Comcast Reports 3rd Quarter 2020 Results

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


We are nearly eight months into this pandemic – and despite many harsh realities, I couldn’t be more pleased and proud of how our team has worked together across the company to find safe and creative solutions to successfully operate in this environment. We are executing at the highest level; and perhaps, most importantly, accelerating innovation, which will drive long-term future growth. This third quarter, we delivered the best broadband results in our company’s history. Driven by our industry-leading platform and strategic focus on broadband, aggregation and streaming, we added a record 633,000 high-speed internet customers and 556,000 total net new customer relationships. At the same time, we’re growing our entertainment platforms with the addition of Flex, which has a significant positive impact on broadband churn and customer lifetime value. Our integrated strategy is also driving results in streaming with nearly 22 million sign-ups for Peacock to date, and we are exceeding our expectations on all engagement metrics in only a few months. And Sky continues to add customer relationships at higher prices while reducing churn to all-time lows in our core UK business. Going forward, and as we emerge from the pandemic, we believe we are extremely well positioned to provide seamless and integrated experiences for our customers and to deliver superior long-term growth and returns for our shareholders," commented Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation.

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions, except per share data)

 

 

 

 

 

 

 

 

 

 

 

3rd Quarter

 

 

Year to Date

 

 

Consolidated Results

2020   

2019   

Change

 

 

2020   

2019   

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$25,532

 

$26,827

 

(4.8

%)

 

 

$75,856

 

$80,544

 

(5.8

%)

 

 

Net Income Attributable to Comcast

$2,019

 

$3,217

 

(37.2

%)

 

 

$7,154

 

$9,895

 

(27.7

%)

 

 

Adjusted Net Income1

$3,000

 

$3,667

 

(18.2

%)

 

 

$9,436

 

$10,754

 

(12.3

%)

 

 

Adjusted EBITDA2

$7,583

 

$8,553

 

(11.3

%)

 

 

$23,640

 

$25,822

 

(8.5

%)

 

 

Earnings per Share3

$0.44

 

$0.70

 

(37.1

%)

 

 

$1.55

 

$2.15

 

(27.9

%)

 

 

Adjusted Earnings per Share1

$0.65

 

$0.79

 

(17.7

%)

 

 

$2.04

 

$2.33

 

(12.4

%)

 

 

Net Cash Provided by Operating Activities

$5,228

 

$5,191

 

0.7

%

 

 

$19,695

 

$19,462

 

1.2

%

 

 

Free Cash Flow4

$2,289

 

$2,072

 

10.5

%

 

 

$11,580

 

$10,910

 

6.1

%

 

 

 

 

 

 

 

 

 

 

 

 

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.

3rd Quarter 2020 Highlights:

  • Generated Consolidated Adjusted EBITDA of $7.6 Billion, Adjusted EPS of $0.65 and Free Cash Flow of $2.3 Billion
  • Cable Communications Total Customer Relationship Net Additions Were 556,000, the Best Quarterly Result on Record
  • Total High-Speed Internet Customer Net Additions Were 633,000, the Best Quarterly Result on Record
  • Cable Communications Adjusted EBITDA Increased 10.5% Driven by Strength in High-Speed Internet
  • Peacock Has Nearly 22 Million Sign-Ups to Date Across the U.S. and Recently Secured Distribution on the Roku Platform
  • NBCUniversal Reorganized Its Television and Streaming Businesses Under Mark Lazarus and Cesar Conde with a Centralized Structure Optimizing Content Creation, Distribution and Monetization
  • NBCUniversal Completed a Successful Upfront, with Strong Volume Commitments and Higher Pricing
  • Sky Customer Trends Improved Sequentially, and Included Net Additions in the U.K.
  • Premier League Viewership Reached Record Levels on Sky Sports, Including the Highest Average Season Viewership on Record for the 2019/20 Season and the Highest Daily U.K. Viewership on Record for the 2020/21 Season to Date

     

Consolidated Financial Results

Revenue for the third quarter of 2020 decreased 4.8% to $25.5 billion. Net Income Attributable to Comcast decreased 37.2% to $2.0 billion. Adjusted Net Income decreased 18.2% to $3.0 billion. Adjusted EBITDA decreased 11.3% to $7.6 billion.

For the nine months ended September 30, 2020, revenue decreased 5.8% to $75.9 billion compared to 2019. Net income attributable to Comcast decreased 27.7% to $7.2 billion. Adjusted Net Income decreased 12.3% to $9.4 billion. Adjusted EBITDA decreased 8.5% to $23.6 billion.

Earnings per Share (EPS) for the third quarter of 2020 was $0.44, a decrease of 37.1% compared to the third quarter of 2019. Adjusted EPS decreased 17.7% to $0.65.

For the nine months ended September 30, 2020, EPS was $1.55, a 27.9% decrease compared to the prior year. Adjusted EPS decreased 12.4% to $2.04.

Capital Expenditures decreased 4.9% to $2.4 billion in the third quarter of 2020. Cable Communications’ capital expenditures decreased 2.5% to $1.8 billion. NBCUniversal’s capital expenditures decreased 29.3% to $357 million. Sky's capital expenditures increased 127.3% to $237 million.

For the nine months ended September 30, 2020, capital expenditures decreased 7.6% to $6.3 billion compared to 2019. Cable Communications' capital expenditures decreased 5.9% to $4.5 billion. NBCUniversal's capital expenditures decreased 22.5% to $1.1 billion. Sky's capital expenditures increased 20.2% to $649 million.

Net Cash Provided by Operating Activities was $5.2 billion in the third quarter of 2020. Free Cash Flow was $2.3 billion.

For the nine months ended September 30, 2020, net cash provided by operating activities was $19.7 billion. Free cash flow was $11.6 billion.

Dividends paid during the third quarter of 2020 totaled $1.1 billion. For the nine months ended September 30, 2020, dividends paid totaled $3.1 billion.

Cable Communications

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

3rd Quarter

 

 

Year to Date

 

 

 

2020 

2019 

Change

 

 

2020 

2019 

Change

 

 

Cable Communications Revenue

 

 

 

 

 

 

 

 

 

 

High-Speed Internet

$5,198

$4,721

10.1

%

 

 

$15,199

$13,961

8.9

%

 

 

Video

5,421

5,541

(2.1

%)

 

 

16,468

16,763

(1.8

%)

 

 

Voice

876

963

(9.0

%)

 

 

2,652

2,935

(9.6

%)

 

 

Wireless

400

326

22.8

%

 

 

1,069

795

34.5

%

 

 

Business Services

2,049

1,971

4.0

%

 

 

6,096

5,795

5.2

%

 

 

Advertising

674

603

11.8

%

 

 

1,659

1,766

(6.1

%)

 

 

Other

382

459

(17.2

%)

 

 

1,203

1,299

(7.5

%)

 

 

Cable Communications Revenue

$15,000

$14,584

2.9

%

 

 

$44,346

$43,314

2.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Cable Communications Adjusted EBITDA

$6,411

$5,801

10.5

%

 

 

$18,663

$17,383

7.4

%

 

 

Adjusted EBITDA Margin

42.7%

39.8%

 

 

 

42.1%

40.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cable Communications Capital Expenditures

$1,770

$1,814

(2.5

%)

 

 

$4,491

$4,771

(5.9

%)

 

 

Percent of Cable Communications Revenue

11.8%

12.4%

 

 

 

10.1%

11.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue for Cable Communications increased 2.9% to $15.0 billion in the third quarter of 2020, driven by increases in high-speed internet, business services, wireless and advertising revenue, partially offset by decreases in video, voice and other revenue. These results were negatively impacted by accrued customer regional sports network (RSN) fee adjustments related to canceled sporting events as a result of COVID-19. Excluding these adjustments5, Cable Communications revenue increased 3.9%. High-speed internet revenue increased 10.1%, due to an increase in the number of residential high-speed internet customers and an increase in average rates. Excluding the impact of accrued RSN fee adjustments5 for customers taking bundled services, high-speed internet revenue increased 11.2%. Business services revenue increased 4.0%, reflecting increases in average rates and an increase in the number of customers receiving our services. Wireless revenue increased 22.8%, due to an increase in the number of customer lines. Advertising revenue increased 11.8%, primarily reflecting an increase in political advertising revenue. Excluding political advertising revenue, advertising revenue decreased 6.8%. Video revenue decreased 2.1%, due to a decrease in the number of residential video customers, partially offset by an increase in average rates. Excluding the impact of accrued customer RSN fee adjustments5, video revenue decreased 0.8%. Voice revenue decreased 9.0%, reflecting decreases in average rates and in the number of residential voice customers. Other revenue decreased 17.2%, primarily reflecting lower revenue due to waived late fees and a decline in revenue from our security and automation services.

For the nine months ended September 30, 2020, Cable revenue increased 2.4% to $44.3 billion compared to 2019, driven by growth in high-speed internet, business services and wireless revenue, partially offset by a decrease in video, voice, advertising and other revenue. These results were negatively impacted by COVID-19, including accrued customer RSN fee adjustments, reduced advertising revenue and lower revenue due to our efforts to assist customers during this public health crisis. Excluding the impact of accrued customer RSN fee adjustments5, Cable Communications revenue increased 3.2%.

Total Customer Relationships increased by 556,000 to 32.7 million in the third quarter of 2020. Residential customer relationships increased by 539,000 and business customer relationships increased by 17,000. Total high-speed internet customer net additions were 633,000, total video customer net losses were 273,000 and total voice customer net losses were 3,000. In addition, Cable Communications added 187,000 wireless lines in the quarter.

 

 

 

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

Net Additions

 

 

 

3Q20   

3Q19   

 

3Q20 

 

3Q19 

 

 

 

Customer Relationships

 

 

 

 

 

 

 

Residential Customer Relationships

30,289

 

28,797

 

 

539

 

 

288

 

 

 

 

Business Services Customer Relationships

2,401

 

2,377

 

 

17

 

 

21

 

 

 

 

Total Customer Relationships

32,690

 

31,173

 

 

556

 

 

309

 

 

 

 

 

 

 

 

 

 

 

 

Residential Customer Relationships Mix

 

 

 

 

 

 

 

One Product Residential Customers

11,957

 

9,905

 

 

625

 

 

379

 

 

 

 

Two Product Residential Customers

8,732

 

8,915

 

 

(9

)

 

(38

)

 

 

 

Three or More Product Residential Customers

9,600

 

9,977

 

 

(77

)

 

(53

)

 

 

 

 

 

 

 

 

 

 

 

Residential High-Speed Internet Customers

27,837

 

25,990

 

 

617

 

 

359

 

 

 

 

Business Services High-Speed Internet Customers

2,225

 

2,197

 

 

16

 

 

20

 

 

 

 

Total High-Speed Internet Customers

30,062

 

28,186

 

 

633

 

 

379

 

 

 

 

 

 

 

 

 

 

 

 

Residential Video Customers

19,220

 

20,421

 

 

(253

)

 

(222

)

 

 

 

Business Services Video Customers

874

 

983

 

 

(20

)

 

(16

)

 

 

 

Total Video Customers

20,094

 

21,403

 

 

(273

)

 

(238

)

 

 

 

 

 

 

 

 

 

 

 

Residential Voice Customers

9,684

 

9,945

 

 

(14

)

 

(63

)

 

 

 

Business Services Voice Customers

1,341

 

1,334

 

 

11

 

 

10

 

 

 

 

Total Voice Customers

11,025

 

11,278

 

 

(3

)

 

(53

)

 

 

 

 

 

 

 

 

 

 

 

Total Wireless Lines

2,580

 

1,791

 

 

187

 

 

204

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA for Cable Communications increased 10.5% to $6.4 billion in the third quarter of 2020, due to higher revenue as well as a 2.2% 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 0.6%, primarily reflecting the adjustment provisions. Excluding these adjustments5, programming costs increased 4.0% due to higher retransmission consent and sports programming fees, partially offset by a decline in the number of video subscribers. Non-programming expenses decreased 3.2%, while non-programming expenses per customer relationship decreased 7.4%. These declines reflect lower advertising, marketing and promotion expenses, technical and product support expenses and customer service expenses, partially offset by higher other operating expenses and franchise and regulatory fees. Non-programming expenses reflect a reduction in activity in some aspects of our business as a result of COVID-19 as well as benefits from cost saving initiatives. Adjusted EBITDA per customer relationship increased 5.8%, and Adjusted EBITDA margin was 42.7% compared to 39.8% in the third quarter of 2019. While the accrued RSN adjustments did not impact Adjusted EBITDA in the third quarter of 2020, the adjustments resulted in an increase to Adjusted EBITDA margin. Cable Communications results include a loss of $50 million from our wireless business, compared to a loss of $94 million in the prior year period.

For the nine months ended September 30, 2020, Cable Adjusted EBITDA increased 7.4% to $18.7 billion compared to 2019, due to higher revenue and a decrease in operating expenses. Programming costs decreased 1.3% primarily reflecting adjustments for provisions in our programming distribution agreements with RSNs related to canceled sporting events as a result of COVID-19. Excluding these adjustments5, programming costs increased 2.4% due to higher retransmission consent and sports programming fees, partially offset by a decline in the number of video subscribers. Non-programming expenses decreased 0.8%, reflecting cost savings initiatives that were partially offset by higher costs as a result of COVID-19. For the nine months ended September 30, 2020, Adjusted EBITDA per customer relationship increased 2.9%, and Adjusted EBITDA margin was 42.1% compared to 40.1% in 2019. While the accrued RSN adjustments did not impact Adjusted EBITDA for the nine months ended September 30, 2020, the adjustments resulted in an increase to Adjusted EBITDA margin. Cable Communications results include a loss of $146 million from our wireless business, compared to a loss of $285 million in the prior year period.

Capital Expenditures for Cable Communications decreased 2.5% to $1.8 billion in the third quarter of 2020, due to decreased investment in customer premise equipment and support capital, partially offset by increased investment in scalable infrastructure and line extensions. Cable capital expenditures represented 11.8% of Cable revenue in the third quarter of 2020 compared to 12.4% in last year's third quarter.

For the nine months ended September 30, 2020, Cable capital expenditures decreased 5.9% to $4.5 billion, 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 compared to 11.0% in 2019.

NBCUniversal

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

3rd Quarter

 

 

Year to Date

 

 

 

2020   

2019   

Change

 

 

2020   

2019   

Change

 

 

NBCUniversal Revenue

 

 

 

 

 

 

 

 

 

 

Cable Networks

$2,736

 

 

$2,771

 

 

(1.3

%)

 

 

$8,110

 

 

$8,586

 

 

(5.5

%)

 

 

Broadcast Television

2,414

 

 

2,230

 

 

8.3

%

 

 

7,462

 

 

7,099

 

 

5.1

%

 

 

Filmed Entertainment

1,280

 

 

1,706

 

 

(25.0

%)

 

 

3,844

 

 

4,931

 

 

(22.0

%)

 

 

Theme Parks

311

 

 

1,631

 

 

(80.9

%)

 

 

1,267

 

 

4,371

 

 

(71.0

%)

 

 

Headquarters, other and eliminations

(17

)

 

(43

)

 

NM

 

 

(101

)

 

(173

)

 

NM

 

 

NBCUniversal Revenue

$6,724

 

 

$8,295

 

 

(18.9

%)

 

 

$20,582

 

 

$24,814

 

 

(17.1

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

NBCUniversal Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

Cable Networks

$870

 

 

$955

 

 

(8.9

%)

 

 

$3,361

 

 

$3,418

 

 

(1.7

%)

 

 

Broadcast Television

436

 

 

338

 

 

28.7

%

 

 

1,578

 

 

1,259

 

 

25.3

%

 

 

Filmed Entertainment

300

 

 

195

 

 

53.4

%

 

 

634

 

 

742

 

 

(14.6

%)

 

 

Theme Parks

(203

)

 

731

 

 

(127.7

%)

 

 

(526

)

 

1,819

 

 

(128.9

%)

 

 

Headquarters, other and eliminations

(122

)

 

(128

)

 

NM

 

 

(381

)

 

(486

)

 

NM

 

 

NBCUniversal Adjusted EBITDA

$1,281

 

 

$2,091

 

 

(38.7

%)

 

 

$4,666

 

 

$6,752

 

 

(30.9

%)

 

 

 

 

 

 

 

 

 

 

 

 

Revenue for NBCUniversal decreased 18.9% to $6.7 billion in the third quarter of 2020. Adjusted EBITDA decreased 38.7% to $1.3 billion.

For the nine months ended September 30, 2020, NBCUniversal revenue decreased 17.1% to $20.6 billion compared to last year's results. Adjusted EBITDA decreased 30.9% to $4.7 billion.

Cable Networks
Cable Networks revenue decreased 1.3% to $2.7 billion in the third quarter of 2020, due to lower distribution revenue and advertising revenue, partially offset by higher content licensing and other revenue. Distribution revenue decreased 3.8%, reflecting credits accrued at some of our RSNs resulting from the reduced number of games played by professional sports leagues due to COVID-19 and a decline in subscribers, partially offset by contractual rate increases. Advertising revenue decreased 2.1%, reflecting continued ratings declines at our networks, partially offset by revenue from the broadcasts of rescheduled sporting events that were previously postponed due to COVID-19. Content licensing and other revenue increased 16.6%, due to the timing of content provided under licensing agreements, including transactions with Peacock in the third quarter of 2020. Adjusted EBITDA decreased 8.9% to $870 million in the third quarter of 2020, due to lower revenue and higher programming and production expenses, partially offset by lower advertising, marketing and promotion costs and other operating and administrative costs. The increase in programming and production expenses was primarily driven by an increase in sports programming costs as professional sports leagues resumed seasons following postponements due to COVID-19.

For the nine months ended September 30, 2020, revenue from the Cable Networks segment decreased 5.5% to $8.1 billion compared to 2019, due to lower distribution and advertising revenue, partially offset by higher content licensing and other revenue. Adjusted EBITDA decreased 1.7% to $3.4 billion compared to 2019, due to lower revenue, partially offset by lower operating costs. The decrease in operating costs was driven by lower programming and production expenses, reflecting a decrease in sports programming costs due to the reduced number of sporting events due to COVID-19, partially offset by an increase in studio costs.

Broadcast Television
Broadcast Television revenue increased 8.3% to $2.4 billion in the third quarter of 2020, due to higher content licensing revenue and distribution and other revenue, partially offset by lower advertising revenue. Content licensing revenue increased 65.6%, reflecting the timing of content provided under licensing agreements, including transactions with Peacock in the third quarter of 2020. Distribution and other revenue increased 4.9%, due to higher retransmission consent fees. Advertising revenue decreased 11.5%, reflecting continued ratings declines, partially offset by higher pricing and local political ad sales. Adjusted EBITDA increased 28.7% to $436 million in the third quarter of 2020, due to higher revenue, lower advertising, marketing and promotion costs and lower operating and administrative costs, partially offset by higher programming and production expenses. The increase in programming and production expenses was primarily due to higher content licensing sales.

For the nine months ended September 30, 2020, revenue from the Broadcast Television segment increased 5.1% to $7.5 billion compared to 2019, due to an increase in content licensing and distribution and other revenue, partially offset by lower advertising revenue. Adjusted EBITDA increased 25.3% to $1.6 billion compared to 2019, due to higher revenue, partially offset by a modest increase in operating costs.

Filmed Entertainment
Filmed Entertainment revenue decreased 25.0% to $1.3 billion in the third quarter of 2020, due to lower theatrical and other revenue, partially offset by higher content licensing and home entertainment revenue. Theatrical revenue decreased 94.7%, primarily driven by theater closures as a result of COVID-19. Other revenue decreased 44.8%, 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 14.5%, due to the timing of content provided under licensing agreements, including transactions with Peacock in the third quarter of 2020. Home entertainment revenue increased 49.1%, which included the success of Trolls World Tour. Adjusted EBITDA increased 53.4% to $300 million in the third quarter of 2020, reflecting lower revenue, more than offset by a decline in operating costs due to lower spending on current period releases as a result of COVID-19.

For the nine months ended September 30, 2020, revenue from the Filmed Entertainment segment decreased 22.0% to $3.8 billion compared to 2019, primarily reflecting lower theatrical revenue. Adjusted EBITDA decreased 14.6% to $634 million compared to 2019, due to lower revenue, partially offset by lower operating costs.

Theme Parks
Theme Parks revenue decreased 80.9% to $311 million in the third quarter of 2020, primarily due to Universal Orlando Resort and Universal Studios Japan operating at limited capacity, while Universal Studios Hollywood remains closed as a result of COVID-19. Theme Parks Adjusted EBITDA loss was $203 million in the third quarter of 2020.

For the nine months ended September 30, 2020, revenue from the Theme Parks segment decreased 71.0% to $1.3 billion 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 $526 million.

Headquarters, Other and Eliminations
NBCUniversal Headquarters, Other and Eliminations include overhead and eliminations among the NBCUniversal businesses. For the quarter ended September 30, 2020, NBCUniversal Headquarters, Other and Eliminations Adjusted EBITDA loss was $122 million, compared to a loss of $128 million in the third quarter of 2019.

For the nine months ended September 30, 2020, NBCUniversal Headquarters, Other and Eliminations Adjusted EBITDA loss was $381 million compared to a loss of $486 million in 2019.

Sky

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

3rd Quarter

 

 

Year to Date

 

 

 

2020

2019

Change

Constant
Currency
Change6

 

 

2020

2019

Change

Constant
Currency
Change6

 

 

Sky Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Direct-to-Consumer

$3,943

$3,793

3.9

%

(1.0

%)

 

 

$11,146

$11,516

(3.2

%)

(3.1

%)

 

 

Content

388

315

23.3

%

17.5

%

 

 

947

1,061

(10.7

%)

(10.4

%)

 

 

Advertising

462

446

3.7

%

(1.2

%)

 

 

1,296

1,602

(19.1

%)

(18.7

%)

 

 

Sky Revenue

$4,793

$4,554

5.2

%

0.3

%

 

 

$13,389

$14,179

(5.6

%)

(5.4

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sky Operating Costs and Expenses

$4,278

$3,655

17.0

%

11.5

%

 

 

$11,574

$11,845

(2.3

%)

(2.0

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sky Adjusted EBITDA

$515

$899

(42.8

%)

(45.4

%)

 

 

$1,815

$2,334

(22.3

%)

(22.5

%)

 

 

Adjusted EBITDA Margin

10.7%

19.7%

 

 

 

 

13.6%

16.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue for Sky increased 5.2% to $4.8 billion in the third quarter of 2020. Excluding the impact of currency, revenue was consistent with the prior year period, due to higher content revenue, offset by lower direct-to-consumer revenue and advertising revenue. Content revenue increased 17.5% to $388 million, driven by higher wholesale revenue from sports programming as European football leagues resumed sporting events that were previously postponed due to COVID-19. Direct-to-consumer revenue decreased 1.0% to $3.9 billion, reflecting a decrease in customer relationships and average revenue per customer relationship that was consistent with the prior year period, and included growth in both customer relationships and average revenue per customer relationship in the U.K. Advertising revenue decreased 1.2% to $462 million, reflecting overall market weakness, partially offset by revenue from the broadcasts of rescheduled sporting events that were previously postponed due to COVID-19.

For the nine months ended September 30, 2020, Sky revenue decreased 5.


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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