Exhibit 99.1
Summary of Segment Reporting Changes
The following table presents a reconciliation of previously reported segment results for the years ended 2019 and 2020 to our segment results under the new segment structure, including: (1) presentation of Peacock (previously in Corporate and Other) with NBCUniversal results in the Media segment, (2) the combination of our television businesses (previously in Cable Networks and Broadcast Television) into the Media segment and (3) the realignment of certain other business operations within our NBCUniversal segments, including the movement of our television studio operations (previously in Cable Networks and Broadcast Television) into the Studios segment with the operations of our film studios (previously in Filmed Entertainment):
Year ended December 31, 2019 | Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||||
($ in millions; unaudited) | As Originally Reported | Peacock | Combine Television | Studios and Other | Recast | As Originally Reported | Peacock | Combine Television | Studios and Other | Recast | |||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||
Cable Communications | $ | 58,082 | $ | 58,082 | $ | 60,051 | $ | 60,051 | |||||||||||||||||||||||||||
NBCUniversal | |||||||||||||||||||||||||||||||||||
Cable Networks | 11,513 | (11,513) | 10,849 | (10,849) | |||||||||||||||||||||||||||||||
Broadcast Television | 10,261 | (10,261) | 10,244 | (10,244) | |||||||||||||||||||||||||||||||
Media | 21,774 | (1,827) | 19,947 | 118 | 21,093 | (2,275) | 18,936 | ||||||||||||||||||||||||||||
Filmed Entertainment / Studios | 6,493 | 2,859 | 9,352 | 5,276 | 2,858 | 8,134 | |||||||||||||||||||||||||||||
Theme Parks | 5,933 | 280 | 6,213 | 1,846 | 248 | 2,094 | |||||||||||||||||||||||||||||
Headquarters and Other | 83 | (52) | 31 | 121 | (68) | 53 | |||||||||||||||||||||||||||||
Eliminations | (316) | (9) | (1,260) | (1,585) | (254) | (989) | (763) | (2,006) | |||||||||||||||||||||||||||
Total NBCUniversal | 33,967 | (9) | — | — | 33,958 | 28,082 | (871) | — | — | 27,211 | |||||||||||||||||||||||||
Sky | 19,219 | 19,219 | 18,594 | 18,594 | |||||||||||||||||||||||||||||||
Corporate and Other | 333 | 333 | 366 | (118) | 248 | ||||||||||||||||||||||||||||||
Eliminations | (2,659) | 9 | (2,650) | (3,529) | 989 | (2,540) | |||||||||||||||||||||||||||||
Total consolidated revenue | $ | 108,942 | $ | — | $ | — | $ | — | $ | 108,942 | $ | 103,564 | $ | — | $ | — | $ | — | $ | 103,564 | |||||||||||||||
Adjusted EBITDA1 | |||||||||||||||||||||||||||||||||||
Cable Communications | $ | 23,266 | $ | 23,266 | $ | 25,270 | $ | 25,270 | |||||||||||||||||||||||||||
NBCUniversal | |||||||||||||||||||||||||||||||||||
Cable Networks | 4,444 | (4,444) | 4,616 | (4,616) | |||||||||||||||||||||||||||||||
Broadcast Television | 1,730 | (1,730) | 1,934 | (1,934) | |||||||||||||||||||||||||||||||
Media | (60) | 6,174 | (280) | 5,834 | (662) | 6,550 | (314) | 5,574 | |||||||||||||||||||||||||||
Filmed Entertainment / Studios | 833 | 225 | 1,058 | 785 | 256 | 1,041 | |||||||||||||||||||||||||||||
Theme Parks | 2,455 | 43 | 2,498 | (541) | 64 | (477) | |||||||||||||||||||||||||||||
Headquarters and Other | (689) | (1) | (690) | (521) | (42) | (563) | |||||||||||||||||||||||||||||
Eliminations | (1) | (1) | 13 | 11 | (4) | (252) | 36 | (220) | |||||||||||||||||||||||||||
Total NBCUniversal | 8,772 | (61) | — | — | 8,711 | 6,269 | (914) | — | — | 5,355 | |||||||||||||||||||||||||
Sky | 3,099 | 3,099 | 1,954 | 1,954 | |||||||||||||||||||||||||||||||
Corporate and Other | (880) | 60 | (820) | (2,447) | 662 | (1,785) | |||||||||||||||||||||||||||||
Eliminations | 1 | 1 | 2 | (220) | 252 | 32 | |||||||||||||||||||||||||||||
Total consolidated Adjusted EBITDA1 | $ | 34,258 | $ | — | $ | — | $ | — | $ | 34,258 | $ | 30,826 | $ | — | $ | — | $ | — | $ | 30,826 |
1Adjusted EBITDA is the measure of profit and loss for our segments. Consolidated Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measure” section below for additional information, including a reconciliation from net income attributable to Comcast Corporation to consolidated Adjusted EBITDA.
1
Recast Segment Operating Results
The following tables present our segment operating results for 2019 and 2020 under the new segment structure:
2019 | 2020 | |||||||||||||||||||||||||||||||||||||
($ in millions; unaudited) | 1Q | 2Q | 3Q | 4Q | FY | 1Q | 2Q | 3Q | 4Q | FY | ||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||||||||
Cable Communications | $ | 14,280 | $ | 14,450 | $ | 14,584 | $ | 14,768 | $ | 58,082 | $ | 14,918 | $ | 14,428 | $ | 15,000 | $ | 15,705 | $ | 60,051 | ||||||||||||||||||
NBCUniversal | ||||||||||||||||||||||||||||||||||||||
Advertising | 2,184 | 2,281 | 2,021 | 2,781 | 9,267 | 2,167 | 1,648 | 1,881 | 2,600 | 8,296 | ||||||||||||||||||||||||||||
Distribution | 2,260 | 2,239 | 2,198 | 2,190 | 8,887 | 2,287 | 2,060 | 2,194 | 2,254 | 8,795 | ||||||||||||||||||||||||||||
Other | 410 | 468 | 452 | 463 | 1,793 | 424 | 388 | 514 | 519 | 1,845 | ||||||||||||||||||||||||||||
Total Media | 4,854 | 4,988 | 4,671 | 5,434 | 19,947 | 4,878 | 4,096 | 4,589 | 5,373 | 18,936 | ||||||||||||||||||||||||||||
Content licensing | 1,701 | 1,407 | 1,320 | 1,945 | 6,373 | 1,819 | 1,746 | 1,584 | 1,408 | 6,557 | ||||||||||||||||||||||||||||
Theatrical | 447 | 251 | 549 | 222 | 1,469 | 316 | 7 | 28 | 67 | 418 | ||||||||||||||||||||||||||||
Home entertainment and other | 405 | 366 | 304 | 435 | 1,510 | 274 | 299 | 286 | 300 | 1,159 | ||||||||||||||||||||||||||||
Total Studios | 2,553 | 2,024 | 2,173 | 2,602 | 9,352 | 2,409 | 2,052 | 1,898 | 1,775 | 8,134 | ||||||||||||||||||||||||||||
Theme Parks | 1,346 | 1,518 | 1,703 | 1,646 | 6,213 | 925 | 136 | 385 | 648 | 2,094 | ||||||||||||||||||||||||||||
Headquarters and Other | 6 | 9 | 8 | 8 | 31 | 9 | 11 | 12 | 21 | 53 | ||||||||||||||||||||||||||||
Eliminations | (446) | (333) | (260) | (546) | (1,585) | (492) | (580) | (551) | (383) | (2,006) | ||||||||||||||||||||||||||||
Total NBCUniversal | 8,313 | 8,206 | 8,295 | 9,144 | 33,958 | 7,729 | 5,715 | 6,333 | 7,434 | 27,211 | ||||||||||||||||||||||||||||
Sky | 4,797 | 4,828 | 4,554 | 5,040 | 19,219 | 4,517 | 4,079 | 4,793 | 5,205 | 18,594 | ||||||||||||||||||||||||||||
Corporate and Other | 108 | 56 | 42 | 127 | 333 | 120 | 40 | 44 | 44 | 248 | ||||||||||||||||||||||||||||
Eliminations | (639) | (682) | (648) | (681) | (2,650) | (675) | (547) | (638) | (680) | (2,540) | ||||||||||||||||||||||||||||
Total consolidated revenue | $ | 26,859 | $ | 26,858 | $ | 26,827 | $ | 28,398 | $ | 108,942 | $ | 26,609 | $ | 23,715 | $ | 25,532 | $ | 27,708 | $ | 103,564 | ||||||||||||||||||
2019 | 2020 | |||||||||||||||||||||||||||||||||||||
($ in millions; unaudited) | 1Q | 2Q | 3Q | 4Q | FY | 1Q | 2Q | 3Q | 4Q | FY | ||||||||||||||||||||||||||||
Operating Costs and Expenses1 | ||||||||||||||||||||||||||||||||||||||
Cable Communications | $ | 8,552 | $ | 8,596 | $ | 8,783 | $ | 8,885 | $ | 34,816 | $ | 8,842 | $ | 8,252 | $ | 8,589 | $ | 9,098 | $ | 34,781 | ||||||||||||||||||
NBCUniversal | ||||||||||||||||||||||||||||||||||||||
Programming and production | 2,267 | 2,251 | 2,363 | 3,026 | 9,907 | 2,268 | 1,589 | 2,604 | 2,858 | 9,319 | ||||||||||||||||||||||||||||
Other operating and administrative | 752 | 825 | 815 | 894 | 3,286 | 840 | 755 | 788 | 826 | 3,209 | ||||||||||||||||||||||||||||
Advertising, marketing and promotion | 231 | 213 | 246 | 230 | 920 | 241 | 116 | 212 | 265 | 834 | ||||||||||||||||||||||||||||
Total Media | 3,250 | 3,289 | 3,424 | 4,150 | 14,113 | 3,349 | 2,460 | 3,604 | 3,949 | 13,362 | ||||||||||||||||||||||||||||
Programming and production | 1,524 | 1,257 | 1,400 | 1,722 | 5,903 | 1,513 | 1,398 | 1,267 | 1,235 | 5,413 | ||||||||||||||||||||||||||||
Other operating and administrative | 208 | 219 | 204 | 218 | 849 | 213 | 167 | 204 | 229 | 813 | ||||||||||||||||||||||||||||
Advertising, marketing and promotion | 402 | 372 | 355 | 413 | 1,542 | 383 | 164 | 87 | 233 | 867 | ||||||||||||||||||||||||||||
Total Studios | 2,134 | 1,848 | 1,959 | 2,353 | 8,294 | 2,109 | 1,729 | 1,558 | 1,697 | 7,093 | ||||||||||||||||||||||||||||
Theme Parks | 832 | 933 | 967 | 983 | 3,715 | 838 | 529 | 559 | 645 | 2,571 | ||||||||||||||||||||||||||||
Headquarters and Other | 203 | 188 | 129 | 201 | 721 | 230 | 93 | 139 | 154 | 616 | ||||||||||||||||||||||||||||
Eliminations | (441) | (370) | (256) | (529) | (1,596) | (486) | (476) | (437) | (387) | (1,786) | ||||||||||||||||||||||||||||
Total NBCUniversal | 5,978 | 5,888 | 6,223 | 7,158 | 25,247 | 6,040 | 4,335 | 5,423 | 6,058 | 21,856 | ||||||||||||||||||||||||||||
Sky | 4,134 | 4,056 | 3,655 | 4,275 | 16,120 | 3,966 | 3,330 | 4,278 | 5,066 | 16,640 | ||||||||||||||||||||||||||||
Corporate and Other1 | 293 | 263 | 261 | 336 | 1,153 | 313 | 429 | 308 | 983 | 2,033 | ||||||||||||||||||||||||||||
Eliminations | (651) | (661) | (648) | (692) | (2,652) | (682) | (558) | (649) | (683) | (2,572) | ||||||||||||||||||||||||||||
Total consolidated operating costs and expenses1 | $ | 18,306 | $ | 18,142 | $ | 18,274 | $ | 19,962 | $ | 74,684 | $ | 18,479 | $ | 15,788 | $ | 17,949 | $ | 20,522 | $ | 72,738 |
1Operating costs and expenses represent total costs and expenses excluding depreciation and amortization expense and other operating gains, and excluding from Corporate and Other charges of $177 million related to a legal settlement in the third quarter 2020, and costs of $51 million, $84 million, $33 million, $12 million, $14 million, $16 million, $10 million and $16 million related to the Sky transaction, primarily relating to the replacement of share-based compensation awards and costs related to integration activities, in first quarter 2019, second quarter 2019, third quarter 2019, fourth quarter 2019, first quarter 2020, second quarter 2020, third quarter 2020 and fourth quarter 2020, respectively, as these amounts are excluded from Adjusted EBITDA.
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2019 | 2020 | |||||||||||||||||||||||||||||||||||||
($ in millions; unaudited) | 1Q | 2Q | 3Q | 4Q | FY | 1Q | 2Q | 3Q | 4Q | FY | ||||||||||||||||||||||||||||
Adjusted EBITDA1 | ||||||||||||||||||||||||||||||||||||||
Cable Communications | $ | 5,728 | $ | 5,854 | $ | 5,801 | $ | 5,883 | $ | 23,266 | $ | 6,076 | $ | 6,176 | $ | 6,411 | $ | 6,607 | $ | 25,270 | ||||||||||||||||||
NBCUniversal | ||||||||||||||||||||||||||||||||||||||
Media | 1,604 | 1,699 | 1,247 | 1,284 | 5,834 | 1,529 | 1,636 | 985 | 1,424 | 5,574 | ||||||||||||||||||||||||||||
Studios | 419 | 176 | 214 | 249 | 1,058 | 300 | 323 | 340 | 78 | 1,041 | ||||||||||||||||||||||||||||
Theme Parks | 514 | 585 | 736 | 663 | 2,498 | 87 | (393) | (174) | 3 | (477) | ||||||||||||||||||||||||||||
Headquarters and Other | (197) | (179) | (121) | (193) | (690) | (221) | (82) | (127) | (133) | (563) | ||||||||||||||||||||||||||||
Eliminations | (5) | 37 | (4) | (17) | 11 | (6) | (104) | (114) | 4 | (220) | ||||||||||||||||||||||||||||
Total NBCUniversal | 2,335 | 2,318 | 2,072 | 1,986 | 8,711 | 1,689 | 1,380 | 910 | 1,376 | 5,355 | ||||||||||||||||||||||||||||
Sky | 663 | 772 | 899 | 765 | 3,099 | 551 | 749 | 515 | 139 | 1,954 | ||||||||||||||||||||||||||||
Corporate and Other | (185) | (207) | (219) | (209) | (820) | (193) | (389) | (264) | (939) | (1,785) | ||||||||||||||||||||||||||||
Eliminations | 12 | (21) | — | 11 | 2 | 7 | 11 | 11 | 3 | 32 | ||||||||||||||||||||||||||||
Total consolidated Adjusted EBITDA1 | $ | 8,553 | $ | 8,716 | $ | 8,553 | $ | 8,436 | $ | 34,258 | $ | 8,130 | $ | 7,927 | $ | 7,583 | $ | 7,186 | $ | 30,826 |
1Adjusted EBITDA is the measure of profit and loss for our segments. Consolidated Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measure” section below for additional information, including a reconciliation from net income attributable to Comcast Corporation to consolidated Adjusted EBITDA.
Non-GAAP Financial Measure
We define Adjusted EBITDA as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance.
A reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA is presented below:
2019 | 2020 | |||||||||||||||||||||||||||||||||||||
($ in millions; unaudited) | 1Q | 2Q | 3Q | 4Q | FY | 1Q | 2Q | 3Q | 4Q | FY | ||||||||||||||||||||||||||||
Net income attributable to Comcast Corporation | $ | 3,553 | $ | 3,125 | $ | 3,217 | $ | 3,162 | $ | 13,057 | $ | 2,147 | $ | 2,988 | $ | 2,019 | $ | 3,380 | $ | 10,534 | ||||||||||||||||||
Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock | 79 | 78 | 71 | 38 | 266 | 77 | 21 | 12 | 57 | 167 | ||||||||||||||||||||||||||||
Income tax expense | 1,076 | 961 | 775 | 861 | 3,673 | 700 | 946 | 739 | 979 | 3,364 | ||||||||||||||||||||||||||||
Investment and other (income) loss, net | (676) | 55 | 110 | 73 | (438) | 716 | (420) | 86 | (1,542) | (1,160) | ||||||||||||||||||||||||||||
Interest expense | 1,150 | 1,137 | 1,167 | 1,113 | 4,567 | 1,212 | 1,112 | 1,220 | 1,044 | 4,588 | ||||||||||||||||||||||||||||
Depreciation | 2,240 | 2,197 | 2,124 | 2,102 | 8,663 | 2,107 | 2,099 | 2,122 | 1,992 | 8,320 | ||||||||||||||||||||||||||||
Amortization | 1,080 | 1,079 | 1,056 | 1,075 | 4,290 | 1,157 | 1,165 | 1,198 | 1,260 | 4,780 | ||||||||||||||||||||||||||||
Adjustment for Sky transaction-related costs | 51 | 84 | 33 | 12 | 180 | 14 | 16 | 10 | 16 | 56 | ||||||||||||||||||||||||||||
Adjustment for legal settlement | — | — | — | — | — | — | — | 177 | — | 177 | ||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 8,553 | $ | 8,716 | $ | 8,553 | $ | 8,436 | $ | 34,258 | $ | 8,130 | $ | 7,927 | $ | 7,583 | $ | 7,186 | $ | 30,826 |
3