The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Michael Ng - Goldman Sachs - Analyst
: Great. That's a fantastic overview. And I'm looking forward to going through each of those growth businesses in turn, particularly the Olympics.
But to start out, maybe we can stick to connectivity and talk a little bit more about broadband. You talked about DOCSIS 4.0, network virtualization,
multi-gig symmetrical speeds. You clearly are investing in best-in-class broadband, but competition is also top of mind, particularly from fixed
wireless, lower cost alternatives.
Could you talk a little bit about why fiber is the right long-term competitor? How you feel about (multiple speakers) --
Question: Michael Ng - Goldman Sachs - Analyst
: Why fiber is the right long-term competitor to think about? And why -- how you're competing against fixed wireless in the market?
Question: Michael Ng - Goldman Sachs - Analyst
: Great. And then there's certainly been a lot more talk about convergence and arguably Comcast is among the best positioned for that right, 63
million homes passed. Could you talk a little bit about how wireless helps the broadband business and vice versa? And then could you also just
touch upon how you expect to lean into what could be an AI smartphone upgrade cycle? Apple just launched excuse me -- announced the new
iPhones yesterday.
Question: Michael Ng - Goldman Sachs - Analyst
: Right. And to your point about leaning into upgrades, Xfinity Mobile has always been attractively priced for it, and that's the main value.
Question: Michael Ng - Goldman Sachs - Analyst
: If we could just talk about broadband ARPU, Comcast has demonstrated a very good track record of delivering 3% to 4% ARPU growth each year.
And a lot of that is pricing and commensurate with the value you're delivering, particularly as you invest in network infrastructure. Could you talk
about your confidence in that ARPU outlook? Do you worry about the cumulative impact of inflation and what that means for your ability to
continue to price against the backdrop of--?
Question: Michael Ng - Goldman Sachs - Analyst
: Business services has been a reliable mid-single digit grower, a $10 billion business, a $60 billion TAM as you mentioned. Comcast business services
has had a lot of success in SMB. And I think with the appointment of Ed as President, you're doing more in midsize and enterprise? Could you talk
a little bit about some of the initiatives there to go (multiple speakers) --?
Question: Michael Ng - Goldman Sachs - Analyst
: Right. And there's a long runway from midsize to enterprise.
Question: Michael Ng - Goldman Sachs - Analyst
: Shifting gears, let's talk about content experiences. Olympics, I was a huge fan of Gold Zone. I was very impressed with how Comcast was able to
show multiple feeds in some ways you could even tell which one was the linear and it ultimately just serves viewers better. Maybe you can expand
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SEPTEMBER 10, 2024 / 2:30PM, CMCSA.OQ - Comcast Corp at Goldman Sachs Communacopia & Technology
Conference
a little bit on how Comcast utilized all of its assets across NBCU, the connectivity business to deliver the Olympics experience, and what are some
of the learnings that you could potentially apply to different sports, right, whether that be NBA, NFL.
Question: Michael Ng - Goldman Sachs - Analyst
: Great. we're bumping up on time. But I do want to squeeze one last -- one last one in on parks. Obviously, a lot of excitement around Epic Universe
coming next year. There's been a little bit of normalization after some post-COVID demand in the parks.
Could you just talk about what you're seeing in consumer demand in the parks and how some of the investments that you're putting in should
help?
Question: Michael Ng - Goldman Sachs - Analyst
: Okay. Excellent. Maybe just one last one. Studios have been a huge success. Super Mario Bros., Despicable Me, Jurassic World, Fast. What's your
vision for studios and how it fits into the larger value creation cycle?
Question: Michael Ng - Goldman Sachs - Analyst
: That's a great place to cap it off.
Mike Cavanagh, everybody.
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