Tag: Comcast Corporation

Comcast’s Cable Comm segment adds video subs in first quarter

BENGALURU: Comcast Corp (Comcast) reported its results for the first quarter of 2017 (Q1-17, current quarter). In a change from what has now become a norm for the US carriage industry, the US cable and media and entertainment major’s Cable Communications segment ended the current quarter with net quarter-on-quarter (q-o-q) residential and business video subscriber additions of 32,000 and 10,000 respectively – totalling a net growth of 42,000 video subscribers in Q1-17.

Year-on-year (y-o-y) also, Comcast’s Cable Communication Segment added net 98,000 residential and 52,000 video subscribers in the current quarter as compared to the corresponding year ago quarter. The company says that over 50 percent of its 21.52 million residential video customers now have X1. Xfinity’s X1 Entertainment Operating System is an interactive platform that combines universal search results from live TV, Comcast’s On Demand programming, and DVR recordings, in addition to personalized recommendations, apps, and even Netflix.

Comcast’s consolidated revenue for Q1-17 increased 8.9 percent y-o-y to $20,463 million from $18,790 million. Consolidated net income attributable to Comcast increased 20.2 percent y-o-y to $2,566 million from $2,134 million. Consolidated Adjusted EBITDA increased 10.4 percent y-o-y to $7,032 million from $6,367 million.

Comcast chairman and chief executive officer Brian L. Roberts, said, “2017 is off to the fastest start in five years. We are reporting outstanding growth at Cable and particularly NBCUniversal, which delivered 14.7 percent revenue growth and 24.4 percent Adjusted EBITDA growth. These impressive results were fuelled by exceptionally strong film performance, increased affiliate and retransmission revenues at our TV businesses, and continued growth in Theme Parks. Cable operations had a terrific quarter, driven by strength in high-speed Internet and business services revenue growth, as well as positive video, all highlighted by overall customer relationship net additions of 297,000, a 10 percent increase compared to last year.”

“These results were balanced with financial discipline, which contributed to solid revenue and Adjusted EBITDA growth. The transition from Neil Smit to Dave Watson has gotten off to a very successful and seamless start, and with our teams executing well across all of Comcast NBCUniversal, I am excited about our momentum headed into the rest of 2017 and beyond,” added Roberts

Comcast has two segments – Cable Communications and NBCUniversal.

Cable Communications segment

Cable Communications segment reported 5.8 percent y-o-y growth in revenue in Q1-17 to $12,912 million from $12,204 million. Adjusted EBITDA for Cable Communications increased 6.3 percent y-o-y to $5,198 million in Q1-17 from $4,889 million, reflecting higher revenue, partially offset by a 5.5 percent increase in operating expenses.

High-speed Internet revenue increased 10.1 percent y-o-y in the current quarter to $3,606 million from $3,275 million, driven by an increase in the number of residential high-speed Internet customers and rate adjustments.

Video revenue increased 4.3 percent in Q1-17 to $5,774 million from $5,538 million, reflecting rate adjustments, an increase in the number of customers subscribing to additional services and an increase in the number of residential video customers.

Business services revenue increased 13.6 percent y-o-y to $1,490 million from $1,311 million, primarily due to an increase in the number of small business customers, as well as continued growth in our medium-sized business services.

Advertising revenue decreased 6.3 percent y-o-y to $512 million from $536 million, partially reflecting a decrease in political advertising revenue says the company.

Other revenue increased 4.4 percent y-o-y to $667 million from $638 million, primarily reflecting an increase in security and automation revenue and higher franchise and regulatory fees.

NBCUniversal

Revenue for NBCUniversal increased 14.7 percent y-o-y to $7,868 billion in Q1-17 from $6,861 million. Adjusted EBITDA in the current quarter increased 24.4 percent to $2,017 million from $1,622 million, reflecting increases at Filmed Entertainment, Cable Networks, Broadcast Television and Theme Parks.

Cable Networks revenue increased 7.6 percent y-o-y to $2,641 million in Q1-17 from $2,453 million, reflecting higher distribution and content licensing and other revenue, partially offset by lower advertising revenue. Cable Networks Adjusted EBITDA increased 16.8 percent y-o-y to $1,116 million in Q1-17 from $956 million, reflecting higher revenue, partially offset by a modest increase in programming and production costs.

Broadcast Television revenue increased 5.9 percent y-o-y to $2,208 million in Q1-17 from $2,084 million, reflecting higher distribution and other and content licensing revenue. Distribution and other revenue increased 33.4 percent, due to higher retransmission consent fees. Adjusted EBITDA increased 13.4 percent y-o-y to $322 million in the current quarter from $284 million reflecting higher revenue, partially offset by an increase in programming and production costs.

Filmed Entertainment revenue increased 43.2 percent y-o-y to $1,981 million in Q1-17 from $1,383 million, primarily reflecting higher theatrical revenue, as well as increased other, content licensing, and home entertainment revenue. Theatrical revenue increased by $415 million to $651 million in the current quarter, reflecting the strong performances of Fifty Shades Darker, Get Out and Split , as well as the continued success of Sing in Q1-17. Filmed Entertainment adjusted EBITDA increased by $201 million to $368 million in Q17, reflecting higher revenue, partially offset by higher programming and production costs.

Theme Parks revenue increased 9.0 percent y-o-y to $1,118 million from $1,026 million in Q1-17, reflecting higher attendance and per capita spending, despite an unfavourable comparison from the timing of spring break vacations. Adjusted EBITDA increased 6.1 percent y-o-y to $397 million in the first quarter of 2017, reflecting higher revenue, partially offset by an increase in operating expenses, including pre-opening costs to support new attractions opening in Orlando this spring.

April 28, 2017
Q3-16: Comcast Cable Communications division video numbers improve

BENGALURU: Comcast Corporation’s (Comcast) Cable Communications division (Comcast Cable, Cable) reported 8.8 percent increase in video revenue for the quarter ended 30 September 2016 (Q3-16, current quarter) as compared to the corresponding year ago quarter. The division reported video revenue at $5,591 million for Q3-16 as compared to $5,348 million in Q3-15.

Overall, Cable Communications revenue which includes revenues from video, high speed internet, voice, business services, advertising and ‘other’ segments increased 6.9 percent y-o-y in Q3-16. The growth in revenue was driven by increase in high speed internet, business services and video revenues.

Cable Communications reported revenue of $12,557 million in the current quarter while it was $11,751 million in Q3-15. Video revenue is the major contributor to Comcast’s Cable Communications segment, followed by high speed internet. Operating Cash Flow (OCF) from Comcast Cable Communications increased 5.5 percent y-o-y in the current quarter to $4,986 million from $4,726 million.

Cable Communications Business Services revenue stream had the highest year-over-year (y-o-y) growth in Q3-16 among all the other streams at 15.5 percent (grew to $1,399 million from $1,211 million). High speed internet revenue grew 8.8 percent y-o-y in Q3-16 to $3,405 million from $3,129 million.

Overall, Comcast consolidated revenue also increased 14.2 percent y-o-y to $21,319 million in the current quarter as compared to $18,669 million. Q3-16 revenue includes $1.6 billion of revenue generated by the broadcast of the 2016 Rio Olympics, of which $1.2 billion was related to advertising revenue says Comcast. Excluding the Olympics, consolidated revenue increased 5.5 percent. Consolidated operating income increased 11 percent y-o-y in Q3-16 to $4,440 million from $4,001 million.

Cable Communications segment subscription numbers

Overall, Comcast Cable Communications reported a q-o-q (quarter-over quarter) addition of 216,000 customer relationships to 28.301 million in Q3-16. During the corresponding year ago quarter, customer relationships were 27.421 million with net additions of 166,000.

Comcast Cable Communications closed the current quarter with 24.316 million video customers, an increase of 32,000 video customers from the immediate trailing quarter. High Speed Internet customers increased by 320,000 to 24.316 million, while Voice customers increased by 2,000 to 11.6413 million in the current quarter vis-a-vis the immediate trailing quarter.

In Q3-16, single play customers increased by 72,000 to 8.488 million, double play customers increased by 141,000 to 9.54 million, triple play customers increased by 4,000 to 10.273 million as compared to the immediate trailing quarter.

NBCUniversal (NBCU)

NBCUniversal (NBCU) revenue increased 28.3 percent in Q3-16 to $9,178 million from $7,151 million in Q3-15. Revenue for NBCUniversal increased 22.5 percent, primarily driven by 2016 Rio Olympics revenue of $1.6 billion included in the Broadcast Television and Cable Networks segments.

Cable Networks revenue in Q3-16 grew to $2,942 million from $2,412 million; Broadcast Television revenue increased 56.6 percent y-o-y to $3,087 million from $1,971 million; Theme Parks revenue increased 60.7 percent y-o-y to $1,440 million from $896 million.

The segment saw 31.4 percent y-o-y increase in operating cash flow or OCF in Q3-16 at $2,146 million as compared to $1,633 million. OCF from Filmed Entertainment segment declined 6.1 percent) in Q3-16 to $353 million from $376 million. OCF from Cable Networks in Q2-16 increased 7 percent y-o-y to $893 million from $835 million in Q3-15. OCF from Theme Parks increased 62.7 percent to $706 million from $434 million.

Company speak

Comcast chairman and CEO Brian L. Roberts said, ” “I’m pleased to report that our businesses generated double digit revenue and operating cash flow growth for the third quarter of 2016. Cable delivered solid operating cash flow growth coupled with great customer metrics, and has now added 170,000 video subscribers over the past twelve months. The Rio Olympics were the most profitable and successful games in our history, and demonstrated our ability to deliver an unparalleled entertainment experience through NBCUniversal together with Comcast Cable and the X1 platform. NBCUniversal reported operating cash flow growth of over 30%, benefitting from the Olympics, continued growth at our Theme Parks, and the theatrical success of The Secret Life of Pets this quarter. I’m proud of our consistent execution and excited about the opportunities ahead for Comcast NBCUniversal.”

October 27, 2016
Q3-16: Comcast Cable Communications division video numbers improve

BENGALURU: Comcast Corporation’s (Comcast) Cable Communications division (Comcast Cable, Cable) reported 8.8 percent increase in video revenue for the quarter ended 30 September 2016 (Q3-16, current quarter) as compared to the corresponding year ago quarter. The division reported video revenue at $5,591 million for Q3-16 as compared to $5,348 million in Q3-15.

Overall, Cable Communications revenue which includes revenues from video, high speed internet, voice, business services, advertising and ‘other’ segments increased 6.9 percent y-o-y in Q3-16. The growth in revenue was driven by increase in high speed internet, business services and video revenues.

Cable Communications reported revenue of $12,557 million in the current quarter while it was $11,751 million in Q3-15. Video revenue is the major contributor to Comcast’s Cable Communications segment, followed by high speed internet. Operating Cash Flow (OCF) from Comcast Cable Communications increased 5.5 percent y-o-y in the current quarter to $4,986 million from $4,726 million.

Cable Communications Business Services revenue stream had the highest year-over-year (y-o-y) growth in Q3-16 among all the other streams at 15.5 percent (grew to $1,399 million from $1,211 million). High speed internet revenue grew 8.8 percent y-o-y in Q3-16 to $3,405 million from $3,129 million.

Overall, Comcast consolidated revenue also increased 14.2 percent y-o-y to $21,319 million in the current quarter as compared to $18,669 million. Q3-16 revenue includes $1.6 billion of revenue generated by the broadcast of the 2016 Rio Olympics, of which $1.2 billion was related to advertising revenue says Comcast. Excluding the Olympics, consolidated revenue increased 5.5 percent. Consolidated operating income increased 11 percent y-o-y in Q3-16 to $4,440 million from $4,001 million.

Cable Communications segment subscription numbers

Overall, Comcast Cable Communications reported a q-o-q (quarter-over quarter) addition of 216,000 customer relationships to 28.301 million in Q3-16. During the corresponding year ago quarter, customer relationships were 27.421 million with net additions of 166,000.

Comcast Cable Communications closed the current quarter with 24.316 million video customers, an increase of 32,000 video customers from the immediate trailing quarter. High Speed Internet customers increased by 320,000 to 24.316 million, while Voice customers increased by 2,000 to 11.6413 million in the current quarter vis-a-vis the immediate trailing quarter.

In Q3-16, single play customers increased by 72,000 to 8.488 million, double play customers increased by 141,000 to 9.54 million, triple play customers increased by 4,000 to 10.273 million as compared to the immediate trailing quarter.

NBCUniversal (NBCU)

NBCUniversal (NBCU) revenue increased 28.3 percent in Q3-16 to $9,178 million from $7,151 million in Q3-15. Revenue for NBCUniversal increased 22.5 percent, primarily driven by 2016 Rio Olympics revenue of $1.6 billion included in the Broadcast Television and Cable Networks segments.

Cable Networks revenue in Q3-16 grew to $2,942 million from $2,412 million; Broadcast Television revenue increased 56.6 percent y-o-y to $3,087 million from $1,971 million; Theme Parks revenue increased 60.7 percent y-o-y to $1,440 million from $896 million.

The segment saw 31.4 percent y-o-y increase in operating cash flow or OCF in Q3-16 at $2,146 million as compared to $1,633 million. OCF from Filmed Entertainment segment declined 6.1 percent) in Q3-16 to $353 million from $376 million. OCF from Cable Networks in Q2-16 increased 7 percent y-o-y to $893 million from $835 million in Q3-15. OCF from Theme Parks increased 62.7 percent to $706 million from $434 million.

Company speak

Comcast chairman and CEO Brian L. Roberts said, ” “I’m pleased to report that our businesses generated double digit revenue and operating cash flow growth for the third quarter of 2016. Cable delivered solid operating cash flow growth coupled with great customer metrics, and has now added 170,000 video subscribers over the past twelve months. The Rio Olympics were the most profitable and successful games in our history, and demonstrated our ability to deliver an unparalleled entertainment experience through NBCUniversal together with Comcast Cable and the X1 platform. NBCUniversal reported operating cash flow growth of over 30%, benefitting from the Olympics, continued growth at our Theme Parks, and the theatrical success of The Secret Life of Pets this quarter. I’m proud of our consistent execution and excited about the opportunities ahead for Comcast NBCUniversal.”

October 27, 2016
Q2-16: Comcast Cable Communications video revenue up 2.8 percent

BENGALURU: Comcast Corporation’s (Comcast) Cable Communications division (Comcast Cable, Cable) reported 2.8 percent increase in video revenue for the quarter ended 30 June 2016 (Q2-16, current quarter) as compared to the corresponding year ago quarter.

The division reported video revenue at $5,581 million for Q2-16 as compared to $5,431 million in Q2-15

Overall, Cable Communications revenue, which includes revenues from video, high speed internet, voice, business services advertising and ‘other’ segments increased 6.3 percent y-o-y in Q2-16. The growth in revenue was driven by increase in high speed internet, business services and video revenues.

Cable Communications reported revenue of $12,444 million in the current quarter, while it was $11,740 million in Q2-15. Video revenue is the major contributor to Comcast’s Cable Communications segment, followed by high speed internet.

Operating Cash Flow (OCF) from Comcast Cable Communications increased 5.7 percent y-o-y in the current quarter to $5,048 million from $4,777 million.

Cable Communications business services stream had the highest y-o-y growth in Q2-16 among all the other streams at 16.9 percent (grew to $1,360 million from $1,163 million). High speed internet revenue grew 8.6 percent y-o-y in Q2-16 to $3,369 million from $3,101 million.

Overall, Comcast consolidated revenue also increased 2.8 percent year-over-year (y-o-y) to $19,269 million in the current quarter as compared to $18,743 million. Consolidated operating income declined 1 percent y-o-y in Q2-16 to $4,066 million from $4,105 million. Net income attributable to Comcast declined 5.1 percent y-o-y in Q2-16 to $ 2,038 million from $2,137 million.

Cable Communications segment subscription numbers

Overall, Comcast Cable Communications reported a q-o-q (quarter-over quarter) addition of 115,00 customer relationships to 28.085 million in Q2-16. During the corresponding year ago quarter, customer relationships were 26.265 million with net additions of 31,000.

Comcast Cable Communications closed the current quarter with 22.396 million, a decline of 4,000 video customers from the immediate trailing quarter. High Speed Internet customers increased by 220,000 to 23.987 million, while Voice customers increased by 64,000 to 11.641 million in the current quarter vis-a-vis the immediate trailing quarter.

In Q2-16, single play customers increased by 6,000 to 8.416 million, double play customers increased by 53,000 to 9.399 million, triple play customers increased by 56,000 to 10.269 million as compared to the immediate trailing quarter.

NBCUniversal (NBCU)

NBCUniversal (NBCU) revenue declined 1.8 percent in Q2-16 to $7,103 million from $7,230 million in Q2-15. The slide was attributable to a 40.4 percent decline in NBCU’s Filmed Entertainment segment revenue in the current quarter to $1,351 million from $2,266 million in the corresponding year ago quarter.

NBCU’s other segments – revenue from Cable Networks, Broadcast Television and Theme Parks –grew 4.7 percent, 17.3 percent and 47 percent, respectively.

Cable Networks revenue in Q2-16 grew to $2,566 million from $2,450 million; Broadcast Television revenue increased to $2,128 million from $1,813 million; Theme Parks revenue increased to $1,136 million from $773 million.

The segment saw almost flat y-o-y operating cash flow or OCF (declined 0.2 percent) in Q2-16 at $1,689 million as compared to $1,692 million.

OCF from Filmed Entertainment segment declined to almost one eighth (declined by 86.7 percent) in Q2-16 to $56 million from $422 million. OCF from Cable Networks in Q2-16 increased 8.3 percent y-o-y to $944 million from$872 million in Q2-15. OCF from Broadcast Television increased 70.5 percent y-o-y to $394 million from $231 million and OCF from Theme Parks increased 40.5 percent to $469 million from$334 million.

Company Speak
Comcast chairman and CEO Brian L. Roberts in a statement said, “I am pleased to report excellent results as our momentum continues across our businesses. Our Cable subscriber and financial performance during the quarter was outstanding. We more than tripled our customer relationship net additions, with our best second quarter Internet customer results in eight years and our best second quarter video customer results in over ten years, and we successfully balanced this with strong operating cash flow growth.

“Despite an expected difficult comparison to last year’s record second quarter film slate, NBCUniversal achieved solid results, driven by strength in our TV businesses and Theme Parks, which benefitted from the successful opening of The Wizarding World of Harry Potter in Hollywood. I am excited about the opportunities ahead for our company as we work together to bring people incredible technology, and memorable experiences, and there is no better example than the Olympic Games. “

Dwelling on the Olympics coverage, he said that the entire organization was gearing up to deliver the most comprehensive and innovative Olympics coverage in history starting next week, which will showcase the incredible breadth of NBCUniversal together with Comcast Cable and the X1 platform

July 28, 2016
Q2-16: Comcast Cable Communications video revenue up 2.8 percent

BENGALURU: Comcast Corporation’s (Comcast) Cable Communications division (Comcast Cable, Cable) reported 2.8 percent increase in video revenue for the quarter ended 30 June 2016 (Q2-16, current quarter) as compared to the corresponding year ago quarter.

The division reported video revenue at $5,581 million for Q2-16 as compared to $5,431 million in Q2-15

Overall, Cable Communications revenue, which includes revenues from video, high speed internet, voice, business services advertising and ‘other’ segments increased 6.3 percent y-o-y in Q2-16. The growth in revenue was driven by increase in high speed internet, business services and video revenues.

Cable Communications reported revenue of $12,444 million in the current quarter, while it was $11,740 million in Q2-15. Video revenue is the major contributor to Comcast’s Cable Communications segment, followed by high speed internet.

Operating Cash Flow (OCF) from Comcast Cable Communications increased 5.7 percent y-o-y in the current quarter to $5,048 million from $4,777 million.

Cable Communications business services stream had the highest y-o-y growth in Q2-16 among all the other streams at 16.9 percent (grew to $1,360 million from $1,163 million). High speed internet revenue grew 8.6 percent y-o-y in Q2-16 to $3,369 million from $3,101 million.

Overall, Comcast consolidated revenue also increased 2.8 percent year-over-year (y-o-y) to $19,269 million in the current quarter as compared to $18,743 million. Consolidated operating income declined 1 percent y-o-y in Q2-16 to $4,066 million from $4,105 million. Net income attributable to Comcast declined 5.1 percent y-o-y in Q2-16 to $ 2,038 million from $2,137 million.

Cable Communications segment subscription numbers

Overall, Comcast Cable Communications reported a q-o-q (quarter-over quarter) addition of 115,00 customer relationships to 28.085 million in Q2-16. During the corresponding year ago quarter, customer relationships were 26.265 million with net additions of 31,000.

Comcast Cable Communications closed the current quarter with 22.396 million, a decline of 4,000 video customers from the immediate trailing quarter. High Speed Internet customers increased by 220,000 to 23.987 million, while Voice customers increased by 64,000 to 11.641 million in the current quarter vis-a-vis the immediate trailing quarter.

In Q2-16, single play customers increased by 6,000 to 8.416 million, double play customers increased by 53,000 to 9.399 million, triple play customers increased by 56,000 to 10.269 million as compared to the immediate trailing quarter.

NBCUniversal (NBCU)

NBCUniversal (NBCU) revenue declined 1.8 percent in Q2-16 to $7,103 million from $7,230 million in Q2-15. The slide was attributable to a 40.4 percent decline in NBCU’s Filmed Entertainment segment revenue in the current quarter to $1,351 million from $2,266 million in the corresponding year ago quarter.

NBCU’s other segments – revenue from Cable Networks, Broadcast Television and Theme Parks –grew 4.7 percent, 17.3 percent and 47 percent, respectively.

Cable Networks revenue in Q2-16 grew to $2,566 million from $2,450 million; Broadcast Television revenue increased to $2,128 million from $1,813 million; Theme Parks revenue increased to $1,136 million from $773 million.

The segment saw almost flat y-o-y operating cash flow or OCF (declined 0.2 percent) in Q2-16 at $1,689 million as compared to $1,692 million.

OCF from Filmed Entertainment segment declined to almost one eighth (declined by 86.7 percent) in Q2-16 to $56 million from $422 million. OCF from Cable Networks in Q2-16 increased 8.3 percent y-o-y to $944 million from$872 million in Q2-15. OCF from Broadcast Television increased 70.5 percent y-o-y to $394 million from $231 million and OCF from Theme Parks increased 40.5 percent to $469 million from$334 million.

Company Speak
Comcast chairman and CEO Brian L. Roberts in a statement said, “I am pleased to report excellent results as our momentum continues across our businesses. Our Cable subscriber and financial performance during the quarter was outstanding. We more than tripled our customer relationship net additions, with our best second quarter Internet customer results in eight years and our best second quarter video customer results in over ten years, and we successfully balanced this with strong operating cash flow growth.

“Despite an expected difficult comparison to last year’s record second quarter film slate, NBCUniversal achieved solid results, driven by strength in our TV businesses and Theme Parks, which benefitted from the successful opening of The Wizarding World of Harry Potter in Hollywood. I am excited about the opportunities ahead for our company as we work together to bring people incredible technology, and memorable experiences, and there is no better example than the Olympic Games. “

Dwelling on the Olympics coverage, he said that the entire organization was gearing up to deliver the most comprehensive and innovative Olympics coverage in history starting next week, which will showcase the incredible breadth of NBCUniversal together with Comcast Cable and the X1 platform

July 28, 2016
Comcast taps SEC’s Daniel C. Murdock as VP, corporate controller

MUMBAI: Comcast Corporation has appointed Daniel C. Murdock as vice president, corporate controller.

In this role, Murdock will serve as a senior leader within Comcast’s finance department and oversees accounting policies and procedures, reporting controls, and Sarbanes-Oxley compliance.

He reports to Comcast Corporation EVP and chief accounting officer Lawrence Salva.

“Dan is highly experienced in corporate financial internal controls, financial accounting standards and auditing, and I am excited he has joined our team. Throughout his career, he has developed an impressive track record of ensuring the highest standards of transparency and accuracy in accounting, which Comcast strongly values and fits perfectly within our culture,” said Salva.

Murdock joins Comcast from the Securities and Exchange Commission (SEC) where he served as the deputy chief accountant in the agency’s office of the chief accountant since 2013. Prior to the SEC, he was Deloitte & Touche LLP’s Audit/Industry professional practice director for media and entertainment.

June 11, 2015
Comcast Q1-2015 revenue up 2.6%, operating income up 9%

BENGALURU: Comcast Corporation reported 2.6 per cent growth in consolidated revenue in Q1-2015 (quarter ended 31 March, 2015, current quarter) to $17853 million as compared to the $17408 million in the corresponding year ago quarter. Comcast consolidated operating income increased nine per cent in Q1-2015 to $3890 million from $3568 million in Q1-2014.

The company’s Cable Communications, Filmed Entertainment and Theme Parks segments reported growth in revenue, while Cable Networks Broadcast Television and NBU Universal segments reported a y-o-y fall in revenue.

Comcast chairman and CEO Brian L Roberts said, “We are off to a great start in 2015, with 7.6 per cent operating cash flow growth and record quarterly free cash flow. Cable had a terrific quarter, once again reflecting strong results in high-speed Internet and business services. We have made progress in transforming the customer experience while delivering improved products and innovations faster than ever before. At NBC Universal, we had another excellent quarter, led by Super Bowl XLIX, which was the most-watched television program of all time, along with the tremendous box office success of Fifty Shades of Grey, and the exceptional performance of The Wizarding World of Harry Potter – Diagon Alley in Orlando. We begin 2015 with great momentum and remain confident that we are well positioned with an impressive portfolio of complementary businesses to continue our strong performance and drive shareholder value.”

Segment Results

Cable Communications

The company’s largest segment by revenue, Cable Communications reported 6.3 per cent revenue growth in Q1-2015 to $11430 million as compared to the $10757 million in Q1-2014, led by 21.5 per cent growth by its Business Services segment. Within the Cable Communications segment, revenue from Video grew three per cent to $5331 million in Q1-2015 from $5178 million in Q1-2015; High-speed Internet grew 10.7 per cent to $3044 million from $2750 million in Q1-2014; Revenue from Voice declined 1.5 per cent to $906 million from $920 million in Q1-2014; Business services revenue increased 21.5 per cent to $1114 million in Q1-2015 from $917 million in Q1-2014; Advertising Revenue fell 0.6 per cent to $504 million from $507 million in Q1-2014; Revenue from ‘Other’ grew 9.5 per cent to $531 million from $485 million in the corresponding year ago quarter.

NBC Universal

Revenue for NBC Universal decreased four per cent to $6604 million in the first quarter of 2015 compared to $6876 million in the first quarter of 2014. Excluding $376 million of revenue generated by the broadcast of the NFL’s Super Bowl in the first quarter of 2015 and $1100 million of revenue generated by the Sochi Olympics in the first quarter of 2014, revenue increased 7.9 per cent. Operating Cash Flow increased 14.0 per cent to $1494 million compared to $1311 million in Q1-2014, driven by strong results at Theme Parks and Broadcast Television.

Cable Networks

For the first quarter of 2015, revenue from the Cable Networks segment decreased 5.9 per cent to $2359 million as compared to $2505 million in Q1-2015. Excluding $257 million of revenue generated by the Sochi Olympics in Q1-2014, revenue increased 4.9 per cent, reflecting a 4.8 per cent increase in distribution revenue and a 4.3 per cent increase in advertising revenue. Excluding a benefit from a reduction in deferred advertising revenue, advertising growth would have been stable as audience ratings declines were offset by higher prices and volume. Operating cash flow increased 0.3 per cent to $898 million compared to $895 million in Q1-2014, reflecting lower programming and production costs due to the broadcast of the Sochi Olympics in the first quarter of 2014, partially offset by lower revenue.

Broadcast Television

For the first quarter of 2015, revenue from the Broadcast Television segment decreased 14.2 per cent to $2248 million compared to $2621 million in Q1-2014. Excluding $376 million of revenue generated by the NFL’s Super Bowl in Q1-2015, as well as $846 million of revenue generated by the Sochi Olympics in Q1-2014, revenue increased 5.5 per cent, driven by a 5.5 per cent increase in advertising revenue, as well as higher retransmission consent fees. Operating cash flow increased 48.9 per cent to $182 million compared to $122 million in Q1-2014, reflecting lower programming and production costs due to the broadcast of the Sochi Olympics in Q1-2014 and a profitable Super Bowl, partially offset by lower revenue.

Filmed Entertainment

For Q1-2015, revenue from the Filmed Entertainment segment increased seven per cent to $1446 million compared to the $1351 million in Q1-2014, reflecting higher content licensing and home entertainment revenue, partially offset by lower theatrical revenue. Operating cash flow increased 1.7 per cent to $293 million compared to $288 million in Q1-2014, reflecting higher revenue, partially offset by increased marketing expenses ahead of the release of Furious 7 early in the second quarter.

Theme Parks

For Q1-2015, revenue from the Theme Parks segment increased 33.7 per cent to $651 million compared to $487 million in the first quarter of 2014, reflecting higher guest attendance and per capita spending, driven by the continued success of Orlando’s The Wizarding World of Harry Potter – Diagon Alley. First quarter operating cash flow increased 54.6 per cent to $263 million compared to $170 million in the same period last year, reflecting higher revenue, partially offset by an increase in operating costs to support the new attractions.

May 5, 2015
FY-2014: Comcast Corporation’s consolidated revenue up 6.4%

BENGALURU: Comcast Corporation’s consolidated revenue increased 6.4 per cent, operating cash flow increased 6.9 per cent, Operating Income increased 9.9 per cent and Free Cash Flow exceeded $ 8 billion in FY2014.

Earnings per share increased 25.0 per cent to $ 3.20; Excluding Adjustments, EPS increased 18.6 per cent to $ 2.93.

Cable communications revenue increased 5.5 per cent and operating cash flow increased 5.3 per cent.

Customer relationships increased by 358,000, a 67 per cent improvement compared to 2013.

NBCUniversal revenue increased 7.5 per cent and operating cash flow increased 18.1 per cent.

4th Quarter 2014 Highlights:

Consolidated revenue increased 4.8 per cent, operating cash flow increased 4.1 per cent and operating income increased 3.8 per cent.

Earnings per share increased 2.8 per cent to US$ 0.74; excluding adjustments, EPS increased 16.7 per cent to US$ 0.77.

Cable communications revenue increased 6.1 per cent and operating cash flow increased 6.3 per cent.

Customer relationships increased by 178,000, a 47 per cent increase from the fourth quarter of 2013.

NBCUniversal revenue increased 2.3 per cent and operating cash flow increased 6.6 per cent.

Comcast chairman and CEO Brian L. Roberts said, “2014 was a great year financially, operationally, and strategically for Comcast NBC Universal. We continued to execute incredibly well as we accelerated our innovation, launched new products, and brought amazing films, shows and theme park attractions to consumers. Cable’s results, driven by High-Speed Internet and Business Services, demonstrate our focus on driving profitable growth and technology innovations, including our transformative X1 platform. This is bearing fruit in our operating performance, as we added 358,000 customer relationships, while video subscriber trends were the best in 7 years and in broadband we added over 1 million subscribers for the ninth year in a row. NBCUniversal also had a standout performance in 2014, with 18 percent growth in operating cash flow, driven by a successful Sochi Olympics, continued momentum at NBC Broadcast, the successful opening of The Wizarding World of Harry Potter – Diagon Alley in Orlando, and strong box office performance from Universal Pictures. We enter 2015 with great momentum and significant opportunities ahead, and we look forward to receiving regulatory approval for the Time Warner Cable merger. Underscoring our confidence in the continued success of our company, we are increasing our dividend to US$ 1.00 per share on an annualized basis, marking the seventh consecutive annual increase, and plan to repurchase at least US$ 4.25 billion of our stock this year.”

Cable Communications

Revenue for Cable Communications increased 6.1 per cent to US$ 11.3 billion in the fourth quarter of 2014 compared to US$ 10.7 billion in the fourth quarter of 2013, driven by increases of 9.9 per cent in high-speed internet and 20.8 per cent in business services. Advertising revenue increased 18.9 per cent, reflecting higher political advertising in the fourth quarter of 2014. The increase in cable revenue reflects increased customer relationships (see below), customers receiving higher levels of service, customers taking additional services, as well as rate adjustments.

For the year ended 31 December, 2014, cable revenue increased 5.5 per cent to US$ 44.1 billion compared to US$ 41.8 billion in 2013, driven by growth in high-speed internet, business services and advertising.

Customer relationships increased by 178,000 to 27.0 million during the fourth quarter of 2014, a 47 per cent improvement compared to an increase of 121,000 in the fourth quarter of 2013. At the end of the fourth quarter, the triple product customers increased to 37 per cent of the company’s total customer relationships compared to 35 per cent in the fourth quarter of 2013. In addition, video, high-speed internet and voice customers increased in the fourth quarter of 2014.

For the year ended 31 December, 2014, customer relationships increased by 358,000, a 67 per cent improvement compared to net additions of 215,000 in 2013. Video customer net losses improved year-over-year and were the best result in seven years.

High-speed internet customer net additions of 1.3 million marked the ninth consecutive year of more than one million net additions. Voice net additions slowed, reflecting X1 availability that was more focused on triple play customers last year, making for a difficult comparison.

NBC Universal

Revenue for NBC Universal increased 2.3 per cent to US$ 6.6 billion in the fourth quarter of 2014 compared to US$ 6.5 billion in the fourth quarter of 2013, as revenue growth in Theme Parks and Broadcast Television was partially offset by lower Filmed Entertainment revenue driven by a year-over-year decline in home entertainment revenue. Operating Cash Flow increased 6.6 per cent to US$ 1.4 billion compared to US$ 1.3 billion in the fourth quarter of 2013, driven by strong results at Theme Parks and Broadcast Television.

For the year ended 31 December, 2014, NBC Universal revenue increased 7.5 per cent to US$ 25.4 billion compared to US$ 23.7 billion in 2013. Excluding US$ 1.1 billion of revenue generated by the Sochi Olympics in the first quarter of 2014, revenue increased 2.9 per cent.

Operating cash flow increased 18.1 per cent to US$ 5.6 billion compared to US$ 4.7 billion in 2013. Excluding US$ 130 million of operating cash flow generated by the Olympics, operating cash flow increased 15.3 per cent, reflecting solid results at each business segment.

Cable Networks

For the fourth quarter of 2014, revenue from the Cable Networks segment was stable at US$ 2.3 billion and operating cash flow decreased 1.8 percent to US$ 912 million compared to the fourth quarter of 2013. These results reflect a 5.6 percent decline in advertising revenue along with a slight increase in operating costs driven by investment in programming, which more than offset a 4.6 percent increase in distribution revenue.

For the year ended December 31, 2014, revenue from the Cable Networks segment increased 3.9 percent to US$ 9.6 billion compared to US$ 9.2 billion in 2013. Excluding US$ 257 million of revenue generated by the 2014 Sochi Olympics, revenue increased 1.1 percent, reflecting a 4.6 percent increase in distribution revenue, partially offset by a 3.5 percent decrease in advertising revenue. Operating cash flow increased 2.5 percent to US$ 3.6 billion compared to US$ 3.5 billion in 2013. Excluding the Olympics, operating cash flow increased

2.2 percent, reflecting higher revenue and flat operating costs, even as we continue to invest in programming.

Broadcast Television

For the fourth quarter of 2014, revenue from the Broadcast Television segment increased 4.8 percent to US$ 2.3 billion compared to US$ 2.2 billion in the fourth quarter of 2013, driven by a 3.1 percent increase in advertising revenue, as well as higher retransmission consent fees. Operating cash flow increased 64.0 percent to US$ 230 million compared to US$ 140 million in the fourth quarter of 2013, reflecting higher revenue, which more than offset a slight increase in operating costs and expenses.

For the year ended December 31, 2014, revenue from the Broadcast Television segment increased 20.0 percent to US$ 8.5 billion compared to US$ 7.1 billion in 2013. Excluding US$ 846 million of revenue generated by the 2014 Sochi Olympics, revenue increased 8.1 percent, reflecting higher advertising revenue and retransmission consent fees. Operating cash flow increased US$ 389 million to US$ 734 million compared to US$ 345 million in 2013. Excluding the Olympics, operating cash flow increased US$ 272 million, or 78.6 percent, reflecting higher revenue and a modest increase in operating costs and expenses.

Filmed Entertainment

For the fourth quarter of 2014, revenue from the Filmed Entertainment segment decreased 10.6 percent to US$ 1.3 billion compared to US$ 1.4 billion in the fourth quarter of 2013, reflecting a decline in home entertainment revenue primarily due to the strong performance of Despicable Me 2 in the fourth quarter of 2013. Operating cash flow decreased US$ 115 million to US$ 77 million compared to US$ 192 million in the fourth quarter of 2013, reflecting lower revenue, partially offset by a decrease in the amortization of film costs.

For the year ended December 31, 2014, revenue from the Filmed Entertainment segment decreased 8.2 percent to US$ 5.0 billion compared to US$ 5.5 billion in 2013, reflecting lower theatrical and home entertainment revenue, primarily due to the strong performances of Despicable Me 2 and Fast and Furious 6 in 2013. Operating cash flow increased US$ 228 million to US$ 711 million compared to US$ 483 million in 2013, as lower revenues were more than offset by a decrease in the amortization of film costs and reduced advertising, marketing and promotion expense due to a reduced film slate.

Theme Parks

For the fourth quarter of 2014, revenue from the Theme Parks segment increased 29.9 percent to US$ 735 million compared to US$ 566 million in the fourth quarter of 2013, reflecting higher guest attendance and per capita spending, driven by the continued success of Orlando’s The Wizarding World of Harry Potter™ – D iagon Alley™, as well aHsa lloween Horror Nights at the Orlando and Hollywood parks. Fourth quarter operating cash flow increased 37.6 percent to US$ 352 million compared to US$ 257 million in the same period last year, reflecting higher revenue, partially offset by an increase in operating costs to support the new attractions.

For the year ended December 31, 2014, revenue from the Theme Parks segment increased 17.3 percent to US$ 2.6 billion compared to US$ 2.2 billion in 2013. Operating cash flow increased 16.4 percent to US$ 1.2 billion compared to US$ 1.0 billion in 2013, driven by The Wizarding World of Harry Potter – Diagon Alley and Despicable Me attractions.

February 24, 2015
Time Warner shareholders to vote today for share swap and Comcast merger

BENGALURU: Comcast Corporation (Comcast) announced yesterday that, at its special meeting of shareholders held at The Kimmel Centre for The Performing Arts in Philadelphia, more than 99 per cent of Comcast shareholders voting supported Comcast’s proposal to issue 2.875 shares of Comcast class A common stock for every one share of Time Warner Cable common stock in connection with Comcast’s proposed merger with Time Warner Cable.

The merger between Comcast and Time Warner Cable is subject to various regulatory approvals and other customary conditions and also requires approval by Time Warner Cable shareholders, who are expected to vote on the merger today, 9 October 2014. Subject to satisfaction of these conditions, the merger is expected to close in early 2015, says Comcast.

If the deal closes, the combined firm would serve 30 per cent of US cable TV households and about 40 per cent of US homes that have broadband internet service.

In addition, Comcast will sell 1.4 million Time Warner Cable subscribers to Charter Communications for about $7.3 billion. Comcast would also divest 2.5 million subscribers to a new public company which will be owned 66 per cent by Comcast shareholders, and 33 per cent by Charter, which will manage its network and customers. Finally, Comcast and Charter will swap about 1.6 million subscribers with each other.

October 9, 2014
Comcast acquires Time Warner Cable for $45.2 bln

MUMBAI: Comcast Corporation, the largest video, high-speed internet and phone services provider in the US, will acquire its competitor Time Warner Cable for $45.2 billion in all-stock deal.

Through the merger, Comcast will acquire Time Warner Cable’s approximately 11 million managed subscribers. In order to reduce competitive concerns, Comcast said it is prepared to divest systems serving approximately 3 million managed subscribers.

As such, Comcast will, through the acquisition and management of Time Warner Cable systems, net approximately 8 million managed subscribers in this transaction. This will bring Comcast’s managed subscriber total to approximately 30 million.

Following the transaction, Comcast’s share of managed subscribers will remain below 30 percent of the total number of multi-channel video programming distributor (MVPD) subscribers in the US.

Comcast Corporation and Time Warner Cable today announced that their boards of directors have approved a definitive agreement for Time Warner Cable to merge with Comcast.

Comcast will acquire 100 per cent of Time Warner Cable’s 284.9 million shares outstanding for shares of Comcast amounting to approximately $45.2 billion in equity value.

Each Time Warner Cable share will be exchanged for 2.875 shares of CMCSA, equal to Time Warner Cable shareholders owning approximately 23 percent of Comcast’s common stock, with a value to Time Warner Cable shareholders of approximately $158.82 per share based on the last closing price of Comcast shares.

The transaction will generate approximately $1.5 billion in operating efficiencies and will be accretive to Comcast’s free cash flow per share while preserving balance sheet strength. The merger will also be tax free to Time Warner Cable shareholders.

Comcast said this transaction will create a leading technology and innovation company, differentiated by its ability to deliver ground-breaking products on a superior network while leveraging a national platform to create operating efficiencies and economies of scale.

“The combination of Time Warner Cable and Comcast creates an exciting opportunity for our company, for our customers, and for our shareholders,” said Comcast’s Chairman and CEO Brian L Roberts. “Also, it is our intention to expand our buyback program by an additional $10 billion at the close of the transaction.

The new cable company will generate multiple pro-consumer and pro-competitive benefits, including an accelerated deployment of existing and new innovative products and services for millions of customers.

Comcast’s subscribers today have access to the most comprehensive video experience, including the cloud-based X1 Entertainment Operating System, plus 50,000 video on demand choices on television, 300,000 plus streaming choices on XfinityTV.com, Xfinity TV mobile apps that offer 35 live streaming channels plus the ability to download to watch offline later, and the newly launched X1 cloud DVR.

Comcast is also a technology leader in broadband and has increased Internet speeds 12 times in the past 12 years across its entire footprint. Time Warner Cable owns cable systems located in key geographic areas, including New York City, Southern California, Texas, the Carolinas, Ohio, and Wisconsin.

Time Warner Cable will combine its unique products and services with Comcast’s, including StartOver, which allows customers to restart a live program in progress to the beginning, and LookBack, which allows customers to watch programs up to three days after they air live, all without a DVR.

Time Warner Cable also has been a leader in the deployment of community Wi-Fi, and will combine its more than 30,000 hotspots, primarily in Los Angeles and New York City, and its in-home management system, IntelligentHome, with Comcast’s offerings.

The companies said the merger agreement between Comcast and Time Warner Cable is subject to shareholder approval at both companies and regulatory review and other customary conditions and is expected to close by the end of 2014.

J.P. Morgan, Paul J. Taubman, and Barclays Plc acted as financial advisors to Comcast and Davis Polk & Wardwell LLP and Willkie Farr & Gallagher LLP are its legal advisors. Morgan Stanley, Allen & Company, Citigroup and Centerview Partners are financial advisors to Time Warner Cable and its Board of Directors, and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Skadden, Arps, Slate, Meagher & Flom LLP are legal advisors.

February 13, 2014