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Exhibit 99.1
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PRESS RELEASE
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COMCAST REPORTS 4th QUARTER AND YEAR END 2016 RESULTS |
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Full Year 2016 Highlights:
· Consolidated Revenue Increased 7.9%, Operating Income Increased 5.4%, Operating Cash Flow Increased 7.0%
· Net Cash Provided by Operating Activities was $19.2 Billion; Free Cash Flow was $8.2 Billion
· Earnings per Share Increased 10.2% to $3.57; On an Adjusted Basis, EPS Increased 7.1% to $3.48
· Cable Communications Revenue Increased 6.6% and Operating Cash Flow Increased 5.6%
· Customer Relationships Increased by 858,000, a 29.0% Improvement Compared to 2015; Best Video Customer Results in 10 Years; Best High-Speed Internet Customer Results in 9 Years
· NBCUniversal Revenue Increased 11.0% and Operating Cash Flow Increased 13.8%
4th Quarter 2016 Highlights:
· Consolidated Revenue Increased 9.2%, Operating Income Increased 6.6%, Operating Cash Flow Increased 7.8%
· Net Cash Provided by Operating Activities was $5.7 Billion; Free Cash Flow was $2.6 Billion
· Earnings per Share Increased 20.3% to $0.95; On an Adjusted Basis, EPS Increased 9.9% to $0.89
· Cable Communications Revenue Increased 7.1% and Operating Cash Flow Increased 6.4%
· Added 258,000 Customer Relationships; Video Customer Net Additions were 80,000; High-Speed Internet Customer Net Additions were 385,000
· NBCUniversal Revenue Increased 13.0% and Operating Cash Flow Increased 14.0%
Dividends and Share Repurchases:
· Dividends and Share Repurchases Totaled $7.6 Billion in 2016
· Declared a Two-for-One Stock Split in the Form of a 100% Dividend Payable on February 17, 2017; 12th Stock Split in Company History
· Increased Dividend by 15% to $1.26 per Share on an Annualized, Pre-Split Basis; Increased Share Repurchase Authorization to $12.0 Billion, with $5.0 Billion Expected to be Repurchased in 2017
PHILADELPHIA January 26, 2017 Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter and year ended December 31, 2016.
Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said, I look back on 2016 with pride and enthusiasm. This is a special company, with a team I am delighted to work with, executing at a high level. Were pleased to report another year of strong financial and operational results, which reflect our focus on innovation, investing in the business and putting the customer first. Our performance at Comcast Cable was exceptionally strong. We grew operating cash flow 5.6%, added 161,000 video subscribers, the best video customer results in a decade, and delivered our best high-speed Internet customer results in nine years. NBCUniversal also had a terrific year, fueled by the tremendous success of the Olympics, the opening of new attractions at our theme parks, and strong theatrical performances, particularly in animation. The consistency and strength of our results enables us to announce that we are increasing our dividend by 15% per share, we will split our stock two-for-one, the twelfth split in our companys history, and we expect to repurchase $5 billion of our stock this year. As we begin 2017, we are well positioned to continue driving growth and shareholder value as we embark on the opportunities ahead.
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Comcast Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2017 10-K Annual Report includes:
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For additional information on the competition our businesses face, see Item 1: Business and refer to the Competition discussion within that section and see Item 1A: Risk Factors and refer to the risk factors within that section entitled Our businesses currently face a wide range of competition, and our businesses and results of operations could be adversely affected if we do not compete effectively and Changes in consumer behavior driven by new technologies and distribution platforms for viewing content may adversely affect our businesses and challenge existing business models.
Our advertising revenue increases in the period of these broadcasts due to increased demand for advertising time, and our operating costs and expenses also increase as a result of our production costs and the amortization of the related rights fees.
Effective January 1, 2017, our Board of Directors increased our share repurchase program authorization to a total of $12 billion, which does not have an expiration date.
Programming expenses increased in 2016 and 2015 primarily due to increases in programming license fees, including retransmission consent fees, sports programming costs and fees to secure rights for additional programming for distribution across an increasing number of platforms.
The remaining increases in revenue in both 2016 and 2015 were primarily due to increases in the number of customers receiving higher levels of service and the impact of rate adjustments.
Increases in the number of...Read more
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Net additional video customers increased...Read more
Advertising revenue decreased 3.8% in...Read more
Reserves for uncertain tax positions...Read more
Theme Parks segment operating costs...Read more
In January 2017, our Board...Read more
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Pro forma information does not...Read more
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Operating costs and expenses increased...Read more
The increase in 2015 was...Read more
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Distribution and other revenue decreased...Read more
We could record impairment charges...Read more
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In addition, a future change...Read more
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Our effective income tax rate...Read more
An increase in Cable Networks...Read more
An increase in Broadcast Television...Read more
Our larger film slate in...Read more
Technical and product support expenses...Read more
Business services revenue increased 16.1%...Read more
NBCUniversal depreciation and amortization expense...Read more
Net cash used in investing...Read more
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Consolidated depreciation and amortization expense...Read more
Other revenue increased in 2015...Read more
Income tax expense reflects federal...Read more
We believe that we will...Read more
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The value of a franchise...Read more
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The increases in both years...Read more
The strengthening of the Japanese...Read more
We currently anticipate launching a...Read more
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Our capital expenditures for 2017...Read more
We capitalize the costs of...Read more
Theme Parks segment pro forma...Read more
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If the fair value of...Read more
Advertising revenue also increased due...Read more
Content licensing revenue increased in...Read more
Content licensing revenue increased in...Read more
High-speed Internet revenue increased 8.5%...Read more
Video revenue increased 3.9% and...Read more
An increase in programming expenses...Read more
An increase in programming expenses...Read more
Advertising revenue decreased in 2015...Read more
Other revenue increased in 2016...Read more
Other revenue increased in 2016...Read more
Theme Parks segment pro forma...Read more
Other revenue increased 13.8% and...Read more
An increase in total NBCUniversal...Read more
Growth in our Cable Communications...Read more
Growth in our Cable Communications...Read more
In addition, because these assets...Read more
The most sensitive factor affecting...Read more
Other income expense, net for...Read more
Excluding revenue associated with our...Read more
Cable Communications programming contracts in...Read more
Advertising, marketing and promotion expenses...Read more
An increase in revenue of...Read more
We believe that this measure...Read more
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Purchase obligations consist of agreements...Read more
In August 2016, we acquired...Read more
The changes in equity in...Read more
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Distribution and other revenue increased...Read more
The amount allocated to voice...Read more
Comcast Cable is one of...Read more
We offer our cable services...Read more
We believe the increases in...Read more
Our Cable Communications segment offers...Read more
A wireless phone service will...Read more
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The increase in 2015 was...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Comcast Corp provided additional information to their SEC Filing as exhibits
Ticker: CMCSA
CIK: 1166691
Form Type: 10-K Annual Report
Accession Number: 0001193125-17-030512
Submitted to the SEC: Fri Feb 03 2017 2:34:03 PM EST
Accepted by the SEC: Fri Feb 03 2017
Period: Saturday, December 31, 2016
Industry: Cable And Other Pay Television Services