Comcast Reports 3rd Quarter 2019 Results

Comcast Reports 3rd Quarter 2019 Results

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

Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said, “We delivered excellent results in the third quarter, surpassing 55 million customer relationships and generating strong pro forma growth in adjusted EBITDA and double-digit growth in adjusted EPS. We continued our long track record of highly-profitable growth, while also investing in our businesses to further strengthen our leading competitive position. Cable had its highest third quarter broadband net additions in 10 years, which drove its best quarterly net additions in total customer relationships on record; NBC ranked #1 in primetime for the sixth consecutive 52-week season; and Sky’s channels had a 10% increase in household viewership. These and our many other accomplishments during the quarter underscore our strategic focus on innovation and providing our customers with superior products, services and experiences. Together, with our leading scale in high-value customer relationships and premium content, we are strategically positioned to thrive in our evolving global industry.”

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions, except per share data)

 

 

 

 

 

 

 

 

 

 

 

3rd Quarter

 

 

Year to Date

 

 

Consolidated Results

2018 5

 

2019

 

Growth

 

 

2018 5

 

2019

 

Growth

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$22,135

 

$26,827

 

21.2

%

 

 

$66,661

 

$80,544

 

20.8

%

 

 

Net Income Attributable to Comcast

$2,886

 

$3,217

 

11.5

%

 

 

$9,220

 

$9,895

 

7.3

%

 

 

Adjusted EBITDA1

$7,313

 

$8,553

 

17.0

%

 

 

$21,974

 

$25,822

 

17.5

%

 

 

Earnings per Share2

$0.62

 

$0.70

 

12.9

%

 

 

$1.98

 

$2.15

 

8.6

%

 

 

Earnings per Share, Adjusted Basis3 (see Table 5)

$0.68

 

$0.79

 

16.2

%

 

 

$2.02

 

$2.33

 

15.3

%

 

 

Net Cash Provided by Operating Activities

$5,970

 

$5,191

 

(13.0

%)

 

 

$18,507

 

$19,462

 

5.2

%

 

 

Free Cash Flow4

$3,141

 

$2,072

 

(34.0

%)

 

 

$10,525

 

$10,910

 

3.7

%

 

 

 

 

 

 

 

 

 

 

 

 

For additional detail on segment revenue and expenses, customer metrics, capital expenditures, and free cash flow, please refer to the trending schedules on Comcast’s Investor Relations website at www.cmcsa.com.

Consolidated 3rd Quarter 2019 Highlights:

Consolidated Adjusted EBITDA Increased 17.0%

Earnings per Share Increased 16.2% to $0.79, on an Adjusted Basis

Generated Free Cash Flow of $2.1 Billion

Cable Communications 3rd Quarter 2019 Highlights:

Cable Communications Adjusted EBITDA Increased 6.7% and Adjusted EBITDA per Customer Relationship Increased 3.2%

Total Customer Relationships Increased 3.4% Year-Over-Year to 31.2 Million, Including Net Additions of 309,000 in the Quarter

High-Speed Internet Residential Revenue Increased 9.3%; Business Services Revenue Increased 9.3%; Total High-Speed Internet Customers Increased by 379,000

NBCUniversal 3rd Quarter 2019 Highlights:

NBCUniversal Adjusted EBITDA Increased 1.6%, Despite Expected Difficult Studio Comparisons at TV and Film

Broadcast Television Adjusted EBITDA Increased 5.1%

NBC Ranked #1 in Primetime Among Adults 18-49 for the 2018-2019 Season for the Sixth Consecutive Year

Sky 3rd Quarter 2019 Highlights:

Sky Adjusted EBITDA Increased 38.3% on a Pro Forma Basis; Excluding the Impact of Currency, Adjusted EBITDA Increased 46.0% on a Pro Forma Basis

Total Customer Relationships Increased 2.1% Year-Over-Year to 23.9 Million, With Net Additions of 482,000 in the Last Twelve Months

 

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 third quarter of 2019 increased 21.2% to $26.8 billion. Consolidated Net Income Attributable to Comcast increased 11.5% to $3.2 billion. Consolidated Adjusted EBITDA increased 17.0% to $8.6 billion.

For the nine months ended September 30, 2019, consolidated revenue increased 20.8% to $80.5 billion compared to 2018. Consolidated net income attributable to Comcast increased 7.3% to $9.9 billion. Consolidated Adjusted EBITDA increased 17.5% to $25.8 billion.

Earnings per Share (EPS) for the third quarter of 2019 was $0.70, an increase of 12.9% compared to the third quarter of 2018. On an adjusted basis, EPS increased 16.2% to $0.79 (see Table 5).

For the nine months ended September 30, 2019, EPS was $2.15, a 8.6% increase compared to the prior year. On an adjusted basis, EPS increased 15.3% to $2.33 (see Table 5).

Capital Expenditures increased 5.3% to $2.5 billion in the third quarter of 2019. Cable Communications’ capital expenditures decreased 6.7% to $1.8 billion. NBCUniversal’s capital expenditures increased 24.7% to $505 million. Sky had capital expenditures of $104 million.

For the nine months ended September 30, 2019, capital expenditures increased 3.9% to $6.9 billion compared to 2018. Cable Communications’ capital expenditures decreased 11.7% to $4.8 billion. NBCUniversal’s capital expenditures increased 26.1% to $1.4 billion. Sky had capital expenditures of $540 million.

Net Cash Provided by Operating Activities was $5.2 billion in the third quarter of 2019. Free Cash Flow was $2.1 billion (see Table 4).

For the nine months ended September 30, 2019, net cash provided by operating activities was $19.5 billion. Free cash flow was $10.9 billion (see Table 4).

Dividends paid during the third quarter of 2019 totaled $955 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 (see Table 7 for reconciliations of pro forma financial data).

Consolidated Pro Forma Revenue for the third quarter of 2019 was consistent with the prior year period at $26.8 billion. Consolidated Pro Forma Adjusted EBITDA increased 7.4% to $8.6 billion.

For the nine months ended September 30, 2019, consolidated pro forma revenue decreased 0.9% to $80.5 billion compared to 2018. Consolidated Pro Forma Adjusted EBITDA increased 7.2% to $25.8 billion.

Cable Communications

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

3rd Quarter

 

 

Year to Date

 

 

 

 

2018 6

 

2019

 

Growth

 

 

2018 6

 

2019

 

Growth

 

 

Cable Communications Revenue

 

 

 

 

 

 

 

 

 

 

High-Speed Internet

$4,321

$4,721

9.3

%

 

 

$12,740

$13,961

9.6

%

 

 

Video

5,591

5,541

(0.9

%)

 

 

16,878

16,763

(0.7

%)

 

 

Voice

982

963

(1.9

%)

 

 

2,982

2,935

(1.6

%)

 

 

Wireless

236

326

38.1

%

 

 

623

795

27.6

%

 

 

Business Services

1,803

1,971

9.3

%

 

 

5,290

5,795

9.5

%

 

 

Advertising

684

603

(11.9

%)

 

 

1,932

1,766

(8.6

%)

 

 

Other

406

459

13.4

%

 

 

1,193

1,299

8.8

%

 

 

Cable Communications Revenue

$14,023

$14,584

4.0

%

 

 

$41,638

$43,314

4.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Cable Communications Adjusted EBITDA

$5,434

$5,801

6.7

%

 

 

$16,100

$17,383

8.0

%

 

 

Adjusted EBITDA Margin

38.8%

39.8%

 

 

 

38.7%

40.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cable Communications Capital Expenditures

$1,945

$1,814

(6.7

%)

 

 

$5,403

$4,771

(11.7

%)

 

 

Percent of Cable Communications Revenue

13.9%

12.4%

 

 

 

13.0%

11.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning in the first quarter of 2019, Cable Communications results include our wireless phone service and certain other business development initiatives which were previously presented in Corporate and Other. Prior periods have been adjusted to reflect this presentation.

Revenue for Cable Communications increased 4.0% to $14.6 billion in the third quarter of 2019, driven primarily by increases in high-speed internet, business services and wireless revenue. High-speed internet revenue increased 9.3%, driven by an increase in the number of residential high-speed internet customers and rate adjustments. Business services revenue increased 9.3%, due to increases in the number of customers receiving our services and rate adjustments. Wireless revenue increased 38.1%, reflecting an increase in the number of customer lines. Other revenue increased 13.4%, driven by the timing of X1 licensing revenue and higher security and automation services revenue. Advertising revenue decreased 11.9%, primarily reflecting a decrease in political advertising revenue. Excluding political advertising revenue, advertising revenue increased 1.2%. Video revenue decreased 0.9%, reflecting a decrease in the number of residential video customers, partially offset by rate adjustments. Voice revenue decreased 1.9%, primarily due to a decrease in the number of residential voice customers.

For the nine months ended September 30, 2019, Cable revenue increased 4.0% to $43.3 billion compared to 2018, driven by growth in high-speed internet, business services, wireless and other revenue, partially offset by a decrease in advertising, video and voice revenue.

Total Customer Relationships increased by 309,000 to 31.2 million in the third quarter of 2019. Residential customer relationships increased by 288,000 and business customer relationships increased by 21,000. At the end of the third quarter, 65.6% of our residential customers received at least two Xfinity products. Total high-speed internet customer net additions were 379,000, total video customer net losses were 238,000, total voice customer net losses were 53,000 and total security and automation customer net additions were 8,000. In addition, Cable Communications added 204,000 wireless lines in the quarter.

 

 

 

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

Net Additions

 

 

 

3Q18 6

 

3Q19

 

 

3Q186

 

3Q19

 

 

Customer Relationships

 

 

 

 

 

 

 

Residential Customer Relationships

27,869

28,797

 

270

288

 

 

Business Services Customer Relationships

2,274

2,377

 

30

21

 

 

Total Customer Relationships

30,143

31,173

 

299

309

 

 

 

 

 

 

 

 

 

 

Residential Customer Relationships Mix

 

 

 

 

 

 

 

One Product Residential Customers

8,864

9,905

 

270

379

 

 

Two Product Residential Customers

8,958

8,915

 

(22)

(38)

 

 

Three or More Product Residential Customers

10,047

9,977

 

22

(53)

 

 

 

 

 

 

 

 

 

 

Residential High-Speed Internet Customers

24,774

25,990

 

334

359

 

 

Business Services High-Speed Internet Customers

2,098

2,197

 

29

20

 

 

Total High-Speed Internet Customers

26,871

28,186

 

363

379

 

 

 

 

 

 

 

 

 

 

Residential Video Customers

20,978

20,421

 

(95)

(222)

 

 

Business Services Video Customers

1,037

983

 

(11)

(16)

 

 

Total Video Customers

22,015

21,403

 

(106)

(238)

 

 

 

 

 

 

 

 

 

 

Residential Voice Customers

10,164

9,945

 

(49)

(63)

 

 

Business Services Voice Customers

1,283

1,334

 

13

10

 

 

Total Voice Customers

11,447

11,278

 

(35)

(53)

 

 

 

 

 

 

 

 

 

 

Total Security and Automation Customers

1,277

1,365

 

42

8

 

 

 

 

 

 

 

 

 

 

Total Wireless Lines

1,009

1,791

 

228

204

 

 

 

 

 

 

 

 

 

Adjusted EBITDA for Cable Communications increased 6.7% to $5.8 billion in the third quarter of 2019, reflecting higher revenue, partially offset by a 2.3% increase in operating expenses. Non-programming expenses increased 3.6%, primarily reflecting higher technical and product support expenses. Non-programming expenses per customer relationship was consistent with the prior year period. Programming costs were consistent with the prior year period due to the timing of programming contract renewals and video subscriber declines. This quarter’s Adjusted EBITDA per customer relationship increased 3.2%, and Adjusted EBITDA margin was 39.8% compared to 38.8% in the third quarter of 2018. Cable Communications results include a loss of $94 million from our wireless business, compared to a loss of $178 million in the prior period.

For the nine months ended September 30, 2019, Cable Adjusted EBITDA increased 8.0% to $17.4 billion compared to 2018, driven by higher revenue, partially offset by a 1.5% increase in operating expenses. The higher expenses were due to a 1.5% increase in non-programming expenses and a 1.6% increase in programming costs. For the nine months ended September 30, 2019, Adjusted EBITDA per customer relationship increased 4.3%, and Adjusted EBITDA margin was 40.1% compared to 38.7% in 2018. Cable Communications results include a loss of $285 million from our wireless business, compared to a loss of $552 million in the prior period.

Capital Expenditures for Cable Communications decreased 6.7% to $1.8 billion in the third quarter of 2019. Cable capital expenditures represented 12.4% of Cable revenue in the third quarter of 2019 compared to 13.9% in last year’s third quarter.

For the nine months ended September 30, 2019, Cable capital expenditures decreased 11.7% to $4.8 billion. Cable capital expenditures represented 11.0% of Cable revenue compared to 13.0% in 2018.

NBCUniversal

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

3rd Quarter

 

 

Year to Date

 

 

 

2018 6

2019

Growth

 

 

2018 6

2019

Growth

 

 

NBCUniversal Revenue

 

 

 

 

 

 

 

 

 

 

Cable Networks

$2,850

 

$2,771

 

(2.8

%)

 

 

$8,881

 

$8,586

 

(3.3

%)

 

 

Excluding Olympics (see Table 6)

 

 

 

 

 

8,503

 

8,586

 

1.0

%

 

 

Broadcast Television

2,452

 

2,230

 

(9.1

%)

 

 

8,340

 

7,099

 

(14.9

%)

 

 

Excluding Olympics and Super Bowl (see Table 6)

 

 

 

 

 

7,147

 

7,099

 

(0.7

%)

 

 

Filmed Entertainment

1,819

 

1,706

 

(6.2

%)

 

 

5,176

 

4,931

 

(4.7

%)

 

 

Theme Parks

1,528

 

1,631

 

6.8

%

 

 

4,170

 

4,371

 

4.8

%

 

 

Headquarters, other and eliminations

(53

)

(43

)

NM

 

 

(201

)

(173

)

NM

 

 

NBCUniversal Revenue

$8,596

 

$8,295

 

(3.5

%)

 

 

$26,366

 

$24,814

 

(5.9

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

NBCUniversal Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

Cable Networks

$959

 

$955

 

(0.4

%)

 

 

$3,389

 

$3,418

 

0.9

%

 

 

Broadcast Television

321

 

338

 

5.1

%

 

 

1,245

 

1,259

 

1.1

%

 

 

Filmed Entertainment

214

 

195

 

(8.7

%)

 

 

555

 

742

 

33.7

%

 

 

Theme Parks

725

 

731

 

0.9

%

 

 

1,789

 

1,819

 

1.7

%

 

 

Headquarters, other and eliminations

(162

)

(128

)

NM

 

 

(500

)

(486

)

NM

 

 

NBCUniversal Adjusted EBITDA

$2,057

 

$2,091

 

1.6

%

 

 

$6,478

 

$6,752

 

4.2

%

 

 

NM=comparison not meaningful.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue for NBCUniversal decreased 3.5% to $8.3 billion in the third quarter of 2019. Adjusted EBITDA increased 1.6% to $2.1 billion.

For the nine months ended September 30, 2019, NBCUniversal revenue decreased 5.9% to $24.8 billion compared to last year’s results, which included an incremental $1.6 billion of revenue generated by the broadcasts of the 2018 PyeongChang Olympics and the NFL’s Super Bowl LII at our TV Businesses. Adjusted EBITDA increased 4.2% to $6.8 billion.

Cable Networks

Cable Networks revenue decreased 2.8% to $2.8 billion in the third quarter of 2019, reflecting lower content licensing and other revenue, partially offset by higher distribution revenue. Content licensing and other revenue declined 27.2%, due to the timing of content provided under licensing agreements. Distribution revenue increased 1.6%, primarily due to contractual rate increases and the timing of contract renewals, partially offset by a decline in subscribers. Advertising revenue was consistent with the prior year period, reflecting higher rates, offset by audience ratings declines. Adjusted EBITDA of $955 million in the third quarter of 2019 was consistent with the prior year period, as lower revenue was offset by a decrease in programming and production costs.

For the nine months ended September 30, 2019, revenue from the Cable Networks segment decreased 3.3% to $8.6 billion compared to 2018, reflecting lower content licensing and other, advertising and distribution revenue. Excluding $378 million of revenue generated by the broadcast of the 2018 PyeongChang Olympics in the first quarter of 2018, Cable Networks revenue increased 1.0% (see Table 6). Adjusted EBITDA increased 0.9% to $3.4 billion compared to 2018, reflecting lower revenue, offset by a decrease in operating costs and expenses, including programming and production costs, due to the broadcast of the 2018 PyeongChang Olympics in the first quarter of 2018.

Broadcast Television

Broadcast Television revenue decreased 9.1% to $2.2 billion in the third quarter of 2019, reflecting a decrease in advertising and content licensing revenue, partially offset by increased distribution and other revenue. Advertising revenue decreased 12.1%, primarily due to the absence of revenue generated by Telemundo’s broadcast of the 2018 FIFA World Cup RussiaTM. Content licensing revenue decreased 17.0%, reflecting the timing of content provided under licensing agreements. Distribution and other revenue increased 5.8%, primarily due to higher retransmission consent fees. Adjusted EBITDA increased 5.1% to $338 million in the third quarter of 2019, reflecting lower revenue more than offset by a decrease in programming and production costs, primarily due to Telemundo’s broadcast of the 2018 FIFA World Cup RussiaTM.

For the nine months ended September 30, 2019, revenue from the Broadcast Television segment decreased 14.9% to $7.1 billion compared to 2018, primarily reflecting a decrease in advertising revenue. Excluding $770 million of revenue generated by the broadcast of the 2018 PyeongChang Olympics in the first quarter of 2018 and $423 million of revenue generated by the broadcast of the NFL’s Super Bowl LII in the first quarter of 2018, Broadcast Television revenue decreased 0.7% compared to 2018 (see Table 6). Adjusted EBITDA increased 1.1% to $1.3 billion compared to 2018, with lower revenue more than offset by a decrease in programming and production costs, primarily due to decreased sports programming costs associated with the broadcasts of the 2018 PyeongChang Olympics and the NFL’s Super Bowl LII in the first quarter of 2018.

Filmed Entertainment

Filmed Entertainment revenue decreased 6.2% to $1.7 billion in the third quarter of 2019, reflecting lower home entertainment and theatrical revenue. Home entertainment revenue decreased 28.5%, reflecting the success of Jurassic World: Fallen Kingdom in last year’s third quarter, partially offset by the performance of The Secret Life of Pets 2 in this year’s third quarter. Theatrical revenue decreased 8.8%, reflecting the volume and strength of releases in last year’s third quarter, including Jurassic World: Fallen Kingdom and Mamma Mia! Here We Go Again, partially offset by the performance of Fast & Furious Presents: Hobbs & Shaw in this year’s third quarter. Adjusted EBITDA decreased 8.7% to $195 million in the third quarter of 2019, reflecting lower revenue, partially offset by lower programming and production costs.

For the nine months ended September 30, 2019, revenue from the Filmed Entertainment segment decreased 4.7% to $4.9 billion compared to 2018, primarily reflecting lower theatrical revenue, partially offset by higher content licensing revenue. Adjusted EBITDA increased 33.7% to $742 million compared to 2018, reflecting lower revenue more than offset by lower programming and production costs.

Theme Parks

Theme Parks revenue increased 6.8% to $1.6 billion in the third quarter of 2019, primarily reflecting higher attendance due, in part, to severe weather and natural disasters that negatively impacted attendance in Japan in the third quarter of 2018. Adjusted EBITDA increased 0.9% to $731 million in the third quarter of 2019, reflecting an increase in revenue, partially offset by higher operating expenses.

For the nine months ended September 30, 2019, revenue from the Theme Parks segment increased 4.8% to $4.4 billion compared to 2018, primarily due to increases in attendance. Adjusted EBITDA increased 1.7% to $1.8 billion compared to 2018, reflecting an increase in revenue, partially offset by higher operating expenses.

Headquarters, Other and Eliminations

NBCUniversal Headquarters, Other and Eliminations include overhead and eliminations among the NBCUniversal businesses. For the quarter ended September 30, 2019, NBCUniversal Headquarters, Other and Eliminations Adjusted EBITDA loss was $128 million, compared to a loss of $162 million in the third quarter of 2018, due to the timing of expenses with prior quarters.

For the nine months ended September 30, 2019, NBCUniversal Headquarters, Other and Eliminations adjusted EBITDA loss was $486 million compared to a loss of $500 million in 2018.

Sky

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, (see Table 7 for reconciliations of pro forma financial data).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions) (pro forma)

 

 

 

 

 

 

 

 

 

 

 

 

 

3rd Quarter

 

 

Year to Date

 

 

 

2018

2019

Growth

Constant
Currency
Growth7

 

 

2018

2019

Growth

Constant
Currency
Growth7

 

 

Sky Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Direct-to-Consumer

$3,920

$3,793

(3.2

%)

1.9

%

 

 

$12,101

$11,516

(4.8

%)

1.1

%

 

 

Content

288

315

9.4

%

15.4

%

 

 

885

1,061

20.0

%

26.9

%

 

 

Advertising

545

446

(18.2

%)

(13.8

%)

 

 

1,807

1,602

(11.3

%)

(6.0

%)

 

 

Sky Revenue

$4,753

$4,554

(4.2

%)

0.9

%

 

 

$14,793

$14,179

(4.1

%)

1.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sky Operating Costs and Expenses

$4,103

$3,655

(10.9

%)

(6.2

%)

 

 

$12,664

$11,845

(6.5

%)

(0.7

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sky Adjusted EBITDA

$650

$899

38.3

%

46.0

%

 

 

$2,129

$2,334

9.6

%

16.7

%

 

 

Adjusted EBITDA Margin

13.7%

19.7%

 

 

 

 

14.4%

16.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pro Forma Revenue for Sky decreased 4.2% to $4.6 billion in the third quarter of 2019. Excluding the impact of currency, revenue increased 0.9%, driven by higher direct-to-consumer and content revenue, partially offset by lower advertising revenue. Direct-to-consumer revenue increased 1.9% to $3.8 billion, driven by an increase in customer relationships, partially offset by a decrease in average revenue per customer relationship. Content revenue increased 15.4% to $315 million, reflecting monetization of our slate of original programming and the wholesaling of sports programming. Advertising revenue decreased 13.8% to $446 million, reflecting an unfavorable impact from a change in legislation related to gambling advertisements in the UK and Italy, as well as overall market weakness.

For the nine months ended September 30, 2019, pro forma Sky revenue decreased 4.1% to $14.2 billion compared to 2018. Excluding the impact of currency, revenue increased 1.8%, reflecting growth in content and direct-to-consumer revenue, partially offset by lower advertising revenue.

Pro Forma Total Customer Relationships decreased by 99,000 to 23.9 million in the third quarter of 2019. For the nine months ended September 30, 2019, total customer relationships increased by 317,000.

 

 

 

 

 

 

 

 

 

(in thousands) (pro forma)

 

 

 

 

 

 

 

 

Customers

 

Net Additions

 

 

 

3Q18

 

3Q19

 

 

3Q18

 

3Q19

 

 

Total Customer Relationships

23,436

 

23,918

 

 

426

 

(99

)

 

 

 

 

 

 

 

 

 

Pro Forma Adjusted EBITDA for Sky increased 38.3% to $899 million in the third quarter of 2019. Excluding the impact of currency, Adjusted EBITDA increased 46.0%, reflecting higher revenue and lower operating expenses.

For the nine months ended September 30, 2019, pro forma Sky Adjusted EBITDA increased 9.6% to $2.3 billion compared to 2018. Excluding the impact of currency, Adjusted EBITDA increased 16.7%.

Corporate, Other and Eliminations

Corporate, Other and Eliminations primarily relate to corporate operations and Comcast Spectacor, as well as eliminations among Comcast’s businesses. For the quarter ended September 30, 2019, the Corporate, OtContacts
Investor Contacts:Jason Armstrong (215) 286-7972
Greg Horn (215) 286-8347
Jane Kearns (215) 286-4794

Press Contacts:D’Arcy Rudnay (215) 286-8582
John Demming (215) 286-8011
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