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Information Technology : Communications Equipment | Large Cap Value
Company profile

Cisco Systems, Inc., is engaged in designing and selling a range of technologies across networking, security, collaboration, applications and the cloud. It operates through three geographic segments: Americas; Europe, Middle East, and Africa; and Asia Pacific, Japan, and China. Its product and technologies include infrastructure platforms; applications; security and other products. Infrastructure Platforms consists of its core networking technologies of switching, routing, data center products and wireless that are designed to work together to deliver networking capabilities and transport and store data. Application product category consists primarily of software-related offerings that utilize the core networking and data center platforms to provide their functions. Security product category primarily includes unified threat management products, threat security products and Web security products. Its subsidiary, ThousandEyes, Inc., offers Internet and cloud intelligence platform.

Postmarket

Last Trade
Delayed
$39.35
0.29 (0.74%)
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Closing Price
$39.06
Day's Change
-0.07 (-0.18%)
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Day's High
39.38
Day's Low
38.83
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Volume:
16,360,730

10-day average volume:
24,990,408
16,360,730

Comcast Reports 2nd Quarter 2020 Results

7:00 am ET July 30, 2020 (BusinessWire) Print

Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended June 30, 2020.

"Our response to COVID-19 has been extraordinarily fast and effective, and our products and brands continue to resonate strongly with our customers across all segments and all geographies. The solid results that we delivered in the quarter highlight the resilience of our company. Cable delivered record second quarter customer relationship net adds, driven by the best second quarter high-speed internet net adds in 13 years. NBCUniversal successfully launched Peacock in Cable's footprint in April, ahead of the streaming service's U.S. nationwide launch earlier this month, with 10 million sign-ups to date. NBCUniversal also just recently announced a deal with AMC Theatres in the U.S. that allows Universal to release titles across PVOD platforms after a 17-day exclusive theatrical window. At Sky, our flexible strategy helped retain customers until key sports returned in May and June. Overall, based on our results and the many organic growth opportunities that we have across our company, I am confident in our ability to continue to successfully navigate the impact of COVID-19, and emerge from the crisis even stronger. I could not be more proud of how our teams across Comcast Cable, NBCUniversal and Sky are together managing the business," commented Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation.

                                                                             
($ in millions, except per share data)    ($ in millions, except per share data)                                   
                                                   2nd Quarter          2nd Quarter          2nd Quarter          2nd Quarter                                                    2nd Quarter                                                   Year to Date         Year to Date                                                   Year to Date
                                                                                    -------------------- -------------------- -------------------- -------------------- ---------------------------------------------------------------------------------------------------      -------------------- -------------------- ---------------------------------------------------------------------------------------------------
Consolidated Results                      Consolidated Results                                      2020                 2020                 2020                 2020                 2020                 2019                 2019        Change               Change                        2020                 2020                 2020                 2019                 2019        Change               Change
                                                                                    -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------  -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------
                                                                             
Revenue                                   Revenue                                                $23,715              $23,715              $23,715              $23,715              $23,715              $26,858              $26,858                (11.7      (11.7 %)                     $50,324              $50,324              $50,324              $53,717              $53,717                 (6.3       (6.3 %)
Net Income Attributable to Comcast        Net Income Attributable to Comcast                      $2,988               $2,988               $2,988               $2,988               $2,988               $3,125               $3,125                 (4.4       (4.4 %)                      $5,135               $5,135               $5,135               $6,678               $6,678                (23.1      (23.1 %)
Adjusted Net Income(1)                    Adjusted Net Income(1)                                  $3,170               $3,170               $3,170               $3,170               $3,170               $3,610               $3,610                (12.2      (12.2 %)                      $6,436               $6,436               $6,436               $7,087               $7,087                 (9.2       (9.2 %)
Adjusted EBITDA(2)                        Adjusted EBITDA(2)                                      $7,927               $7,927               $7,927               $7,927               $7,927               $8,716               $8,716                 (9.1       (9.1 %)                     $16,057              $16,057              $16,057              $17,269              $17,269                 (7.0       (7.0 %)
Earnings per Share(3)                     Earnings per Share(3)                                    $0.65                $0.65                $0.65                $0.65                $0.65                $0.68                $0.68                 (4.4       (4.4 %)                       $1.11                $1.11                $1.11                $1.45                $1.45                (23.4      (23.4 %)
Adjusted Earnings per Share(1)            Adjusted Earnings per Share(1)                           $0.69                $0.69                $0.69                $0.69                $0.69                $0.78                $0.78                (11.5      (11.5 %)                       $1.40                $1.40                $1.40                $1.54                $1.54                 (9.1       (9.1 %)
Net Cash Provided by Operating Activities Net Cash Provided by Operating Activities               $8,643               $8,643               $8,643               $8,643               $8,643               $7,040               $7,040                 22.8       22.8 %                      $14,467              $14,467              $14,467              $14,271              $14,271                  1.4        1.4 %
Free Cash Flow(4)                         Free Cash Flow(4)                                       $5,966               $5,966               $5,966               $5,966               $5,966               $4,246               $4,246                 40.5       40.5 %                       $9,291               $9,291               $9,291               $8,838               $8,838                  5.1        5.1 %
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.

2nd Quarter 2020 Highlights:

Generated Consolidated Adjusted EBITDA of $7.9 Billion, Adjusted EPS of $0.69 and Free Cash Flow of $6.0 Billion Cable Communications Total Customer Relationships Increased by 217,000 in the Quarter, the Best Second Quarter Result on Record Total High-Speed Internet Customer Net Additions Were 323,000 (Not Including Over 600,000 Additional High-Risk or Free Internet Essentials Customers That Still Receive Our Service, But Were Not Included in Reported Results), the Best Second Quarter Result in 13 Years Cable Communications Adjusted EBITDA Increased 5.5% Driven by Strength in High-Speed Internet Cable Communications Extended Its Offer of 60 Days of Free Internet Service to Eligible New Internet Essentials Customers and Free Access to Public Xfinity WiFi Hotspots Through Year-End Successfully Launched Peacock, NBCUniversal's New Highly Anticipated Streaming Service, Free to Xfinity X1 and Flex Customers on April 15, Ahead of National Debut on July 15, With 10 Million Sign-Ups to Date NBCUniversal Re-Opened Universal Orlando Resort and Universal Studios Japan After Temporary Closures Due to COVID-19 Sky Successfully Retained 99% of Total Customers and 95% of Sports Subscribers Since the Crisis Began Sky's Key Sports Have Returned, Including Bundesliga in May and the Premier League and Serie A in June

Consolidated Financial Results

Revenue for the second quarter of 2020 decreased 11.7% to $23.7 billion. Net Income Attributable to Comcast decreased 4.4% to $3.0 billion. Adjusted Net Income decreased 12.2% to $3.2 billion. Adjusted EBITDA decreased 9.1% to $7.9 billion.

For the six months ended June 30, 2020, revenue decreased 6.3% to $50.3 billion compared to 2019. Net income attributable to Comcast decreased 23.1% to $5.1 billion. Adjusted Net Income decreased 9.2% to $6.4 billion. Adjusted EBITDA decreased 7.0% to $16.1 billion.

Earnings per Share (EPS) for the second quarter of 2020 was $0.65, a decrease of 4.4% compared to the second quarter of 2019. Adjusted EPS decreased 11.5% to $0.69.

For the six months ended June 30, 2020, EPS was $1.11, a 23.4% decrease compared to the prior year. Adjusted EPS decreased 9.1% to $1.40.

Capital Expenditures decreased 8.3% to $2.1 billion in the second quarter of 2020. Cable Communications' capital expenditures decreased 8.9% to $1.5 billion. NBCUniversal's capital expenditures decreased 20.9% to $375 million. Sky's capital expenditures increased 22.1% to $215 million.

For the six months ended June 30, 2020, capital expenditures decreased 9.2% to $4.0 billion compared to 2019. Cable Communications' capital expenditures decreased 8.0% to $2.7 billion. NBCUniversal's capital expenditures decreased 18.8% to $752 million. Sky's capital expenditures decreased 5.4% to $412 million.

Net Cash Provided by Operating Activities was $8.6 billion in the second quarter of 2020. Free Cash Flow was $6.0 billion. These results reflect reduced tax payments in the second quarter of 2020 due to the extension of due dates for federal estimated tax payments to the third quarter of 2020.

For the six months ended June 30, 2020, net cash provided by operating activities was $14.5 billion. Free cash flow was $9.3 billion. These results reflect reduced tax payments in the second quarter of 2020 due to the extension of due dates for federal estimated tax payments to the third quarter of 2020.

Dividends paid during the second quarter of 2020 totaled $1.1 billion. For the six months ended June 30, 2020, dividends paid totaled $2.0 billion.

Cable Communications

                                                           
                                                           
  ($ in millions)                                                             
                               2nd Quarter          2nd Quarter          2nd Quarter          2nd Quarter                                                    2nd Quarter                                                                                                 Year to Date                                                
                                                                -------------------- -------------------- -------------------- -------------------- -------------------------------------------------------------------------------------------------                                                  -------------------------------------------------------------------------------------------------
                                          2020                 2020                 2020                 2020                 2020                 2019                 2019        Change               Change                            2020                 2019                 2019        Change               Change         
                                                                -------------------- -------------------- -------------------- -------------------- -------------------  -------------------- -------------------  -------------------- -------------------                                            -------------------  -------------------- -------------------  -------------------- -------------------
  Cable Communications Revenue                                                
                                                           $5,000               $5,000               $5,000               $5,000               $5,000               $4,663               $4,663                  7.2        7.2 %                          $10,001               $9,240               $9,240                  8.2        8.2 %          
                        High-Speed Internet
                                                            5,415                5,415                5,415                5,415                5,415                5,594                5,594                 (3.2       (3.2 %)                          11,047               11,222               11,222                 (1.6       (1.6 %)         
                        Video
                                                              877                  877                  877                  877                  877                  982                  982                (10.7      (10.7 %)                           1,776                1,972                1,972                 (9.9       (9.9 %)         
                        Voice
                                                              326                  326                  326                  326                  326                  244                  244                 33.9       33.9 %                              669                  469                  469                 42.6       42.6 %          
                        Wireless
                                                            2,004                2,004                2,004                2,004                2,004                1,933                1,933                  3.6        3.6 %                            4,047                3,824                3,824                  5.8        5.8 %          
                        Business Services
                                                              428                  428                  428                  428                  428                  607                  607                (29.6      (29.6 %)                             985                1,163                1,163                (15.3      (15.3 %)         
                        Advertising
                                                              378                  378                  378                  378                  378                  427                  427                (11.0      (11.0 %)                             821                  840                  840                 (2.1       (2.1 %)         
                        Other
                                                                -------------------- -------------------- -------------------- -------------------- -------------------  -------------------- -------------------  -------------------- ---------- ---------                                           -------------------  -------------------- -------------------  -------------------- ---------- ---------
  Cable Communications Revenue                            $14,428              $14,428              $14,428              $14,428              $14,428              $14,450              $14,450                 (0.2       (0.2 %)                         $29,346              $28,730              $28,730                  2.1        2.1 %          
                                                           
  Cable Communications Adjusted EBITDA                     $6,176               $6,176               $6,176               $6,176               $6,176               $5,854               $5,854                  5.5        5.5 %                          $12,252              $11,582              $11,582                  5.8        5.8 %          
                                                            42.8%                42.8%                42.8%                42.8%                42.8%                40.5%                40.5%                        41.7%                40.3%                40.3%      
                        Adjusted EBITDA Margin
                                                           
  Cable Communications Capital Expenditures                $1,452               $1,452               $1,452               $1,452               $1,452               $1,594               $1,594                 (8.9       (8.9 %)                          $2,721               $2,957               $2,957                 (8.0       (8.0 %)         
                                                            10.1%                10.1%                10.1%                10.1%                10.1%                11.0%                11.0%                         9.3%                10.3%                10.3%      
                        Percent of Cable Communications Revenue

Revenue for Cable Communications of $14.4 billion was consistent with the prior year period, reflecting increases in high-speed internet, wireless and business services revenue, offset by decreases in video, advertising, voice and other revenue. These results were negatively impacted by COVID-19, including accrued customer regional sports network (RSN) fee adjustments, reduced advertising revenue, lower revenue due to Xfinity's commitment to the FCC's Keep Americans Connected Pledge and our efforts to assist our customers during this crisis. High-speed internet revenue increased 7.2%, reflecting an increase in the number of residential high-speed internet customers and an increase in average rates. Average rates would have been higher if it were not for waived fees due to COVID-19 and the impacts of the customer RSN fee adjustments. Wireless revenue increased 33.9%, primarily reflecting an increase in the number of customer lines. Business services revenue increased 3.6%, reflecting an increase in the number of customers receiving our services compared to the prior year period and increases in average rates. The rates of growth were reduced due to the negative impacts of COVID-19 on small businesses. Video revenue decreased 3.2%, reflecting a decrease in the number of residential video customers, partially offset by an increase in average rates. Average rates were negatively impacted by the impacts of the customer RSN fee adjustments, partially offset by higher pay-per-view revenue. Advertising revenue decreased 29.6%, primarily reflecting reduced advertiser spending due to COVID-19, partially offset by an increase in political advertising revenue. Voice revenue decreased 10.7%, due to decreases in average rates and in the number of residential voice customers. Other revenue decreased 11.0%, reflecting lower revenue due to waived late fees and a decline in revenue associated with our security and automation services, partially offset by an increase in revenue from licensing our X1 and technology platforms.

For the six months ended June 30, 2020, Cable revenue increased 2.1% to $29.3 billion compared to 2019, driven by growth in high-speed internet, business services and wireless revenue, partially offset by a decrease in voice, advertising, video and other revenue. These results were negatively impacted by COVID-19, including accrued customer RSN fee adjustments, reduced advertising revenue, lower revenue due to Xfinity's commitment to the FCC's Keep Americans Connected Pledge and our efforts to assist our customers during this crisis.

Total Customer Relationships increased by 217,000 to 32.1 million in the second quarter of 2020. Residential customer relationships increased by 241,000 and business customer relationships decreased by 24,000. Total high-speed internet customer net additions were 323,000, which does not include over 600,000 additional high-risk or free Internet Essentials customers that still receive our service, but were not included in reported results. Total video customer net losses were 477,000 and total voice customer net losses were 158,000. In addition, Cable Communications added 126,000 wireless lines in the quarter.

                                                                                                         
  (in thousands)                                                                                                            
                                                                                                                  Net Additions                                                                         
                                                                                                                                                                                                                                                                                                                --------------------------------------------------------------------------------
                                                  2Q20                 2Q20                 2Q20                 2Q20       2Q20                   2Q19       2Q19               2Q20                   2Q19       2Q19    
                                                                        -------------------- -------------------- -------------------- -------------------- ----------                      -------------------- ----------                                                                                     ----------                      -------------------- ----------
  Customer Relationships                                                                                                    
                                                                   29,750               29,750               29,750               29,750     29,750                 28,508     28,508                241                    123        123    
                        Residential Customer Relationships
                                                                    2,384                2,384                2,384                2,384      2,384                  2,356      2,356                (24 )                                      29         29    
                        Business Services Customer Relationships
                                                                        -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
  Total Customer Relationships                                     32,134               32,134               32,134               32,134     32,134                 30,864     30,864                217                    152        152    
                                                                                                         
  Residential Customer Relationships Mix                                                                                    
                                                                   11,332               11,332               11,332               11,332     11,332                  9,526      9,526                531                    231        231    
                        One Product Residential Customers
                                                                    8,742                8,742                8,742                8,742      8,742                  8,952      8,952               (107 )                                     (57        (57 )                     
                        Two Product Residential Customers
                                                                    9,676                9,676                9,676                9,676      9,676                 10,030     10,030               (184 )                                     (50        (50 )                     
                        Three or More Product Residential Customers
                                                                                                         
                                                                   27,220               27,220               27,220               27,220     27,220                 25,631     25,631                340                    182        182    
                        Residential High-Speed Internet Customers
                                                                    2,209                2,209                2,209                2,209      2,209                  2,176      2,176                (17 )                                      28         28    
                        Business Services High-Speed Internet Customers
                                                                        -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
  Total High-Speed Internet Customers                              29,429               29,429               29,429               29,429     29,429                 27,807     27,807                323                    209        209    
                                                                                                         
                                                                   19,473               19,473               19,473               19,473     19,473                 20,642     20,642               (427 )                                    (209       (209 )                     
                        Residential Video Customers
                                                                      894                  894                  894                  894        894                    999        999                (51 )                                     (15        (15 )                     
                        Business Services Video Customers
                                                                        -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
  Total Video Customers                                            20,367               20,367               20,367               20,367     20,367                 21,641     21,641               (477 )                                    (224       (224 )                     
                                                                                                         
                                                                    9,698                9,698                9,698                9,698      9,698                 10,008     10,008               (142 )                                     (82        (82 )                     
                        Residential Voice Customers
                                                                    1,331                1,331                1,331                1,331      1,331                  1,324      1,324                (16 )                                      17         17    
                        Business Services Voice Customers
                                                                        -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
  Total Voice Customers                                            11,029               11,029               11,029               11,029     11,029                 11,331     11,331               (158 )                                     (65        (65 )                     
                                                                                                         
  Total Wireless Lines                                              2,393                2,393                2,393                2,393      2,393                  1,586      1,586                126                    181        181    

Adjusted EBITDA for Cable Communications increased 5.5% to $6.2 billion in the second quarter of 2020, reflecting revenue that was consistent with the prior year period as well as a 4.0% decrease in operating expenses. Total operating expenses benefited from adjustments for provisions in our programming distribution agreements with RSNs related to canceled sporting events as a result of COVID-19. Programming costs decreased 5.0%, primarily due to the adjustment provisions. Excluding these adjustments, programming costs increased due to higher retransmission consent and sports programming fees, partially offset by a decline in the number of video subscribers. Non-programming expenses decreased 3.4%, primarily reflecting lower advertising, marketing and promotion expenses, other operating expenses and customer service expenses, partially offset by higher technical and product support expenses. Non-programming expenses per customer relationship decreased 7.1%. Non-programming expenses included additional compensation costs for certain personnel and increases in administrative and bad debt expenses as a result of COVID-19, that were more than offset by cost saving initiatives and a reduction in activity in some aspects of our business. Adjusted EBITDA per customer relationship increased 1.4%, and Adjusted EBITDA margin was 42.8% compared to 40.5% in the second quarter of 2019. While the accrued RSN adjustments did not impact Adjusted EBITDA in the second quarter of 2020, they resulted in an increase to Adjusted EBITDA margin. Cable Communications results include a loss of $37 million from our wireless business, compared to a loss of $88 million in the prior year period.

For the six months ended June 30, 2020, Cable Adjusted EBITDA increased 5.8% to $12.3 billion compared to 2019, reflecting higher revenue and flat expenses. Programming costs decreased 1.6% primarily due to adjustments for provisions in our programming distribution agreements with RSNs related to canceled sporting events as a result of COVID-19. Excluding these adjustments, programming costs increased due to an increase in retransmission consent and sports programming fees, partially offset by a decline in the number of video subscribers. Non-programming expenses increased 0.5%, reflecting higher costs as a result of COVID-19, partially offset by cost savings initiatives. For the six months ended June 30, 2020, Adjusted EBITDA per customer relationship increased 1.8%, and Adjusted EBITDA margin was 41.7% compared to 40.3% in 2019. While the accrued RSN adjustments did not impact Adjusted EBITDA for the six months ended June 30, 2020, they resulted in an increase to Adjusted EBITDA margin. Cable Communications results include a loss of $96 million from our wireless business, compared to a loss of $191 million in the prior year period.

Capital Expenditures for Cable Communications decreased 8.9% to $1.5 billion in the second quarter of 2020, primarily reflecting decreased investment in customer premise equipment, partially offset by increased investment in scalable infrastructure. Cable capital expenditures represented 10.1% of Cable revenue in the second quarter of 2020 compared to 11.0% in last year's second quarter.

For the six months ended June 30, 2020, Cable capital expenditures decreased 8.0% to $2.7 billion, primarily reflecting decreased investment in customer premise equipment, partially offset by increased investment in scalable infrastructure. Cable capital expenditures represented 9.3% of Cable revenue compared to 10.3% in 2019.

NBCUniversal

                                                                                                                          
                                                                                                                          
  ($ in millions)                                                                                                                            
                            2nd Quarter          2nd Quarter          2nd Quarter          2nd Quarter                                                                     2nd Quarter                                                                                                                                  Year to Date                                                                
                                                             -------------------- -------------------- -------------------- -------------------- ----------------------------------------------------------------------------------------------------------------------------------                                                  ----------------------------------------------------------------------------------------------------------------------------------
                                       2020                 2020                 2020                 2020       2020                   2019       2019          Change                     Change                       2020                   2019       2019          Change                     Change              
                                                             -------------------- -------------------- -------------------- -------------------- ----------                      -------------------- ----------                      -------------------- ------------------------------                                            ----------                      -------------------- ----------                      -------------------- ------------------------------
  NBCUniversal Revenue                                                                                                                       
                                                        $2,515               $2,515               $2,515               $2,515     $2,515                 $2,947     $2,947                  (14.7      (14.7 %)                           $5,374                 $5,815     $5,815                   (7.6       (7.6 %)                    
                        Cable Networks
                                                         2,364                2,364                2,364                2,364      2,364                  2,402      2,402                   (1.6       (1.6 %)                            5,048                  4,869      4,869                    3.7        3.7 %                     
                        Broadcast Television
                                                         1,194                1,194                1,194                1,194      1,194                  1,457      1,457                  (18.1      (18.1 %)                            2,564                  3,225      3,225                  (20.5      (20.5 %)                    
                        Filmed Entertainment
                                                            87                   87                   87                   87         87                  1,464      1,464                  (94.1      (94.1 %)                              956                  2,740      2,740                  (65.1      (65.1 %)                    
                        Theme Parks
                                                           (36                  (36                  (36                  (36        (36 )                                     (64        (64 )                                      NM         NM              (84 )                                    (130       (130 )                                      NM         NM    
                        Headquarters, other and eliminations
                                                             -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------                                           ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
  NBCUniversal Revenue                                  $6,124               $6,124               $6,124               $6,124     $6,124                 $8,206     $8,206                  (25.4      (25.4 %)                          $13,858                $16,519    $16,519                  (16.1      (16.1 %)                    
                                                                                                                          
  NBCUniversal Adjusted EBITDA                                                                                                               
                                                        $1,243               $1,243               $1,243               $1,243     $1,243                 $1,201     $1,201                    3.5        3.5 %                            $2,491                 $2,463     $2,463                    1.1        1.1 %                     
                        Cable Networks
                                                           641                  641                  641                  641        641                    534        534                   20.0       20.0 %                             1,142                    921        921                   24.0       24.0 %                     
                        Broadcast Television
                                                           228                  228                  228                  228        228                    183        183                   24.8       24.8 %                               334                    547        547                  (38.8      (38.8 %)                    
                        Filmed Entertainment
                                                          (399                 (399                 (399                 (399       (399 )                                     590        590                 (167.7     (167.7 %)                             (323 )                                   1,088      1,088                 (129.7     (129.7 %)                    
                        Theme Parks
                                                           (75                  (75                  (75                  (75        (75 )                                    (184       (184 )                                      NM         NM             (259 )                                    (358       (358 )                                      NM         NM    
                        Headquarters, other and eliminations
                                                             -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------                                           ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
  NBCUniversal Adjusted EBITDA                          $1,638               $1,638               $1,638               $1,638     $1,638                 $2,324     $2,324                  (29.5      (29.5 %)                           $3,385                 $4,661     $4,661                  (27.4      (27.4 %)                    

Revenue for NBCUniversal decreased 25.4% to $6.1 billion in the second quarter of 2020. Adjusted EBITDA decreased 29.5% to $1.6 billion.

For the six months ended June 30, 2020, NBCUniversal revenue decreased 16.1% to $13.9 billion compared to last year's results. Adjusted EBITDA decreased 27.4% to $3.4 billion.

Cable Networks Cable Networks revenue decreased 14.7% to $2.5 billion in the second quarter of 2020, reflecting lower distribution revenue and advertising revenue, partially offset by higher content licensing and other revenue. Distribution revenue decreased 14.8%, reflecting credits accrued at some of our RSNs resulting from the reduced number of games planned by professional sports leagues due to COVID-19 and a decline in subscribers, partially offset by contractual rate increases. Advertising revenue decreased 27.0%, due to reduced spending from advertisers as a result of COVID-19, including from the postponement or cancellation of sporting events, and continued ratings declines at our networks. Content licensing and other revenue increased 23.1%, due to the timing of content provided under licensing agreements, including transactions with Peacock in the second quarter of 2020. Adjusted EBITDA increased 3.5% to $1.2 billion in the second quarter of 2020, reflecting lower revenue that was more than offset by lower operating costs. The decrease in operating costs was driven by lower programming and production expenses, primarily reflecting the postponement or cancellation of sporting events due to COVID-19.

For the six months ended June 30, 2020, revenue from the Cable Networks segment decreased 7.6% to $5.4 billion compared to 2019, reflecting lower distribution and advertising revenue, partially offset by higher content licensing and other revenue. Adjusted EBITDA increased 1.1% to $2.5 billion compared to 2019, reflecting lower revenue, more than offset by lower operating costs. The decrease in operating costs was driven by lower programming and production costs, primarily reflecting the postponement or cancellation of sporting events due to COVID-19.

Broadcast Television Broadcast Television revenue decreased 1.6% to $2.4 billion in the second quarter of 2020, reflecting lower advertising revenue, partially offset by higher content licensing revenue and distribution and other revenue. Advertising revenue decreased 27.9%, due to reduced spending from advertisers as a result of COVID-19, including from the postponement or cancellation of sporting events, and continued ratings declines. Content licensing revenue increased 58.5%, primarily due to the timing of content provided under licensing agreements, including transactions with Peacock in the second quarter of 2020. Distribution and other revenue increased 9.2%, primarily due to higher retransmission consent fees. Adjusted EBITDA increased 20.0% to $641 million in the second quarter of 2020, reflecting lower revenue more than offset by lower operating costs.

For the six months ended June 30, 2020, revenue from the Broadcast Television segment increased 3.7% to $5.0 billion compared to 2019, reflecting an increase in content licensing and distribution and other revenue, partially offset by a decrease in advertising revenue. Adjusted EBITDA increased 24.0% to $1.1 billion compared to 2019, reflecting higher revenue and lower operating costs.

Filmed Entertainment Filmed Entertainment revenue decreased 18.1% to $1.2 billion in the second quarter of 2020, primarily reflecting lower theatrical revenue and other revenue, partially offset by higher content licensing revenue. Theatrical revenue decreased 96.8%, reflecting theater closures as a result of COVID-19 and the strong performances of films in the prior year period, including The Secret Life of Pets 2. Other revenue decreased 59.6%, primarily due to decreases in revenue from our movie ticketing, entertainment and live stage play businesses, which were impacted by theater and entertainment venue closures as a result of COVID-19. Content licensing revenue increased 19.5%, driven by the performance of certain 2020 releases that were made available on premium video on demand, including Trolls World Tour and The King of Staten Island, as well as the timing of when content was made available under licensing agreements, including transactions with Peacock in the second quarter of 2020. Adjusted EBITDA increased 24.8% to $228 million in the second quarter of 2020, reflecting lower revenue that was more than offset by lower operating costs. The decrease in operating costs was primarily driven by lower advertising, marketing and promotion expenses due to lower spending on current period releases as a result of COVID-19.

For the six months ended June 30, 2020, revenue from the Filmed Entertainment segment decreased 20.5% to $2.6 billion compared to 2019, primarily reflecting lower theatrical revenue and other revenue. Adjusted EBITDA decreased 38.8% to $334 million compared to 2019, reflecting lower revenue, partially offset by lower operating costs.

Theme Parks Theme Parks revenue decreased 94.1% to $87 million in the second quarter of 2020, primarily due to the temporary closures of our theme parks as a result of COVID-19. Universal Orlando Resort and Universal Studios Japan reopened with limited capacity in June, while Universal Studios Hollywood remains closed. Theme Parks Adjusted EBITDA loss was $399 million in the second quarter of 2020, reflecting lower revenue, partially offset by lower operating costs.

For the six months ended June 30, 2020, revenue from the Theme Parks segment decreased 65.1% to $956 million compared to 2019, primarily due to the temporary closures of Universal Studios Japan in late February and Universal Orlando Resort and Universal Studios Hollywood in mid-March as a result of COVID-19. Theme Parks Adjusted EBITDA loss was $323 million, reflecting lower revenue, partially offset by lower operating costs.

Headquarters, Other and Eliminations NBCUniversal Headquarters, Other and Eliminations include overhead and eliminations among the NBCUniversal businesses. For the quarter ended June 30, 2020, NBCUniversal Headquarters, Other and Eliminations Adjusted EBITDA loss was $75 million, compared to a loss of $184 million in the second quarter of 2019.

For the six months ended June 30, 2020, NBCUniversal Headquarters, Other and Eliminations Adjusted EBITDA loss was $259 million compared to a loss of $358 million in 2019.

Sky

                                                     
                                                     
  ($ in millions)                                                       
                     2nd Quarter          2nd Quarter                                                                         2nd Quarter                                                                                                                                           Year to Date                                                                     
                                                      -------------------- -------------------- ----------------------------------------------------------------------------------------------------------------------------------------                                                     ----------------------------------------------------------------------------------------------------------------------------------------
                                2020                 2020                 2020                 2019                 2019        Change               Change              Constant             Constant                           2020                 2019                 2019        Change               Change              Constant             Constant        
                                                                                                                                                                                                               Currency             Currency                                                                                                                                                                Currency             Currency
                                                                                                                                                                                                               Change(5)            Change(5)                                                                                                                                                               Change(5)            Change(5)
                                                      -------------------- -------------------- -------------------  -------------------- -------------------  -------------------- -------------------  -------------------- -------------------                                            -------------------  -------------------- -------------------  -------------------- -------------------  -------------------- -------------------
  Sky Revenue                                                           
                                                 $3,524               $3,524               $3,524               $3,889               $3,889                 (9.4       (9.4 %)                        (6.7       (6.7 %)                          $7,203               $7,723               $7,723                 (6.7       (6.7 %)                        (4.3       (4.3 %)         
                        Direct-to-Consumer
                                                    234                  234                  234                  376                  376                (37.7      (37.7 %)                       (35.7      (35.7 %)                             559                  746                  746                (25.1      (25.1 %)                       (23.3      (23.3 %)         
                        Content
                                                    321                  321                  321                  563                  563                (43.0      (43.0 %)                       (41.2      (41.2 %)                             834                1,156                1,156                (27.9      (27.9 %)                       (26.1      (26.1 %)         
                        Advertising
                                                      -------------------- -------------------- -------------------  -------------------- -------------------  -------------------- ---------- --------- -------------------- ---------- ---------                                           -------------------  -------------------- -------------------  -------------------- ---------- --------- -------------------- ---------- ---------
  Sky Revenue                                    $4,079               $4,079               $4,079               $4,828               $4,828                (15.5      (15.5 %)                       (12.9      (12.9 %)                          $8,596               $9,625               $9,625                (10.7      (10.7 %)                        (8.4       (8.4 %)         
                                                     
  Sky Operating Costs and Expenses               $3,330               $3,330               $3,330               $4,056               $4,056                (17.9      (17.9 %)                       (15.5      (15.5 %)                          $7,296               $8,190               $8,190                (10.9      (10.9 %)                        (8.6       (8.6 %)         
                                                     
  Sky Adjusted EBITDA                              $749                 $749                 $749                 $772                 $772                 (2.9       (2.9 %)                         0.2        0.2 %                           $1,300               $1,435               $1,435                 (9.4       (9.4 %)                        (7.2       (7.2 %)         
                                                  18.4%                18.4%                18.4%                16.0%                16.0%                            15.1%                14.9%                14.9%          
                        Adjusted EBITDA Margin

Revenue for Sky decreased 15.5% to $4.1 billion in the second quarter of 2020. Excluding the impact of currency, revenue decreased 12.9%, driven by lower direct-to-consumer revenue, advertising revenue and content revenue. Direct-to-consumer revenue decreased 6.7% to $3.5 billion, primarily reflecting a decrease in average revenue per customer relationship, driven by the impacts of COVID-19, which resulted in lower sports subscription revenues, as well as decreases in customers receiving our services. Advertising revenue decreased 41.2% to $321 million, primarily due to overall market weakness, which was worsened by COVID-19, as well as an unfavorable impact from a change in legislation related to gambling advertisements in the UK and Italy. Content revenue decreased 35.7% to $234 million, due to lower revenue from sports programming as a result of the postponement of sporting events due to COVID-19.

For the six months ended June 30, 2020, Sky revenue decreased 10.7% to $8.6 billion compared to 2019. Excluding the impact of currency, revenue decreased 8.4%, reflecting lower direct-to-consumer, advertising and content revenue.

Total Customer Relationships decreased by 214,000 to 23.7 million in the second quarter of 2020, reflecting the postponement of sporting events and the suspension of certain sales channels due to COVID-19.

                                                                                 
  (in thousands)                                                                                    
                  Customers            Customers            Customers            Customers                                            Customers                                            Net Additions                                        Net Additions                                     
                                                  -------------------- -------------------- -------------------- -------------------- --------------------------------------------------------------------------------                          -------------------- --------------------------------------------------------------------------------
                            2Q20                 2Q20                 2Q20                 2Q20       2Q20                   2Q19       2Q19                     2Q20       2Q20                   2Q19       2Q19    
                                                  -------------------- -------------------- -------------------- -------------------- ----------                      -------------------- ----------                                           -------------------- ----------                      -------------------- ----------
  Total Customer Relationships               23,716               23,716               23,716               23,716     23,716                 24,016     24,016                     (214       (214 )                                     304        304    

Adjusted EBITDA for Sky decreased 2.9% to $749 million in the second quarter of 2020. Excluding the impact of currency, Adjusted EBITDA was consistent with the prior year period, reflecting lower revenue, offset by lower operating costs. The decrease in operating costs was primarily driven by lower programming and production costs reflecting the postponement of sporting events due to COVID-19.

For the six months ended June 30, 2020, Sky Adjusted EBITDA decreased 9.4% to $1.3 billion compared to 2019. Excluding the impact of currency, Adjusted EBITDA decreased 7.2%.

Corporate, Other and Eliminations

Corporate and Other Corporate and Other primarily relates to corporate operations, Comcast Spectacor and Peacock. Revenue for the quarter ended June 30, 2020 was $46 million, a decrease of $10 million compared to 2019. Corporate and Other Adjusted EBITDA loss was $506 million, an increase of $293 million compared to 2019, due to certain costs incurred in the second quarter of 2020 in response to COVID-19, including severance and restructuring charges related to our NBCUniversal segments, which are presented in Corporate and Other, and costs associated with Peacock.

For the six months ended June 30, 2020, Corporate and Other revenue was $166 million, relatively flat compared to 2019. Corporate and Other Adjusted EBITDA loss was $758 million, an increase of $358 million compared to 2019, primarily driven by severance and restructuring costs, and costs associated with Peacock.

Eliminations Eliminations reflects the accounting for transactions between Cable Communications, NBCUniversal, Sky and Corporate and Other. Revenue eliminations for the quarter ended June 30, 2020 were $962 million compared to $682 million in 2019, and Adjusted EBITDA eliminations were $130 million compared to $21 million in 2019. The increases were primarily driven by the licensing of content between our NBCUniversal segments and Peacock.

For the six months ended June 30, 2020, revenue eliminations were $1.6 billion compared to $1.3 billion in 2019, and Adjusted EBITDA eliminations were $122 million compared to $9 million in 2019. The increases were primarily driven by the licensing of content between our NBCUniversal segments and Peacock.

 
--------------------
Notes:
We define Adjusted Net Income and Adjusted EPS as net income attributable to Comcast Corporation and diluted earnings per common share attributable to Comcast Corporation shareholders, respectively, adjusted to exclude the effects of the amortization of acquisition-related intangible assets, investments that investors may want to evaluate separately (such as based on fair value) and the impact of certain events, gains, losses or other charges that affect period-over-period comparisons. See Table 5 for reconciliations of non-GAAP financial measures.
We define Adjusted EBITDA as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. See Table 4 for reconciliation of non-GAAP financial measure.
All earnings per share amounts are presented on a diluted basis.
We define Free Cash Flow as net cash provided by operating activities (as stated in our Consolidated Statement of Cash Flows) reduced by capital expenditures and cash paid for intangible assets. From time to time, we may exclude from Free Cash Flow the impact of certain cash receipts or payments (such as significant legal settlements) that affect period-to-period comparability. Cash payments for acquisitions and construction of real estate properties and the construction of Universal Beijing Resort are presented separately in our Consolidated Statement of Cash Flows and are therefore excluded from capital expenditures for Free Cash Flow. See Table 4 for reconciliation of non-GAAP financial measure.
Sky constant currency growth rates are calculated by comparing the current period results to the comparative period results in the prior year adjusted to reflect the average exchange rates from the current year period rather than the actual exchange rates in effect during the respective prior year periods. See Table 6 for reconciliation of Sky's constant currency growth.
All percentages are calculated on whole numbers. Minor differences may exist due to rounding.

Conference Call and Other Information Comcast Corporation will host a conference call with the financial community today, July 30, 2020 at 8:30 a.m. Eastern Time (ET). The conference call and related materials will be broadcast live and posted on its Investor Relations website at www.cmcsa.com. Those parties interested in participating via telephone should dial (800) 263-8495 with the conference ID number 5765399. A replay of the call will be available starting at 12:00 p.m. ET on July 30, 2020, on the Investor Relations website or by telephone. To access the telephone replay, which will be available until Thursday, August 6, 2020 at midnight ET, please dial (855) 859-2056 and enter the conference ID number 5765399.

From time to time, we post information that may be of interest to investors on our website at www.cmcsa.com and on our corporate website, www.comcastcorporation.com. To automatically receive Comcast financial news by email, please visit www.cmcsa.com and subscribe to email alerts.

Caution Concerning Forward-Looking Statements This press release contains forward-looking statements. Readers are cautioned that such forward-looking statements involve risks and uncertainties that could cause actual events or our actual results to differ materially from those expressed in any such forward-looking statements. Readers are directed to Comcast's periodic and other reports filed with the Securities and Exchange Commission (SEC) for a description of such risks and uncertainties. We undertake no obligation to update any forward-looking statements.

Non-GAAP Financial Measures In this discussion, we sometimes refer to financial measures that are not presented according to generally accepted accounting principles in the U.S. (GAAP). Certain of these measures are considered "non-GAAP financial measures" under the SEC regulations; those rules require the supplemental explanations and reconciliations that are in Comcast's Form 8-K (Quarterly Earnings Release) furnished to the SEC.

About Comcast Corporation Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company with three primary businesses: Comcast Cable, NBCUniversal, and Sky. Comcast Cable is one of the United States' largest high-speed internet, video, and phone providers to residential customers under the Xfinity brand, and also provides these services to businesses. It also provides wireless and security and automation services to residential customers under the Xfinity brand. NBCUniversal is global and operates news, entertainment and sports cable networks, the NBC and Telemundo broadcast networks, television production operations, television station groups, Universal Pictures, and Universal Parks and Resorts. Sky is one of Europe's leading media and entertainment companies, connecting customers to a broad range of video content through its pay television services. It also provides communications services, including residential high-speed internet, phone, and wireless services. Sky operates the Sky News broadcast network and sports and entertainment networks, produces original content, and has exclusive content rights. Visit www.comcastcorporation.com for more information.

TABLE 1
Condensed Consolidated Statement of Income (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                          
                                                                                         Three Months Ended   Three Months Ended                                   Three Months Ended                                                                      Six Months Ended
(in millions, except per share data)                                                                             June 30,             June 30,                                             June 30,                                                                               June 30,
                                                                                                2020                 2020                       2020                              2019                              2020                              2019
                                                                                                           -------------------- -------------------- ------------------------------                       ------------------------------                       ------------------------------                       ------------------------------
Revenue                                                                                                                 $23,715              $23,715    $23,715        $26,858        $50,324        $53,717  
                                                                                                                                          
Costs and expenses                                                                                                                                           
                                                                                                                          6,817                6,817      6,817          8,255         15,118         16,824  
          Programming and production
                                                                                                                          7,646                7,646      7,646          8,086         15,900         15,986  
          Other operating and administrative
                                                                                                                          1,341                1,341      1,341          1,885          3,279          3,773  
          Advertising, marketing and promotion
                                                                                                                          2,099                2,099      2,099          2,197          4,206          4,437  
          Depreciation
                                                                                                                          1,165                1,165      1,165          1,079          2,322          2,159  
          Amortization
                                                                                                           -------------------- -------------------- ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------
                                                                                                      19,068               19,068     19,068         21,502         40,825         43,179  
                                                                                                           -------------------- -------------------- ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------
                                                                                                                                          
Operating income                                                                                                          4,647                4,647      4,647          5,356          9,499         10,538  
                                                                                                                                          
Interest expense                                                                                                         (1,112               (1,112     (1,112 )                          (1,137 )                          (2,324 )                          (2,287 )
                                                                                                                                          
Investment and other income (loss), net                                                                                                                      
                                                                                                                            300                  300        300           (202 )                            (368 )                              60  
          Equity in net income (losses) of investees, net
                                                                                                                              5                    5          5            194            (53 )                             408  
          Realized and unrealized gains (losses) on equity securities, net
                                                                                                                            115                  115        115            (47 )                             125            153  
          Other income (loss), net
                                                                                                           -------------------- -------------------- ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------
                                                                                                         420                  420        420            (55 )                            (296 )                             621  
                                                                                                           -------------------- -------------------- ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------
                                                                                                                                          
Income before income taxes                                                                                                3,955                3,955      3,955          4,164          6,879          8,872  
                                                                                                                                          
Income tax expense                                                                                                         (946                 (946       (946 )                            (961 )                          (1,646 )                          (2,037 )
                                                                                                           -------------------- -------------------- ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------
                                                                                                                                          
Net income                                                                                                                3,009                3,009      3,009          3,203          5,233          6,835  
                                                                                                                                          
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock                   21                   21         21             78             98            157  
                                                                                                                                          
                                                                                                           -------------------- -------------------- ------------------------------                       ------------------------------                       ------------------------------                       ------------------------------
Net income attributable to Comcast Corporation                                                                           $2,988               $2,988     $2,988         $3,125         $5,135         $6,678  
                                                                                                           ==================== ==================== ========== ====================                      ========== ====================                      ========== ====================                      ========== ====================
                                                                                                                                          
                                                                                                                                          
Diluted earnings per common share attributable to Comcast Corporation shareholders                                        $0.65                $0.65      $0.65          $0.68          $1.11          $1.45  
                                                                                                           ==================== ==================== ========== ====================                      ========== ====================                      ========== ====================                      ========== ====================
                                                                                                                                          
TABLE 2
Consolidated Statement of Cash Flows (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                                                                                  Six Months Ended     Six Months Ended                                       Six Months Ended
(in millions)                                                                                            June 30,             June 30,                                               June 30,
                                                                                        2020                 2020                         2020                                2019
                                                                                                   -------------------- -------------------- ----------------------------------                       ------------------------------
                                                                                                        
OPERATING ACTIVITIES                                                                                                       
                                                                                                                 $5,233               $5,233         $5,233         $6,835  
     Net income
                                                                                                                           
     Adjustments to reconcile net income to net cash provided by operating activities:
                                                                                                                  6,528                6,528          6,528          6,596  
          Depreciation and amortization
                                                                                                                    621                  621            621            533  
          Share-based compensation
                                                                                                                    352                  352            352            168  
          Noncash interest expense (income), net
                                                                                                                    399                  399            399           (367 )
          Net (gain) loss on investment activity and other
                                                                                                                    (84                  (84            (84 )                             466  
          Deferred income taxes
                                                                                                                           
     Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
                                                                                                                    900                  900            900            295  
          Current and noncurrent receivables, net
                                                                                                                    573                  573            573            970  
          Film and television costs, net
                                                                                                                   (879                 (879           (879 )                            (815 )
          Accounts payable and accrued expenses related to trade creditors
                                                                                                                    824                  824            824           (410 )
          Other operating assets and liabilities
                                                                                                   -------------------- -------------------- -------------- --------------------                      ---------- --------------------
                                                                                                                           
           
                                                                                                                 14,467               14,467         14,467         14,271  
               Net cash provided by operating activities
                                                                                                   -------------------- -------------------- -------------- --------------------                      ---------- --------------------
                                                                                                        
INVESTING ACTIVITIES                                                                                                       
                                                                                                                 (3,957               (3,957         (3,957 )                          (4,355 )
     Capital expenditures
                                                                                                                 (1,219               (1,219         (1,219 )                          (1,078 )
     Cash paid for intangible assets
                                                                                                                   (708                 (708           (708 )                            (450 )
     Construction of Universal Beijing Resort
                                                                                                                   (198                 (198           (198 )                            (114 )
     Acquisitions, net of cash acquired
                                                                                                                  2,042                2,042          2,042            150  
     Proceeds from sales of businesses and investments
                                                                                                                   (471                 (471           (471 )                          (1,605 )
     Purchases of investments
                                                                                                                     33                   33             33             38  
     Other
                                                                                                   -------------------- -------------------- -------------- --------------------                      ---------- --------------------
                                                                                                                           
      
                                                                                                                 (4,478               (4,478         (4,478 )                          (7,414 )
               Net cash provided by (used in) investing activities
                                                                                                   -------------------- -------------------- -------------- --------------------                      ---------- --------------------
                                                                                                        
FINANCING ACTIVITIES                                                                                                       
                                                                                                         --       -- --           (801 )
     Proceeds from (repayments of) short-term borrowings, net
                                                                                                                 13,612               13,612         13,612            363  
     Proceeds from borrowings
                                                                                                                (10,712              (10,712        (10,712 )                          (4,156 )
     Repurchases and repayments of debt
                                                                                                                   (269                 (269           (269 )                            (350 )
     Repurchases of common stock under employee plans
                                                                                                                 (2,028               (2,028         (2,028 )                          (1,823 )
     Dividends paid
                                                                                                                 (2,128               (2,128         (2,128 )                              35  
     Other
                                                                                                   -------------------- -------------------- -------------- --------------------                      ---------- --------------------
                                                                                                        
                                                                                                                 (1,525               (1,525         (1,525 )                          (6,732 )
               Net cash provided by (used in) financing activities
                                                                                                   -------------------- -------------------- -------------- --------------------                      ---------- --------------------
                                                                                                        
Impact of foreign currency on cash, cash equivalents and restricted cash                                            (77                  (77            (77 )                             (15 )
                                                                                                        
Increase (decrease) in cash, cash equivalents and restricted cash                                                 8,387                8,387          8,387            110  
                                                                                                        
Cash, cash equivalents and restricted cash, beginning of period                                                   5,589                5,589          5,589          3,909  
                                                                                                   -------------------- -------------------- -------------- --------------------                      ---------- --------------------
                                                                                                        
TABLE 3
Condensed Consolidated Balance Sheet (Unaudited)
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                   
(in millions)                                                                       June 30,             June 30,                     June 30,                          December 31,
                                                                                      2020                 2020                         2020                                                   2019
                                                                              -------------------- -------------------- ----------------------------------                       ------------------------------
ASSETS                                                                                                
                                                                                   
Current Assets                                                                                        
                                                                                           $13,935              $13,935        $13,935         $5,500  
     Cash and cash equivalents
                                                                                            10,227               10,227         10,227         11,292  
     Receivables, net
                                                                                    --       -- --          3,877  
     Programming rights
                                                                                             3,323                3,323          3,323          4,723  
     Other current assets
                                                                              -------------------- -------------------- -------------- --------------------                      ---------- --------------------
                                                                                            27,485               27,485         27,485         25,392  
       Total current assets
                                                                              -------------------- -------------------- -------------- --------------------                      ---------- --------------------
                                                                                   
Film and television costs                                                                   12,213               12,213         12,213          8,933  
                                                                                   
Investments                                                                                  6,845                6,845          6,845          6,989  
                                                                                   
Investment securing collateralized obligation                                                  533                  533            533            694  
                                                                                   
Property and equipment, net                                                                 48,985               48,985         48,985         48,322  
                                                                                   
Goodwill                                                                                    67,354               67,354         67,354         68,725  
                                                                                   
Franchise rights                                                                            59,365               59,365         59,365         59,365  
                                                                                   
Other intangible assets, net                                                                34,186               34,186         34,186         36,128  
                                                                                   
Other noncurrent assets, net                                                                 9,012                9,012          9,012          8,866  
                                                                              -------------------- -------------------- -------------- --------------------                      ---------- --------------------
                                                                                   
                                                                       $265,978             $265,978       $265,978       $263,414  
                                                                              ==================== ==================== ============== ====================                      ========== ====================
                                                                                   
LIABILITIES AND EQUITY                                                                                
                                                                                   
Current Liabilities                                                                                   
                                                                                           $10,426              $10,426        $10,426        $10,826  
     Accounts payable and accrued expenses related to trade creditors
                                                                                             1,800                1,800          1,800          1,730  
     Accrued participations and residuals
                                                                                             2,403                2,403          2,403          2,768  
     Deferred revenue
                                                                                             9,770                9,770          9,770         10,516  
     Accrued expenses and other current liabilities
                                                                                             4,046                4,046          4,046          4,452  
     Current portion of long-term debt
                                                                              -------------------- -------------------- -------------- --------------------                      ---------- --------------------
                                                                                            28,445               28,445         28,445         30,292  
       Total current liabilities
                                                                              -------------------- -------------------- -------------- --------------------                      ---------- --------------------
                                                                                   
Long-term debt, less current portion                                                       100,764              100,764        100,764         97,765  
                                                                                   
Collateralized obligation                                                                    5,167                5,167          5,167          5,166  
                                                                                   
Deferred income taxes                                                                       27,947               27,947         27,947         28,180  
                                                                                   
Other noncurrent liabilities                                                                17,608               17,608         17,608         16,765  
                                                                                   
Redeemable noncontrolling interests and redeemable subsidiary preferred stock                1,256                1,256          1,256          1,372  
                                                                                   
Equity                                                                                                
                                                                                            83,614               83,614         83,614         82,726  
     Comcast Corporation shareholders' equity
                                                                                             1,177                1,177          1,177          1,148  
     Noncontrolling interests
                                                                              -------------------- -------------------- -------------- --------------------                      ---------- --------------------
                                                                                            84,791               84,791         84,791         83,874  
       Total equity
                                                                              -------------------- -------------------- -------------- --------------------                      ---------- --------------------
                                                                                   
TABLE 4
Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                      
                                                                                   Three Months Ended   Three Months Ended                                   Three Months Ended                                    Six Months Ended     Six Months Ended                                     Six Months Ended
                                                                                                           June 30,             June 30,                                             June 30,                                             June 30,             June 30,                                             June 30,
 
(in millions)                                                                                                2020                 2020                       2020                      2019                       2019                      2020                 2020                       2020                      2019                       2019
                                                                                                     -------------------- -------------------- ------------------------------  -------------------- ------------------------------  -------------------- -------------------- ------------------------------  -------------------- ------------------------------
Net income attributable to Comcast Corporation                                                                     $2,988               $2,988     $2,988                 $3,125     $3,125                 $5,135               $5,135     $5,135                 $6,678     $6,678  
Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock                   21                   21         21                     78         78                     98                   98         98                    157        157  
Income tax expense                                                                                                    946                  946        946                    961        961                  1,646                1,646      1,646                  2,037      2,037  
Interest expense                                                                                                    1,112                1,112      1,112                  1,137      1,137                  2,324                2,324      2,324                  2,287      2,287  
Investment and other (income) loss, net                                                                              (420                 (420       (420 )                                      55         55                    296                  296        296                   (621       (621 )
Depreciation and amortization                                                                                       3,264                3,264      3,264                  3,276      3,276                  6,528                6,528      6,528                  6,596      6,596  
Adjustments (1)                                                                                                        16                   16         16                     84         84                     30                   30         30                    135        135  
                                                                                                     -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
Adjusted EBITDA                                                                                                    $7,927               $7,927     $7,927                 $8,716     $8,716                $16,057              $16,057    $16,057                $17,269    $17,269  
                                                                                                     ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ==================== ========== ==================== ==================== ========== ====================
                                                                                                                                      
Reconciliation from Net Cash Provided by Operating Activities to Free Cash Flow (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                      
                                                                                   Three Months Ended   Three Months Ended                                   Three Months Ended                                    Six Months Ended     Six Months Ended                                     Six Months Ended
                                                                                                           June 30,             June 30,                                             June 30,                                             June 30,             June 30,                                             June 30,
 
(in millions)                                                                                                2020                 2020                       2020                      2019                       2019                      2020                 2020                       2020                      2019                       2019
                                                                                                     -------------------- -------------------- ------------------------------  -------------------- ------------------------------  -------------------- -------------------- ------------------------------  -------------------- ------------------------------
Net cash provided by operating activities                                                                          $8,643               $8,643     $8,643                 $7,040     $7,040                $14,467              $14,467    $14,467                $14,271    $14,271  
Capital expenditures                                                                                               (2,076               (2,076     (2,076 )                                  (2,263     (2,263 )                                  (3,957               (3,957     (3,957 )                                  (4,355     (4,355 )
Cash paid for capitalized software and other intangible assets                                                       (601                 (601       (601 )                                    (531       (531 )                                  (1,219               (1,219     (1,219 )                                  (1,078     (1,078 )
                                                                                                     -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
Total Free Cash Flow                                                                                               $5,966               $5,966     $5,966                 $4,246     $4,246                 $9,291               $9,291     $9,291                 $8,838     $8,838  
                                                                                                     ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ==================== ========== ==================== ==================== ========== ====================
                                                                                                                                      
Alternate Presentation of Free Cash Flow (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                      
                                                                                   Three Months Ended   Three Months Ended                                   Three Months Ended                                    Six Months Ended     Six Months Ended                                     Six Months Ended
                                                                                                           June 30,             June 30,                                             June 30,                                             June 30,             June 30,                                             June 30,
 
(in millions)                                                                                                2020                 2020                       2020                      2019                       2019                      2020                 2020                       2020                      2019                       2019
                                                                                                     -------------------- -------------------- ------------------------------  -------------------- ------------------------------  -------------------- -------------------- ------------------------------  -------------------- ------------------------------
Adjusted EBITDA                                                                                                    $7,927               $7,927     $7,927                 $8,716     $8,716                $16,057              $16,057    $16,057                $17,269    $17,269  
Capital expenditures                                                                                               (2,076               (2,076     (2,076 )                                  (2,263     (2,263 )                                  (3,957               (3,957     (3,957 )                                  (4,355     (4,355 )
Cash paid for capitalized software and other intangible assets                                                       (601                 (601       (601 )                                    (531       (531 )                                  (1,219               (1,219     (1,219 )                                  (1,078     (1,078 )
Cash interest expense                                                                                                (945                 (945       (945 )                                  (1,141     (1,141 )                                  (1,936               (1,936     (1,936 )                                  (2,111     (2,111 )
Cash taxes                                                                                                            (52                  (52        (52 )                                  (1,445     (1,445 )                                    (333                 (333       (333 )                                  (1,634     (1,634 )
Changes in operating assets and liabilities                                                                         1,378                1,378      1,378                    630        630                    (15                  (15        (15 )                                      95         95  
Noncash share-based compensation                                                                                      323                  323        323                    288        288                    621                  621        621                    533        533  
Other (2)                                                                                                              12                   12         12                     (8         (8 )                                      73                   73         73                    119        119  
                                                                                                     -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
(1)                  2nd quarter and year to date 2020 Adjusted EBITDA exclude $16 million and $30 million of other operating and administrative expense, respectively, related to the Sky transaction. 2nd quarter and year to date 2019 Adjusted EBITDA exclude $84 million and $135 million of other operating and administrative expense, respectively, related to the Sky transaction.                       2nd quarter and year to date 2020 Adjusted EBITDA exclude $16 million and $30 million of other operating and administrative expense, respectively, related to the Sky transaction. 2nd quarter and year to date 2019 Adjusted EBITDA exclude $84 million and $135 million of other operating and administrative expense, respectively, related to the Sky transaction.
                                                                                                                                                                                                                                                                                                                                                                                                                                         
(2)                  2nd quarter and year to date 2020 include decreases of $16 million and $30 million of costs related to the Sky transaction, respectively, as these amounts are excluded from Adjusted EBITDA. 2nd quarter and year to date 2019 include decreases of $84 million and $135 million of costs related to the Sky transaction, respectively, as these amounts are excluded from Adjusted EBITDA. 2nd quarter and year to date 2020 include decreases of $16 million and $30 million of costs related to the Sky transaction, respectively, as these amounts are excluded from Adjusted EBITDA. 2nd quarter and year to date 2019 include decreases of $84 million and $135 million of costs related to the Sky transaction, respectively, as these amounts are excluded from Adjusted EBITDA.
                                                                                                                                                                                                                                                                                                                                                                                                                                         
TABLE 5
Reconciliations of Adjusted Net Income and Adjusted EPS (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                 
                                                                                                             Three Months Ended   Three Months Ended                                                                                                Three Months Ended                                                                                                                                                                                                  Six Months Ended
                                                                                                                                     June 30,             June 30,                                                                                                          June 30,                                                                                                                                                                                                                                                 June 30,
                                                                                                               
                                                                                                                    2020                 2020                                                     2020                                                                                           2019                                                                                             2020                                                                                           2019
                                                                                                                               -------------------- -------------------- ----------------------------------------------------------------------------------------                          ----------------------------------------------------------------------------------------                                               ----------------------------------------------------------------------------------------                          ----------------------------------------------------------------------------------------
(in millions, except per share data)                                                                                                                                                                                                                                       
                                                                                                                      $                    $                            $                                    EPS                                    $                                    EPS                                      $                                    EPS                                    $                                    EPS
                                                                                                                               -------------------- -------------------- ----------------------------------  -------------------- ----------------------------------                       ----------------------------------  -------------------- ----------------------------------                                            ----------------------------------  -------------------- ----------------------------------                       ----------------------------------  -------------------- ----------------------------------
                                                                                                                                                                                                                                                        
Net income attributable to Comcast Corporation and diluted earnings per share attributable to Comcast Corporation shareholders               $2,988               $2,988                              $2,988                                 $0.65                                $3,125                                 $0.68                                  $5,135                                 $1.11                                $6,678                                 $1.45
Change                                                                                                                                         (4.4                 (4.4           (4.4 %)                               (4.4 %)                                                                      (23.1 %)                              (23.4 %)                                         
                                                                                                                                                                                                                                                        
Amortization of acquisition-related intangible assets (1)                                                                                       449                  449                                 449                                  0.10                                   395                                  0.08                                     907                                  0.20                                   795             0.17  
Investments (2)                                                                                                                               (280)                (280)                               (280)                                (0.06)                                  (20)   --                                       264                                  0.06                                 (458)            (0.09 )
Items affecting period-over-period comparability:                                                                                                                                                                                                                          
                                                                                                                                     --       -- --     --     --     --                                       106                                  0.02   --     --  
   Loss on early redemption of debt (3)
                                                                                                                                                 13                   13                                  13   --                                      68                                  0.01                                      24                                  0.01                                   109             0.02  
   Costs related to Sky transaction (4)
                                                                                                                                     --       -- --     --     --     --       --     --                                      39             0.01  
   Purchase accounting adjustments (5)
                                                                                                                                     --       -- --     --                                      42                                  0.01     --     --                                    (76)            (0.02 )
   Gains and losses related to businesses and investments (6)
                                                                                                                               -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------                      ----------------------------------  -------------------- ----------------------------------                                            -------------- -------------------- -------------------- -------------- --------------------                      ----------------------------------  -------------------- -------------- --------------------
                                                                                                                                                                                                                                                        
Adjusted Net income and Adjusted EPS                                                                                                         $3,170               $3,170                              $3,170                                 $0.69                                $3,610                                 $0.78                                  $6,436                                 $1.40                                $7,087                                 $1.54
                                                                                                                               ==================== ==================== ==================================  ==================== ==================================                       ==================================  ==================== ==================================                                            ==================================  ==================== ==================================                       ==================================  ==================== ==================================
(1) Acquisition-related intangible assets are recognized as a result of the application of Accounting Standards Codification Topic 805, Business Combinations (such as customer relationships), and their amortization is significantly affected by the size and timing of our acquisitions. Amortization of intangible assets not resulting from business combinations (such as software and acquired intellectual property rights used in our theme parks) is included in Adjusted Net Income and Adjusted EPS. Acquisition-related intangible assets are recognized as a result of the application of Accounting Standards Codification Topic 805, Business Combinations (such as customer relationships), and their amortization is significantly affected by the size and timing of our acquisitions. Amortization of intangible assets not resulting from business combinations (such as software and acquired intellectual property rights used in our theme parks) is included in Adjusted Net Income and Adjusted EPS.
                                                           Three Months Ended  Three Months Ended  Six Months Ended Six Months Ended   Six Months Ended
                                                                                                                         June 30,            June 30,           June 30,         June 30,           June 30,
                                                                  2020         2020   2019   2019        2020             2020        2020   2019   2019
                                                                                                                    ------------------ ------ ------ ------ ---------------- ---------------- ------ ------ ------
    Amortization of acquisition-related intangible assets before income taxes               $565   $565   $499   $499           $1,140           $1,140 $1,140 $1,003 $1,003
                                                                                                                    ------------------ ------ ------ ------ ---------------- ---------------- ------ ------ ------
(2) Adjustments for investments include realized and unrealized (gains) losses on equity securities, net (as stated in Table 1), as well as the equity in net (income) losses of investees, net, for our investments in Atairos and Hulu (following May 2019 transaction). Adjustments for investments include realized and unrealized (gains) losses on equity securities, net (as stated in Table 1), as well as the equity in net (income) losses of investees, net, for our investments in Atairos and Hulu (following May 2019 transaction).
                           Three Months Ended                        Three Months Ended                    Three Months Ended                                            Six Months Ended
                                                                      June 30,                                  June 30,                              June 30,                                                                                           June 30,
                                  2020                                      2020          2020                2019                          2020                2019
                                          ---------------------------------------------------------------- ------------------ -------                       -------------------------                                            -----------------------                       --------
    Realized and unrealized (gains) losses on equity securities, net                ($5  ($5 )     ($194 )                        $53     ($408 )
    Equity in net (income) losses of investees, net                                (367 (367 )       166       296      (208 )
                                                                                                           ------------------ ---- ---                      ----- --------------------                                           --- --------------------                      ----- ---
    Investments before income taxes                                                (372 (372 )       (28 )                        349      (616 )
(3)                    2020 year to date net income attributable to Comcast Corporation includes $140 million of interest expense, $106 million net of tax, resulting from the early redemption of debt.
     
(4)                    2nd quarter and year to date 2020 net income attributable to Comcast Corporation includes $16 million and $30 million of operating costs and expenses, $13 million and $24 million net of tax, respectively, related to the Sky transaction, primarily relating to the replacement of share-based compensation awards and costs related to integration activities. 2nd quarter and year to date 2019 net income attributable to Comcast Corporation includes $84 million and $135 million of operating costs and expenses, $68 million and $109 million net of tax, respectively, related to the Sky transaction, primarily relating to the replacement of share-based compensation awards and costs related to integration activities.
     
(5)                    2019 year to date net income attributable to Comcast Corporation includes $53 million of depreciation and amortization expense, $39 million net of tax, related to the 4th quarter 2018, as a result of adjustments to the purchase price allocation of Sky, primarily related to intangible assets and property and equipment.
     
(6)                    2nd quarter 2019 net income attributable to Comcast Corporation includes $56 million of other losses, $42 million net of tax, related to an impairment of an equity method investment. 2019 year to date net income attributable to Comcast Corporation also includes $159 million of other income, $118 million net of tax, related to our investment in Hulu.
     
TABLE 6
Reconciliation of Sky Constant Currency Growth (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                     
           Three Months Ended   Three Months Ended   Three Months Ended   Three Months Ended                                                        Three Months Ended                                                                                                                  Six Months Ended
                                   June 30,             June 30,             June 30,             June 30,                                                                  June 30,                                                                                                                                                                 June 30,
                 
(in millions)                        2020                 2020                 2020                 2020                       2020                             2019(1)                     Change                          2020                             2019(1)                     Change
                             -------------------- -------------------- -------------------- -------------------- ------------------------------                       ------------------------------                       -------------------                                            ------------------------------                       ------------------------------                       -------------------
                                                                                     
Direct-to-Consumer                         $3,524               $3,524               $3,524               $3,524     $3,524         $3,774           (6.7 %)                $7,203         $7,525           (4.3 %)
Content                                       234                  234                  234                  234        234            364          (35.7 %)                   559            727          (23.3 %)
Advertising                                   321                  321                  321                  321        321            547          (41.2 %)                   834          1,127          (26.1 %)
                             -------------------- -------------------- -------------------- -------------------- ---------- --------------------                      ---------- --------------------                                                                                     ---------- --------------------                      ---------- --------------------
Revenue                                    $4,079               $4,079               $4,079               $4,079     $4,079         $4,685          (12.9 %)                $8,596         $9,379           (8.4 %)
                             ==================== ==================== ==================== ==================== ========== ====================                      ========== ====================                                                                                     ========== ====================                      ========== ====================
                                                                                     
Operating costs and expenses               $3,330               $3,330               $3,330               $3,330     $3,330         $3,938          (15.5 %)                $7,296         $7,980           (8.6 %)
                                                                                     
(1)                    2019 results for entities reporting in currencies other than United States dollars are converted into United States dollars using the average exchange rates from the current period rather than the actual exchange rates in effect during the respective periods.
     

View source version on businesswire.com: https://www.businesswire.com/news/home/20200730005461/en/

SOURCE: Comcast Corporation

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