Comcast Corp (NASDAQ:CMCSA) Q4 2017 Earnings Conference Call - Preliminary Transcript

Jan 24, 2018 • 08:30 am ET


Comcast Corp (NASDAQ:CMCSA) Q4 2017 Earnings Conference Call - Preliminary Transcript


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Good morning, ladies and gentlemen, and welcome to Comcast's Fourth Quarter and Full Year 2017 Earnings Conference Call. At this time, all participants are in a listen-only mode. Please note that this conference call is being recorded.

I would now turn the call over to Senior Vice President, Investor Relations and Finance Mr. Jason Armstrong. Please go ahead, Mr. Armstrong.

Jason Armstrong

Thank you, operator, and welcome, everyone. Joining me on this morning's call are Brian Roberts, Mike Cavanagh, Steve Burke and Dave Watson. Brian and Mike will make formal remarks and Steve and Dave will also be available for Q&A. As always, let me now refer you to Slide number 2, which contains our Safe Harbor disclaimer and remind you this conference call may include forward-looking statements, subject to certain risks and uncertainties. In addition, in this call, we will refer to certain non-GAAP financial measures. Please refer to our 8-K for the reconciliation of non-GAAP financial measures to GAAP.

With that, let me turn the call to Brian Roberts for his comments. Brian?

Brian Roberts

Thank you, Jason, and good morning, everyone. Across Comcast, NBCUniversal our company is executing at a high level and I'm proud to report fantastic results for both the fourth quarter and full year 2017. Starting with the fourth quarter Cable Communications, we continue to have strength in our connectivity businesses where we added 350,000 net new broadband customers and increased business services revenue by 12.2%, as well as continued improvements as results of our investments in the customer experience. At NBCUniversal we had a terrific quarter driven by robust affiliate fees and retrans growth, a successful holiday season at our Theme Parks capping off a great 2017 and record profitability at Filmed. Perhaps even better this exceptional performance in 2017 positions us well as we enter 2018. The recent passage of tax reform provides real and immediate benefits for our company that will further enhance our financial position and will in turn enable us to do more of the things that help us better serve our customers, our employees and the communities where we operate as well as drive value for our shareholders. This means continuing to develop the most innovative products and services, investing where we see high returns and opportunities to drive growth including in our broadband network, TV, Filmed and Theme Park offerings and continuing to deliver a healthy return of capital to shareholders. Based on this solid foundation and our confidence in our outlook today we're announcing a 21% increase in our dividend which is our 10th consecutive annual increase. We also expect to repurchase at least $5 billion in stock in 2018.

With that let me talk about a few of our achievements this past year. Our company has an excellent track record of delivering strong, consistent results and this continued in 2017 with EBITDA growth of 6%. At Cable Communications we look to balance subscriber growth with financial performance and we achieved this in 2017. We increased EBITDA by 5% and added