Comcast Results Presentation Deck
Cable Communications 4th Quarter 2021 Overview
Customer Relationships (M) Revenue
Per CR*
33.1
Adjusted EBITDA
6
4Q20
$6.6
$66.96
4Q20
+3.9%
+3.3%
34.2
4Q21
+7.8%
$7.1
$69.58
4Q21
($B)
$15.7
4Q20
Net Cash Flow
$4.1
4Q20
+4.5%
$16.4
4Q21
+9.2%
$4.5
4Q21
($B)
($B)
Commentary
Customer relationships: +3.3% to 34.2M
Total customer relationship net adds of 169K; 1.1M net adds in FY 2021
Broadband customer net adds of 212K; 1.3M net adds in FY 2021
Added 312K wireless lines, best quarterly result since launch in 2017; ended the
quarter with 4.0M total lines
ā
Revenue: +4.5% to $16.4B
Broadband: +8.5% to $5.9B
Business Services: +11.5% to $2.3B
Wireless: +40.3% to $709M
Advertising: (12.5%) to $818M; +9.3% excluding political
Video: (1.2%) to $5.4B
Adjusted EBITDA: +7.8% to $7.1B; +3.9% per customer relationship
Programming expenses (1.2%)
Non-programming expenses +4.1%; consistent with the prior period on a per customer
relationship basis
Wireless Adjusted EBITDA of +$32M compared to a loss of ($60M) in 4Q20
Adj. EBITDA margin improved +130bps y/y to 43.4% in 4Q21; Adj. EBITDA margin
improved +160bps y/y to 43.7% in FY 2021. Excluding the impact of accrued RSN fee
adjustments in FY 2020**, Adj. EBITDA margin improved +190bps y/y in FY 2021
Net Cash Flow: +9.2% to $4.5B in 4Q; +13.8% in FY21
Capital Expenditures +3.7% in 4Q21, representing 13.4% of Cable revenue, and 10.8%
in FY 2021; capex as a % of revenue improved +20bps y/y in FY 2021
All percentages represent year/year growth rates, except Adjusted EBITDA margin and Capital Expenditures as a % of Revenue.
*Represents average monthly results per customer relationship. **Cable Communications reported results for 2020 include the impacts of accrued customer RSN related fee adjustments. Refer to Notes page for further details.
See Notes on Slide 12View entire presentation