Comcast Corporation | ||||||||||||||
(Exact Name of Registrant as Specified in its Charter) |
||||||||||||||
Pennsylvania | ||||||||||||||
(State or Other Jurisdiction of Incorporation) | ||||||||||||||
001-32871 | 27-0000798 | |||||||||||||
(Commission File Number) | (IRS Employer Identification No.) | |||||||||||||
One Comcast Center | ||||||||||||||
Philadelphia, | PA | 19103-2838 | ||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of Each Class | Trading symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
Class A Common Stock, $0.01 par value | CMCSA | The Nasdaq Stock Market LLC | ||||||||||||
0.000% Notes due 2026 | CMCS26 | The Nasdaq Stock Market LLC | ||||||||||||
0.250% Notes due 2027 | CMCS27 | The Nasdaq Stock Market LLC | ||||||||||||
1.500% Notes due 2029 | CMCS29 | The Nasdaq Stock Market LLC | ||||||||||||
0.250% Notes due 2029 | CMCS29A | The Nasdaq Stock Market LLC | ||||||||||||
0.750% Notes due 2032 | CMCS32 | The Nasdaq Stock Market LLC | ||||||||||||
1.875% Notes due 2036 | CMCS36 | The Nasdaq Stock Market LLC | ||||||||||||
1.250% Notes due 2040 | CMCS40 | The Nasdaq Stock Market LLC | ||||||||||||
5.50% Notes due 2029 | CCGBP29 | New York Stock Exchange | ||||||||||||
2.0% Exchangeable Subordinated Debentures due 2029 | CCZ | New York Stock Exchange |
Exhibit Number |
Description | |||||||||||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
COMCAST CORPORATION | ||||||||||||||||||||
Date: | July 23, 2024 | By: | /s/ Daniel C. Murdock | |||||||||||||||||
Daniel C. Murdock | ||||||||||||||||||||
Executive Vice President, Chief Accounting Officer and Controller | ||||||||||||||||||||
(Principal Accounting Officer) |
![]() |
PRESS RELEASE |
($ in millions, except per share data) | |||||||||||||||||
2nd Quarter | |||||||||||||||||
Consolidated Results | 2024 | 2023 | Change | ||||||||||||||
Revenue | $29,688 | $30,513 | (2.7 | %) | |||||||||||||
Net Income Attributable to Comcast | $3,929 | $4,248 | (7.5 | %) | |||||||||||||
Adjusted Net Income1 |
$4,735 | $4,723 | 0.2 | % | |||||||||||||
Adjusted EBITDA2 |
$10,171 | $10,244 | (0.7 | %) | |||||||||||||
Earnings per Share3 |
$1.00 | $1.02 | (1.3 | %) | |||||||||||||
Adjusted Earnings per Share1 |
$1.21 | $1.13 | 7.0 | % | |||||||||||||
Net Cash Provided by Operating Activities | $4,724 | $7,197 | (34.4 | %) | |||||||||||||
Free Cash Flow4 |
$1,338 | $3,421 | (60.9 | %) | |||||||||||||
($ in millions) | Constant Currency Change5 |
|||||||||||||||||||||||||
2nd Quarter | ||||||||||||||||||||||||||
2024 | 2023 | Change | ||||||||||||||||||||||||
Connectivity & Platforms Revenue | ||||||||||||||||||||||||||
Residential Connectivity & Platforms | $17,824 | $18,068 | (1.4 | %) | (1.5 | %) | ||||||||||||||||||||
Business Services Connectivity | 2,421 | 2,292 | 5.7 | % | 5.7 | % | ||||||||||||||||||||
Total Connectivity & Platforms Revenue | $20,245 | $20,360 | (0.6 | %) | (0.7 | %) | ||||||||||||||||||||
Connectivity & Platforms Adjusted EBITDA | ||||||||||||||||||||||||||
Residential Connectivity & Platforms | $7,103 | $7,024 | 1.1 | % | 1.1 | % | ||||||||||||||||||||
Business Services Connectivity | 1,380 | 1,322 | 4.4 | % | 4.4 | % | ||||||||||||||||||||
Total Connectivity & Platforms Adjusted EBITDA | $8,483 | $8,346 | 1.6 | % | 1.6 | % | ||||||||||||||||||||
Connectivity & Platforms Adjusted EBITDA Margin | ||||||||||||||||||||||||||
Residential Connectivity & Platforms | 39.9 | % | 38.9 | % | 100 bps | 100 bps | ||||||||||||||||||||
Business Services Connectivity | 57.0 | % | 57.7 | % | (70) bps | (70) bps | ||||||||||||||||||||
Total Connectivity & Platforms Adjusted EBITDA Margin | 41.9 | % | 41.0 | % | 90 bps | 90 bps | ||||||||||||||||||||
(in thousands) | Net Additions / (Losses) | |||||||||||||||||||
2nd Quarter | ||||||||||||||||||||
2Q24 | 2Q23 | 2024 | 2023 | |||||||||||||||||
Customer Relationships | ||||||||||||||||||||
Domestic Residential Connectivity & Platforms Customer Relationships | 31,426 | 31,761 | (128) | (65) | ||||||||||||||||
International Residential Connectivity & Platforms Customer Relationships | 17,638 | 17,884 | (144) | (167) | ||||||||||||||||
Business Services Connectivity Customer Relationships | 2,632 | 2,635 | (3) | 5 | ||||||||||||||||
Total Connectivity & Platforms Customer Relationships | 51,696 | 52,280 | (275) | (228) | ||||||||||||||||
Domestic Broadband | ||||||||||||||||||||
Residential Customers | 29,583 | 29,796 | (110) | (20) | ||||||||||||||||
Business Customers | 2,485 | 2,509 | (10) | 1 | ||||||||||||||||
Total Domestic Broadband Customers | 32,068 | 32,305 | (120) | (19) | ||||||||||||||||
Total Domestic Wireless Lines | 7,199 | 5,984 | 322 | 316 | ||||||||||||||||
Total Domestic Video Customers | 13,199 | 14,985 | (419) | (543) | ||||||||||||||||
($ in millions) | Constant Currency Change5 |
|||||||||||||||||||
2nd Quarter | ||||||||||||||||||||
2024 | 2023 | Change | ||||||||||||||||||
Revenue | ||||||||||||||||||||
Domestic Broadband | $6,569 | $6,377 | 3.0 | % | 3.0 | % | ||||||||||||||
Domestic Wireless | 1,019 | 869 | 17.3 | % | 17.3 | % | ||||||||||||||
International Connectivity | 1,148 | 1,002 | 14.6 | % | 13.7 | % | ||||||||||||||
Total Residential Connectivity | 8,736 | 8,248 | 5.9 | % | 5.8 | % | ||||||||||||||
Video | 6,781 | 7,358 | (7.8 | %) | (7.9 | %) | ||||||||||||||
Advertising | 993 | 993 | — | % | (0.2 | %) | ||||||||||||||
Other | 1,313 | 1,469 | (10.6 | %) | (10.8 | %) | ||||||||||||||
Total Revenue | $17,824 | $18,068 | (1.4 | %) | (1.5 | %) | ||||||||||||||
Operating Expenses | ||||||||||||||||||||
Programming | $4,248 | $4,579 | (7.2 | %) | (7.3 | %) | ||||||||||||||
Non-Programming | 6,472 | 6,465 | 0.1 | % | (0.1 | %) | ||||||||||||||
Total Operating Expenses | $10,721 | $11,044 | (2.9 | %) | (3.1 | %) | ||||||||||||||
Adjusted EBITDA | $7,103 | $7,024 | 1.1 | % | 1.1 | % | ||||||||||||||
Adjusted EBITDA Margin | 39.9 | % | 38.9 | % | 100 bps | 100 bps | ||||||||||||||
($ in millions) | Constant Currency Change5 |
|||||||||||||||||||
2nd Quarter | ||||||||||||||||||||
2024 | 2023 | Change | ||||||||||||||||||
Revenue | $2,421 | $2,292 | 5.7 | % | 5.7 | % | ||||||||||||||
Operating Expenses | 1,041 | 970 | 7.4 | % | 7.4 | % | ||||||||||||||
Adjusted EBITDA | $1,380 | $1,322 | 4.4 | % | 4.4 | % | ||||||||||||||
Adjusted EBITDA Margin | 57.0 | % | 57.7 | % | (70) bps | (70) bps | ||||||||||||||
($ in millions) | |||||||||||||||||
2nd Quarter | |||||||||||||||||
2024 | 2023 | Change | |||||||||||||||
Content & Experiences Revenue | |||||||||||||||||
Media | $6,324 | $6,195 | 2.1 | % | |||||||||||||
Studios | 2,253 | 3,087 | (27.0 | %) | |||||||||||||
Theme Parks | 1,975 | 2,209 | (10.6 | %) | |||||||||||||
Headquarters & Other | 10 | 13 | (23.3 | %) | |||||||||||||
Eliminations | (505) | (631) | 20.0 | % | |||||||||||||
Total Content & Experiences Revenue | $10,057 | $10,873 | (7.5 | %) | |||||||||||||
Content & Experiences Adjusted EBITDA | |||||||||||||||||
Media | $1,356 | $1,244 | 9.0 | % | |||||||||||||
Studios | 124 | 255 | (51.4 | %) | |||||||||||||
Theme Parks | 632 | 833 | (24.1 | %) | |||||||||||||
Headquarters & Other | (198) | (200) | 0.7 | % | |||||||||||||
Eliminations | 36 | 56 | (35.2 | %) | |||||||||||||
Total Content & Experiences Adjusted EBITDA | $1,949 | $2,187 | (10.9 | %) | |||||||||||||
($ in millions) | |||||||||||||||||
2nd Quarter | |||||||||||||||||
2024 | 2023 | Change | |||||||||||||||
Revenue | |||||||||||||||||
Domestic Advertising | $1,991 | $2,027 | (1.7 | %) | |||||||||||||
Domestic Distribution | 2,764 | 2,615 | 5.7 | % | |||||||||||||
International Networks | 1,102 | 1,035 | 6.5 | % | |||||||||||||
Other | 467 | 518 | (9.9 | %) | |||||||||||||
Total Revenue | $6,324 | $6,195 | 2.1 | % | |||||||||||||
Operating Expenses | 4,968 | 4,951 | 0.4 | % | |||||||||||||
Adjusted EBITDA | $1,356 | $1,244 | 9.0 | % | |||||||||||||
($ in millions) | |||||||||||||||||
2nd Quarter | |||||||||||||||||
2024 | 2023 | Change | |||||||||||||||
Revenue | |||||||||||||||||
Content Licensing | $1,714 | $1,821 | (5.9 | %) | |||||||||||||
Theatrical | 237 | 913 | (74.1 | %) | |||||||||||||
Other | 302 | 354 | (14.6 | %) | |||||||||||||
Total Revenue | $2,253 | $3,087 | (27.0 | %) | |||||||||||||
Operating Expenses | 2,130 | 2,833 | (24.8 | %) | |||||||||||||
Adjusted EBITDA | $124 | $255 | (51.4 | %) | |||||||||||||
($ in millions) | |||||||||||||||||
2nd Quarter | |||||||||||||||||
2024 | 2023 | Change | |||||||||||||||
Revenue | $1,975 | $2,209 | (10.6 | %) | |||||||||||||
Operating Expenses | 1,343 | 1,376 | (2.4 | %) | |||||||||||||
Adjusted EBITDA | $632 | $833 | (24.1 | %) | |||||||||||||
($ in millions) | |||||||||||||||||
2nd Quarter | |||||||||||||||||
2024 | 2023 | Change | |||||||||||||||
Corporate & Other | |||||||||||||||||
Revenue | $706 | $654 | 8.0 | % | |||||||||||||
Operating Expenses | 966 | 957 | 1.0 | % | |||||||||||||
Adjusted EBITDA | ($260) | ($303) | 14.1 | % | |||||||||||||
Eliminations | |||||||||||||||||
Revenue | ($1,320) | ($1,373) | (3.8 | %) | |||||||||||||
Operating Expenses | (1,320) | (1,386) | (4.8 | %) | |||||||||||||
Adjusted EBITDA | ($1) | $14 | NM | ||||||||||||||
NM=comparison not meaningful. |
Notes: |
Investor Contacts: | Press Contacts: | |||||||||||||
Marci Ryvicker | (215) 286-4781 | Jennifer Khoury | (215) 286-7408 | |||||||||||
Jane Kearns | (215) 286-4794 | John Demming | (215) 286-8011 | |||||||||||
Marc Kaplan | (215) 286-6527 |
![]() |
|||||||||||||||||||||||||||||
TABLE 1 | |||||||||||||||||||||||||||||
Condensed Consolidated Statements of Income (Unaudited) |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(in millions, except per share data) | June 30, | June 30, | |||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Revenue | $29,688 | $30,513 | $59,746 | $60,205 | |||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Programming and production | 7,961 | 8,849 | 16,784 | 17,853 | |||||||||||||||||||
Marketing and promotion | 1,922 | 2,100 | 3,940 | 4,063 | |||||||||||||||||||
Other operating and administrative | 9,630 | 9,317 | 19,487 | 18,618 | |||||||||||||||||||
Depreciation | 2,153 | 2,195 | 4,328 | 4,459 | |||||||||||||||||||
Amortization | 1,387 | 1,343 | 2,762 | 2,856 | |||||||||||||||||||
23,053 | 23,804 | 47,301 | 47,849 | ||||||||||||||||||||
Operating income | 6,635 | 6,709 | 12,445 | 12,355 | |||||||||||||||||||
Interest expense | (1,026) | (998) | (2,028) | (2,007) | |||||||||||||||||||
Investment and other income (loss), net | |||||||||||||||||||||||
Equity in net income (losses) of investees, net | (444) | (80) | (286) | 405 | |||||||||||||||||||
Realized and unrealized gains (losses) on equity securities, net | (89) | (38) | (141) | (44) | |||||||||||||||||||
Other income (loss), net | 99 | 133 | 290 | 261 | |||||||||||||||||||
(434) | 15 | (137) | 622 | ||||||||||||||||||||
Income before income taxes | 5,175 | 5,726 | 10,280 | 10,970 | |||||||||||||||||||
Income tax expense | (1,336) | (1,537) | (2,663) | (3,013) | |||||||||||||||||||
Net income | 3,839 | 4,189 | 7,616 | 7,957 | |||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | (89) | (59) | (169) | (126) | |||||||||||||||||||
Net income attributable to Comcast Corporation | $3,929 | $4,248 | $7,785 | $8,082 | |||||||||||||||||||
Diluted earnings per common share attributable to Comcast Corporation shareholders | $1.00 | $1.02 | $1.97 | $1.92 | |||||||||||||||||||
Diluted weighted-average number of common shares | 3,920 | 4,183 | 3,956 | 4,205 | |||||||||||||||||||
![]() |
|||||||||||||||||||||||||||||
TABLE 2 | |||||||||||||||||||||||||||||
Consolidated Statements of Cash Flows (Unaudited) |
Six Months Ended | |||||||||||
(in millions) | June 30, | ||||||||||
2024 | 2023 | ||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $7,616 | $7,957 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 7,091 | 7,315 | |||||||||
Share-based compensation | 689 | 668 | |||||||||
Noncash interest expense (income), net | 218 | 140 | |||||||||
Net (gain) loss on investment activity and other | 391 | (354) | |||||||||
Deferred income taxes | 240 | 296 | |||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | |||||||||||
Current and noncurrent receivables, net | 750 | (92) | |||||||||
Film and television costs, net | 23 | 58 | |||||||||
Accounts payable and accrued expenses related to trade creditors | (648) | (718) | |||||||||
Other operating assets and liabilities | (3,798) | (843) | |||||||||
Net cash provided by operating activities | 12,572 | 14,426 | |||||||||
INVESTING ACTIVITIES | |||||||||||
Capital expenditures | (5,354) | (5,627) | |||||||||
Cash paid for intangible assets | (1,341) | (1,577) | |||||||||
Construction of Universal Beijing Resort | (109) | (104) | |||||||||
Proceeds from sales of businesses and investments | 557 | 369 | |||||||||
Purchases of investments | (706) | (593) | |||||||||
Other | 73 | 6 | |||||||||
Net cash (used in) investing activities | (6,879) | (7,528) | |||||||||
FINANCING ACTIVITIES | |||||||||||
Proceeds from (repayments of) short-term borrowings, net | — | (660) | |||||||||
Proceeds from borrowings | 3,266 | 6,044 | |||||||||
Repurchases and repayments of debt | (1,911) | (3,001) | |||||||||
Repurchases of common stock under repurchase program and employee plans | (4,930) | (4,227) | |||||||||
Dividends paid | (2,418) | (2,387) | |||||||||
Other | 175 | (260) | |||||||||
Net cash (used in) financing activities | (5,817) | (4,492) | |||||||||
Impact of foreign currency on cash, cash equivalents and restricted cash | (17) | 14 | |||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | (141) | 2,420 | |||||||||
Cash, cash equivalents and restricted cash, beginning of period | 6,282 | 4,782 | |||||||||
Cash, cash equivalents and restricted cash, end of period | $6,141 | $7,202 | |||||||||
![]() |
|||||||||||||||||||||||||||||
TABLE 3 | |||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheets (Unaudited) |
(in millions) | June 30, | December 31, | |||||||||
2024 | 2023 | ||||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $6,065 | $6,215 | |||||||||
Receivables, net | 13,167 | 13,813 | |||||||||
Other current assets | 4,220 | 3,959 | |||||||||
Total current assets | 23,452 | 23,987 | |||||||||
Film and television costs | 12,853 | 12,920 | |||||||||
Investments | 9,171 | 9,385 | |||||||||
Property and equipment, net | 60,507 | 59,686 | |||||||||
Goodwill | 58,376 | 59,268 | |||||||||
Franchise rights | 59,365 | 59,365 | |||||||||
Other intangible assets, net | 26,363 | 27,867 | |||||||||
Other noncurrent assets, net | 12,468 | 12,333 | |||||||||
$262,555 | $264,811 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||
Current Liabilities | |||||||||||
Accounts payable and accrued expenses related to trade creditors | $11,736 | $12,437 | |||||||||
Accrued participations and residuals | 1,520 | 1,671 | |||||||||
Deferred revenue | 3,943 | 3,242 | |||||||||
Accrued expenses and other current liabilities | 7,955 | 11,613 | |||||||||
Current portion of debt | 1,021 | 2,069 | |||||||||
Advance on sale of investment | 9,167 | 9,167 | |||||||||
Total current liabilities | 35,342 | 40,198 | |||||||||
Noncurrent portion of debt | 97,107 | 95,021 | |||||||||
Deferred income taxes | 26,252 | 26,003 | |||||||||
Other noncurrent liabilities | 19,914 | 20,122 | |||||||||
Redeemable noncontrolling interests | 236 | 241 | |||||||||
Equity | |||||||||||
Comcast Corporation shareholders' equity | 83,219 | 82,703 | |||||||||
Noncontrolling interests | 485 | 523 | |||||||||
Total equity | 83,704 | 83,226 | |||||||||
$262,555 | $264,811 |
![]() |
||||||||||||||||||||||||||
TABLE 4 | ||||||||||||||||||||||||||
Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA (Unaudited) | ||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(in millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
Net income attributable to Comcast Corporation | $3,929 | $4,248 | $7,785 | $8,082 | ||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | (89) | (59) | (169) | (126) | ||||||||||||||||||||||
Income tax expense | 1,336 | 1,537 | 2,663 | 3,013 | ||||||||||||||||||||||
Interest expense | 1,026 | 998 | 2,028 | 2,007 | ||||||||||||||||||||||
Investment and other (income) loss, net | 434 | (15) | 137 | (622) | ||||||||||||||||||||||
Depreciation | 2,153 | 2,195 | 4,328 | 4,459 | ||||||||||||||||||||||
Amortization | 1,387 | 1,343 | 2,762 | 2,856 | ||||||||||||||||||||||
Adjustments (1) |
(3) | (3) | (9) | (11) | ||||||||||||||||||||||
Adjusted EBITDA | $10,171 | $10,244 | $19,526 | $19,659 | ||||||||||||||||||||||
Reconciliation from Net Cash Provided by Operating Activities to Free Cash Flow (Unaudited) | |||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
(in millions) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||
Net cash provided by operating activities | $4,724 | $7,197 | $12,572 | $14,426 | |||||||||||||||||||||||||
Capital expenditures | (2,724) | (2,963) | (5,354) | (5,627) | |||||||||||||||||||||||||
Cash paid for capitalized software and other intangible assets | (662) | (813) | (1,341) | (1,577) | |||||||||||||||||||||||||
Free Cash Flow | $1,338 | $3,421 | $5,877 | $7,221 | |||||||||||||||||||||||||
Alternate Presentation of Free Cash Flow (Unaudited) | |||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
(in millions) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||
Adjusted EBITDA | $10,171 | $10,244 | $19,526 | $19,659 | |||||||||||||||||||||||||
Capital expenditures | (2,724) | (2,963) | (5,354) | (5,627) | |||||||||||||||||||||||||
Cash paid for capitalized software and other intangible assets | (662) | (813) | (1,341) | (1,577) | |||||||||||||||||||||||||
Cash interest expense | (1,082) | (1,057) | (1,813) | (1,823) | |||||||||||||||||||||||||
Cash taxes | (4,219) | (2,236) | (4,568) | (2,384) | |||||||||||||||||||||||||
Changes in operating assets and liabilities | (585) | (244) | (1,526) | (1,975) | |||||||||||||||||||||||||
Noncash share-based compensation | 316 | 309 | 689 | 668 | |||||||||||||||||||||||||
Other (2) |
123 | 181 | 264 | 279 | |||||||||||||||||||||||||
Free Cash Flow | $1,338 | $3,421 | $5,877 | $7,221 | |||||||||||||||||||||||||
(1) | 2nd quarter and year to date 2024 Adjusted EBITDA exclude $(3) and $(9) million of other operating and administrative expenses, respectively, related to our investment portfolio. 2nd quarter and year to date 2023 Adjusted EBITDA exclude $(3) and $(11) million of other operating and administrative expenses, respectively, related to our investment portfolio. |
||||||||||||||||||||||||||||
(2) | 2nd quarter and year to date 2024 include adjustments of $(3) and $(9) million, respectively, related to our investment portfolio and 2nd quarter and year to date 2023 include adjustments of $(3) and $(11) million, respectively, 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 June 30, |
Six Months Ended June 30, |
|||||||||||||||||||||||||||||||||||||||||||||||||
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 | $3,929 | $1.00 | $4,248 | $1.02 | $7,785 | $1.97 | $8,082 | $1.92 | ||||||||||||||||||||||||||||||||||||||||||
Change | (7.5 | %) | (1.3 | %) | (3.7 | %) | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets (1) |
433 | 0.11 | 444 | 0.11 | 870 | 0.22 | 875 | 0.21 | ||||||||||||||||||||||||||||||||||||||||||
Investments (2) |
373 | 0.10 | 31 | 0.01 | 250 | 0.06 | (358) | (0.09) | ||||||||||||||||||||||||||||||||||||||||||
Adjusted Net income and Adjusted EPS |
$4,735 | $1.21 | $4,723 | $1.13 | $8,906 | $2.25 | $8,600 | $2.05 | ||||||||||||||||||||||||||||||||||||||||||
Change | 0.2 | % | 7.0 | % | 3.6 | % | 10.1 | % | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
Amortization of acquisition-related intangible assets before income taxes | $563 | $572 | $1,133 | $1,128 | ||||||||||||||||||||||
Amortization of acquisition-related intangible assets, net of tax | $433 | $444 | $870 | $875 |
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
Realized and unrealized (gains) losses on equity securities, net | $89 | $38 | $141 | $44 | ||||||||||||||||||||||
Equity in net (income) losses of investees, net and other | 403 | 3 | 189 | (518) | ||||||||||||||||||||||
Investments before income taxes | 493 | 41 | 329 | (474) | ||||||||||||||||||||||
Investments, net of tax | $373 | $31 | $250 | ($358) |
![]() |
|||||||||||||||||||||||||||||
TABLE 6 | |||||||||||||||||||||||||||||
Reconciliation of Constant Currency (Unaudited) |
Three Months Ended June 30, 2023 |
Six Months Ended June 30, 2023 |
|||||||||||||||||||||||||||||||||||||
(in millions) | As Reported | Effects of Foreign Currency | Constant Currency Amounts | As Reported | Effects of Foreign Currency | Constant Currency Amounts | ||||||||||||||||||||||||||||||||
Reconciliation of Connectivity & Platforms Constant Currency | ||||||||||||||||||||||||||||||||||||||
Connectivity & Platforms Revenue | ||||||||||||||||||||||||||||||||||||||
Residential Connectivity & Platforms | $18,068 | $20 | $18,088 | $35,937 | $154 | $36,092 | ||||||||||||||||||||||||||||||||
Business Services Connectivity | 2,292 | — | 2,292 | 4,575 | — | 4,575 | ||||||||||||||||||||||||||||||||
Total Connectivity & Platforms Revenue | $20,360 | $20 | $20,380 | $40,512 | $155 | $40,667 | ||||||||||||||||||||||||||||||||
Connectivity and Platforms Adjusted EBITDA | ||||||||||||||||||||||||||||||||||||||
Residential Connectivity & Platforms | $7,024 | $5 | $7,029 | $13,785 | $23 | $13,809 | ||||||||||||||||||||||||||||||||
Business Services Connectivity | 1,322 | — | 1,322 | 2,654 | — | 2,654 | ||||||||||||||||||||||||||||||||
Total Connectivity & Platforms Adjusted EBITDA | $8,346 | $5 | $8,351 | $16,439 | $23 | $16,462 | ||||||||||||||||||||||||||||||||
Connectivity & Platforms Adjusted EBITDA Margin | ||||||||||||||||||||||||||||||||||||||
Residential Connectivity & Platforms | 38.9 | % | - bps | 38.9 | % | 38.4 | % | (10) bps | 38.3 | % | ||||||||||||||||||||||||||||
Business Services Connectivity | 57.7 | % | - bps | 57.7 | % | 58.0 | % | - bps | 58.0 | % | ||||||||||||||||||||||||||||
Total Connectivity & Platforms Adjusted EBITDA Margin | 41.0 | % | - bps | 41.0 | % | 40.6 | % | (10) bps | 40.5 | % | ||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 |
Six Months Ended June 30, 2023 |
|||||||||||||||||||||||||||||||||||||
(in millions) | As Reported | Effects of Foreign Currency | Constant Currency Amounts | As Reported | Effects of Foreign Currency | Constant Currency Amounts | ||||||||||||||||||||||||||||||||
Reconciliation of Residential Connectivity & Platforms Constant Currency | ||||||||||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||||||||
Domestic broadband | $6,377 | $— | $6,377 | $12,720 | $— | $12,720 | ||||||||||||||||||||||||||||||||
Domestic wireless | 869 | — | 869 | 1,727 | — | 1,727 | ||||||||||||||||||||||||||||||||
International connectivity | 1,002 | 8 | 1,010 | 1,900 | 45 | 1,945 | ||||||||||||||||||||||||||||||||
Total residential connectivity | $8,248 | $8 | $8,255 | $16,346 | $45 | $16,392 | ||||||||||||||||||||||||||||||||
Video | 7,358 | 8 | 7,366 | 14,741 | 77 | 14,818 | ||||||||||||||||||||||||||||||||
Advertising | 993 | 2 | 995 | 1,900 | 14 | 1,914 | ||||||||||||||||||||||||||||||||
Other | 1,469 | 3 | 1,471 | 2,950 | 18 | 2,969 | ||||||||||||||||||||||||||||||||
Total Revenue | $18,068 | $20 | $18,088 | $35,937 | $154 | $36,092 | ||||||||||||||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||||||||||||||
Programming | $4,579 | $3 | $4,582 | $9,178 | $46 | $9,224 | ||||||||||||||||||||||||||||||||
Non-Programming | 6,465 | 12 | 6,477 | 12,973 | 86 | 13,059 | ||||||||||||||||||||||||||||||||
Total Operating Expenses | $11,044 | $15 | $11,059 | $22,152 | $131 | $22,283 | ||||||||||||||||||||||||||||||||
Adjusted EBITDA | $7,024 | $5 | $7,029 | $13,785 | $23 | $13,809 | ||||||||||||||||||||||||||||||||
Adjusted EBITDA Margin | 38.9 | % | - bps | 38.9 | % | 38.4 | % | (10) bps | 38.3 | % | ||||||||||||||||||||||||||||