Comcast Corp Q1 2025 Earnings Call Transcript

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

Question: Craig Moffett - MoffettNathanson LLC - Analyst : Two questions, if I could. First, maybe thinking about the theme parks business a little bit. Mike, maybe -- could you just dig in a little bit more to what you're seeing now? We've seen some very significant drops in international travel to the United States, for example, and some anti-American sentiment even affecting travel patterns. I'm wondering if you can just share what you're seeing with respect to the theme parks and how you think that might impact the 2025 results even with Epic? And then for the broadband and wireless bundles that you're offering today, it's a question that everybody has been focused on, on the wireless side. You guys are subsidizing handsets. If the price of handsets rises significantly with tariffs, would it be -- your anticipation that you would increase your subsidies accordingly? Or would you expect to pass those higher costs on to customers?

Question: Jonathan Chaplin - New Street Research LLP - Analyst : Just one question for me. I'd love to get a sense in your project Genesis markets to what extent you're seeing benefits in terms of stronger gross adds from the ability to offer faster speeds, lower churn, better ARPU, improved OpEx, et cetera?

Question: Michael Ng - The Goldman Sachs Group, Inc. - Analyst : I just have two as well. First on broadband ARPU, it's encouraging to see the 3.3% growth in the quarter. I was just wondering if you could talk about some of the drivers there? And then longer term, as you talk about these go-to-market changes, the five-year price lock, could you just talk about your outlook for what -- for the 3% to 4% longer-term domestic broadband ARPU growth? Like what's your commitment level there? And how will some of the new pricing and packaging change this, if at all? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 24, 2025 / 12:30PM, CMCSA.OQ - Q1 2025 Comcast Corp Earnings Call

Question: Michael Rollins - Citigroup, Inc. - Analyst : Two questions as well for me. So first on broadband. Just curious if you could discuss how much of the recent losses may be a function of slower industry growth given the maturation of the category relative to changes in market share? And if you're seeing differences in performance where you're in markets that have had fiber for some time versus those markets where fiber is just getting introduced? And then second, on the mobile side, for the mobile gross adds, just curious if you're seeing a mix shift in terms of the percent that come from existing broadband customers versus new broadband customers and how you expect the new promotions to influence that? Thanks.

Question: Ben Swinburne - Morgan Stanley - Analyst : Curious if you guys have any update for us on how to think about Peacock losses over the rest of this year. Obviously, Q1 big improvement year-over-year. Some of that might be timing, but it would be helpful if you could give us a little bit of an outlook for that business over the rest of 2025. And then kind of sticking with the theme on the pivot in the cable business or connectivity business, Jason, you mentioned the word investment a couple of times. I think Dave, you did too in one of your answers. We've sort of been accustomed to watching Comcast execute with sort of a priority or focus on ARPU growth, margin expansion. And obviously, we've seen the subscriber numbers come in light over the last year or so. What would you tell us to think about at least over the next few quarters as you roll out these plans? It seems like you're already starting to see some wireless momentum and maybe there's some EBITDA pressure. But I just thought it could give you an opportunity to maybe give us a little more help on how the rest of the year looks as you sort of pivot the model in the business. Thanks a lot.

Question: Jessica Reif Ehrlich - BofA Securities, Inc. - Analyst : A couple of questions on media. A couple of quarters ago, you said you were open to streaming consolidation. Can you give us your updated thoughts on that? And maybe an update on timing of the cable SpinCo? You also announced this park in the UK and other parks in the US. Could you talk about how you're thinking about theme parks long-term as you expand into new markets? And I guess, finally, I think Jason mentioned that obviously, the industry, not just you is very vulnerable to this lack of visibility and changing economic environment. Can you just talk about anything different that you're doing in your upfront approach? You've mentioned NBA several times as a big driver for advertising. But maybe talk about NBA overall, like clearly, you'll benefit on advertising, and it's a positive for Peacock longer term. What -- can you help us frame the financial impact as these costs go up? Is there an affiliate fee increase that goes along with it? Thank you.

Question: John Hodulik - UBS Securities, LLC - Analyst : Maybe back to Dave on broadband. I'm just wondering if the churn commentary that you guys talked about in the quarter and maybe what you're seeing in business, is there any sense that, that could be driven by the slowing macro environment outside of what you may be seeing on the media side. Because it doesn't seem like the competitive environment really changed that dramatically as it went from sort of fourth quarter to first quarter. And then digging in a little bit on the business side, is it just small business where you guys are seeing the relationship trends get worse? Are you seeing anything on the government side? And can you talk a little bit about your government exposure after Verizon actually called out a little bit of weakness on the government side, given what's going on spending there? Thanks.