CMCSA 1Q24 Quick Take - Results mostly in-line
What’s new: Revenue and EBITDA were roughly in-line, while FCF beat handily on lower capex, cash taxes, and interest. Leverage inched down. Repurchases were higher than our estimate, but lower than consensus. Connectivity financials were fine, but subscriber metrics a little worse than expected. Content financials were similarly fine, with better Media OCF offsetting softer Theme Parks OCF. We suspect the FCF beat is largely due to timing and full year estimates are unlikely to move much. Context on broadband market trends will be important, though we don’t expect clarity with these results, particularly ahead of ACP uncertainty.In this note we touch very briefly on:
1. Consumer broadband trends
2. Consumer broadband ARPU
3. Business
4. EBITDA
5. Leverage and repurchases
Comcast is a media and technology company. The company's segments are: Cable Communications, which provides internet, video, voice, and security and automation services in the United States individually and as bundled services at a discounted rate over its cable distribution system to residential and business customers; NBCUniversal, which includes a portfolio of national cable networks that provide a variety of entertainment, news and information, and sports content, regional sports and news networks, international cable networks, and cable television studio production operations; and Sky, which owns a portfolio of pay television channels that provide entertainment, news, sports and movies.
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- Pan European Telecom Services and Cable
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- Global Emerging Market Telecoms
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