aecf378bd5a0587365aa30c76180458e0341521f1c1534aa533a974b203753ff

Comcast Corporation is a global media and technology company that operates through two primary business segments: Connectivity & Platforms and Content & Experiences. The company provides broadband, wireless, video, and voice services under brands such as Xfinity, Comcast Business, and Sky, and produces and distributes entertainment, sports, and news through brands like NBC, Telemundo, Universal, Peacock, and Sky **[0001166691-24-000011_cmcsa-20231231.htm:3]** **[0001166691-24-000011_cmcsa-20231231.htm:103]**. Additionally, Comcast operates Universal theme parks, contributing significantly to its revenue **[0001166691-24-000011_cmcsa-20231231.htm:3]** **[0001166691-24-000011_cmcsa-20231231.htm:103]**.

1. **Connectivity & Platforms** - Offers broadband, wireless, video, and voice services primarily under the Xfinity, Comcast Business, and Sky brands. Includes Residential Connectivity & Platforms and Business Services Connectivity, with Sky-branded entertainment television networks in the UK and Italy.
   - **Residential Connectivity & Platforms** - Provides broadband and wireless services, showing significant growth in domestic broadband and wireless.
   - **Business Services Connectivity** - Delivers high-margin connectivity services to businesses, contributing significantly to annual revenue.

2. **Content & Experiences** - Encompasses Media, Studios, and Theme Parks, producing and distributing entertainment, sports, and news.
   - **Media** - Includes brands like NBC, Telemundo, and Sky, offering a wide range of entertainment and news content.
   - **Studios** - Produces films and television content under the Universal brand.
   - **Theme Parks** - Operates Universal theme parks, which have seen substantial revenue growth.
   - **Streaming** - Provides streaming services through the Peacock brand.

941ee9b84384b67358d899a62626edada8d69bf130ad4e57d9941f988d8155e5

| Segment/Metric (in $ million) | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Residential Connectivity & Platforms** | N/A | **17,869**  **[0001166691-23-000024_cmcsa-20230331.htm:9]**  | N/A | **17,951**  **[0001166691-23-000040_cmcsa-20230930.htm:9]**  | N/A | **17,868**  **[0001166691-24-000028_ex991-3312024.htm:1]**  | **17,824**  **[0001166691-24-000048_cmcsa-20240630.htm:19]**  | **17,866**  **[0001166691-24-000056_cmcsa-20240930.htm:19]**  |
| **Business Services Connectivity** | **2,444**  **[0001166691-23-000005_ex991-12312022.htm:3]**  | **2,283**  **[0001166691-23-000024_cmcsa-20230331.htm:9]**  | N/A | **2,320**  **[0001166691-23-000040_cmcsa-20230930.htm:9]**  | N/A | **2,407**  **[0001166691-24-000028_ex991-3312024.htm:1]**  | **2,421**  **[0001166691-24-000048_cmcsa-20240630.htm:19]**  | **2,425**  **[0001166691-24-000056_cmcsa-20240930.htm:19]**  |
| **Media** | **6,000**  **[0001166691-23-000005_ex991-12312022.htm:6]**  | **6,152**  **[0001166691-23-000024_cmcsa-20230331.htm:9]**  | N/A | **6,029**  **[0001166691-23-000040_cmcsa-20230930.htm:9]**  | N/A | **6,371**  **[0001166691-24-000031_cmcsa-20240331.htm:23]**  | **6,324**  **[0001166691-24-000048_cmcsa-20240630.htm:8]**  | **8,231**  **[0001166691-24-000056_cmcsa-20240930.htm:25]**  |
| **Studios** | **2,700**  **[0001166691-23-000005_ex991-12312022.htm:6]**  | **2,956**  **[0001166691-23-000024_cmcsa-20230331.htm:9]**  | N/A | **2,518**  **[0001166691-23-000040_cmcsa-20230930.htm:9]**  | N/A | **2,743**  **[0001166691-24-000031_cmcsa-20240331.htm:23]**  | **2,253**  **[0001166691-24-000048_cmcsa-20240630.htm:8]**  | **2,826**  **[0001166691-24-000056_cmcsa-20240930.htm:25]**  |
| **Theme Parks** | **2,100**  **[0001166691-23-000005_ex991-12312022.htm:7]**  | **1,949**  **[0001166691-23-000024_cmcsa-20230331.htm:9]**  | N/A | **2,418**  **[0001166691-23-000040_cmcsa-20230930.htm:9]**  | N/A | **1,979**  **[0001166691-24-000031_cmcsa-20240331.htm:23]**  | **1,975**  **[0001166691-24-000046_ex991-6302024.htm:5]**  | **2,289**  **[0001166691-24-000056_cmcsa-20240930.htm:25]**  |
| **Corporate & Other** | N/A | **707**  **[0001166691-23-000024_cmcsa-20230331.htm:9]**  | N/A | **643**  **[0001166691-23-000040_cmcsa-20230930.htm:9]**  | N/A | **767**  **[0001166691-24-000028_ex991-3312024.htm:4]**  | **715**  **[0001166691-24-000048_cmcsa-20240630.htm:10]**  | **11**  **[0001166691-24-000056_cmcsa-20240930.htm:25]**  |
| **Eliminations** | N/A | **(817)**  **[0001166691-23-000024_cmcsa-20230331.htm:9]**  | N/A | **(1,358)**  **[0001166691-23-000040_cmcsa-20230930.htm:9]**  | N/A | **(1,358)**  **[0001166691-24-000028_ex991-3312024.htm:4]**  | N/A | **(758)**  **[0001166691-24-000056_cmcsa-20240930.htm:25]**  |
| **Total Revenue** | **30,552**  **[0001166691-23-000005_ex991-12312022.htm:0]**  | **29,691**  **[0001166691-23-000024_cmcsa-20230331.htm:9]**  | **30,500**  **[0001166691-23-000029_ex991-6302023.htm:0]** **[CMCSA_3384024_4]**  | **30,115**  **[0001166691-23-000040_cmcsa-20230930.htm:9]**  | **31,300**  **[CMCSA_3370801_4]**  | **30,058**  **[0001166691-24-000028_ex991-3312024.htm:1]**  | **29,688**  **[0001166691-24-000046_ex991-6302024.htm:0]**  | **32,070**  **[0001166691-24-000054_ex991-9302024.htm:0]**  |

5796a7be2d19c3dc7081f9c4f9228f80a0794a7c927e51329504623a971b8c45

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

Selling, General, and Administrative Expenses (SG&A) [USD, Millions]

Research and Development (R&D) [USD, Millions]

Depreciation and Amortization (D&A) [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

Earnings Per Share (EPS) - Basic [USD]

Earnings Per Share (EPS) - Diluted [USD]

bd00720e492a1f3a902cecd289a5171a9900b0eeac181293f636de8d1eb968bd

| Metric / Period | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|-----------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Domestic Residential Connectivity & Platforms customer relationships | **31,648**  **[0001166691-24-000005_ex991-12312023.htm:3]**  | **31,826**  **[0001166691-23-000024_cmcsa-20230331.htm:21]**  | **31,761**  **[0001166691-23-000032_cmcsa-20230630.htm:21]**  | **31,722**  **[0001166691-23-000040_cmcsa-20230930.htm:21]**  | **31,648**  **[0001166691-24-000005_ex991-12312023.htm:3]**  | **31,555**  **[0001166691-24-000031_cmcsa-20240331.htm:19]**  | **31,426**  **[0001166691-24-000046_ex991-6302024.htm:2]**  | **31,324**  **[0001166691-24-000056_cmcsa-20240930.htm:20]**  |
| International Residential Connectivity & Platforms customer relationships | N/A | **18,051**  **[0001166691-23-000024_cmcsa-20230331.htm:21]**  | **17,884**  **[0001166691-23-000032_cmcsa-20230630.htm:21]**  | **17,958**  **[0001166691-23-000040_cmcsa-20230930.htm:21]**  | **17,847**  **[0001166691-24-000011_cmcsa-20231231.htm:61]**  | **17,782**  **[0001166691-24-000031_cmcsa-20240331.htm:19]**  | **17,638**  **[0001166691-24-000048_cmcsa-20240630.htm:20]**  | **17,716**  **[0001166691-24-000056_cmcsa-20240930.htm:20]**  |
| Business Services Connectivity customer relationships | **2,500**  **[0001166691-23-000005_ex991-12312022.htm:4]**  | **2,630**  **[0001166691-23-000024_cmcsa-20230331.htm:21]**  | **2,635**  **[0001166691-23-000032_cmcsa-20230630.htm:21]**  | **2,640**  **[0001166691-23-000040_cmcsa-20230930.htm:21]** **[0001166691-23-000037_ex991-9302023.htm:2]**  | **2,641**  **[0001166691-24-000005_ex991-12312023.htm:3]**  | **2,634**  **[0001166691-24-000031_cmcsa-20240331.htm:19]**  | **2,632**  **[0001166691-24-000048_cmcsa-20240630.htm:20]**  | **2,627**  **[0001166691-24-000056_cmcsa-20240930.htm:20]**  |
| Total Connectivity & Platforms customer relationships | **34,300**  **[0001166691-23-000010_cmcsa-20221231.htm:4]**  | **52,507**  **[0001166691-23-000020_ex991-3312023.htm:2]**  | **52,280**  **[0001166691-23-000032_cmcsa-20230630.htm:21]**  | **52,300**  **[0001166691-23-000037_ex991-9302023.htm:2]**  | **52,100**  **[0001166691-24-000005_ex991-12312023.htm:3]**  | **51,971**  **[0001166691-24-000031_cmcsa-20240331.htm:19]**  | **51,700**  **[0001166691-24-000046_ex991-6302024.htm:2]**  | **51,700**  **[0001166691-24-000054_ex991-9302024.htm:2]**  |
| Domestic Broadband Residential customers | **29,800**  **[0001166691-23-000010_cmcsa-20221231.htm:4]**  | **29,815**  **[0001166691-23-000020_ex991-3312023.htm:2]**  | **29,796**  **[0001166691-23-000032_cmcsa-20230630.htm:21]**  | **29,779**  **[0001166691-23-000040_cmcsa-20230930.htm:21]**  | **29,748**  **[0001166691-24-000011_cmcsa-20231231.htm:61]**  | **29,693**  **[0001166691-24-000031_cmcsa-20240331.htm:19]**  | **29,583**  **[0001166691-24-000048_cmcsa-20240630.htm:20]**  | **29,504**  **[0001166691-24-000054_ex991-9302024.htm:2]**  |
| Domestic Broadband Business customers | **2,339**  **[0001166691-23-000005_ex991-12312022.htm:4]**  | **2,508**  **[0001166691-23-000020_ex991-3312023.htm:2]**  | N/A | **2,508**  **[0001166691-23-000040_cmcsa-20230930.htm:21]**  | **2,505**  **[0001166691-24-000011_cmcsa-20231231.htm:61]** **[0001166691-24-000005_ex991-12312023.htm:3]**  | **2,495**  **[0001166691-24-000031_cmcsa-20240331.htm:19]**  | **2,485**  **[0001166691-24-000048_cmcsa-20240630.htm:20]**  | **2,477**  **[0001166691-24-000056_cmcsa-20240930.htm:20]**  |
| Total domestic broadband customers | **32,200**  **[0001166691-23-000005_ex991-12312022.htm:1]**  | **32,324**  **[0001166691-23-000024_cmcsa-20230331.htm:21]**  | **32,305**  **[0001166691-23-000032_cmcsa-20230630.htm:21]** **[0001166691-23-000029_ex991-6302023.htm:1]**  | **32,287**  **[0001166691-23-000037_ex991-9302023.htm:2]**  | **32,300**  **[0001166691-24-000011_cmcsa-20231231.htm:61]** **[0001166691-24-000005_ex991-12312023.htm:3]**  | **32,188**  **[0001166691-24-000028_ex991-3312024.htm:1]**  | **32,068**  **[0001166691-24-000046_ex991-6302024.htm:2]**  | **31,981**  **[0001166691-24-000054_ex991-9302024.htm:2]**  |
| Total domestic wireless lines | **5,300**  **[0001166691-23-000005_ex991-12312022.htm:4]**  | **5,668**  **[0001166691-23-000024_cmcsa-20230331.htm:21]** **[0001166691-23-000020_ex991-3312023.htm:2]**  | **5,984**  **[0001166691-23-000032_cmcsa-20230630.htm:21]**  | **6,278**  **[0001166691-23-000040_cmcsa-20230930.htm:21]**  | **6,600**  **[0001166691-24-000005_ex991-12312023.htm:1]**  | **6,900**  **[CMCSA_3380720_4]**  | **7,200**  **[CMCSA_3393931_4]**  | **7,500**  **[CMCSA_3405042_4]**  |
| Total domestic video customers | **16,100**  **[0001166691-23-000005_ex991-12312022.htm:4]** **[0001166691-23-000005_ex991-12312022.htm:3]**  | **15,528**  **[0001166691-23-000024_cmcsa-20230331.htm:21]**  | **14,985**  **[0001166691-23-000029_ex991-6302023.htm:1]**  | **14,495**  **[0001166691-23-000040_cmcsa-20230930.htm:21]**  | **14,100**  **[0001166691-24-000011_cmcsa-20231231.htm:57]**  | **13,618**  **[0001166691-24-000028_ex991-3312024.htm:1]**  | **13,199**  **[0001166691-24-000046_ex991-6302024.htm:2]**  | **12,834**  **[0001166691-24-000054_ex991-9302024.htm:2]**  |
| Domestic homes and businesses passed | **61,400**  **[0001166691-23-000010_cmcsa-20221231.htm:4]**  | N/A | **61,800**  **[CMCSA_3255709_3]**  | **62,000**  **[CMCSA_3362119_4]**  | **62,457**  **[0001166691-24-000011_cmcsa-20231231.htm:61]**  | **62,729**  **[0001166691-24-000031_cmcsa-20240331.htm:19]**  | **63,031**  **[0001166691-24-000048_cmcsa-20240630.htm:20]**  | **63,355**  **[0001166691-24-000056_cmcsa-20240930.htm:20]**  |
| Average monthly total Connectivity & Platforms revenue per customer relationship | N/A | **128.04**  **[0001166691-23-000024_cmcsa-20230331.htm:21]**  | **129.53**  **[0001166691-23-000032_cmcsa-20230630.htm:21]**  | **129.20**  **[0001166691-23-000040_cmcsa-20230930.htm:21]**  | **129.43**  **[0001166691-24-000011_cmcsa-20231231.htm:62]**  | **129.84**  **[0001166691-24-000031_cmcsa-20240331.htm:19]**  | **130.20**  **[0001166691-24-000048_cmcsa-20240630.htm:20]**  | **130.87**  **[0001166691-24-000056_cmcsa-20240930.htm:20]**  |
| Average monthly total Connectivity & Platforms Adjusted EBITDA per customer relationship | **71.53**  **[0001166691-23-000010_cmcsa-20221231.htm:67]**  | **51.42**  **[0001166691-23-000024_cmcsa-20230331.htm:21]**  | **53.10**  **[0001166691-23-000032_cmcsa-20230630.htm:21]**  | **52.40**  **[0001166691-23-000040_cmcsa-20230930.htm:21]**  | **51.39**  **[0001166691-24-000011_cmcsa-20231231.htm:62]**  | **52.62**  **[0001166691-24-000031_cmcsa-20240331.htm:19]**  | **54.55**  **[0001166691-24-000048_cmcsa-20240630.htm:20]**  | **53.50**  **[0001166691-24-000056_cmcsa-20240930.htm:20]**  |

29fc20c48f0d0e0d4ba275d7eacb9cb53badabd4602e1e87ca2b7655d5fd4cc5

1. **Given that your CapEx year-to-date is running below the expected 10% in Connectivity & Platforms**, should we anticipate a significant catch-up in **Q4**, and how will this affect your free cash flow projections?  **[CMCSA_3405042_12]** 

2. With the intensifying competition from fiber providers expanding their footprint, can you discuss the impact on your broadband **ARPU** and pricing power when new fiber entrants enter your markets, and what strategies you have in place to mitigate potential losses?  **[CMCSA_3405042_10]** 

3. Regarding your potential spin-off of your cable networks into a new company, can you provide more details on the strategic rationale behind this move, and do you view it as an opportunity to create a **roll-up vehicle for the industry**?  **[CMCSA_3405042_7]** **[CMCSA_3405042_11]** 

4. **The Olympics generated a record $1.9 billion in revenue**, but could you comment on the **profitability** of the event and how you plan to sustain or improve profitability in future Olympic Games given past underperformance?  **[CMCSA_3405042_2]** **[CMCSA_3405042_9]** 

5. Considering the significant investment and **$150 million** in pre-opening costs for **Epic Universe**, how do you anticipate this will impact your bottom line over the next **3 to 5 years**, and what measures are in place to ensure a strong **return on this substantial capital investment**?  **[CMCSA_3405042_5]** **[CMCSA_3405042_11]** **[CMCSA_3405042_6]** 

f01fd48d198c3e5e840582c044f8535057b32e9620ceef69e9d76520cebd07d7

400246cc4031263f466b08223f62d54802b70eda2d4d731d3e1fbc6d012bf0fb

d8b93ac0cce75c335f53624142fb45ac65ae333d635ead345bc6948381ef638a

ec24f99337ea1153d8d8ba452747fec9675d87b07e30ad9536ab47d2613f79f3

Domestic Residential Connectivity & Platforms customer relationships

International Residential Connectivity & Platforms customer relationships

Business Services Connectivity customer relationships

Domestic Broadband Residential customers

Domestic Broadband Business customers

Domestic homes and businesses passed

bda7b6e6f222e945659c1773db7e8c53c761454c27d50ce8f207a69814c5452c

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

Adjustments for Non-Cash Items [USD, M]

Stock-Based Compensation [USD, M]

Changes in Working Capital [USD, M]

Capital Expenditures (CapEx) [USD, M]

Proceeds from / Repayments of Debt [USD, M]

Share Repurchases [USD, M]

Dividend Payments [USD, M]

Net Change in Cash [USD, M]

d93b39cef4e6fcde8ed00d0c03286ca9ec05c14ca1a6232f9920517aa8405e00

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: Q4 2024 and Q1 2025
- **Guidance**:
  1. **Preopening Costs for Epic Universe**: Expected to incur about **$150 million** in total over Q4 2024 and Q1 2025, with more weight towards Q1 2025  **[CMCSA_3405042_6]** **[CMCSA_3405042_8]** .
  2. **Capital Expenditures**: Capital intensity for the year similar to last year, implying a potential catch-up in Q4 2024  **[CMCSA_3405042_12]** .
  3. **Footprint Expansion**: Plan to add over **1.2 million** new homes passed in 2024  **[CMCSA_3405042_4]** **[CMCSA_3405042_12]** .
  4. **Theme Parks**: Trends in domestic theme park attendance likely to continue until the launch of Epic Universe in May 2025  **[CMCSA_3405042_5]** **[CMCSA_3393931_9]** .
  5. **Broadband and Wireless Revenue Growth**: Domestic broadband plus wireless revenue growing at **5%**, expected to continue  **[CMCSA_3405042_1]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: Q3 2024
- **Guidance**:
  1. **Media EBITDA**: Continued modest growth expected, with variations due to timing of sports and entertainment launches  **[CMCSA_3393931_6]** .
  2. **Capital Spending**: Declined 10% compared to the previous year, with ongoing investments to support growth  **[CMCSA_3393931_6]** .
  3. **Broadband ARPU Growth**: Expected to remain within the historical 3% to 4% range  **[CMCSA_3393931_4]** .
  4. **ACP Impact**: Bulk of ACP-related subscriber activity, including losses, anticipated in Q3 2024  **[CMCSA_3393931_4]** .
  5. **Capital Intensity**: Comfortable with existing capital intensity envelope, continuing broadband network expansion  **[CMCSA_3393931_13]** .
  6. **NBA Contract**: New contract to impact costs and revenues in the 2025-2026 season  **[CMCSA_3393931_13]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: N/A
- **Guidance**:
  - The documents do not provide specific guidance metrics or a particular period for Q1 2024. Discussions included confidence in maintaining ARPU growth within the historical range of 3% to 4% and capital allocation strategies, but no explicit guidance figures or periods were given  **[CMCSA_3380720_11]** **[CMCSA_3380720_8]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Buybacks**: $15 billion buyback program reauthorized, with a pace of $3.5 billion per quarter mentioned  **[CMCSA_3370801_15]** .
  2. **Capital Expenditure (CapEx) Intensity**: Expected to remain around 10% for Connectivity & Platforms in 2024  **[CMCSA_3370801_8]** .
  3. **Homes Passed**: Plan to pass 1.1 million or slightly more homes in 2024  **[CMCSA_3370801_15]** **[CMCSA_3370801_5]** .
  4. **Broadband ARPU Growth**: Expected to remain strong within the historical range of 3% to 4% in 2024  **[CMCSA_3370801_5]** .
  5. **Peacock Losses**: EBITDA losses expected to show meaningful improvement in 2024 compared to 2023  **[CMCSA_3370801_7]** .
  6. **Dividend**: Annual dividend increased by $0.08 per share to $1.24 per share  **[CMCSA_3370801_8]** .
  7. **Leverage**: Aim to maintain net leverage around 2.4x in 2024  **[CMCSA_3370801_8]** .

7636f586278425dd8455be7817a1a8b66a43be93dcd0605c3c38e7e83147f3fe

| Name                | Position                                      | Start Date         | Short Bio                                                                                                                                                                                                 |
|---------------------|-----------------------------------------------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Brian L. Roberts    | Chairman and Chief Executive Officer          | CEO: 2002, Chairman: 2004 | **Brian L. Roberts** has been serving as the **Chairman of the Board** at Comcast since **2004** and as the **Chief Executive Officer** since **2002**. He has been a director since **March 1988**  **[0001166691-24-000011_cmcsa-20231231.htm:143]** **[0001308179-24-000600_cmcsa4226581-def14a.htm:18]** **[0001308179-23-000809_cmcsa4130111-def14a.htm:21]** . |
| Michael J. Cavanagh | President                                     | October 2022       | **Michael J. Cavanagh** has been serving as the **President of Comcast** since **October 2022**. He initially joined Comcast in **2015** as the Chief Financial Officer, a position he held until January 2023  **[0001166691-24-000011_cmcsa-20231231.htm:143]** **[CMCSA_3401275_0]** .                           |
| Jason S. Armstrong  | Chief Financial Officer                       | January 2023       | **Jason S. Armstrong** has served as the **Chief Financial Officer** of Comcast Corporation since **January 2023**. Prior to this role, he was the Treasurer from **July 2020 to October 2023**  **[0001166691-24-000011_cmcsa-20231231.htm:143]** .                                              |
| Jennifer Khoury     | Chief Communications Officer                  | February 2020      | **Jennifer Khoury** has served as the **Chief Communications Officer** at Comcast Corporation since **February 2020**. She has held various senior positions since joining the company in **1999**  **[0001166691-24-000011_cmcsa-20231231.htm:143]** **[0001166691-23-000010_cmcsa-20221231.htm:145]** .                                        |
| Daniel C. Murdock   | Executive Vice President; Chief Accounting Officer and Controller | EVP: March 2020, CAO: March 2017, Controller: July 2015 | **Daniel C. Murdock** has served as **Executive Vice President** since March 2020, **Chief Accounting Officer** since March 2017, and **Controller** since July 2015 at Comcast Corporation  **[0001166691-24-000011_cmcsa-20231231.htm:143]** .                                                  |
| Thomas J. Reid      | Chief Legal Officer and Secretary             | April 2019         | **Thomas J. Reid** has served as **Chief Legal Officer and Secretary** at Comcast Corporation since **April 2019**. Before joining Comcast, he was the Chairman and Managing Partner of Davis Polk & Wardwell LLP  **[0001166691-24-000011_cmcsa-20231231.htm:144]** **[0001166691-23-000010_cmcsa-20221231.htm:146]** .                          |

87098209a68c61da0b3c22e7a8ab8eff3387bf47d4df3087556ff4a4546723fc

| Program Details           | Program 1       | Program 2       |
|---------------------------|-----------------|-----------------|
| Approval Date             | September 2022  **[0001166691-24-000056_cmcsa-20240930.htm:47]**  | January 2024  **[0001166691-24-000056_cmcsa-20240930.htm:47]**  |
| End Date/Duration         | Terminated in January 2024  **[0001166691-24-000056_cmcsa-20240930.htm:47]**  | No expiration date  **[0001166691-24-000056_cmcsa-20240930.htm:47]**  |
| Total additional amount   | $20.0 billion  **[0001166691-24-000056_cmcsa-20240930.htm:47]**  | $15.0 billion  **[0001166691-24-000056_cmcsa-20240930.htm:47]**  |
| Remaining authorization amount | N/A (terminated)  **[0001166691-24-000056_cmcsa-20240930.htm:47]**  | **$9.0 billion** as of September 30, 2024  **[0001166691-24-000056_cmcsa-20240930.htm:47]** **[0001166691-24-000056_cmcsa-20240930.htm:37]**  |
| Details                   | N/A             | Repurchases in open market or private transactions  **[0001166691-24-000031_cmcsa-20240331.htm:39]** **[0001166691-24-000048_cmcsa-20240630.htm:43]** **[0001166691-24-000056_cmcsa-20240930.htm:47]**  |

06e7a3b9662a1352cad93df725baa3dc7a0c32487d2ab88bb08ae1a0a32cf74f

United States

United Kingdom

Europe

Other

- International Connectivity Revenue

- International Networks Revenue

Total Revenue

4fd6f33ba3fa25e6b823ae90fddd5cf5bcb76130a829738a2d0b5d858d3ae5ea

**Quarterly guidance for Q4 2024 and Q1 2025:**
- **Preopening Costs for Epic Universe**: $150 million  **[CMCSA_3405042_6]** **[CMCSA_3405042_8]**  (no prior guidance)  
- **Capital Expenditures**: Capital intensity for the year similar to last year  **[CMCSA_3405042_12]**  (no change from prior guidance: “comfortable with existing capital intensity envelope”  **[CMCSA_3393931_6]** )  
- **Footprint Expansion**: Plan to add over 1.2 million new homes passed in 2024  **[CMCSA_3405042_4]** **[CMCSA_3405042_12]**  (no prior guidance)  
- **Theme Parks**: Trends in domestic theme park attendance likely to continue until the launch of Epic Universe  **[CMCSA_3405042_5]** **[CMCSA_3393931_9]**  (no prior guidance)  
- **Broadband and Wireless Revenue Growth**: 5%  **[CMCSA_3405042_1]**  (no prior guidance)  

6fc976e45fc1a12a5f292f4430882371591714ab8b9b55b4ed8c1398bf4c61e3

| Name                  | Start Date | End Date | Reason for Change |
|-----------------------|------------|----------|-------------------|
| Deloitte & Touche LLP | 1963  **[0001166691-24-000011_cmcsa-20231231.htm:96]**    | Present  | Current auditor   |
```

9396400d7f12a371513a7e2f439c19684607c1dd8cb6cc8bee901b90d4e9216a

- Total Revenue: $32,070M (+6% YoY)  **[0001166691-23-000040_cmcsa-20230930.htm:4]** **[0001166691-24-000056_cmcsa-20240930.htm:10]**   
- Operating Income: $5,859M (−9% YoY)  **[0001166691-23-000040_cmcsa-20230930.htm:4]** **[0001166691-24-000056_cmcsa-20240930.htm:5]**   
- Net Income: $3,630M (−8% YoY)  **[0001166691-23-000040_cmcsa-20230930.htm:4]** **[0001166691-24-000056_cmcsa-20240930.htm:5]**   
- EPS (Basic): $0.94 (−5% YoY)  **[0001166691-23-000040_cmcsa-20230930.htm:4]** **[0001166691-24-000056_cmcsa-20240930.htm:5]**   
- Domestic Wireless: $1,093M (+19% YoY)  **[0001166691-23-000040_cmcsa-20230930.htm:11]** **[0001166691-24-000056_cmcsa-20240930.htm:10]**   
- International Connectivity: $1,236M (+11% YoY)  **[0001166691-23-000040_cmcsa-20230930.htm:11]** **[0001166691-24-000056_cmcsa-20240930.htm:10]**   
- Video: $6,713M (−6% YoY)  **[0001166691-23-000040_cmcsa-20230930.htm:11]** **[0001166691-24-000056_cmcsa-20240930.htm:10]**   
- Media: $8,231M (+36% YoY)  **[0001166691-23-000040_cmcsa-20230930.htm:28]** **[0001166691-24-000056_cmcsa-20240930.htm:25]**   
- Domestic Advertising: $3,347M (+**75%** YoY)  **[0001166691-23-000040_cmcsa-20230930.htm:29]** **[0001166691-24-000056_cmcsa-20240930.htm:25]**   
- Domestic Distribution: $3,272M (+26% YoY)  **[0001166691-23-000040_cmcsa-20230930.htm:29]** **[0001166691-24-000056_cmcsa-20240930.htm:25]**   
- Studios: $2,826M (+12% YoY)  **[0001166691-23-000040_cmcsa-20230930.htm:28]** **[0001166691-24-000056_cmcsa-20240930.htm:25]**   
- Theme Parks: $2,289M (−5% YoY)  **[0001166691-23-000040_cmcsa-20230930.htm:28]** **[0001166691-24-000056_cmcsa-20240930.htm:25]**   

ae1a217c278d14d1484fcd209f1fae379a3cf43791de8b7c5a0702614464bcc6

1. **Wireless Strategy Shift**  
   **Q:** Should we expect wireless net adds to accelerate with your new strategy?  
   **A:** Comcast is shifting its wireless strategy to push harder on growth, aiming to accelerate net adds by offering simplified bundles that integrate mobile with higher-tier broadband products.  **[CMCSA_3413711_8]**  They've achieved **12% penetration** and plan to invest more in this area, targeting both new and existing high-value customers.  **[CMCSA_3413711_8]** 

2. **Broadband ARPU Outlook**  
   **Q:** Will broadband ARPU growth accelerate from here?  
   **A:** Comcast expects continued healthy ARPU growth in broadband.  **[CMCSA_3413711_11]**  While focusing on convergence revenue, including mobile, they have various levers to pull and will make decisions to optimize long-term sustainable revenue growth.  **[CMCSA_3413711_11]**  Even with the inclusion of mobile in simplified packages, they still anticipate ARPU to be very healthy.  **[CMCSA_3413711_11]** **[CMCSA_3413711_15]** 

3. **Competition Impact on Broadband**  
   **Q:** Was the change in December due to competition from fiber, fixed wireless, or satellite?  
   **A:** Intense competition in all segments impacted December results, particularly from fixed wireless, which remains aggressive, and ongoing fiber overbuilds.  **[CMCSA_3413711_14]**  Satellite impact has been minimal so far, mostly in rural areas, but Comcast is monitoring it closely.  **[CMCSA_3413711_14]** 

4. **Peacock Losses and NBA Costs**  
   **Q:** Will NBA costs impact Peacock's EBITDA in 2025?  
   **A:** The addition of NBA content is expected to drive subscriber growth for Peacock in 2025.  **[CMCSA_3413711_15]**  While expenses will rise due to NBA rights, Comcast plans to absorb these costs over the first season through price increases, shifting ad sales to higher-value content, and adjusting programming.  **[CMCSA_3413711_15]** 

5. **Free Cash Flow Outlook**  
   **Q:** What is the outlook for free cash flow next year?  
   **A:** Comcast anticipates a couple of billion dollars tailwind to cash taxes in 2025.  **[CMCSA_3413711_11]**  Working capital headwinds, similar to the past two years (approximately **$1.5 to $2 billion**), are expected due to growth investments in handset subsidies and streaming properties.  **[CMCSA_3413711_11]**  Capital intensity in cable will remain just over **10%**, with potential relief in Content & Experiences as Epic construction winds down.  **[CMCSA_3413711_11]** 

6. **Media Business Post Spin-Off**  
   **Q:** Any updates on the strategy for the Media business after the spin-off?  
   **A:** The spin-off assets are strong in entertainment, sports, and news, and will be managed as a freestanding business with significant cash flow generation.  **[CMCSA_3413711_13]**  The remaining Media business will focus on Peacock and streaming strategies, leveraging existing assets without needing inorganic additions.  **[CMCSA_3413711_13]**  Comcast is open to partnerships but is confident in running the business independently.  **[CMCSA_3413711_13]** 

7. **Margins in Cable Connectivity**  
   **Q:** Will margins continue to improve with the new broadband and wireless strategy?  
   **A:** Comcast expects to continue expanding margins, albeit at a slightly lower rate due to investments in wireless.  **[CMCSA_3413711_14]**  The underlying factors contributing to margin expansion—business mix shift to higher-margin connectivity and reductions in customer service interactions—remain strong.  **[CMCSA_3413711_14]** 

8. **Wireless Revenue Growth Breakdown**  
   **Q:** How much of wireless revenue growth came from ARPU versus equipment revenue?  
   **A:** Comcast experienced **mid-teens revenue growth** in wireless, adding **1.2 million subscribers** year-over-year.  **[CMCSA_3413711_12]**  Growth was healthy in both service and equipment revenue, with service revenue growth aligning with overall wireless revenue growth.  **[CMCSA_3413711_12]** 

9. **Project Genesis Learnings**  
   **Q:** What have you learned from Project Genesis markets with symmetrical broadband?  
   **A:** While it's still early, Comcast is pleased with the progress, having completed **50% of the first phase** and aiming to upgrade the vast majority by year-end.  **[CMCSA_3413711_9]** **[CMCSA_3413711_10]**  They plan to introduce simplified packaging with their best broadband tiers, including mobile, which is expected to make a significant market difference starting in the second quarter.  **[CMCSA_3413711_9]** **[CMCSA_3413711_10]** 

10. **M&A and Market Consolidation**  
    **Q:** Do you expect market consolidation in streaming or consider M&A in cable or media?  
    **A:** Comcast is open to partnerships and always considers strategic options but has a high bar for M&A.  **[CMCSA_3413711_13]**  They believe their existing assets and focus position them well without needing inorganic growth, and any consolidation would need to significantly enhance their current strategy to be considered.  **[CMCSA_3413711_13]** 

46ace810a8232a8807050ff0e98f8a0386e3b791a665afa15f08004d0c1e3768

Comcast Q4: Wireless revenue rose mid-teens on 1.2M net adds YOY. Broadband ARPU stayed healthy despite tough fixed wireless/fiber competition. Mgmt sees multibillion FCF boost in 2025, indicating sustained strategic investment potential.

6c4a7ffd1016ff64981acd0a6594996eaee8691552aa69b26b61b5773cfab813

186cc204e32ae7aedfe426a027ba93fd48c70ec90891029bd47908bb6c72c73c

**Quarterly guidance for Q1 2025:**
- **Epic Universe Preopening Costs**: Over $100 million  **[CMCSA_3413711_5]**  (no change from $150 million for Q4 2024 + Q1 2025  **[CMCSA_3405042_6]** **[CMCSA_3405042_1]** )

**Annual guidance for FY 2025:**
- **Broadband Revenue Growth**: Expected to continue on a growth trajectory in 2025, with convergence revenue (broadband + wireless) growing faster than standalone broadband revenue  **[CMCSA_3413711_1]** **[CMCSA_3413711_4]**  (no prior guidance)  
- **Wireless Growth**: Plans to lean more aggressively into wireless, emphasizing its role in reducing churn and driving convergence revenue  **[CMCSA_3413711_1]** **[CMCSA_3413711_4]**  (no prior guidance)  
- **Cable Capital Intensity**: Expects capital intensity to remain at around 10%  **[CMCSA_3413711_11]** **[CMCSA_3413711_5]**  (no prior guidance)  
- **Peacock EBITDA Losses**: Expects continued improvement in Peacock EBITDA losses in 2025  **[CMCSA_3413711_1]** **[CMCSA_3413711_5]**  (no prior guidance)  
- **Theme Parks**: Anticipates stabilization in attendance trends, with Epic Universe opening in May 2025  **[CMCSA_3413711_5]**  (no prior guidance)  
- **Studio EBITDA**: Will be impacted by higher marketing expenses tied to a larger film slate and lower carryover from prior years  **[CMCSA_3413711_5]**  (no prior guidance)  
- **Free Cash Flow**: Forecasts roughly $2 billion in cash tax tailwinds and $1.5–$2 billion in working capital headwinds  **[CMCSA_3413711_11]**  (no prior guidance)  
- **Margins in Connectivity & Platforms**: Expects continued margin expansion, albeit at a slightly lower rate due to increased investments  **[CMCSA_3413711_5]**  (no prior guidance)  
- **Business Services Revenue Growth**: Projected to grow at a mid-single-digit range, nearing $10 billion in total revenue with margins around 57%  **[CMCSA_3413711_5]**  (no prior guidance)

e9ec35756c6a0f41512b6b6e9e1281620decb5eb0754e13d7280676d65ca6d1e

50b84f970a8c972c36daf2bc553f47ff28958ae41e7ce9fd2a72a0a0aba76867

Number of Domestic Residential Connectivity & Platforms customer relationships (thousands)

Net additions for Domestic Residential Connectivity & Platforms customer relationships (thousands)

Number of International Residential Connectivity & Platforms customer relationships (thousands)

Net additions for International Residential Connectivity & Platforms customer relationships (thousands)

Number of Business Services Connectivity customer relationships (thousands)

Net additions for Business Services Connectivity customer relationships (thousands)

Number of Total Connectivity & Platforms customer relationships (thousands)

Net additions for Total Connectivity & Platforms customer relationships (thousands)

Number of domestic residential broadband customers (thousands)

Net additions for domestic residential broadband customers (thousands)

Number of domestic business broadband customers (thousands)

Net additions for domestic business broadband customers (thousands)

Number of total domestic broadband customers (thousands)

Net additions for total domestic broadband customers (thousands)

Number of total domestic wireless lines (thousands)

Net additions for total domestic wireless lines (thousands)

Number of total domestic video customers (thousands)

Net additions for total domestic video customers (thousands)

Number of domestic homes and businesses passed (thousands)

Domestic broadband penetration of homes and businesses passed (percentage)

Average monthly total Connectivity & Platforms revenue per customer relationship (USD)

56b2f6f83a2ec0c58d0b6f48cf9e84cd56f6bba613f5e26b7a4ea20383990317

| Year | Amount Due (in billions) | Debt Type                              | Interest Rate (%) | % of Total Debt                                                                 |
|----------|------------------------------|--------------------------------------------|------------------------|------------------------------------------------------------------------------------|
| 2025     | $4.9 **[0001166691-25-000011_cmcsa-20241231.htm:117]**                 | Term loans, Senior notes                  | 2.9 **[0001166691-25-000011_cmcsa-20241231.htm:87]**           | 4.9% = (4.9 / 99.1) * 100 **[0001166691-25-000011_cmcsa-20241231.htm:117]** **[0001166691-25-000011_cmcsa-20241231.htm:75]**                                         |
| 2026     | $4.9 **[0001166691-25-000011_cmcsa-20241231.htm:117]**                 | Term loans, Senior notes                  | 1.7 **[0001166691-25-000011_cmcsa-20241231.htm:87]**           | 4.9% = (4.9 / 99.1) * 100 **[0001166691-25-000011_cmcsa-20241231.htm:117]** **[0001166691-25-000011_cmcsa-20241231.htm:75]**                                         |
| 2027     | $5.7 **[0001166691-25-000011_cmcsa-20241231.htm:117]**                 | Senior notes                              | 3.3 **[0001166691-25-000011_cmcsa-20241231.htm:87]**           | 5.8% = (5.7 / 99.1) * 100 **[0001166691-25-000011_cmcsa-20241231.htm:117]** **[0001166691-25-000011_cmcsa-20241231.htm:75]**                                         |
| 2028     | $7.0 **[0001166691-25-000011_cmcsa-20241231.htm:117]**                 | Senior notes                              | 4.0 **[0001166691-25-000011_cmcsa-20241231.htm:87]**           | 7.1% = (7.0 / 99.1) * 100 **[0001166691-25-000011_cmcsa-20241231.htm:117]** **[0001166691-25-000011_cmcsa-20241231.htm:75]**                                         |
| 2029     | $4.8 **[0001166691-25-000011_cmcsa-20241231.htm:117]**                 | Senior notes                              | 3.7 **[0001166691-25-000011_cmcsa-20241231.htm:87]**           | 4.8% = (4.8 / 99.1) * 100 **[0001166691-25-000011_cmcsa-20241231.htm:117]** **[0001166691-25-000011_cmcsa-20241231.htm:75]**                                         |
| Thereafter | $77.7 **[0001166691-25-000011_cmcsa-20241231.htm:117]**              | Senior notes                              | 3.8 **[0001166691-25-000011_cmcsa-20241231.htm:87]**           | 78.4% = (77.7 / 99.1) * 100 **[0001166691-25-000011_cmcsa-20241231.htm:117]** **[0001166691-25-000011_cmcsa-20241231.htm:75]**                                       |

136a14c45cdbb595a3eb07f18fbd1c0d331054e54aac1212d8148356a32c9f83

- **Comcast is rapidly upgrading its network**, with mid-splits now reaching **42%** of the footprint and expected to be **50% by year-end**, paving the way for **DOCSIS 4.0** deployment and multi-gig symmetrical speeds. This positions Comcast to capitalize on growing customer data consumption and compete effectively against fiber.  **[CMCSA_3393931_15]**
- **Strong wireless growth** with **322,000** line additions in the quarter, driven by new pricing plans and multi-line offerings, indicating significant runway ahead in wireless and bundling opportunities with broadband. Wireless penetration is currently at **12%**, highlighting potential for further expansion.  **[CMCSA_3393931_12]**
- **Strategic investment in Peacock** alongside traditional media assets is expected to optimize the Media business, with Peacock's growth offsetting declines in linear businesses. The company is confident that this integrated approach will drive long-term value.  **[CMCSA_3393931_15]**

8057af235d06ad88b190c8cece9c8b0394bc8d8c947d96f326a0b9f8a2a72067

- **Strong Growth in Peacock Subscribers and Revenue**: Peacock ended the year with **31 million paid subscribers**, up **10 million** over the past year, representing a **50% increase year-over-year**, and maintaining a strong **ARPU of $10 per subscriber**. This growth positions Peacock as a significant player in the streaming market, contributing to revenue momentum and paving the path toward breakeven.  **[CMCSA_3370801_11]**
- **Expansion of High-Margin Connectivity Businesses**: Comcast continues to invest in network enhancements, including the deployment of **mid-splits to about 35%** of their footprint and launching **DOCSIS 4.0 markets** to offer multi-gig symmetrical speeds. Despite a competitive environment, they are achieving strong **broadband ARPU growth of 3.9%**, at the high end of their historical range, and expect to **return to subscriber growth over time**.  **[CMCSA_3370801_11]** ,  **[CMCSA_3370801_14]** ,  **[CMCSA_3370801_15]** ,  **[CMCSA_3370801_16]**
- **Significant Capital Return and Investment in Growth Areas**: Comcast reauthorized a **$15 billion share repurchase program** and since mid-2021 has **bought back 15% of their stock**. Additionally, they are expanding their footprint by passing **1.1 million new homes and businesses** in 2023, with plans to replicate or exceed this level in 2024, indicating confidence in long-term growth opportunities.  **[CMCSA_3370801_15]** ,  **[CMCSA_3370801_16]**

df99468fc2623b997b281afdc123a0cdebc320aaa7b65d44d492e1d471f43acd

1. **Broadband Customer Growth**  
   **Q:** Can you reaccelerate broadband customer growth?  
   **A:** Dave Watson explained that the competitive environment remains intense, especially in the lower-income segment, leading to lower connects despite churn remaining near record lows.  **[CMCSA_3370801_11]**  Comcast kept its subscriber base relatively flat while growing broadband ARPU by **3.9%** for both the quarter and the year.  **[CMCSA_3370801_11]**  They don't expect subscriber trends to improve over the coming quarters but expect to grow over time.  **[CMCSA_3370801_11]** 

2. **Peacock Investment and Breakeven**  
   **Q:** How much more investment does Peacock need to reach breakeven?  
   **A:** Michael Cavanagh noted that Peacock ended the year with **31 million** paying subscribers, up **50%** year-over-year.  **[CMCSA_3370801_11]**  Programming investment has leveled off, and they expect improvements in Peacock's bottom line from the peak losses in 2023.  **[CMCSA_3370801_11]**  The focus is on managing Peacock and linear TV businesses as one, leveraging their content to drive scale.  **[CMCSA_3370801_11]** 

3. **CapEx and Epic Theme Park**  
   **Q:** What's the outlook for CapEx in Parks, especially with Epic?  
   **A:** Michael Cavanagh stated that CapEx will remain elevated in 2024 due to the build-out of Epic and two expansion parks.  **[CMCSA_3370801_17]**  As Epic opens in 2025, capital intensity in Content & Experiences should tick down.  **[CMCSA_3370801_17]**  Brian Roberts emphasized that Epic is maybe the most exciting project since acquiring NBCUniversal, expecting to open in 2025.  **[CMCSA_3370801_13]** 

4. **Share Repurchases and Leverage**  
   **Q:** Will share repurchases continue at the current pace in 2024?  
   **A:** Jason Armstrong indicated they reauthorized **$15 billion** for share buybacks.  **[CMCSA_3370801_15]**  Since mid-2021, they've bought back **15%** of their stock.  **[CMCSA_3370801_15]**  With leverage around **2.4x** and strong free cash flow, they feel good about continuing strong capital returns.  **[CMCSA_3370801_15]** 

5. **Peacock Growth from NFL Game**  
   **Q:** How did the NFL Wild Card game impact Peacock subscriptions?  
   **A:** Michael Cavanagh stated they couldn't be more pleased; it was the biggest livestream event in U.S. history.  **[CMCSA_3370801_12]**  While not specifying numbers, they expect an increase in paid subs.  **[CMCSA_3370801_12]**  The focus is on retention and engagement, with record levels of hours viewed following the game.  **[CMCSA_3370801_12]** 

6. **Xfinity Mobile and Broadband ARPU**  
   **Q:** How will Xfinity Mobile plans impact broadband ARPU?  
   **A:** David Watson emphasized that wireless is a key long-term growth driver, with over **6 million** lines and only **11%** penetration of the broadband base.  **[CMCSA_3370801_16]**  They see opportunities to improve results without being constrained by broadband ARPU considerations, which grew **3.9%** for the quarter and the year.  **[CMCSA_3370801_16]** 

7. **Impact of ACP Subscribers**  
   **Q:** What's the impact if the ACP program doesn't continue?  
   **A:** David Watson stated they have **1.4 million** customers benefiting from the program.  **[CMCSA_3370801_14]**  Most were customers prior to ACP, and they feel well-positioned to support them even if the program doesn't continue.  **[CMCSA_3370801_14]**  They view any potential risk as manageable.  **[CMCSA_3370801_14]** 

9a8750308b14db1fb7da58ae6f6a2b1f62691690cb608afcbacb46157c5eac87

1. **Broadband Market Trends & Competition**  
   **Q:** How is the overall broadband market trending amidst intense competition?  
   **A:** The broadband market is still growing, albeit at a slower pace, with a healthy amount of net adds expected in **2024 and beyond**.  **[CMCSA_3380720_8]**  While competition is intense—especially from **fiber (in about 50% of our footprint)** and **three fixed wireless competitors**—we believe usage is increasing, with **double-digit growth** in broadband consumption.  **[CMCSA_3380720_8]**  Over **70%** of our subscribers are on speed tiers of **500 Mbps or higher**, and nearly **one-third** are on gigabit speeds.  **[CMCSA_3380720_8]**  We are confident in our strategy of investing in a better, ubiquitous network and superior products to compete effectively.  **[CMCSA_3380720_8]** 

2. **Wireless Strategy & Broadband Churn**  
   **Q:** How does your wireless business impact broadband churn, and is wireless a stand-alone business or in service of broadband?  
   **A:** Wireless is an integral part of our overall strategy and is closely connected with broadband.  **[CMCSA_3380720_8]**  It helps reduce churn and aids in acquisition, base management, and retention, though we don't disclose specific churn benefits.  **[CMCSA_3380720_8]**  With **7 million lines** and about **11% penetration**, wireless is both a key growth opportunity and enhances broadband by adding value.  **[CMCSA_3380720_8]**  We have introduced new mobile plans targeting multiline customers and continue to innovate with offerings like WiFi boost for our mobile customers.  **[CMCSA_3380720_8]** 

3. **Capital Allocation & Share Buybacks**  
   **Q:** Has anything changed in your capital allocation or leverage approach given the apparent slowdown in share buybacks?  
   **A:** Our capital allocation strategy remains consistent, focusing on reinvesting in our business, maintaining a strong balance sheet, and returning capital to shareholders.  **[CMCSA_3380720_8]**  Since restarting the buyback in 2021, we've repurchased over **15%** of our share count, including over **6%** in the last year.  **[CMCSA_3380720_8]**  The apparent slowdown is due to acceleration of buybacks in the latter part of last year in anticipation of Hulu proceeds.  **[CMCSA_3380720_8]**  We continue to value our credit rating and manage our leverage accordingly.  **[CMCSA_3380720_8]** 

4. **Impact of ACP on ARPU & EBITDA**  
   **Q:** Can you maintain domestic cable EBITDA growth even with the Affordable Connectivity Program (ACP) subsidies going away?  
   **A:** Yes, we are confident in sustaining EBITDA growth despite the competitive market and the ACP transition.  **[CMCSA_3380720_8]**  We continue to see tailwinds for broadband revenue growth, with **ARPU** growing **4.2%** this quarter, exceeding our historical **3%–4%** range.  **[CMCSA_3380720_8]**  We have experience managing promotional roll-offs and ACP customers, and our segmentation strategy allows us to balance rate and volume effectively.  **[CMCSA_3380720_8]** 

5. **Peacock Content Strategy & Investment**  
   **Q:** What is your approach to original content spending on Peacock, especially regarding the balance between sports and entertainment?  
   **A:** We're pleased with Peacock's progress, ending at **33.5 million subscribers**.  **[CMCSA_3380720_8]**  Our strategy combines both entertainment and sports, reflecting our strengths at NBCUniversal.  **[CMCSA_3380720_8]**  Sports events like the **NFL Wildcard game** have driven subscriber growth and retention.  **[CMCSA_3380720_8]**  We're investing in original content, with successes like our biggest original **"Ted"** and the reality series **"Traders 2"**.  **[CMCSA_3380720_8]**  Looking ahead, we have a strong content lineup, including the **Olympics**, **NFL**, **Big Ten**, and a robust movie slate.  **[CMCSA_3380720_8]** 

6. **Theme Parks Investment & Returns**  
   **Q:** What are your expected investment levels in theme parks over the next five years, and how do returns compare to other businesses?  
   **A:** This year, CapEx in parks will remain at **2023 levels**, and in **2025**, with the opening of **Epic Universe**, CapEx will begin to step down.  **[CMCSA_3380720_8]**  After that, we'll return to a more normal investment level, adjusting for new projects like the parks in Frisco, Texas, and Las Vegas.  **[CMCSA_3380720_8]**  Returns on theme park investments are very strong, and we view parks as a stable, long-term pillar of our business.  **[CMCSA_3380720_8]**  The response to our parks has been phenomenal post-COVID, and we're exploring opportunities in areas like gaming and live entertainment.  **[CMCSA_3380720_8]** 

7. **Fixed Wireless Impact on Business Services**  
   **Q:** Are you seeing increased competition from fixed wireless in the business market, particularly at the low end?  
   **A:** Yes, the small and medium-sized business (SMB) market has become more competitive, with fixed wireless being part of that.  **[CMCSA_3380720_8]**  We're experiencing some impact but are focusing on offering superior products, reliability, and ubiquity—crucial for businesses that require **24/7** connectivity.  **[CMCSA_3380720_8]**  We have multiple segments within Business Services, including mid-market and enterprise, that offset this competition.  **[CMCSA_3380720_8]** 

8. **Segmentation Strategy with NOW Brand**  
   **Q:** How have you structured the NOW brand to target the low end of the market without cannibalizing existing customers?  
   **A:** The NOW brand is a dedicated flanker brand strategy offering stand-alone products for the income-constrained segment.  **[CMCSA_3380720_8]**  It includes prepaid broadband, prepaid mobile, and NOW TV, with simple, no-contract, and no credit check offerings at competitive, value-based price points—such as **100 Mbps for $30** and **200 Mbps for $45**, inclusive of taxes and fees.  **[CMCSA_3380720_8]**  By keeping it feature-light and distinct from our premium offerings, we aim to compete effectively in this segment while minimizing cannibalization.  **[CMCSA_3380720_8]** 

9. **Programming Expenses & Renewals**  
   **Q:** How should we think about the impact on programming expenses as major contracts come up for renewal?  
   **A:** We evaluate each renewal on a case-by-case basis, focusing on overall cost relative to content, flexibility in a fast-changing environment, and consumer value.  **[CMCSA_3380720_8]**  There's a significant transition between linear and streaming, and we aim to find win-win opportunities by leveraging our platform's ability to handle linear channels, on-demand, DVR, and streaming.  **[CMCSA_3380720_8]** 

68711a5c9640524a586e168c6df5f739b84c917f823df979c1edd4a92642209c

- **Strong growth in broadband ARPU**, increasing by **4.2%**, driven by effective customer segmentation and a focus on premium services, which supports stable or growing EBITDA even in a competitive environment.  **[CMCSA_3380720_8]** **[CMCSA_3380720_13]**
- **Wireless services are integral to the strategy**, with **strong margins** and the ability to **reduce broadband churn**; there is significant opportunity for growth as wireless is bundled with broadband, enhancing customer value and retention.  **[CMCSA_3380720_9]**
- **Continued investment in high-return areas** such as theme parks and Peacock streaming service, leveraging existing strengths in content and live entertainment; theme parks are generating **very strong returns**, and Peacock is experiencing **strong subscriber growth and retention**.  **[CMCSA_3380720_12]** **[CMCSA_3380720_10]**

e37ac5e131fe36d3a5ba61b978c0d195f974a86964eb1da684770e93f7d15f3f

1. **Broadband ACP Impact**  
   **Q:** How will the ACP affect broadband subscribers in Q3?  
   **A:** Comcast expects the bulk of the ACP subscriber-related activity, including losses from nonpay churn, to occur in the third quarter. They are focused on retention and have been proactive, helping ACP customers transition to options like Internet Essentials and Xfinity Mobile. Encouragingly, they are not seeing much voluntary churn in this group. The company plans to take a reserve on incremental nonpay activity in Q3 but mentions it's too early to quantify the impact.  **[CMCSA_3393931_9]** **[CMCSA_3393931_10]** 

2. **Cable Margins Increase**  
   **Q:** What were the cable margins this quarter?  
   **A:** The legacy cable margin increased by **110 basis points**, reaching **48.4%** in the quarter, indicating strong operating improvement.  **[CMCSA_3393931_10]** 

3. **NBA Content Deal and Financial Returns**  
   **Q:** How will the NBA deal affect financial returns and programming?  
   **A:** Comcast views the NBA as premier content that is culturally relevant. They plan to use it to drive acquisition on Peacock and NBC, leveraging the NBA's audience to boost viewership of other content. The NBA content will allow them to rebalance programming, filling nights on NBC and offering exclusive games on Peacock. This strategic move is seen as an excellent piece in their future plans, despite the significant price of the deal.  **[CMCSA_3393931_11]** 

4. **Parks Segment Outlook**  
   **Q:** What is the outlook for the Parks segment?  
   **A:** While confident in the long-term trajectory of the Parks business, especially with Epic Universe opening next year, Comcast acknowledges that attendance challenges are likely to continue until then. Factors such as COVID pull-forward and timing of new attractions have impacted domestic attendance, causing year-on-year pressure that may persist through the end of the year and into next year.  **[CMCSA_3393931_9]** 

5. **BEAD Program Capital Investment**  
   **Q:** Will Comcast invest more capital in the BEAD program?  
   **A:** Comcast is examining the BEAD program on a state-by-state basis and is optimistic about many opportunities. However, they do not expect to exceed the capital intensity levels already outlined. BEAD will be pursued where it makes sense, but within their existing capital intensity framework.  **[CMCSA_3393931_10]** 

6. **Video and Wireless Trends**  
   **Q:** What is driving improvement in video trends, and is wireless growth sustainable?  
   **A:** Video losses are lower than last year, partly due to a smaller rate increase and effective bundling with broadband. The launch of NOW TV has been steady but not yet material. Wireless growth is driven by new pricing plans and promotions, such as buy-one-get-one offers. With **12% penetration**, Comcast believes there is significant runway ahead, and they are uniquely positioned in convergence with their ubiquitous offers. The ACP-related prepaid losses at competitors are not significantly boosting their wireless growth at this stage.  **[CMCSA_3393931_12]** 

7. **Advertising and Upfront Market Trends**  
   **Q:** What are the trends in advertising and results from the upfront?  
   **A:** The advertising market remains stable, with only a slight decrease from the first quarter, partly due to less sports content. Comcast feels well-positioned for the second half with events like the Olympics and elections. In the upfront, total volume is in line with last year, as is linear pricing. They secured well over **$1 billion** in upfront volume for Peacock, showing significant growth over last year. The overall upfront market was solid despite increased competition from new AVOD and SVOD entrants.  **[CMCSA_3393931_11]** 

8. **Capital Expenditures and Network Upgrades**  
   **Q:** What is the outlook on capital intensity and network upgrades like DOCSIS 4.0?  
   **A:** Comcast's capital expenditures are within their existing capital intensity envelope. They have made significant progress on mid-splits, reaching **42%** and expecting **50%** by year-end. DOCSIS 4.0 deployments are progressing well, with multiple markets underway. They do not foresee additional significant capital-intensive network upgrades, focusing instead on efficient enhancements to support multi-gig symmetrical speeds.  **[CMCSA_3393931_13]** 

9. **Peacock Break-even Timeline**  
   **Q:** When will Peacock reach break-even?  
   **A:** While no specific timeline was provided, Comcast is focused on growing Peacock in conjunction with their media businesses. They expect Peacock's growth to offset declines in linear businesses, aiming to optimize the overall media segment. The NBA deal may affect the trajectory, but they believe investing in Peacock is essential for the future of their media assets.  **[CMCSA_3393931_13]** 

995a2d93031ff4ca3777e986615f39e54818f514394b60a12f8cf1f84c2ecc52

- **Broadband subscriber trends are not expected to improve in the coming quarters** due to intense competition, especially from fixed wireless offerings targeting the lower-income segment.  **[CMCSA_3370801_11]**
- The potential discontinuation of the Affordable Connectivity Program (ACP) poses a **risk to revenue from 1.4 million customers** who currently benefit from the program.  **[CMCSA_3370801_14]**
- **Uncertainty in the advertising market**, with macroeconomic factors and less sports programming ahead, could negatively impact media segment revenues.  **[CMCSA_3370801_14]**

3bee62d15638de379a870d37e35cd5d17363bc3357a3e9b7fa196da9360d8b8b

- **Increased competition from fiber providers is impacting Comcast's market share in broadband.** David Watson acknowledged that when fiber enters their markets, "we do see that there is an impact on penetration levels, so on the market share side."  **[CMCSA_3405042_10]**
- **The company is exploring a potential spin-off of its cable networks, creating uncertainty about future revenues.** Michael Cavanagh stated, "Obviously, we do anything like that, it will have an impact on the consolidated company."  **[CMCSA_3405042_10]**  He also mentioned, "These are all the questions that we're going to go off and think about."  **[CMCSA_3405042_11]**
- **Comcast anticipates higher capital expenditures in the fourth quarter, which could pressure free cash flow.** Jason Armstrong noted, "We wouldn't change the guidance for the full year, which implies a little bit of a catch-up in the fourth quarter."  **[CMCSA_3405042_12]**

d8dce7f9d10f7b01c1d0067ebe93fb8b4448fd16e562d0abf99e2728396c7c61

1. **Potential Spin-Off of Cable Networks**  
   **Q:** Will you spin off cable networks, and what's the thought process?  
   **A:** Comcast is considering creating a new, well-capitalized company comprising its cable portfolio networks, **excluding Peacock and broadcast**. They are commencing a study to explore this idea but have not made any decisions yet. The study aims to determine if there's value in such a move, potentially allowing them to play offense given their strong assets and balance sheet.  **[CMCSA_3405042_7]** **[CMCSA_3405042_10]** **[CMCSA_3405042_11]** 

2. **Impact of Fiber Competition**  
   **Q:** How does fiber overbuild affect ARPU and market share?  
   **A:** When fiber competitors enter Comcast's markets, there's an initial impact on market share. However, over time, share evens out between Comcast and fiber providers. Importantly, **ARPU remains consistent**, with no significant difference between fiber and non-fiber markets. Comcast combats competition by delivering the best internet experience, focusing on speed, multi-gig capabilities, and superior WiFi.  **[CMCSA_3405042_10]** 

3. **CapEx and Network Upgrade Plans**  
   **Q:** Will CapEx increase in Q4 due to network upgrades?  
   **A:** Comcast expects capital intensity to be similar to last year. While CapEx may catch up in Q4, they're not limiting investment based on capital intensity targets. The network upgrade is on plan, with approximately **50%** of the footprint updated with mid-split technology. They expect to cover the **vast majority by the end of next year** and are progressing towards multi-gig symmetrical speeds.  **[CMCSA_3405042_12]** 

4. **Epic Universe Financial Impact**  
   **Q:** How will Epic Universe impact your bottom line over the next few years?  
   **A:** Epic Universe is set to open in **May 2025** and is expected to be accretive to the Parks segment next year. It will be priced at a **premium level**, consistent with the Orlando market, transforming Universal Orlando into a week-long vacation destination. Comcast anticipates strong demand and plans to optimize the totality of their Orlando footprint.  **[CMCSA_3405042_8]** **[CMCSA_3405042_11]** 

5. **Olympics Profitability and Broadband Growth**  
   **Q:** What was the profitability of the Olympics, and did it drive broadband growth?  
   **A:** The Olympics were **profitable**, generating record revenue of **$1.9 billion**, exceeding expectations in viewership and ad sales. The games contributed to broadband subscriber growth by increasing engagement and showcasing Comcast's capabilities in delivering high-quality content. Although no specific broadband impact was provided, it was a significant contributor in Q3.  **[CMCSA_3405042_9]** 

6. **BEAD Program Participation**  
   **Q:** Will you participate in the BEAD program, and how will it affect CapEx?  
   **A:** Comcast plans to participate in the BEAD program, assuming state rules allow for rational private sector investment without excessive regulations. They do not anticipate any change to **CapEx intensity** from BEAD participation and will evaluate opportunities that align with their financial returns. This activity is expected to impact **2025 and beyond**.  **[CMCSA_3405042_8]** **[CMCSA_3405042_12]** 

7. **Video Strategy Evolution**  
   **Q:** How will your video offering evolve over time?  
   **A:** Comcast focuses on segmenting the market to deliver value by providing customers with the right packages at the right price. Their video strategy emphasizes **customer experience**, **choice**, and **value**, surrounding connectivity with appropriate video products. Offerings like **StreamSaver** bundle streaming services at attractive price points without subsidies, enhancing the value proposition for consumers.  **[CMCSA_3405042_11]** 

8. **NBA Rights and Monetization**  
   **Q:** How will NBA rights affect monetization and NBCUniversal?  
   **A:** Comcast expects the NBA to add value over the long term, benefiting both broadcast and Peacock. The NBA will make NBC and Peacock a **year-long sports destination**, attracting a **younger, more diverse audience**. This can be leveraged across their media assets, including content production by their studios, enhancing engagement and reducing churn on their platforms.  **[CMCSA_3405042_11]** **[CMCSA_3405042_13]** 

9. **Streaming Partnerships and Bundles**  
   **Q:** Are you considering streaming bundles or partnerships?  
   **A:** Comcast is open to exploring streaming partnerships and bundles. While they are satisfied with their current offerings, they're open to good ideas that may arise. **Details matter**, and any potential partnership would need to make strategic sense and add value to their existing services.  **[CMCSA_3405042_13]** 

10. **Content Driving Broadband Growth**  
    **Q:** Did the Olympics influence your decision on NBA rights and retaining media assets?  
    **A:** The success of the Olympics in driving broadband subscriber growth reinforces Comcast's strategy of leveraging content to enhance their connectivity business. **Great content increases consumer engagement** and showcases their network capabilities. This synergy informs their decisions on content acquisition, such as NBA rights, and underscores the value of keeping their media and connectivity assets together.  **[CMCSA_3405042_13]** 

11. **Video Net Adds and Programming Costs**  
    **Q:** What drove the improvement in video net adds and programming costs?  
    **A:** The improvement in video net adds was driven primarily by **reduced churn** and strategic product offerings like the **NOW portfolio** (NOW TV, NOW Latino). Churn has stabilized due to bundling with mobile services and targeted segmentation. These efforts have helped balance market share and rate considerations in a competitive environment.  **[CMCSA_3405042_9]** 

12. **Impact of Hurricanes on Q4**  
    **Q:** How will recent hurricanes impact Q4 results?  
    **A:** Two hurricanes affected some Comcast cable systems, but the potential impact is expected to be **significantly less** than Hurricane Ian in 2022. While there will be some impact on subscribers and financials, exact numbers are not yet available. The return of seasonal customers to the Southeast may provide a tailwind, but the hurricanes could affect this.  **[CMCSA_3405042_7]** 

13. **Unique Factors in Q3 Results**  
    **Q:** What unique factors affected Q3 broadband subscribers?  
    **A:** Three unique factors positively impacted Q3 broadband subscribers: **back-to-school season**, the **Olympics**, and a competitor's (**AT&T**) labor work stoppage. Excluding the incremental benefits from the Olympics and the competitor's work stoppage, along with ACP impact, high-speed data subscribers would have been slightly worse than last year's Q3.  **[CMCSA_3405042_7]** 

549008d66d7cb17801cc216eee8017ed9a6264add93d8ffb96d7909e35f07c18

- **Comcast is experiencing increased competition in the broadband market**, leading to **subscriber losses** and pressure on growth. The company lost **65,000 broadband subscribers** in the first quarter, following a loss of **34,000 subscribers** in the previous quarter. They do not see this trend improving in the near term, citing a highly competitive environment with aggressive offers targeting price-conscious consumers.  **[CMCSA_3380720_9]** **[CMCSA_3380720_13]** **[CMCSA_3380720_12]**
- **The impending end of the Affordable Connectivity Program (ACP)** may result in **elevated churn** and potential pressure on ARPU. The company has **1.4 million ACP customers** who may be impacted, and they acknowledge that churn could be elevated as the ACP is only fully funded through April and partially funded through May.  **[CMCSA_3380720_8]** **[CMCSA_3380720_9]** **[CMCSA_3380720_11]**
- **Increased competition in the Small and Medium Business (SMB) segment**, particularly from **fixed wireless providers**, is causing growth to slow and margins to decline. Comcast notes that the SMB market has become **more competitive**, with **three fixed wireless competitors** entering at the same time, impacting their results in this segment.  **[CMCSA_3380720_11]** **[CMCSA_3380720_13]**

e20a69546eb9ae99c9c03d44e464d09c37a1799096df68a304394b8af4f9f814

- **Comcast's broadband network upgrades are on track, moving towards multi-gig symmetrical speeds over time, further strengthening its competitive position.**  **[CMCSA_3405042_12]**
- **The acquisition of NBA rights will bring broad and diverse audiences to NBC and Peacock, creating opportunities for new content and leveraging the NBA's pop culture appeal.**  **[CMCSA_3405042_11]**
- **Comcast maintains healthy ARPU levels even in markets with increased fiber competition, demonstrating effective competitive strategies and resilience in its broadband business.**  **[CMCSA_3405042_10]**

8126c2242d84e36a293666141e38ecf37744c564668eebe4ad1cb7ccbcb82a92

Comcast Corp (CMCSA)

Financials