Comcast Corporation (CMCSA) Q3 2022 Earnings Call Transcript

Comcast Corporation (NASDAQ:CMCSA) Q3 2022 Earnings Conference Call October 27, 2022 8:30 AM ET

Company Participants

Marci Ryvicker - Executive Vice President, Investor Relations

Brian Roberts - Chairman & Chief Executive Officer

Mike Cavanagh - Chief Financial Officer

Dave Watson - President & Chief Executive Officer, Comcast Cable

Jeff Shell - Chief Executive Officer, NBCUniversal

Conference Call Participants

Ben Swinburne - Morgan Stanley

Doug Mitchelson - Credit Suisse

Craig Moffett - MoffettNathanson

Brett Feldman - Goldman Sachs

Michael Rollins - Citi

Jessica Reif Ehrlich - Bank of America Securities

Philip Cusick - JPMorgan

John Hodulik - UBS

Operator

Good morning, ladies and gentlemen and welcome to the Comcast Third Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. Please note that 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.

Marci Ryvicker

Thank you operator, and welcome everyone. Joining me on this morning's call are Brian Roberts, Mike Cavanagh, Dave Watson, Jeff Shell and Dana Strong. Brian and Mike will make formal remarks while Dave, Jeff and Dana will also be available for Q&A.

Let me now refer you to Slide 2, 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 see our 8-K and trending schedules for the reconciliations of these non-GAAP financial measures to GAAP.

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

Brian Roberts

Thanks, Marci and good morning, everyone. I'm really proud of the company and our results this quarter. We are reporting adjusted EBITDA growth of 6%, adjusted EPS growth of 10% and significant free cash flow, while also investing in our future and returning a record high amount of capital to our shareholders. The strong financials today are a testament to our focus on driving profitable growth through innovation as well as a reflection on the professionalism of our employees. Together, I believe we are collaborating and executing at the highest levels.

I especially want to recognize and publicly thank all of our teammates in Florida as well as those who traveled to Florida over the last several weeks. They worked tirelessly to assist customers who were impacted by Hurricane Ian, even while many of these employees had their own losses. This was a devastating storm particularly for us, as we are the primary cable operator in most of the areas where it hit and we expect this affected about half of our traditional Florida seasonal customers.