Prepared remarks
Good morning, ladies and gentlemen, and welcome to Comcast Third Quarter 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.
Thank you, operator, and welcome, everyone. Joining us 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 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.
Thanks, Marci, and good morning. Before I hand it over to Jason, I'll touch on a few topics that are top of mind for me as we report our third quarter results and head into the home stretch of 2024. First is convergence, second is Epic Universe and third is Media. On convergence, which we define as the combination of ubiquitous high-speed Internet along with wireless phone, by that definition, we are positioned to win. Today, we have 63 million homes and businesses already able to receive gig-plus broadband speed and we also offer wireless service everywhere we provide broadband. This reach far exceeds the fiber footprints of the largest three telecom companies combined, and our footprint is growing at a rapid pace. In fact, we've extended our network to more than 1.2 million additional homes and businesses over the last 12 months, a 50%-plus increase over what we were able to do just two years ago.
So, even accounting for the announced fiber buildout plans of those three wireless companies, we expect to maintain this lead well into the future. Broadband usage is skyrocketing. Our broadband-only customers are heavy data users, averaging 700 gigabytes per month. And we want it that way because our existing network can handle significant increases in bandwidth consumption at a very low marginal cost. We are on a path over the next few years to deliver multi-gigabit symmetrical speeds, which will be competitive with any technology out there. The other side of our converged offering is Xfinity Mobile, which matches the capabilities of any wireless network in America. We bundle Xfinity Mobile with our best-in-class broadband service everywhere we compete at a price that offers great savings to the consumer. When combined with broadband, our wireless offering improves churn and increases overall customer satisfaction.
We also look for opportunities to enhance our converged experience. An example being a new feature we are rolling out now called WiFi Boost, which automatically increases Xfinity Mobile customer speeds up to 1 gig on our WiFi network, which is also the largest in the nation. To close out these comments on convergence, it's important to note that our strategy is proving out in financial performance. Our domestic broadband plus wireless revenue has been growing at 5%, leading the industry when you look across our competitors. The second topic I want to touch on is Epic Universe, which will be the most groundbreaking park ever introduced in the United States. We recently announced that Epic will open on May 22, 2025, and have started to activate our sales and marketing plans, including the sale of vacation packages expected to be in high demand. This park will offer unmatched levels of immersion, transporting guests to expansive worlds featuring more than 50 awe-inspiring attractions, entertainment, dining and shopping experiences.
Once Epic opens, Universal Orlando will be transformed into a week's long vacation, offering four theme parks, a CityWalk dining, retail and entertainment district, and 11 hotels. Epic will build on everything we've excelled at in the present and past and will make it even better by infusing iconic storytelling with cutting-edge technology in five fully-themed worlds. Each one tells a fantastic story based on world-renowned movies and literature such as Dark Universe, Isle of Berk, The Wizarding World of Harry Potter, and Super Nintendo World, connected by Celestial Park. We could not be more excited for what's ahead of us with Epic and our entire Destinations & Experiences business. Finally, let me talk about Media, where the outstanding and universally praised production of the Paris Olympics demonstrated the power of NBC broadcast and Peacock. We brought new relevance and excitement to the Olympics by flawlessly presenting the biggest and most complex Olympic Games in history, dominating television, streaming, news and social media for 17 straight days.
Daily viewership averaged over 30 million across our platforms, an increase of 80% compared to the prior Summer Olympics in 2021. Peacock streamed 23.5 billion minutes, up 40% from all prior Summer and Winter Olympics combined. This led to a record high $1.9 billion of incremental Olympics revenue in our Media segment this third quarter. We achieved this by leaning in with the full symphony of Comcast, NBCUniversal playing together and a big bet on new ideas and innovations that paid off. We are all very grateful to our NBC Sports team and look forward to them bringing the lessons learned and momentum to our entire sports portfolio, especially as we prepare for the relaunch of our partnership with the NBA starting with the 2025-2026 season. Regular and post-season NBA games across both NBC and Peacock, along with several exclusive Peacock games, will bring in broad and diverse audiences, enabling us to create new entertainment content that works beyond the basketball season with exciting opportunities for companion programming and marketing collaborations that tap into the NBA's pop-culture appeal.
Before I hand it over to Jason, let me discuss our recent execution against an outlook for our capital allocation priorities, which are threefold: maintaining a very strong balance sheet, which we feel great about given the industry-low leverage we maintain; returning significant capital to our shareholders, which we have done consistently since reinstating our buyback program in May 2021, returning $50 billion of capital, equating to 100% of our free cash flow and reducing our share count by 20%; and third, investing in our growth businesses both organically and inorganically. Organically, we've invested heavily in our growth businesses, including upgrading our broadband network to ubiquitous 1-gig speeds, the success of our wireless and business services units, the investment in Peacock and our studios, and creating the Epic Universe theme park, to name just a few. While we remain focused on driving our growth businesses, we also look to maximize the significant legacy value in our portfolio of more mature businesses.
We chose not to participate in the M&A process around Paramount this year, but we would consider partnerships in streaming despite their complexities. Like many of our peers in media, we are experiencing the effects of the transition in our video businesses and have been studying the best path forward for these assets. We are now exploring whether creating a new well-capitalized company, owned by our shareholders and comprised of our strong portfolio of cable networks, would position them to take advantage of opportunities in the changing media landscape and create value for our shareholders. We are not ready to talk about specifics yet, but we will be back to you as and when we reach firm conclusions. To sum it up, we are very proud of the job we've done on the capital allocation front over the past few years and we are highly motivated to maintain the same level of discipline. With that, it's over to you, Jason.
Thanks, Mike, and good morning, everybody. I'll start with our consolidated results on Slide 3. Total revenue increased 6.5% to $32.1 billion, benefiting from NBCUniversal's highly successful airing of the Paris Olympics. Excluding the Olympics, our revenue was relatively flat year-over-year. Our six major growth drivers, including residential broadband, wireless, business services connectivity, theme parks, streaming, and premium content in our studios, generated nearly $18 billion in revenue, well over half of our total company revenue and grew 9% in the quarter and at a mid-single-digit rate over the past 12 months. Total EBITDA decreased 2% to $9.7 billion, while we generated free cash flow of $3.4 billion during the third quarter, and returned $3.2 billion of capital to shareholders, including $2 billion in share repurchases. Over the last 12 months, we've reduced our share count by 6%, contributing to our adjusted EPS growth in the quarter of 3%.
Let's dive deeper into our third-quarter results, starting on Slide 4 with Connectivity & Platforms. Revenue for total Connectivity & Platforms was consistent year-over-year at $20.3 billion, reflecting strong growth in our connectivity businesses and political advertising, offset by declines in video and voice revenue, and non-political advertising in our domestic and international markets. Residential connectivity revenue grew 5%, comprised of 3% growth in domestic broadband, 19% growth in domestic wireless, and 8% growth in international connectivity. Business services connectivity revenue also grew 5%. In domestic broadband, our revenue growth was driven by ARPU growth of 3.6%, another strong result in the context of a continued competitive backdrop. Our team continues to effectively balance rate and volume through customer segmentation. We reported a net loss of 87,000 broadband subscribers in the quarter, which included an estimated net impact of 96,000 associated with the end of the Affordable Connectivity Program.
Excluding this impact, we would have reported positive broadband net additions in the third quarter. Before I cover the Affordable Connectivity Program in more detail, I want to spend a moment addressing the underlying results in broadband. Keep in mind that in the third quarter, we typically benefit from seasonal tailwinds due to back-to-school activity, and this year was no different as we performed very well in that category. Additionally, we believe we also benefited to some extent from a competitor's work stoppage as well as from leveraging the Olympics by investing in incremental nationwide brand marketing behind our Olympic-related offers. Now, let me cover the Affordable Connectivity Program. As mentioned, we had 96,000 losses in that program in the quarter. That's roughly one-third of direct losses we experienced in the quarter while the other two-thirds reflect a reserve for subscribers we predict will churn in the coming months due to non-pay or delinquency status.
Turning to domestic wireless. Revenue growth was mainly driven by service revenue, fueled by strong growth in customer lines, which were up over 1.2 million or 20% year-over-year, reaching 7.5 million in total, including 319,000 line additions this quarter. Importantly, our wireless customers are also broadband customers, and when bundled together, they drive overall customer relationship ARPU growth and churn benefits for broadband. With wireless penetration at 12% of our broadband subscriber base, we have a long runway for growth. We are pleased with our strategy and will continue to test new converged offers to capitalize on the significant opportunities we see ahead in wireless, including both increasing penetration of our domestic residential broadband customer base and selling additional lines per account. Just to reiterate what Mike mentioned, we have an incredible hand to play in convergence.
We currently have an offering for gig-plus speeds and wireless available ubiquitously to our footprint of 63 million homes and businesses. By ubiquitous, I mean we are not making any network trade-offs and every customer gets access to the same offerings. We believe we have a leadership position in convergence and we think we can sustain that. We are on a clear path to offer multi-gig symmetrical speeds, and we will continue to grow our footprint projecting to add over 1.2 million new homes passed this year. International connectivity revenue growth of 8% was driven by broadband, reflecting strong ARPU growth, and in wireless, healthy service revenue growth was offset by lower device revenue. Business services connectivity revenue growth of 5% reflects steady growth in small business and even faster growth in enterprise. In small business, it continues to be a competitive market, but we are growing revenue with ARPU growth driven by higher adoption of a suite of additional products that expand our relationship with our SMB customers.
At the enterprise level, we are taking share and continue to scale this business. In advertising, growth of 2% reflects stronger political revenue this quarter, partially offset by lower non-political domestic and international advertising revenue. Finally, video and other revenue declined in the quarter. The 7% decline in our video revenue is a function of continued customer losses, coupled with slower domestic ARPU growth versus last year. The lower other revenue mainly reflects continued customer losses in wireline voice. Connectivity & Platforms' total EBITDA was consistent year-over-year at $8.3 billion, with margins up 50 basis points, reflecting a decline in overall expenses driven by a continued shift to our higher-margin connectivity businesses and ongoing expense management, partially offset by an increase in marketing and promotional expenses driven by our incremental brand marketing investment during the Paris Olympics.
Breaking out our Connectivity & Platforms' EBITDA results further, residential EBITDA was consistent with margins improving 40 basis points to 38.6%, and business services EBITDA growth was at a mid-single-digit rate, with margins fairly stable at 57.4%. As our business continues to evolve as the mix shifts towards our connectivity growth drivers, you've seen us take some cost reduction actions in our fourth quarter for the past several years. We expect to take similar actions again this fourth quarter at about an equal magnitude to last year. Now, let's turn to Content & Experiences on Slide 5. Revenue increased 19% to $12.6 billion, and EBITDA decreased 9% to $1.8 billion. At theme parks, revenue decreased 5% and EBITDA declined 14% in the quarter compared to last year's all-time record high. The majority of the decline was driven by lower attendance at our domestic parks when compared to last year.
As we've highlighted, our view is there was both a pull-forward of demand that we clearly saw in 2022 and 2023, which were record years for the theme parks and beyond our expectations, as well as the new attraction pipeline, which is light this year, but building towards a substantial pipeline next year. We think these factors will likely be in place until the second quarter of next year, which is when we start to lap the pressure we saw this year and the launch of Epic Universe. Looking ahead, we couldn't be more excited about Epic Universe and how it will transform Universal Orlando into a week-long destination. As we gear up for the May 2025 opening, we expect to incur pre-opening costs of about $150 million in total over the fourth quarter this year and the first quarter of next year. We remain bullish about the long-term trajectory of parks. In addition to Epic Universe, we have a fantastic slate of new attractions and experiences on the horizon, including Donkey Kong Country in Osaka, a Fast and Furious roller coaster in Hollywood, Universal Horror Unleashed in Vegas, and our Universal Kids Resort coming to Texas.
Now, let's turn to Media, where revenue increased 37% to $8.2 billion, including strong results from the Paris Olympics, which generated $1.9 billion in revenue, a record level for any Olympics. Strength in the Olympics was mainly driven by a record $1.4 billion in advertising revenue, with Peacock contributing over $300 million of that. Excluding the Olympics, total advertising revenue was flat year-over-year as the overall market remained stable, while total media revenue increased 5%, driven by an exceptional quarter for Peacock. Revenue growth for Peacock was 82% and still a very robust greater than 40% excluding the Olympics. This was also a strong quarter for Peacock paid subscribers as we added 3 million net new additions driven not only by the Olympics but also the return of the NFL, including our Peacock exclusive NFL game from Brazil, as well as the return of the Big Ten, and several entertainment hits during the quarter including Love Island, Bel Air and Fight Night.
Looking ahead, we will continue to be focused on strong revenue growth and improving profitability at Peacock in the broader context of expected revenue and profit growth across the entire Media segment. Media EBITDA in the quarter declined 10% to $650 million, but this was largely timing related as a profitable Olympics was offset by higher expenses due to the timing of other sports, including two additional NFL games in the quarter, an additional Sunday Night Football game and Peacock's exclusive game from Brazil. At studios, revenue increased 12% and EBITDA increased 9%, driven by the success of our film slate, including Despicable Me 4 as well as Twisters. Year-to-date, we have three of the top 10 box office titles, including Twisters, Kung Fu Panda 4 and Despicable Me 4, which has already grossed nearly $1 billion and is the first animated franchise in the industry to surpass $5 billion in global box office.
Looking to the fourth quarter, Wild Robot debuted in September to terrific reviews and has enjoyed nice success at the box office, a great achievement for original animation. We are particularly excited about Wicked opening in November. I'll wrap up with free cash flow and capital allocation on Slide 6. As I mentioned earlier, we generated $3.4 billion in free cash flow this quarter even with significant organic investment. The $3.6 billion in total capital expenditures this quarter reflects spending to bolster our six key growth areas and, most significantly, our efforts in expanding our connectivity footprint through accelerating homes passed and further strengthening our domestic broadband network, and the continued buildout of our Epic Universe theme park ahead of its opening in May of 2025. Turning to return to capital, we returned a total of $3.2 billion to shareholders in the quarter, including share repurchases of $2 billion and dividend payments of $1.2 billion.
Our share count has been consistently shrinking mid-single-digits on an annual basis for the past several years. We've been straightforward and consistent in our priorities around investing in our six key growth drivers, protecting our strong balance sheet, and returning a significant amount of capital to shareholders. This quarter is yet another example of that. Now, let's turn it back to Marci for Q&A.
Thanks, Jason. Operator, let's open the call for Q&A, please.
Questions and answers
Thank you. We will now begin the question-and-answer session. Our first question comes from Ben Swinburne from Morgan Stanley. Please go ahead.
Thanks. Good morning. Mike, just coming back to your comments on strategic reviews on the media side, which obviously are quite interesting. Can you talk a little bit about the assets you're looking at in this portfolio review? It sounded like domestic cable networks, but you also mentioned streaming, particularly around your point about complexity. Trying to think about the ability or challenges of separating Peacock from your linear networks. Maybe it's not as complex as I'm thinking, but operationally, how do you sort of think through those pieces and do those assets need to travel together or perhaps not? And then, for either Dave or Jason, would love to hear how you guys are thinking about the fourth quarter broadband subscribers. Do you think you can grow again in Q4 given kind of normal seasonality and other factors as we move beyond the ACP? Thanks so much.
Hey, thanks, Ben. It's Mike. To clarify for everyone, we are going to commence a study of whether there's a good idea in creating a new well-capitalized company for our shareholders, comprised of our cable portfolio networks. That's the focus. I'm not talking about Peacock or broadcast. We want to be transparent about this. There are many questions we don't have answers to, so we want to do the work. In looking at the broader transition in the industries we're part of, we have a strong position given the strength of our businesses. We went through third quarter results, and I believe we have a strong playbook.
Ben, this is Dave. Let me go into broadband. Before getting to Q4, it's important to provide context on Q3. The underlying market remains intensely competitive. We're pleased with our performance in Q3, which was driven by good execution. However, three unique factors contributed. First is back-to-school, contributing to our results, which performed well at levels similar to last year. Second, the Olympics benefited cable and Connectivity & Platforms. We invested in a strong marketing plan, effective offers, and the Olympics showcased our end-to-end capabilities. Lastly, there was a temporary impact from a competitor's work stoppage. Excluding these factors, our broadband subscriber additions might have been slightly worse than last year's Q3. Looking into Q4, recent hurricanes impacted some systems, but our assessment is the impact will be significantly less than Hurricane Ian in 2022. We're focused on manageable churn levels and are excited about leveraging mobile offerings, new video products like NOW TV, NOW Latino, and StreamSaver all tied to broadband. It's crucial to remember Q4 lacks the back-to-school boost.
Thanks very much.
Thanks, Ben. Operator, we'll take the next question.
Next question is from Craig Moffett from MoffettNathanson. Please go ahead.
Hi, thank you. Two questions, if I could. Let me start on the theme park side. As you look forward to Epic for next year, first, how do we think about the capacity of Epic? And how do you view balancing potential demand in terms of volume versus trying to more significantly price it, so that you get a better experience with lower crowds? I'm just wondering how you think about that balance. Secondly, are you seeing anything in Q3 with regard to Epic anticipation costs? And lastly, on the cable side, how are you thinking about BEAD at the moment? Given your expansion rate, should we expect any significant capital intensity changes regarding the BEAD program and what you might do in rural markets?
Hey, Craig, let me address your quick question on the costs around pre-opening for Epic. For the third quarter, costs were minimal, around $20 million. We stated $150 million in pre-opening costs will be split between Q4 and Q1, weighted towards Q1.
Craig, it's Mike. We couldn't be more excited about Epic. It is our most ambitious park experience we've ever developed. It warrants a premium ticket price consistent with Orlando market rates. Our goal is to optimize the totality of our Orlando footprint, ensuring a great experience for Epic's guests while driving demand. Since announcing the May 22 opening, we've seen fantastic early demand and are working to raise awareness together with Comcast NBCUniversal.
Craig, on BEAD, the process is ongoing. We're planning around it, seeing it as more of a 2025-and-beyond opportunity. Many states are finalizing their BEAD participation rules, and we plan to participate if it aligns with our business goals and does not impose excessive price controls. We expect to maintain current capital intensity levels.
Let me broaden that out to overall footprint expansion. We've accelerated our footprint expansion. If you rewind a couple of years, we were at 800,000 homes passed per year. Dave and the team have driven that to 1.2 million homes this year. We're underscoring our competitive strategy as we've seen two key competitors in fiber competing against us. Ultimately, we anticipate some of that expansion will occur in rural markets.
Thanks. That's really helpful, Jason.
Thanks, Craig. Operator, next question, please.
Next is from Michael Ng from Goldman Sachs. Please go ahead.
Hi, good morning. Thank you very much for the question. I just have two. One housekeeping question on the Olympics. It's encouraging to see the record $1.9 billion of revenue. I was just wondering if you could comment on profitability as well. Also, any insight on the potential uplift from the Olympics on broadband net adds? Secondly, I wanted to ask about video. You had very good video net adds performance and on programming costs. Anything that you would highlight that may be improving trends within video? Thank you.
Thanks, Michael. It's Mike. On the Olympics, we couldn't be more proud of what our teams accomplished. We were cautiously optimistic that they would perform well given our efforts leading up to it. Viewership and ad sales exceeded our expectations and the games were profitable. I won't delve into specific levels of profitability, but overall we are excited as we look to future Olympics. There's a lot of energy and anticipation regarding upcoming events in LA and Milan. Regarding broadband impact, while we don't have a specific number, it certainly contributed positively.
I just want to add that during the Olympics, the viewing of content in our Xfinity markets was often double the national averages, indicating that our seamless integration and navigation abilities helped drive engagement. The building of our entertainment operating system is critical, and we will leverage it moving forward.
Michael, on the video side, improvement has come from reduced churn and better connects, particularly within our NOW portfolio. We've seen stabilization in churn and strong performance on connect products like NOW TV and NOW Latino, which enhance the platform's capabilities and better serve customer needs.
Excellent. Thank you.
Thank you, Mike. Operator, next question, please.
Next is from John Hodulik from UBS. Please go ahead.
Great. Thanks. I have two questions. First, regarding Jason's comments, we now have a clearer understanding of the competitive fiber landscape over the next five years. Jason mentioned the impact on subscribers. Can you discuss how this might affect ARPU and pricing power with the entry of a new fiber provider in an Xfinity market? Secondly, Jason, I realize we are in the early stages of this process, but could you help us understand the potential change in growth rate for the remaining Comcast assets if you move forward with the spin of the cable networks? What kind of increase in growth rate should we anticipate? Thanks.
Hey, John, this is Dave. Regarding the fiber impact on ARPU, we balance market share and rate. Fiber's entry tends to initially impact penetration levels, but we have shown that we can compete aggressively, and share eventually evens out. The ARPU levels remain consistent between fiber and non-fiber markets due to our focus on delivering the best Internet experience.
On the potential for a spin, I don’t want to get ahead of ourselves. If we do pursue it, there will be some impact on the consolidated company. However, it's worth focusing on the fact that we have six growth drivers that are generating substantial revenue overall and that are maintaining high growth rates.
Got it. Thanks, guys.
Thanks, John. Operator, next question, please.
The next question is from Jessica Reif Ehrlich from Bank of America Securities. Please go ahead.
Thank you. I have two questions, one on NBC and the other on cable. Regarding NBC, there are several factors at play. Can you provide insights on how Epic will impact the bottom line over the next three to five years? What are your expectations for share gains in Orlando? Can you also comment on how you view monetizing the NBA, with increased investment but additional opportunities outside of the regular season? Finally, on cable, you have seen Charter signing agreements with streaming platforms. How do you envision your video offering evolving? Thank you.
Jessica, it's Mike. Regarding Epic, we expect it to contribute positively to parks' P&L once operational. While it will take time to see significant impacts, we're confident in its long-term viability and its potential to enhance the Orlando experience overall. On the NBA, it's essential to see it as a long-term addition of value, particularly in our Media segment. The integration of broadcasting and streaming allows us to expand our audience and enhance engagement. We are strategic in how we approach churn depending on user behavior across platforms.
I'll just jump in to say that our unique position allows us to leverage our platform and capabilities across our offerings, enhancing audience engagement during key events and providing seamless navigation for our viewers.
Jessica, on video evolution, we have a focus on offering tailored choices. Our strategy emphasizes connecting consumer segments with the right content packages. Examples include the integration of platforms like StreamSaver, and our ability to present a mix of traditional and streaming options at competitive prices.
Thank you, Jessica. Operator, we will take the next question, please.
Next question is from Jonathan Chaplin from New Street. Please go ahead.
Good morning, everyone. Thank you. I'm curious about the CapEx year-to-date, which is running slightly below the expected 10% for Connectivity & Platforms. Can we expect a significant catch-up in the fourth quarter? Additionally, could you give us an update on the cable plant upgrade? Are you progressing at the intended rate? With the clarity on competitive dynamics, is there less urgency now? Finally, regarding footprint expansion, is the new growth mostly in rural areas where significant fiber competition is not anticipated?
Thanks, Jonathan. On CapEx, we aren't using capital intensity as a gating factor. We're focused on logical upgrades and footprint expansions based on R&D effectiveness. While we may see a catch-up in Q4, we are optimizing based on infrastructure needs. As for the cable plant upgrade, we are on track to achieve ubiquitous gig service and are working on newer technologies like mid-split and DOCSIS 4.0 following that.
We have a solid plan for our network and are advancing at a good pace toward achieving our goals, being ahead of the competitive landscape and focusing on upgrading our system for broad-based service offerings.
Thanks, Jonathan. Operator, we'll take our last question, please.
The last question is from Steven Cahall from Wells Fargo. Please go ahead.
Thank you. A couple of Media-related questions. First, regarding the Paramount streaming callout, are there any intentionality around potential bundles? It seems like it could create a sizable offer incorporating sports rights and movies. Also, I found it interesting that the Olympics were noted as a driver of broadband strength. Do you believe content will drive future broadband acquisitions, and how does this inform your NBA rights acquisition and desire to keep growth media assets tied to connectivity longer term?
So, Steven, it's Mike. On streaming partnerships, we are open to discussions. The bar for whole company media acquisitions is high. Streaming partnerships could be interesting, and details matter between deals. Regarding the Olympics impact on broadband, we see the integration feeding into our strategy of maintaining the unique positioning across our businesses commendably. X1 technology allows us seamless navigation and engagement for events like the Olympics.
During the Olympics, viewing in Xfinity markets was often double the national averages, emphasizing our navigation capabilities which enhance viewer experience. Our entertainment operating systems also allow us to maximize these opportunities.
We aim to enhance user experience by offering tailored content. Our focus on delivering superior value helps ensure customer satisfaction and engagement across platforms.
Thanks, Steven. That concludes our call. Thank you all for joining us this morning.
Thank you. This concludes the call. A replay of the call will be available starting at 11:30 am Eastern Time today on Comcast Investor Relations website. Thank you for participating. You may all disconnect.