Comcast Reports 2nd Quarter 2020 Results

PHILADELPHIA–(BUSINESS WIRE)–Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended June 30, 2020.

“Our response to COVID-19 has been extraordinarily fast and effective, and our products and brands continue to resonate strongly with our customers across all segments and all geographies. The solid results that we delivered in the quarter highlight the resilience of our company. Cable delivered record second quarter customer relationship net adds, driven by the best second quarter high-speed internet net adds in 13 years. NBCUniversal successfully launched Peacock in Cable’s footprint in April, ahead of the streaming service’s U.S. nationwide launch earlier this month, with 10 million sign-ups to date. NBCUniversal also just recently announced a deal with AMC Theatres in the U.S. that allows Universal to release titles across PVOD platforms after a 17-day exclusive theatrical window. At Sky, our flexible strategy helped retain customers until key sports returned in May and June. Overall, based on our results and the many organic growth opportunities that we have across our company, I am confident in our ability to continue to successfully navigate the impact of COVID-19, and emerge from the crisis even stronger. I could not be more proud of how our teams across Comcast Cable, NBCUniversal and Sky are together managing the business,” commented Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation.

 

 

 

 

 

 

 

($ in millions, except per share data)

 

 

 

 

 

 

 

2nd Quarter

Year to Date

Consolidated Results

2020

2019

Change

2020

2019

Change

 

 

 

 

 

 

 

Revenue

$23,715

$26,858

(11.7

%)

$50,324

$53,717

(6.3

%)

Net Income Attributable to Comcast

$2,988

$3,125

(4.4

%)

$5,135

$6,678

(23.1

%)

Adjusted Net Income1

$3,170

$3,610

(12.2

%)

$6,436

$7,087

(9.2

%)

Adjusted EBITDA2

$7,927

$8,716

(9.1

%)

$16,057

$17,269

(7.0

%)

Earnings per Share3

$0.65

$0.68

(4.4

%)

$1.11

$1.45

(23.4

%)

Adjusted Earnings per Share1

$0.69

$0.78

(11.5

%)

$1.40

$1.54

(9.1

%)

Net Cash Provided by Operating Activities

$8,643

$7,040

22.8

%

$14,467

$14,271

1.4

%

Free Cash Flow4

$5,966

$4,246

40.5

%

$9,291

$8,838

5.1

%

 

 

 

 

 

 

 

For additional detail on segment revenue and expenses, customer metrics, capital expenditures, and free cash flow, please refer to the trending schedules on Comcast’s Investor Relations website at www.cmcsa.com.

2nd Quarter 2020 Highlights:

  • Generated Consolidated Adjusted EBITDA of $7.9 Billion, Adjusted EPS of $0.69 and Free Cash Flow of $6.0 Billion
  • Cable Communications Total Customer Relationships Increased by 217,000 in the Quarter, the Best Second Quarter Result on Record
  • Total High-Speed Internet Customer Net Additions Were 323,000 (Not Including Over 600,000 Additional High-Risk or Free Internet Essentials Customers That Still Receive Our Service, But Were Not Included in Reported Results), the Best Second Quarter Result in 13 Years
  • Cable Communications Adjusted EBITDA Increased 5.5% Driven by Strength in High-Speed Internet
  • Cable Communications Extended Its Offer of 60 Days of Free Internet Service to Eligible New Internet Essentials Customers and Free Access to Public Xfinity WiFi Hotspots Through Year-End
  • Successfully Launched Peacock, NBCUniversal’s New Highly Anticipated Streaming Service, Free to Xfinity X1 and Flex Customers on April 15, Ahead of National Debut on July 15, With 10 Million Sign-Ups to Date
  • NBCUniversal Re-Opened Universal Orlando Resort and Universal Studios Japan After Temporary Closures Due to COVID-19
  • Sky Successfully Retained 99% of Total Customers and 95% of Sports Subscribers Since the Crisis Began
  • Sky’s Key Sports Have Returned, Including Bundesliga in May and the Premier League and Serie A in June

Consolidated Financial Results

Revenue for the second quarter of 2020 decreased 11.7% to $23.7 billion. Net Income Attributable to Comcast decreased 4.4% to $3.0 billion. Adjusted Net Income decreased 12.2% to $3.2 billion. Adjusted EBITDA decreased 9.1% to $7.9 billion.

For the six months ended June 30, 2020, revenue decreased 6.3% to $50.3 billion compared to 2019. Net income attributable to Comcast decreased 23.1% to $5.1 billion. Adjusted Net Income decreased 9.2% to $6.4 billion. Adjusted EBITDA decreased 7.0% to $16.1 billion.

Earnings per Share (EPS) for the second quarter of 2020 was $0.65, a decrease of 4.4% compared to the second quarter of 2019. Adjusted EPS decreased 11.5% to $0.69.

For the six months ended June 30, 2020, EPS was $1.11, a 23.4% decrease compared to the prior year. Adjusted EPS decreased 9.1% to $1.40.

Capital Expenditures decreased 8.3% to $2.1 billion in the second quarter of 2020. Cable Communications’ capital expenditures decreased 8.9% to $1.5 billion. NBCUniversal’s capital expenditures decreased 20.9% to $375 million. Sky’s capital expenditures increased 22.1% to $215 million.

For the six months ended June 30, 2020, capital expenditures decreased 9.2% to $4.0 billion compared to 2019. Cable Communications’ capital expenditures decreased 8.0% to $2.7 billion. NBCUniversal’s capital expenditures decreased 18.8% to $752 million. Sky’s capital expenditures decreased 5.4% to $412 million.

Net Cash Provided by Operating Activities was $8.6 billion in the second quarter of 2020. Free Cash Flow was $6.0 billion. These results reflect reduced tax payments in the second quarter of 2020 due to the extension of due dates for federal estimated tax payments to the third quarter of 2020.

For the six months ended June 30, 2020, net cash provided by operating activities was $14.5 billion. Free cash flow was $9.3 billion. These results reflect reduced tax payments in the second quarter of 2020 due to the extension of due dates for federal estimated tax payments to the third quarter of 2020.

Dividends paid during the second quarter of 2020 totaled $1.1 billion. For the six months ended June 30, 2020, dividends paid totaled $2.0 billion.

Cable Communications

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

2nd Quarter

 

 

Year to Date

 

 

 

2020

2019

Change

 

 

2020

2019

Change

 

 

Cable Communications Revenue

 

 

 

 

 

 

 

 

 

 

High-Speed Internet

$5,000

$4,663

7.2

%

 

 

$10,001

$9,240

8.2

%

 

 

Video

5,415

5,594

(3.2

%)

 

 

11,047

11,222

(1.6

%)

 

 

Voice

877

982

(10.7

%)

 

 

1,776

1,972

(9.9

%)

 

 

Wireless

326

244

33.9

%

 

 

669

469

42.6

%

 

 

Business Services

2,004

1,933

3.6

%

 

 

4,047

3,824

5.8

%

 

 

Advertising

428

607

(29.6

%)

 

 

985

1,163

(15.3

%)

 

 

Other

378

427

(11.0

%)

 

 

821

840

(2.1

%)

 

 

Cable Communications Revenue

$14,428

$14,450

(0.2

%)

 

 

$29,346

$28,730

2.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Cable Communications Adjusted EBITDA

$6,176

$5,854

5.5

%

 

 

$12,252

$11,582

5.8

%

 

 

Adjusted EBITDA Margin

42.8%

40.5%

 

 

 

41.7%

40.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cable Communications Capital Expenditures

$1,452

$1,594

(8.9

%)

 

 

$2,721

$2,957

(8.0

%)

 

 

Percent of Cable Communications Revenue

10.1%

11.0%

 

 

 

9.3%

10.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue for Cable Communications of $14.4 billion was consistent with the prior year period, reflecting increases in high-speed internet, wireless and business services revenue, offset by decreases in video, advertising, voice and other revenue. These results were negatively impacted by COVID-19, including accrued customer regional sports network (RSN) fee adjustments, reduced advertising revenue, lower revenue due to Xfinity’s commitment to the FCC’s Keep Americans Connected Pledge and our efforts to assist our customers during this crisis. High-speed internet revenue increased 7.2%, reflecting an increase in the number of residential high-speed internet customers and an increase in average rates. Average rates would have been higher if it were not for waived fees due to COVID-19 and the impacts of the customer RSN fee adjustments. Wireless revenue increased 33.9%, primarily reflecting an increase in the number of customer lines. Business services revenue increased 3.6%, reflecting an increase in the number of customers receiving our services compared to the prior year period and increases in average rates. The rates of growth were reduced due to the negative impacts of COVID-19 on small businesses. Video revenue decreased 3.2%, reflecting a decrease in the number of residential video customers, partially offset by an increase in average rates. Average rates were negatively impacted by the impacts of the customer RSN fee adjustments, partially offset by higher pay-per-view revenue. Advertising revenue decreased 29.6%, primarily reflecting reduced advertiser spending due to COVID-19, partially offset by an increase in political advertising revenue. Voice revenue decreased 10.7%, due to decreases in average rates and in the number of residential voice customers. Other revenue decreased 11.0%, reflecting lower revenue due to waived late fees and a decline in revenue associated with our security and automation services, partially offset by an increase in revenue from licensing our X1 and technology platforms.

For the six months ended June 30, 2020, Cable revenue increased 2.1% to $29.3 billion compared to 2019, driven by growth in high-speed internet, business services and wireless revenue, partially offset by a decrease in voice, advertising, video and other revenue. These results were negatively impacted by COVID-19, including accrued customer RSN fee adjustments, reduced advertising revenue, lower revenue due to Xfinity’s commitment to the FCC’s Keep Americans Connected Pledge and our efforts to assist our customers during this crisis.

Total Customer Relationships increased by 217,000 to 32.1 million in the second quarter of 2020. Residential customer relationships increased by 241,000 and business customer relationships decreased by 24,000. Total high-speed internet customer net additions were 323,000, which does not include over 600,000 additional high-risk or free Internet Essentials customers that still receive our service, but were not included in reported results. Total video customer net losses were 477,000 and total voice customer net losses were 158,000. In addition, Cable Communications added 126,000 wireless lines in the quarter.

 

 

 

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

Net Additions

 

 

 

2Q20

 

2Q19

 

 

2Q20

 

2Q19

 

 

 

Customer Relationships

 

 

 

 

 

 

 

Residential Customer Relationships

29,750

 

28,508

 

 

241

 

123

 

 

 

Business Services Customer Relationships

2,384

 

2,356

 

 

(24

)

29

 

 

 

Total Customer Relationships

32,134

 

30,864

 

 

217

 

152

 

 

 

 

 

 

 

 

 

 

 

Residential Customer Relationships Mix

 

 

 

 

 

 

 

One Product Residential Customers

11,332

 

9,526

 

 

531

 

231

 

 

 

Two Product Residential Customers

8,742

 

8,952

 

 

(107

)

(57

)

 

 

Three or More Product Residential Customers

9,676

 

10,030

 

 

(184

)

(50

)

 

 

 

 

 

 

 

 

 

 

Residential High-Speed Internet Customers

27,220

 

25,631

 

 

340

 

182

 

 

 

Business Services High-Speed Internet Customers

2,209

 

2,176

 

 

(17

)

28

 

 

 

Total High-Speed Internet Customers

29,429

 

27,807

 

 

323

 

209

 

 

 

 

 

 

 

 

 

 

 

Residential Video Customers

19,473

 

20,642

 

 

(427

)

(209

)

 

 

Business Services Video Customers

894

 

999

 

 

(51

)

(15

)

 

 

Total Video Customers

20,367

 

21,641

 

 

(477

)

(224

)

 

 

 

 

 

 

 

 

 

 

Residential Voice Customers

9,698

 

10,008

 

 

(142

)

(82

)

 

 

Business Services Voice Customers

1,331

 

1,324

 

 

(16

)

17

 

 

 

Total Voice Customers

11,029

 

11,331

 

 

(158

)

(65

)

 

 

 

 

 

 

 

 

 

 

Total Wireless Lines

2,393

 

1,586

 

 

126

 

181

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA for Cable Communications increased 5.5% to $6.2 billion in the second quarter of 2020, reflecting revenue that was consistent with the prior year period as well as a 4.0% decrease in operating expenses. Total operating expenses benefited from adjustments for provisions in our programming distribution agreements with RSNs related to canceled sporting events as a result of COVID-19. Programming costs decreased 5.0%, primarily due to the adjustment provisions. Excluding these adjustments, programming costs increased due to higher retransmission consent and sports programming fees, partially offset by a decline in the number of video subscribers. Non-programming expenses decreased 3.4%, primarily reflecting lower advertising, marketing and promotion expenses, other operating expenses and customer service expenses, partially offset by higher technical and product support expenses. Non-programming expenses per customer relationship decreased 7.1%. Non-programming expenses included additional compensation costs for certain personnel and increases in administrative and bad debt expenses as a result of COVID-19, that were more than offset by cost saving initiatives and a reduction in activity in some aspects of our business. Adjusted EBITDA per customer relationship increased 1.4%, and Adjusted EBITDA margin was 42.8% compared to 40.5% in the second quarter of 2019. While the accrued RSN adjustments did not impact Adjusted EBITDA in the second quarter of 2020, they resulted in an increase to Adjusted EBITDA margin. Cable Communications results include a loss of $37 million from our wireless business, compared to a loss of $88 million in the prior year period.

For the six months ended June 30, 2020, Cable Adjusted EBITDA increased 5.8% to $12.3 billion compared to 2019, reflecting higher revenue and flat expenses. Programming costs decreased 1.6% primarily due to adjustments for provisions in our programming distribution agreements with RSNs related to canceled sporting events as a result of COVID-19. Excluding these adjustments, programming costs increased due to an increase in retransmission consent and sports programming fees, partially offset by a decline in the number of video subscribers. Non-programming expenses increased 0.5%, reflecting higher costs as a result of COVID-19, partially offset by cost savings initiatives. For the six months ended June 30, 2020, Adjusted EBITDA per customer relationship increased 1.8%, and Adjusted EBITDA margin was 41.7% compared to 40.3% in 2019. While the accrued RSN adjustments did not impact Adjusted EBITDA for the six months ended June 30, 2020, they resulted in an increase to Adjusted EBITDA margin. Cable Communications results include a loss of $96 million from our wireless business, compared to a loss of $191 million in the prior year period.

Capital Expenditures for Cable Communications decreased 8.9% to $1.5 billion in the second quarter of 2020, primarily reflecting decreased investment in customer premise equipment, partially offset by increased investment in scalable infrastructure. Cable capital expenditures represented 10.1% of Cable revenue in the second quarter of 2020 compared to 11.0% in last year’s second quarter.

For the six months ended June 30, 2020, Cable capital expenditures decreased 8.0% to $2.7 billion, primarily reflecting decreased investment in customer premise equipment, partially offset by increased investment in scalable infrastructure. Cable capital expenditures represented 9.3% of Cable revenue compared to 10.3% in 2019.

NBCUniversal

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

2nd Quarter

 

 

Year to Date

 

 

 

2020

 

2019

 

Change

 

 

2020

 

2019

 

Change

 

 

NBCUniversal Revenue

 

 

 

 

 

 

 

 

 

 

Cable Networks

$2,515

 

$2,947

 

(14.7

%)

 

 

$5,374

 

$5,815

 

(7.6

%)

 

 

Broadcast Television

2,364

 

2,402

 

(1.6

%)

 

 

5,048

 

4,869

 

3.7

%

 

 

Filmed Entertainment

1,194

 

1,457

 

(18.1

%)

 

 

2,564

 

3,225

 

(20.5

%)

 

 

Theme Parks

87

 

1,464

 

(94.1

%)

 

 

956

 

2,740

 

(65.1

%)

 

 

Headquarters, other and eliminations

(36

)

(64

)

NM

 

 

 

(84

)

(130

)

NM

 

 

NBCUniversal Revenue

$6,124

 

$8,206

 

(25.4

%)

 

 

$13,858

 

$16,519

 

(16.1

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

NBCUniversal Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

Cable Networks

$1,243

 

$1,201

 

3.5

%

 

 

$2,491

 

$2,463

 

1.1

%

 

 

Broadcast Television

641

 

534

 

20.0

%

 

 

1,142

 

921

 

24.0

%

 

 

Filmed Entertainment

228

 

183

 

24.8

%

 

 

334

 

547

 

(38.8

%)

 

 

Theme Parks

(399

)

590

 

(167.7

%)

 

 

(323

)

1,088

 

(129.7

%)

 

 

Headquarters, other and eliminations

(75

)

(184

)

NM

 

 

(259

)

(358

)

NM

 

 

NBCUniversal Adjusted EBITDA

$1,638

 

$2,324

 

(29.5

%)

 

 

$3,385

 

$4,661

 

(27.4

%)

 

 

 

 

 

 

 

 

 

 

 

 

Revenue for NBCUniversal decreased 25.4% to $6.1 billion in the second quarter of 2020. Adjusted EBITDA decreased 29.5% to $1.6 billion.

For the six months ended June 30, 2020, NBCUniversal revenue decreased 16.1% to $13.9 billion compared to last year’s results. Adjusted EBITDA decreased 27.4% to $3.4 billion.

Cable Networks

Cable Networks revenue decreased 14.7% to $2.5 billion in the second quarter of 2020, reflecting lower distribution revenue and advertising revenue, partially offset by higher content licensing and other revenue. Distribution revenue decreased 14.8%, reflecting credits accrued at some of our RSNs resulting from the reduced number of games planned by professional sports leagues due to COVID-19 and a decline in subscribers, partially offset by contractual rate increases. Advertising revenue decreased 27.0%, due to reduced spending from advertisers as a result of COVID-19, including from the postponement or cancellation of sporting events, and continued ratings declines at our networks. Content licensing and other revenue increased 23.1%, due to the timing of content provided under licensing agreements, including transactions with Peacock in the second quarter of 2020. Adjusted EBITDA increased 3.5% to $1.2 billion in the second quarter of 2020, reflecting lower revenue that was more than offset by lower operating costs. The decrease in operating costs was driven by lower programming and production expenses, primarily reflecting the postponement or cancellation of sporting events due to COVID-19.

For the six months ended June 30, 2020, revenue from the Cable Networks segment decreased 7.6% to $5.4 billion compared to 2019, reflecting lower distribution and advertising revenue, partially offset by higher content licensing and other revenue. Adjusted EBITDA increased 1.1% to $2.5 billion compared to 2019, reflecting lower revenue, more than offset by lower operating costs. The decrease in operating costs was driven by lower programming and production costs, primarily reflecting the postponement or cancellation of sporting events due to COVID-19.

Broadcast Television

Broadcast Television revenue decreased 1.6% to $2.4 billion in the second quarter of 2020, reflecting lower advertising revenue, partially offset by higher content licensing revenue and distribution and other revenue. Advertising revenue decreased 27.9%, due to reduced spending from advertisers as a result of COVID-19, including from the postponement or cancellation of sporting events, and continued ratings declines. Content licensing revenue increased 58.5%, primarily due to the timing of content provided under licensing agreements, including transactions with Peacock in the second quarter of 2020. Distribution and other revenue increased 9.2%, primarily due to higher retransmission consent fees. Adjusted EBITDA increased 20.0% to $641 million in the second quarter of 2020, reflecting lower revenue more than offset by lower operating costs.

For the six months ended June 30, 2020, revenue from the Broadcast Television segment increased 3.7% to $5.0 billion compared to 2019, reflecting an increase in content licensing and distribution and other revenue, partially offset by a decrease in advertising revenue. Adjusted EBITDA increased 24.0% to $1.1 billion compared to 2019, reflecting higher revenue and lower operating costs.

Filmed Entertainment

Filmed Entertainment revenue decreased 18.1% to $1.2 billion in the second quarter of 2020, primarily reflecting lower theatrical revenue and other revenue, partially offset by higher content licensing revenue. Theatrical revenue decreased 96.8%, reflecting theater closures as a result of COVID-19 and the strong performances of films in the prior year period, including The Secret Life of Pets 2. Other revenue decreased 59.6%, primarily due to decreases in revenue from our movie ticketing, entertainment and live stage play businesses, which were impacted by theater and entertainment venue closures as a result of COVID-19. Content licensing revenue increased 19.5%, driven by the performance of certain 2020 releases that were made available on premium video on demand, including Trolls World Tour and The King of Staten Island, as well as the timing of when content was made available under licensing agreements, including transactions with Peacock in the second quarter of 2020. Adjusted EBITDA increased 24.8% to $228 million in the second quarter of 2020, reflecting lower revenue that was more than offset by lower operating costs. The decrease in operating costs was primarily driven by lower advertising, marketing and promotion expenses due to lower spending on current period releases as a result of COVID-19.

For the six months ended June 30, 2020, revenue from the Filmed Entertainment segment decreased 20.5% to $2.6 billion compared to 2019, primarily reflecting lower theatrical revenue and other revenue. Adjusted EBITDA decreased 38.8% to $334 million compared to 2019, reflecting lower revenue, partially offset by lower operating costs.

Theme Parks

Theme Parks revenue decreased 94.1% to $87 million in the second quarter of 2020, primarily due to the temporary closures of our theme parks as a result of COVID-19. Universal Orlando Resort and Universal Studios Japan reopened with limited capacity in June, while Universal Studios Hollywood remains closed. Theme Parks Adjusted EBITDA loss was $399 million in the second quarter of 2020, reflecting lower revenue, partially offset by lower operating costs.

For the six months ended June 30, 2020, revenue from the Theme Parks segment decreased 65.1% to $956 million compared to 2019, primarily due to the temporary closures of Universal Studios Japan in late February and Universal Orlando Resort and Universal Studios Hollywood in mid-March as a result of COVID-19. Theme Parks Adjusted EBITDA loss was $323 million, reflecting lower revenue, partially offset by lower operating costs.

Headquarters, Other and Eliminations

NBCUniversal Headquarters, Other and Eliminations include overhead and eliminations among the NBCUniversal businesses. For the quarter ended June 30, 2020, NBCUniversal Headquarters, Other and Eliminations Adjusted EBITDA loss was $75 million, compared to a loss of $184 million in the second quarter of 2019.

For the six months ended June 30, 2020, NBCUniversal Headquarters, Other and Eliminations Adjusted EBITDA loss was $259 million compared to a loss of $358 million in 2019.

Sky

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

2nd Quarter

 

 

Year to Date

 

 

 

2020

2019

Change

Constant

Currency

Change5

 

 

2020

2019

Change

Constant

Currency

Change5

 

 

Sky Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Direct-to-Consumer

$3,524

$3,889

(9.4

%)

(6.7

%)

 

 

$7,203

$7,723

(6.7

%)

(4.3

%)

 

 

Content

234

376

(37.7

%)

(35.7

%)

 

 

559

746

(25.1

%)

(23.3

%)

 

 

Advertising

321

563

(43.0

%)

(41.2

%)

 

 

834

1,156

(27.9

%)

(26.1

%)

 

 

Sky Revenue

$4,079

$4,828

(15.5

%)

(12.9

%)

 

 

$8,596

$9,625

(10.7

%)

(8.4

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sky Operating Costs and Expenses

$3,330

$4,056

(17.9

%)

(15.5

%)

 

 

$7,296

$8,190

(10.9

%)

(8.6

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sky Adjusted EBITDA

$749

$772

(2.9

%)

0.2

%

 

 

$1,300

$1,435

(9.4

%)

(7.2

%)

 

 

Adjusted EBITDA Margin

18.4%

16.0%

 

 

 

 

15.1%

14.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue for Sky decreased 15.5% to $4.1 billion in the second quarter of 2020. Excluding the impact of currency, revenue decreased 12.9%, driven by lower direct-to-consumer revenue, advertising revenue and content revenue. Direct-to-consumer revenue decreased 6.7% to $3.5 billion, primarily reflecting a decrease in average revenue per customer relationship, driven by the impacts of COVID-19, which resulted in lower sports subscription revenues, as well as decreases in customers receiving our services.

Contacts

Investor Contacts:
Marci Ryvicker (215) 286-4781

Jane Kearns (215) 286-4794

Marc Kaplan (215) 286-6527

Press Contacts:
Jennifer Khoury (215) 286-7408

John Demming (215) 286-8011

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