Comcast Corporation

Good morning, ladies and gentlemen, and welcome to Comcast's second quarter 2020 earnings conference call. At this time, all participants are on a listen-only mode. Please note that this conference call is being recorded. I will now send the call over to Senior Vice President, Investor Relations, Ms. Marci Rybicker. Please go ahead, Ms. Rybicker.

Thank you, Operator, and welcome, everyone. Joining me on this morning's call to provide a detailed review of our results and to answer analysts' questions are Brian Roberts and Mike Kavanaugh. as well as Dave Watson, Jeff Schell, and Jeremy Derrick. Let me first refer you to slide two, which contains our safe harbor disclaimer, and 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 8K 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?

Thanks, Marcy. 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. 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 Connex 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 capabilities, 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 are leaning into streaming. This starts with what is now our valuable one-third ownership position in Hulu and is enhanced with Peacock, our own ad-supported service, whose nationwide launch earlier this month exceeded our high expectations. In fact, as of today, we already have 10 million signups. With these and many other drivers of growth, I am so excited about where we are headed. While our second quarter results were better than we previously forecasted, the reality is they only represent a 90-day snapshot. In the months ahead, there is going to be a lot of noise, if you will, in the quarterly numbers, which will not be unique to Comcast. As usual, we will continue to be transparent so as to help you navigate the near-term complexities of our business. But we also want to provide a deeper understanding into what I believe is the underlying strength of our company and how we're managing each business for the long term beyond the effects of COVID. For that reason, We have changed the format of this call and have asked Dave, Jeff, and Jeremy to comment in more detail about their plans for the future, specifically how they intend to tackle both the different challenges and opportunities that lie ahead. They will then be followed by Mike, who will take you through our second quarter results. As you'll hear, we're playing offense, working together like never before and using our combined capabilities for scale, brands, our talent, our technology, and our investment-grade balance sheet to ensure that we remain a leader in our markets and that we deliver superior long-term value for our shareholders. With that, I'd like to start with Dave.