Comcast Corp at UBS Global Media & Communications Conference Transcript

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

Question: John Hodulik - UBS Equities - Analyst : It's a great overview and we'll dive into each of these components. Maybe first starting with competition in residential broadband. How would you characterize competition as in the fourth quarter versus what you've been seeing previously?

Question: John Hodulik - UBS Equities - Analyst : Got it. That's great color. On the ARPU piece, what's driving the ARPU piece? Is it a question of rebates that you're giving? So it's like a one-time thing.

Question: John Hodulik - UBS Equities - Analyst : Right. Maybe a couple of things for you. Obviously, you mentioned the competition from fixed wireless. How do you and obviously you start out saying, 1 gigabit speeds everywhere. I mean, obviously massive difference versus what fixed wireless can find. How do you drive that point home and leverage those capabilities to prevent fixed wireless from taking too much share? I mean, I guess -- I don't want to cut you off, but you talked about the mobile Wi-Fi boost. Is that part of the equation? And is that a new product that you're just rolling out or is it --?

Question: John Hodulik - UBS Equities - Analyst : Got you. You mentioned that prepaid NOW product, how is that helping in terms of the low end and what's been the receptivity to that brand and that offer?

Question: John Hodulik - UBS Equities - Analyst : Got you. And then turning to ARPU, you had some comments here about 4Q ARPU maybe at the lower end of the 3% to 4% range. It's been very steady. Actually started the year, I think above the high end of that 3% to 4% range. Just talk about the mix of drivers that is keeping it in that 3% to 4% range and do you expect those underlying drivers to continue beyond '24?

Question: John Hodulik - UBS Equities - Analyst : Got it. Getting back to the capabilities of the network. You're largely done with the mid-splits to the cable plan in your major markets at this point. What capabilities will that provide? I mean, I think that would get you to the 1 gigabit or you were there I think previously and maybe this gets you beyond that in those markets?

Question: John Hodulik - UBS Equities - Analyst : And at the same time, you're making these upgrades to the network, you're also expanding the network and talk about, how you see that playing out, I guess, I think you said it was the 1.2 million, I think it was for '24.

Question: John Hodulik - UBS Equities - Analyst : '25 -- '25, coming up for '25. I think. Yeah. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 09, 2024 / 2:45PM, CMCSA.OQ - Comcast Corp at UBS Global Media & Communications Conference

Question: John Hodulik - UBS Equities - Analyst : For '24. Got you. How have the returns been on that business? Like, can you talk about I don't know, customer receptivity, maybe penetration or just how is the return on that capital being spent?

Question: John Hodulik - UBS Equities - Analyst : Got you. You've mentioned wireless a number of times, what is the wireless service that you're selling? How is that -- what has that done for your business? Is it helping you on in terms of new connects or obviously churn is very low, but I think it was very low but even before you had wireless. Just can you talk about how it differentiates your existing products?

Question: John Hodulik - UBS Equities - Analyst : One question we get a lot is the potential need down the road to own your own licensed spectrum network. And actually you guys -- I think you have an agreement to potentially sell some of your 600-megahertz spectrum to T-Mobile, which goes against that if you act on that. But just any higher-level thoughts on maybe the MVNO agreement, I have a feeling what you're going to say about your partnership with Verizon or versus building out your own network and accumulating spectrum and building out infrastructure.

Question: John Hodulik - UBS Equities - Analyst : I mean as you already said, it's already profitable. And with the base between yourselves and Charter, you would think that over time you actually have more price. You can command some pricing power in your MVNO because you're big right now and you're only getting bigger and you're right, it's a very important contract for Verizon and it's one that the rest of these MNOs would like to have.

Question: John Hodulik - UBS Equities - Analyst : Okay. Makes sense. I was going to turn the video. I'm not spend too much time on video. I do want to get some comments -- you guys just signed a renewal with Warner Brothers. Any comment you could share with our audience on how you view that deal. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 09, 2024 / 2:45PM, CMCSA.OQ - Comcast Corp at UBS Global Media & Communications Conference

Question: John Hodulik - UBS Equities - Analyst : I think it was an early deal, right? Was it really done earlier or was it expiring?

Question: John Hodulik - UBS Equities - Analyst : Right. And you talked about the linear and at the same time the flexibility around their D2C services. I don't know, as part of this contract is HBO MAX or I guess MAX included. I mean, one of the things obviously Charter has made some noise over the last year or so in terms of including all these, is that something you guys could see Comcast doing including the D2C brands and these media companies as part of your expanded basic?

Question: John Hodulik - UBS Equities - Analyst : Maybe touching on, a couple more minutes here, I got a couple more topics I want to touch on. First is the business segment. You talked about it as a contributor to growth as a company and this new product with ethernet or cable and the new passings, just how's your visibility to continue growth of that business and do the network upgrades that you laid out, does that help you penetrate that market and help you guys compete against the other providers out there?

Question: John Hodulik - UBS Equities - Analyst : So and lastly, just to wrap up, we talked about all these lines of growth the company is pursuing. Let's talk a little bit about margins. You've seen real margin improvement -- really consistent margin improvement over a number of years in the connectivity and platforms business. Just given what you're seeing now, given the mix shift for less video, more broadband, more wireless -- what's your visibility into continued margin improvement as you look out over the next couple of years?

Question: John Hodulik - UBS Equities - Analyst : That sounds great, Dave. And that's all the time we have today, Dave, thanks for being here. Appreciate it.