Seeking Alpha

Comcast loses more video subs, but offsets with broadband growth

  • Comcast (CMCSA +1.6%) lost 144K video subs in Q2, lowering its total base to 22.5M. Broadband subs grew by 203K to 21.3M, and voice subs by 137K to 11M.
  • Total "customer relationships" were flat Q/Q at 26.8M. Triple product customers make up 36% of the base vs. 34% a year ago.
  • Cable division data: Video revenue +1.2% Y/Y to $5.2B, broadband +9.7% to $2.8B, voice +1.3% to $922M, business services +22.4% to $965M, ads +7.5% to $599M, "other" +3.9% to $485M. Op. cash flow margin was steady at 41.4%.
  • NBCUniversal revenue +0.3% to $6B, but op. cash flow rose 20.4% to $1.4B. Segment data: Cable networks +2.6% to $2.5B, broadcast TV +4.9% to $1.8B, filmed entertainment -15.3% to $1.2B, theme parks +12.8% to $615M.
  • Comcast spent $750M on buybacks. Its total free cash flow fell 40.7% Y/Y to $1.16B, due largely to higher working capital needs (film/TV production spend) and a 19.4% increase in capex to $1.8B.
  • Q2 results, PR

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