PHILADELPHIA–(BUSINESS WIRE)–Comcast Company (NASDAQ: CMCSA) right now reported outcomes for the quarter and yr ended December 31, 2022.
“I’m pleased with how our crew executed all through 2022,” stated Brian L. Roberts, Chairman and Chief Govt Officer of Comcast Company. “We achieved the best ranges of Income, Adjusted EBITDA and Adjusted EPS in our historical past and returned a document $17.7 billion of capital to shareholders. We delivered spectacular income development in broadband; grew wi-fi traces by 1.3 million, our greatest end result since launch; greater than doubled our Peacock subscribers, surpassing 20 million at year-end; almost tripled Peacock income to $2.1 billion; ranked second in worldwide field workplace; and generated document Adjusted EBITDA at our theme parks. Importantly, we achieved these outcomes whereas persevering with to spend money on broadband, our 10G community evolution, Xfinity Cell, Peacock, and theme parks, and we additionally took value actions to additional our development sooner or later. We’re excited to start the brand new yr as an progressive chief in massive worthwhile markets with a powerful stability sheet and a method to drive incremental returns and produce excellent content material and experiences to our clients. The Board’s confidence in our place and path ahead is underscored by right now’s announcement that we’re rising our dividend for the fifteenth consecutive yr.”
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($ in tens of millions, besides per share information) |
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4th Quarter |
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Full Yr |
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Consolidated Outcomes |
2022 |
2021 |
Change |
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2022 |
2021 |
Change |
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Income |
$30,552 |
$30,336 |
0.7 |
% |
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$121,427 |
$116,385 |
4.3 |
% |
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Web Earnings Attributable to Comcast |
$3,024 |
$3,057 |
(1.1 |
%) |
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$5,370 |
$14,159 |
(62.1 |
%) |
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Adjusted Web Earnings1 |
$3,520 |
$3,534 |
(0.4 |
%) |
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$16,147 |
$15,045 |
7.3 |
% |
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Adjusted EBITDA2 |
$8,000 |
$8,411 |
(4.9 |
%) |
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$36,459 |
$34,708 |
5.0 |
% |
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Earnings per Share3 |
$0.70 |
$0.66 |
6.8 |
% |
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$1.21 |
$3.04 |
(60.2 |
%) |
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Adjusted Earnings per Share1 |
$0.82 |
$0.77 |
6.5 |
% |
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$3.64 |
$3.23 |
12.7 |
% |
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Web Money Supplied by Working Actions |
$5,883 |
$7,689 |
(23.5 |
%) |
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$26,413 |
$29,146 |
(9.4 |
%) |
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Free Money Stream4 |
$1,330 |
$3,784 |
(64.9 |
%) |
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$12,646 |
$17,089 |
(26.0 |
%) |
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For added element on section income and bills, buyer metrics, capital expenditures, and free money circulate, please discuss with the trending schedules on Comcast’s Investor Relations web site at www.cmcsa.com.
Full Yr 2022 Highlights:
- Consolidated Adjusted EBITDA Elevated 5.0% to $36.5 Billion and Adjusted EPS Elevated 12.7% to $3.64; Generated Free Money Stream of $12.6 Billion
- Cable Communications Adjusted EBITDA Elevated 4.6% to $29.4 Billion; Achieved the Highest Full Yr Adjusted EBITDA Margin on Report
- Cable Communications Whole Buyer Relationship Web Additions Had been 75,000 and Whole Broadband Buyer Web Additions Had been 250,000
- Cable Communications Wi-fi Buyer Line Web Additions Had been 1.3 Million, the Greatest Annual Consequence on Report; Surpassed 5 Million Buyer Strains in Simply 5 Years
- Cable Communications Began Rolling Out Multi-Gig Broadband Speeds in Markets Throughout the U.S. and Introduced the Launch of Even Sooner, Multi-Gig Symmetrical Speeds Starting in 2023
- NBCUniversal Adjusted EBITDA Elevated 4.9% to $6.0 Billion, Pushed by Progress at Theme Parks. NBCUniversal Adjusted EBITDA in 2022 Included Increased Peacock Losses
- Peacock Paid Subscribers within the U.S. Extra Than Doubled, Surpassing 20 Million; Peacock Income Almost Tripled to $2.1 Billion
- Studios Adjusted EBITDA Elevated 6.6% to $942 Million; Ranked #2 Studio in Worldwide Field Workplace for the Yr, Pushed by the Profitable Theatrical Efficiency of Jurassic World: Dominion and Minions: The Rise of Gru
- Theme Parks Adjusted EBITDA Elevated $1.4 Billion to $2.7 Billion, Its Highest Adjusted EBITDA on Report, Reflecting Will increase at Every Park In comparison with 2021
- Sky Adjusted EBITDA Elevated 7.0% to $2.5 Billion; On a Fixed Foreign money Foundation, Adjusted EBITDA Elevated 20.3%
4th Quarter 2022 Highlights:
- Consolidated Adjusted EBITDA Decreased 4.9% to $8.0 Billion, Together with $541 Million in Increased Severance Expense; Excluding the Increased Severance5, Adjusted EBITDA Elevated 1.5%; Adjusted EPS Elevated 6.5% to $0.82; Generated Free Money Stream of $1.3 Billion
- Cable Communications Adjusted EBITDA Elevated 1.5% to $7.2 Billion, Together with $305 Million in Increased Severance Expense; Excluding the Increased Severance5, Adjusted EBITDA Elevated 5.8%
- Cable Communications Buyer Relationships of 34.3 Million and Broadband Prospects of 32.2 Million Had been In line with the Prior Quarter. Excluding the Unfavorable Affect From Hurricane Ian, Estimated Whole Buyer Relationship Web Losses Had been 36,000 and Whole Broadband Web Additions Had been 4,000
- Cable Communications Wi-fi Buyer Line Web Additions Had been 365,000, the Greatest Quarterly Consequence Since Launch in 2017
- NBCUniversal Adjusted EBITDA Mirrored Increased Peacock Losses and $182 Million in Severance Expense in Headquarters and Different
- Peacock Paid Subscriber Web Additions within the U.S. Had been 5 Million, Fueled by Dwell Sports activities, Our Current Movies and Originals; the Greatest Quarterly Consequence Since Launch in 2020
- Theme Parks Delivered Its Highest Adjusted EBITDA on Report for a Fourth Quarter, Pushed by Increased Attendance and Will increase in Visitor Spending at Our Parks within the U.S. and Japan
- Sky Whole Buyer Relationship Web Additions Had been 129,000, Reflecting Web Additions in All Markets
Dividends and Share Repurchases:
- Returned $17.7 Billion to Shareholders in 2022 By way of a Mixture of $4.7 Billion in Dividend Funds and $13.0 Billion in Share Repurchases
- Elevated Dividend By $0.08, or 7.4% Yr-over-Yr, to $1.16 per Share on an Annualized Foundation for 2023, the fifteenth Consecutive Annual Enhance
Consolidated Monetary Outcomes
Income for the fourth quarter of 2022 elevated 0.7% to $30.6 billion. Web Earnings Attributable to Comcast decreased 1.1% to $3.0 billion. Adjusted Web Earnings decreased 0.4% to $3.5 billion. Adjusted EBITDA decreased 4.9% to $8.0 billion, together with $541 million in increased severance expense in comparison with the prior yr interval. Excluding the upper severance5, Adjusted EBITDA elevated 1.5%.
For the twelve months ended December 31, 2022, income elevated 4.3% to $121.4 billion. Web revenue attributable to Comcast decreased 62.1% to $5.4 billion. Adjusted Web Earnings elevated 7.3% to $16.1 billion. Adjusted EBITDA elevated 5.0% to $36.5 billion.
Within the third quarter of 2022, we recorded noncash impairment expenses associated to goodwill and intangible belongings in our Sky section totaling $8.6 billion. The impairments primarily mirrored an elevated low cost fee and diminished estimated future money flows on account of macroeconomic situations in Sky’s territories, are recorded in “Goodwill and long-lived asset impairments” within the Condensed Consolidated Assertion of Earnings and are excluded from Adjusted Web Earnings and Adjusted Earnings per Share.
Earnings per Share (EPS) for the fourth quarter of 2022 elevated 6.8% to $0.70. Adjusted EPS elevated 6.5% to $0.82.
For the twelve months ended December 31, 2022, EPS decreased 60.2% to $1.21. Adjusted EPS elevated 12.7% to $3.64.
Capital Expenditures elevated 17.7% to $3.6 billion within the fourth quarter of 2022. Cable Communications’ capital expenditures elevated 9.7% to $2.4 billion. NBCUniversal’s capital expenditures elevated 82.6% to $916 million, reflecting elevated funding in establishing the Epic Universe theme park in Orlando, which is scheduled to open in 2025. Sky’s capital expenditures decreased 43.9% to $186 million.
For the twelve months ended December 31, 2022, capital expenditures elevated 15.8% to $10.6 billion. Cable Communications’ capital expenditures elevated 9.2% to $7.6 billion. NBCUniversal’s capital expenditures elevated $1.2 billion to $2.3 billion, reflecting the elevated funding in establishing Epic Universe. Sky’s capital expenditures decreased 40.9% to $560 million.
Web Money Supplied by Working Actions was $5.9 billion within the fourth quarter of 2022. Free Money Stream was $1.3 billion.
For the twelve months ended December 31, 2022, internet money supplied by working actions was $26.4 billion. Free money circulate was $12.6 billion.
Dividends and Share Repurchases. In the course of the fourth quarter of 2022, Comcast paid dividends totaling $1.2 billion and repurchased 106.3 million of its frequent shares for $3.5 billion, leading to a complete return of capital to shareholders of $4.7 billion, in comparison with $3.1 billion within the prior yr interval.
For the twelve months ended December 31, 2022, Comcast paid dividends totaling $4.7 billion and repurchased 332.0 million of its frequent shares for $13.0 billion, leading to a complete return of capital to shareholders of $17.7 billion, in comparison with $8.5 billion in 2021.
Immediately, Comcast introduced that it elevated its dividend by $0.08, or 7.4% year-over-year, to $1.16 per share on an annualized foundation for 2023. In accordance with the rise, the Board of Administrators declared a quarterly money dividend of $0.29 per share on the corporate’s inventory, payable April 26, 2023, to shareholders of document as of the shut of enterprise on April 5, 2023.
Cable Communications
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($ in tens of millions) |
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4th Quarter |
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Full Yr |
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2022 |
2021 |
Change |
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2022 |
2021 |
Change |
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Cable Communications Income |
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Broadband |
$6,177 |
$5,861 |
5.4 |
% |
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$24,469 |
$22,979 |
6.5 |
% |
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Video |
5,100 |
5,403 |
(5.6 |
%) |
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21,314 |
22,079 |
(3.5 |
%) |
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Voice |
716 |
825 |
(13.2 |
%) |
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3,010 |
3,417 |
(11.9 |
%) |
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Wi-fi |
883 |
709 |
24.7 |
% |
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3,071 |
2,380 |
29.0 |
% |
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Enterprise Companies |
2,444 |
2,337 |
4.6 |
% |
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9,700 |
8,933 |
8.6 |
% |
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Promoting |
892 |
818 |
9.1 |
% |
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3,067 |
2,820 |
8.8 |
% |
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Different |
424 |
454 |
(6.5 |
%) |
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1,687 |
1,719 |
(1.9 |
%) |
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Cable Communications Income |
$16,638 |
$16,406 |
1.4 |
% |
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$66,318 |
$64,328 |
3.1 |
% |
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Cable Communications Adjusted EBITDA |
$7,231 |
$7,125 |
1.5 |
% |
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$29,403 |
$28,097 |
4.6 |
% |
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Adjusted EBITDA Margin |
43.5% |
43.4% |
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44.3% |
43.7% |
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Cable Communications Capital Expenditures |
$2,404 |
$2,192 |
9.7 |
% |
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$7,568 |
$6,930 |
9.2 |
% |
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P.c of Cable Communications Income |
14.4% |
13.4% |
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11.4% |
10.8% |
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Income for Cable Communications elevated 1.4% to $16.6 billion within the fourth quarter of 2022, pushed by will increase in broadband, wi-fi, enterprise providers and promoting income, partially offset by decreases in video, voice and different income. Broadband income elevated 5.4% on account of a rise in common charges and a rise within the variety of residential broadband clients in comparison with the prior yr interval. Wi-fi income elevated 24.7% on account of a rise within the variety of buyer traces and a rise in machine gross sales. Enterprise providers income elevated 4.6% on account of a rise in common charges and a rise within the variety of clients receiving our providers in comparison with the prior yr interval. Promoting income elevated 9.1%, primarily pushed by a rise in political promoting. Excluding political income, promoting income decreased by 7.4%, reflecting the beforehand introduced transition of our Xumo Play streaming service from Cable Communications to a three way partnership reported in Company and Different and decrease native and nationwide promoting income, partially offset by increased income from our superior promoting companies. Video income decreased 5.6%, reflecting a lower within the variety of residential video clients, partially offset by a rise in common charges. Voice income decreased 13.2%, primarily reflecting a lower within the variety of residential voice clients. Different income decreased 6.5%, reflecting a lower in income from our safety and automation providers.
For the twelve months ended December 31, 2022, Cable income elevated 3.1% to $66.3 billion, pushed by development in broadband, enterprise providers, wi-fi and promoting income, partially offset by a lower in video and voice income.
Whole Buyer Relationships decreased by 71,000 to 34.3 million within the fourth quarter of 2022. Excluding the adverse affect from Hurricane Ian, we estimate that complete buyer relationships decreased by 36,000. Whole broadband buyer internet losses have been 26,000. Excluding the adverse affect from Hurricane Ian, we estimate that complete broadband internet additions have been 4,000. Whole video buyer internet losses have been 440,000 and complete voice buyer internet losses have been 288,000. As well as, Cable Communications added 365,000 wi-fi traces within the quarter.
For the twelve months ended December 31, 2022, complete buyer relationships elevated by 75,000. Residential buyer relationships elevated by 54,000 and enterprise buyer relationships elevated by 21,000. Whole broadband buyer internet additions have been 250,000. Whole video buyer internet losses have been 2.0 million and complete voice buyer internet losses have been 1.2 million. As well as, Cable Communications added 1.3 million wi-fi traces in 2022.
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(in 1000’s) |
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Web Additions / (Losses) |
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4th Quarter |
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Full Yr |
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4Q22 |
4Q21 |
2022 |
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2021 |
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2022 |
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2021 |
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Buyer Relationships |
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Residential Buyer Relationships |
31,782 |
31,728 |
(67 |
) |
153 |
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54 |
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1,036 |
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Enterprise Companies Buyer Relationships |
2,510 |
2,489 |
(3 |
) |
17 |
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21 |
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63 |
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Whole Buyer Relationships |
34,293 |
34,218 |
(71 |
) |
169 |
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75 |
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1,099 |
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Residential Buyer Relationships Combine |
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One Product Residential Prospects |
15,652 |
14,330 |
189 |
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371 |
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1,322 |
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1,922 |
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Two Product Residential Prospects |
8,188 |
8,407 |
(16 |
) |
(67 |
) |
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(218 |
) |
(328 |
) |
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Three or Extra Product Residential Prospects |
7,942 |
8,992 |
(240 |
) |
(152 |
) |
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(1,050 |
) |
(558 |
) |
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Residential Broadband Prospects |
29,812 |
29,583 |
(23 |
) |
194 |
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230 |
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1,257 |
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Enterprise Companies Broadband Prospects |
2,339 |
2,318 |
(3 |
) |
18 |
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21 |
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70 |
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Whole Broadband Prospects |
32,151 |
31,901 |
(26 |
) |
212 |
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250 |
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1,327 |
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Residential Video Prospects |
15,554 |
17,495 |
(419 |
) |
(349 |
) |
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(1,941 |
) |
(1,498 |
) |
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Enterprise Companies Video Prospects |
589 |
681 |
(21 |
) |
(24 |
) |
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(93 |
) |
(171 |
) |
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Whole Video Prospects |
16,142 |
18,176 |
(440 |
) |
(373 |
) |
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(2,034 |
) |
(1,669 |
) |
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Residential Voice Prospects |
7,912 |
9,062 |
(278 |
) |
(183 |
) |
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(1,150 |
) |
(583 |
) |
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Enterprise Companies Voice Prospects |
1,369 |
1,391 |
(11 |
) |
7 |
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(22 |
) |
34 |
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Whole Voice Prospects |
9,282 |
10,454 |
(288 |
) |
(176 |
) |
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(1,172 |
) |
(548 |
) |
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Whole Wi-fi Strains |
5,313 |
3,980 |
365 |
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312 |
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1,334 |
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1,154 |
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Adjusted EBITDA for Cable Communications elevated 1.5% to $7.2 billion within the fourth quarter of 2022, reflecting increased income, partially offset by a 1.4% improve in working bills on account of increased severance expense. Excluding the upper severance5, Adjusted EBITDA elevated 5.8%. Programming bills decreased 5.9%, primarily reflecting a decline within the variety of video subscribers, partially offset by contractual fee will increase. Non-programming bills elevated 5.6%, reflecting increased different bills, together with $305 million in increased severance expense, and a rise in technical and product assist bills, partially offset by decrease promoting, advertising and promotion bills, franchise and regulatory charges and customer support bills. Adjusted EBITDA margin was 43.5% in comparison with 43.4% within the prior yr interval. Excluding the upper severance5, Adjusted EBITDA margin was 45.3% within the fourth quarter of 2022.
For the twelve months ended December 31, 2022, Adjusted EBITDA for Cable Communications elevated 4.6% to $29.4 billion, reflecting increased income, partially offset by a 1.9% improve in working bills. Programming bills decreased 2.8%, primarily reflecting a decline within the variety of video subscribers, partially offset by contractual fee will increase. Non-programming bills elevated 4.9%. For the twelve months ended December 31, 2022, Adjusted EBITDA margin was 44.3% in comparison with 43.7% in 2021.
Capital Expenditures for Cable Communications elevated 9.7% to $2.4 billion within the fourth quarter of 2022, reflecting elevated funding in line extensions, scalable infrastructure, buyer premise gear and assist capital. Cable capital expenditures represented 14.4% of Cable income within the fourth quarter of 2022 in comparison with 13.4% within the prior yr interval.
For the twelve months ended December 31, 2022, Cable capital expenditures elevated 9.2% to $7.6 billion, reflecting elevated funding in line extensions, scalable infrastructure, assist capital and buyer premise gear. Cable capital expenditures represented 11.4% of Cable income in comparison with 10.8% in 2021.
NBCUniversal
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($ in tens of millions) |
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4th Quarter |
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Full Yr |
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2022 |
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2021 |
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Change |
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2022 |
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2021 |
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Change |
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NBCUniversal Income |
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Media |
$5,979 |
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$5,826 |
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2.6 |
% |
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$23,406 |
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$22,780 |
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2.7 |
% |
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Excluding Olympics, Tremendous Bowl and FIFA World Cup5 |
$5,716 |
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$5,826 |
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(1.9 |
%) |
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$21,662 |
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$21,021 |
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3.0 |
% |
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Studios |
2,737 |
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2,421 |
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13.1 |
% |
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11,622 |
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9,449 |
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23.0 |
% |
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Theme Parks |
2,114 |
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1,887 |
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12.0 |
% |
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7,541 |
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5,051 |
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49.3 |
% |
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Headquarters and different |
29 |
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22 |
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36.1 |
% |
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75 |
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87 |
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(13.6 |
%) |
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Eliminations |
(968 |
) |
(817 |
) |
(18.4 |
%) |
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(3,442 |
) |
(3,048 |
) |
(12.9 |
%) |
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NBCUniversal Income |
$9,892 |
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$9,338 |
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5.9 |
% |
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$39,203 |
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$34,319 |
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14.2 |
% |
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NBCUniversal Adjusted EBITDA |
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Media |
$132 |
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$721 |
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(81.7 |
%) |
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$3,212 |
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$4,569 |
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(29.7 |
%) |
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Studios |
160 |
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51 |
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NM |
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942 |
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884 |
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6.6 |
% |
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Theme Parks |
782 |
|
674 |
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16.0 |
% |
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2,683 |
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1,267 |
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111.7 |
% |
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Headquarters and different |
(353 |
) |
(197 |
) |
(79.2 |
%) |
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|
(881 |
) |
(840 |
) |
(4.8 |
%) |
|||||||
|
|
Eliminations |
97 |
|
33 |
|
195.9 |
% |
|
|
(2 |
) |
(205 |
) |
99.1 |
% |
|||||||
|
|
NBCUniversal Adjusted EBITDA |
$817 |
|
$1,282 |
|
(36.3 |
%) |
|
|
$5,955 |
|
$5,675 |
|
4.9 |
% |
|||||||
|
|
NM=comparability not significant. |
|
|
|
|
|
|
|
|
|||||||||||||
Income for NBCUniversal elevated 5.9% to $9.9 billion within the fourth quarter of 2022, together with $263 million in incremental income from the FIFA World Cup. Adjusted EBITDA decreased 36.3% to $817 million, together with $182 million in severance expense in Headquarters and Different within the present yr interval. Excluding Headquarters and Different severance, Adjusted EBITDA5 decreased 22.1%.
For the twelve months ended December 31, 2022, NBCUniversal income elevated 14.2% to $39.2 billion. 2022 included $1.7 billion of incremental income from the Beijing Olympics, the NFL’s Tremendous Bowl and the FIFA World Cup within the Media section, whereas 2021 included $1.8 billion of incremental income from the Tokyo Olympics within the Media section. Adjusted EBITDA elevated 4.9% to $6.0 billion.
Media
Media income elevated 2.6% to $6.0 billion within the fourth quarter of 2022, on account of increased promoting income and distribution income. Excluding $263 million generated by Telemundo’s broadcast of the FIFA World Cup5, Media income decreased 1.9%. Promoting income elevated 4.0%, primarily on account of incremental income from the FIFA World Cup in addition to a rise in Peacock promoting income. Distribution income elevated 3.8%, reflecting a rise in subscribers at Peacock and contractual fee will increase, partially offset by a decline in subscribers at our networks. Adjusted EBITDA decreased 81.7% to $132 million within the fourth quarter of 2022, reflecting increased working bills, which greater than offset increased income. The rise in working bills was primarily on account of increased programming and manufacturing prices, reflecting increased prices at Peacock and better sports activities programming prices related to Telemundo’s broadcast of the FIFA World Cup. Media outcomes embrace $660 million of income and an Adjusted EBITDA6 lack of $978 million associated to Peacock, in comparison with $335 million of income and an Adjusted EBITDA6 lack of $559 million within the prior yr interval.
For the twelve months ended December 31, 2022, income from the Media section elevated 2.7% to $23.4 billion, primarily on account of increased distribution income and promoting income. Excluding $1.7 billion of incremental income from the Beijing Olympics, the NFL’s Tremendous Bowl and the FIFA World Cup in 20225 and $1.8 billion of incremental income from the Tokyo Olympics in 20215, Media income elevated 3.0%. Adjusted EBITDA decreased 29.7% to $3.2 billion, reflecting increased working bills, which greater than offset increased income. The rise in working bills was on account of increased programming and manufacturing bills, different working and administrative bills and promoting, advertising and promotion bills. Media outcomes embrace $2.1 billion of income and an Adjusted EBITDA6 lack of $2.5 billion associated to Peacock, in comparison with $778 million of income and an Adjusted EBITDA6 lack of $1.7 billion in 2021.
Studios
Studios income elevated 13.1% to $2.7 billion within the fourth quarter of 2022, on account of increased content material licensing and theatrical income. Content material licensing income elevated 15.9%, primarily as a result of timing of when content material was made obtainable by our movie and tv studios below licensing agreements, together with further gross sales of content material as manufacturing ranges returned to regular. Theatrical income elevated 47.3%, primarily as a result of profitable efficiency of current releases, together with Ticket to Paradise, Puss in Boots: The Final Want, Violent Evening and Halloween Ends. Adjusted EBITDA elevated $109 million to $160 million within the fourth quarter of 2022, reflecting increased income, which greater than offset increased working bills. The rise in working bills was pushed by a rise in promoting, advertising and promotion bills reflecting the dimensions and timing of this quarter’s theatrical slate, in addition to increased programming and manufacturing bills, reflecting increased amortization of movie manufacturing prices within the present yr interval.
For the twelve months ended December 31, 2022, income from the Studios section elevated 23.0% to $11.6 billion, primarily reflecting increased content material licensing income and theatrical income. Adjusted EBITDA elevated 6.6% to $942 million, reflecting increased income, partially offset by increased working bills.
Theme Parks
Theme Parks income elevated 12.0% to $2.1 billion within the fourth quarter of 2022, primarily on account of elevated attendance and visitor spending at our parks within the U.S. and Japan in comparison with the prior yr interval. Theme Parks Adjusted EBITDA elevated 16.0% to $782 million within the fourth quarter of 2022, reflecting increased income, partially offset by increased working bills.
For the twelve months ended December 31, 2022, income from the Theme Parks section elevated 49.3% to $7.5 billion, primarily reflecting improved working situations in comparison with 2021, when every of our theme parks within the U.S. and Japan was both working at restricted capability or closed throughout sure durations on account of COVID-19, in addition to the operations of Common Beijing Resort, which opened in September 2021. Adjusted EBITDA elevated $1.4 billion to $2.7 billion, reflecting increased income, partially offset by increased working bills.
Headquarters and Different
NBCUniversal Headquarters and Different contains overhead, personnel prices and prices related to company initiatives. Headquarters and Different Adjusted EBITDA loss within the fourth quarter of 2022 was $353 million, in comparison with a lack of $197 million within the prior yr interval. The year-over-year change was pushed by $182 million in severance expense within the present yr interval.
For the twelve months ended December 31, 2022, Headquarters and Different Adjusted EBITDA loss was $881 million, in comparison with a lack of $840 million in 2021.
Eliminations
Quantities symbolize eliminations of transactions between our NBCUniversal segments, that are affected by the timing of recognition of content material licenses between our Studios and Media segments. Income eliminations within the fourth quarter of 2022 have been $968 million, in comparison with $817 million within the prior yr interval, and Adjusted EBITDA eliminations have been a good thing about $97 million, in comparison with a good thing about $33 million within the prior yr interval.
For the twelve months ended December 31, 2022, income eliminations have been $3.4 billion, in comparison with $3.0 billion in 2021. Adjusted EBITDA eliminations have been $2 million, in comparison with $205 million in 2021. The year-over-year change was primarily pushed by the licensing of content material by the Studios section to Peacock within the Media section.
Sky
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
($ in tens of millions) |
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
4th Quarter |
|
Yr to Date |
|
||||||||||||||||||||
|
|
|
2022 |
2021 |
Change |
Fixed |
|
2022 |
2021 |
Change |
Fixed |
|
||||||||||||||
|
|
Sky Income |
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
Direct-to-Client |
$3,547 |
$4,040 |
(12.2 |
%) |
0.2 |
% |
|
$14,621 |
$16,455 |
(11.1 |
%) |
(0.8 |
%) |
|
||||||||||
|
|
Content material |
304 |
327 |
(7.0 |
%) |
6.5 |
% |
|
1,138 |
1,341 |
(15.2 |
%) |
(5.5 |
%) |
|
||||||||||
|
|
Promoting |
564 |
712 |
(20.7 |
%) |
(9.6 |
%) |
|
2,187 |
2,489 |
(12.1 |
%) |
(1.9 |
%) |
|
||||||||||
|
|
Sky Income |
$4,416 |
$5,079 |
(13.0 |
%) |
(0.8 |
%) |
|
$17,946 |
$20,285 |
(11.5 |
%) |
(1.2 |
%) |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
Sky Prices and Bills |
$4,076 |
$4,615 |
(11.7 |
%) |
0.6 |
% |
|
$15,420 |
$17,925 |
(14.0 |
%) |
(4.1 |
%) |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
Sky Adjusted EBITDA |
$340 |
$464 |
(26.7 |
%) |
(15.1 |
%) |
|
$2,526 |
$2,359 |
7.0 |
% |
20.3 |
% |
|
||||||||||
|
|
Adjusted EBITDA Margin |
7.7% |
9.1% |
|
|
|
14.1% |
11.6% |
|
|
|
||||||||||||||
Income for Sky decreased 13.0% to $4.4 billion within the fourth quarter of 2022. Excluding the affect of forex, income was in line with the prior yr interval. Direct-to-consumer income of $3.5 billion was in line with the prior yr interval, reflecting elevated income within the U.Okay., pushed by increased cellular and broadband income, offset by decreased income in Germany and Italy. Promoting income decreased 9.6% to $564 million, primarily reflecting decrease income within the U.Okay., together with the affect of the timing of the FIFA World Cup. Content material income elevated 6.5% to $304 million, primarily as a result of timing of licensing our content material to different platforms.
For the twelve months ended December 31, 2022, Sky income decreased 11.5% to $17.9 billion. Excluding the affect of forex, income decreased 1.2%, reflecting decrease direct-to-consumer income, content material income and promoting income.
Whole Buyer Relationships elevated by 129,000 to 23.1 million within the fourth quarter of 2022. For the twelve months ended December 31, 2022, complete buyer relationships elevated by 88,000.
|
|
(in 1000’s) |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Prospects |
Web Additions / (Losses) |
|
||||||||||||||||
|
|
|
|
|
4th Quarter |
|
|
Full Yr |
|
||||||||||||
|
|
|
4Q22 |
4Q21 |
2022 |
2021 |
|
|
2022 |
2021 |
|
|
|||||||||
|
|
Whole Buyer Relationships |
23,115 |
23,027 |
129 |
61 |
|
|
88 |
(198 |
) |
|
|||||||||
Adjusted EBITDA for Sky decreased 26.7% to $340 million within the fourth quarter of 2022. Excluding the affect of forex, Adjusted EBITDA decreased 15.1% in comparison with the prior yr interval, reflecting constant income and better working bills, together with $53 million in increased severance expense. Excluding the upper severance5, Adjusted EBITDA decreased 2.0%. The rise in working bills was on account of increased different prices, together with the upper severance, in addition to increased direct community prices pushed by development in our residential cellular and broadband companies, largely offset by decrease sports activities programming prices as a result of timing of sporting occasions, together with a shift of sure soccer matches out of the fourth quarter of 2022 as a result of FIFA World Cup.
For the twelve months ended December 31, 2022, Adjusted EBITDA for Sky elevated 7.0% to $2.5 billion. Excluding the affect of forex, Adjusted EBITDA elevated 20.3%.
Company, Different and Eliminations
Company and Different
Company and Different primarily pertains to company operations, Comcast Spectacor, Sky Glass and Xumo, our streaming platform three way partnership with Constitution Communications. Income within the fourth quarter of 2022 was $313 million, in comparison with $215 million within the prior yr interval. Company and Different Adjusted EBITDA loss was $417 million, in comparison with a lack of $481 million within the prior yr interval.
For the twelve months ended December 31, 2022, Company and Different income was $863 million, in comparison with $461 million in 2021. Company and Different Adjusted EBITDA lack of $1.4 billion was in line with 2021.
Eliminations
Quantities symbolize eliminations of transactions between Cable Communications, NBCUniversal, Sky and different companies. Eliminations of transactions between NBCUniversal segments are offered individually. Income eliminations within the fourth quarter of 2022 of $707 million have been in line with the prior yr interval, and Adjusted EBITDA eliminations have been $28 million in comparison with $21 million within the prior yr interval.
For the twelve months ended December 31, 2022, income eliminations have been $2.9 billion in comparison with $3.0 billion in 2021, and Adjusted EBITDA eliminations have been a lack of $64 million in comparison with a lack of $65 million in 2021. Quantities mirror eliminations related to the Beijing and Tokyo Olympics in 2022 and 2021, respectively.
|
Notes: |
||
|
1 |
We outline Adjusted Web Earnings and Adjusted EPS as internet revenue attributable to Comcast Company and diluted earnings per frequent share attributable to Comcast Company shareholders, respectively, adjusted to exclude the results of the amortization of acquisition-related intangible belongings, investments that traders might wish to consider individually (similar to primarily based on honest worth) and the affect of sure occasions, features, losses or different expenses that have an effect on period-over-period comparisons. See Desk 5 for reconciliations of non-GAAP monetary measures. |
|
|
2 |
We outline Adjusted EBITDA as internet revenue attributable to Comcast Company earlier than internet revenue (loss) attributable to noncontrolling pursuits, revenue tax expense, funding and different revenue (loss), internet, curiosity expense, depreciation and amortization expense, and different working features and losses (similar to impairment expenses associated to mounted and intangible belongings and features or losses on the sale of long-lived belongings), if any. On occasion, we might exclude from Adjusted EBITDA the affect of sure occasions, features, losses or different expenses (similar to important authorized settlements) that have an effect on the period-to-period comparability of our working efficiency. See Desk 4 for reconciliation of non-GAAP monetary measure. |
|
|
3 |
All earnings per share quantities are offered on a diluted foundation. |
|
|
4 |
We outline Free Money Stream as internet money supplied by working actions (as acknowledged in our Consolidated Assertion of Money Flows) diminished by capital expenditures and money paid for intangible belongings. On occasion, we might exclude from Free Money Stream the affect of sure money receipts or funds (similar to important authorized settlements) that have an effect on period-to-period comparability. Money funds associated to sure capital or intangible belongings, similar to the development of Common Beijing Resort, are offered individually in our Consolidated Assertion of Money Flows and are due to this fact excluded from capital expenditures and money paid for intangible belongings for Free Money Stream. See Desk 4 for reconciliation of non-GAAP monetary measure. |
|
|
5 |
On occasion, we might current adjusted info (e.g., Adjusted Revenues) to exclude the affect of sure occasions, features, losses or different expenses affecting period-to-period comparability of our working efficiency. See Desk 7 and Desk 8 for reconciliations of non-GAAP monetary measures. |
|
|
6 |
Adjusted EBITDA is the measure of revenue or loss for our segments. On occasion, we might current Adjusted EBITDA for parts of our reportable segments, similar to Peacock. We consider these measures are helpful to guage our monetary outcomes and supply a foundation of comparability to others, though our definition of Adjusted EBITDA will not be immediately corresponding to related measures utilized by different corporations. Adjusted EBITDA for parts are usually offered on a constant foundation with the respective segments and embrace direct income and working prices and bills attributed to the element operations. |
|
|
7 |
Sky fixed forex development charges are calculated by evaluating the present interval outcomes to the comparative interval ends in the prior yr adjusted to mirror the common trade charges from the present yr interval reasonably than the precise trade charges in impact throughout the respective prior yr durations. See Desk 6 for reconciliation of Sky’s fixed forex development. |
|
| Numerical info is offered on a rounded foundation utilizing precise quantities. Minor variations in totals and proportion calculations might exist on account of rounding. | ||
Convention Name and Different Data
Comcast Company will host a convention name with the monetary neighborhood right now, January 26, 2023 at 8:30 a.m. Jap Time (ET). The convention name and associated supplies will likely be broadcast stay and posted on our Investor Relations web site at www.cmcsa.com. These events keen on taking part by way of phone ought to dial (646) 828-8082 with the passcode 572424. A replay of the decision will likely be obtainable beginning at 11:30 a.m. ET on Thursday, January 26, 2023 on the Investor Relations web site.
On occasion, we submit info that could be of curiosity to traders on our web site at www.cmcsa.com and on our company web site, www.comcastcorporation.com. To mechanically obtain Comcast monetary information by e-mail, please go to www.cmcsa.com and subscribe to e-mail alerts.
Warning Regarding Ahead-Wanting Statements
This press launch contains statements which will represent forward-looking statements. In evaluating these statements, readers ought to think about varied components, together with the dangers and uncertainties we describe within the “Threat Components” sections of our most up-to-date Annual Report on Type 10-Okay, our most up-to-date Quarterly Report on Type 10-Q and different reviews filed with the Securities and Trade Fee (SEC). Components that might trigger our precise outcomes to vary materially from these forward-looking statements embrace adjustments in and/or dangers related to: the aggressive surroundings; shopper habits; the promoting market; programming prices; shopper acceptance of our content material; key distribution and/or licensing agreements; use and safety of our mental property; our reliance on third-party {hardware}, software program and operational assist; holding tempo with technological developments; cyber assaults, safety breaches or know-how disruptions; weak financial situations; acquisitions and strategic initiatives; working companies internationally; pure disasters, extreme weather-related and different uncontrollable occasions; lack of key personnel; legal guidelines and laws; opposed selections in litigation or governmental investigations; labor disputes; and different dangers described once in a while in reviews and different paperwork we file with the SEC. Readers are cautioned to not place undue reliance on forward-looking statements, which communicate solely as of the date they’re made, and contain dangers and uncertainties that might trigger precise occasions or our precise outcomes to vary materially from these expressed in any such forward-looking statements. We undertake no obligation to replace or revise publicly any forward-looking statements, whether or not due to new info, future occasions or in any other case. The quantity and timing of any dividends and share repurchases are topic to enterprise, financial and different related components.
Non-GAAP Monetary Measures
On this dialogue, we typically discuss with monetary measures that aren’t offered based on usually accepted accounting rules within the U.S. (GAAP). Sure of those measures are thought-about “non-GAAP monetary measures” below the SEC laws; these guidelines require the supplemental explanations and reconciliations which might be in Comcast’s Type 8-Okay (Quarterly Earnings Launch) furnished to the SEC.
About Comcast Company
Comcast Company (Nasdaq: CMCSA) is a world media and know-how firm that connects folks to moments that matter. We’re principally centered on connectivity, aggregation, and streaming with 57 million buyer relationships throughout the US and Europe. We ship broadband, wi-fi, and video via our Xfinity, Comcast Enterprise, and Sky manufacturers; create, distribute, and stream main leisure, sports activities, and information via Common Filmed Leisure Group, Common Studio Group, Sky Studios, the NBC and Telemundo broadcast networks, a number of cable networks, Peacock, NBCUniversal Information Group, NBC Sports activities, Sky Information, and Sky Sports activities; and supply memorable experiences at Common Parks and Resorts in the US and Asia.
Go to www.comcastcorporation.com for extra info.
| TABLE 1 | |||||||||||
|
Condensed Consolidated Assertion of Earnings (Unaudited) |
|||||||||||
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||
|
(in tens of millions, besides per share information) |
December 31, |
|
December 31, |
||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||
|
Income |
$30,552 |
|
|
$30,336 |
|
|
$121,427 |
|
|
$116,385 |
|
|
|
|
|
|
|
|
|
|
||||
|
Prices and bills |
|
|
|
|
|
|
|
||||
|
Programming and manufacturing |
9,807 |
|
|
9,880 |
|
|
38,213 |
|
|
38,450 |
|
|
Different working and administrative |
10,561 |
|
|
9,821 |
|
|
38,263 |
|
|
35,619 |
|
|
Promoting, advertising and promotion |
2,182 |
|
|
2,233 |
|
|
8,506 |
|
|
7,695 |
|
|
Depreciation |
2,199 |
|
|
2,220 |
|
|
8,724 |
|
|
8,628 |
|
|
Amortization |
1,273 |
|
|
1,361 |
|
|
5,097 |
|
|
5,176 |
|
|
Goodwill and long-lived asset impairments |
— |
|
|
— |
|
|
8,583 |
|
|
— |
|
|
|
26,022 |
|
|
25,515 |
|
|
107,385 |
|
|
95,568 |
|
|
|
|
|
|
|
|
|
|
||||
|
Working revenue |
4,530 |
|
|
4,821 |
|
|
14,041 |
|
|
20,817 |
|
|
|
|
|
|
|
|
|
|
||||
|
Curiosity expense |
(974 |
) |
|
(1,120 |
) |
|
(3,896 |
) |
|
(4,281 |
) |
|
|
|
|
|
|
|
|
|
||||
|
Funding and different revenue (loss), internet |
|
|
|
|
|
|
|
||||
|
Fairness in internet revenue (losses) of investees, internet |
(14 |
) |
|
310 |
|
|
(537 |
) |
|
2,006 |
|
|
Realized and unrealized features (losses) on fairness securities, internet |
(113 |
) |
|
(192 |
) |
|
(320 |
) |
|
339 |
|
|
Different revenue (loss), internet |
242 |
|
|
65 |
|
|
(3 |
) |
|
211 |
|
|
|
114 |
|
|
183 |
|
|
(861 |
) |
|
2,557 |
|
|
|
|
|
|
|
|
|
|
||||
|
Earnings earlier than revenue taxes |
3,670 |
|
|
3,885 |
|
|
9,284 |
|
|
19,093 |
|
|
|
|
|
|
|
|
|
|
||||
|
Earnings tax expense |
(797 |
) |
|
(905 |
) |
|
(4,359 |
) |
|
(5,259 |
) |
|
|
|
|
|
|
|
|
|
||||
|
Web revenue |
2,873 |
|
|
2,980 |
|
|
4,925 |
|
|
13,833 |
|
|
|
|
|
|
|
|
|
|
||||
|
Much less: Web revenue (loss) attributable to noncontrolling pursuits |
(150 |
) |
|
(77 |
) |
|
(445 |
) |
|
(325 |
) |
|
|
|
|
|
|
|
|
|
||||
|
Web revenue attributable to Comcast Company |
$3,024 |
|
|
$3,057 |
|
|
$5,370 |
|
|
$14,159 |
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
|
Diluted earnings per frequent share attributable to Comcast Company shareholders |
$0.70 |
|
|
$0.66 |
|
|
$1.21 |
|
|
$3.04 |
|
|
|
|
|
|
|
|
|
|
||||
|
Diluted weighted-average variety of frequent shares |
4,290 |
|
|
4,613 |
|
|
4,430 |
|
|
4,654 |
|
|
TABLE 2 |
|||||
|
Consolidated Assertion of Money Flows (Unaudited) |
|||||
|
|
|
|
|
||
|
|
Twelve Months Ended |
||||
|
(in tens of millions) |
December 31, |
||||
|
|
2022 |
|
2021 |
||
|
|
|
|
|
||
|
OPERATING ACTIVITIES |
|
|
|
||
|
Web revenue |
$4,925 |
|
|
$13,833 |
|
|
Changes to reconcile internet revenue to internet money supplied by working actions: |
|
|
|
||
|
Depreciation and amortization |
13,821 |
|
|
13,804 |
|
|
Goodwill and long-lived asset impairments |
8,583 |
|
|
— |
|
|
Share-based compensation |
1,336 |
|
|
1,315 |
|
|
Noncash curiosity expense (revenue), internet |
309 |
|
|
482 |
|
|
Web (achieve) loss on funding exercise and different |
1,177 |
|
|
(1,311 |
) |
|
Deferred revenue taxes |
(834 |
) |
|
1,892 |
|
|
Adjustments in working belongings and liabilities, internet of results of acquisitions and divestitures: |
|
|
|
||
|
Present and noncurrent receivables, internet |
(1,327 |
) |
|
(1,335 |
) |
|
Movie and tv prices, internet |
(451 |
) |
|
(680 |
) |
|
Accounts payable and accrued bills associated to commerce collectors |
497 |
|
|
765 |
|
|
Different working belongings and liabilities |
(1,623 |
) |
|
382 |
|
|
|
|
|
|
||
|
Web money supplied by working actions |
26,413 |
|
|
29,146 |
|
|
|
|
|
|
||
|
INVESTING ACTIVITIES |
|
|
|
||
|
Capital expenditures |
(10,626 |
) |
|
(9,174 |
) |
|
Money paid for intangible belongings |
(3,141 |
) |
|
(2,883 |
) |
|
Building of Common Beijing Resort |
(330 |
) |
|
(976 |
) |
|
Acquisitions, internet of money acquired |
(12 |
) |
|
(1,374 |
) |
|
Proceeds from gross sales of companies and investments |
1,985 |
|
|
684 |
|
|
Purchases of investments |
(2,274 |
) |
|
(174 |
) |
|
Different |
258 |
|
|
451 |
|
|
Web money supplied by (utilized in) investing actions |
(14,140 |
) |
|
(13,446 |
) |
|
|
|
|
|
||
|
FINANCING ACTIVITIES |
|
|
|
||
|
Proceeds from (repayments of) short-term borrowings, internet |
660 |
|
|
— |
|
|
Proceeds from borrowings |
2,745 |
|
|
2,628 |
|
|
Repurchases and repayments of debt |
(2,307 |
) |
|
(11,498 |
) |
|
Repurchases of frequent inventory below repurchase program and worker plans |
(13,328 |
) |
|
(4,672 |
) |
|
Dividends paid |
(4,741 |
) |
|
(4,532 |
) |
|
Different |
786 |
|
|
(544 |
) |
|
|
|
|
|
||
|
Web money supplied by (utilized in) financing actions |
(16,184 |
) |
|
(18,618 |
) |
|
|
|
|
|
||
|
Affect of overseas forex on money, money equivalents and restricted money |
(86 |
) |
|
(71 |
) |
|
|
|
|
|
||
|
Enhance (lower) in money, money equivalents and restricted money |
(3,997 |
) |
|
(2,989 |
) |
|
|
|
|
|
||
|
Money, money equivalents and restricted money, starting of interval |
8,778 |
|
|
11,768 |
|
|
|
|
|
|
||
|
Money, money equivalents and restricted money, finish of interval |
$4,782 |
|
|
$8,778 |
|
|
|
|
|
|
||
|
TABLE 3 |
|||
|
Condensed Consolidated Steadiness Sheet (Unaudited) |
|||
|
|
|
|
|
|
(in tens of millions) |
December 31, |
|
December 31, |
|
|
2022 |
|
2021 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
Present Property |
|
|
|
|
Money and money equivalents |
$4,749 |
|
$8,711 |
|
Receivables, internet |
12,672 |
|
12,008 |
|
Different present belongings |
4,406 |
|
4,088 |
|
Whole present belongings |
21,826 |
|
24,807 |
|
|
|
|
|
|
Movie and tv prices |
12,560 |
|
12,806 |
|
|
|
|
|
|
Investments |
7,250 |
|
8,082 |
|
|
|
|
|
|
Funding securing collateralized obligation |
490 |
|
605 |
|
|
|
|
|
|
Property and gear, internet |
55,485 |
|
54,047 |
|
|
|
|
|
|
Goodwill |
58,494 |
|
70,189 |
|
|
|
|
|
|
Franchise rights |
59,365 |
|
59,365 |
|
|
|
|
|
|
Different intangible belongings, internet |
29,308 |
|
33,580 |
|
|
|
|
|
|
Different noncurrent belongings, internet |
12,497 |
|
12,424 |
|
|
|
|
|
|
|
$257,275 |
|
$275,905 |
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
Present Liabilities |
|
|
|
|
Accounts payable and accrued bills associated to commerce collectors |
$12,544 |
|
$12,455 |
|
Accrued participations and residuals |
1,770 |
|
1,822 |
|
Deferred income |
2,380 |
|
3,040 |
|
Accrued bills and different present liabilities |
9,450 |
|
9,899 |
|
Present portion of long-term debt |
1,743 |
|
2,132 |
|
Whole present liabilities |
27,887 |
|
29,348 |
|
|
|
|
|
|
Lengthy-term debt, much less present portion |
93,068 |
|
92,718 |
|
|
|
|
|
|
Collateralized obligation |
5,172 |
|
5,170 |
|
|
|
|
|
|
Deferred revenue taxes |
28,714 |
|
30,041 |
|
|
|
|
|
|
Different noncurrent liabilities |
20,395 |
|
20,620 |
|
|
|
|
|
|
Redeemable noncontrolling pursuits |
411 |
|
519 |
|
|
|
|
|
|
Fairness |
|
|
|
|
Comcast Company shareholders’ fairness |
80,943 |
|
96,092 |
|
Noncontrolling pursuits |
684 |
|
1,398 |
|
Whole fairness |
81,627 |
|
97,490 |
|
|
|
|
|
|
|
$257,275 |
|
$275,905 |
|
TABLE 4 |
||||||||||||
|
Reconciliation from Web Earnings Attributable to Comcast Company to Adjusted EBITDA (Unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
||||||||
|
|
|
|
||||||||||
|
(in tens of millions) |
2022 |
|
2021 |
|
|
2022 |
|
2021 |
||||
|
Web revenue attributable to Comcast Company |
$3,024 |
|
|
$3,057 |
|
|
|
$5,370 |
|
|
$14,159 |
|
|
Web revenue (loss) attributable to noncontrolling pursuits |
(150 |
) |
|
(77 |
) |
|
|
(445 |
) |
|
(325 |
) |
|
Earnings tax expense |
797 |
|
|
905 |
|
|
|
4,359 |
|
|
5,259 |
|
|
Curiosity expense |
974 |
|
|
1,120 |
|
|
|
3,896 |
|
|
4,281 |
|
|
Funding and different (revenue) loss, internet |
(114 |
) |
|
(183 |
) |
|
|
861 |
|
|
(2,557 |
) |
|
Depreciation and amortization |
3,472 |
|
|
3,581 |
|
|
|
13,821 |
|
|
13,804 |
|
|
Goodwill and long-lived asset impairments |
— |
|
|
— |
|
|
|
8,583 |
|
|
— |
|
|
Changes (1) |
(2 |
) |
|
9 |
|
|
|
13 |
|
|
87 |
|
|
Adjusted EBITDA |
$8,000 |
|
|
$8,411 |
|
|
|
$36,459 |
|
|
$34,708 |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Reconciliation from Web Money Supplied by Working Actions to Free Money Stream (Unaudited) |
||||||||||||
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
||||||||
|
|
|
|
||||||||||
|
(in tens of millions) |
2022 |
|
2021 |
|
|
2022 |
|
2021 |
|
|||
|
Web money supplied by working actions |
$5,883 |
|
|
$7,689 |
|
|
|
$26,413 |
|
|
$29,146 |
|
|
Capital expenditures |
(3,564 |
) |
|
(3,028 |
) |
|
|
(10,626 |
) |
|
(9,174 |
) |
|
Money paid for capitalized software program and different intangible belongings |
(989 |
) |
|
(877 |
) |
|
|
(3,141 |
) |
|
(2,883 |
) |
|
Free Money Stream |
$1,330 |
|
|
$3,784 |
|
|
|
$12,646 |
|
|
$17,089 |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Alternate Presentation of Free Money Stream (Unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
||||||||
|
|
|
|
||||||||||
|
(in tens of millions) |
2022 |
|
2021 |
|
|
|
2022 |
|
|
2021 |
|
|
|
Adjusted EBITDA |
$8,000 |
|
|
$8,411 |
|
|
|
$36,459 |
|
|
$34,708 |
|
|
Capital expenditures |
(3,564 |
) |
|
(3,028 |
) |
|
|
(10,626 |
) |
|
(9,174 |
) |
|
Money paid for capitalized software program and different intangible belongings |
(989 |
) |
|
(877 |
) |
|
|
(3,141 |
) |
|
(2,883 |
) |
|
Money curiosity expense |
(1,072 |
) |
|
(965 |
) |
|
|
(3,413 |
) |
|
(3,908 |
) |
|
Money taxes |
(1,243 |
) |
|
(428 |
) |
|
|
(5,265 |
) |
|
(2,628 |
) |
|
Adjustments in working belongings and liabilities |
(270 |
) |
|
(442 |
) |
|
|
(3,006 |
) |
|
(1,499 |
) |
|
Noncash share-based compensation |
346 |
|
|
296 |
|
|
|
1,336 |
|
|
1,315 |
|
|
Different (2) |
121 |
|
|
817 |
|
|
|
303 |
|
|
1,159 |
|
|
Free Money Stream |
$1,330 |
|
|
$3,784 |
|
|
|
$12,646 |
|
|
$17,089 |
|
|
(1) |
4th quarter and full yr 2022 Adjusted EBITDA excludes ($2) million and $13 million of different working and administrative bills, respectively, associated to our funding portfolio. 4th quarter and full yr 2021 Adjusted EBITDA excludes $9 million and $87 million of different working and administrative bills, respectively, associated to our funding portfolio and Sky transaction-related prices. |
|
|
|
|
|
|
(2) |
4th quarter and full yr 2022 contains decreases of ($2) million and $13 million, respectively, of prices associated to our funding portfolio as these quantities are excluded from Adjusted EBITDA. 4th quarter and full yr 2021 contains decreases of $9 million and $87 million, respectively, of prices associated to our funding portfolio and Sky transaction-related prices. |
|
TABLE 5 |
|
|
|
|
||||||||||||
|
Reconciliations of Adjusted Web Earnings and Adjusted EPS (Unaudited) |
||||||||||||||||
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
||||||||||||
|
|
|
|
||||||||||||||
|
|
2022 |
|
2021 |
|
|
2022 |
|
2021 |
||||||||
|
(in tens of millions, besides per share information) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
EPS |
|
$ |
|
EPS |
|
|
$ |
|
EPS |
|
$ |
|
EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Web revenue attributable to Comcast Company and diluted earnings per share attributable to Comcast Company shareholders |
$3,024 |
|
$0.70 |
|
$3,057 |
|
$0.66 |
|
|
$5,370 |
|
$1.21 |
|
$14,159 |
|
$3.04 |
|
Change |
(1.1%) |
|
6.8% |
|
|
|
|
|
|
(62.1%) |
|
(60.2%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquisition-related intangible belongings (1) |
417 |
|
0.10 |
|
484 |
|
0.10 |
|
|
1,771 |
|
0.40 |
|
1,923 |
|
0.41 |
|
Investments (2) |
80 |
|
0.02 |
|
(37) |
|
(0.01) |
|
|
681 |
|
0.15 |
|
(1,645) |
|
(0.35) |
|
Objects affecting period-over-period comparability: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill and long-lived asset impairments (3) |
— |
|
— |
|
— |
|
— |
|
|
8,541 |
|
1.93 |
|
— |
|
— |
|
Earnings tax changes (4) |
— |
|
— |
|
— |
|
— |
|
|
(286) |
|
(0.06) |
|
498 |
|
0.11 |
|
Loss on early redemption of debt (5) |
— |
|
— |
|
95 |
|
0.02 |
|
|
— |
|
— |
|
154 |
|
0.03 |
|
Beneficial properties and losses associated to companies and investments (6) |
— |
|
— |
|
(64) |
|
(0.01) |
|
|
69 |
|
0.02 |
|
(64) |
|
(0.01) |
|
Prices associated to Sky transaction (7) |
— |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
20 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Web revenue and Adjusted EPS |
$3,520 |
|
$0.82 |
|
$3,534 |
|
$0.77 |
|
|
$16,147 |
|
$3.64 |
|
$15,045 |
|
$3.23 |
|
Change |
(0.4%) |
|
6.5% |
|
|
|
|
|
|
7.3% |
|
12.7% |
|
|
|
|
|
(1) |
Acquisition-related intangible belongings are acknowledged on account of the applying of Accounting Requirements Codification Subject 805, Enterprise Mixtures (similar to buyer relationships), and their amortization is considerably affected by the dimensions and timing of our acquisitions. Amortization of intangible belongings not ensuing from enterprise mixtures (similar to software program and purchased mental property rights utilized in our theme parks) is included in Adjusted Web Earnings and Adjusted EPS. |
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
||||
|
|
2022 |
|
2021 |
|
|
2022 |
|
2021 |
|
Amortization of acquisition-related intangible belongings earlier than revenue taxes |
$520 |
|
$595 |
|
|
$2,197 |
|
$2,376 |
|
Amortization of acquisition-related intangible belongings, internet of tax |
$417 |
|
$484 |
|
|
$1,771 |
|
$1,923 |
|
(2) |
Changes for investments embrace realized and unrealized (features) losses on fairness securities, internet (as acknowledged in Desk 1), in addition to the fairness in internet (revenue) losses of investees, internet, for sure fairness methodology investments, together with Atairos and Hulu and prices associated to our funding portfolio. |
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|||||||
|
|
2022 |
|
2021 |
|
|
2022 |
|
2021 |
|||
|
Realized and unrealized (features) losses on fairness securities, internet |
$113 |
|
|
$192 |
|
|
|
$320 |
|
($339 |
) |
|
Fairness in internet (revenue) losses of investees, internet and different |
(7 |
) |
|
(241 |
) |
|
|
582 |
|
(1,830 |
) |
|
Investments earlier than revenue taxes |
106 |
|
|
(49 |
) |
|
|
902 |
|
(2,169 |
) |
|
Investments, internet of tax |
$80 |
|
|
($37 |
) |
|
|
$681 |
|
($1,645 |
) |
|
(3) |
Full yr 2022 internet revenue attributable to Comcast Company features a lack of $8.6 billion associated to goodwill and long-lived asset impairments in our Sky section. The goodwill impairment was primarily not deductible for tax functions. |
|
|
(4) |
Full yr 2022 internet revenue attributable to Comcast Company contains $286 million of revenue tax profit associated to state tax regulation adjustments. Full yr 2021 internet revenue attributable to Comcast Company contains $498 million of revenue tax expense changes associated to UK tax regulation adjustments. |
|
|
(5) |
4th quarter and full yr 2021 internet revenue attributable to Comcast Company contains $126 million and $204 million of curiosity expense, $95 million and $154 million internet of tax, ensuing from the early redemption of debt. |
|
|
(6) |
Full yr 2022 internet revenue attributable to Comcast Company features a lack of $96 million in different revenue, associated to an impairment of an fairness methodology funding, and features a achieve of $(53) million in amortization expense, $(26) million internet of tax, associated to the sale of a enterprise. 4th quarter and full yr 2021 internet revenue attributable to Comcast Company features a achieve of $84 million in different revenue associated to the sale of an fairness methodology funding. |
|
|
(7) |
Full yr 2021 internet revenue attributable to Comcast Company contains $24 million of different working and administrative bills, $20 million internet of tax, associated to the Sky transaction. |
|
TABLE 6 |
||||||||||||||||
|
Reconciliation of Sky Fixed Foreign money Progress (Unaudited) |
||||||||||||||||
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
||||||||||||
|
|
|
|
||||||||||||||
|
(in tens of millions) |
2022 |
|
2021(1) |
|
Change |
|
|
2022 |
|
2021(1) |
|
Change |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Direct-to-Client |
$3,547 |
|
$3,542 |
|
|
0.2 |
% |
|
|
$14,621 |
|
$14,739 |
|
|
(0.8 |
%) |
|
Content material |
304 |
|
286 |
|
|
6.5 |
% |
|
|
1,138 |
|
1,204 |
|
|
(5.5 |
%) |
|
Promoting |
564 |
|
624 |
|
|
(9.6 |
%) |
|
|
2,187 |
|
2,229 |
|
|
(1.9 |
%) |
|
Income |
$4,416 |
|
$4,452 |
|
|
(0.8 |
%) |
|
|
$17,946 |
|
$18,172 |
|
|
(1.2 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Prices and bills |
$4,076 |
|
$4,052 |
|
|
0.6 |
% |
|
|
$15,420 |
|
$16,074 |
|
|
(4.1 |
%) |
|
Adjusted EBITDA |
$340 |
|
$401 |
|
|
(15.1 |
%) |
|
|
$2,526 |
|
$2,099 |
|
|
20.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
(1) |
2021 outcomes for entities reporting in currencies apart from United States {dollars} are transformed into United States {dollars} utilizing the common trade charges from the present interval reasonably than the precise trade charges in impact throughout the respective durations. |
|
TABLE 7 |
|||||||||||||||
|
Reconciliation of Media Income Excluding Olympics, 2022 Tremendous Bowl and 2022 FIFA World Cup (Unaudited) |
|||||||||||||||
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|||||||||||
|
|
|
|
|||||||||||||
|
(in tens of millions) |
2022 |
|
2021 |
|
|
Progress % |
|
|
2022 |
|
2021 |
|
Progress % |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Income |
$5,979 |
|
$5,826 |
|
|
2.6 |
% |
|
|
$23,406 |
|
$22,780 |
|
2.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Olympics |
— |
|
— |
|
|
|
|
|
963 |
|
1,759 |
|
|
||
|
2022 Tremendous Bowl |
— |
|
— |
|
|
|
|
|
519 |
|
— |
|
|
||
|
2022 FIFA World Cup |
263 |
|
— |
|
|
|
|
|
263 |
|
— |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Income excluding Olympics, 2022 Tremendous Bowl and 2022 FIFA World Cup |
$5,716 |
|
$5,826 |
|
|
(1.9 |
%) |
|
|
$21,662 |
|
$21,021 |
|
3.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
TABLE 8 |
||||||||
|
Reconciliation of Consolidated Adjusted EBITDA Excluding Increased Severance (Unaudited) |
||||||||
|
Three Months Ended December 31, |
||||||||
|
(in tens of millions) |
2022 |
|
2021 |
Progress % |
||||
|
|
|
|
|
|||||
|
Adjusted EBITDA |
$8,000 |
|
$8,411 |
|
(4.9 |
%) |
||
|
Severance |
541 |
|
— |
|
|
|||
|
|
|
|
|
|||||
|
Adjusted EBITDA excluding Increased Severance |
$8,541 |
|
$8,411 |
|
1.5 |
% |
||
|
|
|
|
|
|||||
|
Reconciliation of Cable Communications Adjusted EBITDA and Adjusted EBITDA Margin Excluding Increased Severance (Unaudited) |
||||||||
|
|
|
|
|
|||||
|
Three Months Ended December 31, |
||||||||
|
(in tens of millions) |
2022 |
2021 |
Progress % |
|||||
|
|
|
|
|
|||||
|
Adjusted EBITDA |
$7,231 |
|
$7,125 |
|
1.5 |
% |
||
|
Adjusted EBITDA Margin |
43.5 |
% |
43.4 |
% |
|
|||
|
Severance |
305 |
|
— |
|
|
|||
|
|
|
|
|
|||||
|
Adjusted EBITDA excluding Increased Severance |
$7,536 |
|
$7,125 |
|
5.8 |
% |
||
|
Adjusted EBITDA Margin excluding Increased Severance |
45.3 |
% |
43.4 |
% |
|
|||
|
|
|
|
|
|||||
|
Reconciliation of NBCUniversal Adjusted EBITDA Excluding Increased Headquarters & Different Severance (Unaudited) |
||||||||
|
|
|
|
|
|||||
|
Three Months Ended December 31, |
||||||||
|
(in tens of millions) |
2022 |
2021 |
Progress % |
|||||
|
|
|
|
|
|||||
|
Adjusted EBITDA |
$817 |
|
$1,282 |
|
(36.3 |
%) |
||
|
Severance |
182 |
|
— |
|
|
|||
|
|
|
|
|
|||||
|
Adjusted EBITDA excluding Increased Headquarters & Different Severance |
$999 |
|
$1,282 |
|
(22.1 |
%) |
||
|
|
|
|
|
|||||
|
Reconciliation of Sky Adjusted EBITDA Fixed Foreign money Progress Excluding Increased Severance (Unaudited) |
||||||||
|
|
|
|
|
|||||
|
Three Months Ended December 31, |
||||||||
|
(in tens of millions) |
2022 |
2021(1) |
Progress % |
|||||
|
|
|
|
|
|||||
|
Adjusted EBITDA |
$340 |
|
$401 |
|
(15.1 |
%) |
||
|
Severance |
53 |
|
— |
|
|
|||
|
|
|
|
|
|||||
|
Adjusted EBITDA excluding Increased Severance |
$393 |
|
$401 |
|
(2.0 |
%) |
||
|
|
|
|
|
|||||
|
(1) |
2021 outcomes for entities reporting in currencies apart from United States {dollars} are transformed into United States {dollars} utilizing the common trade charges from the present interval reasonably than the precise trade charges in impact throughout the respective durations. |
