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Cable Tech

Comcast adds more broadband subs and wireless lines, sheds more video in Q4

PHILADELPHIA – Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter and year ended December 31, 2020.

Full Year 2020 Highlights:

  • Generated Consolidated Adjusted EBITDA of $30.8 Billion, Adjusted EPS of $2.61 and Free Cash Flow of $13.3 Billion
  • Cable Communications Total Customer Relationships Increased by 1.6 Million, the Best Result on Record; Total High-Speed Internet Customers Increased by 2.0 Million, the Best Result on Record
  • Cable Communications Adjusted EBITDA Increased 8.6% and Adjusted EBITDA per Customer Relationship Increased 4.0%
  • NBCUniversal Reorganized Its Television and Streaming Businesses with a Centralized Structure Optimizing Content Creation, Distribution and Monetization
  • Successfully Launched Peacock, NBCUniversal's Premium Advertising-Supported Video-On-Demand Streaming Service with 33 Million Sign-Ups Across the U.S. to Date
  • Sky Executed Key Initiatives Across Its Markets, Including Expanding Sky Q Penetration to Over 60% in the U.K., Launching a Broadband Service in Italy and Repositioning Content Investment in Germany

4th Quarter 2020 Highlights:

  • Generated Consolidated Adjusted EBITDA of $7.2 Billion, Adjusted EPS of $0.56 and Free Cash Flow of $1.7 Billion
  • Cable Communications Total Customer Relationships Increased 455,000, the Best Fourth Quarter Result on Record; Total High-Speed Internet Customers Increased 538,000, the Best Fourth Quarter Result on Record
  • Cable Communications Adjusted EBITDA Increased 12.3% and Adjusted EBITDA per Customer Relationship Increased 7.0%
  • Theme Parks Reached Breakeven Excluding Universal Beijing Resort Pre-Opening Costs and Despite the Continued Closure of Universal Studios Hollywood
  • Sky Total Customer Relationship Net Additions Were 244,000 in the Quarter, Reflecting Net Additions in All Markets; Customer Relationships Returned to 99.8% of Pre-COVID Levels

Consolidated Financial Results

Revenue for the fourth quarter of 2020 decreased 2.4% to $27.7 billion. Net Income Attributable to Comcast increased 6.9% to $3.4 billion. Adjusted Net Income decreased 28.5% to $2.6 billion. Adjusted EBITDA decreased 14.8% to $7.2 billion.

For the twelve months ended December 31, 2020, revenue decreased 4.9% to $103.6 billion compared to 2019. Net income attributable to Comcast decreased 19.3% to $10.5 billion. Adjusted Net Income decreased 16.4% to $12.1 billion. Adjusted EBITDA decreased 10.0% to $30.8 billion.

Earnings per Share (EPS) for the fourth quarter of 2020 was $0.73, an increase of 7.4% compared to the fourth quarter of 2019. Adjusted EPS decreased 29.1% to $0.56.

For the twelve months ended December 31, 2020, EPS was $2.28, a 19.4% decrease compared to the prior year. Adjusted EPS decreased 16.6% to $2.61.

Capital Expenditures decreased 8.2% to $2.8 billion in the fourth quarter of 2020. Cable Communications' capital expenditures decreased 1.1% to $2.1 billion. NBCUniversal's capital expenditures decreased 41.2% to $376 million. Sky's capital expenditures increased 35.6% to $310 million.

For the twelve months ended December 31, 2020, capital expenditures decreased 7.8% to $9.2 billion compared to 2019. Cable Communications' capital expenditures decreased 4.4% to $6.6 billion. NBCUniversal's capital expenditures decreased 28.3% to $1.5 billion. Sky's capital expenditures increased 24.8% to $959 million.

Cable Communications

Revenue for Cable Communications increased 6.3% to $15.7 billion in the fourth quarter of 2020, driven by increases in high-speed internet, advertising, wireless and business services revenue, partially offset by decreases in voice, video and other revenue. High-speed internet revenue increased 12.7% due to an increase in the number of residential high-speed internet customers and an increase in average rates. Advertising revenue increased 33.8%, primarily reflecting an increase in political advertising revenue. Excluding political advertising revenue, advertising revenue increased 2.2%. Wireless revenue increased 35.8% due to an increase in the number of customer lines and an increase in device sales. Business services revenue increased 4.8%, reflecting an increase in average rates and an increase in the number of customers receiving our services. Voice revenue decreased 6.8%, reflecting decreases in average rates and in the number of residential voice customers. Video revenue decreased 0.7% due to a decrease in the number of residential video customers, partially offset by an increase in average rates. Other revenue decreased 7.5%, primarily reflecting a decrease in revenue from our security and automation services.

Total Customer Relationships increased by 455,000 to 33.1 million in the fourth quarter of 2020. Residential customer relationships increased by 429,000 and business customer relationships increased by 26,000. Total high-speed internet customer net additions were 538,000, total video customer net losses were 248,000 and total voice customer net losses were 24,000. In addition, Cable Communications added 246,000 wireless lines in the quarter.

For the year ended December 31, 2020, total customer relationships increased by 1.6 million. Residential customer relationships increased by 1.6 million and business customer relationships increased by 30,000. Total high-speed internet customer net additions were 2.0 million, total video customer net losses were 1.4 million and total voice customer net losses were 275,000. In addition, Cable Communications added 774,000 wireless lines during the year.

Read the full announcement here.

Comcast

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