Comcast(US:CMCSA)2024-07-23 17:28Financial Performance - Consolidated revenue for the three months ended June 30, 2024, decreased by 2.7% to $29,688 million compared to $30,513 million in 2023[54] - Net income for the three months ended June 30, 2024, was $3,839 million, an 8.4% decrease from $4,189 million in the same period of 2023[54] - Adjusted EBITDA for the three months ended June 30, 2024, was $10,171 million, a 0.7% decrease from $10,244 million in 2023[54] - Total costs and expenses for the three months ended June 30, 2024, decreased by 3.2% to $23,053 million from $23,804 million in 2023[54] - The effective income tax rate for the three months ended June 30, 2024, was impacted by state and foreign income taxes, resulting in a tax expense decrease of 13.1% to $1,336 million compared to $1,537 million in 2023[57] - For the three months ended June 30, 2024, net income attributable to Comcast Corporation was $3,929 million, a decrease of 7.5% compared to $4,248 million in the same period of 2023[92] Revenue Breakdown - Total Connectivity & Platforms revenue for the three months ended June 30, 2024, was $20,245 million, a decrease of 0.6% compared to $20,360 million in the same period of 2023[59] - Total Content & Experiences revenue decreased by 7.5% to $10,057 million for the three months ended June 30, 2024, compared to $10,873 million in the same period of 2023[73] - Media segment revenue increased by 2.1% to $6,324 million for the three months ended June 30, 2024, compared to $6,195 million in the same period of 2023[75] - The Studios segment experienced a revenue decline of 27.0% to $2,253 million for the three months ended June 30, 2024, compared to $3,087 million in the same period of 2023[73] - Domestic broadband revenue increased by 3.0% to $6,569 million for the three months ended June 30, 2024, compared to $6,377 million in the same period of 2023[68] Cost Management - Programming and production costs decreased by 10.0% to $7,961 million for the three months ended June 30, 2024, compared to $8,849 million in 2023[54] - Marketing and promotion expenses decreased by 8.5% to $1,922 million for the three months ended June 30, 2024, compared to $2,100 million in 2023[54] - Total Connectivity & Platforms costs and expenses decreased by 2.1% to $11,762 million for the three months ended June 30, 2024, compared to $12,014 million in the same period of 2023[66] - Programming expenses decreased by 7.2% to $4,248 million for the three months ended June 30, 2024, compared to $4,579 million in the same period of 2023[66] - Total costs and expenses for the Media segment increased by 0.4% to $4,968 million for the three months ended June 30, 2024, compared to $4,951 million in the same period of 2023[75] Customer Metrics - Domestic Residential Connectivity & Platforms customer relationships decreased by 128 thousand to 31,426 thousand as of June 30, 2024, compared to 31,761 thousand as of June 30, 2023[61] - Total domestic broadband customers decreased by 120 thousand to 32,068 thousand as of June 30, 2024, compared to 32,305 thousand as of June 30, 2023[61] - Average monthly total Connectivity & Platforms revenue per customer relationship increased by 0.5% to $130.20 for the three months ended June 30, 2024, compared to $129.53 in the same period of 2023[62] Debt and Financing - Comcast issued $3.3 billion in fixed-rate senior notes in May 2024, with maturities ranging from 2029 to 2054 and a weighted-average interest rate of 5.38%[103] - A total of 112 million shares of Class A common stock were repurchased for $4.6 billion during the six months ended June 30, 2024, with a new share repurchase program authorized for $15.0 billion[104] - The company made optional repayments on debt obligations, which may include repurchases or exchanges of outstanding public notes and debentures[103] - The company reported a significant increase in income tax payments for the six months ended June 30, 2024, totaling $4,568 million compared to $2,384 million in the same period of 2023[100] Future Outlook - The company expects to receive additional proceeds from the sale of its interest in Hulu in 2024, following a third-party appraisal process[102] - Comcast's management continues to focus on maintaining compliance with financial covenants related to leverage, which is tested quarterly[100]