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Comcast Corporation (NASDAQ:CMCSA) Q2 2023 Earnings Conference Call July 27, 2023 8:30 AM ET Company Participants Marci Ryvicker - Executive Vice President, Investor Relations Brian Roberts - Chairman and Chief Executive Officer Jason Armstrong - Chief Financial Officer Michael Cavanagh - President of Comcast Corporation David Watson - President and Chief Executive Officer of Comcast Cable Conference Call Participants Ben Swinburne - Morgan Stanley Craig Moffett - MoffettNathanson Brett Feldman - Goldman Sa ...

2nd Quarter 2023 Results J ul y 2 7 , 2 0 2 3 IMPORTANT INFORMATION Caution Concerning Forward-looking Statements This presentation includes statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only our beliefs regardin ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 Or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ☐ 1934 For the transition period from to Exact Name of Registrant; State of Incorporation; Address and Telephone Commission File Number Number of Principal Executive Offices I.R.S. Employer Identif ...

Comcast Corporation (NASDAQ:CMCSA) 51st Annual J.P. Morgan Global Technology, Media and Communications Conference Call May 23, 2023 10:50 AM ET Company Participants David Watson - President & Chief Executive Officer, Comcast Cable Conference Call Participants Philip Cusick - J.P. Morgan Philip Cusick Hi, thanks for joining us. Welcome to the 51st Annual J.P. Morgan TMC Conference. I'm Phil Cusick. I follow the communications and media space here. I am joined by Dave Watson, President and CEO of Comcast Cabl ...

Comcast Corporation (NASDAQ:CMCSA) SVB MoffettNathanson's Inaugural Technology, Media & Telecom Conference May 16, 2023 9:00 AM ET Company Participants Brian Roberts - Chairman & Chief Executive Officer Conference Call Participants Craig Moffett - MoffettNathanson LLC Craig Moffett Good morning, everybody. Thank you for joining us both in the room and thank you to those who are joining us via the webcast for the -- what is now the First Annual MoffettNathanson TMT Conference. And what would be the tenth Mo ...

Financial Data and Key Metrics - Adjusted EBITDA grew by 3% and adjusted EPS increased by 7% in Q1 2023 [7] - Free cash flow generated was $3.8 billion, with $3.2 billion returned to shareholders [7] - Connectivity & Platforms revenue was flat, but core connectivity revenues grew over 7% to $10 billion [28] - Content & Experiences revenue decreased nearly 10%, primarily due to tough comparisons with last year's Winter Olympics and Super Bowl [35] - Peacock revenue increased by 45% to $685 million, with paid subscribers up over 60% year-over-year [37] Business Line Performance - Residential connectivity revenue grew by 8%, with domestic broadband up 5%, wireless up 27%, and international up 18% [29] - Business services connectivity revenue grew at a mid-single-digit pace, with margins just shy of 60% [17] - Theme parks revenue grew 25%, with EBITDA up 46% to $658 million, driven by strong performance in international parks [41] - Studios saw a 13% increase in EBITDA, driven by successful film releases like "Puss in Boots" and "Megan" [40] Market Performance - Domestic residential broadband ARPU grew by 4.5% year-over-year, despite a highly competitive environment [30] - International connectivity revenue grew at mid-teens levels, with broadband accounting for roughly two-thirds of the revenue [32] - Peacock advertising revenue increased by 90% when excluding the impact of the Olympics and Super Bowl [37] Strategic Focus and Industry Competition - The company is focusing on four key growth areas: residential connectivity, business services, theme parks, and premium content creation [11] - The company views fiber as a long-term competitor and fixed wireless as a temporary solution, with a strategy to compete rationally in each segment [14][15] - Investments in DOCSIS 4.0 and network expansion are key to maintaining a competitive edge in broadband [16] - Peacock is seen as a dual-revenue stream platform, with strong growth in both advertising and subscription fees [23] Management Commentary on Operating Environment and Future Outlook - The company expects 2023 to be a challenging period for adding broadband subscribers but remains focused on growing ARPU and expanding its footprint [30] - Peacock is expected to break even and grow, with peak losses projected at $3 billion for the year [39] - The company is optimistic about the long-term growth potential of its theme parks, with new attractions like Super Nintendo World driving strong performance [19][41] Other Important Information - The company has transitioned to reporting results in two segments: Connectivity & Platforms and Content & Experiences, to better align with its business strategy [25] - Capital expenditures increased by 37%, driven by investments in network upgrades and theme park expansions [42] - The company is targeting a leverage ratio of around 2.4x, with a focus on returning cash to shareholders through buybacks and dividends [44] Q&A Session Summary Question: Strategic Review of NBCUniversal - The company does not plan to revisit NBCUniversal's strategy despite recent leadership changes, as the businesses are performing well [48][49] Question: Wireless Business Growth - The wireless business added 355,000 lines in Q1, reaching 5.7 million lines, with less than 10% penetration of the broadband base [50][51] Question: Broadband Margins and Wireless Contribution - Domestic cable margins improved by 250 basis points to a record 46.5%, driven by strong growth in high-margin connectivity businesses [55][56] Question: NBA Playoffs and Sports Strategy - The company views sports rights as part of a broader portfolio strategy, managing linear and streaming platforms as one business [59] Question: Broadband Churn and Network Upgrades - Broadband churn remains near record lows, with the company upgrading 20% of its footprint to multi-gig capabilities [62][64] Question: NBCU Leadership and Media Challenges - The current leadership structure is sustainable, with a focus on maintaining operational excellence and managing cyclical and secular challenges [69][70] Question: Video Loss Trends - Video losses have accelerated, but the company is managing the transition by focusing on broadband retention and platform investments [73][74] Question: Connectivity CapEx and Mobile Offloading - The company is comfortable with its current CapEx profile, with plans to expand its footprint and explore mobile offloading opportunities [79][85] Question: Low-End Broadband Offers and Theme Park Trends - Low-end broadband offers showed positive results, but the company remains focused on ARPU growth and segmenting the market [88][91] - Theme parks are performing strongly, with international parks driving record results and domestic parks showing solid growth [92][93]

Financial Performance - Consolidated revenue for the three months ended March 31, 2023, was $29,691 million, a decrease of 4.3% compared to $31,010 million in the same period of 2022[60] - Total costs and expenses for the same period were $24,045 million, down 5.5% from $25,440 million in the prior year[60] - Net income attributable to Comcast Corporation for the three months ended March 31, 2023, was $3,834 million, an increase of 8.0% from $3,549 million in the same period of 2022[60] - Basic earnings per share attributable to Comcast Corporation shareholders increased by 15.2% to $0.91 from $0.79 year-over-year[60] - Adjusted EBITDA for the three months ended March 31, 2023, was $9,415 million, reflecting a 2.9% increase from $9,150 million in the same period of 2022[60] - Operating income for the three months ended March 31, 2023, was $5,646 million, compared to $5,569 million in the same period of 2022, reflecting a slight increase[109] Connectivity & Platforms Segment - Revenue from the Connectivity & Platforms segment was $20,153 million, a decrease of 1.8% from $20,512 million in the prior year[66] - Adjusted EBITDA margin for the Connectivity & Platforms segment improved to 40.2%, up 200 basis points from 38.2% year-over-year[66] - The Business Services Connectivity segment revenue increased by 5.1% to $2,283 million compared to $2,172 million in the same period of 2022[66] - Domestic broadband revenue increased by 4.8% to $6,343 million for the three months ended March 31, 2023, compared to $6,050 million in the same period of 2022[74] - Total revenue for the Connectivity & Platforms segment decreased by 2.6% to $17,869 million for the three months ended March 31, 2023, down from $18,340 million in the prior year[74] - Average monthly total Connectivity & Platforms revenue per customer relationship was $128.04, a decrease of 1.8% from $130.35 in the previous year[69] - Adjusted EBITDA for the Connectivity & Platforms segment increased by 2.3% to $6,762 million for the three months ended March 31, 2023, compared to $6,611 million in the same period of 2022[74] - Total Connectivity & Platforms customer relationships reached 52,507 thousand as of March 31, 2023, a net addition of 82 thousand compared to the previous year[68] Media Segment - Total Content & Experiences revenue decreased by 9.5% to $10,259 million for the three months ended March 31, 2023, down from $11,339 million in the same period in 2022[80] - Adjusted EBITDA for the Media segment decreased by 25.5% to $880 million for the three months ended March 31, 2023, compared to $1,181 million in the same period in 2022[83] - Total costs and expenses for the Media segment decreased by 19.8% to $5,272 million for the three months ended March 31, 2023, compared to $6,577 million in the same period in 2022[83] - Programming and production costs for the Media segment decreased by 23.6% to $3,989 million for the three months ended March 31, 2023, compared to $5,221 million in the same period in 2022[83] - Peacock generated $685 million in revenue for the three months ended March 31, 2023, up from $472 million in the same period in 2022, with paid subscribers increasing from 13 million to 22 million[85] Theme Parks Segment - Theme Parks revenue increased by 24.9% to $1,949 million for the three months ended March 31, 2023, compared to $1,560 million in the same period in 2022[90] - Adjusted EBITDA for Theme Parks increased by 46.0% to $658 million for the three months ended March 31, 2023, compared to $451 million in the same period in 2022[90] - Theme parks revenue increased by 16.3% to $19 million for the three months ended March 31, 2023, compared to $16 million in the same period in 2022, driven by higher attendance and the opening of Super Nintendo World[91] - Theme parks costs and expenses rose by 20.9% to $251 million for the three months ended March 31, 2023, compared to $208 million in the same period in 2022, primarily due to increased guest attendance[91] Advertising Revenue - Advertising revenue decreased by 15.5% to $907 million for the three months ended March 31, 2023, compared to $1,073 million in the same period of 2022[74] - Domestic advertising revenue fell by 38.8% to $2,025 million for the three months ended March 31, 2023, compared to $3,310 million in the same period in 2022[83] Cash Flow and Debt - Cash provided by operating activities was $7.2 billion for the three months ended March 31, 2023, compared to $7.3 billion in the same period in 2022[106] - Cash used in investing activities increased to $(3.4) billion for the three months ended March 31, 2023, compared to $(2.6) billion in the same period in 2022[106] - Cash and cash equivalents increased to $5.5 billion as of March 31, 2023, compared to $4.7 billion as of December 31, 2022[106] - Short-term and long-term debt rose to $95.5 billion as of March 31, 2023, compared to $94.8 billion as of December 31, 2022[106] - Total debt as of March 31, 2023, was $95.5 billion, up from $94.8 billion as of December 31, 2022[114] - Debt subject to cross-guarantees totaled $91.4 billion as of March 31, 2023, compared to $90.9 billion at the end of 2022[114] - The company anticipates continued use of cash flows from operating activities for debt repayment, capital expenditures, and returning capital to shareholders[108] Shareholder Returns - A total of 52.5 million shares of Class A common stock were repurchased for $2.0 billion during the three months ended March 31, 2023, with $14.0 billion remaining under the share repurchase program[112] - Dividends paid in January 2023 amounted to $1.2 billion, with a 7.4% increase in the annual dividend to $1.16 per share approved by the Board of Directors[112] Other Financial Metrics - Amortization expense from acquisition-related intangible assets was $556 million for the three months ended March 31, 2023, down from $592 million in the same period of 2022[62] - The company expects continued declines in video revenue due to domestic customer net losses and competitive pressures[66] - The variance in changes in operating assets and liabilities was primarily due to the timing of sporting events impacting collections and deferred revenue recognition[109]

Comcast Corp (NASDAQ:CMCSA) Morgan Stanley Technology, Media & Telecom Conference March 8, 2023 11:35 AM ET Company Participants Michael Cavanagh - President Conference Call Participants Benjamin Swinburne - Morgan Stanley Benjamin Swinburne All right, everybody. We're going to get started. For important disclosures, please see the Morgan Stanley research disclosure website at morganstanley.com. If you have any questions, please reach out to your Morgan Stanley sales rep. I'm Ben Swinburne, Morgan Stanley's ...

Comcast Corp (NASDAQ:CMCSA) Deutsche Bank Media, Internet & Telecom Conference Call February 27, 2023 8:50 AM ET Company Participants Jason Armstrong - CFO & Treasurer Conference Call Participants Bryan Kraft - Deutsche Bank Bryan Kraft Good morning, everyone. We're going to get started here with our first presentation. I guess, first, I'd like to welcome everyone to Deutsche Bank's Media, Internet and Telecom Conference. Thanks, everyone, for joining us. And I'm really pleased to introduce our first speake ...