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: Ben Swinburne - Morgan Stanley & Co. LLC - Analyst
: That's a great opening. Why don't we talk a little bit about, something on the last earnings call that has gotten a lot of focus from investors, Brian?
You guys talked about a fundamental shift. Those were your words in your convergence strategy. Take a few minutes and explain sort of what you
mean by that, what's leading you to take a different approach to the market from a convergence perspective.
Question: Ben Swinburne - Morgan Stanley & Co. LLC - Analyst
: That's helpful. I mean, I'm certainly hearing the strategic importance of wireless is increasing for Comcast. Does that impact your view on sort of
the capital light model that you have today is one that you can work with long term? Do you feel like owners' economics would be more important
and more helpful as you scale up?
Question: Ben Swinburne - Morgan Stanley & Co. LLC - Analyst
: Despite all the competition, Brian, that we've been talking about, you guys have been delivering revenue growth, ARPU growth, and broadband.
How do you see the outlook for revenue growth, broadband and sort of on a convergence basis as you compete more aggressively and wireless
and kind of lean into your network upgrade?
Question: Ben Swinburne - Morgan Stanley & Co. LLC - Analyst
: And you and your colleagues on the stage over the years have talked about an expectation that you do think you can return to broadband customer
growth. I'd imagine, given all you just talked about, those drivers are still there for you. How do you -- do you still expect that over the long term?
Question: Ben Swinburne - Morgan Stanley & Co. LLC - Analyst
: Maybe one last question on the connectivity and platform. You mentioned business services, so you guys are growing that business. You've also
made some acquisitions in that space over the years. What's the opportunity ahead in business services? How do you sustain continued healthy
growth there?
Question: Ben Swinburne - Morgan Stanley & Co. LLC - Analyst
: Great. That's great. Why don't we shift over to content and experiences? And again, having a long history covering your company, I was certainly
surprised to see the SpinCo announcement last year. And I know you guys don't take these decisions lightly when you think about spinning off
significant assets, a significant portfolio of assets at Comcast. So what led you to this decision? Why is this the right thing for shareholders?
Question: Ben Swinburne - Morgan Stanley & Co. LLC - Analyst
: Great. I can just try to remember when we started talking about Epic. It's been a while and it's actually here in a few months anyway. Now that,
that's right in front of us, what should we expect in terms of Epic Universe? How does it fit into the strategy at the remaining assets? And any sense
of how demand is shaping up now that you're on sale?
Question: Ben Swinburne - Morgan Stanley & Co. LLC - Analyst
: Yeah. I mean, in many ways, the parks are a way for you guys to monetize and really build the value of your studio franchise. You mentioned Donna
before. I mean, it was incredible year last year for Universal. Talk a little bit about the film business, her strategy. She's obviously got an expanded
role. How do you maximize the earnings contribution from the film business at Comcast?
Question: Ben Swinburne - Morgan Stanley & Co. LLC - Analyst
: The other big topic of focus among investors at NBC is the NBA. You're bringing the NBA back to NBC after it's been off for a number of years. Mike
mentioned on the earnings call back in January, that's going to take a couple of seasons to sort of really, for the NBA contract and the costs associated
that, to sort of really show up in the numbers from an economics perspective. Can you sort of unpack that a little bit for us? Like how do you think
about justifying that level of investment and monetizing these rights and getting back into business with the NBA?
Question: Ben Swinburne - Morgan Stanley & Co. LLC - Analyst
: And Brian, in the time we have left, I want to make sure we touch on capital allocation as well. It's obviously always a big focus. There's a lot of
discussion of consolidation in the space, particularly after the election last year. You guys have been certainly recently more focused on organic
investments. But given the balance sheet, can you talk a little bit about your view of kind of larger scale M&A opportunities for the company?
Question: Ben Swinburne - Morgan Stanley & Co. LLC - Analyst
: Yeah. So look, maybe to wrap up, Brian, how would you summarize sort of your outlook for the company and why you remain so optimistic for the
growth prospects ahead?
Question: Ben Swinburne - Morgan Stanley & Co. LLC - Analyst
: It's great to hear there's a sense of urgency. Thank you so much for being here.
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