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Comcast Reports Q2 2019 Results

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7/25/2019

PHILADELPHIA -- Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended June 30, 2019, including Cable Communications, NBCUniversal and Sky.

Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said, “I am very pleased with our terrific second quarter results and the continued, successful execution of our strategy. Each of our businesses demonstrated healthy growth in adjusted EBITDA, contributing to a double-digit increase in adjusted earnings per share. Our company’s consistent, profitable growth is fueled by our leading scale in direct customer relationships and premier content. We now have nearly 55 million high-value direct customer relationships, including the 456,000 net additions in the second quarter, and a vast library of intellectual property and new productions that are extremely popular across generations and geographies. Our teams throughout the company continue to collaborate to make themselves and each other even stronger, and I’m excited about our growth opportunities ahead."

Consolidated 2nd Quarter 2019 Highlights:

  • Consolidated Adjusted EBITDA Increased 17.5%
  • Earnings per Share Increased 13.0% to $0.78, on an Adjusted Basis
  • Generated Free Cash Flow of $4.2 Billion

    Cable Communications 2nd Quarter 2019 Highlights:

  • Cable Communications Adjusted EBITDA Increased 7.4% and Adjusted EBITDA per Customer Relationship Increased 3.8%
  • Total Customer Relationships Increased 3.4% Year-Over-Year to 30.9 Million, Including Net Additions of 152,000 in the Quarter
  • High-Speed Internet Residential Revenue Increased 9.4%; Business Services Revenue Increased 9.8%; Total High-Speed Internet Customers Increased by 209,000

    NBCUniversal 2nd Quarter 2019 Highlights:

  • NBCUniversal Adjusted EBITDA Increased 8.1%
  • Cable Networks and Broadcast Television Adjusted EBITDA Collectively Increased 9.0%
  • NBCUniversal Successfully Completed Another Record Upfront, Highlighted by Overall Volume Up 10% to Nearly $7 Billion and a Double-Digit Price Increase at NBC Prime

    Sky 2nd Quarter 2019 Highlights:

  • Sky Adjusted EBITDA Increased 13.4% on a Pro Forma Basis; Excluding the Impact of Currency, Adjusted EBITDA Increased 19.9% on a Pro Forma Basis
  • Total Customer Relationships Increased 4.4% Year-Over-Year to 24.0 Million, Including Net Additions of 304,000 in the Quarter, a 197,000 Improvement from the Second Quarter of 2018

    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 second quarter of 2019 increased 23.6% to $26.9 billion. Consolidated Net Income Attributable to Comcast decreased 2.8% to $3.1 billion. Consolidated Adjusted EBITDA increased 17.5% to $8.7 billion.

    For the six months ended June 30, 2019, consolidated revenue increased 20.6% to $53.7 billion compared to 2018. Consolidated net income attributable to Comcast increased 5.4% to $6.7 billion. Consolidated Adjusted EBITDA increased 17.8% to $17.3 billion.

    Earnings per Share (EPS) for the second quarter of 2019 was $0.68, a decrease of 1.4% compared to the second quarter of 2018. On an adjusted basis, EPS increased 13.0% to $0.78. For the six months ended June 30, 2019, EPS was $1.45, a 6.6% increase compared to the prior year. On an adjusted basis, EPS increased 15.8% to $1.54.

    Capital Expenditures increased 0.6% to $2.3 billion in the second quarter of 2019. Cable Communications’ capital expenditures decreased 9.8% to $1.6 billion. NBCUniversal’s capital expenditures increased 2.7% to $473 million. Sky had capital expenditures of $177 million. For the six months ended June 30, 2019, capital expenditures increased 3.1% to $4.4 billion compared to 2018. Cable Communications' capital expenditures decreased 14.5% to $3.0 billion. NBCUniversal's capital expenditures increased 26.9% to $926 million. Sky had capital expenditures of $436 million.

    Net Cash Provided by Operating Activities was $7.0 billion in the second quarter of 2019. Free Cash Flow was $4.2 billion.

    For the six months ended June 30, 2019, net cash provided by operating activities was $14.3 billion. Free cash flow was $8.8 billion.

    Dividends paid during the second quarter of 2019 totaled $954 million.

    Consolidated Pro Forma Financial Results

    Pro forma results are presented as if the Sky transaction occurred on January 1, 2017. The pro forma amounts are based on historical results of operations and are primarily adjusted for the allocation of purchase price and excluding costs directly related to the transaction. These amounts are not necessarily indicative of what our results would have been had we operated Sky since January 1, 2017. Consolidated Pro Forma Revenue for the second quarter of 2019 increased 0.8% to $26.9 billion. Consolidated Pro Forma Adjusted EBITDA increased 7.6% to $8.7 billion.

    For the six months ended June 30, 2019, consolidated pro forma revenue decreased 1.3% to $53.7 billion compared to 2018. Consolidated Pro Forma Adjusted EBITDA increased 7.0% to $17.3 billion.

    Comcast Corp. (Nasdaq: CMCSA, CMCSK)

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