Comcast Corporation (NASDAQ:CMCSA) Q3 2023 Results Earnings Conference Call October 26, 2023 8:30 AM ET

Company Participants

Marci Ryvicker - Executive Vice President, Investor Relations

Michael Cavanagh - President

Jason Armstrong - Chief Financial Officer

Brian Roberts - Chairman and Chief Executive Officer

David Watson - President and Chief Executive Officer, Comcast Cable

Conference Call Participants

Ben Swinburne - Morgan Stanley

Craig Moffett - MoffettNathanson

Phil Cusick - J.P. Morgan

Jessica Reif Ehrlich - Bank of America Securities

Brett Feldman - Goldman Sachs

John Hodulik - UBS

Jonathan Chaplin - New Street

Steven Cahall - Wells Fargo Securities

Operator

Operator: Good morning, ladies and gentlemen, and welcome to Comcast's Third Quarter Earnings Conference Call. At this time, all participants are in a 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.

Marci Ryvicker

Thank you, operator. And welcome, everyone. Joining me on today's call are Brian Roberts, Mike Cavanagh, Jason Armstrong, and Dave Watson.

I will now refer you to slide 2 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 8-K 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 Mike.

Michael Cavanagh

Good morning, everyone. And thanks for joining our third quarter earnings call. It was another strong quarter for us, with adjusted EBITDA up 5% and adjusted EPS up 13%. We generated $4 billion in free cash flow, which, combined with our expectation of Hulu proceeds in the near future, contributed to a pick-up in our share repurchases to $3.5 billion in the quarter.

Our steady performance has been a direct result of how we've always run our company, which is with a focus on industry-leading performance, both operationally and financially, in each of our businesses, combined with a long-term, customer-centric approach to decision-making that ensures each business is positioned to win in the future. This has all been facilitated by a philosophy of investment in our businesses that has remained consistent through different economic and credit cycles, and particularly through the recent global pandemic.