Comcast Corporation's (CMCSA) CEO Brian Roberts on Q2 2022 Results - Earnings Call Transcript

Comcast Corporation (NASDAQ:CMCSA) Q2 2022 Earnings Conference Call July 28, 2022 8:30 AM ET

Company Participants

Marci Ryvicker - SVP, Investor Relations

Brian Roberts - Chairman and Chief Executive Officer

Michael Cavanagh - Chief Financial Officer

Jeffrey Shell - Chief Executive Officer, NBCUniversal

David Watson - President and Chief Executive Officer, Comcast Cable

Dana Strong - Group Chief Executive Officer of Sky

Conference Call Participants

Benjamin Swinburne - Morgan Stanley

Philip Cusick - JPMorgan Chase

Craig Moffett - MoffettNathanson

Douglas Mitchelson - Credit Suisse

Jessica Reif Ehrlich - BofA Securities

Brett Feldman - Goldman Sachs

Jonathan Chaplin - New Street

John Hodulik - UBS

Operator

Good morning, ladies and gentlemen, and welcome to Comcast's Second 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 would now like to turn the call over to Executive Vice President of 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 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 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 hello everyone. Our financial results were very strong across the board once again this quarter. We grew second quarter consolidated revenue by 5%, adjusted EBITDA by 10%, and adjusted EPS by 20%. We accomplished this while continuing to invest in our businesses and returned significant capital to shareholders. Specifically we bought back $3 billion worth of our stock in the quarter, bringing our total to $6 billion year-to-date. And we continue to have a healthy dividend and one of the strongest balance sheets in the industry.

Our prudent financial management and long-term innovation-based strategy are paying off in Cable which posted 5% growth in EBITDA and 70 basis points of year-over-year margin expansion. In fact, our EBITDA margin reached a record high of nearly 45% this quarter. While we’ve added nearly 800,000 broadband subscribers in the past 12 months, more recently that pace has slowed and we posted flat broadband subscriber additions in the second quarter.