“We do have some near-term headwinds, namely the EBITDA impact from our broadband repositioning, the onboarding of NBA rights and the spinoff of VERSANT and its associated EBITDA and free cash flow.”

In context

“lined as we're past the construction on Epic that elevated capital spending last year. Through our investments and our significant pivot in broadband, we have maintained a healthy balance sheet, ending the quarter with net leverage at 2.3x. We also returned $2.8 billion to shareholders, including over $1.5 billion in share repurchases, contributing to a mid-single-digit year-over-year decline in our share count. As we look ahead to next year, our capital allocation strategy remains unchanged. Our priorities are to invest organically in our growth businesses, maintain a strong balance sheet and return capital to shareholders. That formula has served us well, and it will continue to guide our approach. At the same time, we'll stay disciplined and balanced as we move through this transition. We do have some near-term headwinds, namely the EBITDA impact from our broadband repositioning, the onboarding of NBA rights and the spinoff of VERSANT and its associated EBITDA and free cash flow. For those reasons, we reduced our quarterly buyback pacing a touch to $1.5 billion in the quarter. I'd point out this remains one of the strongest absolute and percentage buybacks in our broader peer group. At the same time, our healthy dividend offers a yield that is multiple times the yield of the broader market. So we believe we are balancing strong returns back to shareholders with significant reinvestment in our business and doing so in the context of a balance sheet that provides cushion through any operating or macroeconomic environment. With that, let me turn it over to Brian for a few remarks. Brian Roberts: Thanks, Jason. Mike, as you referenced a moment ago, I want to talk about our recent leadership announcements. Let's start with you, Mike. I could not be more thrilled to hav”