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Published: 2021-03-08 16:10:05 ET

EX-99.1 2 ex991-20210308.htm EXHIBIT-99.1 Document

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.

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.


	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

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

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.