10/31/2024 | Press release | Distributed by Public on 10/31/2024 05:07
($ in millions, except per share data) | ||||
3rd Quarter | ||||
Consolidated Results | 2024 | 2023 | Change | |
Revenue | $32,070 | $30,115 | 6.5 | % |
Net Income Attributable to Comcast | $3,629 | $4,046 | (10.3 | %) |
Adjusted Net Income1
|
$4,337 | $4,483 | (3.3 | %) |
Adjusted EBITDA2
|
$9,735 | $9,962 | (2.3 | %) |
Earnings per Share3
|
$0.94 | $0.98 | (4.2 | %) |
Adjusted Earnings per Share1
|
$1.12 | $1.08 | 3.3 | % |
Net Cash Provided by Operating Activities | $7,021 | $8,154 | (13.9 | %) |
Free Cash Flow4
|
$3,406 | $4,032 | (15.5 | %) |
($ in millions) |
Constant
Currency Change5 |
|||||
3rd Quarter | ||||||
2024 | 2023 | Change | ||||
Connectivity & Platforms Revenue | ||||||
Residential Connectivity & Platforms | $17,866 | $17,951 | (0.5 | %) | (1.0 | %) |
Business Services Connectivity | 2,425 | 2,320 | 4.5 | % | 4.5 | % |
Total Connectivity & Platforms Revenue | $20,291 | $20,271 | 0.1 | % | (0.4 | %) |
Connectivity & Platforms Adjusted EBITDA | ||||||
Residential Connectivity & Platforms | $6,904 | $6,886 | 0.3 | % | - | % |
Business Services Connectivity | 1,391 | 1,335 | 4.2 | % | 4.3 | % |
Total Connectivity & Platforms Adjusted EBITDA | $8,295 | $8,221 | 0.9 | % | 0.7 | % |
Connectivity & Platforms Adjusted EBITDA Margin | ||||||
Residential Connectivity & Platforms | 38.6 | % | 38.4 | % | 20 bps | 40 bps |
Business Services Connectivity | 57.4 | % | 57.5 | % | (10) bps | (10) bps |
Total Connectivity & Platforms Adjusted EBITDA Margin | 40.9 | % | 40.6 | % | 30 bps | 50 bps |
(in thousands) | Net Additions / (Losses) | |||
3rd Quarter | ||||
3Q24 | 3Q23 | 2024 | 2023 | |
Customer Relationships | ||||
Domestic Residential Connectivity & Platforms Customer Relationships | 31,324 | 31,722 | (103) | (39) |
International Residential Connectivity & Platforms Customer Relationships | 17,716 | 17,958 | 78 | 74 |
Business Services Connectivity Customer Relationships | 2,627 | 2,640 | (4) | 5 |
Total Connectivity & Platforms Customer Relationships | 51,667 | 52,320 | (29) | 40 |
Domestic Broadband | ||||
Residential Customers | 29,504 | 29,779 | (79) | (17) |
Business Customers | 2,477 | 2,508 | (8) | (2) |
Total Domestic Broadband Customers | 31,981 | 32,287 | (87) | (18) |
Total Domestic Wireless Lines | 7,519 | 6,278 | 319 | 294 |
Total Domestic Video Customers | 12,834 | 14,495 | (365) | (490) |
($ in millions) |
Constant
Currency Change5 |
|||||
3rd Quarter | ||||||
2024 | 2023 | Change | ||||
Revenue | ||||||
Domestic Broadband | $6,539 | $6,366 | 2.7 | % | 2.7 | % |
Domestic Wireless | 1,093 | 917 | 19.2 | % | 19.2 | % |
International Connectivity | 1,236 | 1,109 | 11.4 | % | 8.3 | % |
Total Residential Connectivity | 8,869 | 8,393 | 5.7 | % | 5.3 | % |
Video | 6,713 | 7,154 | (6.2 | %) | (6.8 | %) |
Advertising | 987 | 960 | 2.7 | % | 1.6 | % |
Other | 1,298 | 1,444 | (10.1 | %) | (10.7 | %) |
Total Revenue | $17,866 | $17,951 | (0.5 | %) | (1.0 | %) |
Operating Expenses | ||||||
Programming | $4,102 | $4,460 | (8.0 | %) | (8.6 | %) |
Non-Programming | 6,860 | 6,605 | 3.9 | % | 3.0 | % |
Total Operating Expenses | $10,962 | $11,065 | (0.9 | %) | (1.7 | %) |
Adjusted EBITDA | $6,904 | $6,886 | 0.3 | % | - | % |
Adjusted EBITDA Margin | 38.6 | % | 38.4 | % | 20 bps | 40 bps |
($ in millions) |
Constant
Currency Change5 |
|||||
3rd Quarter | ||||||
2024 | 2023 | Change | ||||
Revenue | $2,425 | $2,320 | 4.5 | % | 4.5 | % |
Operating Expenses | 1,034 | 985 | 4.9 | % | 4.8 | % |
Adjusted EBITDA | $1,391 | $1,335 | 4.2 | % | 4.3 | % |
Adjusted EBITDA Margin | 57.4 | % | 57.5 | % | (10) bps | (10) bps |
($ in millions) | ||||
3rd Quarter | ||||
2024 | 2023 | Change | ||
Content & Experiences Revenue | ||||
Media | $8,231 | $6,029 | 36.5 | % |
Excluding Olympics7
|
6,325 | 6,029 | 4.9 | % |
Studios | 2,826 | 2,518 | 12.3 | % |
Theme Parks | 2,289 | 2,418 | (5.3 | %) |
Headquarters & Other | 11 | 13 | (16.8 | %) |
Eliminations | (758) | (419) | (80.7 | %) |
Total Content & Experiences Revenue | $12,599 | $10,559 | 19.3 | % |
Content & Experiences Adjusted EBITDA | ||||
Media | $650 | $723 | (10.1 | %) |
Studios | 468 | 429 | 9.0 | % |
Theme Parks | 847 | 983 | (13.8 | %) |
Headquarters & Other | (200) | (178) | (12.6 | %) |
Eliminations | 38 | 17 | 125.6 | % |
Total Content & Experiences Adjusted EBITDA | $1,802 | $1,973 | (8.7 | %) |
($ in millions) | ||||
3rd Quarter | ||||
2024 | 2023 | Change | ||
Revenue | ||||
Domestic Advertising | $3,347 | $1,913 | 74.9 | % |
Excluding Olympics7
|
1,915 | 1,913 | 0.1 | % |
Domestic Distribution | 3,272 | 2,591 | 26.3 | % |
Excluding Olympics7
|
2,798 | 2,591 | 8.0 | % |
International Networks | 1,070 | 1,019 | 5.0 | % |
Other | 542 | 506 | 7.2 | % |
Total Revenue | $8,231 | $6,029 | 36.5 | % |
Excluding Olympics7
|
6,325 | 6,029 | 4.9 | % |
Operating Expenses | 7,581 | 5,306 | 42.9 | % |
Adjusted EBITDA | $650 | $723 | (10.1 | %) |
($ in millions) | ||||
3rd Quarter | ||||
2024 | 2023 | Change | ||
Revenue | ||||
Content Licensing | $1,865 | $1,691 | 10.3 | % |
Theatrical | 611 | 504 | 21.3 | % |
Other | 350 | 324 | 8.2 | % |
Total Revenue | $2,826 | $2,518 | 12.3 | % |
Operating Expenses | 2,359 | 2,089 | 12.9 | % |
Adjusted EBITDA | $468 | $429 | 9.0 | % |
($ in millions) | ||||
3rd Quarter | ||||
2024 | 2023 | Change | ||
Revenue | $2,289 | $2,418 | (5.3 | %) |
Operating Expenses | 1,442 | 1,435 | 0.5 | % |
Adjusted EBITDA | $847 | $983 | (13.8 | %) |
($ in millions) | ||||
3rd Quarter | ||||
2024 | 2023 | Change | ||
Corporate & Other | ||||
Revenue | $675 | $643 | 5.0 | % |
Operating Expenses | 978 | 893 | 9.6 | % |
Adjusted EBITDA | ($302) | ($249) | (21.3 | %) |
Eliminations | ||||
Revenue | ($1,495) | ($1,358) | 10.1 | % |
Operating Expenses | (1,436) | (1,375) | 4.5 | % |
Adjusted EBITDA | ($59) | $16 | NM | |
NM=comparison not meaningful. |
Notes: |
Investor Contacts: | Press Contacts: | ||
Marci Ryvicker | (215) 286-4781 | Jennifer Khoury | (215) 286-7408 |
Jane Kearns | (215) 286-4794 | John Demming | (215) 286-8011 |
Marc Kaplan | (215) 286-6527 |
TABLE 1 |
Condensed Consolidated Statements of Income (Unaudited) |
Three Months Ended | Nine Months Ended | |||
(in millions, except per share data) | September 30, | September 30, | ||
2024 | 2023 | 2024 | 2023 | |
Revenue | $32,070 | $30,115 | $91,817 | $90,319 |
Costs and expenses | ||||
Programming and production | 10,216 | 8,652 | 27,000 | 26,506 |
Marketing and promotion | 1,989 | 1,866 | 5,929 | 5,929 |
Other operating and administrative | 10,128 | 9,629 | 29,615 | 28,247 |
Depreciation | 2,219 | 2,203 | 6,548 | 6,662 |
Amortization | 1,659 | 1,290 | 4,421 | 4,146 |
26,211 | 23,640 | 73,512 | 71,489 | |
Operating income | 5,859 | 6,475 | 18,304 | 18,830 |
Interest expense | (1,037) | (1,060) | (3,065) | (3,068) |
Investment and other income (loss), net | ||||
Equity in net income (losses) of investees, net | (152) | 49 | (438) | 454 |
Realized and unrealized gains (losses) on equity securities, net | (22) | (87) | (163) | (130) |
Other income (loss), net | 171 | 88 | 461 | 349 |
(3) | 50 | (140) | 672 | |
Income before income taxes | 4,819 | 5,465 | 15,099 | 16,434 |
Income tax expense | (1,243) | (1,468) | (3,906) | (4,481) |
Net income | 3,576 | 3,997 | 11,192 | 11,954 |
Less: Net income (loss) attributable to noncontrolling interests | (53) | (49) | (222) | (175) |
Net income attributable to Comcast Corporation | $3,629 | $4,046 | $11,415 | $12,128 |
Diluted earnings per common share attributable to Comcast Corporation shareholders | $0.94 | $0.98 | $2.90 | $2.90 |
Diluted weighted-average number of common shares | 3,880 | 4,141 | 3,930 | 4,184 |
TABLE 2 |
Consolidated Statements of Cash Flows (Unaudited) |
Nine Months Ended | ||
(in millions) | September 30, | |
2024 | 2023 | |
OPERATING ACTIVITIES | ||
Net income | $11,192 | $11,954 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 10,969 | 10,807 |
Share-based compensation | 983 | 955 |
Noncash interest expense (income), net | 331 | 235 |
Net (gain) loss on investment activity and other | 620 | (266) |
Deferred income taxes | 123 | 394 |
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | ||
Current and noncurrent receivables, net | 74 | (26) |
Film and television costs, net | (287) | (531) |
Accounts payable and accrued expenses related to trade creditors | (906) | (518) |
Other operating assets and liabilities | (3,505) | (425) |
Net cash provided by operating activities | 19,593 | 22,579 |
INVESTING ACTIVITIES | ||
Capital expenditures | (8,267) | (8,922) |
Cash paid for intangible assets | (2,043) | (2,405) |
Construction of Universal Beijing Resort | (111) | (119) |
Proceeds from sales of businesses and investments | 689 | 410 |
Purchases of investments | (934) | (949) |
Other | 108 | 267 |
Net cash (used in) investing activities | (10,559) | (11,718) |
FINANCING ACTIVITIES | ||
Proceeds from (repayments of) short-term borrowings, net | - | (660) |
Proceeds from borrowings | 6,268 | 6,046 |
Repurchases and repayments of debt | (2,433) | (3,041) |
Repurchases of common stock under repurchase program and employee plans | (6,920) | (7,770) |
Dividends paid | (3,624) | (3,586) |
Other | 250 | (126) |
Net cash (used in) financing activities | (6,459) | (9,136) |
Impact of foreign currency on cash, cash equivalents and restricted cash | 21 | (18) |
Increase (decrease) in cash, cash equivalents and restricted cash | 2,596 | 1,707 |
Cash, cash equivalents and restricted cash, beginning of period | 6,282 | 4,782 |
Cash, cash equivalents and restricted cash, end of period | $8,878 | $6,489 |
TABLE 3 |
Condensed Consolidated Balance Sheets (Unaudited) |
(in millions) | September 30, | December 31, |
2024 | 2023 | |
ASSETS | ||
Current Assets | ||
Cash and cash equivalents | $8,814 | $6,215 |
Receivables, net | 14,036 | 13,813 |
Other current assets | 4,336 | 3,959 |
Total current assets | 27,186 | 23,987 |
Film and television costs | 13,340 | 12,920 |
Investments | 9,021 | 9,385 |
Property and equipment, net | 61,775 | 59,686 |
Goodwill | 60,076 | 59,268 |
Franchise rights | 59,365 | 59,365 |
Other intangible assets, net | 26,423 | 27,867 |
Other noncurrent assets, net | 12,686 | 12,333 |
$269,871 | $264,811 | |
LIABILITIES AND EQUITY | ||
Current Liabilities | ||
Accounts payable and accrued expenses related to trade creditors | $11,779 | $12,437 |
Accrued participations and residuals | 1,476 | 1,671 |
Deferred revenue | 3,778 | 3,242 |
Accrued expenses and other current liabilities | 8,977 | 11,613 |
Current portion of debt | 2,610 | 2,069 |
Advance on sale of investment | 9,167 | 9,167 |
Total current liabilities | 37,786 | 40,198 |
Noncurrent portion of debt | 98,754 | 95,021 |
Deferred income taxes | 26,263 | 26,003 |
Other noncurrent liabilities | 20,526 | 20,122 |
Redeemable noncontrolling interests | 224 | 241 |
Equity | ||
Comcast Corporation shareholders' equity | 85,774 | 82,703 |
Noncontrolling interests | 544 | 523 |
Total equity | 86,318 | 83,226 |
$269,871 | $264,811 |
TABLE 4 | ||||
Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA (Unaudited) | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||
(in millions) | 2024 | 2023 | 2024 | 2023 |
Net income attributable to Comcast Corporation | $3,629 | $4,046 | $11,415 | $12,128 |
Net income (loss) attributable to noncontrolling interests | (53) | (49) | (222) | (175) |
Income tax expense | 1,243 | 1,468 | 3,906 | 4,481 |
Interest expense | 1,037 | 1,060 | 3,065 | 3,068 |
Investment and other (income) loss, net | 3 | (50) | 140 | (672) |
Depreciation | 2,219 | 2,203 | 6,548 | 6,662 |
Amortization | 1,659 | 1,290 | 4,421 | 4,146 |
Adjustments (1)
|
(2) | (6) | (11) | (16) |
Adjusted EBITDA | $9,735 | $9,962 | $29,261 | $29,621 |
Reconciliation from Net Cash Provided by Operating Activities to Free Cash Flow (Unaudited) | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||
(in millions) | 2024 | 2023 | 2024 | 2023 |
Net cash provided by operating activities | $7,021 | $8,154 | $19,593 | $22,579 |
Capital expenditures | (2,913) | (3,294) | (8,267) | (8,922) |
Cash paid for capitalized software and other intangible assets | (702) | (827) | (2,043) | (2,405) |
Free Cash Flow | $3,406 | $4,032 | $9,283 | $11,253 |
Alternate Presentation of Free Cash Flow (Unaudited) | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||
(in millions) | 2024 | 2023 | 2024 | 2023 |
Adjusted EBITDA | $9,735 | $9,962 | $29,261 | $29,621 |
Capital expenditures | (2,913) | (3,294) | (8,267) | (8,922) |
Cash paid for capitalized software and other intangible assets | (702) | (827) | (2,043) | (2,405) |
Cash interest expense | (690) | (744) | (2,503) | (2,566) |
Cash taxes | (1,420) | (1,439) | (5,988) | (3,823) |
Changes in operating assets and liabilities | (1,126) | (55) | (2,652) | (2,030) |
Noncash share-based compensation | 294 | 287 | 983 | 955 |
Other (2)
|
228 | 143 | 492 | 423 |
Free Cash Flow | $3,406 | $4,032 | $9,283 | $11,253 |
(1) |
3rd quarter and year to date 2024 Adjusted EBITDA exclude $(2) and $(11) million of other operating and administrative expenses, respectively, related to our investment portfolio. 3rd quarter and year to date 2023 Adjusted EBITDA exclude $(6) and $(16) million of other operating and administrative expenses, respectively, related to our investment portfolio.
|
|||
(2) |
3rd quarter and year to date 2024 include adjustments of $(2) and $(11) million, respectively, related to our investment portfolio and 3rd quarter and year to date 2023 include adjustments of $(6) and $(16) 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 September 30, |
Nine Months Ended September 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 | $3,629 | $0.94 | $4,046 | $0.98 | $11,415 | $2.90 | $12,128 | $2.90 |
Change | (10.3 | %) | (4.2 | %) | (5.9 | %) | 0.2 | % |
Amortization of acquisition-related intangible assets (1)
|
624 | 0.16 | 443 | 0.11 | 1,494 | 0.38 | 1,318 | 0.32 |
Investments (2)
|
83 | 0.02 | (6) | - | 333 | 0.08 | (364) | (0.09) |
Adjusted Net income and Adjusted EPS
|
$4,337 | $1.12 | $4,483 | $1.08 | $13,243 | $3.37 | $13,083 | $3.13 |
Change | (3.3 | %) | 3.3 | % | 1.2 | % | 7.7 | % |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||
2024 | 2023 | 2024 | 2023 | |
Amortization of acquisition-related intangible assets before income taxes | $817 | $571 | $1,949 | $1,699 |
Amortization of acquisition-related intangible assets, net of tax | $624 | $443 | $1,494 | $1,318 |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||
2024 | 2023 | 2024 | 2023 | |
Realized and unrealized (gains) losses on equity securities, net | $22 | $87 | $163 | $130 |
Equity in net (income) losses of investees, net and other | 87 | (96) | 275 | (614) |
Investments before income taxes | 109 | (9) | 438 | (484) |
Investments, net of tax | $83 | ($6) | $333 | ($364) |
TABLE 6 |
Reconciliation of Constant Currency (Unaudited) |
Three Months Ended September 30, 2023 |
Nine Months Ended September 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 | $17,951 | $99 | $18,050 | $53,888 | $253 | $54,141 | ||||
Business Services Connectivity | 2,320 | - | 2,320 | 6,894 | 1 | 6,895 | ||||
Total Connectivity & Platforms Revenue | $20,271 | $99 | $20,370 | $60,783 | $254 | $61,037 | ||||
Connectivity and Platforms Adjusted EBITDA | ||||||||||
Residential Connectivity & Platforms | $6,886 | $16 | $6,902 | $20,672 | $39 | $20,711 | ||||
Business Services Connectivity | 1,335 | (1) | 1,334 | 3,988 | (1) | 3,988 | ||||
Total Connectivity & Platforms Adjusted EBITDA | $8,221 | $15 | $8,237 | $24,660 | $39 | $24,699 | ||||
Connectivity & Platforms Adjusted EBITDA Margin | ||||||||||
Residential Connectivity & Platforms | 38.4 | % | (20) bps | 38.2 | % | 38.4 | % | (10) bps | 38.3 | % |
Business Services Connectivity | 57.5 | % | - bps | 57.5 | % | 57.8 | % | - bps | 57.8 | % |
Total Connectivity & Platforms Adjusted EBITDA Margin | 40.6 | % | (20) bps | 40.4 | % | 40.6 | % | (10) bps | 40.5 | % |
Three Months Ended September 30, 2023 |
Nine Months Ended September 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 | $6,366 | $- | $6,366 | $19,086 | $- | $19,086 | ||||
Domestic wireless | 917 | - | 917 | 2,644 | - | 2,644 | ||||
International connectivity | 1,109 | 31 | 1,141 | 3,009 | 77 | 3,086 | ||||
Total residential connectivity | $8,393 | $31 | $8,424 | $24,739 | $77 | $24,816 | ||||
Video | 7,154 | 47 | 7,201 | 21,895 | 124 | 22,018 | ||||
Advertising | 960 | 11 | 971 | 2,860 | 25 | 2,885 | ||||
Other | 1,444 | 10 | 1,454 | 4,394 | 28 | 4,422 | ||||
Total Revenue | $17,951 | $99 | $18,050 | $53,888 | $253 | $54,141 | ||||
Operating Expenses | ||||||||||
Programming | $4,460 | $28 | $4,488 | $13,638 | $74 | $13,712 | ||||
Non-Programming | 6,605 | 55 | 6,659 | 19,578 | 140 | 19,718 | ||||
Total Operating Expenses | $11,065 | $83 | $11,148 | $33,216 | $214 | $33,430 | ||||
Adjusted EBITDA | $6,886 | $16 | $6,902 | $20,672 | $39 | $20,711 | ||||
Adjusted EBITDA Margin | 38.4 | % | (20) bps | 38.2 | % | 38.4 | % | (10) bps | 38.3 | % |
TABLE 7 |
Reconciliation of Media Revenue Excluding Olympics (Unaudited) |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
(in millions) | 2024 | 2023 | Change | 2024 | 2023 | Change | ||
Revenue | $8,231 | $6,029 | 36.5 | % | $20,926 | $18,376 | 13.9 | % |
Paris Olympics | 1,906 | - | 1,906 | - | ||||
Revenue excluding Olympics | $6,325 | $6,029 | 4.9 | % | $19,020 | $18,376 | 3.5 | % |
Reconciliation of Media Domestic Advertising Revenue Excluding Olympics (Unaudited) |
||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
(in millions) | 2024 | 2023 | Change | 2024 | 2023 | Change | ||
Revenue | $3,347 | $1,913 | 74.9 | % | $7,363 | $5,965 | 23.4 | % |
Paris Olympics | 1,432 | - | 1,432 | - | ||||
Revenue excluding Olympics | $1,915 | $1,913 | 0.1 | % | $5,931 | $5,965 | (0.6) | % |
Reconciliation of Media Domestic Distribution Revenue Excluding Olympics (Unaudited) | ||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
(in millions) | 2024 | 2023 | Change | 2024 | 2023 | Change | ||
Revenue | $3,272 | $2,591 | 26.3 | % | $8,942 | $7,916 | 13.0 | % |
Paris Olympics | 473 | - | 473 | - | ||||
Revenue excluding Olympics | $2,798 | $2,591 | 8.0 | % | $8,468 | $7,916 | 7.0 | % |