Comcast Corporation

Good morning, ladies and gentlemen, and welcome to Comcast's second quarter earnings conference call. At this time, all participants are in listen-only mode. 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.

Thank you, Operator, and welcome, everyone. Joining us on today's call are Brian Roberts, Mike Cavanagh, Jason Armstrong, and Steve Croney. I will now refer you to slide two of the presentation accompanying this call, which can also be found on our investor relations website and which contains our safe harbor disclaimer. 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 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.

Good morning and thanks, Marci. Before Mike and Jason take you through the quarter, I'd like to spend a few minutes on the separation we announced three weeks ago. Since then, we've talked with our key constituencies, employees at every level, and most of our key partners, and the reaction has been overwhelmingly positive. I feel more positive and energized today than I was on the day we announced it. What's come through most clearly is renewed conviction in both businesses. There's real excitement about taking two exceptional companies and giving each the focus and agility to win in markets that are changing fast. We've also spent time with leaders across media and tech and we've come away more optimistic than ever about the next wave of innovation. One thing is clear, AI and the coming generation of technology will demand more data, more bandwidth, lower latency and smarter networks and platforms. They'll bring together connectivity, entertainment and new experiences in ways we're only beginning to see. And that is exactly where Comcast is built to lead. The market is moving to our strengths, and winning now is about focus, speed, and relentless execution. That's also why this is the right time for Michael Angelakis to return. He's been welcomed back with tremendous enthusiasm and confidence. He has deep relationships across the industry. He knows this company, and his return will help accelerate the work Steve and the team already have underway. Wireless is a great proof point of what this team can do. In the second quarter, we crossed 10 million lines for the first time, a meaningful milestone that's just 7% penetration of the total addressable lines in our footprint, and perhaps a new way to look at the wireless opportunity and the significant runway we have ahead. We're building this business on top of a deep customer base, leadership in Wi-Fi, Strong Wireless Partnerships and products that are already in tens of millions of homes and businesses. On the media and entertainment side, with NBCUniversal and Sky, we're equally excited about the next chapter. The strength of these businesses isn't just the world-class assets we own. It's the role we play as a trusted partner to talent, creators, sports leagues, and platforms throughout the industry. In just six years, we've built Peacock into a streaming business with real scale in the U.S. We've added 2 million paid subscribers in each of the last two quarters, had our biggest viewership month ever in June, and reached profitability. All anchored by what NBCUniversal does best. Premium entertainment, live sports, news, and extraordinary storytelling. With the combined reach of NBC, Peacock, Telemundo, Bravo, Sky, and possibly ITV, and the many relationships we've built with partners across tech and streaming, we will be well positioned as an independent media company to drive engagement and growth. And when you look at things like the amazing and recent success of The Odyssey and Christopher Nolan and the strength of our film slate, It underscores that creativity and collaboration with the world's best talent. And that all remains at the heart of what makes this company so special. That is why I feel so energized. We spent years investing to build these two great companies, each with distinct world-class assets and leaders I trust deeply. This structure gives both companies the freedom to pursue the priorities that matter most to their futures. There's a lot of work ahead. and we're moving with real urgency. With that, I'll turn it over to Mike.