July 31, 2013

Comcast Reports 2nd Quarter 2013 Results

Consolidated Revenue Increased 7.0%, Operating Cash Flow Increased 8.4% and Operating Income Increased 11.6%

Earnings per Share Increased 30.0% to $0.65

Free Cash Flow Increased 25.4% to $1.9 Billion

Quarterly Dividends and Share Repurchases Totaled $1.0 Billion

PHILADELPHIA--(BUSINESS WIRE)-- Comcast Corporation (NASDAQ: CMCSA, CMCSK) today reported results for the quarter ended June 30, 2013.

Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said, "We are pleased with our results this quarter. Cable had outstanding growth, particularly in high-speed Internet, and NBCUniversal had strong performance across all of its businesses. Our focus on delivering innovative products and a superior customer experience is driving our success, including stronger video, voice and business services results in cable. NBCUniversal has real momentum, with solid growth in revenue and double-digit cash flow growth. We have a fantastic combination of cable and content businesses with many opportunities ahead."

       

Consolidated Financial Results

         
  2nd Quarter Year to Date
($ in millions)   2012   2013   Growth         2012   2013   Growth
Revenue   $ 15,211   $ 16,270   7.0 %         $ 30,089   $ 31,580   5.0 %
Operating Cash Flow (OCF)1   $ 5,004   $ 5,425   8.4 %         $ 9,692   $ 10,459   7.9 %
Operating Income   $ 3,079   $ 3,435   11.6 %         $ 5,837   $ 6,502   11.4 %
Earnings per Share2   $ 0.50   $ 0.65   30.0 %         $ 0.94   $ 1.19   26.6 %
Free Cash Flow3 $ 1,554   $ 1,948   25.4 % $ 4,593   $ 5,086   10.7 %
 

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 or www.cmcsk.com.

Revenue for the second quarter of 2013 increased 7.0% to $16.3 billion. Operating Cash Flow increased 8.4% to $5.4 billion and Operating Income increased 11.6% to $3.4 billion.

For the six months ended June 30, 2013, revenue increased 5.0% to $31.6 billion. Excluding $259 million of revenue generated by the NFL's Super Bowl in the first quarter of 2012, revenue increased 5.9% (see Table 5). Operating cash flow increased 7.9% to $10.5 billion and operating income increased 11.4% to $6.5 billion.

Earnings per Share (EPS) for the second quarter of 2013 was $0.65, a 30.0% increase from the $0.50 reported in the second quarter of 2012.

EPS for the six months ended June 30, 2013 was $1.19, a 26.6% increase from the $0.94 reported in the prior year. Excluding a $0.03 per share gain in the first quarter of 2013 on the sale of wireless spectrum licenses, EPS increased 23.4% (see Table 4).

Capital Expenditures increased 17.1% to $1.5 billion in the second quarter of 2013 compared to the second quarter of 2012. Cable Communications' capital expenditures increased $116 million, or 10.4%, to $1.2 billion in the second quarter of 2013, primarily reflecting increased spending on customer premises equipment, such as advanced digital boxes and wireless gateways, our ongoing investment in network infrastructure and the expansion of business services. Cable capital expenditures represented 11.9% of Cable revenue in the second quarter of 2013 compared to 11.4% in last year's second quarter. NBCUniversal's capital expenditures increased $104 million to $260 million in the second quarter of 2013, primarily reflecting increased investments in Theme Parks.

For the six months ended June 30, 2013, capital expenditures increased 16.5% to $2.9 billion compared to the prior year. Cable Communications capital expenditures increased $154 million, or 7.1%, to $2.3 billion and represented 11.3% of Cable revenue compared to 11.2% in 2012. NBCUniversal's capital expenditures increased $256 million to $523 million for the first six months of 2013.

Free Cash Flow (excluding any impact from the Economic Stimulus packages) increased 25.4% to $1.9 billion in the second quarter of 2013 compared to the second quarter of 2012, reflecting growth in consolidated operating cash flow and improvements in working capital, partially offset by higher taxes and capital expenditures. Free cash flow for the six months ended June 30, 2013 increased 10.7% to $5.1 billion compared to $4.6 billion in 2012.

   
2nd Quarter Year to Date
($ in millions)   2012   2013   Growth   2012   2013   Growth
Operating Cash Flow   $ 5,004     $ 5,425     8.4 %   $ 9,692     $ 10,459     7.9 %
Capital Expenditures     (1,287 )     (1,506 )   17.1 %     (2,461 )     (2,867 )   16.5 %
Cash Paid for Capitalized Software and Other Intangible Assets     (230 )     (262 )   13.9 %     (414 )     (444 )   7.2 %
Cash Interest Expense     (544 )     (515 )   (5.3 %)     (1,158 )     (1,132 )   (2.2 %)
Cash Taxes     (904 )     (1,761 )   94.8 %     (1,022 )     (2,222 )   117.4 %
Changes in Operating Assets and Liabilities     (305 )     49     NM       41       418     NM  
Other     (13 )     530     NM       82       886     NM  
Free Cash Flow (Incl. Economic Stimulus Packages)   $ 1,721     $ 1,960     13.9 %   $ 4,760     $ 5,098     7.1 %
Economic Stimulus Packages     (167 )     (12 )   NM       (167 )     (12 )   NM  
Free Cash Flow $ 1,554   $ 1,948   25.4 % $ 4,593   $ 5,086   10.7 %

 

Note: The definition of Free Cash Flow excludes any impact from Economic Stimulus packages. These amounts have been excluded from Free Cash Flow to provide an appropriate comparison. "Other" in 2013 is substantially comprised of adjustments for cash taxes paid related to certain nonoperating transactions, as well as cash taxes paid in 2013 related to 2012 taxable income that were reflected as a reduction of 2012 Free Cash Flow.

NM=comparison not meaningful.

Dividends and Share Repurchases. During the second quarter of 2013, Comcast paid dividends totaling $514 million and repurchased 12.6 million of its common shares for $500 million. In the first six months of 2013, Comcast has repurchased 25.9 million of its common shares for $1.0 billion. As of June 30, 2013, Comcast had approximately $2.5 billion available under its share repurchase authorization.

         

Cable Communications

             
2nd Quarter Year to Date
($ in millions)   2012   2013   Growth         2012   2013   Growth
Cable Communications Revenue                              
Video   $ 5,039     $ 5,175     2.7 %         $ 9,968     $ 10,288     3.2 %
High-Speed Internet     2,380       2,569     8.0 %           4,703       5,092     8.3 %
Voice     889       910     2.4 %           1,767       1,810     2.5 %
Business Services     623       788     26.4 %           1,204       1,529     26.9 %
Advertising     551       558     1.2 %           1,026       1,046     1.9 %
Other     415       467     12.3 %           828       919     10.9 %
Cable Communications Revenue $ 9,897   $ 10,467   5.8 % $ 19,496   $ 20,684   6.1 %
                               
Cable Communications OCF   $ 4,101     $ 4,335     5.7 %         $ 8,056     $ 8,554     6.2 %
OCF Margin 41.4 % 41.4 % 41.3 % 41.4 %
                               
Cable Communications Capital Expenditures   $ 1,124     $ 1,240     10.4 %         $ 2,180     $ 2,334     7.1 %
Percent of Cable Communications Revenue 11.4 % 11.9 % 11.2 % 11.3 %
 

Revenue for Cable Communications increased 5.8% to $10.5 billion in the second quarter of 2013 compared to $9.9 billion in the second quarter of 2012, driven by increases of 8.0% in high-speed Internet, 26.4% in business services and 2.7% in video. The increase in revenue reflects rate adjustments, customers receiving higher levels of services and customer growth (see below).

For the six months ended June 30, 2013, Cable revenue increased 6.1% to $20.7 billion compared to $19.5 billion in 2012.

Combined Video, High-Speed Internet and Voice Customers increased by 189,000 in the second quarter of 2013, a 36.8% increase in net additions compared to second quarter 2012, reflecting growth in high-speed Internet and voice customers and reduced losses in video customers. As of June 30, 2013, video, high-speed Internet and voice customers totaled 52.1 million, an increase of 1.6 million or 3.1% over last year's second quarter.

  Customers         Net Adds
(in thousands)   2Q12   2Q13         2Q12 2Q13
Video Customers   22,118   21,776         (176 ) (159 )
High-Speed Internet Customers   18,738   19,986         156   187  
Voice Customers   9,664   10,327         158   161  
Combined Video, HSI and Voice Customers 50,521   52,089 138 189

Operating Cash Flow for Cable Communications increased 5.7% to $4.3 billion in the second quarter of 2013 compared to $4.1 billion in the second quarter of 2012, reflecting higher revenue, partially offset by increased costs related to video programming and higher advertising, marketing and promotion expense to support growth and enhance our competitive position in both residential and commercial markets. This quarter's operating cash flow margin was 41.4%, consistent with the prior year period.

For the six months ended June 30, 2013, Cable operating cash flow increased 6.2% to $8.6 billion compared to $8.1 billion in 2012. Year-to-date operating cash flow margin was 41.4% compared to 41.3% in 2012.

   

NBCUniversal

       

2nd Quarter Year to Date
($ in millions)   2012   2013   Growth   2012   2013   Growth
NBCUniversal Revenue                 .          
Cable Networks   $ 2,240     $ 2,413     7.7 %   $ 4,368     $ 4,638     6.2 %
Broadcast Television     1,552       1,732     11.6 %     3,413       3,249     (4.8 %)
Filmed Entertainment     1,231       1,388     12.8 %     2,423       2,604     7.5 %
Theme Parks     539       546     1.1 %     951       1,008     5.9 %
Headquarters, Other and Eliminations     (58 )     (84 )   NM       (179 )     (164 )   NM  
NBCUniversal Revenue $ 5,504   $ 5,995   8.9 % $ 10,976   $ 11,335   3.3 %
(% growth excluding 2012 Super Bowl) 5.8 %
                         
NBCUniversal OCF                        
Cable Networks   $ 790     $ 860     8.9 %   $ 1,599     $ 1,719     7.5 %
Broadcast Television     194       206     6.4 %     180       171     (5.1 %)
Filmed Entertainment     (83 )     33     NM       (77 )     102     NM  
Theme Parks     235       231     (1.6 %)     392       404     3.2 %
Headquarters, Other and Eliminations     (154 )     (139 )   NM       (299 )     (252 )   NM  
NBCUniversal OCF $ 982 $ 1,191 21.3 % $ 1,795 $ 2,144 19.5 %
 

Revenue for NBCUniversal increased 8.9% to $6.0 billion in the second quarter of 2013 compared to $5.5 billion in the second quarter of 2012. Operating Cash Flow increased 21.3% to $1.2 billion compared to $982 million in the second quarter of 2012, driven by Filmed Entertainment and Cable Networks.

For the six months ended June 30, 2013, NBCUniversal revenue increased 3.3% to $11.3 billion compared to $11.0 billion in 2012. Excluding $259 million of revenue generated by the broadcast of the NFL's Super Bowl in the first quarter of 2012, revenue increased 5.8% (see Table 5). Operating cash flow increased 19.5% to $2.1 billion compared to $1.8 billion in the first six months of 2012.

Cable Networks

For the second quarter of 2013, revenue from the Cable Networks segment increased 7.7% to $2.4 billion compared to $2.2 billion in the second quarter of 2012, reflecting a new content licensing agreement, a 4.4% increase in distribution revenue and a 5.7% increase in advertising revenue. Operating cash flow increased 8.9% to $860 million compared to $790 million in the second quarter of 2012, reflecting higher revenue and more moderate expense growth, even as we continue to invest in programming.

For the six months ended June 30, 2013, revenue from the Cable Networks segment increased 6.2% to $4.6 billion compared to $4.4 billion in 2012. Operating cash flow increased 7.5% to $1.7 billion compared to $1.6 billion in the first six months of 2012.

Broadcast Television

For the second quarter of 2013, revenue from the Broadcast Television segment increased 11.6% to $1.7 billion compared to $1.6 billion in the second quarter of 2012, driven by a 13.0% increase in advertising revenue, primarily reflecting higher primetime ratings at the NBC broadcast network, and higher retransmission consent fees, partially offset by lower content licensing revenue due to the timing of content availability. Operating cash flow increased 6.4% to $206 million compared to $194 million in the second quarter of 2012, reflecting higher revenue, partially offset by an increase in programming and production costs associated with the timing of the airing of certain shows in our primetime schedule.

For the six months ended June 30, 2013, revenue from the Broadcast Television segment decreased 4.8% to $3.2 billion compared to $3.4 billion in 2012. Excluding $259 million of revenue generated by the NFL's Super Bowl in the first quarter of 2012, revenue increased 3.0% (see Table 5). Operating cash flow decreased 5.1% to $171 million compared to $180 million in the first six months of 2012.

Filmed Entertainment

For the second quarter of 2013, revenue from the Filmed Entertainment segment increased 12.8% to $1.4 billion compared to $1.2 billion in the second quarter of 2012, driven by higher theatrical revenue from the strong box office performance of Fast and Furious 6, as well as higher content licensing revenue from the availability of certain films in international television markets. Operating cash flow increased $116 million to $33 million compared to a loss of $83 million in the second quarter of 2012, reflecting the strong performance of the film slate.

For the six months ended June 30, 2013, revenue from the Filmed Entertainment segment increased 7.5% to $2.6 billion compared to $2.4 billion in 2012. Operating cash flow increased $179 million to $102 million compared to a loss of $77 million in the first six months of 2012.

Theme Parks

For the second quarter of 2013, revenue from the Theme Parks segment increased 1.1% to $546 million compared to the second quarter of 2012, reflecting the shift of holidays to the first quarter this year. Second quarter operating cash flow decreased 1.6% to $231 million compared to the same period last year, primarily reflecting increased operating costs to support new attractions.

For the six months ended June 30, 2013, revenue from the Theme Parks segment increased 5.9% to $1.0 billion compared to $951 million in 2012. Operating cash flow increased 3.2% to $404 million compared to $392 million in the first six months of 2012.

Headquarters, Other and Eliminations

NBCUniversal Headquarters, Other and Eliminations include overhead and eliminations among the NBCUniversal businesses. For the quarter ended June 30, 2013, NBCUniversal Headquarters, Other and Eliminations operating cash flow loss was $139 million compared to a loss of $154 million in the second quarter of 2012, reflecting lower facilities and integration costs.

For the six months ended June 30, 2013, NBCUniversal Headquarters, Other and Eliminations operating cash flow loss was $252 million compared to a loss of $299 million in 2012.

Corporate, Other and Eliminations

Corporate, Other and Eliminations include corporate operations, Comcast-Spectacor and eliminations among Comcast's businesses. For the quarter ended June 30, 2013, Corporate, Other and Eliminations revenue was ($192) million compared to ($190) million in 2012. The operating cash flow loss was $101 million compared to a loss of $79 million in the second quarter of 2012.

For the six months ended June 30, 2013, Corporate, Other and Eliminations revenue was ($439) million compared to ($383) million in 2012. The operating cash flow loss was $239 million compared to a loss of $159 million in the first six months of 2012.

Notes:

1   We define Operating Cash Flow as operating income (loss) before depreciation and amortization, excluding impairment charges related to fixed and intangible assets and gains or losses on the sale of assets, if any.
2 Earnings per share amounts are presented on a diluted basis.
3 We define Free Cash Flow as Net Cash Provided by Operating Activities (as stated in our Consolidated Statement of Cash Flows) reduced by capital expenditures, cash paid for intangible assets and cash distributions to noncontrolling interests; and adjusted for any payments and receipts related to certain nonoperating items, net of estimated tax benefits.

All percentages are calculated on whole numbers. Minor differences may exist due to rounding.

Conference Call and Other Information

Comcast Corporation will host a conference call with the financial community today, July 31, 2013 at 8:30 a.m. Eastern Time (ET). The conference call and related materials will be broadcast live and posted on its Investor Relations website at www.cmcsa.com or www.cmcsk.com. Those parties interested in participating via telephone should dial (800) 263-8495 with the conference ID number 97883674. A replay of the call will be available starting at 12:30 p.m. ET on July 31, 2013, on the Investor Relations website or by telephone. To access the telephone replay, which will be available until Wednesday, August 7, 2013 at midnight ET, please dial (855) 859-2056 and enter the conference ID number 97883674.

From time to time, we post information that may be of interest to investors on our website at www.cmcsa.com or www.cmcsk.com and on our corporate blog, www.corporate.comcast.com/comcast-voices. To automatically receive Comcast financial news by email, please visit www.cmcsa.com or www.cmcsk.com and subscribe to email alerts.

Caution Concerning Forward-Looking Statements

This press release contains forward-looking statements. Readers are cautioned that such forward-looking statements involve risks and uncertainties that could cause actual events or our actual results to differ materially from those expressed in any such forward-looking statements. Readers are directed to Comcast's periodic and other reports filed with the Securities and Exchange Commission (SEC) for a description of such risks and uncertainties. We undertake no obligation to update any forward-looking statements.

Non-GAAP Financial Measures

In this discussion, we sometimes refer to financial measures that are not presented according to generally accepted accounting principles in the U.S. (GAAP). Certain of these measures are considered "non-GAAP financial measures" under the SEC regulations; those rules require the supplemental explanations and reconciliations that are in Comcast's Form 8-K (Quarterly Earnings Release) furnished to the SEC.

About Comcast Corporation

Comcast Corporation (Nasdaq: CMCSA, CMCSK) is a global media and technology company with two primary businesses, Comcast Cable and NBCUniversal. Comcast Cable is the nation's largest video, high-speed Internet and phone provider to residential customers under the XFINITY brand and also provides these services to businesses. NBCUniversal operates 30 news, entertainment and sports cable networks, the NBC and Telemundo broadcast networks, television production operations, television station groups, Universal Pictures and Universal Parks and Resorts. Visit www.comcastcorporation.com for more information.

               
TABLE 1
Condensed Consolidated Statement of Income (Unaudited)                        
 
 
 
 
 
Three Months Ended Six Months Ended
(in millions, except per share data) June 30, June 30,
2012 2013 2012 2013
Revenue $ 15,211 $ 16,270 $ 30,089 $ 31,580
 
Programming and production 4,551 4,968 9,287 9,631
Other operating and administrative 4,365 4,570 8,610 9,036
Advertising, marketing and promotion   1,291     1,307     2,500     2,454  
  10,207     10,845     20,397     21,121  
 
Operating cash flow 5,004 5,425 9,692 10,459
 
Depreciation expense 1,516 1,583 3,045 3,149
Amortization expense   409     407     810     808  
  1,925     1,990     3,855     3,957  
Operating income 3,079 3,435 5,837 6,502
 
Other income (expense)
Interest expense (625 ) (636 ) (1,265 ) (1,289 )
Investment income (loss), net 8 13 100 85
Equity in net income (losses) of investees, net 29 23 32 34
Other income (expense), net   (47 )   (43 )   (63 )   30  
  (635 )   (643 )   (1,196 )   (1,140 )
 
Income before income taxes 2,444 2,792 4,641 5,362
 
Income tax expense   (811 )   (1,048 )   (1,561 )   (1,973 )
 
Net income 1,633 1,744 3,080 3,389
 
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock (285 ) (10 ) (508 ) (218 )
       
Net income attributable to Comcast Corporation $ 1,348   $ 1,734   $ 2,572   $ 3,171  
 
 
Diluted earnings per common share attributable to Comcast Corporation shareholders $ 0.50   $ 0.65   $ 0.94   $ 1.19  
 
 
Dividends declared per common share attributable to Comcast Corporation shareholders $ 0.1625   $ 0.195   $ 0.325   $ 0.39  
 
 
 
Diluted weighted-average number of common shares   2,717     2,666     2,733     2,672  
 
       
TABLE 2
Condensed Consolidated Balance Sheet (Unaudited)            
 
 
 
 
 
(in millions) December 31, June 30,
2012 2013
ASSETS
 
Current Assets
Cash and cash equivalents $ 10,951 $ 1,389
Investments 1,464 3,765
Receivables, net 5,521 5,507
Programming rights 909 859
Other current assets   1,146   1,215
Total current assets   19,991   12,735
 
Film and television costs 5,054 4,340
 
Investments 6,325 5,299
 
Property and equipment, net 27,232 28,255
 
Franchise rights 59,364 59,364
 
Goodwill 26,985 27,075
 
Other intangible assets, net 17,840 17,440
 
Other noncurrent assets, net   2,180   2,311
 
$ 164,971 $ 156,819
 
LIABILITIES AND EQUITY
 
Current Liabilities
Accounts payable and accrued expenses related to trade creditors $ 6,206 $ 6,077
Accrued participations and residuals 1,350 1,625
Deferred revenue 851 946
Accrued expenses and other current liabilities 5,931 7,419
Current portion of long-term debt   2,376   2,535
Total current liabilities   16,714   18,602
 
Long-term debt, less current portion 38,082 44,114
 
Deferred income taxes 30,110 31,303
 
Other noncurrent liabilities 13,271 12,461
 
Redeemable noncontrolling interests and redeemable subsidiary preferred stock 16,998 853
 
Equity
Comcast Corporation shareholders' equity 49,356 49,091
Noncontrolling interests   440   395

Total equity

  49,796   49,486
 
$ 164,971 $ 156,819
 
       
TABLE 3
Consolidated Statement of Cash Flows (Unaudited)            
 
 
 
 
 
(in millions) Six Months Ended
June 30,
2012 2013
 
OPERATING ACTIVITIES
Net income $ 3,080 $ 3,389
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 3,855 3,957
Amortization of film and television costs 4,156 4,080
Share-based compensation 189 213
Noncash interest expense (income), net 105 81
Equity in net (income) losses of investees, net (32 ) (34 )
Cash received from investees 142 72
Net (gain) loss on investment activity and other (27 ) (91 )
Deferred income taxes 41 87
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Change in current and noncurrent receivables, net (16 ) 58
Change in film and television costs (4,177 ) (3,330 )
Change in accounts payable and accrued expenses related to trade creditors 111 (87 )
Change in other operating assets and liabilities   388     (710 )
 
Net cash provided by operating activities   7,815     7,685  
 
INVESTING ACTIVITIES
Capital expenditures (2,461 ) (2,867 )
Cash paid for intangible assets (414 ) (444 )
Acquisition of 30 Rockefeller Plaza properties - (1,311 )
Proceeds from sales of businesses and investments 64 91
Return of capital from investees 7 146
Purchases of investments (108 ) (641 )
Other   83     66  
 
Net cash provided by (used in) investing activities   (2,829 )   (4,960 )
 
FINANCING ACTIVITIES
Proceeds from (repayments of) short-term borrowings, net (554 ) 348
Proceeds from borrowings - 2,933
Repurchases and repayments of debt (1,692 ) (2,195 )
Repurchases and retirements of common stock (1,500 ) (1,000 )
Dividends paid (741 ) (942 )
Issuances of common stock 184 24
Purchase of NBCUniversal noncontrolling common equity interest - (10,761 )
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock (233 ) (116 )
Settlement of Station Venture liability - (602 )
Other   31     24  
 
Net cash provided by (used in) financing activities   (4,505 )   (12,287 )
 
Increase (decrease) in cash and cash equivalents 481 (9,562 )
 
Cash and cash equivalents, beginning of period   1,620     10,951  
 
Cash and cash equivalents, end of period $ 2,101   $ 1,389  
 
               
TABLE 4
Supplemental Information
 
Alternate Presentation of Net Cash Provided by Operating Activities and Free Cash Flow (Unaudited)            
 
 

 

Three Months Ended

Six Months Ended

 

June 30,

June 30,

(in millions)

2012

2013 2012   2013
Operating income $ 3,079 $ 3,435 $ 5,837 $ 6,502
Depreciation and amortization   1,925     1,990     3,855       3,957  
Operating income before depreciation and amortization 5,004 5,425 9,692 10,459
Noncash share-based compensation expense 100 111 189 213
Changes in operating assets and liabilities   (305 )   49     41       418  
Cash basis operating income 4,799 5,585 9,922 11,090
Payments of interest (544 ) (515 ) (1,158 ) (1,132 )
Payments of income taxes (904 ) (1,761 ) (1,022 ) (2,222 )
Proceeds from investments and other 77 60 152 96
Excess tax benefits under share-based compensation   (6 )   (53 )   (79 )   (147 )
Net Cash Provided by Operating Activities $ 3,422   $ 3,316   $ 7,815   $ 7,685  
Capital expenditures (1,287 ) (1,506 ) (2,461 ) (2,867 )
Cash paid for capitalized software and other intangible assets (230 ) (262 ) (414 ) (444 )
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock (175 ) (67 ) (233 ) (116 )
Nonoperating items   (9 )   479     53     840  
Free Cash Flow (including economic stimulus packages) $ 1,721 $ 1,960 $ 4,760 $ 5,098
Economic stimulus packages   (167 )   (12 )   (167 )   (12 )
Total Free Cash Flow $ 1,554   $ 1,948   $ 4,593   $ 5,086  
 
           
Reconciliation of EPS Excluding Gain Related to Sale of Wireless Spectrum Licenses (Unaudited)                  
                   
Three Months Ended Six Months Ended
June 30, June 30,
 
2012 2013   2012 2013  
(in millions, except per share data)
$     EPS (1) $     EPS (1) $     EPS (1) $     EPS (1)
 
Net income attributable to Comcast Corporation $ 1,348 $ 0.50 $ 1,734 $ 0.65 $ 2,572 $ 0.94 $ 3,171 $ 1.19
Growth % 28.6 % 30.0 % 23.3 % 26.6 %
 
Gain on sale of wireless spectrum licenses(2) - - - - - - (67 ) (0.03 )
 
Net income attributable to Comcast Corporation                                
(excluding gain related to sale of wireless spectrum licenses) $ 1,348     $ 0.50 $ 1,734       $ 0.65   $ 2,572     $ 0.94 $ 3,104       $ 1.16  
Growth % 28.6 % 30.0 % 20.7 % 23.4 %
 
   
(1) Based on diluted weighted-average number of common shares for the respective periods as presented in Table 1.
(2) 2013 year to date Net income attributable to Comcast Corporation includes $108 million of other income, $67 million net of tax, resulting from a gain on the sale of wireless spectrum licenses.
 

Note: Minor differences may exist due to rounding.

 
                       
TABLE 5
Reconciliation of Consolidated Revenue Excluding Super Bowl (Unaudited)                        
 
Three Months Ended Six Months Ended
June 30, June 30,
 
(in millions) 2012 2013 Growth % 2012 2013 Growth %
 
Revenue $ 15,211 $ 16,270 7.0 % $ 30,089 $ 31,580 5.0 %
 
Super Bowl   -   -   (259 )   -
 
Revenue excluding Super Bowl $ 15,211 $ 16,270 7.0 % $ 29,830   $ 31,580 5.9 %
 
 
Reconciliation of Consolidated NBCUniversal Revenue Excluding Super Bowl (Unaudited)                  
 
Three Months Ended Six Months Ended
June 30, June 30,
 
(in millions) 2012 2013 Growth % 2012 2013 Growth %
 
Revenue $ 5,504 $ 5,995 8.9 % $ 10,976 $ 11,335 3.3 %
 
Super Bowl   -   -   (259 )   -
 
Revenue excluding Super Bowl $ 5,504 $ 5,995 8.9 % $ 10,717   $ 11,335 5.8 %
 
Reconciliation of Broadcast Television Revenue Excluding Super Bowl (Unaudited)                  
 
Three Months Ended Six Months Ended
June 30, June 30,
 
(in millions) 2012 2013 Growth % 2012 2013 Growth %
 
Revenue $ 1,552 $ 1,732 11.6 % $ 3,413 $ 3,249 (4.8 %)
 
Super Bowl   -   -   (259 )   -
 
Revenue excluding Super Bowl $ 1,552 $ 1,732 11.6 % $ 3,154   $ 3,249 3.0 %
 
 
 

Note: Minor differences may exist due to rounding.

 

Comcast Corporation
Investor Contacts:
Marlene S. Dooner, 215-286-7392
Jane B. Kearns, 215-286-4794
Press Contacts:
D'Arcy Rudnay, 215-286-8582
John Demming, 215-286-8011

Source: Comcast Corporation

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