Comcast (CMCSA) 26 Oct 232023 Q3 Earnings call transcript

Good morning, ladies and gentlemen, and welcome to Comcast's Third Quarter Earnings Conference Call. [Operator Instructions] 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. Please go ahead, Ms. Ryvicker.

welcome, and operator, you, everyone. Thank

today's Joining Cavanagh, Brian Mike are Armstrong me and on Jason Dave Roberts, call Watson.

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

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

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

Good We in in morning, adjusted in and for $X to cash free generated with adjusted combined EBITDA another was quarter contributed a joining our pickup and everyone, billion repurchases the call. $X.X our quarter. proceeds in share It earnings Hulu us which, expectation thanks of quarter flow, the up XX%. billion for with future, to up strong near our X% third EPS

credit This is Our industry-leading and win pandemic. positioned customer-centric and that of ensures each steady which focus with particularly our business long-term a a combined been global how decision-making of to in and has with is our result on the through recent facilitated always in businesses businesses cycles to direct through run both that in we've each economic company, consistent operationally different a future. our all the investment financially philosophy by of has remained performance approach performance, has been

results full. it review is to this the playing before I'd over quarter handing in highlight quarter's like that strategy in to areas Jason this to how Now out X show

broadband we pleased I'd domestic competitive connectivity, area our and we highly navigate are is residential performance first like highlight as strategy The marketplace. very a with to where

MVNO network through and with on provided multi-gigabit and over wireless capital-efficient experience offerings speeds XX broadband gig Wi-Fi hotspots, our path everywhere all combined million both symmetrical our Verizon available to our competition. is and manner in to of with a customer speeds enables ubiquitously and our which out by home, network, most customers has our of today ubiquitous The versus to us connectivity, cost-effective the our own the in provide world-class of

innovation, and Our X.X%. drive value was the our quarter, up growth, network to in product growth product drive leadership more broadband our residential We're ARPU fueled and of investment revenue confident constantly of to continued X% delivering strong very continue our improving nearly strong experience thus ability on which customers. focus growth by because ARPU to this through

Internet all latency, Having it enables. experience as speed, reliability, a in truly excellent coverage, as households importance increasing constantly to the of consumer and result reflected a in experiences is security

to of of accelerating viewership growth usage biggest One is the sports in platforms. the transition for data catalysts recent streaming

NFL this Thursday provider, of The as service nights. own Sunday aired will transition switch from night. sports streaming streaming to network a on XX% the game Especially ever, Internet exclusively January playoff for particular, come broadband of which when Thursday NFL usage roughly in put moves our test And night single night Every Thursday wireless be time will be streaming really an the be game platform, to very will to continues. first Peacock. game of comprises peak our that on fixed Internet data a traffic all on to

year-over-year EBITDA improvement our item paying subscribers greater second in is saw the X the a in XXXX. first and year added quarter, growth XX% revenue Peacock, million which since ago had highlight during The launch I'll than versus

streaming as includes While we landscape. the NBCU best of to and part we Media bring leverage of we stand-alone advantages initiative, report which broader significance segment, to cable metrics, Peacock this given broadcast the it the the networks the manage

few we've at short the We ownership pivoted as progress result streaming Hulu. continue strategy our changes to be years a the pleased since in our of with

to expect Peacock peak ahead, outlook. losses year $X versus in plans around original still to our meaningful for come Peacock, of to And be XXXX over the and EBITDA are to we $X.X XXXX. are we though sticking we billion expecting expect show Looking billion now EBITDA our improvement XXXX losses loss XXXX, for

our parks breathtaking. leadership with spent Orlando in third quarter. The in surpassing to record the experience Japan record-high generated Park, Epic kids' our very fantastic, deep The is and we also be is Frisco, and reviewing I to to of and are area reaction soon. in excited which we a about few tour I Texas. Vegas construction was highlight the Parks to and just EBITDA, new a on set team week, in Florida the for the theme second level of Universe simply last that the previous plans site hours in in is which a just Las Nintendo business, Halloween Horror the Hollywood bringing experience park continues

thanks third I momentum the So results excited pipeline, our business. not more have parks the we to in our and about quarter what be of could

XX quarter highlight in grossed least became than our craft is record $XXX all the top in great the now, originality. office in of box continuation movies XXXX, million It's far this box top of worldwide at Super creativity Oppenheimer, time. X business office. had solid X year since that This not which where box The and a of the the our X and in and believe grossing more to business, success is biopic of we've with a We rooted area track third highest X in the Studios is hits so office worldwide year final a which Mario Bros., in is for having Fast formulaic.

reason for Studios experiencing through much the the is in past the on most of is innovative us we're Spielberg, Jordan it very our few, business investment team the well Steven a pandemic filmmakers: which long of future Blum focused name broadly, for assembling Nolan, the success Meledandri, consistent and to We've Peele, Chris Chris a and More that the Jason positions cycles business. today. approach

We remain time were hit our even businesses, period. that those steadfast hard in supporting that during

to people great partners theaters, us Oppenheimer. Chris masterpiece never want a in in that believing example, like new in stopped made enabled experience For attract Nolan, conviction to who Studios, that films we and

while continue capacity, Life in in to Pets Similarly, earlier Los lands to invest at Epic Parks XXXX. limited including life or of Secret business will bringing Angeles we be and in existing heavily Nintendo VelociCoaster the our and in Orlando; Universe and was parks, we our I've mentioned closed the in Osaka, Hollywood;

strong sheet today. position Our balance enabled strong and these and investment-grade enviable puts a us in investments

I us, given our interest asymmetrically the leverage advantage deal Now of believe will must and the much world business which with higher long debt. low duration pressures the of rates, our

in accomplished via same billion average our of debt X.X%. to We at at debt of years, obligations; X.Xx; net Since X.X% shareholders, over $XX the to compared refinanced the average weighted we debt Today, billion share of XXXX. X.Xx is billion debt to XX% XX% time turn than increased end while life end X XXXX, $XX from nearly of by from $XXX today; the at to our XX% debt billion or the returning dividends. billion full of net while of reducing cost more $XX rates and to billion reduced our the this have $XX lowered to leverage a repurchases including $XX from XX by our fixed just years

one us investment and how competitive businesses in innovation in strong up, in I might shareholders. through industry especially that of To the for this a for rate place, perform we're our employees sum environment. expect higher-for-longer to execution, the in leaders the will dynamics our that given and our building are on great market interest evolve keep long strongest positions term customers, focus

Jason, over to you.

and good consolidated financials begin with third on take I'll and through everyone. Mike, our Slide X. morning, our strong Thanks, you we'll quarter,

while Revenue grew billion. increased billion, to X% adjusted X% $XX to $XX.X EBITDA

businesses, business connectivity; rate more highlighted revenue single-digit our including high by growth Together, results Our broadband, and content generated we our these and our year: streaming have half of quarter a over our areas grew premium total at were areas driven the the key past and than this XX residential parks; months. in studios. services theme wireless growth in X company connectivity

The our free and cost in EBITDA with to capital growth $X in share to XX% generated increasing which coupled areas, our disciplined billion accretive, returning while shareholders to per drove the cash we growth the flow billion of these earnings whole Last, margin are adjusted of $X.XX. contributed quarter. on management,, $X.X

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

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

will underlying the of performance I a business, on to the basis. So constant year-over-year to currency growth refer in highlight order

total & billion. Revenue flat $XX.X at Connectivity was for Platforms

it's $XX management. revenue third in and billion core to wireless, investing while the businesses business while protecting and $XX in business profitability other high-margin basis in improved advertising with And declined businesses, revenue. points X% businesses Connectivity revenue of margins working, cost the to in driving through XXX underscored points to services in while secular by growth video, our focused domestic domestic XXX XX.X%. Platforms for headwinds expansion connectivity We're legacy Our and quarter broadband, international connectivity, cable & on X% of increased connectivity for margin domestic basis disciplined billion

ARPU, was Business the which be connectivity broadband was X.X%. grew and X%. growth XX% growth to Domestic XX% Getting services residential broadband, in revenue continued X% international X.X%, domestic revenue by connectivity into in in very connectivity. up domestic details, growth reflecting wireless strong driven more up growth revenue

commitment on to it data drive network. underpins across our faster to which to ubiquitously and more our devices and more increasing ARPU this delivering with them year They're higher more at Our footprint our customers network connecting provides leadership beyond. ability value using do enables and and speeds,

on for the quarter. voluntary time, churn third remained with same record both sequential residential at base low broadband year-over-year a levels basis our and At the stable,

While expected, end. competitive, the market the highly back-to-school remains at as broadband was tailwind lower particularly a

way. balance our growth the During aggressively back consistent our this be to in a disciplined we we targeting the between strategy subscriber what competing striking promotional broadband of remain pulling ARPU and by with believe some offers of This quarter, but means appropriate growth. to financially on segment recalibrated

growth reported And growth,, strong as quarter. the we quarter with somewhat and the broadband fourth higher in we to we just the of revenue third primary expect continue expected our balance, to in manage ARPU subscriber remain this driver XX,XXX losses to loss compared

see to homes expansion. and XXXX. again also businesses and on from subscriber passed and should new XX million. the we we as over We meet And material a in X.X% goal accelerate this we leadership or X remain grown product benefits network to of greater expect and our for XXXX. up as pace homes exceed of and step XXXX, We've passed is businesses million year-over-year we're This our to focused by footprint improve trends on time

XX% or year-over-year increased customer revenue over XXX,XXX in lines, higher revenue includes due were wireless just X X.X the to million service to in This we Domestic momentum lines strong added which million total. in by quarter. up driven

fourth We runway into offers, launch, in our test for the iPhone translate some opportunity customer additions have domestic along With penetration wireless. still the converged long new we and only big line accelerated which, about of broadband accounts, in continue quarter. XX% residential to with a growth new should ahead

International losses. mid-market. in increased was stronger quarter record and advertising in broadband markets, connectivity last revenue revenue reflecting in driven by revenue services in in by remainder with in advertising enterprise revenue. the year. reflects particularly businesses high, healthy similar decline was lower a challenging growth another to connectivity will revenue political mid-teens growth XX% by other quarter in comparison even impacted services strong an connectivity more wireline growth sales. The and to The offset wireless, fourth growth revenue voice, steady our in of which driven device the declines revenue X% growth was by customer strong and and video, by reflects lower The in business face domestic continued other dynamics our Video driven

and increased X% mix high-margin success-based growth up first basis line item the with the except to again half adjusted connectivity margin improved to in of in driven every expense product businesses, year-over-year year, Connectivity costs. direct These billion to seen EBITDA points, for tied of businesses. are with by expense the management. shift the connectivity Continuing & $X.X our Platform's the our total XXX coupled trends

residential by favorable shift. results, basis In of with EBITDA margin improving driven to grew XXX the our Platforms XX.X% X.X% terms breakout in mix & our Connectivity points reach EBITDA

enterprise reflecting increased in XX.X%, While declined making sales basis mid-market EBITDA to we're investments and X.X%, drive in business capacity to EBITDA margin growth points XX the segments.

year-over-year Now Peacock well EBITDA parks on driven Content & $XX.X in let's as improvement Experiences to increased X% to Experiences at results & EBITDA Content turn an as revenue increased billion, by to record X. Slide $X XX% losses. and billion

softness Looking networks. at we portfolio. at the Peacock performance domestic strong by nearly subscription Peacock, as in market, nearly driven offset this XX% given as start by Domestic and further, XX%. which offset higher combines growth advertising we declined Revenue was linear paid X%, in our linear growth results Peacock revenue X% that grow networks our of as manage increased Unpacking each reflecting with base. continue of Media, to distribution subscriber growth the slightly one partially which segment, challenging Peacock, our I'll increased at the TV

net as Big We ended having driven million as programming, on subscribers Peacock window. success time, driven This for free organic million as relationship in start paid year Mario ago in exclusively the XX in first the Super subscribers X well Comcast our to landing Bros. the converting by with quarter. additions quarter result and the the paid a including well million the Peacock XX compared growth of season by a was with NFL Ten Pay-One to continued as bundled

in slightly our X.X% TV expenses in EBITDA management consistent by This were Peacock networks reflecting timing the League effective at resulted increase for expenses. losses a higher Media our first year-over-year lower, Media partially and in the networks offset improved time. cost EBITDA costs, of with Peacock Premier linear and

noted, full come will billion. now year than and performance billion, $X Peacock's continue around improve financial As Mike to XXXX expect outlook will previous of $X.X our in losses we better at believe

paused programming, of costs the higher to to and reflecting our However, full League X sports NFL a programming lineup impacted sports our the quarter, for Ten the accommodate contractual rate keep expect of results to quarter that last EBITDA addition mind the costs, Big Cup. were weeks fourth of Media by in our timing increase when in to be in the higher Premier we overall compared games year World

titles over performance, film Turning to strong year, million from theatrical resulted positive slate this of delivering box Studios. the from Oppenheimer the office. benefits $XXX $XXX had success, carryover with a This strong at coupled EBITDA in our million.

last quarter, Gru The comparison of Dominion, to World: ranks one While which tough of it a the in year's this quarters Rise by still Minions: history performance of driven highest is and third strong of the as Jurassic both the Studios. EBITDA was

EBITDA At revenue Parks, level increased $XXX record. increased XX% and Theme XX%, highest on EBITDA of to million, our

demand nice per experience benefited in which international spending. growth park COVID. World, achieved parks EBITDA Our from and post in Osaka, Nintendo by Super Leading record, to another capita Beijing our this continue rebounds was increases from strong driven and attendance

World, and Orlando, strong In and XXXX Hollywood, Nintendo drove levels EBITDA with ahead. the which positive also in history. growth, to its attendance In this relatively results we opened consumer deliver Hollywood to with our strong best reaction pre-pandemic were in earlier helping quarterly cap revenue line year, substantially its attendance Super per

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

in footprint our expansion, streaming $X generated concentrated investments theme while previously, this meaningful billion and broadband mentioned in domestic parks. we flow and I cash achieved As this absorbing quarter free network,

of our in DOCSIS CapEx coming remain by year-over-year of XX% customer at including which in was which accelerate homes this capital, guidance the as remains Platforms, higher U.S. network slightly and as the quarter making increase we X.X. capital CapEx to equipment passed offset At by decline $X.X at transition in spending and lower due year, spending to to more are the Connectivity well to XX.X%. the decreased to $X.X envelope parks with growth than at investments compared within we intensity to our year intensity & support gave around billion in The to CapEx beginning the to premise CapEx full CapEx, billion increased around the & for Connectivity Total XXXX. Platforms, XX% driven

million, for the than during spend. associated work Content in this half CapEx stoppages accounting $X fairly & by in was the of the driven neutral increased capital Experiences pause and of majority this the the with parks, reflecting in more production with by actors' $XXX and year-over-year strikes. by with nearly quarter increase improvement writers' Epic improved billion Working quarter's

ramp our benefit expect in levels reverse to to the working of in normal we We quarters. as up capital this production

Turning of our shares to capital half year. balance in $X.X to our relative sheet. step-up worth quarter, the of repurchased first billion a our We and return the quarterly run of in the rate

the return payments our $X.X quarter total a line target We dividend addition, with In of X.Xx, ended totaled of billion in for in quarter leverage the the third with in $X.X leverage. quarter billion. capital of net

Marci over for me turn it let that, to Q&A. With

let's for Thanks, the Operator, Jason. open Q&A, call please.

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

the growth. business expenses Two cable a mentioned, for questions nice continue on Jason, be for you or to as connectivity business. the team tailwind

I ability that. sustain to on think your investors are focused

delivering kind of been connectivity. mid-single-digit growth low EBITDA in You've to

Can as for to accelerate? the Maybe driver a you you the keep Or need next the this up just you couple with talk of about over do revenue expenses opportunity ahead years? company. see

seem you I'm wondering, wireless? but want around what's you it to more all? iPhone broadband potential the the at growth to little in process then commentary, has higher levels getting financials avoid about. Do would Because for bit just aggressive it bring And wireless are with thought something guys thinking teased a pressuring to you wireless and got up to like the be

to that front. considerations So hear your I'd love on just

Jason. It's

the with margin expense and Let me the on connectivity question start side.

our of like network are directly wireless. or into as which and declined And direct that costs. margins. just another item remarks, quarter, upfront in you're A I had been as large line right, think we we've of that every is backwards the feed businesses positive mentioned sort we is broadband those year-over-year, part where expanding a consistently costs outside growth went key of expense reminder, yet a

business, think of revenue the this services. business And within drivers & is So got laid you growth connectivity and all appropriately, are look residential out we've higher-margin businesses broadband, those we several sort within as wireless our construct Platforms. Connectivity namely the and forward, I

we're mix growing shift. that businesses and favorable expect mix businesses the not So to are be to continue that favorable a undergoing are growing the against shift shift are those mix we us, that and been it a for seeing where has

look for opportunities expense continued So I'd in margin. both and

would on of all I Jason Mike, cable driver the dollar pointed next margin, high are And that out, incremental as just it's has the -- X -- components high -- in growth that aggressively, the we've not incremental other the to businesses, as Ben, there's very revenue, managed are margin. to line. on also ways are for continued frankly, the are pretty find about, But efficiencies that being -- that drivers the X top businesses growth the pressures talked add offset

So we've continued multiple on things to are going I for the ability got that, think, margins. drive tailwinds

Dave. is This

as Mike does about start with Jason and top it -- So both said, you and the line. talk when margins

there's focus connectivity. real And and growth total so revenue around healthy

your So healthy, you eye addition subscriber in time, go way, on you've ball. like will to time. got we think, the all really, are, sustainable. are things And through competitive growth driving those over the to along return making calls we that disciplined believe keep financially And a I but to phase over we still good,

you up. I all think so add And that

beginning believe It's a the we will scaled up get it's offer been off a at It Then It and doing and is one built part. -- buy one in in be an to had we're solid has And of showcase end benefits so. that's rolling will one, It's in strongly your out really strategy. consistent accretive ahead. us good, we of for broadband -- very offer. runway that had performance a It's that up straightforward, kicking drive QX. of earnest important the focus question QX. the just the kind things of business, are our part long doing on mobile, such we the

both in small but just the over with -- be that's starting think, in time. in that mobile base. it's aggressive an we'll We're business, residential example to very, I continue and And very

So encouraged ahead. more but the a lot runway we're to like on come really mobile, and

Moffett coming Next MoffettNathanson. from question is Craig from

of a services actually that to a in a place, bit Xumo if Platforms has some different you and prospect being and actually, been you strategic the bit about could talk you lot a whether the kind about There's high Brian, closer and have point that something to of maybe, a about from rebundled business. of about of could fit into used Xumo what talk your maybe this go a talk We we into the in world. become streaming & to view. for is, ways, meaningful think little level how that Xumo just wonder video part might Connectivity potential if I talk to little

Great it will Charter. heart question. started soul The really Cox and now it about other of world. of road that operating Thank we've in now we're an together the to that and be finance be with distributors Sky, amazing but up entertainment platform Xumo and be all that be the is innovation And over all helping the it's made, we've televisions, build all which That devices, system, making you. a and map. of excited is and progress in with frankly, We're Canada, that it all includes XX, gradually over nation global. our we'll to will help number the and, now

what they want and innovation want They what pipe. really that bounce in road want? our built It's between you're these they suggesting, simple great want them the someone company to is do in for really that industry as So make this it what services. heavy years that content platform, customers on, you all customize. And world-class lifting really really we a great And do on. They like a map? is

that we're it to to that a and the rebundle, one a version And industry a that, in now has it But time. everybody moment has. lot different great we've is rebundle. at of is platform entire So somewhat ironic to unbundled having of unbundle,

that bundle now cable see our a phone is and these remote able many, are soon experience are of voice fantastic broadband is most going And your sales to only. get live buy how market, to or do in this not And the on that's talk you point all Comcast be to of not. you big now whether a who products, the is, thankfully, which

it are a step us easier make others to sure to aggregator to to make next for best want be or streaming, purchase We we switch and even consumers try to the will logical for and packages. beginning

important this their big their call the it's And an Charter I'm map. And week they'll was to that the part So about the commitment JV in talk in as road a announcement. of sure well.

is question Phil from Next coming JPMorgan. Cusick from

on couple number Dave, I said you low-end as contribution is that? you expect second, as going But of to here as can right if that's I how over get the on time. expand you're of the just about the from competition fixed for wireless that trials about in the broadband fiber mentioned And you that, the that can to reversal you're you A Dave. that houses any that it. that quarter then And expand CBRS think call. and now, And recent to you Philadelphia. doing And back talk growth timing thoughts you building, of you of mentioned, wireless? part expect as level well probably where started, talk effort first Jason are

got Phil. You it,

everybody seen, a environment. So competitive said, it's pretty as -- it's and we've has

wireless we And we both talked of macro we've footprint. fixed and up, also, to about. of so brought issues But see expansion you the continuation we've of as have when fiber also continued some that the some you --

we've gone noted a really there's competitive lot where added. footprint through by cycles been that's -- of So it's new several

aggressively, comes that going made end plan But balancing year, the network, rate the in going better market. more certain to when but of continue maintain to on compete decisions terms going focused lower it adjustments means beginning we're were is of the making in the to of of we're in a start to discipline, part better to did that volume. and our and invest products, offers really some game we so financial And

So more to the resulted the some first back lower on decision half, offers, our aggressive pull of in we connect which after make did activity.

that the we've is had. that changes So

is we voluntary I we rate very this that see connect as lower Key that, And think issue at healthy. managed of the things, our point is that's volume. part real continued. churn is just

So I on -- growing focus did. Jason revenue we're of and we talked growth. to we're earlier, but revenue going about drivers net-net, multiple And as did

changes we'll And we our make playbook, make throughout. -- in

your We've then picked CBRS and on terms the to -- that is we up wireless, where the continuing test pace roll-offs what of to of Charter in So of close just offload of to part that, seen to encouraged your we point, traffic the doing. in and are terms good so small such wireless staying progress footprint volume contribute geographic in by traffic. the a much ability opportunity,

scaling on we we So if in position, where it. point, our we good terms new do No But in are that. news we're a with we're like choose to -- at so of position. up that but in

Securities. Our Jessica is from Ehrlich America Reif from question next Bank of

longer-term mean, I sports, such sports, and more the play I in talked and direct years? have X believe your role future? sports to be sports mean, about X about consumer. we On as one's differentiator Can how a topics. One distributed is advertising. look linear going X you What to it's I strategy key in content. will you talk just will you ahead

sure, And there And be to whether rest line, in do with ESPN? How How board, the to then be the the you seems weakness Cable you which leagues, Google, industry there and as whether NFL, seems investing of that? how cetera, on in Meta. But in industry. in addressing or digital, dollars NBA get company/industry the et Media, a would advertising, I'm is to strength across back? you do it's respond the

Brian. is this Well, Okay.

Mike think on industry is important. and question it and because start me I over profound to really sports your Let kick

in to best the to has I company operating game a is company. parts think The system in think, which in our that the and or both -- Olympics Sunday way the Sports, be had just NBC consume nothing long, -- our in Olympics. is sports, about television question Craig's like and show you'll entertainment Football. an history deep, the goes I same #X talked for, of It'll rich I NFL Night the have see

And the higher being great goes which And whether than it's Tour we when are had transition events, periods be Kentucky the and games. or Derby, about. the in NBC that's for or Peacock on made platform de team the longer a time that, much streaming from culture we of believe to wanted more I that went with the the network and a sports then things more a of golf that talking big previous we when case. League live or where it on any you that we're on France any they commitment than got many We've like and now, that that's people And for all been Premier surprise angles ratings camera were learn and And have to a and a English when of of most typically events on. feeds services. or relevant on that more up us believe I sets

way helps frequently, speculate How I can't present happen which yes, to what by in speculate kind we've here that we we a do could as go what having But leagues, and I garnered. a help our robust from unique engagement digital get lot think we Peacock. so particularly, with a we that on might and is somewhat the to the a sports ability well to analog regarding leagues? of in streaming the maximum on driven ESPN. do as that the is We cable as of quarter momentum And A service with broadcast super now broadcast platform meet

strategy. us most I'll which highest level, answer into very you looks That content. advertising bit. sets Peacock question, capability combination relevant the let that digital the But winning creating we're Mike to the as in on go like a a at a And for your up

going is think I significance us, for being a economics the just committed ability the context long big to is streaming, for be to think the that I'll of supported us think, experienced in element over the an is, a just to continue that. sports the long rights are to which importance I'll for of party, long Mike. you while to broadcaster, substantially broadcast that combined significantly by the going going brings term, a is on and bring add with the see the of reach that be important of reach streaming that picture. sports of the think It's to I I time Peacock through part time, our be to I add significant the sports NBC,

In say about story last has or hasn't to hasn't better advertising, in bit economic terms ad general a softness gotten time. soft, uncertainty particularly quarter. it the gotten the necessarily kind I'd at has -- the worse the linear continue say, big remained to difference very overall, that on is it's Peacock are I'd little that And The we're about market we of decline, while side, sequential there. but that the that's out weakness same not remained than of a of due it's Jessica, talking conditions think still strong. despite

[ where Picking up. past entertainment, were some from money little were is less, in bit. deceleration idiosyncratic recent in tech The and there, while with at a sectors contributing The and X% and factor unique little retail together little this down were little to the at little X% places. the idiosyncratic advertisers, streamer is a consumer bit, lineups quarter a strikes that's spending products putting down other the you a whereas ] had is which was what looking pharma and in the given that auto one

of some once are that strikes we believe, will So over. revert,

political, in And speaks consider to as an be definitely with And the year's we're us. which why [indiscernible] the this sales we're Peacock to as pleased well progress we digital get opportunity is World strong as to ad fourth far fourth last now year-over-year. subs for why there's as revenue digital, XX that's north will year's important competitors that that I as monetized And overall capturing some tech improvement quarter versus we look mean, think be Peacock, making premium underlying last fourth XX% in growth in quarter. the And I that are think I again an platforms. to of initiative million video and Cup

things how have network in great that was the just about. sports and about to about we're balance excited our think, I we're strategy very that of sports wanted and last One point Dave just team, found that I may great running that add the operation. means a that for what streaming broadband is And the talking Dave one

not sports more require a of in more to market. superior the a But the is finding the that's many that require to we opportunity for to all and and a big maybe years, And more next way commitment be and see that so a part that's belief going or years, streamed. an over going create many to bandwidth, and have product us

So our that's strategy.

soul first Jessica, again, what lot of your the heart of a and we And really, is to so sports do. at question, back

Feldman Sachs. question Brett Goldman next coming is from Our from

your I got connectivity X about segment. questions business

you're first is better to customer about made you the enterprise comments The demographic. address investments making some

not you I think been to customers outside you focus has demo your historically, assumption requires it's footprint. serve because with generally the a serving been that locations for

to curious hear region, I'm about making strategy was whether And might a involve little investments for or either up platform there. organically I of in scaling potentially your that connectivity your more your outside incremental making some So acquisitions. wondering

your can extent I give us segment there? opportunity second, an is you kind you're contributing the space? have what which the more do pacing wireless. And the seeing residential to of Is was think to you then you hoping success Or update in it in business on

Brett, Dave.

little, start. Revenue services a enterprise accelerated reflecting had me and in growth let business good quarter. So very stronger mid-market. overall a The

growing we've categories. So focused on been very all

investment, your point So me let the provide some sales context. on

some of go customers. certainly to handle capability been, other been into opportunity have time, able have expanding be acquisition global partners with And to We've We and we our the for now working areas. to most Masergy. with

to The is are. wherever key they to be here take customers' able of care needs

It's we're is some not out investment So that building there. adding folks. just infrastructure this particular

out, the force we needs products but where customers' it's can partnerships drive we'll some enterprise the and the sales leverage that meets will but have, are. We adding people mid-market and that customers' deliver that certainly, locations

But and terms going for And us. a business that great -- and the part that. it's of very at to that. important pace And expect partnerships really a getting is moment. we're mobile That we'll it's we'll clearly, centered wireless, many It's services. others, point, infrastructure continue We've up. pick driver not on major pace to picked to continue Charter, We not activity of partner. in important in Cox, an on one do we but on got with this an that. yet overall this up SMB, is It's phase

stretch could, as this I a me that spectacular business let you're of point been one Stemper -- and just I I'd talking And Bill team. transitions -- Brett, remiss Chairman over if teammate while he a thank last world-class is has did didn't and Emeritus. to one driver if the things services. about Bill of really be long business Bill build great

performance. think terms I they've in set the bar of

for that. team do part We running services now -- Ed taken executive, is over wonderful to business that who continue of Zimmerman, has the a And us.

both. So congratulations to

Our Hodulik from UBS. is next coming from John question

if Two, could. I

I side. then comments that all, direction? on thoughts of the you and And industry on if up for First see Charter linear approach see Do that following move some in Disney the for and heading direction? in on the of Comcast you the maybe the TV, do Or get your just to Dave. Can renewal? for industry broadband your benefits does

guys X.X. DOCSIS out You rolling are

could you of You're one, update I to rollout? sign on timing guess, us just that starting the up customers.

subscriber either market. it is? of opportunity, opportunity low there's the do way the the of end or there end more market Comcast that, big sub you two, end competition on the I you low more lastly any And how could you said broadband as low Is growth an a opportunity? in quantify the ARPU or at to guess exposure see broadband

you, Thank John.

Mike about think and Disney. Brian Charter I talked

So view. that perspective, is the think every -- unique. me, provided they I that to situation I -- is my of From a point think

the platform as a a we with have way are streaming the the in fact that we position of great out. that business a we relationships think I figuring things But very because providers, we are of company. in and unique we content have and have

But and value the they evolves, But these a it, options a it the of in we'll marketplace. see. of by to talked will model is case about But and case in we big we go as things how content think out. builder bridge figure of we'll position I be be one the of come it consider up, value, we good a that -- one are each part as

In network terms and sense, me where at. John, a of give we're DOCSIS, the you let

integration we'll of at XX% this in So really that XX% -- connects seamless to we're be about and that splits mid HFC and focused next on and terms fiber, year.

about we and -- of and deployment then you've talked DOCSIS -- So the we started the seen announcement [indiscernible].

is split is going is the mid our follows the focus we're market areas, continued providing drive to split just so focus X.X trajectory. going. that of that the And And leadership mid upgrade -- to the continue DOCSIS -- where

continue be about and to benefits, point why, and do your network. of with answer to a where perhaps sports the in at streaming. reason more simultaneous moments, terms whether we discussion go that we it's peak great The things the more going the There'll see to in contention more the it's we're position talked market that earlier question as is to start

speeds, customers megabits faster ubiquitous X have our to where are that higher, ability things XXX coverage today. network got of efficient the and XX% are gig see delivering, effectively -- and that having or So we the are network at going. scale, customers most we

answer I is the both. So think

increasingly it's competition fixed trade-offs become time, and it's of in to over of think terms up to going customer in as I network the have some keep they to wireless, particular. relationships for harder make

that end. for the so to And in respond is me, on second quarter adjustments the volume. and the a lower And it's last point end. rate half. the activity both just in lot was We of the first There made did but lower

about that. think talked I that I So

access Each that. have is finding looking situation network, help content way the it happy What aggregate positioned well on our important first and us what think we're to And consumers. not content. companies out, great both good executing upon sort forward we echo to we're just in Dave say different. to customers said, very think size I a slightly and think they a do not that, was really I is to is the something answered, -- all, for And Charter for what the and I glad, there's a of question to figured would that fits great I Disney, have for I one that think

Next Jonathan Chaplin Street. from coming question is from New

that question traffic? small able that you're sort well? benefit the side benefit the trials, being there a as about on -- just following product primarily of there in terms the Dave, from Phil's. of more The Or offload for to seeing Maybe from on a enthusiastic CBRS you're is is cost

And is can be besides spectrum portfolio any about made a then sorry, with spectrum, besides on not you're update the that that of in suggest And megahertz sale -- specific quick XXX you of CBRS, helpful megahertz? average it something you this of if that that that XXX something Or just nonstrategic? interested sort sort your usage broadband, owning the would really sort was where does as there XXX of us on the in had, give then megahertz well. was

Thank you, Jonathan.

at capital-light with before of like our So in the us. is that position. CBRS, I we're a talked it's where an MVNO that for everything It's current We our We're said what position. option terms good we're in about we -- in consistent. approach, deal,

of we've your cost XX% out that's if the But can again, geographic side. and And option good delivering how we the on have, you of that if of that's benefit a to and very footprint always is the figure CBRS traffic, been that. do interested, X%

So it. we're -- that's what's really driving

to how wireless -- build experience. but better on focused And we've very been always a overall

we for -- transaction value area. get geographic our just build sense And We that was our to to do. outside for we're of opportunity it footprint. the areas and it without not in going if of an -- think, areas. that to it that in it amount and XXX, massive that CBRS is the good to a doing key is a to But we CBRS, made be something of be able smaller country And want in regards outside capability us was just it's that have, great for Wi-Fi addition to deliver to CapEx just I to something to position of want

today Our Fargo. from final Steven Cahall question Wells is coming from

from double-play bit tiering So cord residential the unpack big cutting a of components pricing. and the if as I could sequential Wondering you know ARPU. single change. play just are just the little going first to broadband as on well

of that a the to there? video little that So we anything bit you a saw attribute on with in losses in sequentially, slowdown slowdown or going else lot of should

Brian, lot about of a more over by the to side, the talked taking last effectively challenged. Media especially deleveraged lot your a down it sheet, turn are full a balance that years. on be And going how then, of couple you competitors, Also you've the

you'll that of you might you distressed aren't I and that the do competing and think be creators So content you look know availability and some of Amazon, companies think about those some about disciplined ahead against how some out in like anything at some but there do, as challenged be point? future Apple Netflix of

we customers This resulted still this Steven. what a part being and on, did that more half talking caused the X.X% ARPU in bit we the start, But our a deceleration new with mix Dave. focus, driver lower This growth, to the planning year, me was end. first little Let is before biggest of were strong in shift X.X%. we year our were adjustments aggressive that consistent The terms in and -- of first the growth in make the of in ARPU coming about. very that from were where the and among X.X% ARPU

really was that the driver. biggest So

the to begun over time, pace. a bit TV, performance benefit video pick business with better certainly little has NOW Some in which the up

offers. that, by to that, those So pleased way, not level the going see deceleration from but refinement the made we to that of QX with mostly you're QX was adjustments. as of And lower-end that it

tier-mix about. that I So the talked it's mostly change -- that

add would I on Steven, that. to

look you Things network. more components of long of any usage customers want really, the year. typically to taking we've exactly broadband see We but historical that want quarters We over that Just their operating we ARPU to term, see the for what mentioned really, you to and tactical hanging at broadband off see X that grown year. context growth. high given to that's We've the doing. speeds, the sort here, higher them X% been want that, X% if devices of very they're the first in at of end contribute to this

of are those -- we're growth that's foundational seeing. driving pillars the and over to exactly that's time, So sort what ARPU

will This CFO job a answer let because balance opening is his actually great Brian. old his about our that in as of in business. the is this rates great long helping interest such some job we I described sheet and the put or how position Mike debt did he he have in in enviable a comments

it. you high This like -- why is therefore, on Mike, the demonstration you quarter into company. plan specifically? we've fantastic. very do than to to And content start is that But anything is the so your the don't thoughts bar question other The another year But why go don't the we got. Mike, of

Sure. Thanks, Brian.

much it's I -- is position said So I I financial Steven, think what you broadly. the which think earlier, of strength out, of if zoom our the

think across we're against sheet, strong positions on have. works are the think know And better having team peer businesses balance not as doing. giving with they I his That, the the I about You side, terms at. quarter think -- in that I and think but in of the together margins the NBC with company us think we're any financially. and shape we all And of me Dave anybody what team they're execution for any operating businesses leading in, strong I you can look couldn't a the benchmarked customer also be

financial though, strategic. very priorities, that strength Our use is in to how

appropriately for that's about talks We're So long investing way in, the drive to into revenue growth those return resources businesses got to I term. and the own in half businesses. find Jason strong our over growth. think ways and we Hence, the in think growth about the we're and businesses company them trying put

priority. So that's the

the really But look ones what the Brian them think anything I'm arc As potentially to, all you things. bar if job us our are at not wouldn't the many said, pretty you're change call and inorganic. high it's referring consider the to is of But but is about to for which company sure our assets, about. these you media distressed of small what

total what picture, our of have. proud and company we're like looks focus the So is the on Comcast think we I

joining thank That I for want our call. concludes Steve. everyone to Thanks, us.

you. Thank participating. That and Thank you session conference for a.m. today's starting conclude on does call. XX:XX at call question-and-answer website. will Eastern Time Relations of Investor today's available today be for replay A the Comcast

disconnect. may You now all