Comcast Corporation (NASDAQ:CMCSA) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 08:30 am ET


Comcast Corporation (NASDAQ:CMCSA) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning, ladies and gentlemen, and welcome to Comcast's Second Quarter 2020 Earnings Conference Call. [Operator Instructions]

I will now turn the call over to Senior Vice President, Investor Relations, Ms. Marci Ryvicker. Please go ahead, Ms. Ryvicker.

Marci Ryvicker

Thank you, operator, and welcome, everyone. Joining me on this morning's call to provide a detailed review of our results and answer analysts' questions are Brian Roberts and Mike Cavanagh as well as Dave Watson, Jeff Shell and Jeremy Darroch. Let me first refer you to slide two, which contains our safe harbor disclaimer. I remind you that 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. Please refer to our 8-K and trending schedules for the reconciliations of non-GAAP financial measures to GAAP.

With that, I'll turn the call over to Brian Roberts. Brian?

Brian L. Roberts

Thanks, Marci. I'd like to start by wishing all of you well, and I hope that you are safe and settled in for what feels like a new normal, at least for the balance of this year. While none of us has a perfect crystal ball and we don't know the path this virus might take, I could really not be prouder of how our teams across Comcast Cable, NBCUniversal and Sky are together managing our business. The response has been extraordinarily fast and effective. Our products and brands continue to resonate strongly with our customers across all segments and all geographies. This, combined with the unwavering efforts of our employees, produce second quarter financials that highlight the strength and resilience of our company. It starts with Xfinity, the core of the company, whose fantastic results continue to be fueled by our best-in-class broadband business, which experienced record low churn for yet another quarter while connects remained healthy. The consistency of these results confirm that our strategy and corresponding investments are working. We offer differentiated products and services and a fantastic customer experience, all of which we are delivering even more efficiently.

Considering that NBCU and Sky are facing certain pressures that are momentary and unique to some of their businesses, I think we are performing incredibly well. Despite theme park and theater closures and most sports having been paused, we continue to transact. And more importantly, we are innovating as we position these businesses for continued market leadership and the return to strong long-term growth. From a broader perspective, Comcast is truly in an enviable position. We have an amazing portfolio of companies that are each successfully taking advantage of the evolving ecosystem, and together, creating complementary capability, technology platform and a global footprint. All of this is led by our extremely flexible and robust broadband network, which is the foundation of our connectivity-centric relationship with residential/commercial customers and heavily supports our other services, including video aggregation and mobile. With NBCU and Sky, we have some of the most valuable global content, whether it's news, entertainment or sports. And we