Comcast(US:CMCSA)2023-04-26 16:00Financial Performance - Consolidated revenue for the three months ended March 31, 2023, was $29,691 million, a decrease of 4.3% compared to $31,010 million in the same period of 2022[60] - Total costs and expenses for the same period were $24,045 million, down 5.5% from $25,440 million in the prior year[60] - Net income attributable to Comcast Corporation for the three months ended March 31, 2023, was $3,834 million, an increase of 8.0% from $3,549 million in the same period of 2022[60] - Basic earnings per share attributable to Comcast Corporation shareholders increased by 15.2% to $0.91 from $0.79 year-over-year[60] - Adjusted EBITDA for the three months ended March 31, 2023, was $9,415 million, reflecting a 2.9% increase from $9,150 million in the same period of 2022[60] - Operating income for the three months ended March 31, 2023, was $5,646 million, compared to $5,569 million in the same period of 2022, reflecting a slight increase[109] Connectivity & Platforms Segment - Revenue from the Connectivity & Platforms segment was $20,153 million, a decrease of 1.8% from $20,512 million in the prior year[66] - Adjusted EBITDA margin for the Connectivity & Platforms segment improved to 40.2%, up 200 basis points from 38.2% year-over-year[66] - The Business Services Connectivity segment revenue increased by 5.1% to $2,283 million compared to $2,172 million in the same period of 2022[66] - Domestic broadband revenue increased by 4.8% to $6,343 million for the three months ended March 31, 2023, compared to $6,050 million in the same period of 2022[74] - Total revenue for the Connectivity & Platforms segment decreased by 2.6% to $17,869 million for the three months ended March 31, 2023, down from $18,340 million in the prior year[74] - Average monthly total Connectivity & Platforms revenue per customer relationship was $128.04, a decrease of 1.8% from $130.35 in the previous year[69] - Adjusted EBITDA for the Connectivity & Platforms segment increased by 2.3% to $6,762 million for the three months ended March 31, 2023, compared to $6,611 million in the same period of 2022[74] - Total Connectivity & Platforms customer relationships reached 52,507 thousand as of March 31, 2023, a net addition of 82 thousand compared to the previous year[68] Media Segment - Total Content & Experiences revenue decreased by 9.5% to $10,259 million for the three months ended March 31, 2023, down from $11,339 million in the same period in 2022[80] - Adjusted EBITDA for the Media segment decreased by 25.5% to $880 million for the three months ended March 31, 2023, compared to $1,181 million in the same period in 2022[83] - Total costs and expenses for the Media segment decreased by 19.8% to $5,272 million for the three months ended March 31, 2023, compared to $6,577 million in the same period in 2022[83] - Programming and production costs for the Media segment decreased by 23.6% to $3,989 million for the three months ended March 31, 2023, compared to $5,221 million in the same period in 2022[83] - Peacock generated $685 million in revenue for the three months ended March 31, 2023, up from $472 million in the same period in 2022, with paid subscribers increasing from 13 million to 22 million[85] Theme Parks Segment - Theme Parks revenue increased by 24.9% to $1,949 million for the three months ended March 31, 2023, compared to $1,560 million in the same period in 2022[90] - Adjusted EBITDA for Theme Parks increased by 46.0% to $658 million for the three months ended March 31, 2023, compared to $451 million in the same period in 2022[90] - Theme parks revenue increased by 16.3% to $19 million for the three months ended March 31, 2023, compared to $16 million in the same period in 2022, driven by higher attendance and the opening of Super Nintendo World[91] - Theme parks costs and expenses rose by 20.9% to $251 million for the three months ended March 31, 2023, compared to $208 million in the same period in 2022, primarily due to increased guest attendance[91] Advertising Revenue - Advertising revenue decreased by 15.5% to $907 million for the three months ended March 31, 2023, compared to $1,073 million in the same period of 2022[74] - Domestic advertising revenue fell by 38.8% to $2,025 million for the three months ended March 31, 2023, compared to $3,310 million in the same period in 2022[83] Cash Flow and Debt - Cash provided by operating activities was $7.2 billion for the three months ended March 31, 2023, compared to $7.3 billion in the same period in 2022[106] - Cash used in investing activities increased to $(3.4) billion for the three months ended March 31, 2023, compared to $(2.6) billion in the same period in 2022[106] - Cash and cash equivalents increased to $5.5 billion as of March 31, 2023, compared to $4.7 billion as of December 31, 2022[106] - Short-term and long-term debt rose to $95.5 billion as of March 31, 2023, compared to $94.8 billion as of December 31, 2022[106] - Total debt as of March 31, 2023, was $95.5 billion, up from $94.8 billion as of December 31, 2022[114] - Debt subject to cross-guarantees totaled $91.4 billion as of March 31, 2023, compared to $90.9 billion at the end of 2022[114] - The company anticipates continued use of cash flows from operating activities for debt repayment, capital expenditures, and returning capital to shareholders[108] Shareholder Returns - A total of 52.5 million shares of Class A common stock were repurchased for $2.0 billion during the three months ended March 31, 2023, with $14.0 billion remaining under the share repurchase program[112] - Dividends paid in January 2023 amounted to $1.2 billion, with a 7.4% increase in the annual dividend to $1.16 per share approved by the Board of Directors[112] Other Financial Metrics - Amortization expense from acquisition-related intangible assets was $556 million for the three months ended March 31, 2023, down from $592 million in the same period of 2022[62] - The company expects continued declines in video revenue due to domestic customer net losses and competitive pressures[66] - The variance in changes in operating assets and liabilities was primarily due to the timing of sporting events impacting collections and deferred revenue recognition[109]