Comcast (CMCSA) Q4 2017 Earnings Conference Call Transcript

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Comcast (NASDAQ:CMCSA)
Q4 2017 Earnings Conference Call
Jan. 24, 2018 8:30 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good morning, ladies and gentlemen, and acquire 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 discussion call is being recorded. we would now spin a call over to comparison clamp president, financier family and finance, Mr. Jason Armstrong. Please go ahead, Mr. Armstrong.

Jason Armstrong — Senior Vice President, Investor Relations and Finance

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 grave remarks, and Steve and Dave will also be accessible for QA. As always, let me now impute we to Slide No. 2, that contains a protected bay disclaimer, and remind we this discussion call competence embody forward-looking statements thesis to certain risks and uncertainties. In addition, in this call, we will impute to certain non-GAAP financial measures. Please impute to a 8-K for a settlement of non-GAAP financial measures to GAAP. With that, let me spin a call to Brian Roberts for his comments. Brian?

Brian Roberts — Chairman and Chief Executive Officer

Thank you, Jason, and good morning, everyone. Across Comcast NBCUniversal, a association is executing during a high level, and I’m unapproachable to news illusory regulation for both a fourth entertain and full year 2017. Starting with a fourth entertain during wire communications. We continued to have strength in a connectivity businesses, where we total 350,000 net new broadband business and augmenting business-services income by 12.2% as good as continued improvements as a outcome of a investments in a patron experience.

At NBCUniversal, we had a superb quarter, driven by clever associate price and retrans growth, a successful holiday deteriorate during a thesis parks capping off a good 2017, and record profitability during film. Perhaps even better, this well-developed opening in 2017 positions us good as we enter 2018. The new thoroughfare of taxation remodel provides genuine and evident advantages for a association that will offer raise a financial position and will in spin capacitate us to do some-more of a things that assistance us improved offer a customers, a employees, and a communities where we operate, as good as expostulate value for a shareholders. This means fortitude to rise a many innovative products and services, investing where we see high gain and opportunities to expostulate growth, including in a broadband network, TV, film, and thesis park offerings, and fortitude to broach a healthy lapse of collateral to shareholders.

Based on this plain substructure and a certainty in a outlook, today, we are announcing a 21% boost in a dividend, that is a 10th uninterrupted annual increase. We also design to repurchase during slightest $5 billion in batch in 2018. With that, let me speak about a few of a achievements this past year. Our association has an glorious lane record of delivering strong, unchanging results, and this continued in 2017 with EBITDA expansion of 6%.

At wire communications, we demeanour to change subscriber expansion with financial performance, and we achieved this in 2017. We augmenting EBITDA by 5% and total 770,000 net new patron relationships. During 2017, we continued to proceed some-more of a vital concentration toward a connectivity businesses, that collectively generated over $20 billion in revenues and grew 10%. This includes broadband, where we total 1.2 million net new customers.

We continue to compute in broadband with a deployment of DOCSIS 3.1, enabling gigabit speeds in a footprint during a new xFi platform, that gives business some-more control of their in-home WiFi experience. Business services exited a year during a $6.5 billion income run rate. And what’s quite sparkling is a room for expansion ahead, as we have a event to take some-more share in any of a patron segments. In 2017, we finished an sparkling new offer to a gold with Xfinity Mobile, and a use is off to a superb start.

After rising a business from belligerent adult in May, we finished a year with some-more than 380,000 patron lines and genuine momentum. Customers have unequivocally responded to a singular By a Gig offering, a elementary and discerning grouping process, and digital-first patron experience. With Xfinity Mobile now entirely rolled out during a sell stores and new facilities like a new introduction of bring-your-own-device, we are eager about what’s entrance in 2018. 2017 also brought a new normal to foe in video, including some-more assertive offers from normal and rising competitors.

While we sojourn trained and are not in a business of chasing volume during any cost, we some-more than hold a possess in this environment. With a enlightenment of innovation, we are well-equipped to contest in this elaborating marketplace. Our X1 height enables us to be a aggregator of aggregators of a calm a business love. And we are invariably improving X1 to broach an even improved experience.

This past year, we total many new facilities and functionalities. To name a few, we integrated YouTube into a platform, total new song practice by Pandora and iHeartRadio, and leveraged a energy of a extraordinary voice remote to give business a singular proceed to opinion on NBC’s strike uncover The Voice. We now have scarcely 20 million voice remotes deployed. Perhaps many significantly during cable, a ongoing efforts to urge a knowledge gathering discernible advantages for a business and to a financials this year.

We are creation quantifiable swell in many pivotal areas. And notably, in 2017, we reduced calls rubbed by a agents by 10%, and a commission of business interacting with us customarily digitally grew by double digits year over year. It’s been an superb year for wire communications, that speaks to a clever caring from Dave Watson for many years and quite given he took a CEO position final spring. At NBCUniversal, achieving double-digit EBITDA expansion for a fifth uninterrupted year was one of a many highlights of 2017.

In filmed entertainment, we crossed $5 billion in worldwide box bureau for a second time in Universal’s 105-year history, driven by a far-reaching operation of melodramatic releases, including pivotal franchises like Fifty Shades and Fast and Furious, continued success in animation with Despicable Me 3 and hits like Get Out, Split, and Darkest Hour. 2017 was a film business’ many essential year ever. In a radio businesses, in an elaborating media landscape, carrying good calm is critical. And a portfolio of must-see sports, news, and party stands out in this regard.

In many instances, we have some-more end-users of a calm than ever before. Our augmenting associate fees and retrans ensuing from successful placement renewals, as good as a clever content-licensing expansion in 2017, are justification of a value of a portfolio. In addition, NBC continues to lead in ratings, winning a 52-week deteriorate for a fourth uninterrupted year, and is now brazen of a foe by a far-reaching domain in this new season. Telemundo also stays No. 1, following a first-ever win of a 2016/2017 season. At wire networks, USA was No. 1 for an rare 12th uninterrupted year. I’d like to honour MSNBC, that had an considerable year with record ratings in sum viewers and in demo opposite bland partial and had a fastest expansion among any wire network, with 36% primary expansion in demo.

Finally, a Universal thesis parks continue to have good success in 2017, with 9% EBITDA growth, driven by Harry Potter in Hollywood and new attractions like Volcano Bay in Orlando and Minion Park in Japan. we wish to underscore how gratified we are with a Japan investment from usually dual years ago. As a 2017 opening opposite NBCUniversal demonstrates, a smashing organisation have put us in a position to attain in these fast elaborating media businesses in this changing landscape. Not any association can contend that.

With a gait of change in a attention accelerating, many of a peers are reevaluating their strategies, as we’ve seen recently. So along a way, there competence be opportunities for us to emanate some-more value for a shareholders like we did with NBCUniversal. In this respect, it shouldn’t be a warn that we investigate any conditions that comes along. We trust a shareholders design this from us, nonetheless a bar is set high, and we have been and will sojourn disciplined.

Now let me speak about some of a things we are looking brazen to opposite a businesses in 2018 and beyond. We’re vehement to have a Super Bowl in NBC and a Winter Olympics usually days away. There is no improved instance of how a whole association works together than a Olympics. We’re so unapproachable to be a association that brings a games to millions of Americans, mixing a implausible and heartwarming storytelling from NBCUniversal with a world-class record of Comcast Cable.

This year, Comcast NBCUniversal will broach a many live, a many mobile, a many technologically modernized Winter Olympics ever. NBC will yield a record 2,400 hours of coverage, some-more than a final dual Winter Games combined. And a best place to knowledge this coverage will be by a Olympics dashboard on X1 with new and extended calm and facilities that will capacitate users to customize and control their knowledge opposite platforms. Our TV businesses, with a Super Bowl and Winter Olympics, as good as a World Cup on Telemundo after this year, we should offer build on a ratings caring from 2017.

More broadly, a devise will continue to core on carrying must-see calm that drives mixed monetization streams from promotion to calm chartering to placement on both normal and rising TV platforms. At Theme Parks, we was usually in Orlando a confederate of weeks ago and came divided feeling even some-more bullish on a opinion for a parks. In 2018, we will advantage from a full year of Volcano Bay and Minion Park, as good as new attractions that precedence a egghead property, like Fast and Furious in Orlando and Kung Fu Panda in Hollywood. We also continue to make swell toward opening a new Beijing thesis park in a subsequent few years and have sparkling expansion skeleton for Japan.

Finally, in film, while we will not flog a 2017 performance, we design 2018 to be a plain year, with some of a best franchises returning, including Jurassic World and Fifty Shades. We are also vehement for 2019 and beyond, when a some-more clever animation line-up is planned. Over during wire communications, we design another clever year in 2018, while video continues to evolve, as we mentioned. We sojourn committed to innovating video and delivering a premier knowledge for business by X1.

And I’m unequivocally vehement about a prolonged runway brazen in high-speed data. In 2018, we will continue to compute a product by providing gigabit speeds during scale, charity one of a many comprehensive gateways for a home, and augmenting WiFi coverage and control with xFi and a rollout of a fanciful tiny pods. With connectivity increasingly during a epicenter of a attribute with customers, we have a event to yield whole-home solutions that confederate and assistance conduct all of a inclination a business rest on. In business services, we’re still in a early stages of bringing a aloft products to a immeasurable addressable markets in mid-sized and craving customers.

And lastly, in 2018, we will demeanour to build on and accelerate a early success with Xfinity Mobile. So a devise is to continue to deposit in product innovation, while we essay to make interacting with us easier and some-more unchanging and increasingly all digital. This will urge a knowledge for a business and also assistance us continue to take cost out of a business in 2018, as Mike will plead in some-more detail. As we flog off 2018, we feel good about Comcast.

We have poignant momentum, and we are building on a unchanging investment, growth, and strength, and demeanour brazen to an even some-more sparkling future. Mike, over to you.

Mike Cavanagh — Senior Executive Vice President and Chief Financial Officer

Thanks, Brian, and good morning, everybody. I’ll start by reviewing a total regulation on slides 4 and 5. Revenue augmenting 4.2% to $21.9 billion for a fourth entertain and augmenting 5.1% to $84.5 billion for a full year. Fourth-quarter practiced EBITDA of $6.8 billion was comparatively prosaic compared to final year.

And for a full year, EBITDA of $28.1 billion augmenting 6.2%. Results for a entertain simulate healthy EBITDA expansion of 4.2% and 6.4% for wire and NBCUniversal, respectively. The “corporate and other” regulation embody $171 million compared to a special worker reward following a thoroughfare of taxation remodel and disastrous $176 million of EBITDA from a launch of a wireless business. Adjusted gain per share augmenting 8.9% to $0.49 for a entertain and 18.4% to $2.06 for a year.

These regulation bar $12.7 billion of net income taxation advantages radically compared with a change in a deferred-income-tax guilt as a outcome of a 2017 taxation remodel legislation. Details of a EPS adjustments are supposing in Table 4 in a press release. And finally, giveaway income upsurge was $2 billion in a entertain and $9.6 billion for a full year. Now let’s spin to wire communications on Slide 6.

Before going into a sum of a quarter, I’d like to yield a confederate of highlights for a year in a wire communications business. Our full-year wire income augmenting 4.9% and EBITDA augmenting 5.3%, while we grew patron relations by 770,000 to some-more than 29 million. These regulation were driven by a connectivity businesses, including high-speed information and business services, that totaled some-more than $20 billion in revenue, that grew over 10% in 2017. We are focused on distinguished a right change between clever financial regulation and expansion in a patron metrics, and we trust a regulation clearly simulate this effort.

Now let’s dive into a sum of a quarterly results. Revenue augmenting 3.4% to $13.3 billion, and EBITDA augmenting 4.2% to $5.4 billion in a fourth quarter. Starting with a residential business, high-speed Internet continues to be a largest writer to altogether wire growth, with income augmenting 8.4% to $3.8 billion in a quarter. These regulation were driven by a net boost in a patron base, adding 318,000 net new residential high-speed Internet customers, as good as rate adjustments.

Our business continue to get some-more value with their subscriptions as they use a product some-more and advantage from a augmenting speeds. Our customers’ median monthly information use was adult 131 gigabits per month for a second half of 2017, an boost of 48% year over year. And during year-end, 75% of a residential business perceived speeds of 100 megabits per second or aloft compared to about 50% a year ago, reflecting a efforts to lift baseline speeds opposite a whole patron base. We are focused on pushing market-share gains by fortitude to raise a rival split with improvements to speed, coverage, and control.

We conduct into 2018 charity scarcely 80% of a footprint gigabit speeds enabled by DOCSIS 3.1 and a new modernized wireless gateway. In addition, we are rolling out xFi Pod network extenders to boost WiFi coverage in a home and a xFi app, that offers an unequaled spin of control. With a stream broadband invasion of homes and businesses upheld during 45%, we trust we have copiousness of runway for continued high-speed information patron growth. Switching to video, income augmenting 1.5% to $5.7 billion in a quarter, radically due to rate adjustments as good as business subscribing to additional services, partially equivalent by a net detriment of video customers.

We had 38,000 residential video patron net waste in a quarter, reflecting ongoing foe in a video marketplace. Our newest product for a wire business is Xfinity Mobile, that I’ll criticism on now even nonetheless a regulation are reported in corporate during a launch duration of a business. We’re off to a good start, finale a year with over 380,000 patron lines, carrying total 187,000 lines in a quarter. We trust Xfinity Mobile is a immeasurable event to continue to expostulate a bundling devise of a wire business.

Financially, we had a $480 million EBITDA detriment for 2017. And in 2018, wireless EBITDA waste could be a confederate hundred million dollars higher, reflecting a expectancy of a successful ramp in subscriber acquisitions. Moving on to business services, that continues to be a tip motorist of altogether wire results. We delivered another clever entertain of double-digit growth, with income augmenting 12.2% to $1.6 billion during a quarter, radically driven by patron growth.

We total 33,000 business patron relations in a entertain and 135,000 relations for a year, and grew income per business patron attribute by 5%. All business services segments, small, medium-sized, and now enterprise, are focused on connectivity and have estimable room for destiny growth.Turning to Slide 7, wire waste and margin. Our fourth-quarter EBITDA domain was 40.7%, adult 30 basement points compared to a fourth entertain of 2016. Our full-year EBITDA domain of 40.3% was adult 10 basement points compared to a before year.

For 2018, we trust a margins could be as many as 50 basement points aloft than a 2017 full-year results, reflecting expansion in a high-margin connectivity businesses and a concentration on cost controls. Programming waste augmenting 10% during a entertain and 11.5% for a full year, reflecting a timing of several agreement renewals. In 2018, we design programming cost expansion to meaningfully assuage from a higher-than-normal years we gifted in 2016 and 2017. Non-programming waste declined 1.5% this entertain and were comparatively prosaic for a full year.

This reflects a advantages of a investments we finished in patron knowledge initiatives as good as trained cost government overall. Notably, patron use shortcoming declined 2% this entertain and 1.1% for a year even as patron relations grew by 2.7%. In 2018, we design to see continued advantages from a patron knowledge initiatives and concentration on trained cost management. Now let’s pierce on to NBCUniversal’s results.

On Slide 8, NBCUniversal’s revenues augmenting 3.9%, and EBITDA augmenting 6.4% to $1.9 billion in a quarter. Cable networks delivered another entertain of clever growth, with income augmenting 7.5% and EBITDA adult 9.1% to $1 billion. Distribution income augmenting 6.7% this entertain to $1.5 billion, reflecting a continued advantage of before renewals of placement agreements, partially equivalent by a diminution in subscribers during a wire networks. Content-licensing and other income of $282 million augmenting 34.5% due to a timing of calm supposing underneath chartering agreements.

Last, promotion income of $878 million augmenting 2.3%, reflecting clever pricing that was partially equivalent by ratings declines and a impact of channel closures. Broadcast radio income augmenting 4.1%, and EBITDA declined 26.3% to $194 million. These regulation simulate clever retransmission and content-licensing revenue, equivalent by reduce promotion income and aloft programming and prolongation spending. Retransmission agree fees augmenting scarcely 70% to about $360 million.

Content-licensing income of $632 million augmenting 19%. Offsetting this expansion was a 6.5% diminution in promotion revenue, reflecting clever pricing that was some-more than equivalent by ratings declines, including a NFL and a deficiency of domestic promotion income during a internal stations. In addition, we gifted aloft programming and prolongation costs this quarter, driven by augmenting sports costs, including an additional Thursday Night Football game. In 2018, we design to start a year clever with a Super Bowl and Olympics.

Additionally, we design 2018 retransmission income to boost by approximately $200 million to $1.6 billion. Film income declined 5.2%, nonetheless EBITDA augmenting 89.7% to $230 million, driven by a carryover advantages of several successful films expelled progressing this year. As Brian noted, film delivered a many essential year in a history, with EBITDA flourishing 83% to $1.3 billion. While these regulation set a high bar, we are vehement to have a lapse of some of a biggest franchises, with Jurassic World 2 and a third installment of Fifty Shades in 2018.

Finally, thesis parks income augmenting 8.7%, and EBITDA augmenting 3.2% to $661 million. These regulation simulate comparatively fast assemblage and healthy expansion in per capita spending notwithstanding adverse continue in Japan and carrying lapped a opening of Harry Potter in Hollywood. We are benefiting from new attractions like Minion Park in Japan and Volcano Bay in Orlando as good as a continued success of Harry Potter during any of a parks. Partially offsetting these regulation were a disastrous impact of a weaker Japanese yen and augmenting spending on a code offered debate opposite a portfolio.

In 2018, we design to advantage from a full year of Volcano Bay in Orlando and Minion Park in Japan as good as new attractions opening like a Fast float in Orlando and Kung Fu Panda in Hollywood. Now let’s pierce on to Slide 9 to examination a total and shred collateral expenditures. Consolidated CAPEX augmenting 5.4% to $2.7 billion in a fourth entertain and 4.5% to $9.6 billion for a year. At wire communications, collateral expenditures augmenting 2.8% to $2.2 billion for a entertain and augmenting 4.7% to $8 billion for a full year, ensuing in collateral energy of 15.1%, in line with a devise we summarized during a commencement of 2017.

As expected, investments in customer-premise equipment, including X1 and wireless gateways, sojourn a largest member of a collateral expenditures, nonetheless declined for a full year. We augmenting a investment in scalable infrastructure to boost network ability and augmenting investment in line extensions to strech some-more business and residential patron addresses. For 2018, spending on customer-premise apparatus is approaching to continue to decline. With X1 now deployed to scarcely 60% of a residential video base, a gait of a roll-out has started to slow.

On a other hand, a spending on a network will continue to increase. As a result, we design wire collateral expenditures altogether to boost in 2018, nonetheless we trust a collateral energy could be auspicious relations to 2017 by as many as 50 basement points. At NBCUniversal, fourth-quarter collateral expenditures augmenting 13.6% to $525 million. And on a full-year basis, CAPEX augmenting 3.4% to $1.5 billion, reflecting investments in thesis parks and infrastructure.

For 2018, we design to once again boost collateral spending during NBCUniversal with a infancy of a investment destined to a thesis parks. Our regulation to consistently deposit in new attractions during a parks has driven unequivocally clever returns, and we design that trend will continue. And now finishing adult on Slide 10, let’s cover lapse of capital. Let me start by spending a notation on taxation remodel and a impact.

In terms of a GAAP taxation rate, though taxation reform, it would have been in a 35% to 37% operation in 2018. With taxation reform, we design a GAAP taxation rate to be in a 24% to 26% range. For income taxes, we design an even incomparable impact as a income taxation rate will also advantage from a full and evident expensing of a authorised collateral spending for 5 years. So that’s a impact of taxation remodel on a go-forward GAAP and income taxes.

In terms of what we are doing with a advantage of taxation reform, a initial movement was a proclamation of a special reward to authorised employees in December. Second, we’ve identified additional areas of collateral investment behind into a businesses that now creates mercantile clarity post-tax reform, as we usually discussed. And finally, we will enlarge a already clever collateral lapse plan, as I’ll cover now. As we mentioned earlier, we generated $9.6 billion in giveaway income upsurge during 2017.

We returned $7.9 billion of that to shareholders, comprised of $2.9 billion in dividends and $5 billion in share repurchases. And we finished a year during 2.2 times net leverage, prosaic compared to a before year. For 2018, we’ll continue to govern a offset collateral allocation proceed that we’ve discussed many times. We are augmenting a division 21% to $0.76 per share.

This clever boost reflects certainty in a underlying health and movement in a business, joined with advantages from taxation reform. In addition, we design to repurchase during slightest $5 billion of a batch in 2018. Any buyback we do above that smallest will be in a context of a change sheet, that we wish to be unequivocally clever given a vital value. Expressing that in numbers, we’ve had a net precedence ratio of around 2.2 times for a while now, aloft than a 1.5 to 2 times operation that was in place as we arrived several years ago.

Since then, we bought a Japan park and DreamWorks while gripping a division flourishing and a buyback steady. Now given a aloft acclimatisation rate of EBITDA to giveaway income upsurge ensuing from taxation reform, we don’t design we would need to see a precedence ratio diminution subsequent around 2.2 times in sequence to be unequivocally assured in a strength of a change sheet, hence a superintendence of a smallest of $5 billion in buybacks in 2018. Now before we go to QA, I’d like to take caring of one housekeeping item. By a finish of February, we devise to emanate restated trending schedules to simulate a adoption of a new income approval accounting standard, that was effective Jan 1, 2018.

The impact for Comcast will radically be in a wire business, with adjustments opposite some line equipment that will outcome in both aloft income and aloft expenses. But overall, and importantly for Comcast, there will be no element impact to EPS or giveaway income flow. So that’s all for that item. So I’ll finish by echoing Brian’s comments about a clever 2017 opening and certainty in a positioning and execution as we conduct into 2018.

Now Jason, over to we for QA. Thank you, Operator, and acquire —

Jason Armstrong — Senior Vice President, Investor Relations and Finance

Great. Thank you, Mike. Regina, let’s open adult a call for QA, please.

Questions and Answers:

Operator

Thank you. We will now start a question-and-answer session. If we have a doubt greatfully press * and afterwards a series 1 on your touchtone phone. If we wish to be private from a reserve greatfully press a # key.

If we are regulating a speakerphone we competence need to collect adult a handset initial before dire a numbers. Once again, if there are any questions press * afterwards a series 1 on your touchtone phone. Our initial doubt comes from a line of Ben Swinburne with Morgan Stanley. Please go ahead.

Ben Swinburne — Morgan Stanley — Analyst

Thanks. Good morning. Brian, we talked a lot about connectivity in your prepared remarks, and we consider a market’s unequivocally focused positively on your runway in broadband. But when we demeanour during your three-year or longer-term products highway map for connectivity and broadband, what are a things that you’re many vehement about to keep that business growing? And specifically, I’m wondering, consumers customarily — used to compensate usually for entrance to a internet.

But obviously, a series of inclination is growing, coverage is some-more important, you’ve total mobile. What are a things that we consider keep that business holding share in what is admittedly a sappy business? And afterwards we usually had a discerning follow-up for Mike.

Brian Roberts — Chairman and Chief Executive Officer

Well, let me start, and afterwards I’d like to flog it over to Dave Watson. First of all, usually comprehensive penetration, it is about 48% and — let me scold that. Sorry, 40% expansion opportunity. And — nonetheless a comprehensive penetration, where are we in broadband, let’s start with that, as an industry, and where are we with a competitors and how good is a product.

I feel unequivocally good about a highway map for that. No. 2, we launched a mobile product for a broadband customers. We’re unequivocally vehement about that.

We talked about a speed and pods and connectivity and coverage. Then you’ve got intelligent home. If we demeanour during CES, all during CES is all about what’s going to occur to a home of a destiny in a subsequent 3 years, 5 years, 10 years. It’s tough to know accurately when any of those equipment will explode.

You demeanour during a bit-per-home expenditure rate, and that is adult again even some-more this year. So that’s since we like a business so much. And ultimately, we boil it all down to that. We’d adore all those pieces to be a bits, nonetheless that doesn’t matter.

We wish to give business an implausible experience. We wish to be a best, and that requires investment in innovation. And that’s really, we think, a concentration that a association has been creation over several years. And this year’s regulation and a fourth-quarter results, we think, denote genuine strength in this business.

Dave?

David Watson — President and Chief Executive Officer, Comcast Cable

Well, as Brian said, we consider there’s expansion opportunities both in marketplace share and rate. And if you’d demeanour during a altogether numbers of broadband, a altogether broadband invasion being around 80%, there’s room usually there. So home expansion is plain in ’17, so homes upheld flourishing by 1.4%. The DSL bottom is still substantial.

So overall, as we start, there’s room for growth. So — nonetheless what we’re focused on is what’s working. And what’s operative is this concentration that Brian mentioned around innovation. And we have a good scaled infrastructure, we’ve got 3.1.

It is now during a finish of a year during 80%. We’ll finish that by a finish of ’18. Puts us in position to have unequivocally immeasurable scaled one gig rolled out. So as expenditure and use continues to climb, we’re going to be brazen of a bend in terms of capacity.

So — and afterwards a immeasurable 3 for us are speeds — we continue to boost speeds. We’ve finished that consistently, 16 times out of a final 17 years. And afterwards a new thing is coverage, a multiple of good devices, best-in-class gateway inclination that in and of themselves yield good coverage. You marry that with a new pods, a WiFi extenders.

And so coverage, we think, is a good answer that will assistance us expostulate a business. And afterwards final is being means to control all these things. So we bond that with medium rate increases, you’re focusing on a trained proceed toward multiproduct discounts, creation certain that to a border that if they usually wish broadband, afterwards fine. We’ll be trained in that approach.

And so — and also, as expenditure goes, we’re going to be unequivocally focused on providing a best tier of broadband use for a customers. So there’s opportunities and rate and growth.

Ben Swinburne — Morgan Stanley — Analyst

That’s helpful. And just, Mike, on your final indicate on leverage, we consider we — we consider we listened we contend 2.2 is arrange of where we consider a association should be. we consider with a — during $5 billion, we would delever flattering morally in 2018. So are we suggesting afterwards that arrange of a upside of that series comes from handling toward a 2.2 formed on what other tip allocation opportunities come your proceed this year? Is that arrange of how we should appreciate that comment?

Mike Cavanagh — Senior Executive Vice President and Chief Financial Officer

Sure. You should consider about a comments in a context of a collateral allocation framework, that doesn’t change. It’s been this team’s priority to change 3 things: one, deposit in a business to keep it flourishing and optimize a gain energy over a prolonged term; dual is keep a unequivocally clever change sheet; and 3 is to do healthy gain of collateral to a shareholders. So we consider with a horizon we usually described, observant a smallest of 5 and anchoring that to around 2.2 times leverage, everybody has their possess foresee of what’s going to happen.

But that’s how we would find there to be upside in a buyback during a march of this year, nonetheless obviously, depending on us executing a offset devise we usually described.

Ben Swinburne — Morgan Stanley — Analyst

That’s helpful. Thank you, both.

Mike Cavanagh — Senior Executive Vice President and Chief Financial Officer

Great. Thanks, Ben. Next question, please

Operator

Your subsequent doubt comes from a line of Phil Cusick with JP Morgan. Please go ahead.

Phil Cusick — JP Morgan — Analyst

Thanks. Two discerning ones, if we can. Brian, can we speak about what a bar competence demeanour like for U.S. and ubiquitous MA? And given a lot of deals in front of a DOJ today, do we wish to see some improved instruction before removing involved? And afterwards in wireless, we mentioned a power for acceleration in 2018.

Are we now assured that a business is attractive, and we have a right model, and that now is unequivocally a time to let it start to spin up?

Brian Roberts — Chairman and Chief Executive Officer

Let me flog over to Dave to start on a wireless doubt first.

David Watson — President and Chief Executive Officer, Comcast Cable

In mobile, while it’s early, Phil, that we’re unequivocally gratified with a early theatre results. We launched in May. As Mike pronounced earlier, we achieved a 380,000 lines. So there’s plain movement as we approach.

So we like a diversion plan. We like a fact that it’s connected to a existent business lines. And it’s a unequivocally elementary product proceed that can scale, and so clever digital concentration experience. What we’re anticipating is that a By a Gig proceed is unequivocally attractive.

Most of a business are holding that. We still sell unlimited, nonetheless it’s — we are in, we think, a unequivocally singular position as we scale this to do both. So it’s early still. And usually branding is kicking in, and we’re expanding placement to a existent sell locations.

And we’re going to start to package it with a other lines of business, including broadband. So it gives us usually genuine wrapping optionality, so we consider we are well-positioned going into ’18 as we scale mobile.

Brian Roberts — Chairman and Chief Executive Officer

Let me usually echo what we arrange of pronounced earlier. We always are looking for ways to emanate some-more value for shareholders from opportunities, as Mike usually described, where we find collateral to deposit in a business or new businesses like Dave usually talked about in wireless or what we’re doing with a Olympics. At a same time, we demeanour during fake opportunities that come along, and we have a bar. we consider I’d contend that there’s zero we feel we have to acquire.

And we consider that’s an critical indicate to emphasize. So we consider we set it high. we don’t know how to pure that, solely to demeanour to a lane record. And we’ve total value for shareholders, we think, in roughly any instance, and that’s positively a suspicion when we do so.

So a many new instance would be a Japan thesis park. And stay tuned, we’ll see if we can execute. But so far, we feel superb about that. And obviously, NBCUniversal, as we mentioned before, is a biggest example.

So we don’t speak about specific situations, and we wish that helps clarify.

Phil Cusick — JP Morgan — Analyst

Thanks.

Mike Cavanagh — Senior Executive Vice President and Chief Financial Officer

Thank you, Phil. Next question, please.

Operator

Your subsequent doubt comes from a line of John Hodulik with UBS. Please go ahead.

John Hodulik — UBS — Analyst

Great. Thanks. Maybe one for Mike and one for Dave. First, Mike, some good information on a effective taxation reform.

Can we give us a improved clarity of arrange of a dollar resources that we design from — if you’re looking from ’17 to ’18, usually to get a improved clarity of how many expansion we’re going to see off that $9.6 billion in giveaway income flow? And afterwards for Dave, on a video business, unequivocally some plain numbers from a subscriber standpoint. Can we give us a clarity of what you’re saying in terms of vigour from arrange of a live-streaming providers? Has that altered as we went from entertain to quarter? And afterwards maybe an opinion on what we design from a programming cost expansion series for subsequent year. Thanks.

Mike Cavanagh — Senior Executive Vice President and Chief Financial Officer

John, it’s Mike. So I’ll tell we how to consider about a impact, nonetheless everybody has again got their possess foresee rather than regulating numbers for you. What we pronounced is about an 11-point diminution in a GAAP taxation rate, that will also urge income taxes by a same magnitude. So use your possess speculation of what a pre-tax income is subsequent year, and you’ll get that.

But afterwards obviously, on tip of that, we get to immediately shortcoming a authorised volume of a $10 billion of collateral or so we’re putting in, so we can take a swag during that. It’s meaningful, obviously, nonetheless those are a dual pivotal pieces that expostulate it.

John Hodulik — UBS — Analyst

Out of a CAPEX, do we design a immeasurable infancy to be expensable?

Mike Cavanagh — Senior Executive Vice President and Chief Financial Officer

Yes.

David Watson — President and Chief Executive Officer, Comcast Cable

So John, on a video side, it is unequivocally a unequivocally rival video environment. And we unequivocally don’t design a spin of foe to diminish. However, we’re going to continue to aggressively contest for essential video relationships. And so a proceed is working.

We’ve finished some unequivocally assuage adjustments. It’s how we compete, and we consider it helped us in Q4. But we’re going to continue to shred a marketplace. So we’ve introduced new services like Instant TV, that is a streaming wire network-delivered product though a set-top box.

We use that on a targeted basis. Our concentration is going to continue to be bundling, full bundles, leveraging best-in-class X1 and broadband. That wrapping is working. And so we feel good about Q4, nonetheless it is competitive.

And so we’re going to stay during it. And — nonetheless a thing that we consider is critical to note that we have seen this composition entrance in terms of this marketplace, a energy of a over-the-top new entrants. And formed on that, while we’re going to contest aggressively opposite a house for good video customers, we have transitioned some-more and some-more toward broadband. And so broadband is a centerpiece for us.

We’re going to have good change on essential growth, leveraging broadband. But — so we design to contest aggressively in video and precedence some of a new things we’re doing, nonetheless we usually don’t see a sourroundings changeable too many from what we saw during a finish of final year. The final point, on programming cost. we consider as Mike said, it was a — to design assuage decrease.

I consider it’s some of a timing of a relationships. Our concentration around this is margin, and we stay intensely focused on altogether margin. Programming’s one square of it. But as we know, we’ve stayed unequivocally focused on a experience, holding exchange out.

When we demeanour during things like, to a border that we’re adding, that we are, patron relations and a fact that we’re holding out usually lots and lots of exchange out, that’s as critical as anything. But programming cost, we do design to tolerably decrease.

Mike Cavanagh — Senior Executive Vice President and Chief Financial Officer

And obviously, it’s Mike, usually agreeable in there, that translates into a — as many as 50 basement points alleviation in margins for wire for 2018. Next question, please.

Your subsequent doubt comes from a line of Jessica Reif Cohen with Bank of America Merrill Lynch. Please go ahead.

Jessica Reif Cohen — Bank of America Merrill Lynch — Analyst

Oh, thanks. we roughly don’t know where to start. But we guess, first, arrange of a total wire NBCU question. At CES a few weeks ago, Comcast Cable and NBCU seem to be front and core of a attention for addressable advertising, both in terms of a height and a services you’re offering, and Marcien Jenckes and Linda Yaccarino were right there, and seem to be in an industry-leading position.

So can we speak a tiny bit about where we consider a attention and a association is within that in terms of convalescent dollars mislaid from normal media to a newer platforms? Can we usually give us any tone on what you’re doing or what you’re expecting? And afterwards for NBCU specifically, can we speak a tiny bit, Steve, we know you’re on, about a formation of DreamWorks Animation? And does that assistance we in your efforts in consumer products? And if we can usually chuck in one for Brian as a follow-up to a MA topic. There seems to be some unequivocally pure opportunities in both media and placement amid an apparent restructuring or entrance restructuring of a industry. But there are also so many opposite army personification out right now. The same companies are investing so heavily in reward video in ways we’ve never seen, nonetheless we have this unpredictability in Washington on what can get authorized and not approved.

So can we usually give us tone on how you’re meditative of removing — are we removing pushed in one instruction or another in terms of media calm or distribution?

Steve Burke — Chief Executive Officer, NBCUniversal

So I’ll answer dual of your 4 or 5 questions, and afterwards pass to Dave or Brian, nonetheless let me start with DreamWorks. We bought DreamWorks 18 months or so ago and have totally retooled a upsurge of releases. We indeed have a delayed year this year. And afterwards subsequent year, in 2019, we’ll have a confederate releases and afterwards should have dual releases any year thereafter.

And if we mix that with a confederate releases from Illumination, we should have 4 charcterised films in a good full-throttle year. We’re unequivocally happy with a swell we’ve finished during DreamWorks. And we can suppose a year when we have 4 good charcterised films, what that will do to a film OCF. At a same time, we unequivocally many trust that we need to have a ecosystem of new IP, clever consumer products, and afterwards entrance in a thesis parks.

And we’ve got that cranked adult now. We’ve finished a lot of investments and seen a lot of expansion in consumer products in a final confederate of years. Those regulation are embedded in a record year that a film organisation had, and you’re going to see that continue in a future. The ultimate boon being when you’ve total adequate IP to unequivocally precedence that consumer products capability.

That capability is worldwide. We’re opening offices overseas, holding behind representative relations with worker relationships. we consider consumer products is a immeasurable upside for NBCUniversal. In terms of advertising, it’s unfit not to see a strength, quite of Facebook and Google, unequivocally a prevalence of Facebook and Google in terms of digital advertising.

And a lot of a expansion in a ecosystem is going toward digital, and we’re not participating in that expansion to a grade that we should be, given a camber of a assets. The good news is radio promotion is roughly flat. If we mix a disastrous outcome of ratings diminution and a certain outcome of CPMs, depends on a company, depends on promote and cable, depends on a quarter, nonetheless radio promotion is holding a own. Our dream, and it should be a dream of anybody who’s got resources like ours, is to take a radio promotion and make it some-more targetable, some-more addressable and have some-more of a characteristics that digital has and then, over time, have some-more of a promotion be influenced by a record that digital provides.

We’ve finished a lot of swell on that. We’ve finished a lot of investments in Box and BuzzFeed and Snap. We’ve finished a lot of swell in terms of how we monetize online and how we monetize on a VOD platform, quite with Comcast Cable, nonetheless there’s a lot some-more to do. And we consider what we listened during CES is a series of skeleton that we have.

We’ve rolled out — Linda substantially has 4 or 5 opposite products that she’s now in a marketplace offered that have aspects of interactivity and overlaying Comcast information in markets, and there’s a lot some-more to go as distant as that goes. But a good news is radio advertising, we think, is holding a own. And as we conduct off to a Super Bowl and a Olympics, it’s not mislaid on us that if you’re a immeasurable advertiser and we wish to launch immeasurable brands and unequivocally make a element change in a proceed consumers consider about you, we have to be in a immeasurable events on TV. And we have something like two-thirds of all a immeasurable nights on promote radio in a subsequent 12 months.

So we consider we’re well-positioned for a ecosystem where it is, nonetheless we’re tough during work formulating a ecosystem that should be there that gives radio all a positives that digital has.

David Watson — President and Chief Executive Officer, Comcast Cable

Jessica, Dave. So as Steve said, one of a things on a wire side that we’re focused on is being means to lift together a height that could lift together all a content. And a initial call that Marcien is assisting us stay unequivocally focused on is VOD. So a VOD addressability is off and running, carrying success with that.

But really, a transition continues to stay focused on VOD, linear, online all entrance together. we consider wire and distribution, we have a singular event to lift all these things together. So Marcien has finished a good pursuit pulling together a height elements that put us in position to make these things happen.

Brian Roberts — Chairman and Chief Executive Officer

Just to a other question. we consider probably, we lonesome it a tiny bit in speculation in my before conversation, and afterwards we consider it’s an engaging time in a business. The opportunities are being created. Some of those opportunities are disastrous and some are positive.

I consider a pursuit is arrange of investigate it and know where to grow. And we consider Dave acknowledging that we saw changes in video entrance as a for instance, and put a creation efforts around broadband is usually to put an instance of that. we consider a importance on thesis parks, that we didn’t expect when we bought NBCUniversal, nonetheless we saw opportunities there as a for instance. So let’s leave it during that for now.

It’s a kind of thing we’ll speak about over time. Some of your predictions of restructuring of a industry, let’s see if it all plays out that way, and there will be some-more information in a buliding ahead.

Jessica Reif Cohen — Bank of America Merrill Lynch — Analyst

OK. Thank you.

Brian Roberts — Chairman and Chief Executive Officer

Thanks, Jessica. Next question, please.

Operator

Your subsequent doubt comes from a line of Marci Ryvicker with Wells Fargo. Please go ahead.

Marci Ryvicker — Wells Fargo — Analyst

Thanks. we have dual questions for Mike and afterwards one for Steve. So first, Mike, it sounds like Xfinity Mobile is staying in corporate. we guess, during what indicate do we put this in wire communications? Do we wait until this is profitable? And afterwards secondly, it sounds like a programming costs are pushing a infancy of a 50 basement indicate alleviation in wire margins.

So are we interpreting that correctly? And afterwards for Steve, we have a unequivocally singular portfolio entrance into a year in terms of promotion with a Super Bowl and a Olympics. But do we have any clarity what advertisers are going to do with their additional income from taxation remodel on their possess change sheet? So are we discussion any some-more promotion dollars competence come into a complement and go toward TV?

Mike Cavanagh — Senior Executive Vice President and Chief Financial Officer

Thanks, Marci. So it’s Mike. So on a Xfinity Mobile question, approaching to stay in corporate for all of ’18, probably, if we had to guess, all of ’19. The suspicion here is to apparently share a information.

We do share. You’ll see all that matters, nonetheless not to have a — as we’re ramping that business, it’s apparently — would differently crush a core business in cable. So we’ll speak about it and share it with you. But we consider putting it where we put it is dictated to be pure and clear, so we can decider a businesses from a garland of opposite angles.

So a confederate of years would be my answer on that. And afterwards on domain improvement, it’s a — we wish to make certain we got a series right. It’s as many as 50 basement points, 5-0. we competence have listened we contend 1-5.

The — it’s unequivocally a sum of dual things. It is, obviously, a easing of programming cost increases, that we had dual immeasurable years looking behind to a years before this. Dave and a organisation there have finished a good pursuit handling all tools of a cost bottom divided from programming, and that’s continued. So we would give credit over a multiyear duration to contend that it’s a concentration on being fit in all categories that’s contributing to this year’s domain changes, not usually programming.

Steve Burke — Chief Executive Officer, NBCUniversal

So in terms of advertising, we’re 10 days divided from a Super Bowl. And as we conduct into a Super Bowl, we are averaging about $5 million a unit, that is up, call it, 15% or 20%, we think, from final year. And we’re radically sole out. So if you’re looking for arrange of an evident pointer as to how prohibited a marketplace is, as distant as a Super Bowl goes, it’s flattering hot.

I consider a radio promotion ecosystem has been clever for a while now, substantially dual or 3 years of strength. It feels like it competence be removing a tiny stronger now. we don’t consider there’s indispensably a proceed association from a taxation cuts and carrying some-more income and throwing that into advertising. we consider it competence be some-more compared to usually altogether business sentiment.

But to a grade that business view is somewhat stronger now than it was 6 months ago or stronger now than it was 6 months ago, we consider we can kind of feel that entrance into a promotion market. And as we demeanour brazen into a upfront, that is customarily a few months away, by all accounts, it’s going to be a clever upfront.

Brian Roberts — Chairman and Chief Executive Officer

The customarily other thing we would add, another speculation would be that it’s since a Eagles are in a Super Bowl that it sole strong, nonetheless I’m not sure.

Marci Ryvicker — Wells Fargo — Analyst

Great. Thank you.

Mike Cavanagh — Senior Executive Vice President and Chief Financial Officer

Thank you, Marci. Next question, please.

Operator

Your subsequent doubt comes from a line of Vijay Jayant with Evercore. Please go ahead.

Vijay Jayant — Evercore ISI — Analyst

Thanks. Just wanted to — for Steve, a practical MVPD expansion over a final year and a impact on a underlying subscriber trends and a associate numbers and retransmission series looks flattering good during NBC’s promote and cable. So any tone on how a underlying subscriber trends are there? And afterwards usually a extended doubt on net neutrality and a annulment of Title II. Is there anything opposite that’s going to be finished now given that’s substantially not an overhang anymore on a broadband side of a business?

Steve Burke — Chief Executive Officer, NBCUniversal

So we consider when you’re meditative about practical MVPDs or MVPD changes in general, from an NBCUniversal perspective, we’re unequivocally clear about tenths of a commission point. We’re not clear about major, vital changes. And a practical MVPDs are accelerating. It’s some-more of them removing into a business and their business grows.

Some of them are accelerating. But it’s a comparatively teenager outcome opposite a house for NBCUniversal. And if we demeanour during a final dual or 3 quarters, you’ll see changes in a tenths of a commission point, nonetheless not commission changes overall.

Brian Roberts — Chairman and Chief Executive Officer

I consider we’ve pronounced that we support a giveaway and open Internet, and we have been committed to enforceable open Internet protections. We usually suspicion Title II was nonessential to pledge consumers that open Internet. So we trust Congress will hopefully now act to put some fast set of enforceable open Internet protections that can no longer get revisited and topsy-turvy with opposite administrations. So we do consider it gave us a certainty to make a matter that over a subsequent 5 years, we’re going to have poignant investment in a economy to a balance of during slightest $50 billion.

So we’re relocating brazen investing and innovating, and we consider we demeanour brazen to someday putting this review behind us for everybody’s sake.

Vijay Jayant — Evercore ISI — Analyst

Thanks so much.

Mike Cavanagh — Senior Executive Vice President and Chief Financial Officer

Thank you, Vijay. Next question, please.

Operator

Your subsequent doubt comes from a line of Jason Bazinet with Citi. Please go ahead.

Jason Bazinet — Citi — Analyst

I usually had a doubt for Mr. Burke. we speculation if we guys do MA, we wish everybody remembers how roughly zodiacally disastrous they were on a NBCU merger when we did it since when we demeanour during my numbers, behind in 2010, it was about 20% of your EBITDA. And NBCU is finished adult roughly 50% of a EBITDA dollar change over a final 7 years.

I consider we all know you’ve finished a good pursuit on a series of fronts, parks, studio, Telemundo, retrans. My doubt is, what levers do we see left? In other words, are there still immeasurable levers that we see over a subsequent dual or 3 years? Or do we consider NBCU’s expansion will start to some-more closely resemble arrange of a industry’s growth?

Steve Burke — Chief Executive Officer, NBCUniversal

Well, we consider we still have a lot of opportunity, and it’s very, unequivocally tough to predict. When we bought a association 7 years ago, we consider a handling income upsurge was about $3.5 billion. And we consider in this past year, it was about $8.2 billion. And we never dreamt 7 or 8 years ago that we would get that kind of growth.

We saw opportunity, nonetheless we weren’t pure about a grade of that opportunity. And it’s equally formidable as we demeanour into a future, nonetheless we consider we have a lot of event still. If we demeanour during MSNBC violence CNN roughly any night and violence Fox many nights, Fox News, and a fact that MSNBC creates a fragment of what CNN and Fox News make; if we demeanour during Telemundo violence Univision final year in primetime, and Univision creation a lot some-more income than Telemundo; if we demeanour during a thesis parks, that are fantastic, and any time we open new attractions, we’re saying very, unequivocally estimable jumps in attendance, and we have room for thousands some-more hotel rooms; if we demeanour unequivocally opposite a board, we consider we still have a lot of opportunity. The fact of a matter is NBC primetime is going from fourth to first, and we can’t be any improved than first.

And Universal Pictures has had dual out of a 3 biggest years in a story in a final 3 years. So trees don’t grow to a sky, nonetheless we still have a lot of opportunities. we consider we have a good government team. We’re allocating collateral in a unequivocally receptive way.

We have a good culture. Everybody works together with symphony. So I’m confident we can continue to grow, and we still have lots and lots of opportunities.

Jason Bazinet — Citi — Analyst

Thank you.

Mike Cavanagh — Senior Executive Vice President and Chief Financial Officer

Thank you, Jason. Regina we’ll make this a final question, please.

Operator

Our final doubt will come from a line of Brett Feldman with Goldman Sachs. Please go ahead.

Brett Feldman — Goldman Sachs — Analyst

Thansk for holding a question. And usually to follow adult a tiny bit some-more on Xfinity Mobile. Mike mentioned that a EBITDA waste here, we think, were a tiny larger than we had primarily thought, and there’s going to be some incremental drag in ’18. It sounds like from his comments that a pivotal non-static there is usually aloft patron expansion and, therefore, aloft patron merger cost, and we usually wish to endorse that that’s a right proceed of bargain that.

And afterwards we got to over 380,000 subs with flattering slight and targeted distribution. we was anticipating maybe we can usually enhance on what your skeleton are for this year, quite on a placement standpoint in sequence to make certain you’re means to keep that movement going.

Mike Cavanagh — Senior Executive Vice President and Chief Financial Officer

Brett, it’s Mike. So I’ll start and palm it over to Dave. So on this year’s drag, I’d contend it’s in line with what we had expected, maybe a hold higher, nonetheless not meaningfully so. And yes, what happens subsequent year will unequivocally many be a duty of a wish for ramping adult of subscriber acquisitions, which, obviously, until we get to a spin of arrange of fortitude during a aloft spin than this, you’ll be carrying augmenting drag, nonetheless that’s a good thing as we’re flourishing a business that we consider is going to be unequivocally profitable to a altogether economics of a patron relationship.

David Watson — President and Chief Executive Officer, Comcast Cable

So from a placement standpoint, one of a things we talked about early on was a concentration around digital and carrying a good digital knowledge by a sales process, by on-boarding. And so that’s working. We’re genuine gratified with digital as a channel. And we mentioned retail, a existent sell locations don’t feel like we need to go a lot bigger.

We have a long-term good plan, nonetheless we’re introducing mobile into existent retail. And we’re carrying success there. It’s early, nonetheless we consider ’18 is a year of scaled operations around a sell experience. And afterwards final nonetheless not slightest is introducing it, that we’ve done, into a normal inbound call centers, that always do a good pursuit with products.

So we consider we square all these things together, there’s upside and event as we enhance placement in mobile.

Brett Feldman — Goldman Sachs — Analyst

One discerning question. we know you’re targeting your existent bottom with this product. Are we anticipating that when we move new patron relations on, you’re means to insert mobile out of a box?

David Watson — President and Chief Executive Officer, Comcast Cable

We’re — as we usually maybe heard, we usually announced a bring-your-own-device, good new addition. So too early to give too many tone on that, nonetheless it’s a genuine event both for existent business and new business being means to come in, move their device and speak about transitioning over. So we’re focused on a offset proceed to existent customers, nonetheless also some-more and some-more be reaching out to new customers. And we’ll speak about a other lines of business in offer to not usually mobile.

Thank you.

Jason Armstrong — Senior Vice President, Investor Relations and Finance

Yes, appreciate we all. OK. Thank you, everyone, for fasten us this morning. We’ll finish a call there.

Regina, behind to you.

Operator

There will be a replay accessible of today’s call starting during 12:00 p.m. Eastern Time. It will run by Wednesday, Jan 31, during midnight Eastern Time. The dial-in series is (855) 859-2056 and a discussion ID series is 4695509.

A recording of a discussion call will also be accessible on a company’s website commencement during 12:30 p.m. Eastern Time today. This concludes today’s teleconference. Thank we for participating.

You competence all disconnect.

Duration: 67 minutes

Call Participants:

Jason Armstrong — Senior Vice President, Investor Relations and Finance

Brian Roberts — Chairman and Chief Executive Officer

Mike Cavanagh — Senior Executive Vice President and Chief Financial Officer

Ben Swinburne — Morgan Stanley — Analyst

David Watson — President and Chief Executive Officer, Comcast Cable

Phil Cusick — JP Morgan — Analyst

John Hodulik — UBS — Analyst

Jessica Reif Cohen — Bank of America Merrill Lynch — Analyst

Steve Burke — Chief Executive Officer, NBCUniversal

Marci Ryvicker — Wells Fargo — Analyst

Vijay Jayant — Evercore ISI — Analyst

Jason Bazinet — Citi — Analyst

Brett Feldman — Goldman Sachs — Analyst

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