“I think we have had a fairly consistent track record if you look at the last several years of margin expansion... So, our outlook for more of the same in continued margin expansion out of the business.”

In context

“rom UBS. Please go ahead. John Hodulik: Great. Thanks, guys. Maybe a couple of questions on profitability, I think maybe for Jason, first, really impressive performance on the cable side 240 bps, 47%, I mean how is the visibility into further margin expansion from here, especially given, you know, you kind of gave a couple of mix shift issues obviously more broadband like video, but also more wireless, so anything you tell us about sort of outlook there? And then, on the Peacock side, doing better in terms of losses there; is $3 billion losses for this year still the right number for Peacock? And anything you say about the sort of path to profitability beyond '23 would be great. Thanks. Jason Armstrong: Yes, thanks, John; good question. So, on mix and margins in the connectivity business, I think we have had a fairly consistent track record if you look at the last several years of margin expansion. If you look at the core sort of legacy cable business, as we mentioned this quarter, record margin over 47%. And the factors that have contributed to that historically are in place as we look forward. I think Mike's comment upfront about being able to grow revenue, being able to grow margins; that's a key part of it. So, to your question specifically on connectivity, there is a mix shift going on, when we talk about sort of the six key growth drivers across the company, three are sort of core connectivity growth drivers, whether it's residential broadband, business services, or wireless, this is an accretive mix shift for us, as we think about the way the categories are sort of shifting and what's growing versus what's not growing. So, I would look for more of the same. I think also importantly for the team for the second consecutive quarter, every expense line in connectivity”