2024-03-06 16:12:04 ET
Comcast Corporation (CMCSA)
Morgan Stanley Technology, Media & Telecom Conference
March 06, 2024 11:45 AM ET
Company Participants
Jason Armstrong - Chief Financial Officer
Conference Call Participants
Ben Swinburne - Morgan Stanley
Presentation
Ben Swinburne
Okay. Good morning, everybody. I'm Ben Swinburne, Morgan Stanley's Media, Entertainment and Cable Satellite analyst. Quick disclosure statement, which is here. For important disclosures, please see the Morgan Stanley research disclosure website at morganstanley.com. Do you have any questions, please reach out to your Morgan Stanley sales rep.
And I'm really excited to welcome to the conference -- back to the conference, Comcast. And to the conference on stage joining me, I think, for the first time here, Jason Armstrong, CFO. Jason, thanks for coming.
Jason Armstrong
Great to be here. Good morning, everybody.
Question-and-Answer Session
Q - Ben Swinburne
So, stepping back, we think about 2023, company had a solid year. Stock had a solid year. You guys delivered 9% to 10% earnings growth, free cash flow growth. And at least from our perspective, Jason, the stock looks pretty cheap relative to that kind of algorithm. Can you talk about your strategy to sort of continue to drive that level of growth and generally maximize value for the shareholders in 2024?
Jason Armstrong
Yes. Well, thanks for sort of starting out that way. That's right. 2023, a really good year for Comcast. You're right, we grew both earnings per share and free cash flow per share sort of in the 9% to 10% range. So good healthy growth. And I'd point out that was despite a super competitive environment broadband, probably the most competitive environment long time, despite taking on peak streaming losses in Peacock. So, we've been investing to get Peacock off the ground, ultimately in the last three years and scaled, which I think we're making good progress on, but nonetheless, last year was sort of the peak year losses....
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Comcast Corporation (CMCSA) Morgan Stanley Technology, Media & Telecom Conference (Transcript)