Comcast Reports 4th Quarter 2024 Results
Comcast (NASDAQ: CMCSA) reported strong Q4 2024 results with record revenue, EBITDA, and EPS. Revenue increased 2.1% to $31.9 billion, while net income rose 46.6% to $4.8 billion. The company highlighted 5% connectivity revenue growth and 1.2 million mobile line additions.
Key highlights include Peacock revenue growth of 28% to $1.3 billion in Q4, and 46% to $4.9 billion for the full year. The company ranked #2 in worldwide box office and announced an 11-year agreement for NBA and WNBA games starting 2025-26.
The company increased its dividend by 6.5% to $1.32 per share annually, marking the 17th consecutive annual increase. The Board approved a new $15 billion share repurchase program. In Q4, Comcast returned $3.2 billion to shareholders through $1.2 billion in dividends and $2.0 billion in share repurchases.
Comcast (NASDAQ: CMCSA) ha riportato risultati forti per il Q4 2024 con entrate, EBITDA e EPS record. Le entrate sono aumentate del 2,1% a 31,9 miliardi di dollari, mentre il reddito netto è salito del 46,6% a 4,8 miliardi di dollari. L'azienda ha evidenziato una crescita del 5% nei ricavi da connettività e 1,2 milioni di nuove linee mobili.
I punti salienti includono una crescita del fatturato di Peacock del 28% a 1,3 miliardi di dollari nel Q4 e del 46% a 4,9 miliardi di dollari per l'anno intero. L'azienda si è classificata al secondo posto nel box office mondiale e ha annunciato un accordo di 11 anni per le partite NBA e WNBA a partire dalla stagione 2025-26.
L'azienda ha aumentato il suo dividendo del 6,5% a 1,32 dollari per azione annualmente, segnando il 17° aumento annuale consecutivo. Il Consiglio ha approvato un nuovo programma di riacquisto di azioni da 15 miliardi di dollari. Nel Q4, Comcast ha restituito 3,2 miliardi di dollari agli azionisti tramite 1,2 miliardi di dollari in dividendi e 2,0 miliardi di dollari in riacquisto di azioni.
Comcast (NASDAQ: CMCSA) reportó resultados sólidos para el Q4 2024 con ingresos, EBITDA y EPS récord. Los ingresos aumentaron un 2.1% a 31.9 mil millones de dólares, mientras que la ganancia neta creció un 46.6% a 4.8 mil millones de dólares. La empresa destacó un crecimiento del 5% en los ingresos por conectividad y 1.2 millones de adiciones de líneas móviles.
Los aspectos destacados incluyen un crecimiento de ingresos de Peacock del 28% a 1.3 mil millones de dólares en el Q4, y del 46% a 4.9 mil millones de dólares para todo el año. La empresa se clasificó en el #2 en taquilla mundial y anunció un acuerdo de 11 años para los partidos de la NBA y WNBA a partir de 2025-26.
La empresa aumentó su dividendo en un 6.5% a 1.32 dólares por acción anualmente, marcando el 17° aumento anual consecutivo. La Junta aprobó un nuevo programa de recompra de acciones de 15 mil millones de dólares. En el Q4, Comcast devolvió 3.2 mil millones de dólares a los accionistas a través de 1.2 mil millones de dólares en dividendos y 2.0 mil millones de dólares en recompras de acciones.
콤캐스트 (NASDAQ: CMCSA)는 2024년 4분기 실적이 강력하며, 기록적인 수익, EBITDA 및 EPS를 보고했습니다. 수익은 2.1% 증가하여 319억 달러에 달했고, 순이익은 46.6% 증가한 48억 달러에 이릅니다. 회사는 5%의 연결성 수익 증가와 120만 개의 모바일 라인 추가를 강조했습니다.
주요 하이라이트에는 피크닉 수익이 4분기에 28% 증가하여 13억 달러에 이르고, 연간으로는 46% 증가한 49억 달러가 포함됩니다. 이 회사는 전 세계 박스 오피스에서 2위를 차지했으며, 2025-26 시즌부터 NBA 및 WNBA 경기 계약을 11년 동안 체결했다고 발표했습니다.
회사는 연간 주당 1.32 달러로 배당금을 6.5% 인상했으며, 이는 17년 연속 증가한 것입니다. 이사회는 150억 달러 규모의 새로운 자사주 매입 프로그램을 승인했습니다. 4분기 동안 콤캐스트는 12억 달러의 배당금과 20억 달러의 자사주 매입을 통해 주주에게 32억 달러를 반환했습니다.
Comcast (NASDAQ: CMCSA) a annoncé des résultats solides pour le T4 2024 avec des revenus, un EBITDA et un EPS record. Les revenus ont augmenté de 2,1 % pour atteindre 31,9 milliards de dollars, tandis que le bénéfice net a augmenté de 46,6 % pour atteindre 4,8 milliards de dollars. L'entreprise a mis en avant une croissance de 5 % des revenus de connectivité et 1,2 million d'ajouts de lignes mobiles.
Les points forts incluent une croissance des revenus Peacock de 28 % pour atteindre 1,3 milliard de dollars au T4, et de 46 % pour atteindre 4,9 milliards de dollars pour l'année entière. L'entreprise s'est classée au 2ème rang au box-office mondial et a annoncé un contrat de 11 ans pour les matchs de la NBA et de la WNBA à partir de 2025-26.
L'entreprise a augmenté son dividende de 6,5 % à 1,32 dollar par action annuellement, marquant ainsi la 17e augmentation annuelle consécutive. Le conseil d'administration a approuvé un nouveau programme de rachat d'actions de 15 milliards de dollars. Au T4, Comcast a restitué 3,2 milliards de dollars aux actionnaires grâce à 1,2 milliard de dollars en dividendes et 2,0 milliards de dollars en rachats d'actions.
Comcast (NASDAQ: CMCSA) hat im 4. Quartal 2024 starke Ergebnisse mit Rekordumsatz, EBITDA und EPS gemeldet. Der Umsatz stieg um 2,1% auf 31,9 Milliarden Dollar, während der Nettogewinn um 46,6% auf 4,8 Milliarden Dollar anstieg. Das Unternehmen hob ein Umsatzwachstum von 5% im Bereich Konnektivität und 1,2 Millionen neue Mobilfunkanschlüsse hervor.
Wichtige Höhepunkte sind ein Wachstum des Peacock-Umsatzes um 28% auf 1,3 Milliarden Dollar im 4. Quartal und um 46% auf 4,9 Milliarden Dollar für das gesamte Jahr. Das Unternehmen belegte den 2. Platz an den weltweiten Kinokassen und gab einen 11-jährigen Vertrag für NBA- und WNBA-Spiele ab der Saison 2025-26 bekannt.
Das Unternehmen erhöhte die Dividende um 6,5% auf jährlich 1,32 Dollar pro Aktie, was die 17. aufeinanderfolgende jährliche Erhöhung markiert. Der Vorstand genehmigte ein neues Aktienrückkaufprogramm im Wert von 15 Milliarden Dollar. Im 4. Quartal gab Comcast 3,2 Milliarden Dollar an die Aktionäre zurück, darunter 1,2 Milliarden Dollar in Dividenden und 2,0 Milliarden Dollar in Aktienrückkäufen.
- Record quarterly revenue of $31.9 billion, up 2.1%
- Net income increased 46.6% to $4.8 billion
- Peacock revenue grew 28% to $1.3 billion in Q4
- New $15 billion share repurchase authorization
- Dividend increased 6.5% to $1.32 per share annually
- Studios Adjusted EBITDA increased 85% to $569 million in Q4
- Domestic broadband customer net losses of 139,000
- Theme Parks Adjusted EBITDA decreased 3.9% to $838 million
- Free Cash Flow declined 3.2% to $12.5 billion for full year
- Domestic video customer net losses of 311,000
Insights
Comcast's Q4 results demonstrate strong execution across multiple fronts, with several notable developments deserving deeper analysis:
Operational Excellence
- Connectivity segment shows resilience with
$11.5B revenue despite intense competition, maintaining healthy38.3% margins - Peacock's revenue surge to
$1.3B and$1B improvement in EBITDA losses signals streaming strategy gaining traction - Studios segment's
85% EBITDA growth validates content investment strategy
Strategic Positioning
- The NBA/WNBA rights acquisition provides long-term premium content security and strengthens Peacock's sports offering
- Epic Universe opening in May 2025 represents significant growth catalyst for Theme Parks segment
- Planned cable networks spin-off demonstrates commitment to portfolio optimization
Financial Management
- Record
$12.5B full-year free cash flow supports aggressive capital return strategy $13.5B returned to shareholders through dividends and buybacks indicates strong financial position- New
$15B buyback authorization and 17th consecutive dividend increase reflect management's confidence
The results reflect successful execution of Comcast's dual strategy: maximizing traditional business cash flows while investing in growth initiatives. The company's ability to maintain broadband margins while scaling Peacock and preparing major investments like Epic Universe demonstrates operational discipline and strategic clarity.
“We had the best financial performance in our company’s 60-year history with record revenue, EBITDA and EPS along with significant free cash flow," said Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation. "Driving these results were the many accomplishments our teams have made across our six growth businesses, including
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($ in millions, except per share data) |
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4th Quarter |
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Full Year |
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Consolidated Results |
2024 |
2023 |
Change |
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2024 |
2023 |
Change |
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||||||
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Revenue |
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|
2.1 |
% |
|
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|
1.8 |
% |
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|
Net Income Attributable to Comcast |
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46.6 |
% |
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5.2 |
% |
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Adjusted Net Income1 |
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8.3 |
% |
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2.7 |
% |
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Adjusted EBITDA2 |
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9.9 |
% |
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1.2 |
% |
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Earnings per Share3 |
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54.1 |
% |
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11.7 |
% |
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|
Adjusted Earnings per Share1 |
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13.9 |
% |
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9.0 |
% |
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|
Net Cash Provided by Operating Activities |
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36.5 |
% |
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(2.9 |
%) |
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Free Cash Flow4 |
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90.9 |
% |
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(3.2 |
%) |
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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. |
4th Quarter and Full Year 2024 Highlights:
-
Consolidated Adjusted EBITDA Increased
9.9% in the Fourth Quarter and Increased1.2% for the Full Year; Adjusted EPS in the Fourth Quarter Increased14% to and Increased$0.96 9.0% to for the Full Year; Generated Free Cash Flow of$4.33 in the Fourth Quarter and$3.3 Billion for the Full Year$12.5 Billion -
Returned
to Shareholders in the Fourth Quarter Through a Combination of$3.2 Billion in Dividend Payments and$1.2 Billion in Share Repurchases. Total Return of Capital to Shareholders for the Full Year Was$2.0 Billion , Including$13.5 Billion in Share Repurchases, Reducing Shares Outstanding by$8.6 Billion 5% -
Increased Dividend by
, or$0.08 6.5% Year-over-Year, to per Share on an Annualized Basis for 2025, the 17th Consecutive Annual Increase; Increased Share Repurchase Authorization to$1.32 $15 Billion -
At Connectivity & Platforms, Connectivity Revenue Increased
4.9% to in the Fourth Quarter and$11.5 Billion 5.7% to for the Full Year, Reflecting Growth in Domestic Broadband, Domestic Wireless, International Connectivity and Business Services Connectivity$45.1 Billion -
Peacock Revenue Increased
28% to in the Fourth Quarter and$1.3 Billion 46% to for the Full Year Compared to the Prior Year Periods; Adjusted EBITDA Losses Improved by Nearly$4.9 Billion for the Full Year$1 Billion - NBC Sports Delivered Its Most-Watched Year Since 2016, Highlighted by Our Innovative Broadcast of the Paris Olympics and Peacock's First-Ever Exclusive Live Streamed NFL Playoff Game; Announced an 11-Year Agreement to Present NBA and WNBA Games Beginning with the 2025-26 Season
-
Studios Adjusted EBITDA Increased
85% to in the Fourth Quarter and$569 Million 11% to for the Full Year; Ranked #2 Studio in Worldwide Box Office for the Year, Driven by the Successful Theatrical Performance of Kung Fu Panda 4, Despicable Me 4, The Wild Robot and Wicked$1.4 Billion -
Theme Parks Revenue in the Fourth Quarter Was Consistent with the Prior Year Period and Adjusted EBITDA in the Fourth Quarter Decreased
3.9% to , Due to Pre-Opening Costs for Universal Epic Universe$838 Million - Announced Our Intention to Spin-off Select Cable Television Networks in a Tax-Free Transaction
4th Quarter Consolidated Financial Results
Revenue increased
Earnings per Share (EPS) increased
Capital Expenditures increased
Net Cash Provided by Operating Activities was
Dividends and Share Repurchases. Comcast paid dividends totaling
Today, Comcast announced that it increased its dividend by
Connectivity & Platforms
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($ in millions) |
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Constant
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|||||||
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4th Quarter |
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|
|
2024 |
|
2023 |
|
Change |
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||||||
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|||||||
|
Connectivity & Platforms Revenue |
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|||||||
|
Residential Connectivity & Platforms |
|
|
|
|
(0.2 |
%) |
(0.8 |
%) |
|
|||
|
Business Services Connectivity |
2,448 |
|
2,361 |
|
3.7 |
% |
3.7 |
% |
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|||
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Total Connectivity & Platforms Revenue |
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0.2 |
% |
(0.3 |
%) |
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|||||||
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Connectivity & Platforms Adjusted EBITDA |
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Residential Connectivity & Platforms |
|
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3.2 |
% |
2.9 |
% |
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Business Services Connectivity |
1,363 |
|
1,303 |
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4.6 |
% |
4.6 |
% |
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Total Connectivity & Platforms Adjusted EBITDA |
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3.5 |
% |
3.2 |
% |
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Connectivity & Platforms Adjusted EBITDA Margin |
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Residential Connectivity & Platforms |
36.0 |
% |
34.8 |
% |
120 bps |
130 bps |
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|
Business Services Connectivity |
55.7 |
% |
55.2 |
% |
50 bps |
50 bps |
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Total Connectivity & Platforms Adjusted EBITDA Margin |
38.3 |
% |
37.1 |
% |
120 bps |
130 bps |
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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
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(in thousands) |
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Net Additions / (Losses) |
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4th Quarter |
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4Q24 |
4Q23 |
2024 |
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2023 |
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Customer Relationships |
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Domestic Residential Connectivity & Platforms Customer Relationships |
31,172 |
31,648 |
(151 |
) |
(74 |
) |
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International Residential Connectivity & Platforms Customer Relationships |
17,811 |
17,847 |
95 |
|
(111 |
) |
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Business Services Connectivity Customer Relationships |
2,626 |
2,641 |
(2 |
) |
1 |
|
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Total Connectivity & Platforms Customer Relationships |
51,609 |
52,136 |
(58 |
) |
(183 |
) |
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Domestic Broadband |
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Residential Customers |
29,373 |
29,748 |
(131 |
) |
(31 |
) |
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Business Customers |
2,469 |
2,505 |
(8 |
) |
(3 |
) |
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Total Domestic Broadband Customers |
31,842 |
32,253 |
(139 |
) |
(34 |
) |
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Total Domestic Wireless Lines |
7,826 |
6,588 |
307 |
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310 |
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Total Domestic Video Customers |
12,523 |
14,106 |
(311 |
) |
(389 |
) |
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Total Customer Relationships for Connectivity & Platforms decreased by 58,000 to 51.6 million, primarily reflecting a decrease in domestic customer relationships, partially offset by an increase in international customer relationships. Total domestic broadband customer net losses were 139,000, including the modest negative impact associated with Hurricanes Milton and Helene. Total domestic wireless line net additions were 307,000 and total domestic video customer net losses were 311,000.
Residential Connectivity & Platforms
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|||||||
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($ in millions) |
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Constant
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|||||||
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|
4th Quarter |
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2024 |
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2023 |
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Change |
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||||||
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|||||||
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Revenue |
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|||||||
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Domestic Broadband |
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|
2.0 |
% |
2.0 |
% |
|
|||
|
Domestic Wireless |
1,189 |
|
1,020 |
|
16.6 |
% |
16.6 |
% |
|
|||
|
International Connectivity |
1,354 |
|
1,197 |
|
13.1 |
% |
9.8 |
% |
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|
Total Residential Connectivity |
9,071 |
|
8,620 |
|
5.2 |
% |
4.8 |
% |
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|
Video |
6,502 |
|
6,903 |
|
(5.8 |
%) |
(6.4 |
%) |
|
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Advertising |
1,158 |
|
1,109 |
|
4.4 |
% |
3.5 |
% |
|
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Other |
1,286 |
|
1,426 |
|
(9.9 |
%) |
(10.5 |
%) |
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Total Revenue |
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|
(0.2 |
%) |
(0.8 |
%) |
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|||||||
|
Operating Expenses |
|
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|||||||
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Programming |
|
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|
(6.9 |
%) |
(7.4 |
%) |
|
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|
Non-Programming |
7,412 |
|
7,353 |
|
0.8 |
% |
0.1 |
% |
|
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|
Total Operating Expenses |
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|
|
(2.1 |
%) |
(2.7 |
%) |
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|||||||
|
Adjusted EBITDA |
|
|
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|
3.2 |
% |
2.9 |
% |
|
|||
|
Adjusted EBITDA Margin |
36.0 |
% |
34.8 |
% |
120 bps |
130 bps |
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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 was consistent with the prior year period, driven by increases in domestic wireless, international connectivity, domestic broadband and advertising revenue, offset by decreases in video and other revenue. Domestic wireless revenue increased due to an increase in the number of customer lines and device sales. 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, as well as the positive impact of foreign currency. Domestic broadband revenue increased due to higher average rates. Advertising revenue increased primarily due to higher domestic political advertising, partially offset by lower domestic nonpolitical and international advertising. Excluding political advertising, advertising revenue decreased about
Adjusted EBITDA for Residential Connectivity & Platforms increased
Business Services Connectivity
|
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|||||||
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($ in millions) |
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|
Constant
|
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|||||||
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|
4th Quarter |
|
||||||||||
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|
2024 |
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2023 |
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Change |
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||||||
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|
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|
|||||||
|
Revenue |
|
|
|
|
|
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|
|||||
|
Operating Expenses |
1,085 |
|
1,057 |
|
|
|
|
|||||
|
Adjusted EBITDA |
|
|
|
|
|
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|
|||||
|
Adjusted EBITDA Margin |
55.7 |
% |
55.2 |
% |
50 bps |
50 bps |
|
|||||
|
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|
|
|
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|
|||||||
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 enterprise solutions offerings and an increase in revenue from small business customers driven by higher average rates.
Adjusted EBITDA for Business Services Connectivity increased
Content & Experiences
|
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|||||
|
($ in millions) |
|
|
|
|
|||||
|
|
4th Quarter |
|
|||||||
|
|
2024 |
|
2023 |
|
Change |
|
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|
Content & Experiences Revenue |
|
|
|
|
|||||
|
Media |
|
|
|
|
3.5 |
% |
|
||
|
Studios |
3,269 |
|
3,064 |
|
6.7 |
% |
|
||
|
Theme Parks |
2,374 |
|
2,371 |
|
0.1 |
% |
|
||
|
Headquarters & Other |
17 |
|
19 |
|
(9.2 |
%) |
|
||
|
Eliminations |
(804 |
) |
(933 |
) |
13.8 |
% |
|
||
|
Total Content & Experiences Revenue |
|
|
|
|
5.0 |
% |
|
||
|
|
|
|
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|
|||||
|
Content & Experiences Adjusted EBITDA |
|
|
|
|
|||||
|
Media |
|
|
|
|
175.2 |
% |
|
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|
Studios |
569 |
|
308 |
|
84.7 |
% |
|
||
|
Theme Parks |
838 |
|
872 |
|
(3.9 |
%) |
|
||
|
Headquarters & Other |
(189 |
) |
(337 |
) |
43.9 |
% |
|
||
|
Eliminations |
(26 |
) |
(20 |
) |
(28.9 |
%) |
|
||
|
Total Content & Experiences Adjusted EBITDA |
|
|
|
|
60.0 |
% |
|
||
Revenue for Content & Experiences increased compared to the prior year period primarily driven by Media and Studios. Adjusted EBITDA for Content & Experiences increased
Media
|
|
|
|
|
|
|||
|
($ in millions) |
|
|
|
|
|||
|
|
4th Quarter |
|
|||||
|
|
2024 |
2023 |
Change |
|
|||
|
Revenue |
|
|
|
|
|||
|
Domestic Advertising |
|
|
0.4 |
% |
|
||
|
Domestic Distribution |
2,885 |
2,747 |
5.0 |
% |
|
||
|
International Networks |
1,090 |
1,047 |
4.1 |
% |
|
||
|
Other |
603 |
550 |
9.6 |
% |
|
||
|
Total Revenue |
|
|
3.5 |
% |
|
||
|
Operating Expenses |
6,923 |
6,871 |
0.8 |
% |
|
||
|
Adjusted EBITDA |
|
|
175.2 |
% |
|
||
|
|
|
|
|
|
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 compared to the prior year period. International networks revenue increased primarily due to the positive impact of foreign currency and an increase in revenue associated with the distribution of sports networks. Domestic advertising revenue was consistent primarily due to an increase in revenue at Peacock, offset by lower revenue at our networks.
Adjusted EBITDA for Media increased due to higher revenue and consistent operating expenses. The consistent operating expenses reflect consistent programming and production costs and lower marketing and promotion expenses, offset by higher other expenses, primarily due to severance this quarter. Programming and production expenses were consistent due to a combination of lower programming costs at Peacock and lower domestic sports programming costs at our networks, offset by an increase in content costs at our entertainment television networks, which were impacted by the Writers Guild and Screen Actors Guild work stoppages in the prior year period. Media results include
Studios
|
|
|
|
|
|
|||
|
($ in millions) |
|
|
|
|
|||
|
|
4th Quarter |
|
|||||
|
|
2024 |
2023 |
Change |
|
|||
|
Revenue |
|
|
|
|
|||
|
Content Licensing |
|
|
0.3 |
% |
|
||
|
Theatrical |
515 |
343 |
50.0 |
% |
|
||
|
Other |
371 |
345 |
7.6 |
% |
|
||
|
Total Revenue |
|
|
6.7 |
% |
|
||
|
Operating Expenses |
2,700 |
2,756 |
(2.0 |
%) |
|
||
|
Adjusted EBITDA |
|
|
84.7 |
% |
|
||
|
|
|
|
|
|
Revenue for Studios increased primarily due to higher theatrical revenue. Theatrical revenue increased due to the successful performance of recent releases, including Wicked and The Wild Robot. Content licensing revenue was consistent as higher content licensing revenue at our television studios was offset by lower content licensing revenue at our film studios, primarily due to the timing of when content was made available under licensing agreements, including the impacts of the work stoppages in the prior year period.
Adjusted EBITDA for Studios increased due to higher revenue and lower operating expenses. The decrease in operating expenses was due to lower marketing and promotion expenses. Programming and production expenses were consistent, reflecting lower film costs, offset by higher television studio costs due to the higher content licensing sales this quarter compared to the prior year period which was impacted by the work stoppages.
Theme Parks
|
|
|
|
|
|
||
|
($ in millions) |
|
|
|
|
||
|
|
4th Quarter |
|
||||
|
|
2024 |
2023 |
Change |
|
||
|
|
|
|
|
|
||
|
Revenue |
|
|
|
|
||
|
Operating Expenses |
1,535 |
1,499 |
|
|
||
|
Adjusted EBITDA |
|
|
( |
|
||
|
|
|
|
|
|
Revenue for Theme Parks was consistent with the prior year period, due to lower revenue at our domestic theme parks, driven by lower guest attendance, offset by higher revenue at our international theme parks.
Adjusted EBITDA for Theme Parks decreased, reflecting consistent revenue and higher operating expenses, including around
Headquarters & Other
Content & Experiences Headquarters & Other includes overhead, personnel costs and costs associated with corporate initiatives. Headquarters & Other Adjusted EBITDA loss in the fourth quarter was
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
Corporate, Other and Eliminations
|
|
|
|
|
|
|||||
|
($ in millions) |
|
|
|
|
|||||
|
|
4th Quarter |
|
|||||||
|
|
2024 |
|
2023 |
|
Change |
|
|||
|
Corporate & Other |
|
|
|
|
|||||
|
Revenue |
|
|
|
|
3.2 |
% |
|
||
|
Operating Expenses |
1,268 |
|
1,254 |
|
1.2 |
% |
|
||
|
Adjusted EBITDA |
( |
) |
( |
) |
2.0 |
% |
|
||
|
|
|
|
|
|
|||||
|
Eliminations |
|
|
|
|
|||||
|
Revenue |
( |
) |
( |
) |
(1.0 |
%) |
|
||
|
Operating Expenses |
(1,369 |
) |
(1,420 |
) |
(3.6 |
%) |
|
||
Adjusted EBITDA |
( |
) |
( |
) |
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
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
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 presented on a consistent basis with the respective segments and disaggregated in accordance with GAAP. | |
7 |
From time to time, we may present adjusted information (e.g., Adjusted Revenues) to exclude the impact of certain events, gains, losses or other charges affecting period-to-period comparability of our operating performance. See Table 7 for reconciliations of non-GAAP financial measures. |
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, January 30, 2025, 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, January 30, 2025, 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
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 |
|
Twelve Months Ended |
|||||
(in millions, except per share data) |
December 31, |
|
December 31, |
|||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses |
|
|
|
|
|
|
|
|
Programming and production |
10,027 |
|
10,256 |
|
37,026 |
|
36,762 |
|
Marketing and promotion |
2,144 |
|
2,042 |
|
8,073 |
|
7,971 |
|
Other operating and administrative |
10,918 |
|
10,943 |
|
40,533 |
|
39,190 |
|
Depreciation |
2,182 |
|
2,192 |
|
8,729 |
|
8,854 |
|
Amortization |
1,651 |
|
1,336 |
|
6,072 |
|
5,482 |
|
|
26,922 |
|
26,769 |
|
100,434 |
|
98,258 |
|
|
|
|
|
|
|
|
|
|
Operating income |
4,993 |
|
4,484 |
|
23,297 |
|
23,314 |
|
|
|
|
|
|
|
|
|
|
Interest expense |
(1,069) |
|
(1,020) |
|
(4,134) |
|
(4,087) |
|
|
|
|
|
|
|
|
|
|
Investment and other income (loss), net |
|
|
|
|
|
|
|
|
Equity in net income (losses) of investees, net |
(242) |
|
335 |
|
(680) |
|
789 |
|
Realized and unrealized gains (losses) on equity securities, net |
(150) |
|
1 |
|
(313) |
|
(130) |
|
Other income (loss), net |
41 |
|
243 |
|
502 |
|
592 |
|
|
(350) |
|
579 |
|
(490) |
|
1,252 |
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
3,574 |
|
4,043 |
|
18,673 |
|
20,478 |
|
|
|
|
|
|
|
|
|
|
Income tax (expense) benefit |
1,111 |
|
(891) |
|
(2,796) |
|
(5,371) |
|
|
|
|
|
|
|
|
|
|
Net income |
4,684 |
|
3,153 |
|
15,877 |
|
15,107 |
|
|
|
|
|
|
|
|
|
|
Less: Net income (loss) attributable to noncontrolling interests |
(93) |
|
(107) |
|
(315) |
|
(282) |
|
|
|
|
|
|
|
|
|
|
Net income attributable to Comcast Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share attributable to Comcast Corporation shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted-average number of common shares |
3,842 |
|
4,039 |
|
3,908 |
|
4,148 |
|
|
|
|
|
|
|
|
|
TABLE 2 |
||||
Consolidated Statements of Cash Flows (Unaudited) |
||||
|
|
|
|
|
|
Twelve Months Ended |
|||
(in millions) |
December 31, |
|||
|
2024 |
|
2023 |
|
|
|
|
|
|
OPERATING ACTIVITIES |
|
|
|
|
Net income |
|
|
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
Depreciation and amortization |
14,802 |
|
14,336 |
|
Share-based compensation |
1,288 |
|
1,241 |
|
Noncash interest expense (income), net |
464 |
|
316 |
|
Equity in net (income) losses of investees, net |
1,088 |
|
(768) |
|
Deferred income taxes |
(902) |
|
(2,739) |
|
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: |
|
|
|
|
Current and noncurrent receivables, net |
136 |
|
(996) |
|
Film and television costs, net |
290 |
|
(260) |
|
Accounts payable and accrued expenses related to trade creditors |
(758) |
|
(520) |
|
Other operating assets and liabilities |
(4,611) |
|
2,784 |
|
|
|
|
|
|
Net cash provided by operating activities |
27,673 |
|
28,501 |
|
|
|
|
|
|
INVESTING ACTIVITIES |
|
|
|
|
Capital expenditures |
(12,181) |
|
(12,242) |
|
Cash paid for intangible assets |
(2,949) |
|
(3,298) |
|
Construction of Universal Beijing Resort |
(116) |
|
(137) |
|
Proceeds from sales of businesses and investments |
771 |
|
661 |
|
Advance on sale of investment |
— |
|
8,610 |
|
Purchases of investments |
(1,082) |
|
(1,313) |
|
Other |
(113) |
|
558 |
|
|
|
|
|
|
Net cash (used in) investing activities |
(15,670) |
|
(7,161) |
|
|
|
|
|
|
FINANCING ACTIVITIES |
|
|
|
|
Proceeds from (repayments of) short-term borrowings, net |
— |
|
(660) |
|
Proceeds from borrowings |
6,268 |
|
6,052 |
|
Repurchases and repayments of debt |
(3,573) |
|
(4,015) |
|
Repayment of collateralized obligation |
— |
|
(5,175) |
|
Repurchases of common stock under repurchase program and employee plans |
(9,103) |
|
(11,291) |
|
Dividends paid |
(4,814) |
|
(4,766) |
|
Other |
339 |
|
5 |
|
|
|
|
|
|
Net cash (used in) financing activities |
(10,883) |
|
(19,850) |
|
|
|
|
|
|
Impact of foreign currency on cash, cash equivalents and restricted cash |
(26) |
|
9 |
|
|
|
|
|
|
Increase (decrease) in cash, cash equivalents and restricted cash |
1,095 |
|
1,500 |
|
|
|
|
|
|
Cash, cash equivalents and restricted cash, beginning of period |
6,282 |
|
4,782 |
|
|
|
|
|
|
Cash, cash equivalents and restricted cash, end of period |
|
|
|
|
|
|
|
|
TABLE 3 |
||||
Condensed Consolidated Balance Sheets (Unaudited) |
||||
|
|
|
|
|
(in millions) |
December 31, |
|
December 31, |
|
|
2024 |
|
2023 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
Cash and cash equivalents |
|
|
|
|
Receivables, net |
13,661 |
|
13,813 |
|
Other current assets |
5,817 |
|
3,959 |
|
Total current assets |
26,801 |
|
23,987 |
|
|
|
|
|
|
Film and television costs |
12,541 |
|
12,920 |
|
|
|
|
|
|
Investments |
8,647 |
|
9,385 |
|
|
|
|
|
|
Property and equipment, net |
62,548 |
|
59,686 |
|
|
|
|
|
|
Goodwill |
58,209 |
|
59,268 |
|
|
|
|
|
|
Franchise rights |
59,365 |
|
59,365 |
|
|
|
|
|
|
Other intangible assets, net |
25,599 |
|
27,867 |
|
|
|
|
|
|
Other noncurrent assets, net |
12,501 |
|
12,333 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
Accounts payable and accrued expenses related to trade creditors |
|
|
|
|
Deferred revenue |
3,507 |
|
3,242 |
|
Accrued expenses and other current liabilities |
10,679 |
|
13,284 |
|
Current portion of debt |
4,907 |
|
2,069 |
|
Advance on sale of investment |
9,167 |
|
9,167 |
|
Total current liabilities |
39,581 |
|
40,198 |
|
|
|
|
|
|
Noncurrent portion of debt |
94,186 |
|
95,021 |
|
|
|
|
|
|
Deferred income taxes |
25,227 |
|
26,003 |
|
|
|
|
|
|
Other noncurrent liabilities |
20,942 |
|
20,122 |
|
|
|
|
|
|
Redeemable noncontrolling interests |
237 |
|
241 |
|
|
|
|
|
|
Equity |
|
|
|
|
Comcast Corporation shareholders' equity |
85,560 |
|
82,703 |
|
Noncontrolling interests |
477 |
|
523 |
|
Total equity |
86,038 |
|
83,226 |
|
|
|
|
|
|
|
|
|
|
TABLE 4 | |||||||||
Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA (Unaudited) | |||||||||
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|||||
|
|
|
|||||||
(in millions) |
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
Net income attributable to Comcast Corporation |
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to noncontrolling interests |
(93) |
|
(107) |
|
|
(315) |
|
(282) |
|
Income tax expense (benefit) |
(1,111) |
|
891 |
|
|
2,796 |
|
5,371 |
|
Interest expense |
1,069 |
|
1,020 |
|
|
4,134 |
|
4,087 |
|
Investment and other (income) loss, net |
350 |
|
(579) |
|
|
490 |
|
(1,252) |
|
Depreciation |
2,182 |
|
2,192 |
|
|
8,729 |
|
8,854 |
|
Amortization |
1,651 |
|
1,336 |
|
|
6,072 |
|
5,482 |
|
Adjustments (1) |
(19) |
|
— |
|
|
(30) |
|
(16) |
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
Reconciliation from Net Cash Provided by Operating Activities to Free Cash Flow (Unaudited) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
||||
|
|
|
|
||||||
(in millions) |
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
Net cash provided by operating activities |
|
|
|
|
|
|
|
|
|
Capital expenditures |
(3,914) |
|
(3,320) |
|
|
(12,181) |
|
(12,242) |
|
Cash paid for capitalized software and other intangible assets |
(906) |
|
(893) |
|
|
(2,949) |
|
(3,298) |
|
Free Cash Flow |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alternate Presentation of Free Cash Flow (Unaudited) |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
||||
|
|
|
|
||||||
(in millions) |
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
Capital expenditures |
(3,914) |
|
(3,320) |
|
|
(12,181) |
|
(12,242) |
|
Cash paid for capitalized software and other intangible assets |
(906) |
|
(893) |
|
|
(2,949) |
|
(3,298) |
|
Cash interest expense |
(1,154) |
|
(1,145) |
|
|
(3,657) |
|
(3,711) |
|
Cash taxes |
(1,108) |
|
(1,283) |
|
|
(7,096) |
|
(5,107) |
|
Changes in operating assets and liabilities |
1,093 |
|
(26) |
|
|
(1,559) |
|
(2,055) |
|
Noncash share-based compensation |
305 |
|
286 |
|
|
1,288 |
|
1,241 |
|
Other (2) |
136 |
|
77 |
|
|
627 |
|
500 |
|
Free Cash Flow |
|
|
|
|
|
|
|
|
(1) |
4th quarter and full year 2024 Adjusted EBITDA exclude |
|
|
|
|
(2) |
4th quarter and full year 2024 include adjustments of |
TABLE 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Reconciliations of Adjusted Net Income and Adjusted EPS (Unaudited) |
|
||||||||||||||||
|
|
|
|
|
|||||||||||||
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|||||||||||||
|
|
|
|||||||||||||||
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquisition-related intangible assets (1) |
610 |
|
0.16 |
|
436 |
|
0.11 |
|
|
2,104 |
|
0.54 |
|
1,755 |
|
0.42 |
|
Investments (2) |
220 |
|
0.06 |
|
(286) |
|
(0.07) |
|
|
553 |
|
0.14 |
|
(649) |
|
(0.16) |
|
Items affecting period-over-period comparability: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax benefit from internal corporate reorganization (3) |
(1,920) |
|
(0.50) |
|
— |
|
— |
|
|
(1,920) |
|
(0.50) |
|
— |
|
— |
|
Costs related to proposed Spin-off (4) |
7 |
|
— |
|
— |
|
— |
|
|
7 |
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net income and Adjusted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
Twelve Months Ended
|
||||||
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
||
Amortization of acquisition-related intangible assets before income taxes |
|
|
|
|
|
|
|
|
||
Amortization of acquisition-related intangible assets, net of tax |
|
|
|
|
|
|
|
|
(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
|
|
|
Twelve Months Ended
|
|||||||
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|||
Realized and unrealized (gains) losses on equity securities, net |
|
|
( |
|
|
|
|
|
|||
Equity in net (income) losses of investees, net and other |
141 |
|
(377) |
|
|
417 |
|
(991) |
|||
Investments before income taxes |
291 |
|
(378) |
|
|
729 |
|
(861) |
|||
Investments, net of tax |
|
|
( |
|
|
|
|
( |
|||
(3) |
4th quarter and full year 2024 net income attributable to Comcast Corporation includes a |
||||||||||
(4) |
4th quarter and full year 2024 net income attributable to Comcast Corporation includes |
TABLE 6 |
|||||||||||||
Reconciliation of Constant Currency (Unaudited) |
|||||||||||||
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|||||||||
|
|
|
|||||||||||
(in millions) |
As
|
|
Effects of
|
|
Constant
|
|
|
As
|
|
Effects of
|
|
Constant
|
|
Reconciliation of Connectivity & Platforms Constant Currency |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Connectivity & Platforms Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Connectivity & Platforms |
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Services Connectivity |
2,361 |
|
— |
|
2,361 |
|
|
9,255 |
|
1 |
|
9,256 |
|
Total Connectivity & Platforms Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Connectivity and Platforms Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Connectivity & Platforms |
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Services Connectivity |
1,303 |
|
— |
|
1,303 |
|
|
5,291 |
|
(1) |
|
5,291 |
|
Total Connectivity & Platforms Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Connectivity & Platforms Adjusted EBITDA Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Connectivity & Platforms |
|
|
(10) bps |
|
|
|
|
|
|
(10) bps |
|
|
|
Business Services Connectivity |
|
|
— bps |
|
|
|
|
|
|
— bps |
|
|
|
Total Connectivity & Platforms Adjusted EBITDA Margin |
|
|
(10) bps |
|
|
|
|
|
|
(10) bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|||||||||
|
|
|
|||||||||||
(in millions) |
As
|
|
Effects of
|
|
Constant
|
|
|
As
|
|
Effects of
|
|
Constant
|
|
Reconciliation of Residential Connectivity & Platforms Constant Currency |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic broadband |
|
|
$— |
|
|
|
|
|
|
$— |
|
|
|
Domestic wireless |
1,020 |
|
— |
|
1,020 |
|
|
3,664 |
|
— |
|
3,664 |
|
International connectivity |
1,197 |
|
36 |
|
1,233 |
|
|
4,207 |
|
112 |
|
4,319 |
|
Total residential connectivity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Video |
6,903 |
|
45 |
|
6,948 |
|
|
28,797 |
|
169 |
|
28,966 |
|
Advertising |
1,109 |
|
11 |
|
1,119 |
|
|
3,969 |
|
35 |
|
4,004 |
|
Other |
1,426 |
|
11 |
|
1,437 |
|
|
5,820 |
|
39 |
|
5,859 |
|
Total Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
Programming |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Programming |
7,353 |
|
54 |
|
7,408 |
|
|
26,932 |
|
195 |
|
27,126 |
|
Total Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA Margin |
|
|
(10) bps |
|
|
|
|
|
|
(10) bps |
|
|
TABLE 7 |
|||||||
Reconciliation of Consolidated Adjusted EBITDA Excluding Severance and Other(1) (Unaudited) |
|||||||
|
Three Months Ended December 31, 2024 |
||||||
|
|||||||
(in millions) |
2024 |
|
2023 |
|
|
Change(3) |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
Severance and Other(1) |
441 |
|
527 |
|
|
|
|
Adjusted EBITDA excluding Severance and Other(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Connectivity & Platforms Constant Currency Adjusted EBITDA and Adjusted EBITDA Margin Excluding Severance and Other(1)(2) (Unaudited) |
|||||||
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2024 |
||||||
|
|||||||
(in millions) |
2024 |
|
2023 |
|
|
Change(3) |
|
|
|
|
|
|
|
|
|
Total Connectivity & Platforms |
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
Adjusted EBITDA Margin |
38.3 % |
|
37.1 % |
|
|
120 bps |
|
Severance and Other(1) |
331 |
|
422 |
|
|
|
|
Effects of Foreign Currency(2) |
— |
|
23 |
|
|
|
|
Constant Currency Adjusted EBITDA excluding Severance and Other(1)(2) |
|
|
|
|
|
|
|
Constant Currency Adjusted EBITDA Margin excluding Severance and Other(1)(2) |
39.9 % |
|
39.1 % |
|
|
80 bps |
|
|
|
|
|
|
|
|
|
Residential Connectivity & Platforms |
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
Adjusted EBITDA Margin |
36.0 % |
|
34.8 % |
|
|
120 bps |
|
Severance and Other(1) |
291 |
|
380 |
|
|
|
|
Effects of Foreign Currency(2) |
— |
|
23 |
|
|
|
|
Constant Currency Adjusted EBITDA excluding Severance and Other(1)(2) |
|
|
|
|
|
|
|
Constant Currency Adjusted EBITDA Margin excluding Severance and Other(1)(2) |
37.6 % |
|
36.8 % |
|
|
80 bps |
|
|
|
|
|
|
|
|
|
Business Services Connectivity |
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
Adjusted EBITDA Margin |
55.7 % |
|
55.2 % |
|
|
50 bps |
|
Severance |
39 |
|
42 |
|
|
|
|
Effects of Foreign Currency(2) |
— |
|
— |
|
|
|
|
Constant Currency Adjusted EBITDA excluding Severance(2) |
|
|
|
|
|
|
|
Constant Currency Adjusted EBITDA Margin excluding Severance(2) |
57.3 % |
|
57.0 % |
|
|
30 bps |
|
|
|
|
|
|
|
|
|
Reconciliation of Content & Experiences Adjusted EBITDA Excluding Severance (Unaudited) |
|||||||
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2024 |
||||||
|
|||||||
(in millions) |
2024 |
|
2023 |
|
|
Change(3) |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
Severance |
101 |
|
101 |
|
|
|
|
Adjusted EBITDA excluding Severance |
|
|
|
|
|
|
(1) |
2023 amount includes an out-of-period adjustment associated with contractual obligations in our advertising business. | |
(2) |
2023 results for entities reporting in currencies other than |
|
(3) |
Change percentages represent year/year growth rates. Change in Adjusted EBITDA margin is presented as year/year basis point changes. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250130280894/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
Source: Comcast Corporation
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