Comcast (CMCSA) 27 Apr 232023 Q1 Earnings call transcript

Good morning, ladies and gentlemen, and welcome to Comcast's First Quarter Earnings Conference Call. At this time all participants are in a listen-only mode. Please note that this conference call is being recorded.

I will now turn the call over to Executive Vice President, Investor Relations, Ms. Marci Ryvicker. Ms. ahead, go Please Ryvicker.

and our operator, earnings quarter call. welcome you, first to XXXX Thank

from Cavanagh available Roberts, then first Brian You'll hear Mike will us Dave join and and Q&A. be for Watson Armstrong, Jason

of and beginning reminder, primary we our around first As Experiences. segment & a results Platforms this operating Connectivity & have quarter changed presentation Content businesses; two

our X-K which can XX, additional For Investor website on Relations issued details please refer March at www.cmcsa.com. found to on our be

presentation to relations forward-looking you This call, Slide contains refer accompanying now and the found investor this may statements can of our our will risks certain website uncertainties. be also include I to conference call disclaimer. which X which subject Safe on Harbor on

financial earlier see schedule financial In and trending morning measures. this measures X-K addition, of this certain Please to we during our these issued call, the will for reconciliations refer non-GAAP GAAP. non-GAAP to

With that, call the to over Brian. I'll turn

and good Thanks, everyone. morning, Marci,

get that in quarter, we are just saw NBCUniversal. fabulous But me to obviously tough so let week, and all fortunate we team have this moment. you Before at leadership a a the news the tenured acknowledge earlier

least divisions If of them their see you you'll company truly within best and years many the business. down for leading been go are have the at the XX the list, in

first and basis. excellent go Cavanagh of and well calls results. to continue of Today, We're fantastic focus know earnings NBCUniversal over lead executive a is about and now in the the also long-term, forward will drivers quarter that NBCUniversal details into with you'll go at and of management to the remaining our Mike, have Jason you President. Mike step closely while them alongside greater at on momentum. will and a lucky strategic these work much Mike Armstrong the hear also growth Jason from on our with team helm at many he'll operator each

hear thanks call. you'll start platform about great Q&A to are the for great off the connectivity I getting Dave Watson a here momentum Dave, lot of for the year. and in and and later this a our more businesses

hand really start I just quick This adjusted the X% strong to I want quarter was performance. perspective environment. before continues to the my macro EPS X%. by a our context grew on it year, especially by recent We to and So a share what to of be EBITDA and adjusted within choppy Mike, over

of of importantly capital real all free In billion balance addition, major and number of our shareholders, cash returned very billion which in to a is initiatives, we sheet. invest healthy to continuing generated $X.X to a $X.X flow while testament

people led amongst we've Illumination particular the Pets, out things biggest many records know in Chris recently Bros., highlights any and Minions, and I'm film one our animated which Mario broke of world. for Despicable really the capabilities animation creating Me, combining time. Shrek, worldwide that had me across Boots, proud including stand and DreamWorks love of business. that all Super over more number success tremendous opening By Two the just all now of, and a strengthening Puss in and and Meledandri, franchises is by

pandemic, strategic during had the become animation off. clearly even These of paying business a which conviction leader to made the now the and ago in the we of decision results are invest we've are continue years the in depths to the to

superior shows. discipline demonstrates and our experience serving quarter, in focused margin Connectivity X.X% significant a profitably second Platforms. residential on a & challenging with and and environment. growth in delivering broadband this we successful domestic The expansion it customers competitive management excellent The achieved We're is ARPU that coupled a

let with Mike. to And over that, the call hand me now

up ourselves start had a year. We to for XXXX and set Brian. have another great Thanks strong

per TV levels we all and amount capital also that of to second great a our well at of collaboration, a to our $XXX leader of invest with as that none. customers Couple viewers, scaled resulting shareholders. as while and extremely that opportunities hundreds position We excellence and millions of of with us month, an of balance very of have a us have is in enabling strategic creativity paying to in over our millions and DNA returns, company in sheet talent returning and markets and profitable all tens healthy as streaming operational fosters healthy amazing large for

as longer of results with milestone quarter the our strategy pleased is against performance company's plan. are a just we and As a term progress any a in in first quarter,

parks the And in premium about growth talking content our and and into creation. we're and our minutes spend few so months, few last most the before deeper over to the of these four we term of of where and our time longer a put connectivity, the theme resources. like drivers business residential experiences focusing details services our connectivity, I dive I'd buckets,

reliability with or related Right of Broadband nearly more doesn't start I'll broadband domestic People connectivity. three consumer It's importance great gigabytes, are increase megabits. devices and more and for domestic to nearly a from there business. amount wireless product is one the video higher XXX of international consuming which and gigabit and at third speed the roughly a customer tremendous connectivity, data comprised now, XXX broadband, take a average monthly our a the is continues demand connecting us residential a quarters our of one fantastic rise. and at in is or customers above with of and network usage they're for that data. and is to

level in a subscriber the already return competitive, expect challenge. important eventually is an likely experience And increasing the expectation while subs we to fully is consumer's marketplace for growth. is of trend. high will be I that us, to near-term their such adding and For broadband the

against wireless. XX years, We fiber view to broadband million fiber this time fixed XX against competing We fiber best built or technologies, have We've competitor. the about still win long-term handout competing base whether as of for period. the our over yet there been successfully a customers all it's

better And connectivity now with most DOCSIS X.X network, additional a we're which as our combined the making economics ability broadband to package even that robust Our the we the industry-leaning experience value. strategy based a favorable model offer provide that consumer excellent wireless includes transition to is services a and WiFi. surrounding have we multiple with light converged product great to on capital have with

moment which wireless, recent view competitor segment temporary fixed for and on this as more time. a based A is solution at substandard a in needs their certain we

is know Our We to compete how rationally. the approach to segment market.

premium the more are speeds looking customers others and solutions. to to that very fastest features want and cater that packages have We targeted those value-oriented who for

were evolve, targeted trialed We the meantime, as pleased to the our macroeconomic of history. making during couple offers continue and and at with a to serving and this the will remain the wireless and our results connectivity respond expand competitively the segment. nimble quarter. residential existing continue environment lower on will We focus our to broadband fastest end our in In to each proactive growing and market base, pace be our footprint investments increasing ARPU, penetration in

this in trend do us quarter, I You to and first last year the this expect saw of and all continue.

of annual is $XX which the billion growth second XX% at newly delivering high approaching Our in single mid-single growth in growing EBITDA opportunity, major is and revenue, business just range. digit with reported digits services, adjusted shy margins

and infrastructure suited to advanced much and commercial too the providers. better Here network government legacy and line our adaptable locations serving is to wire compared wireless

billion over targeting already meeting and move have customer's cost and our are within and are $XX X.X our partners footprint million than more now outside of leveraging more market can competitor customers, footprint. a billion to we effectively opportunity technology capable and fast needs. a $XXX market our any $XX We and We that of domestic by our total after go business opportunity reliably billion other

intellectual is third or from creating that characters as as license growth Our life Potter Mario. theme bring IP Harry our and special own parks, others like to opportunity like we major Nintendo's from well property experiences in at our

and roll. do and success. following the returned customers both year, come Hollywood Our clearly under Nintendo segment Beijing resonating our opened continues just a to profitability to side, parks this World are were great on Super has on And last restrictions. with roaring Orlando Japan and COVID-related with well back domestic operating is when

that horror concepts in in the strong returns generate provides Nintendo This the in land park as Japan to more in a are themed with and specifically performance Las us announced, also well and what's come. another guests I'm new for park and XXXX, even Vegas, their that we making investments excited in confidence outstanding we smaller and Epic younger in for will new families. to designed in attractions Kong, Donkey Texas open recently lands Universe Orlando that's a XXXX, as experience

content is on area growth fourth Our especially side. streaming the and

that television over company. a in year produce dramas have reach And year which news, to every films number has Over Jurassic, even are $XX better were we billion two of office and in XXXX. We any broadest provide entertainment, every library In box spend we XXX engage with of iconic deep the the million and current programming media Halloween. our the genre; film, people we spans film each and sports, course trending content do in month. decade's with last resulted to worldwide based and Minions on and

which from really Boots, carryover the three just in We're and our with success weekends the already terrific $XXX started business. year Bros., momentum, off of Megan now crossed We've in home million proud office. Mario and box runs global from at animation Super Puss has the

for Peacock, have movie the entire our on end beyond movie streaming. how We ways, so robust and window been of of monetize really innovative the and in business decision to We've able many been movie in movie exciting one Pay-One including on animation windowing. it's a last create slate offerings to the changes we've put year. now years strategic at our and in We kicked the made made in in hundred the most we've and which

and on the one studio, to powers Peacock our content Dick box tool. a that goes the The years with strength this hits make and coupled onto Peacock, office and have content us TV the content Bravo, on all is many day. next Add NBC to at SNL acquisition proving we number the procedurals highly this from for be from retention the Wolf all both and successful helped of to which popular roll

lineup growing top all incredible an strategy sports; to suited soon getting and we lots launched of Shows We're far, right paid revenue Premium and to and fees, a have stream, which right in per just top are with Big we're Streaming strong more we're the Original XX. fueling subscriber where engagement that's immediately subscription strengths. started. even that we originals growth our encouraged advertising and levels subscribers our for per believe us content like we have Peacock this to on Premier so one Sunday are revenues. Nielsen's path hours this from for of Peacock coming. the and results and the month the advertising Night U.S. our there. by XX grow break Face, On Poker landed we dual seeing investing, and both Football, have to confidence of and near we give Add List We roughly League, results but

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our result, financial these come. of to years growth become the results should areas As dominant a for driver

I'll that, Jason quarter. talk over With it hand about the to to

Thanks results, & we Connectivity Mike business Experiences, In our will reportable Content align disclosure namely distribution and platforms become We're highlight everyone. to that announced run how Peacock. results reporting around starting and important a for also have quarter in businesses, providing this & good opportunities and reflect late we that Business more be closely we our two more February morning our Services like-minded our globally units; our company. and content increasingly areas company growth overall integrated as

declined as with Let's to Slide currency. and negative results Winter Super year's consolidated first comparison tough Bowl, foreign company our as start billion X. quarter on due well $XX.X Olympics to of the impact Total the X% of revenue last

& company Platforms total X% to our thanks While our Connectivity high at continued strong leverage operating EBITDA margin adjusted grew business.

Excluding and and the revenue Winter for currency, total company Olympics adjusting of the constant increased impacts Bowl Super X.X%.

of at the feeds new $X.X DOCSIS free per studios, while and returning in really first of of into billion broadband, expansion $X.X and businesses, as X.X and and shareholders areas quarter. earnings well addition taken footprint revenue grow adjusted to our grew our share including successful generated We significant growth Peacock, of capital and our to investment X% flow which at transition over together, by Epic, construction This film $X.XX to in to parks, in to company third attractions and lands billion in half generated a quarter cash flow When of robust the support production with investments business. opportunity a as consistent XX% our first content year-over-year. total party theme the of these licensing is

to turn Slide on let's our business & starting X Now Connectivity Platforms. results with

over exchange year-over-year. exposure reminder, largest our X% the As foreign was a which is down pound, British

currency our results but constant Connectivity basis. was order this is to underlying in unpacking. Platforms quarter, this highlight a business, performance worth Revenue to So of flat speak on at & the I'll the

grew margin core video, generated points $XX billion. and $X.X declined XXX on while Platforms to advertising and strategy cost while basis through our with expansion protecting X% billion, investing control. businesses is Our profitability basis. in driving secular margin other connectivity X% residential Year-over-year high a business for businesses disciplined & total in revenues over headwinds of Connectivity to reflective of of and growth revenues, in we This

detail, To growth growth growth connectivity in X% to digit with mid-single connectivity grew in grow and more revenue services healthy In domestic pace. continued business X% XX% residential broadband, into a in international. get at by wireless, XX% revenue

both base this remained below stable churn the the remaining Our levels. last year and in quarter over with broadband customer quarter domestic pre-pandemic residential

XXXX success competitive as environment view right with a the broadband the And subs. some targeting the our particularly period add the to had of couple lower end remains us challenging such, a of now, we end that be While towards market, of quarter end. offers at remains lower the highly for will the

for growth Our has been strategy outlook our and consistent.

do in financially a We way. disciplined so will compete but aggressively,

on growth to subscribers over return during longer-term, increase year-over-year time, focus over to expect and quarter. broadband ARPU the as this growing we're protecting as with X.X% the we While period interim in in and pleased will broadband in well ARPU the we

the of over course XXXX strong continued ARPU driver. primary growth expect We expect revenue the be and will

XX% was are a high and fast clearly to wireless a XXX,XXX higher X.X lines Growth continued including demand in momentum first out that million up revenue, of There we strong service the is million total, for of lines, X.X just for a driven domestic revenue was by function customer added, offering or home. which in which reliable year-over-year converged record a quarter. delivers and in speeds the both in

We runway a extremely trend than XX% offering. accounts currently less growth advantage of and this take to well broadband long our take our as positioned for have are mobile of

wireless, at us two-thirds is revenue device Roughly ARPU two wireless customer is one-third revenue, new remaining A a The category for the tends launches. The and therefore connectivity international additional disclosure comes is growth. fluctuate broadband rest and of is growing timing due connectivity. international is from portion of levels. mid-teens lines big growing service nicely which of to healthy with sales device to which of

to connectivity in in offset advertising, impacted lower growth revenue declines video relative other tough voice year. by in in line strong by environment revenue customer markets. was in revenue reflecting addition last our due was domestic in similar macro and to losses wire a dynamics our The which In to businesses political

in high macro to line costs, EBITDA points an of billion our significant moment expense a businesses. a the for with operating The declined growth sports due despite basis headwinds points to of channels, year-over-year. domestic our execution are item that revenue the the coupled given cable timing ago, and in solid $X.X challenging and XX.X%. year based quarter every environment exception associated events. of I as side, adjusted with expense of success the is the On our directly Margin business programming XXX by strong our business a connectivity first up in basis & resulted were margin sustainable direct mentioned the margin which connectivity improved record in higher high growth this with and product Connectivity some on margin some And costs reaching for temporary deliver pressure X% businesses, Platforms XXX efficiencies team international expanding which in to growth legacy associated with

We've basis XX.X%. margin reach XX.X% this points grew down shifts. revenue added XXX disclosure improving X% mix margin to quarter & XXX going services, favorable break basis highlighting business and and residential residential forward with EBITDA points Connectivity profitability EBITDA to grew between with reach Business expanding X% services connectivity to Platforms

a talked we've our and services growth, augment in the about for years to as the disclosure of excited this first accretive business area driver we're Over margin time.

new $X growth in structure and a and Our substantial generated material clearly business with in is Connectivity quarter overall. XXXX in our the results over show profile ahead This that of & EBITDA a be billion and reporting Platforms to contributor our that. growth should

successfully proud on the we're margin cost while level businesses with Connectivity high discipline, strong headwinds appropriately navigating transition that have a an & growth revenue secular in characteristics. managing up Platforms, I'm clearly have team in of investing Wrapping of and which others that

the driven Slide which X%, well increase to by X. as comparison as last segment. turn first successful XX%, offset Peacock Experiences Media let's and to as decreased a planned the difficult our Experiences of a Super investment linear growth Bowl reflecting Now quarter was lower EBITDA included in Content at year, the slate by parks decreased record And the sales. studio film advertising strong our in Winter billion revenue $X.X nearly reported Olympics & revenue & from and Content on

to domestic as X% primarily impressive growth stabilized, further somewhat excluding ad to these when appears Super have advertising results due in Super and advertising When basis revenue. Peacock in market, which by offset Olympics the in the reflecting an and overall softness on Bowl, Bowl, and exclude Media X% XX% Peacock decline Unpacking you advertising revenue XX%. strong an reported decreased increased Olympics

distribution million in milestone path total led by Peacock the revenue revenue Domestic strong excluding which driven nearly decreased revenue distribution increased another XX% with was ending our which Peacock the X%, with to up Olympics growth quarter up XX% In the subs, X%, were service. XX terrific to scaling marked over by up XX%. on million by subscribers, but paid year-over-year, $XXX paid

trends with we're We're the encouraged at seeing Peacock.

we While and of Cup can end saw or last year in forward like following events separated disclosures that acquisition the Peacock, momentum major content we're significant revenue the important programming and other. including be that distribution for in on look we've the this the between and costs marketing more retention. to by equally quarter providing drivers, production of sustaining reporting advertising We type and delivering World even at proven and the engagement and and first special acquisition further enhanced perhaps is now breakdown promotion versus content

Another licensing. added disclosure translation. new the by higher currency due that revenue international content offset foreign Sports quarter for decreased distribution Sky in revenue mainly XX% category driven and Media single negative distribution networks. lower the was by the we of This increase to revenue digit is to low is our impact revenue, partially Other

million we short the EBITDA these reallocated with as streaming linear maximizing networks, view Peacock. EBITDA a one profitability and across Media linear. decreased including the made $XXX and resources long-term and some goal cost to we Peacock of loss at over have We our reductions Media while business, XX%, at of

We losses year begin then steadily to continue losses for around for be Peacock to billion, improve. and peak believe be Peacock will we which $X to the expect

quarter revenue as Cocaine film was the from Bear. a quarter, such the theatrical at Boots the releases Megan as strong launched by Last of fourth for with which carryover growth, Studios, driven Wish, new Puss end well in this our At great as successful slate and

April start the Studio included While is and revenue offset the Mario content increase EBITDA, drove Bros., a our film lower strong our also promotion by quarter. partially a Xth growth to marketing fueling was our second in which television Super studios, in licensing associated release at business XX% expense with of momentum which

at XX% continued a COVID to thanks we've following lift a investments grew and the testament XX% EBITDA Theme parks. At Parks, significant to $XXX made revenue million, rebound our to restrictions and of the

couldn't growth were park longer significant Nintendo in impacted While World, to for rebound demand results With XXXX. financial continued we our park. Osaka most in COVID-related opened this restrictions quarter. drove people which were parks international early by the of the demand no But strong our in are the that and Japan and visit COVID seeing across board, given we Super the place, many restrictions,

in normal profitable improvement impacted restrictions at a showed year Beijing is very despite also in and was last COVID-related seasonal year-over-year and park quarter headwinds. rate. by now Beijing was the growing Our strong healthy winter

to continues record opening the On the enjoyed levels. results trend pre-pandemic Orlando successful very while Nintendo domestic side Hollywood above quarter first of to World, due Super

I'll free now X. Slide wrap with flow on and cash up allocation capital

previously, level and we XX% achieved mentioned flow primarily in capital capital high network generated our a absorbing CapEx. higher spending, a These by I As parks. and $X.X while making driven free billion this meaningful total increase drove in cash investments in investments and theme of this quarter working

we Connectivity X.X%, our CapEx & and At Connectivity at coming Platforms XXXX and CapEx driven Platforms XX% to intensity XXXX, with we as CapEx continue at in our accelerate achieve similar network. prior a XX%, expect further as was strengthen is to our well passed. domestic primarily increased In cable investments year extend by & DOCSIS which in intensity to provided guidance network we transition inclusive the X.X, to as in for business at end homes level growth of U.S. our

Content the spend. by with by accounting & Epic increased million, parks, majority Experiences increase driven quarter's for CapEx of this in $XXX

in XXXX we open XXXX, the increase elevated Epic. XXXX decrease in around CapEx billion, our then call, expect As we to and noted in on $X.X we end remain year by parks year

first my reiterate as capital me quarter CFO, framework. allocation is this since our let up, Wrapping

network, businesses. name invest in our aggregation our broadband streaming a We've and First Epic, many growth to is talked for through few. to today, examples

leverage of is a to This around equity with levered through believe capital protect and broad markets optimal our access to level with Second enhanced an X.X cycle balance targeted prudently sheet opportunity maintain deep the balanced position we for times. is returns.

that return addition shareholders. shrinking quarter, to Third we share in a is back and growing by we our that X last XX the January. increased billion months, proud in this bought by dividend, cash of over in I'm X% count billion healthy XX in including which to in just stock timeframe to X%

call With that, the I'll to turn for Marci? Marci Q&A. back

Thanks, Jason. Operator, call let's please. the up questions for open

from comes Thank you. first [Operator Our Instructions] from Morgan Stanley. Ben question Swinburne

you. wanted President of revisit This obviously you broader of that doing Two this change NBCUniversal, business some Thank and you studio, been at watching cost I sort and wondering, I'm questions, that than given probably you the going fresh and morning. and media hear one NBC? and view, that's Mike. there's probably time, when thoughts business in just is at realize opportunity of that from is to ever Good obviously a on eyes? all but NBC your a look given your got at strategically, the role, lot business, wireless. parks management operationally, you've with on businesses an just to for just just better for your and one structure on point Mike, are disruption look when

is And maybe Dave, business to for continuing wireless then the scale.

Thanks that your meaningfully ambitions and demand business? How XXXX base of of to your do guys strong. being about as offers clear drive What look higher? for rest that through everybody. you growth accelerate talked You the are broadband in here to the penetration you converged current continue

question. HeyBen, so it's jump for Mike, I'll Thanks the in.

the I be and have years comment. appreciate here, it's or in I've three weeks going believe, of hard to So eight I the as it's been been two partner the to team. to Brian here weeks, rest leadership two

I've correct as really close since to half for joined. is I year recently President or the things, it been that these but so, just all not So last

team. studios, business strategies the entire NBC, a the in the So mentioned TV, across have would we way we think should is by about services, developed news, how were you is the that the way including Brian sports. of collection streaming the I across diverse NBC, operate think it businesses, great of leadership strategies the team about parks, thinking

those So leader conjunction the are put with you leaders, in then can together with Brian and strategies myself. imagine obviously by that ultimate teams of and

So are about for long we've time in those and how long, what been all doing. a in we're deeply involved strategies tracking

result is that I be that. by So, unfortunate the leadership, as you around as us out, have think you an right changes, of performing strategy reason we're unexpected for but are a obviously well as there all is to anyone Well while no going to It's to really would revisiting itself. businesses tell environment it the act not, now. it's change we pointed in

a hand job frankly don't to So job settle actually and is this, number into the I'll the hand. that, first it down focused going Dave. I is And think the one for me at feel at miss the businesses With and to and business sure beat. things several remain make days of that on leaders that's NBCU to I underway just business well over the

Thank Ben. you hello and Mike,

strategy. to in wireless, our a the key be part on a overall wireless to like year continues we really second, Stepping So start back our for the trajectory. of

of X.X the so quarter million first and net record another line. us at XXX,XXX additions in set puts quarter we line This this

good start still So the XX% we're less to to year, and than penetrated broadband.

it a strong So it service segments very and strategy and value us that focus to of real strong, we your by our long use, serve. ahead our on all is still unlimited we gig and XXXX. to tiers, gives out to proposition much point to runway of, gives a offerings have the us which But looking core

acquisition, to management So it's important to market, we note in that we how base leverage and aspects mobile retention. in of go all

a them. are all customers but provide very Connects as and And so cycle, as upgrade management this three, existing has through a been well mobile does to go for very we in opportunity bit little great softer strong base

our out a had cards, services, subsidies There done, of in all terms and existing really value do is great promotions there that little of there, a some historically but focus but the bit different pricing mobile and was offering with in gift a go $XX a combined we core helped. our base. So no we to broadband device that also message lift we've

than So XX less yes, long-term, XX% penetration.

Lot we a position have of us in large I unique and a revenue that think given pool for upside broadband wireless network that is ubiquitous. our

market go-to opportunity is within footprint. ubiquitous Our mobile our

upside international look opportunity there's There's And side upside there's to domestic and offloading mobile. at cost us so for residential consider traffic. you an in with and commercial, with long-term it,

top have WiFi. wide. light footprint MVNO, helps then is capital And a and mechanism compete and we And we is we on existing have of great think That just which then in us terrific itself. that, offload all our of of

as So trade-offs capacity, it's entire to strategy. of face one is that a and and geographic go our part market footprint, wireless our whether or can with across approach we big competitors

and go offers, we'll out So we but with momentum. our good about feel in

Thanks everybody.

next Ben. Thanks, question Operator, please.

our take with from Moffett next We'll MoffettNathanson. Craig question

could. Hi, two I questions if

you exceptional First been either what really acquisition cable that's The wondering your wireless customer overall? contribution to you which how extent the the if from cost old rate the about reported improvement business. could margins gross and or is I'm in margins domestic have just offsetting talk just to would that margin wireless. impacting

NBC just you interest maybe of exceptionally with been NBCU NBA if talk role ratings good forward the what that sports as and about And wonder the about there's and play business. potential then could in a NBA. a and side, your had go have Peacock might I you your on lot talk playoffs the bit just discuss

Hey It's thanks Jason. Craig.

the Mike me some Let over Dave and start I'll that up it after follow and to on then question to for turn over the question. NBA margin with

up margins XXX said business connectivity the a I'm the on grew by to basis pleased XX.X%. with margins quarter. points XXX record Obviously domestic margins We've cable So overall, are year-over-year. basis we points in broadly

So performance. really strong margin

margin margin one, we the connectivity billion that number of sort think I of business mix services, business in at $XX at X% that, i.e. growing businesses, accretive. drivers look book the it's when and say shift high of broadband, businesses, category, wireless,

that category every to outside every team, product addition category you in strong which the the In at the if Dave growth, year-over-year. single costs really costs, and by expense connectivity management business that expense are direct to feed go down of look

margins in on general. performance strong really think I So

particular, the augments and one category. As wireless wireless contributor at and which to products, it obviously our, so It we look broad highest I of that. connectivity a not broadband, of put bucket in if is supports is in margin the

Craig, Dave Hey, here.

the said, So it of commercial. XX.X%, margins, basis accretive points This starts, and look and if the the a all domestic at as margin Jason host both start, residential businesses, you does things. connectivity there's the XXX with

that in also to that unnecessary on very out look and think constantly lot out costs, focused part transactions every so take of benefit. competitive, of A -- the just continue on opportunities costs. unnecessary experience lowered. but aggressive, focused is we disciplined this is But good taken stay we transactional do activity of that, There the terms be we be are continues. and also business a job, at customer being I fixed to

capabilities but to is network, And it and our just MVNO then, does, is, capabilities there's is services of the existing also, think great focused of another our existing a the in one our light that, the channels, existing new we've an part things, leverage network, big of and way, Comcast it's at of one I Business which is business. operational a do things of great great Cable sales story. example connectivity our wireless our lines been we that

strength So to go-to-market pretty leverage wireless. our digital, and, years. I and continue be we've do we think can I job over we we approaches sales, our network our everything well will done, the good think we inbound But a that leverage strength when and do, our

Craig, Mike. the playoffs a product it's and great. tremendous obviously And On are NBA

that's ways great Sports otherwise. and I think but there, streaming partner does we partnering a with with, obviously the NBC job out, broadcast, leagues negotiations the

we earlier, as at a look things of envelope portfolio look linear way financial at and Jason will right overall that manage our said, tell, but broadcast overall always one time what's business. to the So do we we we've have as an as rights and in and and that, we sports want said Peacock

are the of rights that in there that's at So we way out the the any look would future.

Craig. please. Thanks, next question Operator,

Our comes from go from Suisse. ahead. Doug next Please question Credit Mitchelson

G February the how Thanks. relatively much. Two experience and the base to in kind slideshow. and plan in reacting then, with And reacting first actually, practical as in progress the there's I'm upgrades involuntary reacted was secondly, the of markets, recent, questions consumer launched churn for any just and on is viewpoint, trending, consumer to, curious health standpoint the post I'm is XX a curious, highlighted XX cycles? how both but that price marketplace upgrades? how so on Oh, the broadband. If in the how prior the versus this network and Dave know are voluntary I competition thanks of and increase from cycle just it's

Doug. Well, thanks

there's I starting as intense competition environment activity transactional while, a there's is so moves. for as general churn, it period there's brought parts activity in the been also be and you of less still, down pretty competitively. less is, is, to there's, that. overall, case with So One with That's the two overall up, mentioned, but the continues and just

stands really thing record our of to near be terms And so out, in the pre-pandemic that case period. the that churn it continues to lows is compared

it So in any material we're comes to competition. seeing churn, when of not spikes terms

We are in seeing an of connects. impact terms

attachment of it transactional that so, felt have but on some little of things less is on activity, as video some side that bit video competitive we a pressure, side. and on it's of connect And more is the more the

you and broadband, very competitive day. base, our look But the every a at landscape residential healthy broadband base, pre-pandemic watch million have than very We times. churn, period lower stable broadband customers, we XX certainly

fiber the of in wireless, in continue fixed and of the of well all group, certain while so but terms kind to tiers we fare terms And churn.

the non-pay not it's or in economy. -- regards to a voluntary in So we seen spike the haven't

the investments terms pleased our we've network made, the but that progress. So, with yes, in and of real

upgraded footprint. around next At I the on to end for we'll the that big that. We X.X. to, and We've come up of have XX% year XX% that end will testing the year a we nicely year for year it multi-gig be continue about be have over pretty think capabilities and our very track of setting ourselves DOCSIS

way, But the HSD-only the Football we're at today, gigabytes Premier the in Arsenal, against step streaming, and Night the caused Man a that of you little focus, XXX of Thursday the a League of in every terms bit of where in match consumption, spike, a terms application great see customer look just delivering going of increased customer like is increased of where City bump then value. gaming. a is it's every yesterday And events the terms Peacock, to of that having broadband usage. And

with So less. not that. going more is customer do to be broadband, more of to going The there's

we'll well think a champion great come they of long-term And and broadband us be that so to continue I competitively, serves as application single every along.

Thank you.

you how I Brian. I that, just want great is position. believe one personally job a just in us much I a add what thought. fabulous Dave think This point makes to underscore it. that's to The did want last I explaining made,

needs bring star about the And over team next deliver. customers think and to the to trend come network very and is we're have as to we continue? is about, you this to to We know years. there Absolutely. seems created. It best the provide more -- has that who be likely. to and several want north we that what to XXG, going positioned and more capacity, If more more streaming, going less very, linear more And a we path

is place provider the connectivity really special all a we're So that be. of to

Thanks please. Doug. Operator, next question

comes from go question Jessica with Ehrlich Reif Securities. BofA Please next ahead. Our

Head smaller obviously, ago. changed in the giant Comcast since a you're a NBCU, jobs. and And you. media has this you President decade drastically the permanent of of solution? Mike, meantime, thank a Oh, guys landscape cable. the But bigger bought have I NBCU NBCU so Is over the two question and

parks, Governor secular So that but can battle as including, I'm Disney's not theme well or significantly affect you a outcomes challenges certainly Hulu direct-to-consumer the of limiting as might it's strike, and to WGA pending with that range in the scaling and compete address DeSantis cyclical opportunities, to cash it in needed scale Florida would coming whether Universal the in up door? the business, your affect

And point accelerating? -- is have level video that then the a a Do the does smaller cable is view you there you of trend stability this continue is loss or expect? sorry, question, of

Mike. it's Jessica, Okay,

in. I'll So dive

NBC company: important York, L.A., high-quality President, seats Philadelphia, and and the I that so what's to Cable businesses New of to And that what I to NBC leaders sustainable. the understand oversee And I really that is the run overseeing say operators I the people close and got to this and corporate already of as the is short the the Orlando I in think forth. stepping think in is -- answer quite question me way all was areas. is businesses the why we've all the and think that around

I in and I'm to them and with company little to And closer since be actually spending more for forward to good time look the for harder think here and do energized leaders to So the time there. spending a I'm NBCU while the long-term. good I'll have over me work to frankly, businesses frankly, actually a time, getting the I because so that's deeper and going long for

anything but matter the that's I there's outcome doing to other would to that's own away what continuing. right -- far than a from and what no no moving I So I'm do they're at all way now, time see businesses pressure put they're to -- no And what. And think make on better approach which timetable I'll maybe the someday, sure it hum, businesses out. going turns it, we'll anyway be never the

So of being I as for -- think while. there think me a

And do had doing movement we've and different for business, traditional to all I'd In & have. our versus about list embedded think we're Experiences that. eyeballs laundry tremendously terms forms nothing the you and consumption. that's tremendous got to challenges of of When the investments you think our the and just cyclical of the things which plans in is of businesses, Content say with, secular all growth about that with dealing it there the the well, we Parks consumer television behind

put year. at third the we're quarter why And when We in ended -- we're exactly doing So of And we business. think XX when TV – valuable and we're last now. XX businesses, parks an Peacock. last We subs think, it million year. why at I incredibly were remember, think XX we growing were ended I we're the that's as aside, then traditional of -- is it

of So very and I think have low. level quarter in we're so product, forth kept as we're churn really watched into hours to XXXX engagement and one pleased the held

coming content some As in balance really the the later year. we of look ahead, good

on have more to to of and coming customers Comcast So year. second some. our track, half and pay the the over in then We'll role

good think about I the managing we side. business we're feel on Media really So of the strategy how

it, hits Fast and really then our at -- mentioned We've weeks. is but Studios, in you power on film the great incredibly And a animation, of couple And at side but they're come. television the covered on got out and Studios, Brian had coming television more the we've XX and strong, -- both Brian look you leadership look of and excellent. to

else's. the that's So Peacock also, as a it's to stayed, strategy and things platforms, is need I we've we've or think I agnostic, guess, to to or use, whether said, necessarily word whether -- Studios think, around end someone our that linear on I

that Hulu. strikes, of is certainly of that outcome that our day work hope sort find there's that's other avoids strike, And planning some and trends no what how leave not in of a on And equitable of an some we for. the value we that durable think I out. more So some talk these details. about side things going at and matter about Dave. it team I'm to Over to talk I'll you,

Dave Hey it. Jessica, got here. You

to on So the video, marketplace. continue segment we

is a point But the developed has down. that being video have options. of lot main really the We attachment

there to so on and opportunity. anticipating approach some relationships. subsidize And the unprofitable And are our time focusing rate ago -- connectivity overall that is things how evolve relationship shifted the not video and I've

in sure -- one did an we main see customers that certainly points, key the uptick dropping folks though, to So make that video. the understand, of

are retaining customers that But seen these broadband. we've also

pre-pandemic And remains period. so at broadband, full disconnect is nearly and the down record XX% and our levels video since churn, low

to on retention. base some management there's still be we're we'll and whether based cycle able segment hard, through managed the we're focused it's fight very packaging acquisition, or that have the going and and to video So on

us, but a way figured to it out important to manage it's financially. have So we

and faring is of look you is if base. broadband in at net And result terms broadband, the holding well the the line

also in we're things there. as to And evolve more our so position And great streaming, I continue have invested a towards we platforms. and in think

So of we the platforms Flex. have

new JV XX about Xumo we with have and long-term. We that great the Charter feel

bit offset that the did some but think of an relationships of video a be to losses it long-term we did important. going I are platform uptick, So yes, with these very

next Operator, Jessica. please. question Thanks

from Brett Our from go Please Sachs. ahead. Feldman Goldman next comes question

Yes thanks. connectivity It's sort of a two-part question about CapEx.

profile You footprint can expansion you seem this you pace about. pretty of within that previously CapEx that continue comfortable talked

You also having traction broaden seem you're pretty happy you with the footprint. the as

curious merits in of some waiting think sense makes how or So the if maybe you simply of it building organically you would faster, about see be I'm even whether to whether these subsidy participate to that's government programs.

your of imply about happens a circumstances that use ROI spectrum. high the of portion that do could provided mobile obviously really happened need bringing that attractive then traffic would very you high think mobile incremental all connectivity your the that in there's statistics customers' And under you in small you why including a curious the be footprint. this which that, become in own enormously associated deploying data that point on true yet? infrastructure investment to the Or what a And have hasn't and net. would And your past, with I'm business? of resources capital very that geographic alone share some I

with out Dave Jason. and team I'll it's Brett, with mobile the then offloading. tag CapEx start on question

year rounded the for XX% capital CapEx, So so year-over-year. Connectivity XX%, & year We flat last out Platforms. year flat we the year-over-year on That's at for intensity. to guided

area about where categories infrastructure DOCSIS obviously, an next that's infrastructure, contribute equipment big in Customer extensions. it's lot X.X that capital That's we're getting intensity we're the where our where, Scalable our of and you -- a DOCSIS scalable some where more that that's basically is customer an premise existing in augmenting years. line business, doing relief infrastructure couple premise mid-splits. and capabilities. That's of the sort to If from. think we're area actually equipment,

services. XXX,XXX right. for builds Within where year, year. new think guided X serve that, got whether That's the And or to this then to residential last it million up footprint go business extensions, line I you new year geographies, we're we've it's extending goes our

what that's there, capital we're a all XX% year-over-year. similar So -- in increase doing for accommodated intensity with

the that's on everything think So operating at going network. the business really surrounding efficient level, I given an we're

and question economic the cost muted which advantages the as sort markets for are little product you longer we to that in stare and in that your if to and builds prior would of that look at if our even look step programs those programs over of the been our environment, unseasoned or overbuilds. in low cycle doing companies have think think, a of the say, are may as look advantage capital, in well way, were in process. of frothy created, government cost coming capital new at us at which was management an some market, more I economics and that at led economics programs capital, things sort cycle as better bit I sort prior than we on as our terms term were technology, of pretty they view, define you we should back in be of of temporarily a newer might It the the distinct you look lot of a at of,

a programs. So the prior of us out lot it kept of

little plays activity, capital cost sort think capital going I to our up As with we markets of a look at this forward bit, going everything of strengths.

this it million going we'd time. X year, over to going welcome probably higher XXX,XXX the So

but be It's million, as within which to XX% we I around we're that in incremental return. manage it to the add would welcome think the to good -- if rather with a X spending Jason's point, see came would is day going Mike. constraint, that, more would economics thought along passings we just looking on that not I in the good but great. we handle can And

So...

This is Dave.

It's And existing mentioned we the million. Both existing start. cable the the trajectory. a Brett, good really, like buckets, early, X terms So within in there, feel the up footprint builds for Jason which and but about housing edge then pick some three to footprint the Mike is be outs, and these good new off I right then of commercial construction, and we'll of subsidies where the things there. and hyper are that. as

disciplined been we're expect about it, -- terms support take returns. feel we'll every we'll great, it's of -- the a in go we'll and and opportunity, So very it that we approach, we And good but have historical for focused.

constantly. offload, mobile are. this how on said, On we're I is we and the really of a staring And that interesting our things We've at think opportunity think, is based that potentially traffic the good X% -- footprint. XX%, around

testing. we're So

a We looking with MVNO fantastic in some do of have well. things light a -- we capital have these at terms results how serves going. go us Charter in of are that arm We very arm

great at us think marginal But we'll to for offloading traffic partner, the stare the for improvements areas. I cost dense good long-term. these continue of

that, So testing that will we're come staying year. on throughout but it, to be -- the and we'll more we on

please. question our Thank last you, Brett. take Operator, we'll

Cusick Phil to next JPMorgan. with go We'll

How is guys. product in from impact broadband I first the can. return me if getting May it typical see a do quarter for plan on up Thanks think on should quarter. broadband, to end and versus the the the mentioned that seasonality? low-end sustain? success you about Two be at you something Jason, the following we second in of you How

about Can you And the Any indication domestic or costs? that recent in trends is mentioned Orlando talk then of attendance very parks? shifts pre-COVID. much. trending you second, above Thanks

Phil, Dave.

approach we've terms are as I've you the seen. of the connect go impact But very then back, the offer in overall when stable base and start take perspective. that just into overall with that we kind less the Let QX, still broadband mentioned, the still turn, we pressure providing step me the of in a base, environment

but where overall, a than were to it's So -- better tied we churn pre-pandemic.

out the So -- We disciplined very but we offers. in with go take we segment a market, and approach. and

did that was $XX an combined mobile. only, we where, available and broadband So in marketplace $XX a the offer at for have then

It And was so saw an positive. uptick. we

out in And something in service we coming it's and terms of doing constantly offerings. that so are

talked of very are the really to the base. remain what end sight that also mix important there's focused, never around a losing high and about We that earlier tiers we

take focused gig, we with so one our -- part and and X third XX the do -- almost XX% XXX to our that marketplace the approach on segmentation we're above. going customers take just is customers and And of megabits of do of

a there's and ends in ARPU a saw So good happening, blend that's broadband. why pretty growth of up that you terms

and of terms single But respond be to every offers out competitively go in we'll with in We'll things. segment. nimble,

-- action more with and wireless fixed offer the I the think served there's that low us on well. end

look As typical the in at you go are regions and you into we seeing like seasonality, quarter, especially second seasonality Florida.

going a clear. to you're see exact just so -- But but down to So And can step adds be to directionally, QX. will historical from performance don't QX adds net in levels. I you QX, extrapolate from lower net think be in

because one we round to of segment key is the one really the this the appropriately Just the that. to respond question which the out can is it's ARPU competitive think And I proud us of the without low tactically questions from base to one. broader growth, type the good but team quarter broadband, for of environment, of points this end things at X.X% I disrupting a In Phil, think the base. I'm on team sort and most of

be the China, And and I'd be remiss it's in tougher international caps had. and since all-time is season nice And opened rocking, really in feel parks on EBITDA. overall being we the out the tell. for because it to a That's opened highs calling -- had can And quarter. revenue side It that XXXX. not since that's despite quarterly it significant generated in business likewise, attendance -- attendance, wintertime. per as a for ever would quarter you in USJ it first highest first profitability finish a the

So that's the international side.

as per had World the driving We continue are and on levels Orlando, quarter. unprecedented results caps know, Hollywood, open, really excellent attendance really so to back last in ahead feedback. you the ahead really year year XXXX on we way in well. guest solid way that of the things pre-pandemic last And side, pre-COVID. Super perform had, And of visitation strong Nintendo domestic of and

last So but similar growth rates pattern to have And as looks again solid. of down, QX year. expected, continues still solid, go-forward performance booking be to slowed

So, side. good continue in so we the look to as far, ahead things look domestic

very Thanks much.

That joining and for us. our all earnings thank Thanks, call, Phil. concludes you

everybody. Thanks,

Thank you.

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