Comcast: “Sky subs back to pre-Covid level”

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Comcast has reported results for the quarter and year ended December 31st 2020 and highlighted that Sky across UK, Germany and Italy has added 244,000 accounts in Q4 returning the business to pre-Covid levels.

Brian L. Roberts, Chairman and CEO of Comcast, stated: “Outstanding performance at Cable drove very strong fourth quarter results for our company. We added 538,000 net new broadband customers and delivered Adjusted EBITDA growth of over 12 per cent. Our theme parks in Orlando and Osaka reached breakeven; and encouragingly, Sky returned to customer growth in all three of its markets, bringing our total customer relationships and overall revenue in Europe essentially back to 2019 levels. With the vaccines rolling out throughout the world, we are optimistic that the parts of our business that had been most impacted will soon be back on a path towards growth.”

“In addition, it is now our expectation that we will be in a position to begin repurchasing shares again in the back half of this year. While this is certainly the most challenging period we have faced, I could not be more proud of how our management team and employees continue to pull together and deliver. Today’s results are a testament to their commitment and dedication,” Roberts added.

Full Year 2020 Highlights:

  • Generated Consolidated Adjusted EBITDA of $30.8 Billion, Adjusted EPS of $2.61 and Free Cash Flow of $13.3 Billion
  • Cable Communications Total Customer Relationships Increased by 1.6 Million, the Best Result on Record; Total High-Speed Internet Customers Increased by 2 Million, the Best Result on Record
  • Cable Communications Adjusted EBITDA Increased 8.6% and Adjusted EBITDA per Customer Relationship Increased 4 per cent
  • NBCUniversal Reorganised Its Television and Streaming Businesses with a Centralised Structure Optimizing Content Creation, Distribution and Monetization
  • Successfully Launched Peacock, NBCUniversal’s Premium Advertising-Supported Video-On-Demand Streaming Service with 33 Million Sign-Ups Across the US to Date
  • Sky Executed Key Initiatives Across Its Markets, Including Expanding Sky Q Penetration to Over 60 per cent in the UK, Launching a Broadband Service in Italy and Repositioning Content Investment in Germany

4th Quarter 2020 Highlights:

  • Generated Consolidated Adjusted EBITDA of $7.2 Billion, Adjusted EPS of $0.56 and Free Cash Flow of $1.7 Billion
  • Cable Communications Total Customer Relationships Increased 455,000, the Best Fourth Quarter Result on Record; Total High-Speed Internet Customers Increased 538,000, the Best Fourth Quarter Result on Record
  • Cable Communications Adjusted EBITDA Increased 12.3 per cent and Adjusted EBITDA per Customer Relationship Increased 7 per cent
  • Theme Parks Reached Breakeven Excluding Universal Beijing Resort Pre-Opening Costs and Despite the Continued Closure of Universal Studios Hollywood
  • Sky Total Customer Relationship Net Additions Were 244,000 in the Quarter, Reflecting Net Additions in All Markets; Customer Relationships Returned to 99.8 per cent of Pre-Covid Levels

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