Tuesday, May 11, 2021

Comcast Reports 2016 Year End Financials; Theme Park Revenue Up 48% Over 2015

Comcast Corporation, parent of NBCUniversal, today announced its fourth quarter and year end 2016 financial results.

The company’s consolidated revenue for the fourth quarter of 2016 increased 9.2% to $21.0 billion. Consolidated operating Income increased 6.6% to $4.3 billion. Consolidated operating cash flow increased 7.8% to $6.8 billion.

For the year ended December 31, 2016, consolidated revenue increased 7.9% to $80.4 billion compared to 2015. Excluding $1.6 billion of revenue generated by the broadcast of the 2016 Rio Olympics in the third quarter of 2016, as well as $376 million of revenue generated by the broadcast of the NFL’s Super Bowl in the first quarter of 2015, consolidated revenue increased 6.3%. Consolidated operating income increased 5.4% to $16.9 billion compared to 2015. Consolidated operating cash flow increased 7.0% to $26.4 billion compared to 2015. Excluding $178 million of transaction-related costs in 2015, consolidated operating cash flow increased 6.3%

NBCUniversal

Revenue for NBCUniversal increased 13.0% to $8.5 billion in the fourth quarter of 2016 and Operating Cash Flow increased 14.0% to $1.8 billion. Pro Forma Revenue for NBCUniversal increased 10.5%. Pro Forma Operating Cash Flow increased 7.8%, reflecting increases at Theme Parks, Broadcast Television and Cable Networks, partially offset by a decline at Filmed Entertainment.

For the year ended December 31, 2016, NBCUniversal revenue increased 11.0% to $31.6 billion compared to 2015 and operating cash flow increased 13.8% to $7.2 billion. Pro forma revenue for NBCUniversal increased 7.0%. Pro forma operating cash flow increased 5.7%, reflecting increases at Broadcast Television, Theme Parks and Cable Networks, partially offset by a decline at Filmed Entertainment.

Theme Parks

Theme Parks revenue increased 32.1% to $1.3 billion in the fourth quarter of 2016. Pro forma revenue increased 13.2%, reflecting higher attendance and higher per capita spending, driven by the success of Hollywood’s The Wizarding World of Harry Potter™ attraction, as well as the positive impact of a stronger Japanese yen. Operating cash flow increased 41.9% to $640 million in the fourth quarter of 2016. Pro forma operating cash flow increased 18.4%, reflecting higher revenue, partially offset by an increase in operating expenses, including costs to support new attractions.

For the year ended December 31, 2016, revenue from the Theme Parks segment increased 48.2% to $4.9 billion compared to 2015. Pro forma revenue increased 12.7%, reflecting higher attendance and per capita spending, as well as the positive impact of a stronger Japanese yen. Operating cash flow increased 49.6% to $2.2 billion compared to 2015. Pro forma operating cash flow increased 12.2%, reflecting higher revenue, partially offset by an increase in operating expenses, including costs to support new attractions.

NOTE:  Pro Forma information is presented as if the acquisition of the 51% interest of Universal Studios Japan occurred on January 1, 2014. Pro forma data does not include adjustments for transaction-related costs, costs related to integration activities, or cost savings or synergies that have been or may be achieved by the combined businesses. The pro forma amounts are primarily based on historical results of operations, adjusted for the allocation of purchase price and are not necessarily indicative of what our results would have been had the company operated Universal Studios Japan since January 1, 2014, nor of its future results.

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