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Cable Tech

Comcast Loses 133K Residential Pay-TV Subs, Gains 424K Broadband Subs in Q4 2019

PHILADELPHIA -- Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter and year ended December 31, 2019.

Full Year 2019 Highlights:

  • Consolidated Adjusted EBITDA Increased 13.6%; Earnings per Share Increased 14.7% to $3.13, on an Adjusted Basis; Generated Free Cash Flow of $13.4 Billion
  • Cable Communications Adjusted EBITDA Increased 7.3% and Adjusted EBITDA per Customer Relationship Increased 3.5%
  • Cable Communications Total Customer Relationships Increased by 1.1 Million, the Best Result on Record; Total High-Speed Internet Customers Increased by 1.4 Million, the Best Result in 12 Years
  • NBCUniversal Filmed Entertainment Adjusted EBITDA Increased 13.5%
  • Sky Adjusted EBITDA Increased 7.1% on a Pro Forma Basis to $3.1 Billion; Excluding the Impact of Currency, Adjusted EBITDA Increased 12.2% on a Pro Forma Basis

4th Quarter 2019 Highlights:

  • Consolidated Adjusted EBITDA Increased 3.0%; Earnings per Share Increased 9.7% to $0.79, on an Adjusted Basis; Generated Free Cash Flow of $2.5 Billion
  • Cable Communications Adjusted EBITDA Increased 5.4%
  • Cable Communications Total Customer Relationship Net Additions were 372,000, the Best Quarterly Net Additions on Record; Total High-Speed Internet Customer Net Additions were 442,000
  • NBCUniversal Broadcast Television Adjusted EBITDA Increased 14.2%
  • Sky Total Customer Relationships Increased 1.7% Year-Over-Year to 24.0 Million, Including Net Additions of 77,000 in the Quarter

Consolidated Financial Results
The comparability of our consolidated results was impacted by the fourth quarter 2018 Sky transaction. Sky's results of operations are included in our consolidated financial statements following the acquisition date.

Consolidated Revenue for the fourth quarter of 2019 increased 2.0% to $28.4 billion. Consolidated Net Income Attributable to Comcast increased 25.9% to $3.2 billion. Consolidated Adjusted EBITDA increased 3.0% to $8.4 billion.

For the twelve months ended December 31, 2019, consolidated revenue increased 15.3% to $109 billion compared to 2018. Consolidated net income attributable to Comcast increased 11.3% to $13.1 billion. Consolidated Adjusted EBITDA increased 13.6% to $34.3 billion.

Earnings per Share (EPS) for the fourth quarter of 2019 was $0.68, an increase of 23.6% compared to the fourth quarter of 2018. On an adjusted basis, EPS increased 9.7% to $0.79 (see Table 5).

For the twelve months ended December 31, 2019, EPS was $2.83, a 11.9% increase compared to the prior year. On an adjusted basis, EPS increased 14.7% to $3.13 (see Table 5).

Capital Expenditures decreased 2.5% to $3.1 billion in the fourth quarter of 2019. Cable Communications' capital expenditures decreased 7.8% to $2.1 billion. NBCUniversal's capital expenditures increased 7.6% to $641 million. Sky had capital expenditures of $228 million.

Cable Communications
Revenue for Cable Communications increased 2.6% to $14.8 billion in the fourth quarter of 2019, driven primarily by increases in high-speed internet, business services and wireless revenue, partially offset by a decrease in advertising revenue. High-speed internet revenue increased 8.8%, driven by an increase in the number of residential high-speed internet customers and rate adjustments. Business services revenue increased 8.8%, due to an increase in the number of customers receiving our services and an increase in average rates. Wireless revenue increased 39.4%, primarily reflecting an increase in the number of customer lines. Advertising revenue decreased 19.1%, reflecting a decrease in political advertising revenue. Excluding political advertising revenue, advertising revenue was consistent with the prior year period. Video revenue decreased 1.2%, reflecting a decrease in the number of residential video customers, partially offset by rate adjustments. Voice revenue decreased 3.6%, primarily due to a decrease in the number of residential voice customers. Other revenue decreased 2.3%, primarily reflecting the timing of X1 licensing revenue, partially offset by higher security and automation services revenue.

Total Customer Relationships increased by 372,000 to 31.5 million in the fourth quarter of 2019. Residential customer relationships increased by 352,000 and business customer relationships increased by 20,000. Total high-speed internet customer net additions were 442,000, total video customer net losses were 149,000, total voice customer net losses were 2,000 and total security and automation customer net additions were 10,000. In addition, Cable Communications added 261,000 wireless lines in the quarter.

Comcast

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