Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended September 30, 2016.
Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, 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.”
Consolidated Financial Results | ||||||||||||
| 3rd Quarter | Year to Date | |||||||||||
| ($ in millions) | 2015 | 2016 | Growth | 2015 | 2016 | Growth | ||||||
| Revenue | $18,669 | $21,319 | 14.2% | $55,265 | $59,378 | 7.4% | ||||||
| Excluding Olympics and Super Bowl (see Table 7) | $18,669 | $19,699 | 5.5% | $54,889 | $57,758 | 5.2% | ||||||
| Operating Income | $4,001 | $4,440 | 11.0% | $11,996 | $12,595 | 5.0% | ||||||
| Operating Cash Flow1 | $6,184 | $6,835 | 10.5% | $18,406 | $19,657 | 6.8% | ||||||
| Excluding Transaction-Related Costs (see Table 7) | $18,584 | $19,657 | 5.8% | |||||||||
| Earnings per Share2 | $0.80 | $0.92 | 15.0% | $2.45 | $2.62 | 6.9% | ||||||
| Excluding Adjustments (see Table 5) | $2.43 | $2.59 | 6.6% | |||||||||
| Net Cash Provided by Operating Activities | $4,979 | $4,114 | (17.4%) | $13,813 | $13,497 | (2.3%) | ||||||
| Free Cash Flow3 | $2,663 | $1,371 | (48.5%) | $7,347 | $5,596 | (23.8%) | ||||||
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. |
Consolidated Revenue for the third quarter of 2016 increased 14.2% to $21.3 billion, including $1.6 billion of revenue generated by the broadcast of the 2016 Rio Olympics in the third quarter of 2016, of which $1.2 billion is related to advertising revenue. Excluding the Olympics, consolidated revenue increased 5.5% (see Table 7). Consolidated Operating Income increased 11.0% to $4.4 billion. Consolidated Operating Cash Flow increased 10.5% to $6.8 billion.
For the nine months ended September 30, 2016, consolidated revenue increased 7.4% to $59.4 billion compared to 2015. Excluding $1.6 billion of revenue generated by the broadcast of the 2016 Rio Olympics in the third quarter of 2016, as well as $376 million of revenue generated by the broadcast of the NFL’s Super Bowl in the first quarter of 2015, consolidated revenue increased 5.2% (see Table 7). Consolidated operating income increased 5.0% to $12.6 billion compared to 2015. Consolidated operating cash flow increased 6.8% to $19.7 billion compared to 2015. Excluding $178 million of transaction-related costs in the first nine months of 2015, consolidated operating cash flow increased 5.8% (see Table 7).
Earnings per Share (EPS) for the third quarter of 2016 was $0.92, a 15.0% increase compared to the third quarter of 2015.
EPS for the nine months ended September 30, 2016 was $2.62, a 6.9% increase from the $2.45 reported in the prior year. Excluding adjustments in the first quarter of 2016 and the first nine months of 2015, EPS increased 6.6% to $2.59 (see Table 5).
Capital Expenditures increased 11.1% to $2.4 billion in the third quarter of 2016. Cable Communications’ capital expenditures increased 10.4% to $2.0 billion in the third quarter of 2016, reflecting a higher level of investment in scalable infrastructure to increase network capacity, increased investment in line extensions and continued spending on customer premise equipment related to the deployment of the X1 platform and wireless gateways. Cable capital expenditures represented 16.3% of Cable revenue in the third quarter of 2016 compared to 15.8% in last year’s third quarter. NBCUniversal’s capital expenditures increased 16.3% to $336 million in the third quarter of 2016, primarily reflecting increased spending at our Theme Parks, which now includes Universal Studios Japan.
For the nine months ended September 30, 2016, capital expenditures increased 12.0% to $6.6 billion compared to 2015. Cable Communications’ capital expenditures increased 10.5% to $5.5 billion and represented 14.8% of Cable revenue compared to 14.2% in 2015. NBCUniversal’s capital expenditures increased 19.5% to $991 million for the first nine months of 2016.
Net Cash Provided by Operating Activities decreased 17.4% to $4.1 billion in the third quarter of 2016. Free Cash Flow decreased 48.5% to $1.4 billion, reflecting growth in consolidated operating cash flow, offset by higher working capital primarily due to the 2016 Rio Olympics, as well as an increase in capital expenditures. Net cash provided by operating activities for the nine months ended September 30, 2016 decreased 2.3% to $13.5 billion. Free cash flow decreased 23.8% to $5.6 billion compared to 2015 (see Table 4).
Dividends and Share Repurchases. During the third quarter of 2016, Comcast paid dividends totaling $663 million and repurchased 20.8 million of its common shares for $1.4 billion. In the first nine months of 2016, Comcast has repurchased 61.2 million of its common shares for $3.8 billion. As of September 30, 2016, Comcast had $6.2 billion available under its share repurchase authorization.
Cable Communications | ||||||||||||
| 3rd Quarter | Year to Date | |||||||||||
| ($ in millions) | 20154 | 2016 | Growth | 20154 | 2016 | Growth | ||||||
| Cable Communications Revenue | ||||||||||||
| Video | $5,348 | $5,591 | 4.5% | $16,110 | $16,710 | 3.7% | ||||||
| High-Speed Internet | 3,129 | 3,405 | 8.8% | 9,274 | 10,049 | 8.4% | ||||||
| Voice | 900 | 878 | (2.4%) | 2,709 | 2,667 | (1.5%) | ||||||
| Business Services | 1,211 | 1,399 | 15.5% | 3,490 | 4,070 | 16.6% | ||||||
| Advertising | 588 | 634 | 7.7% | 1,664 | 1,790 | 7.6% | ||||||
| Other | 575 | 650 | 13.0% | 1,685 | 1,919 | 13.8% | ||||||
| Cable Communications Revenue | $11,751 | $12,557 | 6.9% | $34,932 | $37,205 | 6.5% | ||||||
| Cable Communications Operating Cash Flow | $4,726 | $4,986 | 5.5% | $14,161 | $14,923 | 5.4% | ||||||
| Operating Cash Flow Margin | 40.2% | 39.7% | 40.5% | 40.1% | ||||||||
| Cable Communications Capital Expenditures | $1,853 | $2,044 | 10.4% | $4,977 | $5,501 | 10.5% | ||||||
| Percent of Cable Communications Revenue | 15.8% | 16.3% | 14.2% | 14.8% | ||||||||
Revenue for Cable Communications increased 6.9% to $12.6 billion in the third quarter of 2016, driven primarily by increases in high-speed Internet, video and business services revenue. High-speed Internet revenue increased 8.8%, reflecting an increase in the number of residential high-speed Internet customers, rate adjustments and an increase in the number of customers receiving higher levels of service. Video revenue increased 4.5%, primarily 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 15.5%, primarily due to an increase in the number of small business customers, as well as continued growth in our medium-sized business services. Other revenue increased 13.0%, primarily reflecting higher franchise and regulatory fees and an increase in Xfinity Home revenue. Advertising revenue increased 7.7%, reflecting an increase in political advertising revenue.
For the nine months ended September 30, 2016, Cable revenue increased 6.5% to $37.2 billion compared to 2015, driven by growth in high-speed Internet, video and business services.
Customer Relationships increased by 216,000 to 28.3 millionin the third quarter of 2016, a 60,000 improvement compared to the increase in the third quarter of 2015, primarily reflecting increases in double product relationships. At the end of the third quarter, penetration of our double and triple product customers increased to 70.0% compared to 69.5% in the third quarter of 2015. Video customer net adds of 32,000 were the best result for a third quarter in 10 years, high-speed Internet customer net additions of 330,000 were the best result for a third quarter in 7 years and Voice customers grew by 2,000.
| Customers | Net Additions | |||||||
| (in thousands) | 3Q15 | 3Q16 | 3Q15 | 3Q16 | ||||
| Video Customers | 22,258 | 22,428 | (48) | 32 | ||||
| High-Speed Internet Customers | 22,868 | 24,316 | 320 | 330 | ||||
| Voice Customers | 11,336 | 11,643 | 17 | 2 | ||||
| Single Product Customers | 8,367 | 8,488 | 24 | 72 | ||||
| Double Product Customers | 9,066 | 9,540 | 130 | 141 | ||||
| Triple Product Customers | 9,988 | 10,273 | 1 | 4 | ||||
| Customer Relationships | 27,421 | 28,301 | 156 | 216 | ||||
| Customer metrics include residential and business customers. | ||||||||
Operating Cash Flow for Cable Communications increased 5.5% to $5.0 billion in the third quarter of 2016, reflecting higher revenue, partially offset by a 7.8% increase in operating expenses. The higher expenses were primarily due to an 11.4% increase in video programming costs, reflecting the timing of contract renewals, as well as higher retransmission consent fees and sports programming costs. Technical and product support expenses increased 6.2% primarily related to the development, delivery and support of our X1 platform, Cloud DVR technology and wireless gateways, and the continued growth in business services and home security and automation services. Advertising, marketing and promotion costs increased 7.2%, primarily due to increases in spending associated with attracting new residential and business services customers. Customer service expenses increased 3.5%, primarily due to increased support for improving the customer experience and increases in total labor costs. This quarter’s operating cash flow margin was 39.7% compared to 40.2% in the third quarter of 2015.
For the nine months ended September 30, 2016, Cable operating cash flow increased 5.4% to $14.9 billion compared to 2015, driven by higher revenue, partially offset by a 7.3% increase in operating expenses primarily related to a 9.4% increase in video programming costs, as well as higher technical and product support expenses, higher advertising, marketing and promotion costs, and higher customer service expenses. Year-to-date operating cash flow margin was 40.1% compared to 40.5% in 2015.
NBCUniversal | ||||||||||||||||
3rd Quarter | Year to Date | |||||||||||||||
| ($ in millions) | 2015 | 2016 |
Reported |
Pro Forma | 2015 | 2016 |
Reported |
Pro Forma | ||||||||
| NBCUniversal Revenue | ||||||||||||||||
| Cable Networks | $2,412 | $2,942 | 22.0% | $7,221 | $7,961 | 10.2% | ||||||||||
Excluding Olympics | $2,412 | $2,510 | 4.1% | $7,221 | $7,529 | 4.3% | ||||||||||
| Broadcast Television | 1,971 | 3,087 | 56.6% | 6,032 | 7,299 | 21.0% | ||||||||||
Excluding Olympics and Super Bowl | 1,971 | 1,899 | (3.6%) | 5,656 | 6,111 | 8.0% | ||||||||||
| Filmed Entertainment | 1,946 | 1,792 | (7.9%) | 5,658 | 4,526 | (20.0%) | ||||||||||
| Theme Parks | 896 | 1,440 | 60.6% | 16.1% | 2,320 | 3,602 | 55.2% | 12.5% | ||||||||
| Headquarters, Other and Eliminations | (74) | (83) | NM | (246) | (246) | NM | ||||||||||
| NBCUniversal Revenue | $7,151 | $9,178 | 28.3% | 22.5% | $20,985 | $23,142 | 10.3% | 5.8% | ||||||||
Excluding Olympics and Super Bowl | $7,151 | $7,558 | 5.7% | 0.8% | $20,609 | $21,522 | 4.4% | 0.1% | ||||||||
| NBCUniversal Operating Cash Flow | ||||||||||||||||
| Cable Networks | $835 | $893 | 7.0% | $2,605 | $2,793 | 7.2% | ||||||||||
| Broadcast Television | 150 | 378 | NM | 563 | 1,056 | 87.6% | ||||||||||
| Filmed Entertainment | 376 | 353 | (6.1%) | 1,091 | 576 | (47.2%) | ||||||||||
| Theme Parks | 434 | 706 | 62.4% | 17.1% | 1,012 | 1,550 | 53.1% | 9.8% | ||||||||
| Headquarters, Other and Eliminations | (162) | (184) | NM | (471) | (518) | NM | ||||||||||
| NBCUniversal Operating Cash Flow | $1,633 | $2,146 | 31.5% | 19.2% | $4,800 | $5,457 | 13.7% | 5.0% | ||||||||
| NM=comparison not meaningful. | ||||||||||||||||
Revenue for NBCUniversal increased 28.3% to $9.2 billion in the third quarter of 2016 and Operating Cash Flow increased 31.5% to $2.1 billion. Pro Forma5 Revenue for NBCUniversal increased 22.5%, primarily driven by 2016 Rio Olympics revenue of $1.6 billion included in the Broadcast Television and Cable Networks segments. Pro Forma5 Operating Cash Flow increased 19.2%, reflecting increases at Broadcast Television, Theme Parks and Cable Networks, partially offset by a decline at Filmed Entertainment.
For the nine months ended September 30, 2016, NBCUniversal revenue increased 10.3% to $23.1 billion compared to 2015 and operating cash flow increased 13.7% to $5.5 billion. Pro forma5 revenue for NBCUniversal increased 5.8%. Pro forma5 operating cash flow increased 5.0%, reflecting increases at Broadcast Television, Cable Networks and Theme Parks, partially offset by a decline at Filmed Entertainment.
Cable Networks
Cable Networks revenue increased 22.0% to $2.9 billion in the third quarter of 2016, reflecting higher distribution, advertising and content licensing and other revenue. Distribution revenue increased 27.3%, driven by the broadcast of the 2016 Rio Olympics, as well as contractual rate increases and contract renewals, partially offset by a decline in subscribers at our cable networks. Advertising revenue increased 15.9%, due to the broadcast of the 2016 Rio Olympics. Content licensing and other revenue increased 9.8%, due to the timing of content provided under licensing agreements. Excluding $432 million of revenue generated by the broadcast of the 2016 Rio Olympics, Cable Networks revenue increased 4.1% (see Table 7). Operating cash flow increased 7.0% to $893 million in the third quarter of 2016, reflecting higher revenue, partially offset by an increase in programming and production costs associated with the 2016 Rio Olympics, as well as increases in sports programming rights costs.
For the nine months ended September 30, 2016, revenue from the Cable Networks segment increased 10.2% to $8.0 billion compared to 2015, reflecting higher distribution, advertising and content licensing and other revenue. Excluding $432 million of revenue generated by the broadcast of the 2016 Rio Olympics in the third quarter of 2016, revenue increased 4.3% (see Table 7). Operating cash flow increased 7.2% to $2.8 billion compared to 2015, reflecting higher revenue, partially offset by an increase in programming and production costs.
Broadcast Television
Broadcast Television revenue increased 56.6% to $3.1 billion in the third quarter of 2016, reflecting higher advertising and distribution and other revenue, partially offset by a decline in content licensing revenue. Advertising revenue increased 92.4%, primarily driven by the broadcast of the 2016 Rio Olympics. Distribution and other revenue increased 77.5%, due to the broadcast of the 2016 Rio Olympics, as well as higher retransmission consent fees. Content licensing revenue decreased 32.0%, primarily due to the timing of content provided under licensing agreements. Excluding $1.2 billion of revenue associated with the broadcast of the 2016 Rio Olympics, Broadcast Television revenue decreased 3.6% (see Table 7). Operating cash flow increased by $228 million to $378 million in the third quarter of 2016, reflecting higher revenue, partially offset by increased programming and production costs associated with the broadcast of the 2016 Rio Olympics.
For the nine months ended September 30, 2016, revenue from the Broadcast Television segment increased 21.0% to $7.3 billion compared to 2015. Excluding $1.2 billion of revenue generated by the broadcast of the 2016 Rio Olympics in the third quarter of 2016, as well as $376 million of revenue generated by the broadcast of the NFL’s Super Bowl in the first quarter of 2015, revenue increased 8.0% (see Table 7). Operating cash flow increased 87.6% to $1.1 billion compared to 2015, reflecting higher revenue, partially offset by an increase in programming and production costs.
Filmed Entertainment
Filmed Entertainment revenue declined 7.9% to $1.8 billion in the third quarter of 2016, and included revenue attributable to DreamWorks from its acquisition date of August 22nd. The revenue decline reflects lower theatrical and home entertainment revenue, partially offset by higher content licensing and other revenue. Theatrical revenue declined 21.1%, primarily due to the strong performances of Jurassic World and Minions in last year’s third quarter, partially offset by the strong performance of The Secret Life of Pets in this year’s third quarter. Home entertainment revenue declined 29.6%, reflecting the success of several releases in the prior year period, including Furious 7 and Pitch Perfect 2. Content licensing revenue increased 19.8%, due to the timing of when content related to our 2015 film slate was made available under licensing agreements. Other revenue increased 25.8% driven by higher Fandango revenue. Operating cash flow decreased 6.1% to $353 million in the third quarter of 2016, reflecting lower revenue and severance costs of $50 million associated with the DreamWorks acquisition, partially offset by lower programming and production and advertising, marketing and promotion costs. The decrease in programming and production costs was primarily due to lower amortization of film production costs in the current year period due to our larger film slate in 2015.
For the nine months ended September 30, 2016, revenue from the Filmed Entertainment segment decreased 20.0% to $4.5 billion compared to 2015, reflecting lower theatrical and home entertainment revenue, partially offset by higher content licensing and other revenue. Operating cash flow decreased 47.2% to $576 million compared to 2015, reflecting lower revenue, partially offset by lower programming and production costs.
Theme Parks
Theme Parks revenue increased 60.6% to $1.4 billion in the third quarter of 2016. Pro forma5 revenue increased 16.1%, reflecting higher attendance and higher per capita spending at the parks, driven by the successful opening of Hollywood’s The Wizarding World of Harry Potter™ attraction, as well as the positive impact of a stronger Japanese yen. Operating cash flow increased 62.4% to $706 million in the third quarter of 2016. Pro forma5 operating cash flow increased 17.1%, reflecting higher revenue, partially offset by an increase in operating expenses, including costs to support new attractions.
For the nine months ended September 30, 2016, revenue from the Theme Parks segment increased 55.2% to $3.6 billion compared to 2015. Pro forma5 revenue increased 12.5%, reflecting higher attendance and per capita spending at the parks. Operating cash flow increased 53.1% to $1.6 billion compared to 2015. Pro forma5 operating cash flow increased 9.8%, reflecting higher revenue, partially offset by an increase in operating expenses, including costs to support new attractions.
Headquarters, Other and Eliminations
NBCUniversal Headquarters, Other and Eliminations include overhead and eliminations among the NBCUniversal businesses. For the quarter ended September 30, 2016, NBCUniversal Headquarters, Other and Eliminations operating cash flow loss was $184 million compared to a loss of $162 million in the third quarter of 2015.
For the nine months ended September 30, 2016, NBCUniversal Headquarters, Other and Eliminations operating cash flow loss was $518 million compared to a loss of $471 million in 2015.
Corporate, Other and Eliminations
Corporate, Other and Eliminations primarily include corporate operations, Comcast Spectacor and eliminations among Comcast's businesses. For the quarter ended September 30, 2016, Corporate, Other and Eliminations revenue was ($416) million compared to ($233) million in 2015. The operating cash flow loss was $297 million compared to a loss of $175 million in the third quarter of 2015, reflecting an increase in eliminations associated with the 2016 Rio Olympics.
For the nine months ended September 30, 2016, Corporate, Other and Eliminations revenue was ($969) million compared to ($652) million in 2015. The operating cash flow loss was $723 million compared to a loss of $555 million in the first nine months of 2015, reflecting an increase in eliminations associated with the 2016 Rio Olympics and $178 million of transaction-related costs in 2015.
Notes: | ||
| 1 | We define Operating Cash Flow as operating income (loss) before depreciation and amortization, excluding impairment charges related to fixed and intangible assets and gains or losses on the sale of assets, if any. See Table 4 for reconciliation of non-GAAP financial measures. | |
| 2 | Earnings per share amounts are presented on a diluted basis. | |
| 3 | 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, cash paid for intangible assets, principal payments on capital leases and cash distributions to noncontrolling interests; and adjusted for any payments and receipts related to certain nonoperating items, net of estimated tax benefits. The definition of Free Cash Flow excludes any impact from Economic Stimulus packages. These amounts have been excluded from Free Cash Flow to provide an appropriate comparison. See Table 4 for reconciliation of non-GAAP financial measures. | |
| 4 | Beginning in the first quarter of 2016, certain operations and businesses including several strategic business initiatives that were previously presented in Corporate, Other and Eliminations are now presented in our Cable Communications segment to reflect a change in our management reporting presentation. For segment reporting purposes, we have adjusted all periods presented to reflect this change. | |
| 5 | Pro forma information is presented for the acquisition of the 51% interest of Universal Studios Japan. See Table 6 for more detailed information. | |
| 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, October 26, 2016 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 81102798. A replay of the call will be available starting at 11:30 a.m. ET on October 26, 2016, on the Investor Relations website or by telephone. To access the telephone replay, which will be available until Wednesday, November 2, 2016 at midnight ET, please dial (855) 859-2056 and enter the conference ID number 81102798.
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 blog, www.corporate.comcast.com/comcast-voices. 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 two primary businesses, Comcast Cable and NBCUniversal. Comcast Cable is one of the nation's largest video, high-speed Internet and phone providers to residential customers under the XFINITY brand and also provides these services to businesses. NBCUniversal 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. Visit www.comcastcorporation.com for more information.
| TABLE 1 | ||||||||||||||||
| Condensed Consolidated Statement of Income (Unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| (in millions, except per share data) | September 30, | September 30, | ||||||||||||||
| 2015 | 2016 | 2015 | 2016 | |||||||||||||
| Revenue | $ | 18,669 | $ | 21,319 | $ | 55,265 | $ | 59,378 | ||||||||
| Programming and production | 5,582 | 7,003 | 16,714 | 17,926 | ||||||||||||
| Other operating and administrative | 5,390 | 5,994 | 15,738 | 17,280 | ||||||||||||
| Advertising, marketing and promotion | 1,513 | 1,487 | 4,407 | 4,515 | ||||||||||||
| 12,485 | 14,484 | 36,859 | 39,721 | |||||||||||||
| Operating cash flow | 6,184 | 6,835 | 18,406 | 19,657 | ||||||||||||
| Depreciation expense | 1,697 | 1,865 | 5,005 | 5,518 | ||||||||||||
| Amortization expense | 486 | 530 | 1,405 | 1,544 | ||||||||||||
| 2,183 | 2,395 | 6,410 | 7,062 | |||||||||||||
| Operating income | 4,001 | 4,440 | 11,996 | 12,595 | ||||||||||||
| Other income (expense) | ||||||||||||||||
| Interest expense | (659 | ) | (751 | ) | (2,028 | ) | (2,186 | ) | ||||||||
| Investment income (loss), net | (26 | ) | 80 | 24 | 168 | |||||||||||
| Equity in net income (losses) of investees, net | 1 | (34 | ) | (202 | ) | (64 | ) | |||||||||
| Other income (expense), net | (53 | ) | (11 | ) | 364 | 104 | ||||||||||
| (737 | ) | (716 | ) | (1,842 | ) | (1,978 | ) | |||||||||
| Income before income taxes | 3,264 | 3,724 | 10,154 | 10,617 | ||||||||||||
| Income tax expense | (1,223 | ) | (1,400 | ) | (3,797 | ) | (3,989 | ) | ||||||||
| Net income | 2,041 | 2,324 | 6,357 | 6,628 | ||||||||||||
| Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock | (45 | ) | (87 | ) | (165 | ) | (229 | ) | ||||||||
| Net income attributable to Comcast Corporation | $ | 1,996 | $ | 2,237 | $ | 6,192 | $ | 6,399 | ||||||||
| Diluted earnings per common share attributable to Comcast Corporation shareholders | $ | 0.80 | $ | 0.92 | $ | 2.45 | $ | 2.62 | ||||||||
| Dividends declared per common share attributable to Comcast Corporation shareholders | $ | 0.25 | $ | 0.275 | $ | 0.75 | $ | 0.825 | ||||||||
| Diluted weighted-average number of common shares | 2,502 | 2,431 | 2,530 | 2,446 | ||||||||||||
| TABLE 2 | ||||||
| Condensed Consolidated Balance Sheet (Unaudited) | ||||||
| (in millions) | December 31, | September 30, | ||||
| 2015 | 2016 | |||||
| ASSETS | ||||||
| Current Assets | ||||||
| Cash and cash equivalents | $ | 2,295 | $ | 2,807 | ||
| Receivables, net | 6,896 | 7,533 | ||||
| Programming rights | 1,213 | 1,369 | ||||
| Other current assets | 1,899 | 3,519 | ||||
| Total current assets | 12,303 | 15,228 | ||||
| Film and television costs | 5,855 | 7,153 | ||||
| Investments | 3,224 | 3,857 | ||||
| Property and equipment, net | 33,665 | 35,656 | ||||
| Franchise rights | 59,364 | 59,364 | ||||
| Goodwill | 32,945 | 36,652 | ||||
| Other intangible assets, net | 16,946 | 17,356 | ||||
| Other noncurrent assets, net | 2,272 | 2,658 | ||||
| $ | 166,574 | $ | 177,924 | |||
| LIABILITIES AND EQUITY | ||||||
| Current Liabilities | ||||||
| Accounts payable and accrued expenses related to trade creditors | $ | 6,215 | $ | 6,594 | ||
| Accrued participations and residuals | 1,572 | 1,570 | ||||
| Deferred revenue | 1,302 | 1,340 | ||||
| Accrued expenses and other current liabilities | 5,462 | 5,201 | ||||
| Current portion of long-term debt | 3,627 | 3,333 | ||||
| Total current liabilities | 18,178 | 18,038 | ||||
| Long-term debt, less current portion | 48,994 | 57,095 | ||||
| Deferred income taxes | 33,566 | 34,523 | ||||
| Other noncurrent liabilities | 10,637 | 11,119 | ||||
| Redeemable noncontrolling interests and redeemable subsidiary preferred stock | 1,221 | 1,326 | ||||
| Equity | ||||||
| Comcast Corporation shareholders' equity | 52,269 | 53,481 | ||||
| Noncontrolling interests | 1,709 | 2,342 | ||||
| Total equity | 53,978 | 55,823 | ||||
| $ | 166,574 | $ | 177,924 | |||
| TABLE 3 | ||||||||
| Consolidated Statement of Cash Flows (Unaudited) | ||||||||
| (in millions) | Nine Months Ended | |||||||
| September 30, | ||||||||
| 2015 | 2016 | |||||||
| OPERATING ACTIVITIES | ||||||||
| Net income | $ | 6,357 | $ | 6,628 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 6,410 | 7,062 | ||||||
| Share-based compensation | 430 | 495 | ||||||
| Noncash interest expense (income), net | 147 | 172 | ||||||
| Equity in net (income) losses of investees, net | 202 | 64 | ||||||
| Cash received from investees | 139 | 58 | ||||||
| Net (gain) loss on investment activity and other | (344 | ) | (159 | ) | ||||
| Deferred income taxes | 67 | 985 | ||||||
| Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | ||||||||
| Current and noncurrent receivables, net | (322 | ) | (315 | ) | ||||
| Film and television costs, net | (65 | ) | (593 | ) | ||||
| Accounts payable and accrued expenses related to trade creditors | 169 | 46 | ||||||
| Other operating assets and liabilities | 623 | (946 | ) | |||||
| Net cash provided by operating activities | 13,813 | 13,497 | ||||||
| INVESTING ACTIVITIES | ||||||||
| Capital expenditures | (5,862 | ) | (6,562 | ) | ||||
| Cash paid for intangible assets | (916 | ) | (1,163 | ) | ||||
| Acquisitions and construction of real estate properties | (116 | ) | (303 | ) | ||||
| Acquisitions, net of cash acquired | (286 | ) | (3,904 | ) | ||||
| Proceeds from sales of businesses and investments | 420 | 188 | ||||||
| Purchases of investments | (712 | ) | (618 | ) | ||||
| Deposits | - | (1,761 | ) | |||||
| Other | 268 | (29 | ) | |||||
| Net cash provided by (used in) investing activities | (7,204 | ) | (14,152 | ) | ||||
| FINANCING ACTIVITIES | ||||||||
| Proceeds from (repayments of) short-term borrowings, net | (220 | ) | 610 | |||||
| Proceeds from borrowings | 3,996 | 9,231 | ||||||
| Repurchases and repayments of debt | (4,353 | ) | (2,994 | ) | ||||
| Repurchases and retirements of common stock | (5,770 | ) | (3,762 | ) | ||||
| Dividends paid | (1,823 | ) | (1,944 | ) | ||||
| Issuances of common stock | 35 | 23 | ||||||
| Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock | (178 | ) | (194 | ) | ||||
| Other | (313 | ) | 197 | |||||
| Net cash provided by (used in) financing activities | (8,626 | ) | 1,167 | |||||
| Increase (decrease) in cash and cash equivalents | (2,017 | ) | 512 | |||||
| Cash and cash equivalents, beginning of period | 3,910 | 2,295 | ||||||
| Cash and cash equivalents, end of period | $ | 1,893 | $ | 2,807 | ||||
| TABLE 4 | ||||||||||||||||
Reconciliations to Operating Cash Flow and Free Cash Flow and Alternate Presentation of Net Cash Provided by Operating Activities | ||||||||||||||||
(Unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| (in millions) | 2015 | 2016 | 2015 | 2016 | ||||||||||||
| Operating income | $ | 4,001 | $ | 4,440 | $ | 11,996 | $ | 12,595 | ||||||||
| Depreciation and amortization | 2,183 | 2,395 | 6,410 | 7,062 | ||||||||||||
| Operating income before depreciation and amortization (Operating Cash Flow) | 6,184 | 6,835 | 18,406 | 19,657 | ||||||||||||
| Noncash share-based compensation expense | 136 | 164 | 430 | 495 | ||||||||||||
| Changes in operating assets and liabilities | 412 | (1,065 | ) | 108 | (1,874 | ) | ||||||||||
| Cash basis operating income | 6,732 | 5,934 | 18,944 | 18,278 | ||||||||||||
| Payments of interest | (673 | ) | (808 | ) | (1,914 | ) | (2,043 | ) | ||||||||
| Payments of income taxes | (1,146 | ) | (1,031 | ) | (3,145 | ) | (2,716 | ) | ||||||||
| Excess tax benefits under share-based compensation | (35 | ) | (33 | ) | (255 | ) | (193 | ) | ||||||||
| Other | 101 | 52 | 183 | 171 | ||||||||||||
| Net Cash Provided by Operating Activities | $ | 4,979 | $ | 4,114 | $ | 13,813 | $ | 13,497 | ||||||||
| Capital expenditures | (2,165 | ) | (2,406 | ) | (5,862 | ) | (6,562 | ) | ||||||||
| Cash paid for capitalized software and other intangible assets | (316 | ) | (426 | ) | (916 | ) | (1,163 | ) | ||||||||
| Principal payments on capital leases | (3 | ) | (6 | ) | (6 | ) | (23 | ) | ||||||||
| Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock | (64 | ) | (69 | ) | (178 | ) | (194 | ) | ||||||||
| Nonoperating items(1) | 65 | 208 | (5 | ) | 192 | |||||||||||
| Free Cash Flow (including Economic Stimulus Packages) | 2,496 | 1,415 | 6,846 | 5,747 | ||||||||||||
| Economic Stimulus Packages(1) | 167 | (44 | ) | 501 | (151 | ) | ||||||||||
| Total Free Cash Flow | $ | 2,663 | $ | 1,371 | $ | 7,347 | $ | 5,596 | ||||||||
| Alternate Presentation of Free Cash Flow (Unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2015 | 2016 | 2015 | 2016 | |||||||||||||
| (in millions) | ||||||||||||||||
| Operating Cash Flow | $ | 6,184 | $ | 6,835 | $ | 18,406 | $ | 19,657 | ||||||||
| Capital expenditures | (2,165 | ) | (2,406 | ) | (5,862 | ) | (6,562 | ) | ||||||||
| Cash paid for capitalized software and other intangible assets | (316 | ) | (426 | ) | (916 | ) | (1,163 | ) | ||||||||
| Cash interest expense | (673 | ) | (808 | ) | (1,914 | ) | (2,043 | ) | ||||||||
| Cash taxes on operating items (including Economic Stimulus Packages)(2) | (1,116 | ) | (1,002 | ) | (3,405 | ) | (2,863 | ) | ||||||||
| Changes in operating assets and liabilities(3) | 412 | (919 | ) | 108 | (1,728 | ) | ||||||||||
| Noncash share-based compensation | 136 | 164 | 430 | 495 | ||||||||||||
| Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock | (64 | ) | (69 | ) | (178 | ) | (194 | ) | ||||||||
| Other | 98 | 46 | 177 | 148 | ||||||||||||
| Free Cash Flow (including Economic Stimulus Packages) | 2,496 | 1,415 | 6,846 | 5,747 | ||||||||||||
| Economic Stimulus Packages(2) | 167 | (44 | ) | 501 | (151 | ) | ||||||||||
| Total Free Cash Flow | $ | 2,663 | $ | 1,371 | $ | 7,347 | $ | 5,596 | ||||||||
| (1) | Nonoperating items include adjustments for cash taxes paid related to certain investing and financing transactions and to reflect cash taxes paid in the year of the related taxable income. Our definition of Free Cash Flow specifically excludes any impact from the Economic Stimulus Packages and these amounts are presented separately. Net Cash Provided by Operating Activities for 2016 includes a $146 million payment for the settlement of a tax receivable agreement immediately after the DreamWorks acquisition. For Free Cash Flow purposes, we consider this payment to be nonrecurring in nature and therefore, we excluded this amount from Free Cash Flow as a nonoperating item. | |
| (2) | Cash taxes on operating items (including Economic Stimulus Packages) has been adjusted to include the impact of excess tax benefits under share-based compensation arrangements and to exclude the impact of nonoperating items. Nonoperating items include adjustments for cash taxes paid related to certain investing and financing transactions and to reflect cash taxes paid in the year of the related taxable income. Our definition of Free Cash Flow specifically excludes any impact from the Economic Stimulus Packages and these amounts are presented separately. | |
| Three Months Ended | Nine Months Ended | |||||||||||
| September 30, | September 30, | |||||||||||
| 2015 | 2016 | 2015 | 2016 | |||||||||
| Payments of income taxes | ($1,146 | ) | ($1,031 | ) | ($3,145 | ) | ($2,716 | ) | ||||
| Excess tax benefits under share-based compensation | (35 | ) | (33 | ) | (255 | ) | (193 | ) | ||||
| Nonoperating items | 65 | 62 | (5 | ) | 46 | |||||||
| Cash taxes on operating items (including Economic Stimulus Packages) | ($1,116 | ) | ($1,002 | ) | ($3,405 | ) | ($2,863 | ) | ||||
| (3) | Net Cash Provided by Operating Activities in our Consolidated Statement of Cash Flows for 2016 includes a $146 million decrease in August 2016 resulting from a payment for the settlement of a tax receivable agreement immediately after the DreamWorks acquisition. For Free Cash Flow purposes, we consider this payment to be nonrecurring in nature and therefore, we excluded the amount from Free Cash Flow. Because the amount has no impact on Free Cash Flow, it is not included in the changes in operating assets and liabilities for this presentation. | |
Note: Minor differences may exist due to rounding. |
| TABLE 5 | ||||||||||||||||||||||||||||||
| Reconciliation of EPS Excluding Adjustments (Unaudited) | ||||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||||||
| 2015 | 2016 | 2015 | 2016 | |||||||||||||||||||||||||||
| (in millions, except per share data) | ||||||||||||||||||||||||||||||
$ | EPS (1) | $ | EPS (1) | $ | EPS (1) | $ | EPS (1) | |||||||||||||||||||||||
| Net income attributable to Comcast Corporation | $ | 1,996 | $ | 0.80 | $ | 2,237 | $ | 0.92 | $ | 6,192 | $ | 2.45 | $ | 6,399 | $ | 2.62 | ||||||||||||||
| Growth % | 12.1% | 15.0% | 3.4% | 6.9% | ||||||||||||||||||||||||||
| Gains on sales of businesses and investments(2) | - | - | - | - | (202 | ) | (0.08 | ) | (67 | ) | (0.03 | ) | ||||||||||||||||||
| Gain on settlement of contingent consideration liability(3) | - | - | - | - | (150 | ) | (0.06 | ) | - | - | ||||||||||||||||||||
| Loss on early redemption of debt(4) | - | - | - | - | 29 | 0.01 | - | - | ||||||||||||||||||||||
| Costs related to Time Warner Cable and Charter transactions(5) | - | - | - | - | 123 | 0.05 | - | - | ||||||||||||||||||||||
| Loss on investment(6) | - | - | - | - | 158 | 0.06 | - | - | ||||||||||||||||||||||
| Net income attributable to Comcast Corporation (excluding adjustments) | $ | 1,996 | $ | 0.80 | $ | 2,237 | $ | 0.92 | $ | 6,150 | $ | 2.43 | $ | 6,332 | $ | 2.59 | ||||||||||||||
| Growth % | 12.1% | 15.0% | 3.0% | 6.6% | ||||||||||||||||||||||||||
| (1) | Based on diluted weighted-average number of common shares for the respective periods as presented in Table 1. | |
| (2) | 2016 year to date net income attributable to Comcast Corporation includes $108 million of other income, $67 million net of tax, resulting from a gain on the sale of our investment in The Weather Channel's product and technology business. 2015 year to date net income attributable to Comcast Corporation includes $335 million of other income, $202 million net of tax and noncontrolling interests, resulting from sales of an investment and a business. | |
| (3) | 2015 year to date net income attributable to Comcast Corporation includes $240 million of other income, $150 million net of tax, resulting from the settlement of a contingent consideration liability with General Electric Company related to the acquisition of NBCUniversal. | |
| (4) | 2015 year to date net income attributable to Comcast Corporation includes $47 million of interest expense, $29 million net of tax, resulting from the early redemption of debt. | |
| (5) | 2015 year to date net income attributable to Comcast Corporation includes $198 million of expense ($178 million of operating costs and expenses and $20 million of depreciation and amortization expense), $123 million net of tax, related to the Time Warner Cable and Charter transactions. | |
| (6) | 2015 year to date net income attributable to Comcast Corporation includes $252 million of equity in net losses of investees, $158 million net of tax, resulting from our proportionate share of an impairment loss recorded at The Weather Channel. | |
Note: Minor differences may exist due to rounding. | ||
| TABLE 6 | ||||||||||||||||
| Reconciliation of As Reported to Pro Forma(1) Financial Information (Unaudited) | ||||||||||||||||
Theme Parks | NBCUniversal | |||||||||||||||
| (in millions) | ||||||||||||||||
| Pro Forma | Pro Forma | Pro Forma | Pro Forma | |||||||||||||
As Reported | Adjustments(1) | Theme Parks | As Reported | Adjustments(1) | NBCUniversal | |||||||||||
Three Months Ended September 30, 2015 | ||||||||||||||||
| Revenue | $896 | $343 | $1,239 | $7,151 | $344 | $7,495 | ||||||||||
| Operating costs and expenses (2) | 462 | 174 | 636 | 5,518 | 176 | 5,694 | ||||||||||
| Operating cash flow | $434 | $169 | $603 | $1,633 | $168 | $1,801 | ||||||||||
Three Months Ended September 30, 2016 | ||||||||||||||||
| Revenue | $1,440 | - | $1,440 | $9,178 | - | $9,178 | ||||||||||
| Operating costs and expenses | 734 | - | 734 | 7,032 | - | 7,032 | ||||||||||
| Operating cash flow | $706 | - | $706 | $2,146 | - | $2,146 | ||||||||||
Growth Rates | ||||||||||||||||
| Revenue | 60.6 | % | 16.1 | % | 28.3 | % | 22.5 | % | ||||||||
| Operating cash flow | 62.4 | % | 17.1 | % | 31.5 | % | 19.2 | % | ||||||||
Nine Months Ended September 30, 2015 | ||||||||||||||||
| Revenue | $2,320 | $882 | $3,202 | $20,985 | $882 | $21,867 | ||||||||||
| Operating costs and expenses (2) | 1,308 | 483 | 1,791 | 16,185 | 483 | 16,668 | ||||||||||
| Operating cash flow | $1,012 | $399 | $1,411 | $4,800 | $399 | $5,199 | ||||||||||
Nine Months Ended September 30, 2016 | ||||||||||||||||
| Revenue | $3,602 | - | $3,602 | $23,142 | - | $23,142 | ||||||||||
| Operating costs and expenses | 2,052 | - | 2,052 | 17,685 | - | 17,685 | ||||||||||
| Operating cash flow | $1,550 | - | $1,550 | $5,457 | - | $5,457 | ||||||||||
Growth Rates | ||||||||||||||||
| Revenue | 55.2 | % | 12.5 | % | 10.3 | % | 5.8 | % | ||||||||
| Operating cash flow | 53.1 | % | 9.8 | % | 13.7 | % | 5.0 | % | ||||||||
| (1) Pro Forma information is presented as if the acquisition of the 51% interest of Universal Studios Japan occurred January 1, 2014. Pro forma data does not include adjustments for transaction-related costs, costs related to integration activities, or cost savings or synergies that have been or may be achieved by the combined businesses. The pro forma amounts are based on historical results of operations and are subject to change as valuations are finalized. Pro forma amounts are not necessarily indicative of what our results would have been had we operated Universal Studios Japan since January 1, 2014, nor of our future results. |
| (2) As reported results for Theme Parks and total NBCUniversal for 2015 have been adjusted for the change in NBCUniversal's method of accounting for a contractual obligation that involves an interest held by a third party in the revenue of certain theme parks. As a result of the change, the amounts that are payable based on current period revenue are now presented in operating costs and expenses, rather than other income (expense), net in our consolidated statement of income. The change was effective beginning in the 4th quarter of 2015 and for segment reporting purposes we also adjusted prior periods to reflect management reporting presentation of such amounts on a consistent basis. |
| TABLE 7 | |||||||||||||||||||||
Reconciliation of Consolidated Revenue Excluding 2016 Olympics and 2015 Super Bowl and Operating Cash Flow Excluding Costs Related to Time Warner Cable and Charter Transactions (Unaudited) | |||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||
| (in millions) | 2015 | 2016 | Growth % | 2015 | 2016 | Growth % | |||||||||||||||
| Revenue | $ | 18,669 | $ | 21,319 | 14.2 | % | $ | 55,265 | $ | 59,378 | 7.4 | % | |||||||||
| 2016 Olympics | - | (1,620 | ) | - | (1,620 | ) | |||||||||||||||
| 2015 Super Bowl | - | - | (376 | ) | - | ||||||||||||||||
| Revenue excluding 2016 Olympics and 2015 Super Bowl | $ | 18,669 | $ | 19,699 | 5.5 | % | $ | 54,889 | $ | 57,758 | 5.2 | % | |||||||||
| 2015 | 2016 | Growth % | 2015 | 2016 | Growth % | ||||||||||||||||
| Operating Income | $ | 4,001 | $ | 4,440 | $ | 11,996 | $ | 12,595 | |||||||||||||
| Depreciation and Amortization | 2,183 | 2,395 | 6,410 | 7,062 | |||||||||||||||||
| Operating Cash Flow | $ | 6,184 | $ | 6,835 | 10.5 | % | $ | 18,406 | $ | 19,657 | 6.8 | % | |||||||||
| Costs related to Time Warner Cable and Charter transactions | - | - | 178 | - | |||||||||||||||||
| Operating Cash Flow excluding costs related to Time Warner Cable and Charter transactions | $ | 6,184 | $ | 6,835 | 10.5 | % | $ | 18,584 | $ | 19,657 | 5.8 | % | |||||||||
| Reconciliation of Consolidated NBCUniversal Revenue Excluding 2016 Olympics and 2015 Super Bowl (Unaudited) | |||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||
| (in millions) | 2015 | 2016 | Growth % | 2015 | 2016 | Growth % | |||||||||||||||
| Revenue | $ | 7,151 | $ | 9,178 | 28.3 | % | $ | 20,985 | $ | 23,142 | 10.3 | % | |||||||||
| 2016 Olympics | - | (1,620 | ) | - | (1,620 | ) | |||||||||||||||
| 2015 Super Bowl | - | - | (376 | ) | - | ||||||||||||||||
| Revenue excluding 2016 Olympics and 2015 Super Bowl | $ | 7,151 | $ | 7,558 | 5.7 | % | $ | 20,609 | $ | 21,522 | 4.4 | % | |||||||||
| Reconciliation of Consolidated NBCUniversal Pro Forma Revenue Excluding 2016 Olympics and 2015 Super Bowl (Unaudited) | |||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||
| (in millions) | 2015 | 2016 | Growth % | 2015 | 2016 | Growth % | |||||||||||||||
| Pro Forma Revenue | $ | 7,495 | $ | 9,178 | 22.5 | % | $ | 21,867 | $ | 23,142 | 5.8 | % | |||||||||
| 2016 Olympics | - | (1,620 | ) | - | (1,620 | ) | |||||||||||||||
| 2015 Super Bowl | - | - | (376 | ) | - | ||||||||||||||||
| Pro Forma Revenue excluding 2016 Olympics and 2015 Super Bowl | $ | 7,495 | $ | 7,558 | 0.8 | % | $ | 21,491 | $ | 21,522 | 0.1 | % | |||||||||
| Reconciliation of Cable Networks Revenue Excluding 2016 Olympics (Unaudited) | |||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||
| (in millions) | 2015 | 2016 | Growth % | 2015 | 2016 | Growth % | |||||||||||||||
| Revenue | $ | 2,412 | $ | 2,942 | 22.0 | % | $ | 7,221 | $ | 7,961 | 10.2 | % | |||||||||
| 2016 Olympics | - | (432 | ) | - | (432 | ) | |||||||||||||||
| Revenue excluding 2016 Olympics | $ | 2,412 | $ | 2,510 | 4.1 | % | $ | 7,221 | $ | 7,529 | 4.3 | % | |||||||||
| Reconciliation of Broadcast Television Revenue Excluding 2016 Olympics and 2015 Super Bowl (Unaudited) | |||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||
| (in millions) | 2015 | 2016 | Growth % | 2015 | 2016 | Growth % | |||||||||||||||
| Revenue | $ | 1,971 | $ | 3,087 | 56.6 | % | $ | 6,032 | $ | 7,299 | 21.0 | % | |||||||||
| 2016 Olympics | - | (1,188 | ) | - | (1,188 | ) | |||||||||||||||
| 2015 Super Bowl | - | - | (376 | ) | - | ||||||||||||||||
| Revenue excluding 2016 Olympics and 2015 Super Bowl | $ | 1,971 | $ | 1,899 | (3.6 | %) | $ | 5,656 | $ | 6,111 | 8.0 | % | |||||||||
Note: Minor differences may exist due to rounding. | |||||||||||||||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20161026005801/en/
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or
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