Comcast Results Presentation Deck
Cable Communications 4th Quarter 2020 Overview
Customer Relationships (M) Revenue
Per CR*
31.5
Adjusted EBITDA
6
4Q 19
$5.9
$62.53
4Q 19
+7.0%
+5.1%
33.1
4Q20
+12.3%
$6.6
$66.91
4Q20
$14.8
4Q 19
($B) Net Cash Flow
$3.3
4Q 19
+6.3%
$15.7
4Q20
+26.1%
$4.1
4Q20
($B)
($B)
Commentary
Customer relationships: +5.1% to 33.1M
Total customer relationship net adds of 455K in 4Q - best 4Q on record;
1.6M net adds in FY 2020 - best year on record
ā
HSI customer net adds of 538K in 4Q - best 4Q on record; 2.0M net adds in
FY 2020 - best year on record
Added 246K wireless lines, ending the quarter with 2.8M total lines
Revenue: +6.3% to $15.7B
HSI: +12.7% to $5.4B
Advertising: +33.8% to $935M, +2.2% excl. political
Wireless: +35.8% to $505M
Business Services: +4.8% to $2.1B
Video: -0.7% to $5.5B
-
Adjusted EBITDA: +12.3% to $6.6B; +7.0% per customer relationship
Programming expenses +7.2%
Non-programming expenses -0.4%; -5.1% per customer relationship
Adj. EBITDA margin was 42.1% in 4Q20 and FY 2020; excluding the impact
of accrued RSN fee adjustments**, Adj. EBITDA margin improved +170bps
y/y in FY 2020
Net Cash Flow: +26.1% to $4.1B in 4Q; +16.1% in FY20
Capital Expenditures -1.1% in 4Q20, representing 13.5% of Cable revenue,
and -4.4% in FY 2020; excluding the impact accrued RSN fee
adjustments**, capex as a % of revenue improved 100bps y/y in FY 2020
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 RSN related adjustments. Refer to Notes page for further details.
See Notes on Slide 13View entire presentation