Q1 2026 Comcast Corp Earnings Call

Speaker #1: Please note this conference call is being recorded. I will now turn the call over to Executive Vice President, Investor Relations, Ms. Marci Ryvicker. Please go ahead, Ms. Ryvicker.

Speaker #1: We're starting to see signs that our efforts are working, and we're shifting the businesses in the right direction. I'm also convinced that we have absolutely the best products in each of our markets.

Speaker #2: Thank you, Operator, and welcome, everyone. Joining us on today's call are Brian Roberts, Mike Cavanagh, Jason Armstrong, and Steve Crony. I will now refer you to slide 2 of the presentation accompanying this call, which can also be found on our Investor Relations website, and which contains our Safe Harbor disclaimer.

Speaker #1: So, the opportunity in front of us now is making sure customers really see that and feel it in every experience and touchpoint. There is a real energy across the company now to work together in different ways to take advantage of the big moments we have.

Speaker #2: This conference call may include forward-looking statements, subject to certain risks and uncertainties. In addition, during this call, we will refer to certain non-GAAP financial measures.

Speaker #1: Whether it's the mobile launch we just announced, the Olympics, the Super Bowl, or Xfinity's new membership program, these are opportunities to show up for consumers in a way that only COMCAST can, and connect that across all of our growth businesses.

Speaker #2: Please see our 8K and trending schedule issued earlier this morning for the reconciliations of these non-GAAP financial measures to GAAP. With that, I'll turn the call over to Brian.

Speaker #1: NetNet, I feel encouraged about where we are. We got the right leaders. We're making meaningful but important improvements, and I feel good about these early results.

Speaker #3: Good morning and thanks, Marci. We're off to a good start. We've taken a hard look at both where the market is and how we're performing, and made some real changes.

Speaker #1: you.

Speaker #3: With our new leadership structure, Mike is co-CEO and taking the day-to-day lead on improvements, and Steve off to a fast start fully running connectivity and platforms I really like our team.

Speaker #2: everyone. Our focus, as we begin 2026, is on executing against the priorities Brian just highlighted. We're just one quarter into the year, but are pleased with the progress, so let me highlight some of the first quarter achievements.

Speaker #3: Steve has brought in key new talent and is quickly restructuring a lot of the operations. And equally important, we have better aligned everyone across the entire company around a clear set of priorities with a sense of urgency to work in harmony toward the important company-wide initiatives.

Speaker #2: what remains an incredibly intense competitive environment, broadband net losses improved by more than 100,000 year-over-year, the first year-over-year improvement since the fourth quarter of 2020.

Speaker #2: also delivered the best wireless net additions of any quarter in our history. Together, these are early signs that the strategic pivot we've made in our connectivity business is underway.

Speaker #3: We've gone top to bottom in the businesses, looking at how we operate, how we serve customers, and where we need to reset. As you'll hear from Mike, Jason, and Steve, it's still early, but the initial results are encouraging.

Speaker #2: part, another area of consistent and disciplined investment, we generated healthy underlying EBITDA growth driven by robust consumer demand at Epic Universe. And third, we had a real company-wide moment with legendary February.

Speaker #3: We're starting to see signs that our efforts are working, and we're shifting the businesses in the right direction. I'm also convinced that we have absolutely the best products in each of our markets.

Speaker #2: We outperformed across First, despite We Supported by Second, in

Speaker #2: audience, engagement, and monetization. And importantly, we leveraged this massive reach to market our connectivity products at scale. A proof point that when we really lean in, we can move the needle.

Speaker #3: So the opportunity in front of us now is making sure customers really see that and feel it in every experience and touchpoint. There is a real energy across the company now to work together in different ways to take advantage of the big moments we have.

Speaker #2: Stepping back, this was our Thanks, Brian, and good morning, Mike, over to Fixed wireless continues to market aggressively across our footprint. However, overbuild is moving at a rapid pace.

Speaker #2: first quarter post-version. And we're already seeing the benefits of a more focused portfolio. Our six major growth drivers now represent well over 60% of total company revenue, up from 50% when we introduced this framework three years ago.

Speaker #3: Whether it's the mobile launch we just announced, the Olympics, the Super Bowl, or Xfinity's new membership program, these are opportunities to show up for consumers in a way that only COMCAST can, and connect that across all of our growth businesses.

Speaker #2: consistent organic investment and deliberate portfolio actions including the spin of versus media. Now, going deeper on our connectivity and platforms business, the competitive environment remains intense.

Brian L. Roberts: Co-CEO and taking the day-to-day lead on improvements, and Steve off to a fast start, fully running connectivity and platforms. I really like our team. Steve has brought in key new talent and is quickly restructuring a lot of the operations. Equally important, we have better aligned everyone across the entire company around a clear set of priorities with a sense of urgency to work in harmony toward the important company-wide initiatives. We've gone top to bottom in the businesses, looking at how we operate, how we serve customers, and where we need to reset. As you'll hear from Mike, Jason, and Steve, it's still early, but the initial results are encouraging. We're starting to see signs that our efforts are working, and we're shifting the businesses in the right direction. I'm also convinced that we have absolutely the best products in each of our markets.

Brian Roberts: Co-CEO and taking the day-to-day lead on improvements, and Steve off to a fast start, fully running connectivity and platforms. I really like our team. Steve has brought in key new talent and is quickly restructuring a lot of the operations. Equally important, we have better aligned everyone across the entire company around a clear set of priorities with a sense of urgency to work in harmony toward the important company-wide initiatives. We've gone top to bottom in the businesses, looking at how we operate, how we serve customers, and where we need to reset. As you'll hear from Mike, Jason, and Steve, it's still early, but the initial results are encouraging. We're starting to see signs that our efforts are working, and we're shifting the businesses in the right direction. I'm also convinced that we have absolutely the best products in each of our markets.

Speaker #3: Net-net, I feel encouraged about where we are. We've got the right leaders. We're making meaningful but important improvements, and I feel good about these early results.

Speaker #2: And And we like what we're Our confidence is And we continue to We seeing, both in the momentum we're To generating and the quality of the customer relationships we're Customers are responding building.

Speaker #2: promotional convergence offers remain elevated. We're not assuming this is either anytime soon. Against that backdrop, we're investing to compete effectively. Whether it's against fixed wireless, fiber, or any other alternative such as satellite.

Speaker #3: Mike, over to you.

Speaker #4: Thanks, Brian, and good morning, everyone. Our focus as we begin 2026 is on executing against the priorities Brian just highlighted. We are just one quarter into the year but are pleased with the progress, so let me highlight some of the first quarter achievements.

Speaker #2: do this, we're staying focused on what we can control and what matters most to consumers. Exceptional connectivity powered by the most reliable Wi-Fi, best-in-class products, and a simpler, more transparent experience that's easy to buy, activate, and support.

Speaker #4: First, despite what remains an incredibly intense competitive environment, broadband net losses improved by more than 100,000 year-over-year, the first year-over-year improvement since the fourth quarter of 2020.

Speaker #2: building, in the strategy and actions that are underway, including the execution of our go-to-market shift that we amplified through the reach of our sports portfolio.

Speaker #4: We also delivered the best wireless net additions of any quarter in our history. Together, these are early signs that the strategic pivot we've made in our connectivity business is underway.

Brian L. Roberts: The opportunity in front of us now is making sure customers really see that and feel it in every experience and touch point. There is a real energy across the company now to work together in different ways to take advantage of the big moments we have. Whether it's the mobile launch we just announced, the Olympics, the Super Bowl, or Xfinity's new membership program, these are opportunities to show up for consumers in a way that only Comcast can and connect that across all of our growth businesses. Net net, I feel encouraged about where we are. We've got the right leaders. We're making meaningful but important improvements, and I feel good about these early results. Mike, over to you.

Brian Roberts: The opportunity in front of us now is making sure customers really see that and feel it in every experience and touch point. There is a real energy across the company now to work together in different ways to take advantage of the big moments we have. Whether it's the mobile launch we just announced, the Olympics, the Super Bowl, or Xfinity's new membership program, these are opportunities to show up for consumers in a way that only Comcast can and connect that across all of our growth businesses. Net net, I feel encouraged about where we are. We've got the right leaders. We're making meaningful but important improvements, and I feel good about these early results. Mike, over to you.

Speaker #2: align the full company across Xfinity and NBCUniversal around clear offers, focused messaging, and sharper targeting. And we saw that combination contribute to improved broadband and wireless performance this quarter.

Speaker #4: Second, in parks, another area of consistent and disciplined investment, we generated healthy underlying EBITDA growth driven by robust consumer demand at Epic Universe. And third, we had a real company-wide moment with legendary February.

Speaker #2: We also used these to perform well, and is doing exactly what we intended. Building awareness, increasing attachment, and expanding the top of the funnel across our broadband base.

Speaker #2: tentable moments to launch real-time 4K, a meaningful differentiator enabling us to deliver live sports with lower latency and at a higher quality than our competitors.

Speaker #4: We outperformed across audience, engagement, and monetization. And importantly, we leveraged this massive reach to market our connectivity products at scale, a proof point that when we really lean in, we can move the needle.

Speaker #2: see our customers consume more video online, which is driving network demand higher, with monthly data usage on our network up 10% this quarter. Given the scope of the changes we've made across the business, the early signs of progress are: connect volumes are up for the first time in more than four years, voluntary churn continues to improve, and NPS is moving in the right direction.

Speaker #4: Stepping back, this was our first quarter post-versant. And we're already seeing the benefits of a more focused portfolio. Our six major growth drivers now represent well over 60% of total company revenue, up from 50% when we introduced this framework three years ago.

Michael J. Cavanagh: Thanks, Brian, and good morning, everyone. Our focus as we begin 2026 is on executing against the priorities Brian just highlighted. We are just one quarter into the year but are pleased with the progress, so let me highlight some of the Q1 achievements. First, despite what remains an incredibly intense competitive environment, broadband net losses improved by more than 100,000 year over year, the first year over year improvement since the Q4 of 2020. We also delivered the best wireless net additions of any quarter in our history. Together, these are early signs that the strategic pivot we've made in our connectivity business is underway. Second, in Parks, another area of consistent and disciplined investment, we generated healthy underlying EBITDA growth, driven by robust consumer demand at Epic Universe. Third, we had a real company-wide moment with Legendary February. We outperformed across audience, engagement, and monetization.

Mike Cavanagh: Thanks, Brian, and good morning, everyone. Our focus as we begin 2026 is on executing against the priorities Brian just highlighted. We are just one quarter into the year but are pleased with the progress, so let me highlight some of the Q1 achievements. First, despite what remains an incredibly intense competitive environment, broadband net losses improved by more than 100,000 year over year, the first year over year improvement since the Q4 of 2020. We also delivered the best wireless net additions of any quarter in our history. Together, these are early signs that the strategic pivot we've made in our connectivity business is underway. Second, in Parks, another area of consistent and disciplined investment, we generated healthy underlying EBITDA growth, driven by robust consumer demand at Epic Universe. Third, we had a real company-wide moment with Legendary February. We outperformed across audience, engagement, and monetization.

Speaker #2: to our go-to-market strategy with roughly 40% of our residential broadband-based already on our simple, transparent packaging, and the majority still expected to migrate by year-end.

Speaker #4: Supported by consistent organic investment and deliberate portfolio actions including the spin of versant media. Now, going deeper on our connectivity and platforms business, the competitive environment remains intense.

Speaker #2: Wireless is a central lever in our convergence strategy. It increases engagement, reduces churn, and strengthens customer lifetime value. Wireless accelerated meaningfully this quarter, even as competitive environment remains intense.

Speaker #4: Fixed wireless continues to market aggressively across our footprint, fiber overbuild is moving at a rapid pace, and promotional convergence offers remain elevated. We're not assuming this gets easier anytime soon.

Speaker #4: Against that backdrop, we're investing to compete effectively, whether it's against fixed wireless, fiber, or any other alternative such as satellite. To do this, we're staying focused on what we can control and what matters most to consumers.

Speaker #2: that base of customers with a clear lifecycle playbook focused on usage, engagement, and the overall product experience, with the goal of converting a meaningful portion to paid relationships starting in the second half of the year.

Speaker #4: Exceptional connectivity powered by the most reliable Wi-Fi, best-in-class products, and a simpler, more transparent experience that's easy to buy, activate, and support. Our confidence is building, in the strategy and actions that are underway, including the execution of our go-to-market shift that we amplified through the reach of our sports portfolio.

Michael J. Cavanagh: Importantly, we leveraged this massive reach to market our connectivity products at scale, a proof point that when we really lean in, we can move the needle. Stepping back, this was our Q1 post-Versant, and we're already seeing the benefits of a more focused portfolio. Our six major growth drivers now represent well over 60% of total company revenue, up from 50% when we introduced this framework three years ago, supported by consistent organic investment and deliberate portfolio actions, including the spin of Versant Media. Now, going deeper on our connectivity and platforms business, the competitive environment remains intense. Fixed wireless continues to market aggressively across our footprint, and fiber overbuild is moving at a rapid pace, and promotional convergence offers remain elevated. We're not assuming this gets easier anytime soon.

Mike Cavanagh: Importantly, we leveraged this massive reach to market our connectivity products at scale, a proof point that when we really lean in, we can move the needle. Stepping back, this was our Q1 post-Versant, and we're already seeing the benefits of a more focused portfolio. Our six major growth drivers now represent well over 60% of total company revenue, up from 50% when we introduced this framework three years ago, supported by consistent organic investment and deliberate portfolio actions, including the spin of Versant Media. Now, going deeper on our connectivity and platforms business, the competitive environment remains intense. Fixed wireless continues to market aggressively across our footprint, and fiber overbuild is moving at a rapid pace, and promotional convergence offers remain elevated. We're not assuming this gets easier anytime soon.

Speaker #4: We align the full company across Xfinity and NBCUniversal around clear offers, focused messaging, and sharper targeting. And we saw that combination contribute to improved broadband and wireless performance this quarter.

Speaker #4: We also used these tentpole moments to launch real-time 4K, a meaningful differentiator enabling us to deliver live sports with lower latency and at a higher quality than our competitors.

Speaker #4: And we continue to see our customers consume more video online, which is driving network demand higher, with monthly data usage on our network up 10% this quarter.

Michael J. Cavanagh: Against that backdrop, we're investing to compete effectively, whether it's against fixed wireless, fiber, or any other alternative, such as satellite. To do this, we're staying focused on what we can control and what matters most to consumers. Exceptional connectivity powered by the most reliable Wi-Fi, best-in-class products, and a simpler, more transparent experience that's easy to buy, activate, and support. Our confidence is building in the strategy and actions that are underway, including the execution of our go-to-market shift that we amplified through the reach of our sports portfolio. We align the full company across Xfinity and NBCUniversal around clear offers, focused messaging, and sharper targeting, and we saw that combination contribute to improved broadband and wireless performance this quarter.

Mike Cavanagh: Against that backdrop, we're investing to compete effectively, whether it's against fixed wireless, fiber, or any other alternative, such as satellite. To do this, we're staying focused on what we can control and what matters most to consumers. Exceptional connectivity powered by the most reliable Wi-Fi, best-in-class products, and a simpler, more transparent experience that's easy to buy, activate, and support. Our confidence is building in the strategy and actions that are underway, including the execution of our go-to-market shift that we amplified through the reach of our sports portfolio. We align the full company across Xfinity and NBCUniversal around clear offers, focused messaging, and sharper targeting, and we saw that combination contribute to improved broadband and wireless performance this quarter.

Speaker #4: Given the scope of the changes we've made across the business, the early signs of progress are: connect volumes are up for the first time in more than four years, voluntary churn continues to improve, and NPS is moving in the right direction.

Speaker #4: Customers are responding to our go-to-market strategy with roughly 40% of our residential broadband base already on our simple, transparent packaging, and the majority still expected to migrate by year-end.

Speaker #4: Wireless is a central lever in our convergence strategy. It increases engagement, reduces churn, and strengthens customer lifetime value. Wireless accelerated meaningfully this quarter even as the competitive environment remains intense.

Speaker #4: And we like what we're seeing, both in the momentum we're generating and in the quality of the customer relationships we're building. Our free line offer continues to perform well, and is doing exactly what we intended.

Michael J. Cavanagh: We also used these tentpole moments to launch real-time 4K, a meaningful differentiator enabling us to deliver live sports with lower latency and at a higher quality than our competitors. We continue to see our customers consume more video online, which is driving network demand higher with monthly data usage on our network up 10% this quarter. Given the scope of the changes we've made across the business, the early signs of progress are, connect volumes are up for the first time in more than four years. Voluntary churn continues to improve, and NPS is moving in the right direction. Customers are responding to our go-to-market strategy with roughly 40% of our residential broadband base already on our simple, transparent packaging, and the majority still expected to migrate by year-end. Wireless is a central lever in our convergence strategy.

Mike Cavanagh: We also used these tentpole moments to launch real-time 4K, a meaningful differentiator enabling us to deliver live sports with lower latency and at a higher quality than our competitors. We continue to see our customers consume more video online, which is driving network demand higher with monthly data usage on our network up 10% this quarter. Given the scope of the changes we've made across the business, the early signs of progress are, connect volumes are up for the first time in more than four years. Voluntary churn continues to improve, and NPS is moving in the right direction. Customers are responding to our go-to-market strategy with roughly 40% of our residential broadband base already on our simple, transparent packaging, and the majority still expected to migrate by year-end. Wireless is a central lever in our convergence strategy.

Speaker #4: Building awareness, increasing attachment, and expanding the top-of-the-funnel across our broadband base. We're managing that base of customers with a clear lifecycle playbook focused on usage, engagement, and the overall product experience, with the goal of converting a meaningful portion to paid relationships starting in the second half of the year.

Speaker #4: At the same time, we're gaining traction in premium wireless. We launched premium unlimited a year ago to broaden our offering for customers who want a more feature-rich mobile experience including unlimited talk, text, and data in the US and internationally.

Speaker #4: Since launch, adoption has increased meaningfully, uptake is now around 30%, and the premium base is up roughly fivefold. And we're building on that momentum with Mobile+, our new premium plan we launched just yesterday.

Michael J. Cavanagh: It increases engagement, reduces churn, and strengthens customer lifetime value. Wireless accelerated meaningfully this quarter, even as the competitive environment remains intense. We like what we're seeing, both in the momentum we're generating and in the quality of the customer relationships we're building. Our free line offer continues to perform well and is doing exactly what we intended, building awareness, increasing attachment, and expanding the top of the funnel across our broadband base. We're managing that base of customers with a clear lifecycle playbook focused on usage, engagement, and the overall product experience with the goal of converting a meaningful portion to paid relationships starting in H2 of the year. At the same time, we're gaining traction in premium wireless.

Mike Cavanagh: It increases engagement, reduces churn, and strengthens customer lifetime value. Wireless accelerated meaningfully this quarter, even as the competitive environment remains intense. We like what we're seeing, both in the momentum we're generating and in the quality of the customer relationships we're building. Our free line offer continues to perform well and is doing exactly what we intended, building awareness, increasing attachment, and expanding the top of the funnel across our broadband base. We're managing that base of customers with a clear lifecycle playbook focused on usage, engagement, and the overall product experience with the goal of converting a meaningful portion to paid relationships starting in H2 of the year. At the same time, we're gaining traction in premium wireless.

Speaker #4: Mobile+ includes everything customers already value. And adds lifetime device protection for all devices. We're the first in the industry to include this feature at no additional charge as part of the core offering.

Speaker #4: A disruptive shift away from the traditional pay-per-device model used by incumbent carriers. Mobile+ strengthens our value proposition and reinforces our product and pricing advantage.

Speaker #4: Shifting to content and experiences, legendary February was a remarkable 17-day stretch for our media business. More than 225 million Americans watched across the Milan, Cortina Winter Olympics, Super Bowl 60, and the NBA All-Star Game.

Speaker #4: That scale drove record advertising sales. Roughly $2 billion over the 17 days and helped accelerate momentum at Peacock. We added 2 million net new subscribers in the quarter, with revenue up more than 70%, putting Peacock on track to approach profitability for the first time next quarter.

Michael J. Cavanagh: We launched Premium Unlimited a year ago to broaden our offering for customers who want a more feature-rich mobile experience, including unlimited talk, text, and data in the US and internationally. Since launch, adoption has increased meaningfully. Uptake is now around 30%, and the premium base is up roughly five-fold. We're building on that momentum with Mobile Plus, our new premium plan we launched just yesterday. Mobile Plus includes everything customers already value and adds lifetime device protection for all devices. We're the first in the industry to include this feature at no additional charge as part of the core offering, a disruptive shift away from the traditional pay-per-device model used by incumbent carriers. Mobile Plus strengthens our value proposition and reinforces our product and pricing advantage. Shifting to content and experiences, Legendary February was a remarkable 17-day stretch for our media business.

Mike Cavanagh: We launched Premium Unlimited a year ago to broaden our offering for customers who want a more feature-rich mobile experience, including unlimited talk, text, and data in the US and internationally. Since launch, adoption has increased meaningfully. Uptake is now around 30%, and the premium base is up roughly five-fold. We're building on that momentum with Mobile Plus, our new premium plan we launched just yesterday. Mobile Plus includes everything customers already value and adds lifetime device protection for all devices. We're the first in the industry to include this feature at no additional charge as part of the core offering, a disruptive shift away from the traditional pay-per-device model used by incumbent carriers. Mobile Plus strengthens our value proposition and reinforces our product and pricing advantage. Shifting to content and experiences, Legendary February was a remarkable 17-day stretch for our media business.

Speaker #4: The Olympics continue to be a meaningful differentiator for us. Milan, Cortina was the most. Games since Sochi, averaging 23.5 million viewers. Peacock streamed a record 16.7 billion minutes more than double all prior winter games combined.

Speaker #4: And NBC closed out primetime number one on the closing ceremony night, marking our 143rd consecutive Olympics night at the top. The Super Bowl averaged 125.6 million viewers, the most-watched in our 100-year history and the second most-watched program ever.

Speaker #4: And the NBA All-Star Game delivered its largest audience since 2011, with 8.8 million viewers across NBC, Peacock, and Telemundo, peaking at 10 million. Turning to studios, we're off to an exceptional start with Nintendo and Illumination's The Super Mario Galaxy movie, which has crossed 750 million dollars globally, the biggest title of the year worldwide, and the franchise has now grossed $2 billion at the global box office.

Michael J. Cavanagh: More than 225 million Americans watched across the Milan Cortina Winter Olympics, Super Bowl LX, and the NBA All-Star Game. That scale drove record advertising sales, roughly $2 billion over the 17 days, and helped accelerate momentum at Peacock. We added 2 million net new subscribers in the quarter, with revenue up more than 70%, putting Peacock on track to approach profitability for the first time next quarter. The Olympics continue to be a meaningful differentiator for us. Milan Cortina was the most-watched Winter Games since Sochi, averaging 23.5 million viewers. Peacock streamed a record 16.7 billion minutes, more than double all prior Winter Games combined. NBC closed out prime time number one on the closing ceremony night, marking our 143rd consecutive Olympics night at the top. The Super Bowl averaged 125.6 million viewers, the most-watched in our 100-year history and the second most-watched program ever.

Mike Cavanagh: More than 225 million Americans watched across the Milan Cortina Winter Olympics, Super Bowl LX, and the NBA All-Star Game. That scale drove record advertising sales, roughly $2 billion over the 17 days, and helped accelerate momentum at Peacock. We added 2 million net new subscribers in the quarter, with revenue up more than 70%, putting Peacock on track to approach profitability for the first time next quarter. The Olympics continue to be a meaningful differentiator for us. Milan Cortina was the most-watched Winter Games since Sochi, averaging 23.5 million viewers. Peacock streamed a record 16.7 billion minutes, more than double all prior Winter Games combined. NBC closed out prime time number one on the closing ceremony night, marking our 143rd consecutive Olympics night at the top. The Super Bowl averaged 125.6 million viewers, the most-watched in our 100-year history and the second most-watched program ever.

Speaker #4: We have a strong lineup for the rest of the year, with Steven Spielberg's disclosure day, Illumination's Minions and Munsters, Christopher Nolan's The Odyssey, and Universal's Fucker-in-Law, among others.

Speaker #4: Lastly, at parks, Orlando continues to perform extremely well, with Epic driving strong resort attendance and higher per-cap spending. We're continuing to invest behind a pipeline of growth.

Milan Cortina was the most games Sochi averaging 23.5 million viewers.

Speaker #4: This year, we opened Fast & Furious: Hollywood Drift in Universal Hollywood, and our first-ever Kids Park in Frisco, Texas, this summer. Internationally, our UK park is progressing through final planning approvals as sites' stabilization begins, and we're building on our strength in Japan with immersive Pokémon experiences.

Peacock streamed a record 16.7 billion minutes, more than double all prior Winter Games combined.

And NBC closed out. Prime Time number 1 on the closing ceremony night, our 143rd consecutive Olympics night at the top

Speaker #4: With that, let me turn it over to Jason.

Michael J. Cavanagh: The NBA All-Star Game delivered its largest audience since 2011, with 8.8 million viewers across NBC, Peacock, and Telemundo, peaking at 10 million. Turning to studios, we're off to an exceptional start with Nintendo and Illumination's The Super Mario Galaxy Movie, which has crossed $750 million globally, the biggest title of the year worldwide, and the franchise has now grossed $2 billion at the global box office. We have a strong lineup for the rest of the year with Steven Spielberg's Disclosure Day, Illumination's Minions & Monsters, and Universal's Focker-In-Law, among others. Lastly, at Parks, Orlando continues to perform extremely well with Epic Universe driving strong resort attendance and higher per cap spending. We're continuing to invest behind a pipeline of growth. This year we open Fast & Furious: Hollywood Drift in Universal Studios Hollywood and our first ever kids park in Frisco, Texas this summer.

Mike Cavanagh: The NBA All-Star Game delivered its largest audience since 2011, with 8.8 million viewers across NBC, Peacock, and Telemundo, peaking at 10 million. Turning to studios, we're off to an exceptional start with Nintendo and Illumination's The Super Mario Galaxy Movie, which has crossed $750 million globally, the biggest title of the year worldwide, and the franchise has now grossed $2 billion at the global box office. We have a strong lineup for the rest of the year with Steven Spielberg's Disclosure Day, Illumination's Minions & Monsters, and Universal's Focker-In-Law, among others. Lastly, at Parks, Orlando continues to perform extremely well with Epic Universe driving strong resort attendance and higher per cap spending. We're continuing to invest behind a pipeline of growth. This year we open Fast & Furious: Hollywood Drift in Universal Studios Hollywood and our first ever kids park in Frisco, Texas this summer.

The Super Bowl averaged 125.6 million viewers. The most watched in our 100 Year history and the second most watched program ever,

Speaker #5: Thanks, Mike, and good morning, everyone. Let me start with a high-level overview of our consolidated results and then get into more detail on our businesses.

Speaker #5: Before I begin, I want to note we recently issued updated pro forma trending schedules, which we filed in early March. The most significant change is the removal of Vercent from our financials, along with a few smaller updates within connectivity and platforms and content and experiences.

And the NBA All-Star Game delivered its largest audience since 2011, with 8.8 million viewers across NBC, Peacock, and Telemundo, peaking at 10 million.

Speaker #5: As a result, when I refer to our results today, all year-over-year comparisons will be presented on a pro forma basis. In the first quarter, revenue increased 11%, in part benefiting from NBC Universal's highly successful airing of the Milan, Cortina Winter Olympics and the Super Bowl.

Turning to Studios we're off to an exceptional start with Nintendo and illuminations the Super Mario Galaxy movie which is cost 750 million globally. The biggest title of the year worldwide and the franchise. Now grows to 2 billion dollars at a global box office.

Of the year with Steven Spielberg's Disclosure Day illumination, Minions and Monsters, and Universal's Soccer Law among others.

Speaker #5: Excluding these events, revenue was up low single digits. As we've discussed, this is an investment period for us. We continue to execute our broadband go-to-market pivot and customer experience improvements with the goal of stabilizing our customer base and returning the category to revenue growth over time.

Lastly at parks Orlando continues to perform extremely well with epic driving, strong Resort, attendance and higher Burr. Cap spending.

We're continuing to invest behind a pipeline of growth.

Speaker #5: At the same time, we're absorbing the full cost of the first year of the new NBA contract in content and experiences, and this quarter included the peak dilution from that.

This year, we opened Fast and Furious Hollywood drift in Universal Hollywood and our first ever kids park in Frisco. Texas, this summer.

Michael J. Cavanagh: Internationally, our UK park is progressing through final planning approvals as site stabilization begins, and we're building on our strength in Japan with immersive Pokémon experiences. With that, let me turn it over to Jason.

Mike Cavanagh: Internationally, our UK park is progressing through final planning approvals as site stabilization begins, and we're building on our strength in Japan with immersive Pokémon experiences. With that, let me turn it over to Jason.

Speaker #5: As a result, adjusted EBITDA declined 9%. Earnings per share were 79 cents, and we generated 3.9 billion of free cash flow in the quarter, of which we returned 2.5 billion to shareholders including 1.25 billion in share repurchases.

Internationally, our UK park is progressing toward final planning approvals as site stabilization begins, and we're building on our strengths in Japan with immersive Pokémon experiences.

With that, let me turn it over to Jason.

Jason S. Armstrong: Thanks, Mike, and good morning, everyone. Let me start with a high-level overview of our consolidated results and then get into more detail on our businesses. Before I begin, I want to note we recently issued updated pro forma trending schedules, which we filed in early March. The most significant change is the removal of Versant from our financials, along with a few smaller updates within Connectivity and Platforms, and Content and Experiences. As a result, when I refer to our results today, all year-over-year comparisons will be presented on a pro forma basis. In Q1, revenue increased 11%, in part benefiting from NBCUniversal's highly successful airing of the Milan Cortina Winter Olympics and the Super Bowl. Excluding these events, revenue was up low single digits. As we've discussed, this is an investment period for us.

Jason Armstrong: Thanks, Mike, and good morning, everyone. Let me start with a high-level overview of our consolidated results and then get into more detail on our businesses. Before I begin, I want to note we recently issued updated pro forma trending schedules, which we filed in early March. The most significant change is the removal of Versant from our financials, along with a few smaller updates within Connectivity and Platforms, and Content and Experiences. As a result, when I refer to our results today, all year-over-year comparisons will be presented on a pro forma basis. In Q1, revenue increased 11%, in part benefiting from NBCUniversal's highly successful airing of the Milan Cortina Winter Olympics and the Super Bowl. Excluding these events, revenue was up low single digits. As we've discussed, this is an investment period for us.

Speaker #5: Now turning to our businesses and starting with connectivity and platforms. Before diving deeper into the results, I wanted to begin with a high-level overview and share some perspective on the direction we're heading.

Thanks, Mike and good morning everyone. Let me start with a high level overview of our Consolidated results and then get into more detail on our businesses.

Speaker #5: As we've consistently emphasized, we made a decisive and strategic pivot in this business to position ourselves more competitively within the evolving broadband market. This transformation hasn't just been about minor tweaks; it's been a comprehensive shift.

Before I begin, I want to note. We recently issued updated proforma trending schedules which we filed in early March, the most significant change. Is the removal of versent for our financials along with a few smaller updates, and connectivity platforms and content experiences.

As a result, when I refer to our results today, all year-over-year comparisons will be presented on a pro forma basis.

Speaker #5: We prioritize simple and transparent pricing, we've dialed up our investments in both current and future customer experience, and doubled down to ensure our network and product offerings remain best in class.

Speaker #5: Another significant change has been how we're leveraging wireless to support and enhance broadband. Far more expansively than we have in the past. The encouraging news is that the early indications suggest this pivot is not only gaining traction but is absolutely the right move.

In the first quarter Revenue, increased 11% in part benefiting from NBC Universal's, highly successful airing of the Milan Cortina win, Olympics, and the Super Bowl, excluding the events Revenue was up low single digits.

Jason S. Armstrong: We continue to execute our broadband go-to-market pivot and customer experience improvements with the goal of stabilizing our customer base and returning the category to revenue growth over time. At the same time, we're absorbing the full cost of the first year of the new NBA contract in content and experiences, and this quarter included the peak dilution from that. As a result, adjusted EBITDA declined 9%. Earnings per share were $0.79, and we generated $3.9 billion of free cash flow in the quarter, of which we returned $2.5 billion to shareholders, including $1.25 billion in share repurchases. Now turning to our businesses and starting with connectivity and platforms. Before diving deeper into the results, I wanted to begin with a high-level overview and share some perspective on the direction we're heading.

Jason Armstrong: We continue to execute our broadband go-to-market pivot and customer experience improvements with the goal of stabilizing our customer base and returning the category to revenue growth over time. At the same time, we're absorbing the full cost of the first year of the new NBA contract in content and experiences, and this quarter included the peak dilution from that. As a result, adjusted EBITDA declined 9%. Earnings per share were $0.79, and we generated $3.9 billion of free cash flow in the quarter, of which we returned $2.5 billion to shareholders, including $1.25 billion in share repurchases. Now turning to our businesses and starting with connectivity and platforms. Before diving deeper into the results, I wanted to begin with a high-level overview and share some perspective on the direction we're heading.

Speaker #5: Our new go-to-market offerings are clearly resonating with customers. For instance, this quarter, we saw a notable improvement in broadband performance. Narrowing our losses by over 100,000 versus the prior year, while simultaneously achieving record wireless net additions, accompanied by a meaningful improvement in how our customers perceive and rate us as measured through net promoter scores.

As we've discussed, this is an investment period for us. We continue to execute our Broadband, go to market, pivot, and customer experience improvements with the goal of stabilizing. Our customer base and returning category to revenue growth over time.

At the same time, we're absorbing the full cost of the first year of the new MBA contract in content experiences and this quarter included Peak dilution from that.

as a result, adjust declined, 9%

Speaker #5: Of course, with any major strategic shift, there are inevitable costs. Simplified pricing and the inclusion of bundled free wireless lines have put pressure on broadband ARPU, and as a result, have also weighed on EBITDA growth, which is evident in our 4.7% decline this quarter.

Earnings per share were 79 cents and we generate 3.9 billion of free cash flow and quarter of which we return 2.5 billion to shareholders including 1.25 billion in Jerry purchases.

Now, turning to our businesses and starting with connectivity and platforms.

Speaker #5: We were transparent about this last year, flagging that these pressures would intensify into the early part of this year including the quarter we're reporting now and some incremental pressure in the second quarter.

Jason S. Armstrong: As we've consistently emphasized, we made a decisive and strategic pivot in this business to position ourselves more competitively within the evolving broadband market. This transformation hasn't just been about minor tweaks, it's been a comprehensive shift. We prioritize simple and transparent pricing, we've dialed up our investments in both current and future customer experience, and doubled down to ensure our network and product offerings remain best in class. Another significant change has been how we're leveraging wireless to support enhanced broadband far more expansively than we have in the past. The encouraging news is that the early indications suggest this pivot is not only gaining traction, but is absolutely the right move. Our new go-to-market offerings are clearly resonating with customers.

Jason Armstrong: As we've consistently emphasized, we made a decisive and strategic pivot in this business to position ourselves more competitively within the evolving broadband market. This transformation hasn't just been about minor tweaks, it's been a comprehensive shift. We prioritize simple and transparent pricing, we've dialed up our investments in both current and future customer experience, and doubled down to ensure our network and product offerings remain best in class. Another significant change has been how we're leveraging wireless to support enhanced broadband far more expansively than we have in the past. The encouraging news is that the early indications suggest this pivot is not only gaining traction, but is absolutely the right move. Our new go-to-market offerings are clearly resonating with customers.

Speaker #5: That expectation remains unchanged. However, we anticipate some relief as we exit this year. Particularly as we begin to lap the initial investment pressures and monetize the free lines at the one-year anniversary mark of the start of our free line rollout.

Speaker #5: Looking ahead, like others in the industry, a key metric for success is increasingly shifting toward consumer purchase intentions around bundled broadband and wireless offerings.

Before diving deeper into the results, I wanted to begin with a high-level overview, and share some perspective on the direction. We're heading, as we've consistently emphasized, we made a decisive and strategic pivot in this business to position ourselves more competitively within the evolving Broadband Market. This transformation has just been about minor tweaks. It's been comprehensive shift. We prioritize simple and transparent pricing, dial up our investments in both current and future customer experience and double down to ensure our Network and product offerings. Remain Best in Class.

Another significant change has been how we're leveraging Wireless to support, enhanced Broadband far more expensive than we have in the past.

Speaker #5: To support this, you'll notice in the trending schedules we published in March, we've started to break out wireless revenue into service, and equipment revenue, and we're now grouping broadband revenue and wireless service revenue together into a new convergence revenue view.

Jason S. Armstrong: For instance, this quarter, we saw a notable improvement in broadband performance, narrowing our losses by over 100,000 versus the prior year, while simultaneously achieving record wireless net additions, accompanied by a meaningful improvement in how our customers perceive and rate us as measured through net promoter scores. Of course, with any major strategic shift, there are inevitable costs. Simplified pricing and the inclusion of bundled free wireless lines have put pressure on broadband ARPU, and as a result, have also weighed on EBITDA growth, which is evident in our 4.7% decline this quarter. We were transparent about this last year, flagging that these pressures would intensify into the early part of this year, including the quarter we're reporting now and some incremental pressure in Q2. That expectation remains unchanged.

Jason Armstrong: For instance, this quarter, we saw a notable improvement in broadband performance, narrowing our losses by over 100,000 versus the prior year, while simultaneously achieving record wireless net additions, accompanied by a meaningful improvement in how our customers perceive and rate us as measured through net promoter scores. Of course, with any major strategic shift, there are inevitable costs. Simplified pricing and the inclusion of bundled free wireless lines have put pressure on broadband ARPU, and as a result, have also weighed on EBITDA growth, which is evident in our 4.7% decline this quarter. We were transparent about this last year, flagging that these pressures would intensify into the early part of this year, including the quarter we're reporting now and some incremental pressure in Q2. That expectation remains unchanged.

Speaker #5: Our convergence ARPA, or average revenue per account, currently stands at roughly $85. For context, our telecom competitors are roughly double this amount on the same metric.

Speaker #5: This really underscores the significant growth opportunity in front of us, especially as we stabilize broadband and look to accelerate growth through wireless. Now let's get into more details on the quarter, starting with broadband.

Encouraging news. Is that the early indications suggest? This pivot is not only gain traction but is absolutely the right move. Our new go to market offerings are clearly resonating with customers. For instance, this quarter we saw a notable Improvement in Broadband performance during our losses by 100,000. This is the prior year while simultaneously achieving record Wireless net additions accompanied by a meaningful Improvement, in how our customers perceive and meet us as measured through net promoter scores. Of course, with any major strategic shift. There are individual costs

Speaker #5: Broadband subscriber losses improved by 117,000 year-over-year to 65,000. This improvement reflects traction from our new go-to-market strategy including improved connects year-over-year, lower voluntary churn, a step-up in take rates on gig-plus speeds, and the continued uptake of our free wireless line offer.

Simplified pricing and the inclusion Bundle free wireless line have put pressure on broadband, or POO, and as a result have also weighed on growth, which is evident in our 4.7% decline this quarter.

Jason S. Armstrong: However, we anticipate some relief as we exit this year, particularly as we begin to lap the initial investment pressures and monetize the free lines at the one-year anniversary mark of the start of our free line rollout. Looking ahead, like others in the industry, a key metric for success is increasingly shifting toward consumer purchase intentions around bundled broadband and wireless offerings. To support this, you'll notice in the trending schedules we published in March, we started to break out wireless revenue into service and equipment revenue, and we're now grouping broadband revenue and wireless service revenue together into a new convergence revenue view. Our convergence ARPA, or average revenue per account, currently stands at roughly $85. For context, our telecom competitors are roughly double this amount on the same metric.

Jason Armstrong: However, we anticipate some relief as we exit this year, particularly as we begin to lap the initial investment pressures and monetize the free lines at the one-year anniversary mark of the start of our free line rollout. Looking ahead, like others in the industry, a key metric for success is increasingly shifting toward consumer purchase intentions around bundled broadband and wireless offerings. To support this, you'll notice in the trending schedules we published in March, we started to break out wireless revenue into service and equipment revenue, and we're now grouping broadband revenue and wireless service revenue together into a new convergence revenue view. Our convergence ARPA, or average revenue per account, currently stands at roughly $85. For context, our telecom competitors are roughly double this amount on the same metric.

Speaker #5: In addition, we leaned into the unique moment that legendary February created across our company, by amplifying Xfinity brand awareness on a national platform. With particular emphasis on gig speeds and our five-year price guarantee.

We're concerned about this last year, flagging, that these pressures would intensify into the early part of this year, including the quarter. We're reporting now and some incremental pressure in the second quarter, that expectation Reigns unchanged, however, we anticipate some relief as we exit this year. Particularly as we begin to lap, the initial investment measures and monetize the 3 lines at the 1 year anniversary, Mark of the start of our free line roll out.

Speaker #5: We estimate these specific offers accounted for over half of our year-over-year improvement in subscriber losses. Broadband ARPU declined 3.1%. This is consistent with the pressure we signaled on our fourth-quarter call, and reflects the absence of a rate increase at the beginning of the year, our new go-to-market pricing including the legendary February offers, and the impact from strong adoption of free wireless lines, which initially has a diluted impact on broadband ARPU.

Looking ahead like others in the industry. A key metric for success is increasingly shifting toward consumer. Purchase intentions on bundled Broadband Wireless offerings.

Speaker #5: We expect incremental pressure on broadband ARPU for another quarter, until we start to anniversary early go-to-market transition efforts as well as the impact of free lines starting to roll into paying relationships, which will happen in greater volumes as we exit this year.

Our conversion, or average revenue per account, currently stands at roughly $85.

Jason S. Armstrong: This really underscores the significant growth opportunity in front of us, especially as we stabilize broadband and look to accelerate growth through wireless. Now let's get into more details on the quarter, starting with broadband. Broadband subscriber losses improved by 117,000 year over year to 65,000. This improvement reflects traction for our new go-to-market strategy, including improved connects year over year, lower voluntary churn, a step-up in take rates on gig-plus speeds, and the continued uptake of our free wireless line offer. In addition, we leaned into the unique moment that Legendary February created across our company by amplifying Xfinity brand awareness on a national platform, with particular emphasis on gig speeds and our five-year price guarantee. We estimate these specific offers accounted for over half of our year-over-year improvement in subscriber losses. Broadband ARPU declined 3.1%.

Jason Armstrong: This really underscores the significant growth opportunity in front of us, especially as we stabilize broadband and look to accelerate growth through wireless. Now let's get into more details on the quarter, starting with broadband. Broadband subscriber losses improved by 117,000 year over year to 65,000. This improvement reflects traction for our new go-to-market strategy, including improved connects year over year, lower voluntary churn, a step-up in take rates on gig-plus speeds, and the continued uptake of our free wireless line offer. In addition, we leaned into the unique moment that Legendary February created across our company by amplifying Xfinity brand awareness on a national platform, with particular emphasis on gig speeds and our five-year price guarantee. We estimate these specific offers accounted for over half of our year-over-year improvement in subscriber losses. Broadband ARPU declined 3.1%.

For context, our telecom competitors are roughly double this amount on the same metric.

Speaker #5: Convergence revenue declined 2.8%, with convergence ARPA down 0.8%, reflecting the pressure on broadband revenue and partially offset by 15% growth in wireless service revenue.

This really underscores the significant growth opportunity in front of us, especially as we stabilize broadband and look to accelerate growth through Wireless.

Now, let's get a more details on the quarter, starting with Bud ban.

Robin subscriber losses, improved by 117,000 over year to 65,000.

Speaker #5: We added $435,000 net wireless lines, our strongest quarter on record, with nearly half of our residential postpaid phone connects coming from customers taking a free line.

Speaker #5: We're deliberately leaning in as our free line offer expands awareness and ultimately widens the base of customers we can drive into paying relationships. We also continue to see a strong uptake in our new premium unlimited wireless plans.

Speaker #5: Accounting for about 30% of our postpaid phone connects, reinforcing that we're competing effectively in the higher-value segment of the wireless market. We ended the quarter with $9.7 million total lines at 16% penetration of our domestic residential broadband customer base.

This Improvement reflects traction from our new go market strategy, including improved, connections year-over-year, lower voluntary, returns a step up in, take some gig plus speeds and the continued uptake of our free wireless line offer. In addition, we leaned into the unique moment that legendary February created across our company, by amplifying, Xfinity brand Awareness on a national platform with particular, emphasis on big speeds and our 5 year price guarantee.

We estimate these specific offers accounted for over half of our year-over-year improvement in cyber losses.

Jason S. Armstrong: This is consistent with the pressure we signaled on our Q4 call and reflects the absence of a rate increase at the beginning of the year, our new go-to-market pricing, including the Legendary February offers, and the impact from strong adoption of free wireless lines, which initially has a diluted impact on broadband ARPU. We expect incremental pressure on broadband ARPU for another quarter until we start to anniversary early go-to-market transition efforts, as well as the impact of free lines starting to roll into paying relationships, which will happen in greater volumes as we exit this year. Convergence revenue declined 2.8%, with convergence ARPA down 0.8%, reflecting the pressure on broadband revenue and partially offset by 15% growth in wireless service revenue.

Jason Armstrong: This is consistent with the pressure we signaled on our Q4 call and reflects the absence of a rate increase at the beginning of the year, our new go-to-market pricing, including the Legendary February offers, and the impact from strong adoption of free wireless lines, which initially has a diluted impact on broadband ARPU. We expect incremental pressure on broadband ARPU for another quarter until we start to anniversary early go-to-market transition efforts, as well as the impact of free lines starting to roll into paying relationships, which will happen in greater volumes as we exit this year. Convergence revenue declined 2.8%, with convergence ARPA down 0.8%, reflecting the pressure on broadband revenue and partially offset by 15% growth in wireless service revenue.

Speaker #5: Looking ahead in the second half of the year, many of the free lines will come up for monetization. Early engagement and usage trends are encouraging in that respect, and we expect to convert them significant majority of free lines into paying relationships, which should provide a tailwind to convergence revenue and ARPA growth over time.

Broadband ARPU declined 3.1%. This is consistent with the pressure we signaled on our fourth quarter call and reflects the absence of a rate increase at the beginning of the year. Our new go-to-market pricing, including our legendary February offers, and the impact from strong adoption of free wireless lines, which initially has a dilutive impact on broadband ARPU.

Speaker #5: Turning to business services, revenue grew 6% and EBITDA increased 4%. Growth continues to be driven by strong momentum at our enterprise solutions business as we add customers and deepen our relationships through a strong mix of advanced solutions.

We expect incremental pressure for another quarter until we start to anniversary, early go to market, transition efforts, as well as the impact of free lines. Starting to roll into paying relationships, which will happen in Greater volumes as we exit this year.

Speaker #5: And looking ahead, we're excited to expand our business mobile relationships through the launch of our T-Mobile and VNO, which adds another differentiated capability to the portfolio as we compete for business customers at every level.

Jason S. Armstrong: We added 435,000 net wireless lines, our strongest quarter on record, with nearly half of our residential postpaid phone connects coming from customers taking a free line. We're deliberately leaning in as our free line offer expands awareness and ultimately widens the base of customers we can drive into paying relationships. We also continue to see a strong uptake in our new Premium Unlimited wireless plans, accounting for about 30% of our postpaid phone connects, reinforcing that we're competing effectively in the higher value segment of the wireless market. We ended the quarter with 9.7 million total lines at 16% penetration of our domestic residential broadband customer base. Looking ahead in the H2 of the year, many of the free lines will come up for monetization.

Jason Armstrong: We added 435,000 net wireless lines, our strongest quarter on record, with nearly half of our residential postpaid phone connects coming from customers taking a free line. We're deliberately leaning in as our free line offer expands awareness and ultimately widens the base of customers we can drive into paying relationships. We also continue to see a strong uptake in our new Premium Unlimited wireless plans, accounting for about 30% of our postpaid phone connects, reinforcing that we're competing effectively in the higher value segment of the wireless market. We ended the quarter with 9.7 million total lines at 16% penetration of our domestic residential broadband customer base. Looking ahead in the H2 of the year, many of the free lines will come up for monetization.

Convergence Revenue, declined, 2.8% with convergence arpa down 0.8% reflecting, the pressure on broadband revenue and partially offset by 15% growth in Wireless Source Revenue.

Speaker #5: In content and experiences, there are a few items I'd like to highlight. At Theme Parks, we delivered another quarter of strong growth with revenue up 24% and EBITDA increasing 33%.

We added 435,000 wireless lines, a quarter on record, with nearly half of our residential postponements coming from customers taking a free line.

Speaker #5: Adjusting for the roughly $100 million of pre-opening costs at Epic in last year's first quarter, Parks EBITDA grew over 7%. Under the hood, we had very strong growth in Orlando, where Epic continues to drive higher per cap spending in attendance across the entirety of the resort.

We're liberally leaning in is our free line, offer expands awareness and ultimately widest. The basic customers we can drop in paying relationships.

Speaker #5: We are really pleased with Epic's performance since its launch. Its expanding the overall guest experience and helping to position Universal Orlando as a true week-long destination.

We also continue to see a strong uptake in our premium Unlimited Wireless plans accounting for about 30% of our postpaid. Phone connections reinforcing. That would compete effectively in the higher value segment of the wireless Market. We ended the quarter with 9.7 million Total Lines at 16% penetration of our domestic residential Broad and customer base.

Speaker #5: Partially offsetting strong growth in Orlando is some pressure at our other parks. Specifically in Osaka, we're seeing some impact from China-related inbound travel trends, which is putting pressure on attendance, and in Beijing, we're navigating a more challenging macroeconomic environment.

Jason S. Armstrong: Early engagement and usage trends are encouraging in that respect, and we expect to convert the significant majority of free lines into paying relationships, which should provide a tailwind to convergence revenue and ARPU growth over time. Turning to business services, revenue grew 6% and EBITDA increased 4%. Growth continues to be driven by strong momentum at our enterprise solutions business as we add customers and deepen our relationships through a strong mix of advanced solutions. Looking ahead, we're excited to expand our business mobile relationships through the launch of our T-Mobile MVNO, which adds another differentiated capability to the portfolio as we compete for business customers at every level. In content and experiences, there are a few items I'd like to highlight. At theme parks, we delivered another quarter of strong growth with revenue up 24% and EBITDA increasing 33%.

Jason Armstrong: Early engagement and usage trends are encouraging in that respect, and we expect to convert the significant majority of free lines into paying relationships, which should provide a tailwind to convergence revenue and ARPU growth over time. Turning to business services, revenue grew 6% and EBITDA increased 4%. Growth continues to be driven by strong momentum at our enterprise solutions business as we add customers and deepen our relationships through a strong mix of advanced solutions. Looking ahead, we're excited to expand our business mobile relationships through the launch of our T-Mobile MVNO, which adds another differentiated capability to the portfolio as we compete for business customers at every level. In content and experiences, there are a few items I'd like to highlight. At theme parks, we delivered another quarter of strong growth with revenue up 24% and EBITDA increasing 33%.

Speaker #5: Turning to media, revenue increased over 60%, including strong contributions from the Milan Cortina Winter Olympics and the Super Bowl. Which together drove $2.2 billion of incremental revenue.

Speaker #5: Excluding those events, media revenue growth remains strong. Up 13%, driven by 21% growth in distribution and 5% growth in advertising. The strong growth in distribution was driven by Peacock, with paid subscribers of 5 million year-over-year and 2 million sequentially, reaching 46 million.

Looking ahead in the second half of the Year, many of 3 Lines will come up, monetization, early engagement, and usage, Trends are encouraging and respect and we expect to convert significant majority of food lines into paying relationships, which should provide a Tailwind to converts revenue and our post over time, returning to Business Services Revenue, grew 6% and that increased 4% growth continues to be driven by strong momentum. At our Enterprise Solutions business. As we add customers and deepen, our relationships with strong mix of advanced Solutions,

Speaker #5: In advertising, underlying demand remained solid, supported by a record upfront and a strong sports lineup including the NBA. In the second quarter, we'll continue to benefit from sports including the NBA playoffs and the FIFA World Cup on Telemundo and Peacock.

Jason S. Armstrong: Adjusting for the roughly $100 million of pre-opening costs at Epic in last year's Q1, parks EBITDA grew over 7%. Under the hood, we had very strong growth in Orlando, where Epic continues to drive higher per cap spending and attendance across the entirety of the resort. We are really pleased with Epic's performance since its launch. It's expanding the overall guest experience and helping to position Universal Orlando as a true week-long destination. Partially offsetting strong growth in Orlando is some pressure at our other parks. Specifically, in Osaka, we're seeing some impact from China-related inbound travel trends, which is putting pressure on attendance. In Beijing, we're navigating a more challenging macroeconomic environment. Turning to media, revenue increased over 60%, including strong contributions from the Milan Cortina Winter Olympics and the Super Bowl, which together drove $2.2 billion of incremental revenue.

Jason Armstrong: Adjusting for the roughly $100 million of pre-opening costs at Epic in last year's Q1, parks EBITDA grew over 7%. Under the hood, we had very strong growth in Orlando, where Epic continues to drive higher per cap spending and attendance across the entirety of the resort. We are really pleased with Epic's performance since its launch. It's expanding the overall guest experience and helping to position Universal Orlando as a true week-long destination. Partially offsetting strong growth in Orlando is some pressure at our other parks. Specifically, in Osaka, we're seeing some impact from China-related inbound travel trends, which is putting pressure on attendance. In Beijing, we're navigating a more challenging macroeconomic environment. Turning to media, revenue increased over 60%, including strong contributions from the Milan Cortina Winter Olympics and the Super Bowl, which together drove $2.2 billion of incremental revenue.

Looking ahead, we're excited to expand our business more relationships through launch of our team of, which adds another differentiated capability to the portfolio as we compete for business, customers at every level in content and experiences. There are a few items. I'd like to highlight at theme parks. We delivered another quarter of strong growth with revenue of 24% increasing 33%.

Adjusting for the roughly $100 million pre-opening costs at Epic in last year's first quarter, Parks grew over 7%.

Speaker #5: Media EBITDA was a loss of $426 million. Consistent with the dilution we've been expecting in the first season of the NBA, as we straight-line the amortization of these rights, with quarterly seasonality driven by game counts.

Under the hood, had very strong growth in Orlando, where epic continues to drive higher per capita spending in attendance across the entire day.

Speaker #5: The first quarter was the peak volume, with about 50% of the games played and the corresponding costs flowing through, so as a result, this quarter represents our peak EBITDA dilution from NBA costs.

We are really pleased with epics performance since launch. Its expanding the overall guest experience, and helping position Universal Orlando as a true week-long destination.

Speaker #5: This dynamic flowed through to Peacock as well, where EBITDA losses were $432 million. Importantly, we expect to set up to improve from here. With second quarter reflecting a meaningful inflection point, with Peacock expected to approach profitability.

Partially offsetting strong growth in Orlando, is some pressure at our other Parks specifically in Osaka, we're seeing some impact from China related inbound, travel Trends, which is putting pressure on attendance and in Beijing, navigating more challenging economic environment.

Speaker #5: So stepping back, the first quarter was the high-water mark for NBA-related dilution for media, and we feel good about the direction from here. At studios, we had really strong growth this quarter.

Jason S. Armstrong: Excluding those events, media revenue growth remained strong, up 13%, driven by 21% growth in distribution and 5% growth in advertising. The strong growth in distribution was driven by Peacock, with paid subscribers up 5 million year over year and 2 million sequentially, reaching 46 million. In advertising, underlying demand remained solid, supported by a record upfront and a strong sports lineup, including the NBA. In Q2, we'll continue to benefit from sports, including the NBA playoffs and the FIFA World Cup on Telemundo and Peacock. Media EBITDA was a loss of $426 million, consistent with the dilution we've been expecting in the first season of the NBA as we straight line the amortization of these rights, with quarterly seasonality driven by game counts. Q1 was the peak volume, with about 50% of the games played and the corresponding costs flowing through.

Jason Armstrong: Excluding those events, media revenue growth remained strong, up 13%, driven by 21% growth in distribution and 5% growth in advertising. The strong growth in distribution was driven by Peacock, with paid subscribers up 5 million year over year and 2 million sequentially, reaching 46 million. In advertising, underlying demand remained solid, supported by a record upfront and a strong sports lineup, including the NBA. In Q2, we'll continue to benefit from sports, including the NBA playoffs and the FIFA World Cup on Telemundo and Peacock. Media EBITDA was a loss of $426 million, consistent with the dilution we've been expecting in the first season of the NBA as we straight line the amortization of these rights, with quarterly seasonality driven by game counts. Q1 was the peak volume, with about 50% of the games played and the corresponding costs flowing through.

Speaker #5: This was in large part driven by content licensing deals led by the successful renewal of the Office on Peacock. While that benefits studios this quarter, it drives larger eliminations at the C&E level.

Turning to Media Revenue increased over 60%, including strong contributions from the Milan Court team where Olympics and the super, which together drove 2.2 billion in Internal Revenue. Excluding those events via Revenue growth, main strong, a 30% driven by 21% growth in distribution and 5% growth advertising

Speaker #5: Now let me wrap up with free cash flow and capital allocation. In the first quarter, we generated $3.9 billion of free cash flow. We did that while continuing to invest meaningfully across our businesses, including the broadband go-to-market pivot and customer experience work in connectivity, further strengthening our domestic broadband network, and onboarding the NBA.

5 million your year and 2 million sequentially, reaching 46 million.

Speaker #5: Stepping back, our capital allocation framework has been and will continue to be balanced and consistent. With diverse and spin now complete, our portfolio is more streamlined and our capital priorities continue to start with investing organically behind our growth drivers.

Speaker #5: We ended the quarter at $2.3 times net leverage. Just as a reminder, leverage is calculated on a 12-month trailing basis. So as versant exits the calculation over the course of this year, we expect leverage will tick up a bit.

Jason S. Armstrong: As a result, this quarter represents our peak EBITDA dilution from NBA costs. This dynamic flowed through to Peacock as well, where EBITDA losses were $432 million. Importantly, we expect the setup to improve from here, with Q2 reflecting a meaningful inflection point, with Peacock expected to approach profitability. Stepping back, the Q1 was the high watermark for NBA-related dilution for media, and we feel good about the direction from here. At Studios, we had really strong growth this quarter. This was in large part driven by content licensing deals led by the successful renewal of "The Office" on Peacock. While that benefits Studios this quarter, it drives larger eliminations at the C&E level. Now let me wrap up with free cash flow and capital allocation. In the Q1, we generated $3.9 billion of free cash flow.

Jason Armstrong: As a result, this quarter represents our peak EBITDA dilution from NBA costs. This dynamic flowed through to Peacock as well, where EBITDA losses were $432 million. Importantly, we expect the setup to improve from here, with Q2 reflecting a meaningful inflection point, with Peacock expected to approach profitability. Stepping back, the Q1 was the high watermark for NBA-related dilution for media, and we feel good about the direction from here. At Studios, we had really strong growth this quarter. This was in large part driven by content licensing deals led by the successful renewal of "The Office" on Peacock. While that benefits Studios this quarter, it drives larger eliminations at the C&E level. Now let me wrap up with free cash flow and capital allocation. In the Q1, we generated $3.9 billion of free cash flow.

In advertising, underlying demand remains solid, supporting lineup, including the NBA. In the second quarter, we'll continue to benefit from sports, including the NBA playoffs and the FIFA World Cup on Tundo, and Peacock media, which lost $426 million, consistent with the direction we've been expecting in the first season of the NBA as a straight line. The amortization of these rights will be quarterly, with seasonality driven by game counts. The first quarter is the volume to about 50% of the games played, and the corresponding costs flow through. So as a result, this quarter represents our dilution from NBA costs.

This dynamic flow, through to Peacock as well, where the loss is $432 million.

Speaker #5: And as I said last quarter, our intention is to bring leverage back to $2.3 times. And we continue strong capital returns to shareholders. This quarter, we returned $2.5 billion including $1.25 billion of share repurchases and $1.2 billion of dividends.

Speaker #5: And over the past 12 months, we've returned $11 billion to shareholders. Which includes a significant and well above market dividend yield, along with strong and methodical share count reduction.

Importantly, we expect the setup to improve from here. The second quarter with like a meaningful inflection point with econ expected to approach profitability. So stepping back, the first quarter was the high water mark for MBA, related douching, for media and we feel good about the direction.

Studios had really strong growth. This quarter, this was in large part driven by content licensing deals, led by the successful renewal of The Office on Peacock.

Speaker #5: This balanced approach has served us well and it continues to guide how we allocate capital, as we execute through this transition period. With that, let me turn it over to Marci for Q&A.

Well, that benefits Studios this quarter, it drives larger eliminations to see any level.

Speaker #3: Thanks, Jason. Operator, let's open the call for Q&A, please.

Jason S. Armstrong: We did that while continuing to invest meaningfully across our businesses, including the broadband go-to-market pivot and customer experience work in connectivity, further strengthening our domestic broadband network and onboarding the NBA. Stepping back, our capital allocation framework has been and will continue to be balanced and consistent. With the Versant spin now complete, our portfolio is more streamlined and our capital priorities continue to start with investing organically behind our growth drivers. We ended the quarter at 2.3 times net leverage. Just as a reminder, leverage is calculated on a 12-month trailing basis. Versant exits the calculation over the course of this year, we expect leverage will tick up a bit. As I said last quarter, our intention is to bring leverage back to 2.3 times. We continue strong capital returns to shareholders.

Jason Armstrong: We did that while continuing to invest meaningfully across our businesses, including the broadband go-to-market pivot and customer experience work in connectivity, further strengthening our domestic broadband network and onboarding the NBA. Stepping back, our capital allocation framework has been and will continue to be balanced and consistent. With the Versant spin now complete, our portfolio is more streamlined and our capital priorities continue to start with investing organically behind our growth drivers. We ended the quarter at 2.3 times net leverage. Just as a reminder, leverage is calculated on a 12-month trailing basis. Versant exits the calculation over the course of this year, we expect leverage will tick up a bit. As I said last quarter, our intention is to bring leverage back to 2.3 times. We continue strong capital returns to shareholders.

Speaker #4: Thank you. Now begin the question and answer session. If you have a question, please press star to the number one on your touch tone phone.

Speaker #4: If you wish to be removed from the queue, please press star in the number two. If you're using a speakerphone, you may need to pick up your handset first before pressing the numbers.

Now, let me wrap up free cash, flow Capital allocation in the first quarter. We generated 3.9 billion of free cash flow. We did that while continuing to invest meaningfully across our businesses, including Broadband, go to market, pivot and customer experience working activity. Further strengthening our domestic Broadband Network and onboarding, the MBA

Speaker #4: Once again, if there are any questions, please press star to the number one on your touch tone phone. Our first question today is coming from Craig Moffett from Moffett & Nathanson.

Staying back, our capital allocation framework has been and will continue to be balanced and consistent with the person spend. Now, complete, our portfolio is more streamlined, and our capital priorities continue to start with investing organically on our growth drivers.

Speaker #4: Your line is now live.

Speaker #5: Hi, thank you. I guess the obvious place to start is with broadband. Your broadband ARPU rate of decline actually moderated sequentially a little bit I wonder if you could just elaborate a little bit on how much lower do you think broadband ARPU might have to go to maintain the kind of stabilization that you've seen?

In the quarter at 2.300, net leverage, just as a reminder Leverage is calculated on a 12-month trailing basis. So, as person exits, the calculation over the course of this year, we expect leverage will take a bit. As I said, last quarter, Our intention is to bring back to 2.33 times.

Jason S. Armstrong: This quarter, we returned $2.5 billion, including $1.25 billion of share repurchases and $1.2 billion of dividends. Over the past 12 months, we've returned $11 billion to shareholders, which includes a significant and well above market dividend yield, along with strong and methodical share count reduction. This balanced approach has served us well, and it continues to guide how we allocate capital as we execute through this transition period. With that, let me turn it over to Marcy for Q&A.

Jason Armstrong: This quarter, we returned $2.5 billion, including $1.25 billion of share repurchases and $1.2 billion of dividends. Over the past 12 months, we've returned $11 billion to shareholders, which includes a significant and well above market dividend yield, along with strong and methodical share count reduction. This balanced approach has served us well, and it continues to guide how we allocate capital as we execute through this transition period. With that, let me turn it over to Marci for Q&A.

Speaker #5: And then if you could just broaden the lens, perhaps, to talk about where the improvement came from. Was it relative to FWA? Was it relative to fiber?

Speaker #5: Was it relative to all of the above?

And we continued strong, Capital return to shareholders this quarter 2.5 billion, including 1.25 billion purchases, and 1.2 billion. Dividends. And over the past 12 months, we returned 11 billion to shareholders, which includes a significant and well above Market dividend yield along with strong and methodical share reduction.

Speaker #4: Craig, it's Steve. Thank you for the question. As Jason said, and we previously have highlighted, broadband ARPU pressure would intensify in the early part of the year.

Speaker #4: We do see some incremental pressure in Q2, but we do expect relief as we exit the year. And we've talked about it, the primary drivers of the decline include the absence of a broadband rate increase, free wireless lines, and a migration to our simplified pricing.

This balanced approach has served us well and it continues to guide how we allocate Capital. As we execute through this transition period with that. I'll turn it over to Marcy for Q&A.

Marci Ryvicker: Thanks, Jason. Operator, let's open the call for Q&A, please.

Marci Ryvicker: Thanks, Jason. Operator, let's open the call for Q&A, please.

Thanks Jason operator, let's open the call for Q&A, please.

Operator: Thank you. We'll now begin the question and answer session. If you have a question, please press star, then the number one on your touch tone phone. If you wish to be removed from the queue, please press star and the number two. If you're using a speakerphone, you may need to pick up your handset first before pressing the numbers. Once again, if there are any questions, please press star, then the number one on your touch tone phone. Our first question today is coming from Craig Moffett from MoffettNathanson. Your line is now live.

Operator: Thank you. We'll now begin the question and answer session. If you have a question, please press star, then the number one on your touch tone phone. If you wish to be removed from the queue, please press star and the number two. If you're using a speakerphone, you may need to pick up your handset first before pressing the numbers. Once again, if there are any questions, please press star, then the number one on your touch tone phone. Our first question today is coming from Craig Moffett from MoffettNathanson. Your line is now live.

Thank you. Now begin the question and answer session. If you have a question, please press star the number 1 on your touchtone phone.

Speaker #4: I talked about it earlier. We were not competitive enough. We need to adapt our approach and pivot the business. And our focus is on getting to the other side of this as soon as possible.

If you wish to be removed from the queue, please press star and the number 2.

Speaker #4: I'll talk about a few of the areas where we

Speaker #1: We see improvement . Or continued mix shift to higher speed tiers . We're seeing a significant improvement in our gig plus tier speed mix .

If you can speak your phone, you may need to pick up handset. First before pressing numbers once again, if there are any questions please press star number 1 on your touchtone phone,

Speaker #1: Our higher mobile attachment 25 was our best year in mobile . Net adds line . Net adds that we've had and it's our Q1 was our largest quarterly net adds on record .

Craig Moffett: Hi. Thank you. I guess the obvious place to start is with broadband. Your broadband ARPU rate of decline actually moderated sequentially a little bit. I wonder if you could just elaborate a little bit on how much lower do you think broadband ARPU might have to go to maintain the kind of stabilization that you've seen. If you could just broaden the lens perhaps to talk about where the improvement came from. Was it relative to FWA? Was it relative to fiber? Was it relative to all of the above?

Craig Moffett: Hi. Thank you. I guess the obvious place to start is with broadband. Your broadband ARPU rate of decline actually moderated sequentially a little bit. I wonder if you could just elaborate a little bit on how much lower do you think broadband ARPU might have to go to maintain the kind of stabilization that you've seen. If you could just broaden the lens perhaps to talk about where the improvement came from. Was it relative to FWA? Was it relative to fiber? Was it relative to all of the above?

Our first question today is coming from Greg Moffitt from Moffett Nathanson. Why is now live

Speaker #1: And we're seeing the early cohorts of our free line conversion . And we expect significant majority of those to convert to paid relationships that will accelerate in the back half of the year Mike touched on in his script .

Speaker #1: We've launched new premium products , and we're very happy with the sell in there on the mobile side . And we do maintain our pricing flexibility so we can adjust the rate and acquisition pricing as the market evolves and we're lapping the period and we will lap the period of elevated transactional activity tied to plan migrations .

Hi. Thank you. Uh, I guess the obvious place to start is with Broadband. Um, you're brought into our poo, uh, uh, rate of the actually moderated sequentially a little bit. Um, I wonder if you could just elaborate a little bit on how how much lower do you think might have to go to maintain the time stabilization that you've seen and if you could just broaden the lens perhaps to talk about where the Improvement came from, was it relative to fwa? Was it relative to fiber? Was it relative to all of the above?

Jason S. Armstrong: Craig, it's Steve. Thank you for the question. Yeah, as Jason said, and we previously have highlighted, broadband ARPU pressure would intensify in the early part of the year. We do see some incremental pressure in Q2, but we do expect relief as we exit the year. We talked about it. The primary drivers of the decline include the absence of a broadband rate increase, free wireless lines, and migration to our simplified pricing. I talked about it earlier. We were not competitive enough, and we need to adapt our approach and pivot the business.

Steve Croney: Craig, it's Steve. Thank you for the question. Yeah, as Jason said, and we previously have highlighted, broadband ARPU pressure would intensify in the early part of the year. We do see some incremental pressure in Q2, but we do expect relief as we exit the year. We talked about it. The primary drivers of the decline include the absence of a broadband rate increase, free wireless lines, and migration to our simplified pricing. I talked about it earlier. We were not competitive enough, and we need to adapt our approach and pivot the business.

Speaker #1: And we expect those volumes to normalize over time . And that'll reduce our dilution going forward . So , you know , I think we will see improvement as as we exit the as we exit the year this year , and in reference to your second question , overall , you know , I touched on it in the last call for key objectives .

Speaker #1: I'm focused on improving broadband performance year over year , driving higher mobile penetration , creating better customer outcomes , and returning to revenue and EBITDA growth .

Speaker #1: And we're really encouraged by Q1 . We did see benefit across all of our competitive environments , and we did see both connects and disconnects improve .

David N. Watson: Our focus is on getting to the other side of this as soon as possible. I'll talk about a few of the areas where we see improvement. Our continued mix shift to higher speed tiers. We're now seeing a significant improvement in our gig plus tier speed mix. Our higher mobile attachment. 2025 was our best year in mobile net adds, our line net adds that we've had, and Q1 was our largest quarterly net adds on record. We're seeing the early cohorts of our free line conversion, and we expect significant majority of those to convert to paid relationships that'll accelerate in the H2 of the year. Mike touched on it in his script. We've launched new premium products, and we're very happy with the sell in there on the mobile side.

Steve Croney: Our focus is on getting to the other side of this as soon as possible. I'll talk about a few of the areas where we see improvement. Our continued mix shift to higher speed tiers. We're now seeing a significant improvement in our gig plus tier speed mix. Our higher mobile attachment. 2025 was our best year in mobile net adds, our line net adds that we've had, and Q1 was our largest quarterly net adds on record. We're seeing the early cohorts of our free line conversion, and we expect significant majority of those to convert to paid relationships that'll accelerate in the H2 of the year. Mike touched on it in his script. We've launched new premium products, and we're very happy with the sell in there on the mobile side.

Speaker #1: Jason highlighted , though , half of the about a little over half of the improvement was tied to our investment in legendary February .

Speaker #1: It was a unique opportunity for us and we really took advantage of it . But foundationally , our new pricing and packaging is resonating and we're supported by clear messaging .

Speaker #1: Better creative driving , greater awareness across our prospects and our base . And additionally , we're leaving no stone unturned . I'm challenging everything .

Speaker #1: We're pushing hard . You know , a few examples of that are , we're leveraging our data more effectively than we ever have .

Speaker #1: We're using AI to improve transactional outcomes . We're currently running hundreds of models with thousands of attributes to optimize our acquisition . Our SSL , our win back , our retention , and we're enhancing our marketing tech stack to enable greater customization and personalization , leveraging those models to drive better outcomes .

David N. Watson: We do maintain our pricing flexibility, so we can adjust the rate and acquisition pricing as the market evolves. We're lapping the period, and we will lap the period of elevated transactional activity tied to plan migrations, and we expect those volumes to normalize over time, and that'll reduce our dilution going forward. I think we will see improvement as we exit the year this year. In reference to your second question, overall, I touched on it in the last call, four key objectives I'm focused on. It's improving broadband performance year over year, driving higher mobile penetration, creating better customer outcomes, and returning to revenue and EBITDA growth. We're really encouraged by Q1. We did see benefit across all of our competitive environments, and we did see both connects and disconnects improve.

Steve Croney: We do maintain our pricing flexibility, so we can adjust the rate and acquisition pricing as the market evolves. We're lapping the period, and we will lap the period of elevated transactional activity tied to plan migrations, and we expect those volumes to normalize over time, and that'll reduce our dilution going forward. I think we will see improvement as we exit the year this year. In reference to your second question, overall, I touched on it in the last call, four key objectives I'm focused on. It's improving broadband performance year over year, driving higher mobile penetration, creating better customer outcomes, and returning to revenue and EBITDA growth. We're really encouraged by Q1. We did see benefit across all of our competitive environments, and we did see both connects and disconnects improve.

Speaker #1: We're continuing to focus on the customer experience , and we're driving improvements across the entire customer lifecycle that includes simplified buy flows , simplifying our activation , focusing on same day ordered activation with broadband , improving our unassisted channels , taking out customer effort and continuing to improve reliability across the entire network .

Speaker #1: And very , very pleased with the results where we've upgraded the network . So we're seeing early and measurable progress in and we're also hyper focused on sales effectiveness .

Attachment 25 was our best year in Mobile dad's, our line that adds that we've had. And it's our new 1 with our largest quarterly, net ads on record. Um, and we're seeing the early cohorts of our free line conversion and we expect significant majority of those to convert the paid relationships. That'll accelerate in the back half of the year, um, Mike touched on his trip. We've launched new premium products and we're very happy with the sell in there, on the mole side. And we do maintain our pricing flexibility, so we can adjust the rate and acquisition pricing of the marketing evolves. And we're laughing the period. We will let the period of elevated transactional activity by the plan, migrations, and we expect those volumes to normalize over time and that would start to lose and going forward. So um, you know, I think we will see Improvement as we exit the, as we exit the Year this year in reference to your second question. Overall, you know I touched on it in the last call, 4 key, objectives, I'm focused on it's improving Broadband performance year over year, driving higher mobile, penetration putting better outcomes and returning to revenue and even dog growth and really encouraged by q1. We did see

Speaker #1: We hired a new head of sales , and that individual is focused on sales development , training , staffing models , compensation models , and tools .

David N. Watson: Jason highlighted, though, a little over half of the improvement was tied to our investment in Legendary February. That was a unique opportunity for us, and we really took advantage of it. Foundationally, our new pricing and packaging is resonating, and we're supported by clear messaging, better creative, driving greater awareness across our prospects and our base. Additionally, we're leaving no stone unturned. I'm challenging everything. We're pushing hard. A few examples of that are, we're leveraging our data more effectively than we ever have. We're using AI to improve transactional outcomes. We're currently running hundreds of models with thousands of attributes to optimize our acquisition, our upsell, our win back, our retention. We're enhancing our marketing tech stack to enable greater customization and personalization, leveraging those models to drive better outcomes.

Steve Croney: Jason highlighted, though, a little over half of the improvement was tied to our investment in Legendary February. That was a unique opportunity for us, and we really took advantage of it. Foundationally, our new pricing and packaging is resonating, and we're supported by clear messaging, better creative, driving greater awareness across our prospects and our base. Additionally, we're leaving no stone unturned. I'm challenging everything. We're pushing hard. A few examples of that are, we're leveraging our data more effectively than we ever have. We're using AI to improve transactional outcomes. We're currently running hundreds of models with thousands of attributes to optimize our acquisition, our upsell, our win back, our retention. We're enhancing our marketing tech stack to enable greater customization and personalization, leveraging those models to drive better outcomes.

Speaker #1: And once again , pleased with the early results there . So I'd say in summary , we're building a more stable customer base with our new pricing and packaging .

Speaker #1: We're seeing higher gig tier mixes accelerating mobile attach and higher NPS , all of which will benefit us into the future .

Speaker #2: Steve , that's super helpful . Could you just comment on the the FWA versus fiber part of that ?

Speaker #1: Yeah , like I said , we , we saw improvement across all of our competitive environment . And I would just add to that , I think to , to step way up , you know , the improvements , you know , equal parts execution and then leveraging the totality of this company on the execution side , as Steve said , I said in prepared remarks Our connect activity was better .

Benefit across all of our competitive environments and we did see both connects and disconnects improve. Jason highlighted though after the about over half the Improvement, was tied to our investment in legendary February. That was a decent opportunity for us and we really took advantage of it but foundationally our new pricing and packaging is resonating. And we're supported by clear messaging better creative driving greater awareness across our Prospect and our base and additionally, we even earned challenging everything pushing hard, you know, few examples of that are, you know, we're leveraging.

Speaker #1: Our churn activity was better . Customer perception of us was better . So all sort of taking place in the quarter and expected to repeat amplifying , you know , across the company through legendary February , that a little bit more of a one off event .

David N. Watson: We're continuing to focus on the customer experience, and we're driving improvements across the entire customer life cycle. That includes simplified buy flows, simplifying our activation, focusing on same-day order to activation with broadband. We're improving our unassisted channels, taking out customer effort, and continuing to improve reliability across the entire network, and very, very pleased with the results where we've upgraded the network. We're seeing early and measurable progress in NPS. We're also hyper-focused on sales effectiveness. We hired a new head of sales, and that individual is focused on sales development, training, staffing models, compensation models, and tools, and once again, pleased with the early results there. I'd say in summary, we're building a more stable customer base with our new pricing and packaging. We're seeing higher gig tier mixes, accelerating mobile attach, and higher NPS, all of which will benefit us into the future.

Steve Croney: We're continuing to focus on the customer experience, and we're driving improvements across the entire customer life cycle. That includes simplified buy flows, simplifying our activation, focusing on same-day order to activation with broadband. We're improving our unassisted channels, taking out customer effort, and continuing to improve reliability across the entire network, and very, very pleased with the results where we've upgraded the network. We're seeing early and measurable progress in NPS. We're also hyper-focused on sales effectiveness. We hired a new head of sales, and that individual is focused on sales development, training, staffing models, compensation models, and tools, and once again, pleased with the early results there. I'd say in summary, we're building a more stable customer base with our new pricing and packaging. We're seeing higher gig tier mixes, accelerating mobile attach, and higher NPS, all of which will benefit us into the future.

Speaker #1: We'll obviously look for opportunities to do that again in the future , but nonetheless put the full weight of the company behind this in the quarter

Speaker #2: Thank you . Really helpful .

Speaker #3: Thanks , Craig . Operator . Next question , please

Speaker #4: Certainly . Next question is coming from Michael Rollins from city . Your line is now live .

Speaker #2: Thanks , and good morning . I'm curious if you could expand further on some of the success you're seeing in wireless in terms of kind of moving up into larger families .

Speaker #2: You mentioned the business opportunity that coming up with new MVNO and also just within this context , what is Comcast doing to simplify the migration process for customers ?

We're leveraging data more effectively than we ever have. We're using AI to improve transactional outcomes, and we're currently running 100 models. We have thousands of attributes to optimize our acquisition, our Epsilon back, and our retention. We're enhancing our marketing tech stack to enable greater customization and personalization in everything—the model to drive better outcomes. We continue to focus on customer experience, and we're driving improvements across the entire customer lifecycle. That includes simplified I-flows, simplifying our activation, and focusing on same-day order activation with broadband. We've improved our assisted channels, taking out customer effort, and continuing to improve reliability across the entire network. I'm very, very pleased with the results where we've upgraded the network—we're seeing early measurable progress in NPS. We're also hyper-focused on sales effectiveness. We hired a new head of sales, and that individual is focused on sales development, training, staffing models, compensation models, and tools. And once again, I'm pleased with the early results there. So I'd say, in summary, we're building a more stable customer base with our new pricing and packaging, and we're seeing higher...

Speaker #2: And if carriers start to pull back on subsidies or competitors do less on that , does that help you , you know , get a better hit rate to move customers over to Xfinity Mobile ?

Craig Moffett: Steve, that's super helpful. Could you just comment on the FWA versus fiber part of that?

Craig Moffett: Steve, that's super helpful. Could you just comment on the FWA versus fiber part of that?

Gig tier mixes, accelerating mobile attached, and higher NDS, all of which will benefit into the future.

David N. Watson: Yeah, like I said, we saw improvement across all of our competitive environment.

Steve Croney: Yeah, like I said, we saw improvement across all of our competitive environment.

Okay, that's super helpful. Could you comment on the FWA versus cyber part of that?

Speaker #2: Thanks .

Speaker #5: So the question , Mike , you know , I strongly believe we have the right to compete and win when it comes to mobile .

Michael J. Cavanagh: Craig, I would just add to that. I think to step way up, the improvements equal parts execution and then leveraging the totality of this company. On the execution side, as Steve said, I said in prepared remarks, our connect activity was better, our churn activity was better, customer perception of us was better. All sort of taking place in the quarter are expected to repeat. Amplifying across the company through Legendary February, that a little bit more of a one-off event. We'll obviously look for opportunities to do that again in the future, but nonetheless, put the full weight of the company behind this in the quarter.

Mike Cavanagh: Craig, I would just add to that. I think to step way up, the improvements equal parts execution and then leveraging the totality of this company. On the execution side, as Steve said, I said in prepared remarks, our connect activity was better, our churn activity was better, customer perception of us was better. All sort of taking place in the quarter are expected to repeat. Amplifying across the company through Legendary February, that a little bit more of a one-off event. We'll obviously look for opportunities to do that again in the future, but nonetheless, put the full weight of the company behind this in the quarter.

Speaker #5: And we have two strong MVNOs covering consumer and broadband . We have the largest converged footprint . We have the nation's largest Wi-Fi network .

Speaker #5: We've talked about it . We offload about 90% of XM traffic , and we have lower acquisition costs . We're selling to our base .

Speaker #5: You know , continued operational focus . Q1 was was great . Our largest line net add quarter since launch , we've really rallied the organization around mobile .

Speaker #5: And this has helped create awareness within the organization . We're mobile led and is really helping with our sales effectiveness . We're also doing much better job in life cycle management .

Yeah, like I said we we we saw Improvement across all of our competitive environments and I would just add to that. I think to to stepping up, you know, the improvements, you know, the cool Parts execution. And then leveraging, the totality of this company on the execution side of Steve said, I said and prepared marks are connectivity, was better return activity was better customer perception of us was better. So, all sort of taking place in the quarter are expected to repeat amplifying, you know, across the company through legendary February. A little bit more 1 off, then obviously look for opportunities to do that again in the future. But nonetheless, put a full weight of the company behind this in the quarter.

Craig Moffett: Thank you. Really helpful.

Craig Moffett: Thank you. Really helpful.

Marci Ryvicker: Thanks, Craig. Operator, next question, please.

Marci Ryvicker: Thanks, Craig. Operator, next question, please.

Thank you. Really helpful, really helpful.

Operator: Certainly. Next question is coming from Michael Rollins from Citigroup. Line is now live.

Operator: Certainly. Next question is coming from Michael Rollins from Citigroup. Line is now live.

Try to operate our next question, please.

Speaker #5: So we're selling more to our existing customer base . We're selling more to our mobile customer base . About 30% of our connects line net adds are coming from existing mobile customers , adding more mobile lines , which is really important for us .

Certainly next question, is coming from Michaels from City Line is now live.

Michael Rollins: Thanks, and good morning. I'm curious if you could expand further on some of the success you're seeing in wireless, in terms of kind of moving up into larger families. You mentioned the business opportunity that's coming up with new MVNO. Also just within this context, what is Comcast doing to simplify the migration process for customers? If carriers start to pull back on subsidies, your competitors do less on that, does that help you get a better hit rate to move customers over to Xfinity Mobile? Thanks.

Michael Rollins: Thanks, and good morning. I'm curious if you could expand further on some of the success you're seeing in wireless, in terms of kind of moving up into larger families. You mentioned the business opportunity that's coming up with new MVNO. Also just within this context, what is Comcast doing to simplify the migration process for customers? If carriers start to pull back on subsidies, your competitors do less on that, does that help you get a better hit rate to move customers over to Xfinity Mobile? Thanks.

Speaker #5: You know , we're focused on on continuing to improve the customer experience . We have a long way to go here , but we've made great strides improving the customer experience once again across the entire customer lifecycle .

Speaker #5: And , you know , that's been the case the last few quarters , about 50% of our line connects are free lines , and we've really , really pleased , as I touched on the last question with the the early retention rates for that free line roll off , and then on top of that , we have the , the T-mo MVNO , which will be launching in the near future , bringing mobile availability to our mid and enterprise customer base .

David N. Watson: Good question, Mike. I strongly believe we have the right to compete and win when it comes to mobile. We have two strong MVNOs covering consumer and broadband. We have the largest converged footprint. We have the nation's largest Wi-Fi network. We've talked about it. We offload about 90% of XM traffic, and we have lower acquisition costs because we're selling to our base. Continued operational focus. Q1 was great. Our largest line net add quarter since launch. We've really rallied the organization around mobile, and this has helped create awareness within the organization. We're mobile led and really helping with our sales effectiveness. We're also doing a much better job in life cycle management. We're selling more to our existing customer base. We're selling more to our mobile customer base.

Steve Croney: Good question, Mike. I strongly believe we have the right to compete and win when it comes to mobile. We have two strong MVNOs covering consumer and broadband. We have the largest converged footprint. We have the nation's largest Wi-Fi network. We've talked about it. We offload about 90% of XM traffic, and we have lower acquisition costs because we're selling to our base. Continued operational focus. Q1 was great. Our largest line net add quarter since launch. We've really rallied the organization around mobile, and this has helped create awareness within the organization. We're mobile led and really helping with our sales effectiveness. We're also doing a much better job in life cycle management. We're selling more to our existing customer base. We're selling more to our mobile customer base.

Good morning. I'm sure if you could expand further on some of the success you're seeing Wireless in terms of kind of moving up to larger families. You mentioned business opportunity that you know coming up with and know and also it's been this context. Um what context is doing to simplify the migration process for customers and if carriers start to pull back on subsidies your competitors, do less of that. Is that help you? Um, you know, get a better hit rate to move customers over to extreme mobile. Thanks.

Speaker #5: So , and then in reference to your question on the subsidy side , we primarily compete on price and value . So really , really focused there .

Speaker #5: And we will use subsidies , you know , selectively new product launches , key moments , but that's an area that we'll continue to watch and , and target also target throughout the customer life cycle .

Speaker #5: And then the last one , which Mike touched on a bit , is , is our premium plans . So we launched that about a year ago .

Speaker #5: And we really were not competing well for those that wanted to feature Rich product . And we've done a great job , about 30% of our connects are premium customers .

Speaker #5: And as of yesterday , we launched a new premium plan that has device protection included . We think that's a significant differentiator . No one else in the marketplace is doing that .

David N. Watson: About 30% of our connects line net adds are coming from existing mobile customers adding more mobile lines, which is really important for us. We're focused on continuing to improve the customer experience. We have a long way to go here, but we've made great strides improving the customer experience once again across the entire customer life cycle. As has been the case the last few quarters, about 50% of our line connects are free lines. We're really, really pleased, as I touched on the last question, with the early retention rates for that free line roll-off. Then on top of that, we have the T-Mo MVNO, which we'll be launching in the near future, bringing mobile availability to our mid-market and enterprise customer base. Then in reference to your question on the subsidy side, we primarily compete on price and value.

Steve Croney: About 30% of our connects line net adds are coming from existing mobile customers adding more mobile lines, which is really important for us. We're focused on continuing to improve the customer experience. We have a long way to go here, but we've made great strides improving the customer experience once again across the entire customer life cycle. As has been the case the last few quarters, about 50% of our line connects are free lines. We're really, really pleased, as I touched on the last question, with the early retention rates for that free line roll-off. Then on top of that, we have the T-Mo MVNO, which we'll be launching in the near future, bringing mobile availability to our mid-market and enterprise customer base. Then in reference to your question on the subsidy side, we primarily compete on price and value.

Speaker #5: So not only will it help our premium upsell , it should also help our conversion rates when it comes to mobile . So , so overall , when you look at it , I think with our MVNO relationships , it's a capital efficient model .

Speaker #5: We have a cost structure that supports profitable value proposition . And it's really resonating with our customers . And with about 16% penetration , we have a long runway ahead of us .

Speaker #5: I'm very bullish

Speaker #1: And it's Mike . I'll just pile on . I think if you look at the journey over multiple years in mobile , it's been a steady compounding effect .

Speaker #1: Basically of improving the product from , you know , by the gig and a focus on a certain type of household at the beginning to now we're fully competitive right up to the top of the , of the needs of , of a household at the higher end , plus the passage of time .

Focus q1 was was Brave. Our largest line that quarter since launch. Um, we really rallied the organization around mobile and this is how great awareness with an organization and really helping with our sales Effectiveness. Um, also doing much better job in life, life cycle management. So we're selling more to our existing customer base. We're selling more to our Mobile customer base about 30% of our connects. Align that adds are coming from existing mobile customers, adding more mobile lines, which is really important for us. Um, you know, we're focused on the on continuing to prove the customer experience. We we have a long way to go here, but we've made great strides, improving the customer experience once again across the entire customer life cycle, and knows, it's been the case. The last few quarters about 50% of our, our line connects are are free lines. Um, and we've really, really pleased, I touched on the last question with the, uh, the early retention rate for that free line. And then on top of that, we have the, uh, the T-Mobile mvno, which will be launched in in the near future. Um, bringing mobile availability to our mid-market and Enterprise customer base so and then in reference to your question on.

David N. Watson: Really, really focused there. We will use subsidies selectively, new product launches, key moments. That's an area that we'll continue to watch and also target throughout the customer life cycle. Then the last one, which Mike touched on a bit, is our premium plans. We launched that about a year ago, and we really were not competing well for those that wanted a feature-rich product. We've done a great job. About 30% of our connects are premium customers. As of yesterday, we launched a new premium plan that has device protection included. We think that's a significant differentiator. No one else in the marketplace is doing that. Not only will it help our premium upsell, it should also help our conversion rates when it comes to mobile.

Steve Croney: Really, really focused there. We will use subsidies selectively, new product launches, key moments. That's an area that we'll continue to watch and also target throughout the customer life cycle. Then the last one, which Mike touched on a bit, is our premium plans. We launched that about a year ago, and we really were not competing well for those that wanted a feature-rich product. We've done a great job. About 30% of our connects are premium customers. As of yesterday, we launched a new premium plan that has device protection included. We think that's a significant differentiator. No one else in the marketplace is doing that. Not only will it help our premium upsell, it should also help our conversion rates when it comes to mobile.

Speaker #1: I think , and Steve's bringing the focus to the whole organization of attaching mobile and using free lines being hyper focused as we're in this year of the processes and life management that he mentioned , to make sure we do a great job converting to paid because as you said , once we see that happening , we're doing a nice job getting paid mobile customers to add more lines down the road so that all is this is not a fleeting moment for us these past few years , I think we've been steadily building and letting the .

On the subsidy side, um, you know, we primarily compete on price and value. So it really, really focused there. Um, and we will use subsidies, you know, selectively new product, launches key moments. Um, but that's an area that we will continue to watch and, and, and Target also Target throughout the customer life cycle. And then the last 1, which might touch on bit is, is our premium plans. So we launched that about a year ago and we really were not competing. Well for those that wanted to feature Rich product. Um, and we've done a great job about 30% of our connects are premium customers and

Speaker #1: The effect of our progress in mobile compound itself . And it's going to continue to be a big area of focus for Steve and his team going forward .

David N. Watson: Overall, when you look at it, I think with our MVNO relationships, it's a capital-efficient model. We have a cost structure that supports profitable value proposition, and it's really resonating with our customers. With about 16% penetration, we have a long runway ahead of us. I'm very bullish.

Steve Croney: Overall, when you look at it, I think with our MVNO relationships, it's a capital-efficient model. We have a cost structure that supports profitable value proposition, and it's really resonating with our customers. With about 16% penetration, we have a long runway ahead of us. I'm very bullish.

Speaker #3: Thanks , Mike . Operator . Next question , please

Speaker #4: Certainly . Our next question is coming from John Hodulik from UBS . Your line is now live .

Michael J. Cavanagh: It's Mike. I'll just pile on. I think if you look at the journey over multiple years in mobile, it's been a steady compounding effect, basically, of improving the product from by the gig and a focus on a certain type of household at the beginning, to now we're fully competitive right up to the top of the need of a household at the higher end. Plus, the passage of time, I think, and Steve's bringing the focus to the whole organization of attaching mobile and using free lines and being hyper-focused as we're in this year of the processes and lifecycle management that he mentioned to make sure we do a great job converting to paid. Because, as he said, once we see that happening, we're doing a nice job getting paid mobile customers to add more lines down the road.

Speaker #2: Great . Thanks , guys . Two , if I may , maybe first for Steve from Jason's comments , it sounds like half of the benefit of the year over year improvement in broadband broadband subs is due to the sort of legendary February promotions , and the half was sort of organic based on some of the efforts you've had .

Of yesterday, we launched a new Premium plan that has device protection included. I think that's the significant differentiator No 1 else in the marketplace is doing that. Um, so not only will help our premium sellers should also help our conversion rates when it comes to Mobile. So, so overall, when you look at it, I think our ambient relationships, the capital efficient model, we have a cost structure that supports profitable value proposition, um, and it's really resonating with our customers and with about 16% penetration, we we have a long Runway ahead of us, very bullish.

Mike Cavanagh: It's Mike. I'll just pile on. I think if you look at the journey over multiple years in mobile, it's been a steady compounding effect, basically, of improving the product from by the gig and a focus on a certain type of household at the beginning, to now we're fully competitive right up to the top of the need of a household at the higher end. Plus, the passage of time, I think, and Steve's bringing the focus to the whole organization of attaching mobile and using free lines and being hyper-focused as we're in this year of the processes and lifecycle management that he mentioned to make sure we do a great job converting to paid. Because, as he said, once we see that happening, we're doing a nice job getting paid mobile customers to add more lines down the road.

Speaker #2: If we expect those efforts to sort of gain more traction through the year , can we expect the high speed data subscriber losses for the year to improve versus last year That's my first question .

Speaker #2: And then second , maybe for Brian , we spent about a year talking about about media consolidation . But I think the the conversations have shifted towards cable consolidation .

Speaker #2: Just what are your thoughts on the potential landscape and maybe regulatory framework and sort of backdrop on on further consolidation in the cable industry ?

Speaker #2: Thank you .

Speaker #5: Thanks for the question , John . Yeah , I would say we do expect improvement year over year , but more than than half of the benefit in Q1 was tied into legendary February .

Michael J. Cavanagh: This is not a fleeting moment for us these past few years. I think we've been steadily building and letting the effect of our progress in mobile compound itself, and it's going to continue to be a big area of focus for Steve and his team going forward.

Mike Cavanagh: This is not a fleeting moment for us these past few years. I think we've been steadily building and letting the effect of our progress in mobile compound itself, and it's going to continue to be a big area of focus for Steve and his team going forward.

Speaker #5: We really leaned into that from a marketing investment and an offer investment . It was like I said , it was a great moment and we took advantage of it .

And, uh, it's Mike, I'll just pile on. I think if you look at the journey over multiple years in in Mobile, it's been a steady. I compounding effect basically of improving the products from, you know, by the gig and a focus on a certain type of household at the beginning. To now we're fully competitive right up to the top of the um, of the need of a of a household that higher end. Uh, plus the passage of time I think. And the and and Steve's foot bringing the focus to uh, the whole organization of attaching mobile and you can free lines and being hyper focused as we're in this year of uh, the processes and life cycle management that he mentioned to make sure we do a great job converting to paid. Uh, because as you said, once we see that happening, we're doing a nice job, uh, getting paid to mobile customers to add more lines down the road. So that all is, uh, or this is not a, uh, fleeting moment for us these past few years. I think we've been steadily, uh, building and letting the, uh, the effect of our progress in Mobile compound itself and it's going to continue

Speaker #6: Let me start and maybe Mike wants to this Brian jump in as well . Look really pleased . As I said in my opening with the energy , I think you can feel it in the team .

To be a big area of focus uh for keeping this team going forward.

Marci Ryvicker: Thanks, Mike. Operator, next question, please.

Marci Ryvicker: Thanks, Mike. Operator, next question, please.

Operator: Certainly. Next question is coming from John Hodulik from UBS. Your line is now live.

Operator: Certainly. Next question is coming from John Hodulik from UBS. Your line is now live.

Thanks, Mike. Operator, next question, please.

Certainly any questions coming from John, lick from yesterday is now live.

John Hodulik: Great. Thanks, guys. Two, if I may. Maybe first for Steve. From Jason's comments, it sounds like half of the benefit of the year-over-year improvement in broadband subs was due to the sort of Legendary February promotions, and half was sort of organic based on some of the efforts you've had. If we expect those efforts to sort of gain more traction through the year, can we expect the high-speed data subscriber losses for the year to improve versus last year? That's my first question. Second, maybe for Brian. We spent about a year talking about media consolidation, but I think the conversations have shifted towards cable consolidation. Just what are your thoughts on the potential landscape, maybe regulatory framework, and sort of just backdrop on further consolidation in the cable industry? Thank you.

John Hodulik: Great. Thanks, guys. Two, if I may. Maybe first for Steve. From Jason's comments, it sounds like half of the benefit of the year-over-year improvement in broadband subs was due to the sort of Legendary February promotions, and half was sort of organic based on some of the efforts you've had. If we expect those efforts to sort of gain more traction through the year, can we expect the high-speed data subscriber losses for the year to improve versus last year? That's my first question. Second, maybe for Brian. We spent about a year talking about media consolidation, but I think the conversations have shifted towards cable consolidation. Just what are your thoughts on the potential landscape, maybe regulatory framework, and sort of just backdrop on further consolidation in the cable industry? Thank you.

Speaker #6: The broadband business . I think you know , frankly we've corrected and perhaps way too much negativity . So I think we have a great company and we're going to operate even better in the months and quarters ahead .

Speaker #6: That's the plan of record . Part of that is , you know , believing in the assets you've got . We've made the change with Versant , and I think we feel really good about and comfortable .

Great. Thank you guys 2 58. Any first for um Jason's comments. It sounds like after the benefit of the Year Improvement in Broadband Subs is due the uh, sort of legendary February promotion in the office of organic based on some of the efforts you've had, if we expect those efforts to sort of gain more traction through the year, can we expect the the

Speaker #6: As we said on the last call . And I think we've always thought if we can find ways to create shareholder value , you know , the bar is high , but we're we're always focused on looking at those kind of creative situations .

Speaker #6: And but that said , I also just really do like the direction of the company and don't want to create a lot of distraction .

Speaker #6: But Mike , what are your thoughts ?

High speed data to cover losses for the year to improve versus last year. Um, that's my, that's my first question and then, second maybe for Ryan, you know, we spent, uh, about a year talking about, uh, about Media consolidation. Uh, but I think that, that the, the conversation shifted toward cable, consolidation, do you, what are your thoughts on the potential landscape and make regulatory framework and backdrop on on further, consolidation in the cable industry. Thank you.

David N. Watson: Thanks for the question, John. Yeah, I would say we do expect improvement year-over-year, but more than half of the benefit in Q1 was tied into the Legendary February. We really leaned into that from a marketing investment and an offer investment. Like I said, it was a great moment, and we took advantage of it.

Steve Croney: Thanks for the question, John. Yeah, I would say we do expect improvement year-over-year, but more than half of the benefit in Q1 was tied into the Legendary February. We really leaned into that from a marketing investment and an offer investment. Like I said, it was a great moment, and we took advantage of it.

Speaker #1: Yeah , I think you said it . I think the , the opportunity we have given the negativity around the cable segment and the changes we've made and the progress we're seeing and the roadmap we see ahead .

Speaker #1: I think is a , a rich path to drive value . I think we're undervalued , frankly . And the negativity on the business is something we need to work on .

Thanks for the question, John. Uh, I would say we do expect Improvement year-over-year, um, but more than than half of the benefit in q1, was tied into the legendary February. We really leaned into that, from a marketing investment in an offer investment. It was like I said, it was a great moment and we took advantage of it.

Brian L. Roberts: Let me start, and maybe Mike wants to, as Brian, jump in as well. Look, really pleased, as I said in my opening, with the energy. I think you can feel it in the team. The broadband business, I think, frankly, we've corrected and perhaps way too much negativity. I think we have a great company, and we're going to operate even better in the months and quarters ahead. That's the plan of record. Part of that is believing in the assets you've got. We've made the change with Versant, and I think we feel really good about and comfortable. As we said on the last call, and I think we've always thought, if we can find ways to create shareholder value, the bar's high, but we're always focused on looking at those kind of creative situations.

Brian Roberts: Let me start, and maybe Mike wants to, as Brian, jump in as well. Look, really pleased, as I said in my opening, with the energy. I think you can feel it in the team. The broadband business, I think, frankly, we've corrected and perhaps way too much negativity. I think we have a great company, and we're going to operate even better in the months and quarters ahead. That's the plan of record. Part of that is believing in the assets you've got. We've made the change with Versant, and I think we feel really good about and comfortable. As we said on the last call, and I think we've always thought, if we can find ways to create shareholder value, the bar's high, but we're always focused on looking at those kind of creative situations.

Speaker #1: Changing people's sentiments or a period , full stop . And I think doing that by continuing to run the play that Steve just articulated really well , you know , is is plan A , I think in addition to that , we've got plenty of opportunities and have worked with others in the industry to partner around , you know , video or mobile or otherwise .

Speaker #1: So there are ways to ourselves through scale in partnership terms . And we're open to doing that . And then ultimately , there's always bigger ideas that , as Brian said , open to strategic possibilities to create value .

Speaker #1: But we've got the focus is really on what we can do ourselves and the list is long and we're underway on that .

Speaker #3: Thanks , John . Operator . Next question , please

Michael J. Cavanagh: That said, I also just really do like the direction of the company and don't want to create a lot of distraction. Mike, what are your thoughts? Yeah, I think you said it. I think the opportunity we have, given the negativity around the cable segment and the changes we've made and the progress we're seeing and the roadmap we see ahead, I think is a rich path to drive value. I think we're undervalued, frankly, and the negativity on the business is something we need to work on changing people's sentiments towards, period, full stop. I think doing that by continuing to run the play that Steve just articulated really well is plan A. I think in addition to that, we've got plenty of opportunities and have worked with others in the industry to partner around video or mobile or otherwise.

Steve Croney: That said, I also just really do like the direction of the company and don't want to create a lot of distraction. Mike, what are your thoughts?

Speaker #4: Certainly . Our next question is coming from Jessica from Bank of America Securities . Your line is now live .

Speaker #7: Good morning . I guess turning to Nbcu as you all just said , your assets are more streamlined following diverse and spin and you've locked in basically all major sports coverage .

Mike Cavanagh: Yeah, I think you said it. I think the opportunity we have, given the negativity around the cable segment and the changes we've made and the progress we're seeing and the roadmap we see ahead, I think is a rich path to drive value. I think we're undervalued, frankly, and the negativity on the business is something we need to work on changing people's sentiments towards, period, full stop. I think doing that by continuing to run the play that Steve just articulated really well is plan A. I think in addition to that, we've got plenty of opportunities and have worked with others in the industry to partner around video or mobile or otherwise.

Maybe Mike wants to try and jump in as well. Um, look really pleased as I said in my opening with the energy, I think he can feel it in the, in the team. Um, the broad down business. I think, um, you know, frankly we we corrected and perhaps way too much negativity. So I think we have a great company and we're going to operate even better in the months and quarters ahead. That's the plan of record part of that is, um, you know, believing in the assets. You've got, we've made the change with person, and I think we feel really good about and comfortable. But as we said on the last call, and I think we've always thought, if we can find ways to create shareholder value, um, you know, the bar is high, but we're, we're always focused on looking at those kind of creative, uh, situations. Um, and but that said, I also just really do like the direction of the company and don't want to create a lot of distraction. But Mike, what are your thoughts?

Speaker #7: Like everything at this point . So as you look at your key assets and Universal Studios , Peacock theme parks , they all seem strategically very important .

Speaker #7: How are you thinking about allocating capital across these assets ? But more importantly , what gives you confidence the returns will become more visible and your consolidated earnings over time , and you said Peacock will be profitable next quarter , but is that should we expect consistent profitability Thank you .

Yeah, I think, uh, you said, I think the, the opportunity we have given the Nativity around the cable segment, and the changes we've made. And the progress we're seeing and the road map. We see ahead, I think is a, uh, a a rich path to drive value. I think we're undervalued, frankly. And that the negativity on the business is something we need to work on changing, people's sentiments towards period. Full stop. And I think doing that by uh, continuing to run the plays, you've just articulated really well, you know is is planet. Uh, I think in addition to that,

Speaker #1: Sure . It's Mike . Jessica . So I think zooming out , I think we feel great about NBC universal , both . It's how it's set up post Versant with each business that's within it .

Michael J. Cavanagh: There are ways to benefit ourselves through scale in partnership terms, and we're open to doing that. Ultimately, there's always bigger ideas that, as Brian said, open strategic possibilities to create value. The focus is really on what we can do ourselves, and the list is long, and we're underway on that.

Mike Cavanagh: There are ways to benefit ourselves through scale in partnership terms, and we're open to doing that. Ultimately, there's always bigger ideas that, as Brian said, open strategic possibilities to create value. The focus is really on what we can do ourselves, and the list is long, and we're underway on that.

Speaker #1: Parks , Studios and , and media set up to be growers . It's our you look at parks and we're really pleased with the big initiative .

Speaker #1: Last year was epic and ahead of us is a UK park and the expansions of the kids parks in the US and more to come .

We've got plenty of opportunities and have worked with others in the industry to partner around, you know, video or mobile or otherwise. So, there are ways, uh, to benefit ourselves through scale within in Partnership terms and we're open to doing that. And then ultimately, there's always that, as Brian said, strategic possibilities, um, to create value. But we've got, uh, the focus is really on what we can do ourselves and the, the list is long and we're on your way on that.

Marci Ryvicker: Thanks, John. Operator, next question, please.

Marci Ryvicker: Thanks, John. Operator, next question, please.

Speaker #1: So I think the creative plans inside our parks business to keep driving growth , and that's one of our six important growth drivers , is , is , is a good one .

Thanks, Sean. Next question, please.

Operator: Certainly. Our next question is coming from Jessica Reif Ehrlich from BofA Securities. Your line is now live.

Operator: Certainly. Our next question is coming from Jessica Reif Ehrlich from BofA Securities. Your line is now live.

My next question is coming from Jessica Further from Bank of America Securities.

Jessica Reif Ehrlich: Good morning. I guess turning to NBCU. As you all just said, your assets are more streamlined following the Versant spin, and you've locked in basically all major sports carriage, like everything, at this point. As you look at your key assets in Universal Studios, Peacock, theme parks, they all seem strategically very important. How are you thinking about allocating capital across these assets? More importantly, what gives you confidence the returns will become more visible in your consolidated earnings over time? You said Peacock will be profitable next quarter, but should we expect consistent profitability? Thank you.

Jessica Reif Ehrlich: Good morning. I guess turning to NBCU. As you all just said, your assets are more streamlined following the Versant spin, and you've locked in basically all major sports carriage, like everything, at this point. As you look at your key assets in Universal Studios, Peacock, theme parks, they all seem strategically very important. How are you thinking about allocating capital across these assets? More importantly, what gives you confidence the returns will become more visible in your consolidated earnings over time? You said Peacock will be profitable next quarter, but should we expect consistent profitability? Thank you.

Speaker #1: And we love that business and will allocate , you know , recycle the capital that they create back into the business over , over time to keep growing that business and creating value above our cost of capital .

Speaker #1: So no question that that's a leader commented on parks earlier . I mean , on studios earlier in the earlier in the , in the script , in the call , I think we're off to a great start with Mario .

Speaker #1: And we've got several great further movies coming out the rest of this year . We've been , you know , number two in the box office top two for the last three years .

Speaker #1: And I expect that to continue under the great leadership that we have . And that's a part of the flywheel of creating franchises and feeding parks and fits right into what makes a media company great .

Uh, good morning. I got an nbcu, um, I need to offer, you know, your assets and more streamlined, following diverse. And, um, and you've locked in basically all major sports Carriage, like everything at this point. So, um, as you look at, you know, your kiosk at the Universal Studios, peacock theme park, they all seem strategically very important. Have you thinking about allocating capital for across these assets but you more importantly, what gives you confidence? The return will become more visible and you Consolidated earnings over time. As you said, peacock will be profitable next quarter. But is that do we expect consistent profitability?

Michael J. Cavanagh: Sure. It's Mike, Jessica. I think zooming out, I think we feel great about NBCUniversal, both how it's set up post-Versant with each business that's within it, Parks, Studios, and Media, set up to be growers. You look at Parks, and we're really pleased with the big initiative last year was Epic, and ahead of us is a UK park, and the expansions of the kids parks in the US and more to come. I think the creative plans inside our Parks business to keep driving growth, and that's one of our six important growth drivers, is a good one, and we love that business, and we'll allocate and recycle the capital that they create back into the business over time to keep growing that business and creating value above our cost of capital. No question that that's a leader.

Mike Cavanagh: Sure. It's Mike, Jessica. I think zooming out, I think we feel great about NBCUniversal, both how it's set up post-Versant with each business that's within it, Parks, Studios, and Media, set up to be growers. You look at Parks, and we're really pleased with the big initiative last year was Epic, and ahead of us is a UK park, and the expansions of the kids parks in the US and more to come. I think the creative plans inside our Parks business to keep driving growth, and that's one of our six important growth drivers, is a good one, and we love that business, and we'll allocate and recycle the capital that they create back into the business over time to keep growing that business and creating value above our cost of capital. No question that that's a leader.

Thank you.

Speaker #1: Alongside parks . And then on the media side , now that we are post Versant in first quarter out of the gates , we are , you know , very , very focused on making that business a business that the combination of NBC broadcast and Peacock and as Jason said , Peacock should approach profitability in the second quarter .

Speaker #1: And then because of our straight line amortization of NBA rights as we look to the the next , you know , season , so to speak , of of a of an NBA lapping itself , I think the prospect for , you know , ongoing and durable , profitability for Peacock is what we have our sights set on .

Speaker #1: And that combined with really putting it together with linear media business in NBC is how we're going to manage the media business going forward , is what is the revenue opportunity as we look at , you know , consumers and what they're willing to pay across the landscape that we're they're faced with how broadcast sustains , which I think we've , we feel very pleased when you look at the power broadcast in this legendary February and what it means to marry great broadcast together with a streaming platform like Peacock .

Michael J. Cavanagh: Commented on Parks earlier, I mean, on Studios earlier in the script in the call. I think we're off to a great start with Mario, and we've got several great further movies coming out the rest of this year. We've been number 2 in the box office, top 2 for the last 3 years, and I expect that to continue under the great leadership that we have. That's a part of the flywheel of creating franchises and feeding Parks, and fits right into what makes a media company great alongside Parks. Then on the Media side, now that we are post-Versant in Q1 out of the gates, we are very focused on making that business a business that the combination of NBC Broadcast and Peacock. As Jason said, Peacock should approach profitability in Q2.

Mike Cavanagh: Commented on Parks earlier, I mean, on Studios earlier in the script in the call. I think we're off to a great start with Mario, and we've got several great further movies coming out the rest of this year. We've been number 2 in the box office, top 2 for the last 3 years, and I expect that to continue under the great leadership that we have. That's a part of the flywheel of creating franchises and feeding Parks, and fits right into what makes a media company great alongside Parks. Then on the Media side, now that we are post-Versant in Q1 out of the gates, we are very focused on making that business a business that the combination of NBC Broadcast and Peacock. As Jason said, Peacock should approach profitability in Q2.

Sure. It's Mike, Jessica. So, I think zooming out, I think we feel great about, uh, NBC Universal. Uh, if it's how it's set up post, recent with each business, uh, that's within the parks, uh, Studios and, um, and Mia, uh, set up to be Growers. Uh, it's our, you look at parks and we're really pleased with the, the big initiative last year was epic, and I had of us is a UK Park, uh, and the expansions of uh, the kids parks in the US and more to come. So I think the creative plans inside our Parks business to keep driving growth. And that's 1 of our second important. Growth drivers is uh is is a good 1 and we love that business and we'll allocate you know, recycled Capital they create back into the business over over time uh to keep growing that business uh and and creating value above, you know, our cost of capital. Um so no question that, that's a leader. Uh, commented on Clark's earlier. I mean, on Studios early in the SC earlier in the in the script and the call uh I think we were off to a great start with Mario and we've got

Speaker #1: So I think there's obviously work to do on on all those fronts , but I think we have a very elegantly designed media business where we've gotten it focused to three , three , you know , three parts park studios and , and media that are going to work together for years to come .

Speaker #1: And we're going to be focused on driving value and , and putting capital to work against the opportunities that we have there .

Speaker #3: Thanks , Jessica . Operator . Next question , please .

Speaker #4: Certainly . Our next question is coming from Sean from Morgan Stanley . Your line is now live .

Michael J. Cavanagh: Then because of our straight-line amortization of NBA rights, as we look to the next season, so to speak, of NBA lapping itself, I think the prospect for ongoing and durable profitability for Peacock is what we have our sights set on. That combined with really putting it together with linear media business in NBC is how we're going to manage the media business going forward. What is the revenue opportunity as we look at consumers and what they're willing to pay across the landscape that they're faced with? How broadcast sustains, which I think we feel very pleased when you look at the power of broadcast in this Legendary February and what it means to marry a great broadcast together with a streaming platform like Peacock.

Mike Cavanagh: Then because of our straight-line amortization of NBA rights, as we look to the next season, so to speak, of NBA lapping itself, I think the prospect for ongoing and durable profitability for Peacock is what we have our sights set on. That combined with really putting it together with linear media business in NBC is how we're going to manage the media business going forward. What is the revenue opportunity as we look at consumers and what they're willing to pay across the landscape that they're faced with? How broadcast sustains, which I think we feel very pleased when you look at the power of broadcast in this Legendary February and what it means to marry a great broadcast together with a streaming platform like Peacock.

Speaker #8: Great . Thanks very much , team . You had alluded to satellite being kind of a new thing to be concerned about . I was curious if you could compare and contrast the fixed wireless learnings versus the satellite learnings .

Speaker #8: And do you expect that to change meaningfully the way that regulators could look at the definition of the market ? And to John's question earlier , potentially have a more favorable view of larger scale M&A in the cable sector .

Speaker #5: Thanks for the question , Sean . You know , our assumption is that the market will stay highly competitive , fiber , fixed wireless .

Speaker #5: And now satellite is getting more promotional . And what we focus on is what we can control and what matters to the customer .

Speaker #5: Anchored by the following . You know , we have a great network that is on par with fiber , and it does exceed the capabilities of fixed wireless and satellite , both of which are capacity constrained .

Michael J. Cavanagh: I think there's obviously work to do on all those fronts, but I think we have a very elegantly designed media business, where we've gotten it focused to three parts, Parks, Studios, and Media that are going to work together for years to come, and we're going to be focused on driving value and putting capital to work against the opportunities that we have there.

Mike Cavanagh: I think there's obviously work to do on all those fronts, but I think we have a very elegantly designed media business, where we've gotten it focused to three parts, Parks, Studios, and Media that are going to work together for years to come, and we're going to be focused on driving value and putting capital to work against the opportunities that we have there.

Speaker #5: We're focused on price value . Our new go to market strategy and free wireless lines is really resonating in the marketplace . We have a differentiated Wi-Fi experience that ranks number one for reliability in our footprint .

Speaker #5: Hugely important for the customer , and we're improving the customer experience with a tremendous amount of focus that we have . We are taking a vulnerability , and I believe creating an opportunity in an area where we can win .

Of NBC broadcast and peacock and Jason said. He captured approach profitability, uh, in the second quarter and then because our straight line amortization of NBA rights as we look to uh the next, you know, season. So to speak of of a of NBA lapping itself, I think the prospect for, you know, ongoing and durable profitability. Uh, for peacock is what we have our sights set on. And that combined with really putting together with a linear media. Business in NBC, is how we're going to manage the media business. Going forward is what are the revenue opportunities we look at, you know, consumers and what they're willing to pay across the landscape that where they're faced with how uh broadcast sustains, which I think we've we've feel very pleased when we look at the power broadcast, uh, in this legendary February and what it means to marry uh, great broadcast together with a streaming platform like peacock. So I think there's obviously work to do, uh, on on all those fronts. But I think we have a very elegantly designed media business. Uh, where we've gotten a focus to uh,

Speaker #5: If you take it from the customer's lens , what the customer's solving for is , broadband is a product that's incredibly relevant to their lives with consumption growing about 10% year over year , and that lends itself to prioritizing a Wi-Fi experience that leans into speed and reliability .

3 3, you know, 3 parts, parts Studios and uh and media that are going to work together for years to come. And we're going to be focused on, uh, driving value and and putting Capital to work against the opportunities that we have there.

Marci Ryvicker: Thanks, Jessica. Operator, next question, please.

Marci Ryvicker: Thanks, Jessica. Operator, next question, please.

Thanks Jessica operator. Next question, please.

Operator: Certainly. Our next question is coming from Benjamin Swinburne from Morgan Stanley. Your line is now live.

Operator: Certainly. Our next question is coming from Benjamin Swinburne from Morgan Stanley. Your line is now live.

Benjamin Swinburne: Great. Thanks very much, team. You had alluded to satellite being kind of a new thing to be concerned about. I was curious if you could compare and contrast the fixed wireless learnings versus the satellite learnings. Do you expect that to change meaningfully the way that regulators could look at the definition of the market? To John's question earlier, potentially have a more favorable view of larger scale M&A in the cable sector.

Benjamin Swinburne: Great. Thanks very much, team. You had alluded to satellite being kind of a new thing to be concerned about. I was curious if you could compare and contrast the fixed wireless learnings versus the satellite learnings. Do you expect that to change meaningfully the way that regulators could look at the definition of the market? To John's question earlier, potentially have a more favorable view of larger scale M&A in the cable sector.

Certainly next question is coming from your line now, live.

Speaker #5: And we stack up incredibly well there . Other customers , though , prioritize simplicity . And this is where fixed wireless did really well .

Speaker #5: It changed the game on ease of install . Simple pricing . As I touched on earlier , that's exactly where we've been investing , and I see no reason why we can't win there as well .

Speaker #5: So to me , if you put all these together , I think we have a great hand . We either have a leadership position or we have a path to a leadership position on the things that matter most to our customers .

Great. Thanks very much team. Good alluded to, uh, satellite being kind of a new thing to be concerned about, I was curious, if you could compare and contrast the 6 Wireless learnings versus the satellite learnings, um, and do you expect that to change meaningfully, the way that Regulators could look at the definite of the market? And John's question earlier potentially have more favorable view of larger, scale and a and the Gable sector.

David N. Watson: Thanks for the question, Sean. Our assumption is that the market will stay highly competitive. Fiber, fixed wireless, and now satellite is getting more promotional. What we focus on is what we can control and what matters to the customer anchored by the following. We have a great network that is on par with fiber, and it does exceed the capabilities of fixed wireless and satellite, both of which are capacity constrained. We're focused on price value. Our new go-to-market strategy and free wireless lines is really resonating in the marketplace. We have a differentiated Wi-Fi experience that ranks number one for reliability in our footprint, hugely important for the customer, and we're improving the customer experience. With the tremendous amount of focus that we have, we are taking a vulnerability, and I believe creating an opportunity in an area where we can win.

Steve Croney: Thanks for the question, Sean. Our assumption is that the market will stay highly competitive. Fiber, fixed wireless, and now satellite is getting more promotional. What we focus on is what we can control and what matters to the customer anchored by the following. We have a great network that is on par with fiber, and it does exceed the capabilities of fixed wireless and satellite, both of which are capacity constrained. We're focused on price value. Our new go-to-market strategy and free wireless lines is really resonating in the marketplace. We have a differentiated Wi-Fi experience that ranks number one for reliability in our footprint, hugely important for the customer, and we're improving the customer experience. With the tremendous amount of focus that we have, we are taking a vulnerability, and I believe creating an opportunity in an area where we can win.

Speaker #5: And that is how we intend to compete . No matter who the competitor is

Speaker #6: Okay . Well , Brian , let me just on the second part of that question . Look , I think what makes what you count on us to do is to reevaluate the market , the technology and the landscape .

Speaker #6: And I think as the government will perhaps do that based on what actually happens here in the years ahead . You know , that's why we have that's what we've done for 50 years .

Speaker #6: And it makes it interesting . And intellectually an opportunity to see this changing landscape . What opportunities that open up for the company and what's real , what's not real .

Michael J. Cavanagh: We've taken from the customer's lens what the customer is solving for is broadband's a product that's incredibly relevant to their lives, with consumption growing about 10% year over year, and that lends itself to prioritizing a Wi-Fi experience that leans into speed and reliability. We stack up incredibly well there. Other customers, though, prioritize simplicity, and this is where fixed wireless did really well. It changed the game on ease of install, simple pricing. As I touched on earlier, that's exactly where we've been investing. I see no reason why we can't win there as well. To me, if you put all these together, I feel we have a great hand.

Steve Croney: We've taken from the customer's lens what the customer is solving for is broadband's a product that's incredibly relevant to their lives, with consumption growing about 10% year over year, and that lends itself to prioritizing a Wi-Fi experience that leans into speed and reliability. We stack up incredibly well there. Other customers, though, prioritize simplicity, and this is where fixed wireless did really well. It changed the game on ease of install, simple pricing. As I touched on earlier, that's exactly where we've been investing. I see no reason why we can't win there as well. To me, if you put all these together, I feel we have a great hand.

Speaker #6: So I think what matters most . What Steve just said , and again , I echo , I think he's off to a fabulous start with the team in being , you know , trying to control the things we can control .

Speaker #6: And that's making our customer experience better and making sure we have the absolute best product in as many customers homes as possible . And then we'll see where the market evolves to and what what doors that opens .

Thanks a question, Sean. Um, you know, ours on is the Mark will say, highly competitive fiber, fixed Wireless and now satellites getting more Promotional. And what we focus on is what we can control and what matters to the customer anchored by the following, you know, we have a great Network that is on par with fiber and does exceed the capabilities of fixed Wireless and satellite both which are capacity and strained. Um, we're focused on press value or new, go to market strategy and free. Wireless lines is really resonating in Marketplace. We have a differentiated Wi-Fi experience the ranks number, 1 for liability. In our footprint, hugely important for the customer, and we're improving the customer experience. Um, with tremendous amount of focus that we have, we are taking a vulnerability, and I believe creating an opportunity in an area where we can win. Um, we've taken from the customer's lens. Um, what customers are solving for is Broad bands of product. That's incredibly relevant, um, to our lives with consumption growing about 10% year-over-year and that lends itself to prioritizing a Wi-Fi experience um that leans into speed and reliability. Um, we Stack Up incredibly well there, um, other customers though, prioritize Simplicity and this is where

Speaker #6: And what situations that creates . But we're , we're hopeful in that , you know , through that changing landscape , the last 50 years , we've managed to position the company in a place where we can grow , where relevant , where it can return capital to shareholders , all things , Jason said .

Michael J. Cavanagh: We either have a leadership position or we have a path to a leadership position on the things that matter most to our customers, and that is how we intend to compete, no matter who the competitor is.

Steve Croney: We either have a leadership position or we have a path to a leadership position on the things that matter most to our customers, and that is how we intend to compete, no matter who the competitor is.

Speaker #6: So first order of business is make sure we execute really well . That's what's so important about this this quarter .

Perfect wireless did really well. They changed the game on ease of install, simple pricing, as I touched on earlier. It's exactly where we've investing and I see no reason why we can't win there as well. So to me, if you put all these together, I feel we have great hands. We either have Lisa position, or we have a path to leadership position, um, on the things that matter most to our customers. And that is how we intend to compete, no matter who the competitor is. Um,

Brian L. Roberts: Okay. Well, this is Brian. On the second part of that question, look, I think what you count on us to do is to reevaluate the market, the technology, and the landscape. I think as a company, we'll perhaps do that based on what actually happens here in the years ahead. That's what we've done for 50 years, and it makes it interesting and intellectually an opportunity to see this changing landscape, what opportunities that open up for the company and what's real, what's not real. I think what matters most, what Steve just said, and again, I echo, I think he's off to a fabulous start with the team in trying to control the things we can control, and that's making our customer experience better and making sure we have the absolute best product in as many customers' homes as possible.

Brian Roberts: Okay. Well, this is Brian. On the second part of that question, look, I think what you count on us to do is to reevaluate the market, the technology, and the landscape. I think as a company, we'll perhaps do that based on what actually happens here in the years ahead. That's what we've done for 50 years, and it makes it interesting and intellectually an opportunity to see this changing landscape, what opportunities that open up for the company and what's real, what's not real. I think what matters most, what Steve just said, and again, I echo, I think he's off to a fabulous start with the team in trying to control the things we can control, and that's making our customer experience better and making sure we have the absolute best product in as many customers' homes as possible.

Speaker #3: Thanks , Sean . Operator . Next question , please .

Speaker #4: Our next question today is coming from Sebastian Petit from JP Morgan . Your line is now live

Speaker #9: Hi . Thank you for taking the question . I guess just given some of the headlines we're seeing on a macro basis . And consumer sentiment kind of at all time lows , just any color you might be seeing domestically in the parks or from maybe some of your ad partners .

Speaker #9: If you're , if you're sensing any tone shift , perhaps in there , you know , in the economic weaknesses that translating to , you know , park attendance , etc.

Speaker #9: . I know you did talk about epic driving higher attendance and per caps and then maybe just more of a housekeeping question . I think , Mike , in your prepared remarks , you did say fiber builds are accelerating .

Speaker #9: Obviously , you see all the announcements out there from your competitors . Not surprising , but any update in terms of where you guys stand today , perhaps on a fiber overlap basis across your residential footprint ?

Brian L. Roberts: Then we'll see where the market evolves to and what doors that opens and what situations that creates. We're hopeful. Through that changing landscape, the last 50 years, we've managed to position the company in a place where we can grow, we're relevant, where it can return capital to shareholders, all the things Jason said. First order of business is make sure we execute really well. That's what's so important about this quarter.

Brian Roberts: Then we'll see where the market evolves to and what doors that opens and what situations that creates. We're hopeful. Through that changing landscape, the last 50 years, we've managed to position the company in a place where we can grow, we're relevant, where it can return capital to shareholders, all the things Jason said. First order of business is make sure we execute really well. That's what's so important about this quarter.

Speaker #9: Thank you .

Speaker #1: Sure , Sebastian . So I think in terms of the macro and the geopolitical and how it's affecting our domestic business , Jason commented on some of the impacts on international parks of just changing in travel patterns .

Speaker #1: And I think the inbound international travel to the US parks is , is something that has not ever gotten back to the level we saw pre-COVID .

Speaker #1: So those are those factors , you know , continue to exist . I think , inside the US domestic to domestic . We haven't yet seen any significant impact in the parks business caused by higher oil .

Was also fixed and said, um, so first order of business is make sure we execute really well. That's what's so important about this, this quarter,

Marci Ryvicker: Thanks, Sean.

Marci Ryvicker: Thanks, Sean.

Brian L. Roberts: Thanks.

Brian Roberts: Thanks.

Marci Ryvicker: Operator, next question, please.

Marci Ryvicker: Operator, next question, please.

Thanks Sean. Operator, next question, please.

Operator: Our next question today is coming from Sebastiano Petti from JP Morgan. Your line is now live.

Operator: Our next question today is coming from Sebastiano Petti from JP Morgan. Your line is now live.

Speaker #1: But I think that does not mean that it may not happen depending on the you know , duration of the effect on price of gas and the like .

Our next question today is coming from Sebastiano Petty from J.P. Morgan. Your line is now live.

Sebastiano Petti: Hi, thank you for taking the question. I guess, just given some of the headlines we're seeing on a macro basis and consumer sentiment kind of at all-time lows, just any color you might be seeing domestically in the parks or from maybe some of your ad partners, if you're sensing any tone shift perhaps in the economic weaknesses that translating to park attendance, et cetera. I know you did talk about Epic driving higher attendance and per caps. Maybe just more of a housekeeping question. I think, Mike, in your prepared remarks, you did say fiber builds are accelerating. Obviously, you see all the announcements out there from your competitors, not surprising. But any update in terms of where you guys stand today, perhaps on a fiber overlap basis across your residential footprint? Thank you.

Sebastiano Petti: Hi, thank you for taking the question. I guess, just given some of the headlines we're seeing on a macro basis and consumer sentiment kind of at all-time lows, just any color you might be seeing domestically in the parks or from maybe some of your ad partners, if you're sensing any tone shift perhaps in the economic weaknesses that translating to park attendance, et cetera. I know you did talk about Epic driving higher attendance and per caps. Maybe just more of a housekeeping question. I think, Mike, in your prepared remarks, you did say fiber builds are accelerating. Obviously, you see all the announcements out there from your competitors, not surprising. But any update in terms of where you guys stand today, perhaps on a fiber overlap basis across your residential footprint? Thank you.

Speaker #1: And airline tickets and so forth . So more to come . But thus far , not seeing a pullback of of any level , that's concerning in the current results .

Speaker #1: But like I said that , you know , we'll see what the coming quarters look like . And pretty much the same on the advertising side .

Speaker #1: You know , we felt , you know , obviously had an excellent , you know , quarter just finished on the advertising front .

Speaker #1: Best ever . And so I think the underneath it , aside from the special events that we had during the quarter , it was strong advertising .

Speaker #1: You know , results at a baseline level . And we as we sit here now , that's sustained .

I thank you for taking the question, I guess. Um, just giving some of the headline we're seeing on a macro basis and, you know, sentiment and at all-time lows, um, just a color you might be seeing domestically in the Parks or from, you know, maybe some of your ad Partners. Um, if you're, if you're sensing any tone shift, uh, perhaps their, uh, yeah for in, in, in the economic weakness of that translate to, you know, Park Etc. I need to talk about epic driving higher intensive, care and then maybe just more of a housekeeping question. I think Mike in your prepared remarks did say, you know, 5 or build our accelerating obviously saw the the announced out there from your competitors, not surprising, but any update in terms of where you guys stand today, perhaps in a fiber overlap basis across your president footprint. Thank you.

Michael J. Cavanagh: Sure, Sebastiano. I think in terms of the macro and the geopolitical and how it's affecting our domestic business, Jason commented on some of the impacts on international parks of just changing in travel patterns, and I think the inbound international travel to the US parks is something that has not ever gotten back to the level we saw pre-COVID. Those factors continue to exist. I think inside the US, domestic to domestic, we haven't yet seen any significant impact in the parks business caused by higher oil, but I think that does not mean that it may not happen, depending on the duration of the effect on price of gas and the like, and airline tickets and so forth. More to come, but thus far, not seeing a pullback of any level that's concerning in the current results.

Mike Cavanagh: Sure, Sebastiano. I think in terms of the macro and the geopolitical and how it's affecting our domestic business, Jason commented on some of the impacts on international parks of just changing in travel patterns, and I think the inbound international travel to the US parks is something that has not ever gotten back to the level we saw pre-COVID. Those factors continue to exist. I think inside the US, domestic to domestic, we haven't yet seen any significant impact in the parks business caused by higher oil, but I think that does not mean that it may not happen, depending on the duration of the effect on price of gas and the like, and airline tickets and so forth. More to come, but thus far, not seeing a pullback of any level that's concerning in the current results.

Speaker #6: I just want to comment that the compelling nature of the Olympics pulls forward our relationship with advertisers , obviously the same for NFL Sunday and the Super Bowl .

Speaker #6: So as we look forward to LA and we got tremendous enthusiasm and excitement for how that could also keep the ecosystem very , very robust .

Speaker #6: It's we have a good roadmap ahead of us

Speaker #5: In reference to the second part of your question , about 55% .

Speaker #3: Thanks , Sebastian Operator . We have time for one last question .

Speaker #4: Our final question today is coming from Michael Ng from Goldman Sachs . Your line is now live .

Sure Sebastian. So I think in terms of the macro and the geopolitical and how it's affecting our domestic business adjacent commented on some of the impacts on International arcs of just uh changing his travel patterns and I think the uh inbound international travel to the US Parks is something that has not ever got back to a level. We saw free Co so those are uh, those factors, you know, continue to exist. I think inside the US domestic to domestic, we haven't yet seen uh, any significant impact uh in the Parks business caused by higher oil, but I think that does not mean that it may not happen. Uh, depending on

Speaker #10: Good morning . Thank you for the question . I just wanted to ask about the wireless line to paid strategy in the second half .

Speaker #10: You know , first would you just talk a little bit about what you've seen in the free line roll off to date and the strategy that gives you the confidence and the in the , in the successful conversion later this year .

Michael J. Cavanagh: Like I said, we'll see what the coming quarters look like. Pretty much the same on the advertising side. We obviously had an excellent quarter just finished on the advertising front, one of the best ever. I think underneath it, aside from the special events that we had during the quarter, it was strong advertising results at a baseline level, and as we sit here now, that's sustained.

Mike Cavanagh: Like I said, we'll see what the coming quarters look like. Pretty much the same on the advertising side. We obviously had an excellent quarter just finished on the advertising front, one of the best ever. I think underneath it, aside from the special events that we had during the quarter, it was strong advertising results at a baseline level, and as we sit here now, that's sustained.

Speaker #10: And then second , I was just wondering if you could talk about the the related impact from the wireless monetization strategy on broadband subscriber trends .

Speaker #10: Could this also help broadband rpu stabilize later this year ? Thank you .

Speaker #5: Yeah . So in reference to the wire wireless free line , the paid strategy , you know , we're early in that role .

Brian L. Roberts: In reference, just want to comment that the compelling nature of the Olympics pulls forward our relationship with advertisers. Obviously, the same for NFL Sunday and the Super Bowl. As we look forward to LA, we got tremendous enthusiasm and excitement for how that could also keep the ecosystem very, very robust. We have a good roadmap ahead of us.

Brian Roberts: In reference, just want to comment that the compelling nature of the Olympics pulls forward our relationship with advertisers. Obviously, the same for NFL Sunday and the Super Bowl. As we look forward to LA, we got tremendous enthusiasm and excitement for how that could also keep the ecosystem very, very robust. We have a good roadmap ahead of us.

The, you know, duration of the effect on price of gas and the like, uh, and plain airline tickets, and so forth. So, more complex thus far, uh, not seeing a pullback of of any level, that's a concerning in the current results. But like I said that, you know what, we'll see with a coming course. Look like, uh, and and pretty much the same on the advertising side. You know, you know, obviously had an excellent, um, you know, quarter just finished, um, uh, on the advertising, front, 1 of the best ever. And so I think uh, the underneath it aside from the uh, special events that we had during the quarter, uh, it was strong advertising, you know, results at a baseline level. And we as we sit here now, that's, uh, sustained.

Speaker #5: As I mentioned , we we're really focused on life management and managing those customers all the way throughout . And in the early cohorts , we've seen a significant majority of those customers rolling to paid .

Speaker #5: So we're we feel that will continue as we move forward . And more of these lines roll in the back half of the year .

Speaker #5: And yes , it will have a direct impact on broadband . Rpu based on revenue recognition as those lines rolled to paid in the back half of the year .

Michael J. Cavanagh: In reference to the second part of your question, about 55%.

Mike Cavanagh: In reference to the second part of your question, about 55%.

Commented that the compelling nature of the Olympics pulls forward. Our relationship with advertisers is obviously the same brand. I felt Sunday and Super Bowl so as we look forward to La um and uh, where we had tremendous, enthusiasm excitement for, um how that goes, so keep the ecosystem. Very, very robust. It's up. We have a good road map out of us.

Speaker #5: And that will be a tailwind .

In reference to the second part of your question about 55%.

Marci Ryvicker: Thanks, Sebastiano.

Marci Ryvicker: Thanks, Sebastiano.

Speaker #3: Thank you Mike , that now ends our call . Thank you , everyone for joining us this morning .

Sebastiano Petti: Thank you.

Sebastiano Petti: Thank you.

Marci Ryvicker: Operator, we have time for one last question.

Marci Ryvicker: Operator, we have time for one last question.

Thank you, operator. We have time for one last question.

Operator: Thank you. Our final question today is coming from Michael Ng from Goldman Sachs. Your line is now live.

Operator: Thank you. Our final question today is coming from Michael Ng from Goldman Sachs. Your line is now live.

Speaker #1: Thanks , everybody .

Speaker #4: Thank you . That does conclude today's question and answer session . And today's conference call . A replay of the call will be made available starting at 11:30 a.m.

Thank you. Final question. Today is coming from Michael Lang from Goldman Sachs. Now,

Michael Ng: Good morning. Thank you for the question. I just wanted to ask about the wireless line to paid strategy in the H2. First, would you just talk a little bit about what you've seen in the free line roll-offs to date and the strategy that gives you the confidence in the successful conversion later this year? Second, I was just wondering if you could talk about the related impact from the wireless monetization strategy on broadband subscriber trends. Could this also help broadband ARPU stabilize later this year? Thank you.

Michael Ng: Good morning. Thank you for the question. I just wanted to ask about the wireless line to paid strategy in the H2. First, would you just talk a little bit about what you've seen in the free line roll-offs to date and the strategy that gives you the confidence in the successful conversion later this year? Second, I was just wondering if you could talk about the related impact from the wireless monetization strategy on broadband subscriber trends. Could this also help broadband ARPU stabilize later this year? Thank you.

David N. Watson: Yep. In reference to the wireless free line to paid strategy, we're early in that roll. As I mentioned, we're really focused on life cycle management, managing those customers all the way throughout. In the early cohorts, we've seen a significant majority of those customers rolling to paid. We feel that'll continue as we move forward and more of these lines roll in the H2. Yes, it will have a direct impact on broadband ARPU based on revenue recognition as those lines roll to paid in the H2, and that'll be a tailwind.

Steve Croney: Yep. In reference to the wireless free line to paid strategy, we're early in that roll. As I mentioned, we're really focused on life cycle management, managing those customers all the way throughout. In the early cohorts, we've seen a significant majority of those customers rolling to paid. We feel that'll continue as we move forward and more of these lines roll in the H2. Yes, it will have a direct impact on broadband ARPU based on revenue recognition as those lines roll to paid in the H2, and that'll be a tailwind.

Uh, good morning, thank you for the question. Um, I just wanted to ask about the wireless line to pay strategy in the second half. Um, you know, first, would you just talk a little bit about what you've seen in the free line roll off today and um, the strategy that gives you the confidence and the in the, in the successful conversion um later this year and then second I was just wondering if you could talk about the the related impact um from the the wireless modernization strategy on on broadband subscribers. Um, could this also helped um Broadband or stabilized later this year? Thank you.

Yep. So in reference to the the wire Wireless free line the paid strategy. You know, we're early in that role. As I mentioned, we really focused on life cycle management and managing those customers all the way throughout. And in the early cohorts, um, we've seen a significant majority of those customers rolling to to pay. So we're, we're, we feel that will continue as we move forward in more of these lines role in the back, half of the year and it will have a direct impact on broadband. Our food based on recognition as those lines roll to paid uh, in back half of the year and that'll be a Tailwind.

Marci Ryvicker: Thank you, Mike. That now ends our call. Thank you everyone for joining us this morning. Thanks, everybody.

Marci Ryvicker: Thank you, Mike. That now ends our call. Thank you everyone for joining us this morning. Thanks, everybody.

Operator: Thank you. That does conclude today's question and answer session and today's conference call. A replay of the call will be made available starting at 11:30AM Eastern Time today on Comcast's Investor Relations website. Thank you for participating. You may all disconnect.

Operator: Thank you. That does conclude today's question and answer session and today's conference call. A replay of the call will be made available starting at 11:30AM Eastern Time today on Comcast's Investor Relations website. Thank you for participating. You may all disconnect.

Thank you, Mike. That now ends the call. Thank you, everyone, for joining us this morning. Thanks, everybody.

Thank you that does include the question and answer session have these conference call, a replay of the call be available, starting at 11:30 a.m. eastern time today on Comcast relations website, thank you, for participating. They all disconnect.