Comcast (NasdaqGS:CMCSA) Q4 2025 Earnings call January 29, 2026 08:30 AM ET Speaker0Good morning, ladies and gentlemen, and welcome to Comcast's fourth quarter and full year 2025 earnings conference call. At this time, all participants are in a listen-only mode. Please note 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.Speaker2Thank you, Operator, and welcome, everyone. Joining us on to ...

Financial Data and Key Metrics Changes - Total debt reduced from approximately $319 million to approximately $120 million, with maturity extended to 2029 [4] - Revenue for Q3 2025 was $87.6 million, up 15.4% year-over-year, and up 8.3% quarter-over-quarter [19] - Adjusted EBITDA for Q3 2025 was $4.3 million or 4.9% of revenue, down from $9.3 million or 12.3% of revenue in Q3 2024 [22] - Free cash flow for Q3 2025 was negative $13.6 million, compared to negative $3.4 million in Q3 2024 [22] Business Line Data and Key Metrics Changes - Subscription and reserve rental revenue increased by $10.7 million or 16.1% year-over-year in Q3 2025, driven by higher average subscribers and average revenue per subscriber [19] - Inventory-related cancellations decreased by nearly 30% year-over-year in Q3 [5] - Revenue per subscriber increased, primarily due to a price increase and changes to late fee policies [8] Market Data and Key Metrics Changes - Ending active subscribers grew by 12.4% year-over-year, reaching 148,916 [18] - Average active subscribers during Q3 were 147,645, an increase of 12.9% year-over-year [18] - Customer engagement metrics such as net promoter score and app visits increased significantly, with average visits per subscriber up 34% year-over-year [6][7] Company Strategy and Development Direction - Focus on strategic recapitalization to strengthen the balance sheet and return to growth through inventory strategy and product innovation [4] - Emphasis on improving customer acquisition through organic community-driven channels and enhancing customer experience [12] - Plans to activate community engagement and leverage customer advocacy for growth [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's improved growth momentum and customer engagement [24] - Anticipated continued strong revenue growth in Q4 2025, with guidance for revenue between $323.1 million and $325.1 million for fiscal year 2025 [23] - Management acknowledged challenges with cash consumption due to inventory investments but expects improved cash flow generation over time [17] Other Important Information - The company has made significant changes to its app to enhance customer experience, resulting in increased engagement [9] - The introduction of community-driven content and ambassador programs has generated substantial impressions and referrals [13] Q&A Session Summary Question: What are the expectations for revenue growth in Q4? - Management expects revenue to be between $85 million and $87 million for Q4 2025 [23] Question: How is the company managing cash flow amid increased inventory investments? - Management noted that cash consumption has increased due to inventory investments but expects improved cash flow generation in the future [17]

Core Insights - The company focuses on enhancing service experience to build a differentiated competitive barrier rather than engaging in price wars, especially in the context of intense industry competition [1] - The company has established a comprehensive cargo damage governance system to address high damage rates and operational difficulties associated with large goods, leading to a continuous decline in cargo damage rates over the years [1] - The company has successfully achieved a market share increase despite industry challenges, with a reported revenue growth of over 10% year-on-year in the first half of 2025 [2] Group 1 - The company has implemented innovative solutions such as circular packaging, anti-violence sorting systems, and customized loading tools to enhance operational capabilities in high-value sectors like construction materials, home appliances, industrial equipment, and e-commerce reverse logistics [1] - Customer complaint rates have significantly improved due to upgrades in automation, smart routing optimization, and enhanced end-service measures [1] - The company maintains operational stability during the industry's deep adjustment period, focusing on customer experience optimization and delivery quality improvement [1] Group 2 - The company aims to continuously enhance core business competitiveness, including improving customer pickup and delivery service experiences, increasing fulfillment rates, reducing damage rates, and achieving ongoing cost reductions [1] - The company has strengthened its differentiated competitive advantage in the large goods sector, accumulating market reputation and pursuing sustainable business growth [1] - The company reported a significant recovery in revenue and net profit in the second quarter, indicating resilience against the backdrop of a widespread "price war" in the industry [2]

Summary of Upstart Conference Call Company Overview - **Company**: Upstart - **Industry**: Fintech, specifically focused on personal loans and credit products Key Points Macro Economic Commentary - Upstart's business is closely linked to consumer financial health, focusing on savings and credit performance rather than just spending [5][6] - The Upstart Macro Index indicates that while consumer health has improved since the end of COVID stimulus, it remains elevated with significant risks priced into loans [6][8] - The long-term personal savings rate is currently low, around 4%, compared to the historical average of 8-9%, indicating financial strain on average American families [7] AI and Technology Integration - Upstart has been leveraging AI since its inception to create better risk models, differentiating itself from competitors who may only recently be adopting AI [10][11] - The company emphasizes the importance of continuous improvement in AI models, which are updated weekly, leading to better credit products [12] - Upstart's focus on improving customer experience through technology has resulted in 92% of loans being instantly approved, significantly enhancing conversion rates [18][21] Shift in Customer Demographics - Super prime customers now account for approximately one-third of personal loan originations, indicating a shift towards serving a broader customer base [22][25] - Upstart aims to provide the best rates and processes for all borrowers, not just a specific segment, enhancing its market position [24][26] Distribution Channels - The largest source of loans is now returning customers, accounting for 30-40% of loans, reducing customer acquisition costs [28] - Upstart plans to increase direct-to-consumer marketing to better communicate its unique value proposition [29][30] Resilience to Macro Stress - Upstart is working towards reducing macro volatility by diversifying its borrower base and product offerings, including secured loans [32][33] - Two-thirds of Upstart's funding now comes from long-term partnerships, providing a more stable growth path [34] Capital Partnerships - Upstart's capital partners are attracted to its reliable yield and structured co-investment opportunities, which align interests for long-term growth [35][37] - The company is expanding its partnerships to include auto and home equity loans, which are more appealing to lenders than unsecured loans [45][46] Product Development - Upstart is actively developing new products, including auto refinancing and home equity lines of credit (HELOC), with positive performance indicators emerging [49][52] - The company aims to create a seamless experience for secured products, similar to its unsecured loans, with a focus on automation [60][61] Future Product Offerings - Upstart plans to expand its product lineup to include revolving credit products and potentially a subscription service for enhanced customer experience [64][68] - The company envisions becoming a comprehensive credit destination, offering the best rates and processes across various credit products [70][71] Additional Insights - Upstart's approach to credit is distinct from traditional banks, focusing solely on credit products rather than being a multi-service platform [71] - The company believes in the potential of AI to revolutionize the credit industry, aiming for a future where loans can be obtained effortlessly and at the best rates [62][70]