick Take: Net adds a little soft; EBITDA beat
Net adds missed estimates, but the miss was less severe than some might have feared following Comcast’s results. Importantly, adds in existing markets improved year-over-year. EBITDA growth was 3.5% after adjusting for a one-time benefit. This was well ahead of expectations. Estimates for EBITDA and FCF will likely increase for the year. Repurchases are back, and the Company seemed to reaffirm a leverage target of 4.25x. Repurchase estimates should increase too with higher EBITDA and FCF.
- Blair Levin
In Good News for CMSCA, DIS (and Robocallers and Pirate Radio, Among O...
What’s New: The Fifth Circuit overturned the FCC’s 2020 and 2024 decisions to impose a $57 million fine against T for actions related to improper use customer data. Based on a recent Supreme Court decision, the appellate court ruled that the FCC actions violate T’s Seventh Amendment right to a jury trial, likely upending broader FCC enforcement efforts. In this note we analyze the impact of the Court’s decision on our coverage universe generally and well as specifically to some of the companie...
XPO Schedules First Quarter 2025 Earnings Conference Call for Wednesda...
XPO Schedules First Quarter 2025 Earnings Conference Call for Wednesday, April 30, 2025 GREENWICH, Conn., April 17, 2025 (GLOBE NEWSWIRE) -- (NYSE: XPO) will hold its first quarter conference call and webcast on Wednesday, April 30, at 8:30 a.m. Eastern Time. The company's results will be released earlier that morning and made available on .Access information:Call toll-free from US/Canada: 1-877-269-7756International callers: Live webcast online at: A replay of the conference call will be available until May 30, 2025, by calling toll-free (from US/Canada) 1-877-660-6853; international ...
- Blair Levin
BEAD Data Shows CMSCA Active in Many States
With all but four states having started and/or completed their prequalification process for eligibility for BEAD funding, there is new data showing high levels of participation by CMSCA and CHTR, with significant levels of participation by T and FBYR (to be acquired by VZ.) In this note we discuss that data and state of play as the states move forward and the Department of Commerce aims for a decision in about a month (which we think is likely to be delayed) for resolving how the BEAD should be...
- Jonathan Chaplin
Conflicting expectations in mobile and broadband
In our Broadband Trends report published this week, we show that bottom-up forecasts are well below our top-down forecast. The disconnect is all in Cable, and mostly in Comcast. We don’t have enough conviction in our top-down forecast to make a call on Comcast, particularly ahead of 1Q25 results where management has provided very clear context on trends, but we suspect results for the year won’t be as bad as feared. By contrast in our Wireless Trends report last week, we showed that our forecas...
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