Broadband competition has increased over the past three years as fixed-wireless has gained share and fiber networks have expanded. SpaceX's Starlink has also emerged as a competitor, especially in less densely populated areas. We believe Charter can navigate this competitive environment and generate solid cash flow. But it will likely be a smaller firm in the future, which will require it to reduce its heavy debt load to maintain lender confidence. As the outlook for Charter's long-term prospects evolves, its shares will remain volatile.