Comcast Corp Q4 2024 Earnings Call Transcript

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

Question: Ben Swinburne - Morgan Stanley & Co. LLC - Analyst : Thank you. Good morning. I want to come back to your comments on wireless. Obviously, you guys are excited about that opportunity and seem to be, I think you might use the word shifting strategies. Should we be expecting net adds to accelerate? Is that what success looks like there? And any more comments you can give around the investments that Jason mentioned and kind of removing friction thinking about things like handset, subsidies, et cetera. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 30, 2025 / 1:30PM, CMCSA.OQ - Q4 2024 Comcast Corp Earnings Call And then I know you talked about it, but I don't know if Brian's willing to comment on just the vision for NBC's media business, sort of post the spin-off, kind of wrapped in sports and broadcast, but like longer term, how do you think about the growth opportunities for what we used to think about is kind of the television business at NBC? Thanks so much.

Question: Craig Moffett - MoffettNathanson LLC - Analyst : Hi, thank you. Dave, staying with the broadband business for a minute. Can you talk about what you've learned in your Project Genesis market? As the -- and you talked about now leaning into marketing and promotion around letting people know that that's done, talk about what that looks like if you would and what you expect will be different in the markets where you now have a symmetrical broadband offering with speeds that are sort of fiber like if you would. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 30, 2025 / 1:30PM, CMCSA.OQ - Q4 2024 Comcast Corp Earnings Call

Question: Craig Moffett - MoffettNathanson LLC - Analyst : Dave, can you share any learnings for how competition is different in those places? Or is it still too early because you haven't really launched the marketing around it yet?

Question: Michael Ng - Goldman Sachs - Analyst : Hey, good morning. Thank you for the question. I just have two. First, on domestic broadband, could you just talk a little bit about the ARPU outlook? Should we expect ARPU growth to accelerate from here, just given the absence of things like hurricane rebates and some of the price increases implemented at the beginning of this year? And then for Jason, I was just wondering if you could talk about free cash flow for next year. Obviously, a few moving parts between cash taxes, the cash tax refund and Capex potentially coming down in C&E. So any thoughts there would be great. Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 30, 2025 / 1:30PM, CMCSA.OQ - Q4 2024 Comcast Corp Earnings Call

Question: Jonathan Chaplin - New Street Research LLP - Analyst : Thanks guys, following up on the wireless commentary. I'm wondering if you can just -- it looks like revenue growth was strong this quarter even in the context of pretty strong subscriber growth. I'm wondering if you could help pull apart how much of that growth came from ARPU growth in wireless versus equipment revenue. And then we've been hearing that the MVNO contract could be up for renewal this year. I'm wondering if you could give us some context for what you expect in pricing when that renewal does come up and how it might impact margins in the wireless business. Thanks.

Question: Jessica Reif Ehrlich - BofA Securities, Inc. - Analyst : Oh, thank you. Maybe switching gears a little bit from the new strategy. Last quarter, you announced the restructuring, SpinCo, and maybe plans to consolidate on streaming. Can you give us any update? Do you think the market will consolidate in streaming? Any commentary for M&A in terms of cable? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 30, 2025 / 1:30PM, CMCSA.OQ - Q4 2024 Comcast Corp Earnings Call Will scale help your competitive position in broadband and wireless? And I guess, media, are there any pieces that you think are still missing or you would benefit from scale? And then on SpinCo, can you maybe discuss the strategy a little bit more? You mentioned that -- you alluded to streaming, but is the focus going to be on sports, news, acquisitions, or cost cutting?

Question: John Hodulik - UBS Securities LLC - Analyst : Great. Maybe for Dave back on the broadband question. Just the change you guys saw in December, was that -- do you think that was more from competition? And then if so, could you break it down? Or were you seeing more pressure from fiber to the home or fixed wireless? And you mentioned satellite for the first time. Are you actually seeing that now? Or is just some expectation in the future? And then for Jason, one of the things where you guys have been very successful over the last few years is improving margins in cable or on the connectivity side. Does that equation still hold as we look forward considering the new strategy to combine broadband and wireless more aggressively? Thanks.

Question: Steven Cahall - Wells Fargo Securities, LLC - Analyst : Thank you. I just wanted to go back to the broadband ARPU dynamics. I think you said very healthy ARPU growth, but you do lean into mobile. What we've seen with some of your peers is there is some dilution to ARPU. You've historically managed this really strong 3% to 4% growth. So just wondering if you're shifting that strategy a little bit around that 3% to 4% growth as you move into more of the converged bundle? And then on Peacock, thank you for the guidance for losses to improve. I'm just wondering if that's true in the second half of the year as well when the NBA costs come online and push Opex higher. I know revenue is going to step up, too, but just trying to figure out if you think the NBA will be positive to Peacock EBITDA in 2025? Or if it's a bit of a headwind and then kind of ex NBA, there's a lot of improvements going on beneath the surface? Thank you.