Mike Rollins

Mike Rollins from Citi inquired about Comcast's broadband business, specifically seeking an update on customer intake and retention trends following the shift from localized to national rate plan management. He also asked about the wireless opportunity, including the converged bundle with the free line promotion, and the potential to accelerate quarterly wireless net additions.

Answer

Steve Crone, CEO of Connectivity & Platforms, and Jason Armstrong, CFO, responded. Steve Crone highlighted early positive trends in broadband, including improved voluntary churn, strong adoption of the five-year price guarantee, and increased take rates for Gig-plus tiers. He emphasized the significant opportunity in mobile, noting 2025 as the best year for wireless net additions, the success of free lines in driving future monetization, and strong early results from premium unlimited plans. Jason Armstrong reiterated the strategic importance of the go-to-market shift and the long-term benefits of stabilizing the broadband base.

Mike Rollins from Citi inquired about the impact of Comcast's shift from localized to national broadband rate plan management on customer intake and retention, and also asked about the wireless opportunity, specifically if the free line promotion could accelerate quarterly wireless net additions.

Answer

Steve Crone, CEO of Connectivity & Platforms, highlighted early positive signs from the go-to-market shift, including improved voluntary churn, strong adoption of the five-year price guarantee, and a mix shift towards Gig+ tiers. He emphasized the significant opportunity in mobile, noting 2025 as the best year for wireless net additions, the success of free lines in driving monetization, and the strong uptake of Premium Unlimited plans. He also mentioned Comcast's structural advantage with 90% Xfinity Mobile traffic offloaded to their network and lower acquisition costs.

Mike Rollins asked for CEO Dan Schulman's perspective on the future of convergence, including desired fiber footprint expansion and the role of fixed wireless. He also sought more context on Verizon's strategy to accentuate growth and deemphasize/exit legacy businesses, asking what proportion of the portfolio is considered strategic versus legacy.

Answer

CEO Dan Schulman expressed strong belief in convergence for revenue synergies and churn reduction, confirming continued investment in both fiber and fixed wireless broadband, including innovative bundling. On portfolio optimization, he stated a focus on broadband and mobility, identified AI infrastructure as a potential opportunity, and noted that some legacy businesses are costing billions in margin, promising more details on divestment/exit plans in January.

Mike Rollins of Citigroup asked about CEO Dan Schulman's vision for convergence, including desired fiber footprint expansion and the role of fixed wireless. He also sought more context on Verizon's strategy to deemphasize or exit legacy businesses versus strategic growth areas within its portfolio.

Answer

CEO Dan Schulman expressed strong belief in convergence for revenue synergies and churn reduction, committing to investing in both fiber and fixed wireless broadband expansion. He stated that Verizon would focus on broadband and mobility, exploring AI infrastructure opportunities, and divesting or exiting legacy businesses that are "hemorrhaging margins," with more details to be provided in January.