Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended March 31, 2024.

“Our team is continuing to execute exceptionally well in a dynamic and competitive marketplace," said Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation. “We delivered double-digit growth in Adjusted EPS and free cash flow while returning $3.6 billion to shareholders, investing aggressively in our businesses, and maintaining our strong balance sheet. We grew broadband ARPU over 4%, delivered 7% revenue growth in our connectivity businesses, and expanded our Adjusted EBITDA margin across Connectivity & Platforms. In Studios, following a record year with eight Oscars including Best Picture, our film group continues to leverage our incredible IP with hits like Kung Fu Panda 4; and Peacock remains one of the fastest growing domestic streamers with impressive acquisition, retention and engagement trends. Overall, I am proud of our ability to consistently perform at the highest levels and continue to position the company for long-term growth."

 

 

 

 

 

 

($ in millions, except per share data)

 

 

 

 

 

1st Quarter

 

Consolidated Results

2024

2023

Change

 

 

 

 

 

 

Revenue

$30,058

$29,691

1.2%

 

Net Income Attributable to Comcast

$3,857

$3,834

0.6%

 

Adjusted Net Income1

$4,171

$3,877

7.6%

 

Adjusted EBITDA2

$9,355

$9,415

(0.6%

)

 

Earnings per Share3

$0.97

$0.91

6.5%

 

Adjusted Earnings per Share1

$1.04

$0.92

13.9%

 

Net Cash Provided by Operating Activities

$7,848

$7,228

8.6%

 

Free Cash Flow4

$4,538

$3,800

19.4%

 

 

 

 

 

  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.

1st Quarter 2024 Highlights:

  • Adjusted EPS increased 13.9% to $1.04; Generated Free Cash Flow of $4.5 Billion
  • Total Return of Capital to Shareholders Increased 13.5% to $3.6 Billion Through a Combination of $1.2 Billion in Dividend Payments and $2.4 Billion in Share Repurchases
  • Connectivity & Platforms Adjusted EBITDA Increased 1.5% to $8.2 Billion and Adjusted EBITDA Margin Increased 30 Basis Points to 40.5%. Excluding the Impact of Foreign Currency, Connectivity & Platforms Adjusted EBITDA Increased 1.3% and Adjusted EBITDA Margin Increased 50 Basis Points
  • Domestic Broadband Average Rate Per Customer Increased 4.2%, Driving Domestic Broadband Revenue Growth of 3.9% to $6.6 Billion
  • Domestic Wireless Customer Lines Increased 21% Compared to the Prior Year Period to 6.9 Million, Including Net Additions of 289,000 in the First Quarter
  • Kung Fu Panda 4 Debuted in March and Grossed Over $480 Million in Worldwide Box Office Year-to-Date, Contributing to the Panda Franchise's Cumulative Total of $2.3 Billion. Oppenheimer Won 7 Oscars at the Academy Awards, Began Streaming Exclusively on Peacock Beginning in February and Was the Most Watched Pay 1 Movie in Peacock's History
  • Peacock Paid Subscribers Increased 55% Compared to the Prior Year Period to 34 Million, Including Net Additions of 3 Million in the First Quarter. Peacock Revenue Increased 54% to $1.1 Billion; Adjusted EBITDA Improved Compared to the Prior Year Period and Also on a Sequential Basis

1st Quarter Consolidated Financial Results

Revenue increased 1.2% compared to the prior year period. Net Income Attributable to Comcast was consistent with the prior year period. Adjusted Net Income increased 7.6%. Adjusted EBITDA was consistent with the prior year period.

Earnings per Share (EPS) increased 6.5% to $0.97. Adjusted EPS increased 13.9% to $1.04.

Capital Expenditures decreased 1.3% to $2.6 billion. Connectivity & Platforms’ capital expenditures decreased 3.8% to $1.9 billion, reflecting lower spending on customer premise equipment, scalable infrastructure and support capital, partially offset by higher investment in line extensions. Content & Experiences' capital expenditures increased 3.8% to $676 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 $7.8 billion. Free Cash Flow was $4.5 billion.

Dividends and Share Repurchases. Comcast paid dividends totaling $1.2 billion and repurchased 56.0 million of its shares for $2.4 billion, resulting in a total return of capital to shareholders of $3.6 billion.

Connectivity & Platforms

 

 

 

 

 

 

 

 

 

($ in millions)

 

 

 

Constant Currency Change5

 

 

 

1st Quarter

 

 

 

2024

 

2023

 

Change

 

 

 

 

 

 

 

 

 

Connectivity & Platforms Revenue

 

 

 

 

 

 

Residential Connectivity & Platforms

$17,868

 

$17,869

 

%

(0.8

%)

 

 

Business Services Connectivity

2,407

 

2,283

 

5.4

%

5.4

%

 

 

Total Connectivity & Platforms Revenue

$20,275

 

$20,153

 

0.6

%

(0.1

%)

 

 

 

 

 

 

 

 

 

Connectivity & Platforms Adjusted EBITDA

 

 

 

 

 

 

Residential Connectivity & Platforms

$6,852

 

$6,762

 

1.3

%

1.1

%

 

 

Business Services Connectivity

1,366

 

1,332

 

2.6

%

2.6

%

 

 

Total Connectivity & Platforms Adjusted EBITDA

$8,218

 

$8,093

 

1.5

%

1.3

%

 

 

 

 

 

 

 

 

 

Connectivity & Platforms Adjusted EBITDA Margin

 

 

 

 

 

 

Residential Connectivity & Platforms

38.3

%

37.8

%

50 bps

60 bps

 

 

Business Services Connectivity

56.7

%

58.3

%

(160) bps

(160) bps

 

 

Total Connectivity & Platforms Adjusted EBITDA Margin

40.5

%

40.2

%

30 bps

50 bps

 

 

 

 

 

 

 

 

  Change percentages represent year/year growth rates. Change in Adjusted EBITDA margin is presented as year/year basis point changes.

Revenue for Connectivity & Platforms was consistent with the prior year period. Adjusted EBITDA increased due to growth in Residential Connectivity & Platforms Adjusted EBITDA and Business Services Connectivity Adjusted EBITDA. Adjusted EBITDA margin increased to 40.5%.

 

 

 

 

 

 

 

 

(in thousands) 

 

Net Additions /

 

 

(Losses)

 

 

 

 

1st Quarter

 

 

 

1Q24

1Q23

2024

 

2023

 

 

 

Customer Relationships

 

 

 

 

 

 

Domestic Residential Connectivity & Platforms Customer Relationships

31,555

31,826

(94

)

(34

)

 

 

International Residential Connectivity & Platforms Customer Relationships

17,782

18,051

(65

)

111

 

 

 

Business Services Connectivity Customer Relationships

2,634

2,630

(7

)

5

 

 

 

Total Connectivity & Platforms Customer Relationships

51,971

52,507

(166

)

82

 

 

 

 

 

 

 

 

 

 

Domestic Broadband

 

 

 

 

 

 

Residential Customers

29,693

29,815

(55

)

3

 

 

 

Business Customers

2,495

2,508

(10

)

2

 

 

 

Total Domestic Broadband Customers

32,188

32,324

(65

)

5

 

 

 

 

 

 

 

 

 

 

Total Domestic Wireless Lines

6,877

5,668

289

 

355

 

 

 

 

 

 

 

 

 

 

Total Domestic Video Customers

13,618

15,528

(487

)

(614

)

 

 

 

 

 

 

 

 

Total Customer Relationships for Connectivity & Platforms decreased by 166,000 to 52.0 million, primarily reflecting decreases in Residential Connectivity & Platforms customer relationships. Total domestic broadband customer net losses were 65,000, total domestic wireless line net additions were 289,000 and total domestic video customer net losses were 487,000.

Residential Connectivity & Platforms

 

 

 

 

 

 

 

 

($ in millions)

 

 

 

Constant Currency Change5

 

 

 

1st Quarter

 

 

 

2024

 

2023

 

Change

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

Domestic Broadband

$6,591

 

$6,343

 

3.9

%

3.9

%

 

 

Domestic Wireless

972

 

858

 

13.3

%

13.3

%

 

 

International Connectivity

1,116

 

897

 

24.4

%

19.4

%

 

 

Total Residential Connectivity

8,679

 

8,099

 

7.2

%

6.7

%

 

 

Video

6,876

 

7,382

 

(6.9

%)

(7.7

%)

 

 

Advertising

951

 

907

 

4.9

%

3.5

%

 

 

Other

1,362

 

1,482

 

(8.1

%)

(9.0

%)

 

 

Total Revenue

$17,868

 

$17,869

 

%

(0.8

%)

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

Programming

$4,405

 

$4,600

 

(4.2

%)

(5.1

%)

 

 

Non-Programming

6,611

 

6,508

 

1.6

%

0.4

%

 

 

Total Operating Expenses

$11,016

 

$11,108

 

(0.8

%)

(1.9

%)

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

$6,852

 

$6,762

 

1.3

%

1.1

%

 

 

Adjusted EBITDA Margin

38.3

%

37.8

%

50 bps

60 bps

 

 

 

 

 

 

 

 

  Change percentages represent year/year growth rates. Change in Adjusted EBITDA margin is presented as year/year basis point changes.

Revenue for Residential Connectivity & Platforms was consistent with the prior year period, driven by increases in domestic broadband, international connectivity, domestic wireless and advertising revenue, offset by decreases in video and other revenue. Domestic broadband revenue increased due to higher average rates. International connectivity revenue increased due to an increase in broadband revenue from higher average rates and in wireless revenue, reflecting higher sales of wireless services and devices. These increases include the positive impact of foreign currency. Domestic wireless revenue increased due to an increase in the number of customer lines. Advertising revenue increased primarily due to higher domestic political advertising, higher revenue from our advanced advertising business and the positive impact of foreign currency, partially offset by lower domestic advertising. Video revenue decreased due to a decline in the number of video customers, partially offset by an overall increase in average rates and the positive impact of foreign currency. Other revenue decreased primarily due to lower residential wireline voice revenue, driven by a decline in the number of customers.

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 and the impact of foreign currency. Non-programming expenses increased primarily due to higher technical and support costs, the impact of foreign currency and increased direct product costs, partially offset by lower spending on marketing and promotion expenses. Adjusted EBITDA margin increased to 38.3%.

Business Services Connectivity

 

 

 

 

 

 

 

 

($ in millions)

 

 

 

Constant Currency Change5

 

 

 

1st Quarter

 

 

 

2024

 

2023

 

Change

 

 

 

 

 

 

 

 

 

Revenue

$2,407

 

$2,283

 

5.4%

5.4%

 

 

Operating Expenses

1,041

 

952

 

9.4%

9.4%

 

 

Adjusted EBITDA

$1,366

 

$1,332

 

2.6%

2.6%

 

 

Adjusted EBITDA Margin

56.7

%

58.3

%

(160) bps

(160) bps

 

 

 

 

 

 

 

 

  Change percentages represent year/year growth rates. Change in Adjusted EBITDA margin is presented as year/year basis point changes.

Revenue for Business Services Connectivity increased due to an increase in revenue from small business customers, driven by higher average rates, and an increase in revenue from medium-sized and enterprise customers.

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, marketing and promotion expenses, and technical and support costs. Adjusted EBITDA margin decreased to 56.7%.

Content & Experiences

 

 

 

 

 

 

 

($ in millions)

 

 

 

 

 

 

1st Quarter

 

 

 

2024

 

2023

 

Change

 

 

Content & Experiences Revenue

 

 

 

 

 

Media

$6,371

 

$6,152

 

3.6

%

 

 

Studios

2,743

 

2,956

 

(7.2

%)

 

 

Theme Parks

1,979

 

1,949

 

1.5

%

 

 

Headquarters & Other

12

 

19

 

(36.8

%)

 

 

Eliminations

(731

)

(817

)

10.5

%

 

 

Total Content & Experiences Revenue

$10,374

 

$10,259

 

1.1

%

 

 

 

 

 

 

 

 

Content & Experiences Adjusted EBITDA

 

 

 

 

 

Media

$827

 

$880

 

(6.1

%)

 

 

Studios

244

 

277

 

(12.2

%)

 

 

Theme Parks

632

 

658

 

(3.9

%)

 

 

Headquarters & Other

(243

)

(232

)

(4.8

%)

 

 

Eliminations

33

 

24

 

36.9

%

 

 

Total Content & Experiences Adjusted EBITDA

$1,493

 

$1,607

 

(7.1

%)

 

 

Revenue for Content & Experiences increased compared to the prior year period driven by Media and Theme Parks. Adjusted EBITDA for Content & Experiences decreased primarily due to decreases in Media, Studios and Theme Parks.

Media

 

 

 

 

 

 

 

($ in millions)

 

 

 

 

 

 

1st Quarter

 

 

 

2024

2023

Change

 

 

Revenue

 

 

 

 

 

Domestic Advertising

$2,025

$2,025

%

 

 

Domestic Distribution

2,906

2,709

7.2

%

 

 

International Networks

1,021

1,008

1.3

%

 

 

Other

420

410

2.5

%

 

 

Total Revenue

$6,371

$6,152

3.6

%

 

 

Operating Expenses

5,545

5,272

5.2

%

 

 

Adjusted EBITDA

$827

$880

(6.1

%)

 

 

 

 

 

 

 

Revenue for Media increased primarily due to higher domestic distribution revenue. Domestic distribution revenue increased primarily due to higher revenue at Peacock, driven by an increase in paid subscribers. International networks revenue increased primarily reflecting the positive impact of foreign currency. Domestic advertising revenue was consistent primarily due to lower revenue at our networks, offset by an increase in revenue at Peacock.

Adjusted EBITDA for Media decreased due to higher operating expenses, which more than offset higher revenue. The increase in operating expenses was primarily due to higher programming costs at Peacock. Media results include $1.1 billion of revenue and an Adjusted EBITDA6 loss of $639 million related to Peacock, compared to $685 million of revenue and an Adjusted EBITDA6 loss of $704 million in the prior year period.

Studios

 

 

 

 

 

 

 

($ in millions)

 

 

 

 

 

 

1st Quarter

 

 

 

2024

2023

Change

 

 

Revenue

 

 

 

 

 

Content Licensing

$2,101

$2,344

(10.4

%)

 

 

Theatrical

330

319

3.4

%

 

 

Other

312

292

6.6

%

 

 

Total Revenue

$2,743

$2,956

(7.2

%)

 

 

Operating Expenses

2,499

2,678

(6.7

%)

 

 

Adjusted EBITDA

$244

$277

(12.2

%)

 

 

 

 

 

 

 

Revenue for Studios decreased due to lower content licensing revenue, primarily reflecting the timing of when content was made available by our film studios. Theatrical revenue increased due to the successful performance of recent releases, including Kung Fu Panda 4 and Migration, compared to theatrical releases in the prior year period, including Puss in Boots: The Last Wish and M3GAN.

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 the timing of when content was made available by our film studios.

Theme Parks

 

 

 

 

 

 

 

($ in millions)

 

 

 

 

 

 

1st Quarter

 

 

 

2024

2023

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$1,979

$1,949

1.5%

 

 

Operating Expenses

1,347

1,291

4.3%

 

 

Adjusted EBITDA

$632

$658

(3.9%)

 

 

 

 

 

 

 

Revenue for Theme Parks increased due to higher revenue at our domestic theme parks. International theme parks revenue was consistent due to higher underlying revenue, offset by the negative impact of foreign currency.

Adjusted EBITDA for Theme Parks decreased, reflecting higher operating expenses and the negative impact of foreign currency, which more than offset higher revenue. The increase in operating expenses was primarily due to higher marketing and promotions costs.

Headquarters & Other

Content & Experiences Headquarters & Other includes overhead, personnel costs and costs associated with corporate initiatives. Headquarters & Other Adjusted EBITDA loss in the first quarter was $243 million, compared to a loss of $232 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 $731 million, compared to $817 million in the prior year period, and Adjusted EBITDA eliminations were a benefit of $33 million, compared to a benefit of $24 million in the prior year period.

Corporate, Other and Eliminations

 

 

 

 

 

 

 

($ in millions)

 

 

 

 

 

 

1st Quarter

 

 

 

2024

 

2023

 

Change

 

 

Corporate & Other

 

 

 

 

 

Revenue

$767

 

$707

 

8.6

%

 

 

Operating Expenses

1,096

 

995

 

10.2

%

 

 

Adjusted EBITDA

($329

)

($288

)

(14.2

%)

 

 

 

 

 

 

 

 

Eliminations

 

 

 

 

 

Revenue

($1,358

)

($1,427

)

(4.8

%)

 

 

Operating Expenses

(1,332

)

(1,430

)

(6.8

%)

 

 

Adjusted EBITDA

($26

)

$3

 

N

M

 

 

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, our consolidated streaming platform joint venture beginning in June 2022. Corporate & Other Adjusted EBITDA decreased primarily reflecting an increase in operating expenses primarily due to higher costs related to our corporate functions, Sky and Xumo.

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 $1.4 billion, consistent with the prior year period, and Adjusted EBITDA eliminations were a loss of $26 million compared to a benefit of $3 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. 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, April 25, 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 starting at 11:30 a.m. ET on Thursday, April 25, 2024, 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

(in millions, except per share data)

March 31,

 

2024

 

2023

Revenue

$30,058

 

$29,691

 

 

 

 

Costs and expenses

 

 

 

Programming and production

8,823

 

9,004

Marketing and promotion

2,018

 

1,963

Other operating and administrative

9,857

 

9,301

Depreciation

2,175

 

2,264

Amortization

1,376

 

1,513

 

24,248

 

24,045

 

 

 

 

Operating income

5,810

 

5,646

 

 

 

 

Interest expense

(1,002)

 

(1,010)

 

 

 

 

Investment and other income (loss), net

 

 

 

Equity in net income (losses) of investees, net

158

 

485

Realized and unrealized gains (losses) on equity securities, net

(51)

 

(6)

Other income (loss), net

191

 

128

 

298

 

607

 

 

 

 

Income before income taxes

5,105

 

5,243

 

 

 

 

Income tax expense

(1,328)

 

(1,476)

 

 

 

 

Net income

3,777

 

3,767

 

 

 

 

Less: Net income (loss) attributable to noncontrolling interests

(79)

 

(67)

 

 

 

 

Net income attributable to Comcast Corporation

$3,857

 

$3,834

 

 

 

 

 

 

 

 

Diluted earnings per common share attributable to Comcast Corporation shareholders

$0.97

 

$0.91

 

 

 

 

Diluted weighted-average number of common shares

3,992

 

4,227

 

 

 

 

TABLE 2

Consolidated Statements of Cash Flows (Unaudited)

 

 

 

 

 

Three Months Ended

(in millions)

March 31,

 

2024

 

2023

 

 

 

 

OPERATING ACTIVITIES

 

 

 

Net income

$3,777

 

$3,767

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

3,551

 

3,777

Share-based compensation

373

 

359

Noncash interest expense (income), net

103

 

78

Net (gain) loss on investment activity and other

(164)

 

(517)

Deferred income taxes

(17)

 

82

Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:

 

 

 

Current and noncurrent receivables, net

643

 

363

Film and television costs, net

124

 

13

Accounts payable and accrued expenses related to trade creditors

(446)

 

(651)

Other operating assets and liabilities

(97)

 

(43)

 

 

 

 

Net cash provided by operating activities

7,848

 

7,228

 

 

 

 

INVESTING ACTIVITIES

 

 

 

Capital expenditures

(2,630)

 

(2,664)

Cash paid for intangible assets

(679)

 

(765)

Construction of Universal Beijing Resort

(108)

 

(87)

Proceeds from sales of businesses and investments

274

 

343

Purchases of investments

(404)

 

(149)

Other

35

 

(48)

 

 

 

 

Net cash (used in) investing activities

(3,511)

 

(3,370)

 

 

 

 

FINANCING ACTIVITIES

 

 

 

Proceeds from (repayments of) short-term borrowings, net

 

(660)

Proceeds from borrowings

26

 

1,059

Repurchases and repayments of debt

(289)

 

(49)

Repurchases of common stock under repurchase program and employee plans

(2,664)

 

(2,176)

Dividends paid

(1,193)

 

(1,174)

Other

97

 

(82)

 

 

 

 

Net cash (used in) financing activities

(4,023)

 

(3,082)

 

 

 

 

Impact of foreign currency on cash, cash equivalents and restricted cash

(10)

 

20

 

 

 

 

Increase (decrease) in cash, cash equivalents and restricted cash

304

 

796

 

 

 

 

Cash, cash equivalents and restricted cash, beginning of period

6,282

 

4,782

 

 

 

 

Cash, cash equivalents and restricted cash, end of period

$6,586

 

$5,577

 

 

 

 

TABLE 3

Condensed Consolidated Balance Sheets (Unaudited)

 

 

 

 

(in millions)

March 31,

 

December 31,

 

2024

 

2023

ASSETS

 

 

 

 

 

 

 

Current Assets

 

 

 

Cash and cash equivalents

$6,515

 

$6,215

Receivables, net

13,144

 

13,813

Other current assets

4,319

 

3,959

Total current assets

23,978

 

23,987

 

 

 

 

Film and television costs

12,757

 

12,920

 

 

 

 

Investments

9,548

 

9,385

 

 

 

 

Property and equipment, net

59,918

 

59,686

 

 

 

 

Goodwill

58,668

 

59,268

 

 

 

 

Franchise rights

59,365

 

59,365

 

 

 

 

Other intangible assets, net

27,063

 

27,867

 

 

 

 

Other noncurrent assets, net

12,304

 

12,333

 

 

 

 

 

$263,601

 

$264,811

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

Current Liabilities

 

 

 

Accounts payable and accrued expenses related to trade creditors

$11,792

 

$12,437

Accrued participations and residuals

1,583

 

1,671

Deferred revenue

3,446

 

3,242

Accrued expenses and other current liabilities

11,834

 

11,613

Current portion of debt

2,502

 

2,069

Advance on sale of investment

9,167

 

9,167

Total current liabilities

40,324

 

40,198

 

 

 

 

Noncurrent portion of debt

94,071

 

95,021

 

 

 

 

Deferred income taxes

25,978

 

26,003

 

 

 

 

Other noncurrent liabilities

19,935

 

20,122

 

 

 

 

Redeemable noncontrolling interests

243

 

241

 

 

 

 

Equity

 

 

 

Comcast Corporation shareholders' equity

82,549

 

82,703

Noncontrolling interests

500

 

523

Total equity

83,049

 

83,226

 

 

 

 

 

$263,601

 

$264,811

TABLE 4

Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA (Unaudited)

 

 

 

 

Three Months Ended March 31,

(in millions)

2024

 

2023

Net income attributable to Comcast Corporation

$3,857

 

$3,834

Net income (loss) attributable to noncontrolling interests

(79)

 

(67)

Income tax expense

1,328

 

1,476

Interest expense

1,002

 

1,010

Investment and other (income) loss, net

(298)

 

(607)

Depreciation

2,175

 

2,264

Amortization

1,376

 

1,513

Adjustments (1)

(6)

 

(8)

Adjusted EBITDA

$9,355

 

$9,415

 

 

 

 

Reconciliation from Net Cash Provided by Operating Activities to Free Cash Flow (Unaudited)

 

 

 

 

Three Months Ended March 31,

(in millions)

2024

 

2023

Net cash provided by operating activities

$7,848

 

$7,228

Capital expenditures

(2,630)

 

(2,664)

Cash paid for capitalized software and other intangible assets

(679)

 

(765)

Free Cash Flow

$4,538

 

$3,800

 

 

 

 

Alternate Presentation of Free Cash Flow (Unaudited)

 

 

 

 

 

Three Months Ended March 31,

(in millions)

2024

 

2023

Adjusted EBITDA

$9,355

 

$9,415

Capital expenditures

(2,630)

 

(2,664)

Cash paid for capitalized software and other intangible assets

(679)

 

(765)

Cash interest expense

(731)

 

(766)

Cash taxes

(349)

 

(148)

Changes in operating assets and liabilities

(940)

 

(1,731)

Noncash share-based compensation

373

 

359

Other (2)

140

 

99

Free Cash Flow

$4,538

 

$3,800

(1)

1st quarter 2024 and 2023 Adjusted EBITDA excludes $(6) and $(8) million of other operating and administrative expenses, respectively, related to our investment portfolio.  

(2)

1st quarter 2024 and 2023 include adjustments of $(6) and $(8) million, respectively, of costs 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 March 31,

 

2024

 

2023

(in millions, except per share data)

 

 

 

 

 

 

 

 

$

 

EPS

 

$

 

EPS

 

 

 

 

 

 

 

 

Net income attributable to Comcast Corporation and diluted earnings per share attributable to Comcast Corporation shareholders

$3,857

 

$0.97

 

$3,834

 

$0.91

Change

0.6%

 

6.5%

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of acquisition-related intangible assets (1)

437

 

0.11

 

431

 

0.10

Investments (2)

(123)

 

(0.03)

 

(389)

 

(0.09)

 

 

 

 

 

 

 

 

Adjusted Net income and Adjusted EPS

$4,171

 

$1.04

 

$3,877

 

$0.92

Change

7.6%

 

13.9%

 

 

 

 

(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 March 31,

 

2024

 

2023

Amortization of acquisition-related intangible assets before income taxes

$569

 

$556

Amortization of acquisition-related intangible assets, net of tax

$437

 

$431

(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 March 31,

 

2024

 

2023

Realized and unrealized (gains) losses on equity securities, net

$51

 

$6

Equity in net (income) losses of investees, net and other

(215)

 

(521)

Investments before income taxes

(164)

 

(515)

Investments, net of tax

($123)

 

($389)

TABLE 6

Reconciliation of Constant Currency (Unaudited)

 

 

Three Months Ended

 

March 31, 2023

(in millions)

As Reported

 

Effects of Foreign Currency

 

Constant Currency Amounts

Reconciliation of Connectivity & Platforms Constant Currency

 

 

 

 

 

 

 

 

 

 

 

Connectivity & Platforms Revenue

 

 

 

 

 

Residential Connectivity & Platforms

$17,869

 

$135

 

$18,004

Business Services Connectivity

2,283

 

1

 

2,284

Total Connectivity & Platforms Revenue

$20,153

 

$134

 

$20,287

 

 

 

 

 

 

Connectivity and Platforms Adjusted EBITDA

 

 

 

 

 

Residential Connectivity & Platforms

$6,762

 

$18

 

$6,780

Business Services Connectivity

1,332

 

 

1,332

Total Connectivity & Platforms Adjusted EBITDA

$8,093

 

$18

 

$8,111

 

 

 

 

 

 

Connectivity & Platforms Adjusted EBITDA Margin

 

 

 

 

 

Residential Connectivity & Platforms

37.8%

 

(10) bps

 

37.7%

Business Services Connectivity

58.3%

 

— bps

 

58.3%

Total Connectivity & Platforms Adjusted EBITDA Margin

40.2%

 

(20) bps

 

40.0%

 

 

 

 

 

 

 

Three Months Ended

 

March 31, 2023

(in millions)

As Reported

 

Effects of Foreign Currency

 

Constant Currency Amounts

Reconciliation of Residential Connectivity & Platforms Constant Currency

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

Domestic broadband

$6,343

 

$—

 

$6,343

Domestic wireless

858

 

 

858

International connectivity

897

 

38

 

935

Total residential connectivity

$8,099

 

$37

 

$8,136

Video

7,382

 

69

 

7,451

Advertising

907

 

12

 

919

Other

1,482

 

15

 

1,497

Total Revenue

$17,869

 

$135

 

$18,004

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

Programming

$4,600

 

$42

 

$4,642

Non-Programming

6,508

 

75

 

6,583

Total Operating Expenses

$11,108

 

$116

 

$11,224

 

 

 

 

 

 

Adjusted EBITDA

$6,762

 

$18

 

$6,780

Adjusted EBITDA Margin

37.8%

 

(10) bps

 

37.7%

 

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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