Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended June 30, 2021.

“We delivered excellent results in the quarter, continuing our great start to the year. At Cable, our performance was exceptional, highlighted by 11% revenue and 15% Adjusted EBITDA growth, the best broadband and total customer relationship net additions on record for a second quarter, and the most wireless net additions since the launch of Xfinity Mobile in 2017. At NBCUniversal, Adjusted EBITDA increased an impressive 13%, fueled by the recovery at Theme Parks, particularly at Universal Orlando. And I am pleased with and encouraged by our customer and financial metrics in the U.K., which drove Sky’s double-digit total revenue growth in the quarter. We remain committed to innovating for our customers and investing for a strong future. I have great confidence in our strategy and our ability to execute, which is reflected in our decision to restart our share repurchase program during the quarter, earlier than previously planned," commented Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation.

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 2021 Highlights:

• Consolidated Adjusted EBITDA Increased 12.6% to $8.9 Billion; Adjusted EPS Increased 21.7% to $0.84; Generated Free Cash Flow of $4.8 Billion
• Resumed Share Repurchase Program in May, Earlier Than Previously Planned; Returned $1.7 Billion to Shareholders During the Quarter Through a Combination of Share Repurchases and Dividend Payments
• Cable Communications Total Customer Relationship Net Additions Were 294,000, the Best Second Quarter Result on Record; Total Broadband Customer Net Additions Were 354,000, the Best Second Quarter Result on Record
• Cable Communications Adjusted EBITDA Increased 14.5% and Adjusted EBITDA per Customer Relationship Increased 8.9%
• Cable Communications Wireless Customer Line Net Additions Were 280,000, the Best Quarterly Result on Record
• NBCUniversal Adjusted EBITDA Increased 12.5% to $1.6 billion, Including Peacock Losses
• Theme Parks Delivered Its First Profitable Quarter Since the First Quarter of 2020, Driven by Universal Orlando
• Sky Revenue Increased 28.0% to $5.2 billion; On a Constant Currency Basis, Revenue Increased 14.9%

Consolidated Financial Results

Revenue for the second quarter of 2021 increased 20.4% to $28.5 billion. Net Income Attributable to Comcast increased 25.1% to $3.7 billion. Adjusted Net Income increased 24.3% to $3.9 billion. Adjusted EBITDA increased 12.6% to $8.9 billion.

For the six months ended June 30, 2021, revenue increased 10.8% to $55.8 billion compared to 2020. Net income attributable to Comcast increased 37.6% to $7.1 billion. Adjusted Net Income increased 16.1% to $7.5 billion. Adjusted EBITDA increased 8.0% to $17.3 billion.

Earnings per Share (EPS) for the second quarter of 2021 was $0.80, an increase of 23.1% compared to the prior year period. Adjusted EPS increased 21.7% to $0.84.

For the six months ended June 30, 2021, EPS was $1.51, a 36.0% increase compared to 2020. Adjusted EPS increased 14.3% to $1.60.

Capital Expenditures increased 3.3% to $2.1 billion in the second quarter of 2021. Cable Communications’ capital expenditures increased 16.8% to $1.7 billion. NBCUniversal’s capital expenditures decreased 52.0% to $182 million. Sky's capital expenditures decreased 14.4% to $184 million.

For the six months ended June 30, 2021, capital expenditures increased 1.2% to $4.0 billion compared to 2020. Cable Communications' capital expenditures increased 12.7% to $3.1 billion. NBCUniversal's capital expenditures decreased 53.2% to $354 million. Sky's capital expenditures increased 10.4% to $455 million.

Net Cash Provided by Operating Activities was $7.6 billion in the second quarter of 2021. Free Cash Flow was $4.8 billion.

For the six months ended June 30, 2021, net cash provided by operating activities was $15.4 billion. Free cash flow was $10.1 billion.

Dividends and Share Repurchases. Comcast resumed its share repurchase program in May 2021 after pausing the program in 2019 to accelerate the reduction of indebtedness it incurred in connection with its acquisition of Sky. During the second quarter of 2021, Comcast paid dividends totaling $1.2 billion and repurchased 8.8 million of its common shares for $500 million. As of June 30, 2021, Comcast had $9.5 billion available under its share repurchase authorization.

For the six months ended June 30, 2021, Comcast paid dividends totaling $2.2 billion and repurchased 8.8 million of its common shares for $500 million.

Cable Communications

Revenue for Cable Communications increased 10.9% to $16.0 billion in the second quarter of 2021, driven by increases in broadband, advertising, wireless, business services, video and other revenue, partially offset by a decrease in voice revenue. In the prior year period, results were negatively impacted by COVID-19, including accrued customer regional sports network (RSN) fee adjustments, reduced advertising revenue and lower revenue due to Xfinity's commitment to the FCC's Keep Americans Connected Pledge and our efforts to assist customers during the COVID-19 public health crisis. Excluding the impact of accrued customer RSN fee adjustments in the prior year period⁵, Cable Communications revenue increased 9.3%. Broadband revenue increased 14.3% due to an increase in the number of residential broadband customers and an increase in average rates. Excluding the impact of accrued RSN fee adjustments in the prior year period for customers taking bundled services⁵, broadband revenue increased 12.6%. Advertising revenue increased 58.6%, primarily reflecting an overall market recovery in the current period and reduced spending from advertisers in the prior year period as a result of COVID-19. Excluding political advertising revenue, advertising revenue increased 60.4%. Wireless revenue increased 70.4% due to an increase in the number of customer lines and an increase in device sales. Business services revenue increased 9.9%, primarily due to an increase in average rates compared to the prior year period which was negatively impacted by COVID-19. Video revenue increased 2.6%, reflecting an increase in average rates, partially offset by a decrease in the number of residential video customers. Excluding the impact of accrued customer RSN fee adjustments in the prior year period⁵, video revenue increased 0.5%. Other revenue increased 12.4%, primarily reflecting increases in revenue from our security and automation services and from licensing of our technology platforms. Voice revenue decreased 0.8%, primarily reflecting a decrease in the number of residential voice customers, partially offset by an increase in average rates.

For the six months ended June 30, 2021, Cable revenue increased 8.4% to $31.8 billion compared to 2020, driven by growth in broadband, wireless, business services, advertising, video and other revenue, partially offset by a decrease in voice revenue. Excluding the impact of accrued customer RSN fee adjustments in 2020⁵, Cable Communications revenue increased 7.6%.

Total Customer Relationships increased by 294,000 to 33.8 million in the second quarter of 2021. Residential customer relationships increased by 277,000 and business customer relationships increased by 17,000. Total broadband customer net additions were 354,000, total video customer net losses were 399,000 and total voice customer net losses were 108,000. In addition, Cable Communications added 280,000 wireless lines in the quarter.

For the six months ended June 30, 2021, total customer relationships increased by 675,000. Residential customer relationships increased by 647,000 and business customer relationships increased by 28,000. Total broadband customer net additions were 814,000, total video customer net losses were 889,000 and total voice customer net losses were 214,000. In addition, Cable Communications added 558,000 wireless lines in the current period.

Adjusted EBITDA for Cable Communications increased 14.5% to $7.1 billion in the second quarter of 2021, reflecting higher revenue, partially offset by an 8.2% increase in operating expenses. In the prior year period, 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. In the second quarter of 2021, programming costs increased 12.1%, including the effects of the adjustment provisions in the prior year period. Excluding these adjustments⁵, programming costs increased 5.0%, reflecting the timing of contract renewals, partially offset by a decline in the number of video subscribers. Non-programming expenses increased 5.7%, primarily reflecting higher technical and product support expenses and advertising, marketing and promotion expenses, partially offset by lower other expenses and customer service expenses. Non-programming expenses per customer relationship increased 0.5%. Adjusted EBITDA per customer relationship increased 8.9%, and Adjusted EBITDA margin was 44.2% compared to 42.8% in the prior year period. While the accrued RSN adjustments did not impact Adjusted EBITDA in the prior year period, they resulted in an increase to Adjusted EBITDA margin. Cable Communications results include Adjusted EBITDA⁷ of $68 million from our wireless business, compared to a loss of $37 million in the prior year period.

For the six months ended June 30, 2021, Cable Adjusted EBITDA increased 13.5% to $13.9 billion compared to 2020, reflecting higher revenue, partially offset by a 4.7% increase in operating expenses. Programming costs increased 8.7%, reflecting the timing of contract renewals and adjustments in 2020 for provisions in our programming distribution agreements with RSNs related to canceled sporting events as a result of COVID-19, partially offset by a decline in the number of video subscribers. Excluding the impact of accrued RSN adjustments in 2020⁵, programming costs increased 5.3%. Non-programming expenses increased 2.2%. For the six months ended June 30, 2021, Adjusted EBITDA per customer relationship increased 7.9%, and Adjusted EBITDA margin was 43.7% compared to 41.7% in 2020. 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 in that period. Cable Communications results include Adjusted EBITDA⁷ of $74 million from our wireless business, compared to a loss of $96 million in 2020.

Capital Expenditures for Cable Communications increased 16.8% to $1.7 billion in the second quarter of 2021, primarily reflecting increased investment in scalable infrastructure, customer premise equipment and line extensions. Cable capital expenditures represented 10.6% of Cable revenue in the second quarter of 2021 compared to 10.1% in the prior year period.

For the six months ended June 30, 2021, Cable capital expenditures increased 12.7% to $3.1 billion, primarily reflecting increased investment in scalable infrastructure. Cable capital expenditures represented 9.6% of Cable revenue compared to 9.3% in 2020.

NBCUniversal

Beginning in the first quarter of 2021, the operations of Peacock, which were previously reported in Corporate and Other, are now included with NBCUniversal results and the operations of NBCUniversal are now presented in three reportable business segments: Media, Studios and Theme Parks. Prior periods have been adjusted to reflect this presentation.

Revenue for NBCUniversal increased 39.2% to $8.0 billion in the second quarter of 2021. Adjusted EBITDA increased 12.5% to $1.6 billion.

For the six months ended June 30, 2021, NBCUniversal revenue increased 11.4% to $15.0 billion compared to 2020. Adjusted EBITDA decreased 0.8% to $3.0 billion.

Media

Media revenue increased 25.7% to $5.1 billion in the second quarter of 2021, reflecting higher advertising revenue, distribution revenue and other revenue. Advertising revenue increased 32.8%, reflecting an increase in the number of sporting events and higher pricing in the current period, and reduced spending from advertisers in the prior year period as a result of COVID-19, including from the postponement or cancellation of sporting events. These increases were partially offset by ratings declines. Distribution revenue increased 19.0%, driven by contractual rate increases in the current period and credits accrued at some of our RSNs in the prior year period resulting from the reduced number of games played by professional sports leagues in 2020 due to COVID-19, partially offset by a decline in subscribers at our networks. Other revenue increased 31.1% due to an increase in revenue from our digital properties. Adjusted EBITDA decreased 15.8% to $1.4 billion in the second quarter of 2021, reflecting higher revenue, more than offset by higher operating expenses. The increase in operating expenses was primarily driven by higher programming and production expenses, reflecting higher sports programming costs due to an increase in the number of sporting events compared to the prior year period when sports were postponed due to COVID-19, as well as higher amortization expense related to programming at Peacock. Media results include $122 million of revenue and an Adjusted EBITDA⁷ loss of $363 million related to Peacock, compared to $6 million of revenue and an Adjusted EBITDA⁷ loss of $117 million in the prior year period.

For the six months ended June 30, 2021, revenue from the Media segment increased 13.5% to $10.2 billion compared to 2020, reflecting higher distribution revenue, advertising revenue and other revenue. Adjusted EBITDA decreased 9.9% to $2.9 billion compared to 2020, reflecting higher operating expenses, which more than offset higher revenue. The increase in operating expenses was primarily driven by higher programming and production expenses, reflecting higher sports programming costs due to an increase in the number of sporting events in the current period, and amortization of content at Peacock. Media results include $213 million of revenue and an Adjusted EBITDA⁷ loss of $640 million related to Peacock, compared to $6 million of revenue and an Adjusted EBITDA⁷ loss of $176 million in 2020.

Studios

Studios revenue increased 8.4% to $2.2 billion in the second quarter of 2021, primarily reflecting higher theatrical revenue. Theatrical revenue increased by $191 million, reflecting the comparison to the higher level of theater closures and theaters operating at reduced capacity due to COVID-19 in the prior year period, and the success of releases in this year’s second quarter, including F9. Adjusted EBITDA decreased 51.7% to $156 million in the second quarter of 2021, reflecting higher operating expenses, which more than offset higher revenue. The increase in operating expenses was driven by higher programming and production expenses reflecting an increase in television series production and comparisons to the prior year period when production was paused due to COVID-19, as well as higher advertising, marketing and promotion expenses reflecting a higher number of theatrical releases in the current period.

For the six months ended June 30, 2021, revenue from the Studios segment increased 3.6% to $4.6 billion compared to 2020, reflecting higher content licensing revenue, partially offset by lower theatrical revenue and home entertainment and other revenue. Adjusted EBITDA increased 4.8% to $653 million compared to 2020, reflecting higher revenue, partially offset by higher operating expenses.

Theme Parks

Theme Parks revenue increased $958 million to $1.1 billion in the second quarter of 2021, reflecting improved operating conditions compared to the prior year period, when each of our theme parks were closed for either the majority or entirety of the period as a result of COVID-19. Theme Parks Adjusted EBITDA was $221 million in the second quarter of 2021, which included pre-opening costs related to Universal Beijing Resort, compared to a $393 million Adjusted EBITDA loss in the prior year period.

For the six months ended June 30, 2021, revenue from the Theme Parks segment increased 61.5% to $1.7 billion compared to 2020, reflecting improved operating conditions compared to 2020, when each of our theme parks were either closed or operating at limited capacity as a result of COVID-19. Theme Parks Adjusted EBITDA was $159 million, which included pre-opening costs related to Universal Beijing Resort, compared to a $306 million Adjusted EBITDA loss in 2020.

Headquarters and Other

NBCUniversal Headquarters and Other includes overhead, personnel costs and costs associated with corporate initiatives. Headquarters and Other Adjusted EBITDA loss was $186 million compared to a loss of $82 million in the prior year period.

For the six months ended June 30, 2021, Headquarters and Other Adjusted EBITDA loss was $395 million compared to a loss of $303 million in 2020.

Eliminations

Amounts represent eliminations of transactions between our NBCUniversal segments, which are affected by the timing of recognition of content licenses between our Studios and Media segments. Revenue eliminations for the quarter ended June 30, 2021 were $534 million compared to $580 million in the prior year period, and Adjusted EBITDA eliminations were $15 million compared to $104 million in the prior year period.

For the six months ended June 30, 2021, revenue eliminations were $1.6 billion compared to $1.1 billion in 2020, and Adjusted EBITDA eliminations were $225 million compared to $110 million in 2020.

Sky

Revenue for Sky increased 28.0% to $5.2 billion in the second quarter of 2021. Excluding the impact of currency, revenue increased 14.9%, reflecting higher direct-to-consumer revenue, advertising revenue and content revenue. Direct-to-consumer revenue increased 7.7% to $4.2 billion, primarily driven by higher average revenue per customer relationship due to lower sports subscription revenues in the prior year period when sports were postponed due to COVID-19, as well as a rate increase in the U.K. Advertising revenue increased 78.8% to $643 million, reflecting an overall market recovery from COVID-19 as well as an increase in the number of sporting events in the current period. Content revenue increased 36.1% to $355 million, primarily due to higher wholesale revenue from sports programming compared to the prior year period when sports were postponed due to COVID-19.

For the six months ended June 30, 2021, Sky revenue increased 18.9% to $10.2 billion compared to 2020. Excluding the impact of currency, revenue increased 8.2%, reflecting higher direct-to-consumer revenue, advertising revenue and content revenue.

Total Customer Relationships decreased by 248,000 to 23.2 million in the second quarter of 2021. For the six months ended June 30, 2021, total customer relationships decreased by 26,000.

Adjusted EBITDA for Sky decreased 25.3% to $560 million in the second quarter of 2021. Excluding the impact of currency, Adjusted EBITDA decreased 32.4%, reflecting higher operating expenses, which more than offset higher revenue. The increase in operating expenses was primarily driven by higher programming and production expenses, reflecting higher sports programming costs due to an increase in the number of sporting events compared to the prior year period when sports were postponed due to COVID-19.

For the six months ended June 30, 2021, Sky Adjusted EBITDA decreased 29.0% to $924 million compared to 2020. Excluding the impact of currency, Adjusted EBITDA decreased 35.4%.

Corporate, Other and Eliminations

Corporate and Other

Corporate and Other primarily relates to corporate operations and Comcast Spectacor. Revenue for the quarter ended June 30, 2021 was $92 million compared to $40 million in the prior year period. Corporate and Other Adjusted EBITDA loss was $261 million compared to a loss of $389 million in the prior year period, reflecting certain costs incurred in the second quarter of 2020 in response to COVID-19, including severance charges related to our businesses, which are presented in Corporate and Other.

For the six months ended June 30, 2021, Corporate and Other revenue was $181 million compared to $160 million in 2020. Corporate and Other Adjusted EBITDA loss was $541 million compared to a loss of $582 million in 2020.

Eliminations

Amounts represent eliminations of transactions between Cable Communications, NBCUniversal, Sky and other businesses. Eliminations of transactions between NBCUniversal segments are presented separately. Revenue eliminations for the quarter ended June 30, 2021 were $723 million compared to $547 million in the prior year period, and Adjusted EBITDA eliminations were a benefit of $2 million compared to a benefit of $11 million in the prior year period.

For the six months ended June 30, 2021, revenue eliminations were $1.4 billion compared to $1.2 billion in 2020, and Adjusted EBITDA eliminations were a benefit of $11 million compared to $18 million in 2020.

Conference Call and Other Information

Comcast Corporation will host a conference call with the financial community today, July 29, 2021 at 8:30 a.m. Eastern Time (ET). The conference call and related materials will be broadcast live and posted on our Investor Relations website at www.cmcsa.com. Those parties interested in participating via telephone should dial (833) 618-9487 with the conference ID number 2883365. A replay of the call will be available starting at 12:00 p.m. ET on July 29, 2021, on the Investor Relations website or by telephone. To access the telephone replay, which will be available until Thursday, August 5, 2021 at midnight ET, please dial (855) 859-2056 and enter the conference ID number 2883365.

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 includes statements that may constitute forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made, and 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. In evaluating these statements, readers should consider various factors, including the risks and uncertainties we describe in the “Risk Factors” sections of our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and other reports filed with the Securities and Exchange Commission (SEC). We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise.

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 that connects people to moments that matter. We are principally focused on broadband, aggregation, and streaming with over 56 million customer relationships across the United States and Europe. We deliver broadband, wireless, and video through our Xfinity, Comcast Business, and Sky brands; create, distribute, and stream leading entertainment, sports, and news through Universal Filmed Entertainment Group, Universal Studio Group, Sky Studios, the NBC and Telemundo broadcast networks, multiple cable networks, Peacock, NBCUniversal News Group, NBC Sports, Sky News, and Sky Sports; and provide memorable experiences at Universal Parks and Resorts in the United States and Asia. Visit www.comcastcorporation.com for more information.