(Exact Name of Registrant as Specified in its Charter) | ||||||||||||||
(State or Other Jurisdiction of Incorporation) | ||||||||||||||
(Commission File Number) | (IRS Employer Identification No.) | |||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of Each Class | Trading symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
Exhibit Number | Description | |||||||||||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
COMCAST CORPORATION | ||||||||||||||||||||
Date: | July 27, 2023 | By: | /s/ Daniel C. Murdock | |||||||||||||||||
Daniel C. Murdock | ||||||||||||||||||||
Executive Vice President, Chief Accounting Officer and Controller | ||||||||||||||||||||
(Principal Accounting Officer) |
![]() | PRESS RELEASE |
($ in millions, except per share data) | |||||||||||||||||
2nd Quarter | |||||||||||||||||
Consolidated Results | 2023 | 2022 | Change | ||||||||||||||
Revenue | $30,513 | $30,016 | 1.7 | % | |||||||||||||
Net Income Attributable to Comcast | $4,248 | $3,396 | 25.1 | % | |||||||||||||
Adjusted Net Income1 | $4,723 | $4,507 | 4.8 | % | |||||||||||||
Adjusted EBITDA2 | $10,244 | $9,827 | 4.2 | % | |||||||||||||
Earnings per Share3 | $1.02 | $0.76 | 34.2 | % | |||||||||||||
Adjusted Earnings per Share1 | $1.13 | $1.01 | 11.9 | % | |||||||||||||
Net Cash Provided by Operating Activities | $7,197 | $6,327 | 13.8 | % | |||||||||||||
Free Cash Flow4 | $3,421 | $3,170 | 7.9 | % | |||||||||||||
($ in millions) | Constant Currency Change6 | |||||||||||||||||||
2nd Quarter | ||||||||||||||||||||
2023 | 20225 | Change | ||||||||||||||||||
Connectivity & Platforms Revenue | ||||||||||||||||||||
Residential Connectivity & Platforms | $18,068 | $18,131 | (0.4 | %) | (0.5 | %) | ||||||||||||||
Business Services Connectivity | 2,292 | 2,203 | 4.0 | % | 4.0 | % | ||||||||||||||
Total Connectivity & Platforms Revenue | $20,360 | $20,335 | 0.1 | % | — | % | ||||||||||||||
Connectivity & Platforms Adjusted EBITDA | ||||||||||||||||||||
Residential Connectivity & Platforms | $7,024 | $6,733 | 4.3 | % | 4.3 | % | ||||||||||||||
Business Services Connectivity | 1,322 | 1,263 | 4.7 | % | 4.7 | % | ||||||||||||||
Total Connectivity & Platforms Adjusted EBITDA | $8,346 | $7,995 | 4.4 | % | 4.3 | % | ||||||||||||||
Connectivity & Platforms Adjusted EBITDA Margin | ||||||||||||||||||||
Residential Connectivity & Platforms | 38.9 | % | 37.1 | % | 180 bps | 180 bps | ||||||||||||||
Business Services Connectivity | 57.7 | % | 57.3 | % | 40 bps | 40 bps | ||||||||||||||
Total Connectivity & Platforms Adjusted EBITDA Margin | 41.0 | % | 39.3 | % | 170 bps | 170 bps | ||||||||||||||
(in thousands) | Net Additions / (Losses) | ||||||||||||||||||||||
2nd Quarter | |||||||||||||||||||||||
2Q23 | 2Q227 | 2023 | 20227 | ||||||||||||||||||||
Customer Relationships | |||||||||||||||||||||||
Domestic Residential Connectivity & Platforms Customer Relationships | 31,761 | 31,955 | (65) | (38) | |||||||||||||||||||
International Residential Connectivity & Platforms Customer Relationships | 17,884 | 17,788 | (167) | (120) | |||||||||||||||||||
Business Services Connectivity Customer Relationships | 2,635 | 2,608 | 5 | 16 | |||||||||||||||||||
Total Connectivity & Platforms Customer Relationships | 52,280 | 52,351 | (228) | (143) | |||||||||||||||||||
Domestic Broadband | |||||||||||||||||||||||
Residential Customers | 29,796 | 29,826 | (20) | (10) | |||||||||||||||||||
Business Customers | 2,509 | 2,497 | 1 | 13 | |||||||||||||||||||
Total Domestic Broadband Customers | 32,305 | 32,323 | (19) | 3 | |||||||||||||||||||
Total Domestic Wireless Lines | 5,984 | 4,615 | 316 | 317 | |||||||||||||||||||
Total Domestic Video Customers | 14,985 | 17,144 | (543) | (521) | |||||||||||||||||||
($ in millions) | Constant Currency Change6 | |||||||||||||||||||
2nd Quarter | ||||||||||||||||||||
2023 | 20225 | Change | ||||||||||||||||||
Revenue | ||||||||||||||||||||
Domestic Broadband | $6,377 | $6,107 | 4.4 | % | 4.4 | % | ||||||||||||||
Domestic Wireless | 869 | 722 | 20.4 | % | 20.4 | % | ||||||||||||||
International Connectivity | 1,002 | 791 | 26.7 | % | 25.9 | % | ||||||||||||||
Total Residential Connectivity | 8,248 | 7,620 | 8.2 | % | 8.2 | % | ||||||||||||||
Video | 7,358 | 7,793 | (5.6 | %) | (5.8 | %) | ||||||||||||||
Advertising | 993 | 1,112 | (10.7 | %) | (10.9 | %) | ||||||||||||||
Other | 1,469 | 1,607 | (8.6 | %) | (8.8 | %) | ||||||||||||||
Total Revenue | $18,068 | $18,131 | (0.4 | %) | (0.5 | %) | ||||||||||||||
Operating Expenses | ||||||||||||||||||||
Programming | $4,579 | $4,679 | (2.1 | %) | (2.4 | %) | ||||||||||||||
Non-Programming | 6,465 | 6,720 | (3.8 | %) | (4.0 | %) | ||||||||||||||
Total Operating Expenses | $11,044 | $11,399 | (3.1 | %) | (3.3 | %) | ||||||||||||||
Adjusted EBITDA | $7,024 | $6,733 | 4.3 | % | 4.3 | % | ||||||||||||||
Adjusted EBITDA Margin | 38.9 | % | 37.1 | % | 180 bps | 180 bps | ||||||||||||||
($ in millions) | Constant Currency Change6 | |||||||||||||||||||
2nd Quarter | ||||||||||||||||||||
2023 | 20225 | Change | ||||||||||||||||||
Revenue | $2,292 | $2,203 | 4.0 | % | 4.0 | % | ||||||||||||||
Operating Expenses | 970 | 941 | 3.1 | % | 3.1 | % | ||||||||||||||
Adjusted EBITDA | $1,322 | $1,263 | 4.7 | % | 4.7 | % | ||||||||||||||
Adjusted EBITDA Margin | 57.7 | % | 57.3 | % | 40 bps | 40 bps | ||||||||||||||
($ in millions) | |||||||||||||||||
2nd Quarter | |||||||||||||||||
2023 | 20225 | Change | |||||||||||||||
Content & Experiences Revenue | |||||||||||||||||
Media | $6,195 | $6,188 | 0.1 | % | |||||||||||||
Studios | 3,087 | 3,117 | (0.9 | %) | |||||||||||||
Theme Parks | 2,209 | 1,804 | 22.4 | % | |||||||||||||
Headquarters & Other | 13 | 8 | 60.5 | % | |||||||||||||
Eliminations | (631) | (664) | 5.0 | % | |||||||||||||
Total Content & Experiences Revenue | $10,873 | $10,453 | 4.0 | % | |||||||||||||
Content & Experiences Adjusted EBITDA | |||||||||||||||||
Media | $1,244 | $1,520 | (18.2 | %) | |||||||||||||
Studios | 255 | (3) | NM | ||||||||||||||
Theme Parks | 833 | 632 | 31.8 | % | |||||||||||||
Headquarters & Other | (200) | (137) | (45.6 | %) | |||||||||||||
Eliminations | 56 | 23 | 141.8 | % | |||||||||||||
Total Content & Experiences Adjusted EBITDA | $2,187 | $2,034 | 7.5 | % | |||||||||||||
NM=comparison not meaningful. |
($ in millions) | |||||||||||||||||
2nd Quarter | |||||||||||||||||
2023 | 20225 | Change | |||||||||||||||
Revenue | |||||||||||||||||
Domestic Advertising | $2,027 | $2,131 | (4.9 | %) | |||||||||||||
Domestic Distribution | 2,615 | 2,558 | 2.2 | % | |||||||||||||
International Networks | 1,035 | 970 | 6.7 | % | |||||||||||||
Other | 518 | 529 | (2.0 | %) | |||||||||||||
Total Revenue | $6,195 | $6,188 | 0.1 | % | |||||||||||||
Operating Expenses | 4,951 | 4,669 | 6.0 | % | |||||||||||||
Adjusted EBITDA | $1,244 | $1,520 | (18.2 | %) | |||||||||||||
($ in millions) | |||||||||||||||||
2nd Quarter | |||||||||||||||||
2023 | 20225 | Change | |||||||||||||||
Revenue | |||||||||||||||||
Content Licensing | $1,821 | $2,269 | (19.8 | %) | |||||||||||||
Theatrical | 913 | 550 | 65.9 | % | |||||||||||||
Other | 354 | 298 | 19.0 | % | |||||||||||||
Total Revenue | $3,087 | $3,117 | (0.9 | %) | |||||||||||||
Operating Expenses | 2,833 | 3,120 | (9.2 | %) | |||||||||||||
Adjusted EBITDA | $255 | ($3) | NM | ||||||||||||||
NM=comparison not meaningful. |
($ in millions) | |||||||||||||||||
2nd Quarter | |||||||||||||||||
2023 | 2022 | Change | |||||||||||||||
Revenue | $2,209 | $1,804 | 22.4 | % | |||||||||||||
Operating Expenses | 1,376 | 1,173 | 17.4 | % | |||||||||||||
Adjusted EBITDA | $833 | $632 | 31.8 | % | |||||||||||||
($ in millions) | |||||||||||||||||
2nd Quarter | |||||||||||||||||
2023 | 20225 | Change | |||||||||||||||
Corporate & Other | |||||||||||||||||
Revenue | $654 | $617 | 6.0 | % | |||||||||||||
Operating Expenses | 957 | 784 | 22.1 | % | |||||||||||||
Adjusted EBITDA | ($303) | ($167) | (81.4 | %) | |||||||||||||
Eliminations | |||||||||||||||||
Revenue | ($1,373) | ($1,389) | (1.2 | %) | |||||||||||||
Operating Expenses | (1,386) | (1,353) | 2.5 | % | |||||||||||||
Adjusted EBITDA | $14 | ($36) | NM | ||||||||||||||
NM=comparison not meaningful. |
Notes: |
Investor Contacts: | Press Contacts: | |||||||||||||
Marci Ryvicker | (215) 286-4781 | Jennifer Khoury | (215) 286-7408 | |||||||||||
Jane Kearns | (215) 286-4794 | John Demming | (215) 286-8011 | |||||||||||
Marc Kaplan | (215) 286-6527 |
![]() | |||||||||||||||||||||||||||||
TABLE 1 | |||||||||||||||||||||||||||||
Condensed Consolidated Statements of Income (Unaudited) |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(in millions, except per share data) | June 30, | June 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue | $30,513 | $30,016 | $60,205 | $61,026 | |||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Programming and production | 8,849 | 8,887 | 17,853 | 19,457 | |||||||||||||||||||
Marketing and promotion | 2,100 | 2,196 | 4,063 | 4,258 | |||||||||||||||||||
Other operating and administrative | 9,317 | 9,098 | 18,618 | 18,358 | |||||||||||||||||||
Depreciation | 2,195 | 2,162 | 4,459 | 4,375 | |||||||||||||||||||
Amortization | 1,343 | 1,306 | 2,856 | 2,641 | |||||||||||||||||||
23,804 | 23,649 | 47,849 | 49,089 | ||||||||||||||||||||
Operating income | 6,709 | 6,367 | 12,355 | 11,936 | |||||||||||||||||||
Interest expense | (998) | (968) | (2,007) | (1,962) | |||||||||||||||||||
Investment and other income (loss), net | |||||||||||||||||||||||
Equity in net income (losses) of investees, net | (80) | (413) | 405 | (280) | |||||||||||||||||||
Realized and unrealized gains (losses) on equity securities, net | (38) | (321) | (44) | (205) | |||||||||||||||||||
Other income (loss), net | 133 | (162) | 261 | (224) | |||||||||||||||||||
15 | (897) | 622 | (709) | ||||||||||||||||||||
Income before income taxes | 5,726 | 4,502 | 10,970 | 9,266 | |||||||||||||||||||
Income tax expense | (1,537) | (1,261) | (3,013) | (2,548) | |||||||||||||||||||
Net income | 4,189 | 3,241 | 7,957 | 6,717 | |||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | (59) | (155) | (126) | (227) | |||||||||||||||||||
Net income attributable to Comcast Corporation | $4,248 | $3,396 | $8,082 | $6,945 | |||||||||||||||||||
Diluted earnings per common share attributable to Comcast Corporation shareholders | $1.02 | $0.76 | $1.92 | $1.54 | |||||||||||||||||||
Diluted weighted-average number of common shares | 4,183 | 4,482 | 4,205 | 4,520 | |||||||||||||||||||
![]() | |||||||||||||||||||||||||||||
TABLE 2 | |||||||||||||||||||||||||||||
Consolidated Statements of Cash Flows (Unaudited) |
Six Months Ended | |||||||||||
(in millions) | June 30, | ||||||||||
2023 | 2022 | ||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $7,957 | $6,717 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 7,315 | 7,016 | |||||||||
Share-based compensation | 668 | 675 | |||||||||
Noncash interest expense (income), net | 140 | 165 | |||||||||
Net (gain) loss on investment activity and other | (354) | 864 | |||||||||
Deferred income taxes | 296 | (31) | |||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | |||||||||||
Current and noncurrent receivables, net | (92) | (338) | |||||||||
Film and television costs, net | 58 | 651 | |||||||||
Accounts payable and accrued expenses related to trade creditors | (718) | 78 | |||||||||
Other operating assets and liabilities | (843) | (2,214) | |||||||||
Net cash provided by operating activities | 14,426 | 13,584 | |||||||||
INVESTING ACTIVITIES | |||||||||||
Capital expenditures | (5,627) | (4,270) | |||||||||
Cash paid for intangible assets | (1,577) | (1,383) | |||||||||
Construction of Universal Beijing Resort | (104) | (168) | |||||||||
Proceeds from sales of businesses and investments | 369 | 108 | |||||||||
Purchases of investments | (593) | (1,164) | |||||||||
Other | 6 | 86 | |||||||||
Net cash provided by (used in) investing activities | (7,528) | (6,792) | |||||||||
FINANCING ACTIVITIES | |||||||||||
Proceeds from (repayments of) short-term borrowings, net | (660) | — | |||||||||
Proceeds from borrowings | 6,044 | 166 | |||||||||
Repurchases and repayments of debt | (3,001) | (254) | |||||||||
Repurchases of common stock under repurchase program and employee plans | (4,227) | (6,288) | |||||||||
Dividends paid | (2,387) | (2,377) | |||||||||
Other | (260) | 116 | |||||||||
Net cash provided by (used in) financing activities | (4,492) | (8,636) | |||||||||
Impact of foreign currency on cash, cash equivalents and restricted cash | 14 | (76) | |||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | 2,420 | (1,920) | |||||||||
Cash, cash equivalents and restricted cash, beginning of period | 4,782 | 8,778 | |||||||||
Cash, cash equivalents and restricted cash, end of period | $7,202 | $6,859 | |||||||||
![]() | |||||||||||||||||||||||||||||
TABLE 3 | |||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheets (Unaudited) |
(in millions) | June 30, | December 31, | |||||||||
2023 | 2022 | ||||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $7,146 | $4,749 | |||||||||
Receivables, net | 12,980 | 12,672 | |||||||||
Other current assets | 4,796 | 4,406 | |||||||||
Total current assets | 24,922 | 21,826 | |||||||||
Film and television costs | 12,641 | 12,560 | |||||||||
Investments | 7,761 | 7,250 | |||||||||
Investment securing collateralized obligation | 480 | 490 | |||||||||
Property and equipment, net | 56,851 | 55,485 | |||||||||
Goodwill | 59,042 | 58,494 | |||||||||
Franchise rights | 59,365 | 59,365 | |||||||||
Other intangible assets, net | 28,761 | 29,308 | |||||||||
Other noncurrent assets, net | 12,323 | 12,497 | |||||||||
$262,147 | $257,275 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||
Current Liabilities | |||||||||||
Accounts payable and accrued expenses related to trade creditors | $12,213 | $12,544 | |||||||||
Accrued participations and residuals | 1,812 | 1,770 | |||||||||
Deferred revenue | 3,327 | 2,380 | |||||||||
Accrued expenses and other current liabilities | 7,876 | 9,450 | |||||||||
Current portion of long-term debt | 2,524 | 1,743 | |||||||||
Collateralized obligation | 5,173 | — | |||||||||
Total current liabilities | 32,925 | 27,887 | |||||||||
Long-term debt, less current portion | 94,972 | 93,068 | |||||||||
Collateralized obligation | — | 5,172 | |||||||||
Deferred income taxes | 29,052 | 28,714 | |||||||||
Other noncurrent liabilities | 20,280 | 20,395 | |||||||||
Redeemable noncontrolling interests | 239 | 411 | |||||||||
Equity | |||||||||||
Comcast Corporation shareholders' equity | 84,119 | 80,943 | |||||||||
Noncontrolling interests | 559 | 684 | |||||||||
Total equity | 84,679 | 81,627 | |||||||||
$262,147 | $257,275 |
![]() | ||||||||||||||||||||||||||
TABLE 4 | ||||||||||||||||||||||||||
Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA (Unaudited) | ||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Net income attributable to Comcast Corporation | $4,248 | $3,396 | $8,082 | $6,945 | ||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | (59) | (155) | (126) | (227) | ||||||||||||||||||||||
Income tax expense | 1,537 | 1,261 | 3,013 | 2,548 | ||||||||||||||||||||||
Interest expense | 998 | 968 | 2,007 | 1,962 | ||||||||||||||||||||||
Investment and other (income) loss, net | (15) | 897 | (622) | 709 | ||||||||||||||||||||||
Depreciation | 2,195 | 2,162 | 4,459 | 4,375 | ||||||||||||||||||||||
Amortization | 1,343 | 1,306 | 2,856 | 2,641 | ||||||||||||||||||||||
Adjustments (1) | (3) | (9) | (11) | 24 | ||||||||||||||||||||||
Adjusted EBITDA | $10,244 | $9,827 | $19,659 | $18,977 | ||||||||||||||||||||||
Reconciliation from Net Cash Provided by Operating Activities to Free Cash Flow (Unaudited) | |||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Net cash provided by operating activities | $7,197 | $6,327 | $14,426 | $13,584 | |||||||||||||||||||||||||
Capital expenditures | (2,963) | (2,414) | (5,627) | (4,270) | |||||||||||||||||||||||||
Cash paid for capitalized software and other intangible assets | (813) | (743) | (1,577) | (1,383) | |||||||||||||||||||||||||
Free Cash Flow | $3,421 | $3,170 | $7,221 | $7,930 | |||||||||||||||||||||||||
Alternate Presentation of Free Cash Flow (Unaudited) | |||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Adjusted EBITDA | $10,244 | $9,827 | $19,659 | $18,977 | |||||||||||||||||||||||||
Capital expenditures | (2,963) | (2,414) | (5,627) | (4,270) | |||||||||||||||||||||||||
Cash paid for capitalized software and other intangible assets | (813) | (743) | (1,577) | (1,383) | |||||||||||||||||||||||||
Cash interest expense | (1,057) | (897) | (1,823) | (1,644) | |||||||||||||||||||||||||
Cash taxes | (2,236) | (2,751) | (2,384) | (2,841) | |||||||||||||||||||||||||
Changes in operating assets and liabilities | (244) | (240) | (1,975) | (1,715) | |||||||||||||||||||||||||
Noncash share-based compensation | 309 | 299 | 668 | 675 | |||||||||||||||||||||||||
Other (2) | 181 | 89 | 279 | 131 | |||||||||||||||||||||||||
Free Cash Flow | $3,421 | $3,170 | $7,221 | $7,930 | |||||||||||||||||||||||||
(1) | 2nd quarter and year to date 2023 Adjusted EBITDA exclude $(3) million and $(11) million of other operating and administrative expenses, respectively, related to our investment portfolio. 2nd quarter and year to date 2022 Adjusted EBITDA exclude ($9) million and $24 million of other operating and administrative expense, respectively, related to our investment portfolio. | ||||||||||||||||||||||||||||
(2) | 2nd quarter and year to date 2023 include decreases of $(3) million and $(11) million, respectively, of costs related to our investment portfolio as these amounts are excluded from Adjusted EBITDA. 2nd quarter and year to date 2022 include decreases of ($9) million and $24 million, respectively, of costs related to our investment portfolio. | ||||||||||||||||||||||||||||
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TABLE 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliations of Adjusted Net Income and Adjusted EPS (Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
$ | EPS | $ | EPS | $ | EPS | $ | EPS | |||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Comcast Corporation and diluted earnings per share attributable to Comcast Corporation shareholders | $4,248 | $1.02 | $3,396 | $0.76 | $8,082 | $1.92 | $6,945 | $1.54 | ||||||||||||||||||||||||||||||||||||||||||
Change | 25.1 | % | 34.2 | % | 16.4 | % | 24.7 | % | ||||||||||||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets (1) | 444 | 0.11 | 460 | 0.10 | 875 | 0.21 | 941 | 0.21 | ||||||||||||||||||||||||||||||||||||||||||
Investments (2) | 31 | 0.01 | 591 | 0.13 | (358) | (0.09) | 460 | 0.10 | ||||||||||||||||||||||||||||||||||||||||||
Items affecting period-over-period comparability: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gains and losses related to businesses and investments (3) | — | — | 60 | 0.01 | — | — | 60 | 0.01 | ||||||||||||||||||||||||||||||||||||||||||
Adjusted Net income and Adjusted EPS | $4,723 | $1.13 | $4,507 | $1.01 | $8,600 | $2.05 | $8,406 | $1.86 | ||||||||||||||||||||||||||||||||||||||||||
Change | 4.8 | % | 11.9 | % | 2.3 | % | 10.2 | % | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Amortization of acquisition-related intangible assets before income taxes | $572 | $568 | $1,128 | $1,160 | ||||||||||||||||||||||
Amortization of acquisition-related intangible assets, net of tax | $444 | $460 | $875 | $941 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Realized and unrealized (gains) losses on equity securities, net | $38 | $321 | $44 | $205 | ||||||||||||||||||||||
Equity in net (income) losses of investees, net and other | 3 | 461 | (518) | 406 | ||||||||||||||||||||||
Investments before income taxes | 41 | 782 | (474) | 611 | ||||||||||||||||||||||
Investments, net of tax | $31 | $591 | ($358) | $460 |
![]() | |||||||||||||||||||||||||||||
TABLE 6 | |||||||||||||||||||||||||||||
Reconciliation of Constant Currency (Unaudited) |
Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||
(in millions, except per customer data) | As Reported | Effects of Foreign Currency | Constant Currency Amounts | As Reported | Effects of Foreign Currency | Constant Currency Amounts | ||||||||||||||||||||||||||||||||
Reconciliation of Connectivity & Platforms Constant Currency | ||||||||||||||||||||||||||||||||||||||
Connectivity & Platforms Revenue | ||||||||||||||||||||||||||||||||||||||
Residential Connectivity & Platforms | $18,131 | $31 | $18,162 | $36,472 | ($318) | $36,154 | ||||||||||||||||||||||||||||||||
Business Services Connectivity | 2,203 | — | 2,203 | 4,375 | (1) | 4,374 | ||||||||||||||||||||||||||||||||
Total Connectivity & Platforms Revenue | $20,335 | $30 | $20,365 | $40,846 | ($318) | $40,528 | ||||||||||||||||||||||||||||||||
Connectivity and Platforms Adjusted EBITDA | ||||||||||||||||||||||||||||||||||||||
Residential Connectivity & Platforms | $6,733 | $3 | $6,736 | $13,344 | ($56) | $13,288 | ||||||||||||||||||||||||||||||||
Business Services Connectivity | 1,263 | (1) | 1,262 | 2,496 | — | 2,496 | ||||||||||||||||||||||||||||||||
Total Connectivity & Platforms Adjusted EBITDA | $7,995 | $3 | $7,998 | $15,840 | ($55) | $15,785 | ||||||||||||||||||||||||||||||||
Connectivity & Platforms Adjusted EBITDA Margin | ||||||||||||||||||||||||||||||||||||||
Residential Connectivity & Platforms | 37.1 | % | - bps | 37.1 | % | 36.6 | % | 20 bps | 36.8 | % | ||||||||||||||||||||||||||||
Business Services Connectivity | 57.3 | % | - bps | 57.3 | % | 57.1 | % | - bps | 57.1 | % | ||||||||||||||||||||||||||||
Total Connectivity & Platforms Adjusted EBITDA Margin | 39.3 | % | - bps | 39.3 | % | 38.8 | % | 10 bps | 38.9 | % | ||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||
(in millions, except per customer data) | As Reported | Effects of Foreign Currency | Constant Currency Amounts | As Reported | Effects of Foreign Currency | Constant Currency Amounts | ||||||||||||||||||||||||||||||||
Reconciliation of Residential Connectivity & Platforms Constant Currency | ||||||||||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||||||||
Domestic broadband | $6,107 | $— | $6,107 | $12,158 | $— | $12,158 | ||||||||||||||||||||||||||||||||
Domestic wireless | 722 | — | 722 | 1,399 | — | 1,399 | ||||||||||||||||||||||||||||||||
International connectivity | 791 | 5 | 796 | 1,631 | (73) | 1,558 | ||||||||||||||||||||||||||||||||
Total residential connectivity | $7,620 | $5 | 7,625 | $15,187 | ($73) | 15,114 | ||||||||||||||||||||||||||||||||
Video | 7,793 | 19 | 7,812 | 15,795 | (172) | 15,623 | ||||||||||||||||||||||||||||||||
Advertising | 1,112 | 3 | 1,115 | 2,185 | (32) | 2,153 | ||||||||||||||||||||||||||||||||
Other | 1,607 | 3 | 1,610 | 3,305 | (41) | 3,264 | ||||||||||||||||||||||||||||||||
Total Revenue | $18,131 | $31 | 18,162 | $36,472 | ($318) | 36,154 | ||||||||||||||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||||||||||||||
Programming | $4,679 | $11 | $4,690 | $9,563 | ($92) | $9,471 | ||||||||||||||||||||||||||||||||
Non-Programming | 6,720 | 16 | $6,736 | 13,565 | (170) | $13,395 | ||||||||||||||||||||||||||||||||
Total Operating Expenses | $11,399 | $27 | $11,426 | $23,128 | ($262) | $22,866 | ||||||||||||||||||||||||||||||||
Adjusted EBITDA | $6,733 | $3 | $6,736 | $13,344 | ($56) | $13,288 | ||||||||||||||||||||||||||||||||
Adjusted EBITDA Margin | 37.1 | % | - bps | 37.1 | % | 36.6 | % | 20 bps | 36.8 | % | ||||||||||||||||||||||||||||
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