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Comcast Reports 3Rd Quarter 2015 Results

The following excerpt is from the company's SEC filing.

Consolidated 3rd Quarter 2015 Highlights:

Consolidated Revenue Increased 11.2%, Operating Cash Flow Increased 8.4%, and Operating Income Increased 6.9%

Free Cash Flow Increased 6.8%

Excluding Adjustments, Earnings Per Share Increased 9.6%; As Reported, EPS Decreased 19.2%

Quarterly Dividends and Quarterly Share Repurchases Increased $1.5 Billion, or 110.8% to $2.8 Billion

Cable Communications 3rd Quarter 2015 Highlights:

Cable Communications Revenue Increased 6.3% and Operating Cash Flow Increased 6.4%

Customer Relationships Increased by 156,000, a 90% Improvement f rom the Third Quarter of 2014

Total Revenue per Customer Relationship Increased 4.3%

Video Customer Net Losses Declined to 48,000, a 41% Improvement from the Third Quarter of 2014, and the Best Third Quarter Result in 9 Years

X1 Deployments Continue to Accelerate; Nearly 25% of All Video Customers Now Have X1

High-Speed Internet Customers Increased by 320,000, the Best Third Quarter Result in 6 Years, and Revenue Grew 10.2%

Business Services Revenue Increased 19.5%; Second Largest Contributor to Cable Revenue Growth for 18 of the Last 19 Quarters

NBCUniversal 3rd Quarter 2015 Highlights:

NBCUniversal Revenue Increased 20.8% and Operating Cash Flow Increased 17.0%

NBC Ranked #1 Among Adults 18-49 for the Fifth Summer in a Row; NBC Won the Opening Two Weeks of the 2015-2016 Broadcast Season for the Fourth Straight Year Among Adults 18-49

Universal Pictures is First Studio Ever to Have Three Films Hit $1 Billion in Worldwide Box Office Receipts in the Same Year

Filmed Entertainment Revenue Increased 64.0% and Operating Cash Flow More Than Doubled

Record Attendance at Theme Parks Drove Revenue and Operating Cash Flow Growth of 14.1%

PHILADELPHIA October 27, 2015 Comcast Corporation (NASDAQ: CMCSA, CMCSK) today reported results for the quarter ended September 30, 2015.

Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said,

Im pleased to report that our businesses generated outstanding revenue and operating cash flow growth for the third quarter of 2015. At Cable Communications, overall customer relationships increased 156,000, a 90% improvement compared to last year, video subscriber results were the best for a third quarter in 9 years, high-speed Internet subscriber results were the best for a third quarter in 6 years, and churn across all product categories continues to improve. NBCUniversal also delivered terrific results, including another record-breaking box office quarter driven by

Minions

Jurassic World

, the highest summer attendance ever at our theme parks, and maintaining the #1 broadcast network ranking for the 5

summer in a row. These outstanding results from our unique portfolio of complementary businesses underscore our confidence that we are well positioned to compete, continue our strong performance and drive shareholder value.

Consolidated Financial Results

Year to Date

($ in millions)

$16,791

$18,669

$51,043

$55,265

Excluding Olympics and Super Bowl

$49,940

$54,889

$5,704

$6,184

$17,046

$18,406

Excluding Transaction-Related Costs

$5,781

$17,184

$18,584

$3,745

$4,001

$11,117

$11,996

Earnings per Share

(19.2%)

(0.4%)

$2,494

$2,663

$6,473

$7,347

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

for the third quarter of 2015 increased 11.2% to $18.7 billion.

Consolidated Operating Cash Flow

increased 8.4% to $6.2 billion. Excluding $77 million of Time Warner Cable and Charter transaction-related costs in the third quarter of 2014, consolidated operating cash flow increased 7.0% (see Table 5).

Consolidated Operating Income

increased 6.9% to $4.0 billion.

For the nine months ended September 30, 2015, consolidated revenue increased 8.3% to $55.3 billion. Consolidated operating cash flow increased 8.0% to $18.4 billion. Excluding $178 million of transaction-related costs in the first nine months of 2015 and $138 million in the first nine months of 2014, consolidated operating cash flow increased 8.2% (see Table 5). Consolidated operating income increased 7.9% to $12.0 billion.

Earnings per Share (EPS)

for the third quarter of 2015 was $0.80, a 19.2% decrease from the $0.99 reported in the third quarter of 2014, which included a $724 million, or $0.28, benefit due to favorable income tax adjustments. Excluding income tax adjustments and transaction-related costs in the third quarter of 2014, EPS increased 9.6% to $0.80 (see Table 4).

EPS for the nine months ended September 30, 2015 was $2.45, a 0.4% decrease from the $2.46 reported in the prior year. Excluding adjustments in the first nine months of 2015 and 2014, EPS increased 12.0% to $2.43 (see Table 4).

Capital Expenditures

increased 11.0% to $2.2 billion in the third quarter of 2015 compared to the third quarter of 2014. Cable Communications capital expenditures increased 12.6% to $1.9 billion in the third quarter of 2015, primarily reflecting increased spending on customer premise equipment related to the deployment of the X1 platform and wireless gateways and our ongoing investment to expand business services. Cable capital expenditures represented 15.8% of Cable revenue in the third quarter of 2015 compared to 14.9% in last years third quarter. NBCUniversals capital expenditures decreased 2.2% to $289 million in the third quarter of 2015.

For the nine months ended September 30, 2015, capital expenditures increased 12.8% to $5.9 billion compared to the prior year. Cable Communications capital expenditures increased $690 million, or 16.1%, to $5.0 billion and represented 14.2% of Cable revenue compared to 13.0% in 2014. NBCUniversals capital expenditures decreased $55 million, or 6.2%, to $829 million for the first nine months of 2015.

increased 6.8% to $2.7 billion in the third quarter of 2015 compared to $2.5 billion in the third quarter of 2014, reflecting growth in consolidated operating cash flow, partially offset by higher capital expenditures and cash taxes. Free cash flow for the nine months ended September 30, 2015 increased 13.5% to $7.3 billion compared to $6.5 billion in 2014.

($ in millions)

Operating Cash Flow

Capital Expenditures

(1,950)

(2,165)

(5,196)

(5,862)

Cash Paid for Capitalized Software and Other Intangible Assets

Cash Interest Expense

(1,820)

(1,914)

Cash Taxes on Operating Items (Including Economic Stimulus Packages)

(1,020)

(1,116)

(3,179)

(3,405)

Changes in Operating Assets and Liabilities

Noncash Share-Based Compensation

Distributions to Noncontrolling Interests and Dividends for

Redeemable Subsidiary Preferred Stock

197.0%

Free Cash Flow (Including Economic Stimulus Packages)

$2,332

$2,496

$5,990

$6,846

Economic Stimulus Packages

NM=comparison not meaningful.

Dividends and Share Repurchases.

During the

, Comcast paid dividends totaling $

million and repurchased

million of its common shares for $

In the first nine months of 2015, Comcast has repurchased 99.6 million of its common shares for $5.8 billion. Comcast continues to plan to repurchase a total of $6.75 billion of its common shares during 2015.

$5,179

$5,348

$15,596

$16,110

High-Speed Internet

(1.4%)

(1.7%)

Advertising

(0.2%)

(0.6%)

$11,041

$11,740

$32,827

$34,899

Cable Communications Operating Cash Flow

$4,464

$4,748

$13,428

$14,220

Operating Cash Flow Margin

Cable Communications Capital Expenditures

$1,644

$1,851

$4,282

$4,972

Percent of Cable Communications Revenue

for Cable Communications increased 6.3% to $11.7 billion in the third quarter of 2015 compared to $11.0 billion in the third quarter of 2014, driven by increases of 10.2% in high-speed Internet, 19.5% in business services and 3.3% in video. The increase in Cable revenue reflects increased customer relationships (see below), customers receiving higher levels of service and customers taking additional services, as well as rate adjustments.

For the nine months ended September 30, 2015, Cable revenue increased 6.3% to $34.9 billion compared to $32.8 billion in 2014.

increased by 156,000 to 27.4 million in the third quarter of 2015, a 74,000 or 90.2% improvement compared to the third quarter of 2014, primarily driven by increases in double product relationships. Video net losses improved 40.6% year-over-year to 48,000 and were the best result for a third quarter in nine years. H

igh-speed Internet customer net additions of 320,000 improved versus last year and were the strongest for a third quarter in six years, while voice customers grew by 17,000.

Net Additions

(in thousands)

22,376

22,258

21,586

22,868

Voice Customers

11,070

11,336

Single Product Customers

Double Product Customers

Triple Product Customers

26,857

27,421

The improvement in video customer net...


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