Comcast Corporation (NASDAQ: CMCSA) today reported results for
the quarter ended June 30, 2024.
“We grew Adjusted EPS high single digits and continued to invest
aggressively in our businesses while returning $3.4 billion to
shareholders," said Brian L. Roberts, Chairman and Chief Executive
Officer of Comcast Corporation. "Broadband ARPU increased by 3.6%
and we delivered 6% revenue growth in our connectivity businesses,
while expanding our Adjusted EBITDA margin across Connectivity
& Platforms to a record-high 41.9%. Media returned to Adjusted
EBITDA growth, driven by Peacock, which delivered the best
year-over-year improvement for any quarter since its launch in
2020. In Studios and Theme Parks, we faced difficult comparisons to
last year, but our upcoming film and TV content and the debut of
Epic Universe bode very well for the future. More broadly, I am
excited about the growth opportunities ahead, as our teams innovate
and collaborate to connect our customers, viewers and guests to the
moments that matter. The Paris Summer Olympics is a perfect example
of this, where starting this Friday
our company will be leveraging our most advanced technology and
expertise in storytelling to provide millions of households in the
U.S. with the finest, most expansive television and streaming
coverage in media history for an Olympics or perhaps any televised
event… and even more important, an experience they hopefully will
never forget."
($ in millions, except per share data)
2nd
Quarter
Consolidated Results
2024
2023
Change
Revenue
$29,688
$30,513
(2.7
%)
Net Income Attributable to Comcast
$3,929
$4,248
(7.5
%)
Adjusted Net Income1
$4,735
$4,723
0.2
%
Adjusted EBITDA2
$10,171
$10,244
(0.7
%)
Earnings per Share3
$1.00
$1.02
(1.3
%)
Adjusted Earnings per Share1
$1.21
$1.13
7.0
%
Net Cash Provided by Operating
Activities
$4,724
$7,197
(34.4
%)
Free Cash Flow4
$1,338
$3,421
(60.9
%)
For additional detail on segment revenue
and expenses, customer metrics, capital expenditures, and free cash
flow, please refer to the trending schedule on Comcast’s Investor
Relations website at www.cmcsa.com.
2nd Quarter 2024 Highlights:
- Adjusted EPS Increased 7.0% to $1.21; Generated Free Cash Flow
of $1.3 Billion, Including a Tax Payment Related to the Previously
Announced Hulu Transaction and Other Tax Related Matters
- Return of Capital to Shareholders Totaled $3.4 Billion Through
a Combination of $1.2 Billion in Dividend Payments and $2.2 Billion
in Share Repurchases
- Connectivity & Platforms Adjusted EBITDA Increased 1.6% to
$8.5 Billion and Adjusted EBITDA Margin Increased 90 Basis Points
to 41.9%, Its Highest on Record
- Continued the Successful Execution of Our Domestic Network
Expansion and Upgrade Strategy; Expanded Deployment of Mid-Split
Technology to 42% of Our Footprint; And Added 302,000 New Homes and
Businesses Passed in the Second Quarter
- Domestic Broadband Average Rate Per Customer Increased 3.6%,
Driving Domestic Broadband Revenue Growth of 3.0% to $6.6
Billion
- Domestic Wireless Customer Lines Increased 20% Compared to the
Prior Year Period to 7.2 Million, Including Net Additions of
322,000 in the Second Quarter
- Business Services Connectivity Adjusted EBITDA Increased 4.4%
to $1.4 Billion and Adjusted EBITDA Margin Was 57.0%
- Media Adjusted EBITDA Increased 9.0% to $1.4 Billion, Driven by
Improved Performance at Peacock
- Peacock Paid Subscribers Increased 38.0% Compared to the Prior
Year Period to 33 Million; Peacock Revenue Increased 28% to $1.0
Billion; Best Year-Over-Year Improvement in Adjusted EBITDA for Any
Quarter Since Launch in 2020
2nd Quarter Consolidated Financial Results
Revenue decreased 2.7% compared to the prior year period.
Net Income Attributable to Comcast decreased 7.5%.
Adjusted Net Income and Adjusted EBITDA were
consistent with the prior year period.
Earnings per Share (EPS) decreased 1.3% to $1.00.
Adjusted EPS increased 7.0% to $1.21.
Capital Expenditures decreased 8.1% to $2.7 billion.
Connectivity & Platforms’ capital expenditures decreased 12.9%
to $1.9 billion, reflecting lower spending on customer premise
equipment and scalable infrastructure, partially offset by higher
investment in line extensions and support capital. Content &
Experiences' capital expenditures increased 4.4% to $845 million,
primarily driven by investment in Theme Parks, which continues to
reflect significant spending due to the construction of Epic
Universe theme park in Orlando, which is scheduled to open in
2025.
Net Cash Provided by Operating Activities was $4.7
billion. Free Cash Flow was $1.3 billion, including a tax
payment during the quarter related to the previously announced Hulu
transaction and other tax related matters.
Dividends and Share Repurchases. Comcast paid dividends
totaling $1.2 billion and repurchased 56.4 million of its shares
for $2.2 billion, resulting in a total return of capital to
shareholders of $3.4 billion.
Connectivity & Platforms
($ in millions)
Constant
Currency
Change5
2nd
Quarter
2024
2023
Change
Connectivity & Platforms
Revenue
Residential Connectivity &
Platforms
$17,824
$18,068
(1.4
%)
(1.5
%)
Business Services Connectivity
2,421
2,292
5.7
%
5.7
%
Total Connectivity & Platforms
Revenue
$20,245
$20,360
(0.6
%)
(0.7
%)
Connectivity & Platforms Adjusted
EBITDA
Residential Connectivity &
Platforms
$7,103
$7,024
1.1
%
1.1
%
Business Services Connectivity
1,380
1,322
4.4
%
4.4
%
Total Connectivity & Platforms
Adjusted EBITDA
$8,483
$8,346
1.6
%
1.6
%
Connectivity & Platforms Adjusted
EBITDA Margin
Residential Connectivity &
Platforms
39.9
%
38.9
%
100 bps
100 bps
Business Services Connectivity
57.0
%
57.7
%
(70) bps
(70) bps
Total Connectivity & Platforms
Adjusted EBITDA Margin
41.9
%
41.0
%
90 bps
90 bps
Change percentages represent year/year
growth rates. The changes in Adjusted EBITDA margins are presented
as year/year basis point changes in the rounded Adjusted EBITDA
margins.
Revenue for Connectivity & Platforms was consistent
with the prior year period. Adjusted EBITDA increased
compared to the prior year period due to growth in both Residential
Connectivity & Platforms Adjusted EBITDA and Business Services
Connectivity Adjusted EBITDA. Adjusted EBITDA margin
increased to 41.9%.
(in thousands)
Net
Additions / (Losses)
2nd
Quarter
2Q24
2Q23
2024
2023
Customer Relationships
Domestic Residential Connectivity &
Platforms Customer Relationships
31,426
31,761
(128
)
(65
)
International Residential Connectivity
& Platforms Customer Relationships
17,638
17,884
(144
)
(167
)
Business Services Connectivity Customer
Relationships
2,632
2,635
(3
)
5
Total Connectivity & Platforms
Customer Relationships
51,696
52,280
(275
)
(228
)
Domestic Broadband
Residential Customers
29,583
29,796
(110
)
(20
)
Business Customers
2,485
2,509
(10
)
1
Total Domestic Broadband
Customers
32,068
32,305
(120
)
(19
)
Total Domestic Wireless Lines
7,199
5,984
322
316
Total Domestic Video Customers
13,199
14,985
(419
)
(543
)
Total Customer Relationships for Connectivity &
Platforms decreased by 275,000 to 51.7 million, primarily
reflecting decreases in Residential Connectivity & Platforms
customer relationships. Total domestic broadband customer net
losses were 120,000, total domestic wireless line net additions
were 322,000 and total domestic video customer net losses were
419,000.
Residential Connectivity & Platforms
($ in millions)
Constant
Currency
Change5
2nd
Quarter
2024
2023
Change
Revenue
Domestic Broadband
$6,569
$6,377
3.0
%
3.0
%
Domestic Wireless
1,019
869
17.3
%
17.3
%
International Connectivity
1,148
1,002
14.6
%
13.7
%
Total Residential Connectivity
8,736
8,248
5.9
%
5.8
%
Video
6,781
7,358
(7.8
%)
(7.9
%)
Advertising
993
993
—
%
(0.2
%)
Other
1,313
1,469
(10.6
%)
(10.8
%)
Total Revenue
$17,824
$18,068
(1.4
%)
(1.5
%)
Operating Expenses
Programming
$4,248
$4,579
(7.2
%)
(7.3
%)
Non-Programming
6,472
6,465
0.1
%
(0.1
%)
Total Operating Expenses
$10,721
$11,044
(2.9
%)
(3.1
%)
Adjusted EBITDA
$7,103
$7,024
1.1
%
1.1
%
Adjusted EBITDA Margin
39.9
%
38.9
%
100 bps
100 bps
Change percentages represent year/year
growth rates. The changes in Adjusted EBITDA margins are presented
as year/year basis point changes in the rounded Adjusted EBITDA
margins.
Revenue for Residential Connectivity & Platforms
decreased compared to the prior year period, reflecting decreases
in video and other revenue, partially offset by increases in
domestic broadband, domestic wireless and international
connectivity revenue. Domestic broadband revenue increased due to
higher average rates. Domestic wireless revenue increased primarily
due to an increase in the number of customer lines. International
connectivity revenue increased due to increases in broadband
revenue from higher average rates and in wireless revenue,
primarily reflecting higher sales of wireless services. Video
revenue decreased due to a decline in the number of video
customers, partially offset by an overall increase in average
rates. Other revenue decreased primarily due to lower residential
wireline voice revenue, driven by a decline in the number of
customers. Advertising revenue was consistent primarily due to
lower domestic nonpolitical advertising, offset by higher domestic
political advertising.
Adjusted EBITDA for Residential Connectivity &
Platforms increased due to lower operating expenses. Programming
expenses decreased primarily due to a decline in the number of
domestic video customers, partially offset by rate increases under
our domestic programming contracts. Non-programming expenses were
consistent primarily reflecting an increase in direct product
costs, offset by lower marketing and promotion expenses.
Adjusted EBITDA margin increased to 39.9%.
Business Services Connectivity
($ in millions)
Constant
Currency
Change5
2nd
Quarter
2024
2023
Change
Revenue
$2,421
$2,292
5.7%
5.7%
Operating Expenses
1,041
970
7.4%
7.4%
Adjusted EBITDA
$1,380
$1,322
4.4%
4.4%
Adjusted EBITDA Margin
57.0
%
57.7
%
(70) bps
(70) bps
Change percentages represent year/year
growth rates. The changes in Adjusted EBITDA margins are presented
as year/year basis point changes in the rounded Adjusted EBITDA
margins.
Revenue for Business Services Connectivity increased due
to an increase in revenue from medium-sized and enterprise
customers, and an increase in revenue from small business customers
driven by higher average rates.
Adjusted EBITDA for Business Services Connectivity
increased due to higher revenue, partially offset by higher
operating expenses. The increase in operating expenses was
primarily due to increases in direct product costs and technical
and support costs. Adjusted EBITDA margin decreased to
57.0%.
Content & Experiences
($ in millions)
2nd
Quarter
2024
2023
Change
Content & Experiences
Revenue
Media
$6,324
$6,195
2.1
%
Studios
2,253
3,087
(27.0
%)
Theme Parks
1,975
2,209
(10.6
%)
Headquarters & Other
10
13
(23.3
%)
Eliminations
(505
)
(631
)
20.0
%
Total Content & Experiences
Revenue
$10,057
$10,873
(7.5
%)
Content & Experiences Adjusted
EBITDA
Media
$1,356
$1,244
9.0
%
Studios
124
255
(51.4
%)
Theme Parks
632
833
(24.1
%)
Headquarters & Other
(198
)
(200
)
0.7
%
Eliminations
36
56
(35.2
%)
Total Content & Experiences
Adjusted EBITDA
$1,949
$2,187
(10.9
%)
Revenue for Content & Experiences decreased compared
to the prior year period driven by Studios and Theme Parks,
partially offset by growth at Media. Adjusted EBITDA for
Content & Experiences decreased due to declines in Theme Parks
and Studios, partially offset by growth at Media.
Media
($ in millions)
2nd
Quarter
2024
2023
Change
Revenue
Domestic Advertising
$1,991
$2,027
(1.7
%)
Domestic Distribution
2,764
2,615
5.7
%
International Networks
1,102
1,035
6.5
%
Other
467
518
(9.9
%)
Total Revenue
$6,324
$6,195
2.1
%
Operating Expenses
4,968
4,951
0.4
%
Adjusted EBITDA
$1,356
$1,244
9.0
%
Revenue for Media increased due to higher domestic
distribution and international networks revenue, partially offset
by lower other and domestic advertising revenue. Domestic
distribution revenue increased primarily due to higher revenue at
Peacock, driven by an increase in paid subscribers compared to the
prior year period. International networks revenue increased
primarily reflecting an increase in revenue associated with the
distribution of sports networks. Other revenue decreased primarily
due to lower revenue from licensing our technology. Domestic
advertising revenue decreased primarily due to lower revenue at our
networks, partially offset by an increase in revenue at
Peacock.
Adjusted EBITDA for Media increased due to higher revenue
and consistent operating expenses. The consistent operating
expenses were due to decreases in marketing and promotion costs and
programming and production costs, offset by an increase in other
expenses, each primarily related to Peacock. Media results include
$1.0 billion of revenue and an Adjusted EBITDA6 loss of $348
million related to Peacock, compared to $820 million of revenue and
an Adjusted EBITDA6 loss of $651 million in the prior year
period.
Studios
($ in millions)
2nd
Quarter
2024
2023
Change
Revenue
Content Licensing
$1,714
$1,821
(5.9
%)
Theatrical
237
913
(74.1
%)
Other
302
354
(14.6
%)
Total Revenue
$2,253
$3,087
(27.0
%)
Operating Expenses
2,130
2,833
(24.8
%)
Adjusted EBITDA
$124
$255
(51.4
%)
Revenue for Studios decreased primarily due to lower
theatrical revenue and content licensing revenue. Theatrical
revenue decreased primarily due to higher revenue from the volume
and strength of theatrical releases in the prior year period,
including The Super Mario Bros. Movie and Fast X. Content licensing
revenue declined primarily due to the timing of when content was
made available by our television studios.
Adjusted EBITDA for Studios decreased due to lower
revenue, which more than offset lower operating expenses. The
decrease in operating expenses primarily reflected lower
programming and production expenses, mainly due to lower costs
associated with theatrical releases.
Theme Parks
($ in millions)
2nd
Quarter
2024
2023
Change
Revenue
$1,975
$2,209
(10.6%)
Operating Expenses
1,343
1,376
(2.4%)
Adjusted EBITDA
$632
$833
(24.1%)
Revenue for Theme Parks decreased primarily due to lower
revenue at our domestic theme parks, driven by lower guest
attendance, as well as the negative impact of foreign currency at
international theme parks.
Adjusted EBITDA for Theme Parks decreased, reflecting
lower revenue, which more than offset lower operating expenses.
Headquarters & Other
Content & Experiences Headquarters & Other includes
overhead, personnel costs and costs associated with corporate
initiatives. Headquarters & Other Adjusted EBITDA loss in the
second quarter was $198 million, compared to a loss of $200 million
in the prior year period.
Eliminations
Amounts represent eliminations of transactions between our
Content & Experiences segments, the most significant being
content licensing between the Studios and Media segments, which are
affected by the timing of recognition of content licenses. Revenue
eliminations were $505 million, compared to $631 million in the
prior year period, and Adjusted EBITDA eliminations were a benefit
of $36 million, compared to a benefit of $56 million in the prior
year period.
Corporate, Other and Eliminations
($ in millions)
2nd
Quarter
2024
2023
Change
Corporate & Other
Revenue
$706
$654
8.0
%
Operating Expenses
966
957
1.0
%
Adjusted EBITDA
($260
)
($303
)
14.1
%
Eliminations
Revenue
($1,320
)
($1,373
)
(3.8
%)
Operating Expenses
(1,320
)
(1,386
)
(4.8
%)
Adjusted EBITDA
($1
)
$14
NM
NM=comparison not meaningful.
Corporate & Other
Corporate & Other primarily includes overhead and personnel
costs; our Sky-branded video services and television networks in
Germany; Comcast Spectacor, which owns the Philadelphia Flyers and
the Wells Fargo Center arena in Philadelphia, Pennsylvania; and
Xumo. Corporate & Other Adjusted EBITDA increased primarily due
to an increase related to Sky operations in Germany.
Eliminations
Amounts represent eliminations of transactions between
Connectivity & Platforms, Content & Experiences and other
businesses, the most significant being distribution of television
network programming between the Media and Residential Connectivity
& Platforms segments. Revenue eliminations were $1.3 billion,
compared to $1.4 billion in the prior year period, and Adjusted
EBITDA eliminations were a loss of $1 million compared to a benefit
of $14 million in the prior year period.
Notes:
1
We define Adjusted Net Income and
Adjusted EPS as net income attributable to Comcast Corporation and
diluted earnings per common share attributable to Comcast
Corporation shareholders, respectively, adjusted to exclude the
effects of the amortization of acquisition-related intangible
assets, investments that investors may want to evaluate separately
(such as based on fair value) and the impact of certain events,
gains, losses or other charges that affect period-over-period
comparisons. See Table 5 for reconciliations of non-GAAP financial
measures.
2
We define Adjusted EBITDA as net
income attributable to Comcast Corporation before net income (loss)
attributable to noncontrolling interests, income tax expense,
investment and other income (loss), net, interest expense,
depreciation and amortization expense, and other operating gains
and losses (such as impairment charges related to fixed and
intangible assets and gains or losses on the sale of long-lived
assets), if any. From time to time, we may exclude from Adjusted
EBITDA the impact of certain events, gains, losses or other charges
(such as significant legal settlements) that affect the
period-to-period comparability of our operating performance. See
Table 4 for reconciliation of non-GAAP financial measure.
3
All earnings per share amounts
are presented on a diluted basis.
4
We define Free Cash Flow as net
cash provided by operating activities (as stated in our
Consolidated Statement of Cash Flows) reduced by capital
expenditures and cash paid for intangible assets. From time to
time, we may exclude from Free Cash Flow the impact of certain cash
receipts or payments (such as significant legal settlements) that
affect period-to-period comparability. Cash payments related to
certain capital or intangible assets, such as the construction of
Universal Beijing Resort, are presented separately in our
Consolidated Statement of Cash Flows and are therefore excluded
from capital expenditures and cash paid for intangible assets for
Free Cash Flow. See Table 4 for reconciliation of non-GAAP
financial measure.
5
Constant currency growth rates
are calculated by comparing the results for each comparable prior
year period adjusted to reflect the average exchange rates from
each current year period presented rather than the actual exchange
rates that were in effect during the respective periods. See Table
6 for reconciliations of non-GAAP financial measures.
6
Adjusted EBITDA is the measure of
profit or loss for our segments. From time to time, we may present
Adjusted EBITDA for components of our reportable segments, such as
Peacock. We believe these measures are useful to evaluate our
financial results and provide a basis of comparison to others,
although our definition of Adjusted EBITDA may not be directly
comparable to similar measures used by other companies. Adjusted
EBITDA for components are generally presented on a consistent basis
with the respective segments and include direct revenue and
operating costs and expenses attributed to the component
operations.
Numerical information is presented on a rounded basis using
actual amounts, unless otherwise noted. The change in Peacock paid
subscribers is calculated using rounded paid subscriber amounts.
Minor differences in totals and percentage calculations may exist
due to rounding.
Conference Call and Other Information
Comcast Corporation will host a conference call with the
financial community today, July 23, 2024, at 8:30 a.m. Eastern Time
(ET). The conference call and related materials will be broadcast
live and posted on our Investor Relations website at www.cmcsa.com.
A replay of the call will be available today, July 23, 2024,
starting at 11:30 a.m. ET on the Investor Relations website.
From time to time, we post information that may be of interest
to investors on our website at www.cmcsa.com and on our corporate
website, www.comcastcorporation.com. To automatically receive
Comcast financial news by email, please visit www.cmcsa.com and
subscribe to email alerts.
Caution Concerning Forward-Looking Statements
This press release includes statements that may constitute
forward-looking statements. In evaluating these statements, readers
should consider various factors, including the risks and
uncertainties we describe in the “Risk Factors” sections of our
most recent Annual Report on Form 10-K, our most recent Quarterly
Report on Form 10-Q and other reports filed with the Securities and
Exchange Commission (SEC). Factors that could cause our actual
results to differ materially from these forward-looking statements
include changes in and/or risks associated with: the competitive
environment; consumer behavior; the advertising market; consumer
acceptance of our content; programming costs; key distribution
and/or licensing agreements; use and protection of our intellectual
property; our reliance on third-party hardware, software and
operational support; keeping pace with technological developments;
cyber attacks, security breaches or technology disruptions; weak
economic conditions; acquisitions and strategic initiatives;
operating businesses internationally; natural disasters, severe
weather-related and other uncontrollable events; loss of key
personnel; labor disputes; laws and regulations; adverse decisions
in litigation or governmental investigations; and other risks
described from time to time in reports and other documents we file
with the SEC. Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date they
are made, and involve risks and uncertainties that could cause
actual events or our actual results to differ materially from those
expressed in any such forward-looking statements. We undertake no
obligation to update or revise publicly any forward-looking
statements, whether because of new information, future events or
otherwise. The amount and timing of any dividends and share
repurchases are subject to business, economic and other relevant
factors.
Non-GAAP Financial Measures
In this discussion, we sometimes refer to financial measures
that are not presented according to generally accepted accounting
principles in the U.S. (GAAP). Certain of these measures are
considered “non-GAAP financial measures” under the SEC regulations;
those rules require the supplemental explanations and
reconciliations that are in Comcast’s Form 8-K (Quarterly Earnings
Release) furnished to the SEC.
About Comcast Corporation
Comcast Corporation (Nasdaq: CMCSA) is a global media and
technology company. From the connectivity and platforms we provide,
to the content and experiences we create, our businesses reach
hundreds of millions of customers, viewers, and guests worldwide.
We deliver world-class broadband, wireless, and video through
Xfinity, Comcast Business, and Sky; produce, distribute, and stream
leading entertainment, sports, and news through brands including
NBC, Telemundo, Universal, Peacock, and Sky; and bring incredible
theme parks and attractions to life through Universal Destinations
& Experiences. Visit www.comcastcorporation.com for more
information.
TABLE 1
Condensed Consolidated Statements of
Income (Unaudited)
Three Months Ended
Six Months Ended
(in millions, except per share data)
June 30,
June 30,
2024
2023
2024
2023
Revenue
$29,688
$30,513
$59,746
$60,205
Costs and expenses
Programming and production
7,961
8,849
16,784
17,853
Marketing and promotion
1,922
2,100
3,940
4,063
Other operating and administrative
9,630
9,317
19,487
18,618
Depreciation
2,153
2,195
4,328
4,459
Amortization
1,387
1,343
2,762
2,856
23,053
23,804
47,301
47,849
Operating income
6,635
6,709
12,445
12,355
Interest expense
(1,026)
(998)
(2,028)
(2,007)
Investment and other income (loss),
net
Equity in net income (losses) of
investees, net
(444)
(80)
(286)
405
Realized and unrealized gains (losses) on
equity securities, net
(89)
(38)
(141)
(44)
Other income (loss), net
99
133
290
261
(434)
15
(137)
622
Income before income taxes
5,175
5,726
10,280
10,970
Income tax expense
(1,336)
(1,537)
(2,663)
(3,013)
Net income
3,839
4,189
7,616
7,957
Less: Net income (loss) attributable to
noncontrolling interests
(89)
(59)
(169)
(126)
Net income attributable to Comcast
Corporation
$3,929
$4,248
$7,785
$8,082
Diluted earnings per common share
attributable to Comcast Corporation shareholders
$1.00
$1.02
$1.97
$1.92
Diluted weighted-average number of common
shares
3,920
4,183
3,956
4,205
TABLE 2
Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
(in millions)
June 30,
2024
2023
OPERATING ACTIVITIES
Net income
$7,616
$7,957
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
7,091
7,315
Share-based compensation
689
668
Noncash interest expense (income), net
218
140
Net (gain) loss on investment activity and
other
391
(354)
Deferred income taxes
240
296
Changes in operating assets and
liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables,
net
750
(92)
Film and television costs, net
23
58
Accounts payable and accrued expenses
related to trade creditors
(648)
(718)
Other operating assets and liabilities
(3,798)
(843)
Net cash provided by operating
activities
12,572
14,426
INVESTING ACTIVITIES
Capital expenditures
(5,354)
(5,627)
Cash paid for intangible assets
(1,341)
(1,577)
Construction of Universal Beijing
Resort
(109)
(104)
Proceeds from sales of businesses and
investments
557
369
Purchases of investments
(706)
(593)
Other
73
6
Net cash (used in) investing
activities
(6,879)
(7,528)
FINANCING ACTIVITIES
Proceeds from (repayments of) short-term
borrowings, net
—
(660)
Proceeds from borrowings
3,266
6,044
Repurchases and repayments of debt
(1,911)
(3,001)
Repurchases of common stock under
repurchase program and employee plans
(4,930)
(4,227)
Dividends paid
(2,418)
(2,387)
Other
175
(260)
Net cash (used in) financing
activities
(5,817)
(4,492)
Impact of foreign currency on cash, cash
equivalents and restricted cash
(17)
14
Increase (decrease) in cash, cash
equivalents and restricted cash
(141)
2,420
Cash, cash equivalents and restricted
cash, beginning of period
6,282
4,782
Cash, cash equivalents and restricted
cash, end of period
$6,141
$7,202
TABLE 3
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)
June 30,
December 31,
2024
2023
ASSETS
Current Assets
Cash and cash equivalents
$6,065
$6,215
Receivables, net
13,167
13,813
Other current assets
4,220
3,959
Total current assets
23,452
23,987
Film and television costs
12,853
12,920
Investments
9,171
9,385
Property and equipment, net
60,507
59,686
Goodwill
58,376
59,268
Franchise rights
59,365
59,365
Other intangible assets, net
26,363
27,867
Other noncurrent assets, net
12,468
12,333
$262,555
$264,811
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses
related to trade creditors
$11,736
$12,437
Accrued participations and residuals
1,520
1,671
Deferred revenue
3,943
3,242
Accrued expenses and other current
liabilities
7,955
11,613
Current portion of debt
1,021
2,069
Advance on sale of investment
9,167
9,167
Total current liabilities
35,342
40,198
Noncurrent portion of debt
97,107
95,021
Deferred income taxes
26,252
26,003
Other noncurrent liabilities
19,914
20,122
Redeemable noncontrolling interests
236
241
Equity
Comcast Corporation shareholders'
equity
83,219
82,703
Noncontrolling interests
485
523
Total equity
83,704
83,226
$262,555
$264,811
TABLE 4
Reconciliation from Net Income Attributable to Comcast
Corporation to Adjusted EBITDA (Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions)
2024
2023
2024
2023
Net income attributable to Comcast Corporation
$3,929
$4,248
$7,785
$8,082
Net income (loss) attributable to noncontrolling interests
(89)
(59)
(169)
(126)
Income tax expense
1,336
1,537
2,663
3,013
Interest expense
1,026
998
2,028
2,007
Investment and other (income) loss, net
434
(15)
137
(622)
Depreciation
2,153
2,195
4,328
4,459
Amortization
1,387
1,343
2,762
2,856
Adjustments (1)
(3)
(3)
(9)
(11)
Adjusted EBITDA
$10,171
$10,244
$19,526
$19,659
Reconciliation from Net Cash Provided by Operating Activities to
Free Cash Flow (Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions)
2024
2023
2024
2023
Net cash provided by operating activities
$4,724
$7,197
$12,572
$14,426
Capital expenditures
(2,724)
(2,963)
(5,354)
(5,627)
Cash paid for capitalized software and other intangible assets
(662)
(813)
(1,341)
(1,577)
Free Cash Flow
$1,338
$3,421
$5,877
$7,221
Alternate Presentation of Free Cash Flow (Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions)
2024
2023
2024
2023
Adjusted EBITDA
$10,171
$10,244
$19,526
$19,659
Capital expenditures
(2,724)
(2,963)
(5,354)
(5,627)
Cash paid for capitalized software and other intangible assets
(662)
(813)
(1,341)
(1,577)
Cash interest expense
(1,082)
(1,057)
(1,813)
(1,823)
Cash taxes
(4,219)
(2,236)
(4,568)
(2,384)
Changes in operating assets and liabilities
(585)
(244)
(1,526)
(1,975)
Noncash share-based compensation
316
309
689
668
Other (2)
123
181
264
279
Free Cash Flow
$1,338
$3,421
$5,877
$7,221
(1)
2nd quarter and year to date 2024
Adjusted EBITDA exclude $(3) and $(9) million of other operating
and administrative expenses, respectively, related to our
investment portfolio. 2nd quarter and year to date 2023 Adjusted
EBITDA exclude $(3) and $(11) million of other operating and
administrative expenses, respectively, related to our investment
portfolio.
(2)
2nd quarter and year to date 2024
include adjustments of $(3) and $(9) million, respectively, related
to our investment portfolio and 2nd quarter and year to date 2023
include adjustments of $(3) and $(11) million, respectively,
related to our investment portfolio, as these amounts are excluded
from Adjusted EBITDA.
TABLE 5
Reconciliations of Adjusted Net Income
and Adjusted EPS (Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
(in millions, except per share data)
$
EPS
$
EPS
$
EPS
$
EPS
Net income attributable to Comcast
Corporation and diluted earnings per share attributable to Comcast
Corporation shareholders
$3,929
$1.00
$4,248
$1.02
$7,785
$1.97
$8,082
$1.92
Change
(7.5%)
(1.3%)
(3.7%)
2.4%
Amortization of acquisition-related
intangible assets (1)
433
0.11
444
0.11
870
0.22
875
0.21
Investments (2)
373
0.10
31
0.01
250
0.06
(358)
(0.09)
Adjusted Net income and Adjusted
EPS
$4,735
$1.21
$4,723
$1.13
$8,906
$2.25
$8,600
$2.05
Change
0.2%
7.0%
3.6%
10.1%
(1)
Acquisition-related intangible assets are
recognized as a result of the application of Accounting Standards
Codification Topic 805, Business Combinations (such as customer
relationships), and their amortization is significantly affected by
the size and timing of our acquisitions. Amortization of intangible
assets not resulting from business combinations (such as software
and acquired intellectual property rights used in our theme parks)
is included in Adjusted Net Income and Adjusted EPS.
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Amortization of acquisition-related
intangible assets before income taxes
$563
$572
$1,133
$1,128
Amortization of acquisition-related
intangible assets, net of tax
$433
$444
$870
$875
(2)
Adjustments for investments include
realized and unrealized (gains) losses on equity securities, net
(as stated in Table 1), as well as the equity in net (income)
losses of investees, net, for certain equity method investments,
including Atairos and Hulu and costs related to our investment
portfolio.
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Realized and unrealized (gains) losses on
equity securities, net
$89
$38
$141
$44
Equity in net (income) losses of
investees, net and other
403
3
189
(518)
Investments before income taxes
493
41
329
(474)
Investments, net of tax
$373
$31
$250
($358)
TABLE 6
Reconciliation of Constant Currency
(Unaudited)
Three Months Ended
Six Months Ended
June 30, 2023
June 30, 2023
(in millions)
As
Reported
Effects of
Foreign
Currency
Constant
Currency
Amounts
As
Reported
Effects of
Foreign
Currency
Constant
Currency
Amounts
Reconciliation of Connectivity &
Platforms Constant Currency
Connectivity & Platforms
Revenue
Residential Connectivity &
Platforms
$18,068
$20
$18,088
$35,937
$154
$36,092
Business Services Connectivity
2,292
—
2,292
4,575
—
4,575
Total Connectivity & Platforms
Revenue
$20,360
$20
$20,380
$40,512
$155
$40,667
Connectivity and Platforms Adjusted
EBITDA
Residential Connectivity &
Platforms
$7,024
$5
$7,029
$13,785
$23
$13,809
Business Services Connectivity
1,322
—
1,322
2,654
—
2,654
Total Connectivity & Platforms
Adjusted EBITDA
$8,346
$5
$8,351
$16,439
$23
$16,462
Connectivity & Platforms Adjusted
EBITDA Margin
Residential Connectivity &
Platforms
38.9%
- bps
38.9%
38.4%
(10) bps
38.3%
Business Services Connectivity
57.7%
- bps
57.7%
58.0%
- bps
58.0%
Total Connectivity & Platforms
Adjusted EBITDA Margin
41.0%
- bps
41.0%
40.6%
(10) bps
40.5%
Three Months Ended
Six Months Ended
June 30, 2023
June 30, 2023
(in millions)
As
Reported
Effects of
Foreign
Currency
Constant
Currency
Amounts
As
Reported
Effects of
Foreign
Currency
Constant
Currency
Amounts
Reconciliation of Residential
Connectivity & Platforms Constant Currency
Revenue
Domestic broadband
$6,377
$—
$6,377
$12,720
$—
$12,720
Domestic wireless
869
—
869
1,727
—
1,727
International connectivity
1,002
8
1,010
1,900
45
1,945
Total residential connectivity
$8,248
$8
$8,255
$16,346
$45
$16,392
Video
7,358
8
7,366
14,741
77
14,818
Advertising
993
2
995
1,900
14
1,914
Other
1,469
3
1,471
2,950
18
2,969
Total Revenue
$18,068
$20
$18,088
$35,937
$154
$36,092
Operating Expenses
Programming
$4,579
$3
$4,582
$9,178
$46
$9,224
Non-Programming
6,465
12
6,477
12,973
86
13,059
Total Operating Expenses
$11,044
$15
$11,059
$22,152
$131
$22,283
Adjusted EBITDA
$7,024
$5
$7,029
$13,785
$23
$13,809
Adjusted EBITDA Margin
38.9%
- bps
38.9%
38.4%
(10) bps
38.3%
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version on businesswire.com: https://www.businesswire.com/news/home/20240722277817/en/
Investor Contacts: Marci Ryvicker (215) 286-4781 Jane
Kearns (215) 286-4794 Marc Kaplan (215) 286-6527
Press Contacts: Jennifer Khoury (215) 286-7408 John
Demming (215) 286-8011
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