Comcast Corp at Citi Global TMT Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Mike Rollins - Citi - Analyst : So the management team has been discussing the focus and investment around six key growth drivers for the business as well, managing others through secular headwinds. Can you summarize the key trends across these businesses and how they drive annual revenue and EBITDA growth for Comcast over the next few years?

Question: Mike Rollins - Citi - Analyst : Very helpful and gives us a lot to discuss today. So maybe starting with broadband. How do you frame the competitive environment, including the impacts from fiber and fixed wireless? You made some references just a moment ago to that.

Question: Mike Rollins - Citi - Analyst : And just one other follow up on this so as you look at the wireless guys having more fiber and you've had this converged offering for years, what do you see in terms of what drives the decision making for customers to enter into the converged bundle. Is it just the discount in the value of the services put together? Or is it some of the features that you are describing and trying to give the customer holistically a better experience that they can identify with? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 05, 2024 / 12:20PM, CMCSA.OQ - Comcast Corp at Citi Global TMT Conference

Question: Mike Rollins - Citi - Analyst : As you pull all this together, how should investors think about the way Comcast is balancing the ARPU growth versus the volume side of the equation going forward?

Question: Mike Rollins - Citi - Analyst : And so in terms of the growth of ARPU, conviction to grow ARPU on a go forward basis, that you've been targeting is 3% to 4% range?

Question: Mike Rollins - Citi - Analyst : And then one other on broadband, ACP discontinuations and now we're in September. Is there a update on the possible impacts to subscribers and revenue that you see from the discontinuation of this program?

Question: Mike Rollins - Citi - Analyst : And that's the seasonality component that you (multiple speakers)--

Question: Mike Rollins - Citi - Analyst : Great. Maybe pivoting over to wireless. You mentioned earlier that there may be an opportunity to push the quarterly mobile net adds from the recent range. So just curious if you can unpack that and the opportunities that you see there to continue to push wireless maybe even at a faster pace?

Question: Mike Rollins - Citi - Analyst : And that's helpful. You mentioned you're ready for a potential super cycle. So as you just look at coming into a new smartphone cycle that I think we'll probably get an update on next week. Is there also a seasonality element now that you're looking at where there's opportunities to stepping more into the handset opportunity?

Question: Mike Rollins - Citi - Analyst : Maybe pivoting over to the business side, you mentioned that it's been a very significant contributor to growth and really built from the ground up. And so it's been -- your performance has actually been outperforming for some times broader business wireline category that we measure when we do the industry work. So curious to get an update on Comcast strategy, the opportunity to go after that 60 billion TAM that you mentioned with current products or how you're looking at also maybe expanding the product portfolio?

Question: Mike Rollins - Citi - Analyst : Great. And shifting gears for a moment to the topic of AI. Curious how GenAI capabilities can help your revenue as well as your costs and which one of these is the greater value creation opportunity for Comcast? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 05, 2024 / 12:20PM, CMCSA.OQ - Comcast Corp at Citi Global TMT Conference

Question: Mike Rollins - Citi - Analyst : Very helpful. Maybe moving over to the park side. You mentioned earlier the upcoming Epic opening. Can you provide an update on what's happening in the parks business with respect to the attendance trends, the customer spending levels, competitions, changes in customer behavior, what you're seeing right now from that, and how to think about the upcoming Epic launch?

Question: Mike Rollins - Citi - Analyst : And pivoting over to media and streaming can you share with us the results of the Olympics for Comcast and how the entire company came together to create the successful event?

Question: Mike Rollins - Citi - Analyst : And switching over to studios, the studio business as you mentioned successful summer really well-received movie slate. Can you discuss the outlook for studios and hey, look at this more broadly in the way it contributes to the overall value for NBCU and for Comcast?

Question: Mike Rollins - Citi - Analyst : And in our last couple of minutes, if you can give us an update on capital allocation and how you're looking at the target net debt leverage, how you're looking at dividends, repurchases, you mentioned earlier just how much capital Comcast has been returning to shareholders. And maybe also just within this context, just how M&A will play a role in capital allocation going forward?

Question: Mike Rollins - Citi - Analyst : Jason, thanks for a great discussion today. Thank you.