EX-99.1 2 d297054dex991.htm PRESS RELEASE Press Release
PRESS RELEASE  

Exhibit 99.1

 

LOGO

 

 

 

Investor Contacts:            Press Contacts:  

Marlene S. Dooner

 

(215) 286-7392

    

    D’Arcy Rudnay

 

        (215) 286-8582        

Jane B. Kearns

 

(215) 286-4794

    

    John Demming

 

        (215) 286-8011

Michael A. Kelman

 

(215) 286-3035

      

 

COMCAST REPORTS 4th QUARTER AND YEAR END 2011 RESULTS

2011 Consolidated Revenue Increased 47%, Operating Cash Flow Increased 26% and

Operating Income Increased 34%

Free Cash Flow Increased 30% to $7.0 Billion, including $5.2 Billion from Cable

and $1.8 Billion from NBCUniversal

Dividend and Share Repurchases Totaled $3.3 Billion in 2011

Dividend to Increase 44% to $0.65 per Share on an Annualized Basis;

Share Repurchase Authorization of $6.5 Billion Approved by the Board,

with $3 Billion to be Repurchased in 2012, a 40% Increase from 2011

Philadelphia, PA – February 15, 2012…Comcast Corporation (NASDAQ: CMCSA, CMCSK) today reported results for the quarter and year ended December 31, 2011.

Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said, “Last year was a very important year for our company. Cable continued to drive innovation, increase new product introductions and transform the customer experience, and we successfully integrated NBCUniversal. We also reported strong financial and operating results in both the fourth quarter and for the full year. Specifically, cable had another terrific quarter of improving customer metrics, demonstrating that our new XFINITY brand and our intensified focus on service and innovation are making a real difference. Our results at NBCUniversal underscore the strong performance of the cable networks and theme parks, and we continue to make progress enhancing the franchise values of its businesses.

As we begin 2012, the strength of our businesses and free cash flow generation will allow us to continue to build value and consistently return capital to shareholders. To underscore our optimism, we are increasing our dividend by 44% and have instituted a new $6.5 billion share repurchase plan, with $3 billion to be repurchased this year.”

 

($ in millions)

Consolidated Results

  

4th Quarter

              

Full Year

 
  

2010

    

2011

    

Growth

              

2010

    

2011*

    

Growth

 

 

Revenue

   $ 9,721       $ 15,042         54.7           $ 37,937       $ 55,842         47.2

 

Operating Cash Flow (OCF)1

   $ 3,716       $ 4,916         32.3           $ 14,596       $ 18,357         25.8

 

Operating Income

   $ 2,013       $ 2,918         45.0           $ 7,980       $ 10,721         34.3

 

Earnings per Share

   $ 0.36       $ 0.47         30.6           $ 1.29       $ 1.50         16.3

 

Free Cash Flow2

   $ 1,121       $ 1,876         67.4           $ 5,388       $ 7,009         30.1

 

 

* Full Year 2011 includes 11 months of NBCUniversal results.

                        

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.


Consolidated Financial Results

 

Consolidated financial results include NBCUniversal as of January 28, 2011 and 100% of Universal Orlando as of July 1, 2011.

Revenue increased 54.7% in the fourth quarter of 2011 to $15.0 billion, while Operating Cash Flow increased 32.3% to $4.9 billion and Operating Income increased 45.0% to $2.9 billion.

For the year ended December 31, 2011, revenue increased 47.2% to $55.8 billion, while operating cash flow increased 25.8% to $18.4 billion and operating income increased 34.3% to $10.7 billion.

Earnings per Share3 (EPS) for the fourth quarter of 2011 was $0.47, a 30.6% increase from the $0.36 reported in the fourth quarter of 2010. Excluding NBCUniversal transaction and related costs and other non-recurring items, EPS increased 34.3% in the fourth quarter of 2011 (see Table 4).

EPS for the year ended December 31, 2011 was $1.50, a 16.3% increase from the $1.29 reported in the prior year. Excluding NBCUniversal transaction and related costs and other non-recurring items, EPS increased 20.6% to $1.58 compared to $1.31 in 2010 (see Table 4).

Free Cash Flow (excluding any impact from the Economic Stimulus packages) increased 67.4% to $1.9 billion in the fourth quarter of 2011 compared to $1.1 billion in the fourth quarter of 2010, reflecting growth in consolidated operating cash flow, partially offset by an increase in cash interest expense at NBCUniversal and increased intangible asset expenditures.

Free cash flow for the year ended December 31, 2011 increased 30.1% to $7.0 billion compared to $5.4 billion in 2010. The increase in free cash flow primarily reflects growth in consolidated operating cash flow, partially offset by increases in working capital, cash interest expense, capital expenditures and intangible asset expenditures.

 

($ in millions)

Free Cash Flow

  

4th Quarter

              

Full Year

 
  

2010

   

2011

   

Growth

              

2010

   

2011*

   

Growth

 

 

Operating Cash Flow

   $ 3,716      $ 4,916        32.3           $ 14,596      $ 18,357        25.8

 

Capital Expenditures

     (1,532     (1,522     (0.6 %)              (4,961     (5,307     7.0

 

Cash Paid for Capitalized Software and Other Intangible Assets

     (164     (449     173.8             (536     (954     78.0

 

Cash Interest Expense

     (353     (632     79.0             (1,983     (2,441     23.1

 

Cash Taxes

     (70     (460     NM                (1,864     (1,626     (12.8 %) 

 

Changes in Operating Assets and Liabilities

     (10     118        NM                (20     (603     NM   

 

Noncash Share-Based Compensation

     74        84        13.5             300        344        14.7

 

 

Proceeds from Investments and Distributions to Noncontrolling Interests

     (3     (2     NM                60        (37     NM   

 

Adjustments for Nonoperating Items

     32        (15     NM                97        (31     NM   
  

 

 

           

 

 

 

 

 

Free Cash Flow (Incl. Economic Stimulus Packages)

   $ 1,690      $ 2,038        20.6           $ 5,689      $ 7,702        35.4

 

Economic Stimulus Packages

     (569     (162     (71.5 %)              (301     (693     130.2
  

 

 

           

 

 

 

 

Free Cash Flow

   $ 1,121      $ 1,876        67.4           $ 5,388      $ 7,009        30.1

 

 

* Includes 11 months of NBCUniversal results.

                    

Note: The definition of Free Cash Flow excludes any impact from the 2008-2011 Economic Stimulus packages. These amounts have been excluded from Free Cash Flow to provide an appropriate comparison. NM=comparison not meaningful.

Share Repurchases and Dividends. During the fourth quarter of 2011, Comcast repurchased 21.9 million of its common shares for $491 million. For the full year, Comcast repurchased 95.3 million of its common shares for $2.1 billion. In addition, Comcast made four cash dividend payments totaling $1.2 billion, resulting in a total return of capital to shareholders of $3.3 billion for 2011.

Today, Comcast announced that its Board of Directors has authorized a new $6.5 billion stock repurchase program. The company plans to repurchase $3.0 billion during 2012, subject to market conditions, representing a 40% increase over the $2.1 billion repurchased in 2011.

 

2


In addition, Comcast announced that it increased its dividend by 44% to $0.65 per share on an annualized basis. In accordance with the increase, the Board of Directors declared a quarterly cash dividend of $0.1625 a share on the company’s common stock, payable on April 25, 2012 to shareholders of record as of the close of business on April 4, 2012.

Pro Forma Financial Results

 

Pro forma results are presented as if the NBCUniversal transaction, which closed on January 28, 2011, and the Universal Orlando transaction, which closed on July 1, 2011, were effective on January 1, 2010. These results are based on historical results of operations, adjusted for the effects of acquisition accounting and eliminating the costs and expenses directly related to the transaction, and are not necessarily indicative of what the results would have been had Comcast operated NBCUniversal and Universal Orlando since January 1, 2010 (see Table 5 for reconciliations of pro forma financial information).

 

($ in millions)   

4th Quarter

              

Full Year

 
Consolidated Pro Forma Results   

2010

    

2011

    

Growth

              

2010

    

2011

    

Growth

 

Revenue

   $ 14,601       $ 15,042         3.0           $ 55,054       $ 57,661         4.7

Operating Cash Flow (OCF)

   $ 4,750       $ 4,916         3.5           $ 17,629       $ 18,726         6.2

OCF (excluding Olympics and acquisition-related accounting revisions and costs)

   $ 4,750       $ 4,949         4.2           $ 17,852       $ 19,066         6.8

Consolidated Pro Forma Revenue increased 3.0% in the fourth quarter of 2011 to $15.0 billion compared to $14.6 billion in the fourth quarter of 2010. Consolidated Pro Forma Operating Cash Flow increased 3.5% to $4.9 billion compared to $4.8 billion in last year’s fourth quarter. Included in pro forma operating cash flow for the fourth quarter of 2011 are acquisition-related accounting revisions and costs totaling $33 million. Excluding these costs, pro forma consolidated operating cash flow increased 4.2% (see Table 6).

For the year ended December 31, 2011, consolidated pro forma revenue increased 4.7% to $57.7 billion compared to $55.1 billion in 2010. Excluding revenue generated by the 2010 Vancouver Olympics, pro forma revenue increased 6.2%. Consolidated pro forma operating cash flow increased 6.2% to $18.7 billion compared to $17.6 billion in 2010. Excluding the Olympics in 2010 and acquisition-related accounting revisions and costs, operating cash flow increased 6.8% to $19.1 billion (see Table 6). This year’s consolidated results were driven by strong growth at Cable Communications, which accounted for 65% of consolidated revenue and 82% of consolidated operating cash flow, as well as growth in Cable Networks and Theme Parks, which were partially offset by weaker results at Broadcast Television and Filmed Entertainment.

Cable Communications

 

Pro forma Cable Communications (“Cable”) results include video, high-speed internet, voice, advertising and business services operations and the businesses of Comcast Interactive Media that were not contributed to NBCUniversal. Pro forma Cable results exclude the regional sports networks, which were contributed to NBCUniversal.

 

($ in millions) (pro forma)   

4th Quarter

              

Full Year

 
    

2010

   

2011

   

Growth

              

2010

   

2011

   

Growth

 

Cable Communications Revenue

                    

Video

   $ 4,838      $ 4,901        1.3%              $ 19,363      $ 19,625        1.3%   

High-Speed Internet

     2,032        2,238        10.1%                7,958        8,735        9.8%   

Voice

     842        882        4.9%                3,300        3,503        6.2%   

Advertising

     602        546        (9.3%             2,020        2,005        (0.8%

Business Services

     364        498        36.8%                1,267        1,791        41.4%   

Other

     372        405        9.1%                1,455        1,567        7.7%   
  

 

 

           

 

 

 

Cable Communications Revenue

   $ 9,050      $ 9,470        4.7%              $ 35,363      $ 37,226        5.3%   

 

Cable Communications OCF

   $ 3,703      $ 3,939        6.4%              $ 14,302      $ 15,288        6.9%   

OCF Margin

     40.9 %      41.6 %                40.4 %      41.1 %   

 

Cable Communications Capital Expenditures

   $ 1,504      $ 1,318        (12.4%           $ 4,853      $ 4,806        (1.0%

Percent of Cable Communications Revenue

     16.6     13.9               13.7     12.9  

 

3


Revenue. For the fourth quarter of 2011, Cable revenue increased 4.7% to $9.5 billion compared to $9.1 billion in the fourth quarter of 2010. This increase was driven by a 10.1% increase in high-speed internet revenue and a 36.8% increase in business services revenue. Advertising revenue decreased 9.3%, reflecting lower political advertising in the fourth quarter of 2011. Monthly average total revenue per video customer increased 7.1% to $141.24, reflecting a growing number of residential customers taking multiple products, rate adjustments and a higher contribution from business services.

For the year ended December 31, 2011, Cable revenue increased 5.3% to $37.2 billion compared to $35.4 billion in 2010. This increase was driven by a 9.8% increase in high-speed internet revenue and a 41.4% increase in business services revenue.

Operating Cash Flow. For the fourth quarter of 2011, Cable operating cash flow increased 6.4% to $3.9 billion compared to $3.7 billion in the fourth quarter of 2010, reflecting higher revenue and continued operational efficiencies, partially offset by an increase in video programming expense. This quarter’s operating cash flow margin was 41.6% compared to 40.9% in the fourth quarter of 2010.

For the year ended December 31, 2011, Cable operating cash flow increased 6.9% to $15.3 billion compared to $14.3 billion in 2010 reflecting higher revenue and operational efficiencies, partially offset by increases in video programming and marketing expenses. For the year, operating cash flow margin was 41.1% compared to 40.4% in 2010.

Capital Expenditures. For the fourth quarter of 2011, Cable capital expenditures decreased 12.4% to $1.3 billion, primarily reflecting lower spending on customer premise equipment. Cable capital expenditures equaled 13.9% of Cable revenue in the fourth quarter of 2011 compared to 16.6% in last year’s fourth quarter.

For the year ended December 31, 2011, Cable capital expenditures decreased 1.0% to $4.8 billion, reflecting scale efficiencies, including improved equipment pricing, partially offset by continuing investments in network infrastructure and the expansion of business services. Cable capital expenditures equaled 12.9% of Cable revenue in 2011 compared to 13.7% in 2010.

Customers. In the fourth quarter, combined video, high-speed internet and voice customers increased by 465,000, a 12.3% increase compared to fourth quarter 2010 net additions. For the year ended December 31, 2011, combined video, high-speed internet and voice customers increased by 1.4 million, an 11.0% increase compared to 2010 net additions, reflecting reduced video customer losses and increased high-speed internet customer additions. As of December 31, 2011, video, high-speed internet and voice customers totaled 49.8 million, an increase of 3.0% over the prior year.

 

(in thousands)    Customers      Net Adds  
     YE 10      YE 11      4Q10     4Q11     2010     2011  

Video Customers

     22,802         22,343         (135     (17     (757     (460

High-Speed Internet Customers

     16,988         18,147         292        336        1,058        1,159   

Voice Customers

     8,610         9,342         257        146        988        732   
  

 

 

    

 

 

   

 

 

 

Combined Video, HSI and Voice Customers

     48,401         49,832         414        465        1,289        1,431   

NBCUniversal

 

Pro forma NBCUniversal results include its national cable networks, the NBC network and owned NBC affiliated local television stations, the Telemundo network and owned Telemundo affiliated local television stations, Universal Pictures filmed entertainment, the Universal theme parks, and other related assets. Comcast’s national cable networks, regional sports networks (RSNs), Daily Candy and Fandango, which were contributed to NBCUniversal, are also included in these results.

Revenue for NBCUniversal increased 0.8% to $5.7 billion in the fourth quarter of 2011. Operating Cash Flow decreased 6.8% to $1.1 billion compared to last year’s fourth quarter. Excluding acquisition-related accounting revisions and costs totaling $33 million in the fourth quarter of 2011, operating cash flow decreased 3.9% (see Table 6).

 

4


For the year ended December 31, 2011, NBCUniversal revenue of $21.1 billion increased 3.7% compared to $20.4 billion in 2010. Excluding the impact of the Vancouver Olympics in 2010, revenue increased 7.8%. Operating cash flow increased 2.3% to $3.8 billion compared to $3.7 billion in 2010. Excluding the Olympics in 2010 and acquisition-related accounting revisions and costs totaling $340 million in 2011, operating cash flow increased 5.2% to $4.1 billion (see Table 6).

 

($ in millions) (pro forma)   

4th Quarter

              

Full Year

 
    

2010

   

2011

   

Growth

              

2010

   

2011

   

Growth

 

NBCUniversal Revenue

                    

Cable Networks

   $ 2,095      $ 2,206        5.3%              $ 7,679      $ 8,496        10.6%   

Broadcast Television

     1,912        1,841        (3.7%             6,888        6,399        (7.1%

Filmed Entertainment

     1,289        1,267        (1.8%             4,576        4,592        0.3%   

Theme Parks

     478        498        4.0%                1,600        1,989        24.3%   

Headquarters, Other and Eliminations

     (83     (74     11.5%                (369     (352     4.8%   
  

 

 

           

 

 

 

NBCUniversal Revenue

   $ 5,691      $ 5,738        0.8%              $ 20,374      $ 21,124        3.7%   

 

 

NBCUniversal OCF

                    

Cable Networks

   $ 800      $ 923        15.3%              $ 3,166      $ 3,337        5.4%   

Broadcast Television

     55        (80     NM                   118        123        4.7%   

Filmed Entertainment

     172        89        (48.8%             230        24        (89.7%

Theme Parks

     192        223        16.2%                591        867        46.6%   

Headquarters, Other and Eliminations

     (90     (103     (13.7%             (421     (582     (38.1%
  

 

 

           

 

 

 

NBCUniversal OCF

   $ 1,129      $ 1,052        (6.8%           $ 3,684      $ 3,769        2.3%   

 

 

Adjusted NBCUniversal OCF*

                    

Cable Networks

   $ 800      $ 930        16.2%              $ 3,166      $ 3,474        9.8%   

Broadcast Television

     55        (52     NM                   341        231        (32.2%

Filmed Entertainment

     172        91        (47.6%             230        10        (95.8%

Theme Parks

     192        191        (0.4%             591        835        41.2%   

Headquarters, Other and Eliminations

     (90     (75     17.2%                (421     (441     (4.9%
  

 

 

           

 

 

 

Adjusted NBCUniversal OCF*

   $ 1,129      $ 1,085        (3.9%           $ 3,907      $ 4,109        5.2%   

 

* Excludes the Olympics in 2010 and acquisition-related accounting revisions and costs in 2011.

NM=comparison not meaningful

         

Cable Networks

For the fourth quarter of 2011, revenue from the Cable Networks segment increased 5.3% to $2.2 billion compared to $2.1 billion in the fourth quarter of 2010, primarily driven by a 10.4% increase in distribution revenue. Advertising revenue increased 2.0% this quarter, primarily reflecting the impact of four fewer days in our advertising calendar as well as fewer NBA games due to the lockout. Operating cash flow increased 15.3% to $923 million compared to $800 million in the fourth quarter of 2010, reflecting higher revenue and relatively flat programming, production and marketing costs resulting from lower programming and production activity in the fourth quarter and lower production costs due to fewer NBA games. Excluding acquisition-related accounting revisions, Cable Networks operating cash flow for the fourth quarter increased 16.2% to $930 million (see Table 6).

For the year ended December 31, 2011, revenue from the Cable Networks segment increased 10.6% to $8.5 billion compared to $7.7 billion in 2010, driven by a 10.9% increase in distribution revenue, an 8.7% increase in advertising revenue and an 18.7% increase in other revenue primarily due to increases in the licensing of owned content from the cable production studio. Operating cash flow increased 5.4% to $3.3 billion compared to $3.2 billion in 2010, reflecting higher revenue, partially offset by an increased investment in original programming and acquisition-related accounting revisions totaling $137 million. Excluding these accounting revisions, operating cash flow for 2011 increased 9.8% to $3.5 billion (see Table 6).

Broadcast Television

For the fourth quarter of 2011, revenue from the Broadcast Television segment decreased 3.7% to $1.8 billion compared to $1.9 billion in the fourth quarter of 2010, primarily reflecting ratings weakness at the NBC broadcast network, lower political advertising at NBC owned local stations and the impact of four fewer days in our advertising calendar. In the fourth quarter, the Broadcast Television segment generated an operating cash flow loss of $80 million compared to operating cash flow of $55 million in the fourth quarter of 2010, reflecting lower revenue as well as higher marketing costs and acquisition-related accounting revisions totaling $28 million. Excluding these accounting revisions, the fourth quarter 2011 Broadcast Television operating cash flow loss was $52 million (see Table 6).

 

5


For the year ended December 31, 2011, revenue from the Broadcast Television segment decreased 7.1% to $6.4 billion compared to $6.9 billion in 2010 which includes $782 million of revenue generated by the 2010 Vancouver Olympics. Excluding the impact of the Olympics, total broadcast revenue increased 4.8%. Advertising revenue excluding the impact of the Olympics increased 1% in 2011, primarily reflecting ratings weakness at the NBC broadcast network and lower political advertising at NBC owned local stations. Content licensing revenue increased $305 million or 23.3% primarily the result of a licensing agreement for prior season and library content. For 2011, operating cash flow increased 4.7% to $123 million compared to $118 million in 2010. Excluding the $223 million loss from the Olympics in 2010 and acquisition-related accounting revisions totaling $108 million in 2011, operating cash flow decreased $110 million or 32.2% to $231 million, primarily due to increased investment in primetime, news programming and local stations (see Table 6).

Filmed Entertainment

For the fourth quarter of 2011, revenue from the Filmed Entertainment segment decreased 1.8% to $1.3 billion, primarily driven by lower home entertainment and other revenue, partially offset by higher content licensing revenue. Fourth quarter operating cash flow decreased 48.8% to $89 million compared to $172 million in the fourth quarter of 2010, reflecting the decline in revenue and higher marketing costs in advance of 2012 theatrical releases. Excluding acquisition-related accounting adjustments, fourth quarter 2011 operating cash flow was $91 million (see Table 6).

For the year ended December 31, 2011, revenue from the Filmed Entertainment segment was flat at $4.6 billion reflecting higher theatrical revenue from the box office performance of Fast Five and Bridesmaids, as well as higher content licensing revenue, offset by lower home entertainment revenue and a decrease in other revenue due to fewer stage plays. Operating cash flow decreased 89.7% to $24 million. Excluding acquisition-related accounting revisions totaling $14 million, 2011 Filmed Entertainment operating cash flow was $10 million compared to $230 million in 2010 (see Table 6).

Theme Parks

Theme Parks results are presented as if the Universal Orlando transaction, which closed on July 1, 2011, was effective on January 1, 2010. As a result, Theme Parks segment revenue and operating cash flow includes the results of Universal Orlando, Universal Hollywood and international licensing fees.

For the fourth quarter of 2011, revenue from the Theme Parks segment increased 4.0% to $498 million compared to $478 million in the fourth quarter of 2010, driven by higher per capita spending at the Orlando and Hollywood parks. Fourth quarter operating cash flow increased 16.2% to $223 million compared to $192 million in the same period last year. Excluding acquisition-related accounting revisions totaling $32 million, operating cash flow was flat at $191 million (see Table 6).

For the year ended December 31, 2011, revenue from the Theme Parks segment increased 24.3% to $2.0 billion compared to $1.6 billion in 2010, driven by the strength of The Wizarding World of Harry PotterTM attraction in Orlando and the King KongTM attraction in Hollywood. Operating cash flow increased 46.6% to $867 million compared to $591 million in 2010. Excluding acquisition-related accounting revisions totaling $32 million, operating cash flow increased 41.2% to $835 million (see Table 6).

Headquarters, Other and Eliminations

NBCUniversal Headquarters, Other and Eliminations include overhead and eliminations between the NBCUniversal businesses. Also included in these expenses are non-recurring transaction-related costs during the fourth quarter of 2011 that totaled $28 million. For the year ended December 31, 2011, non-recurring transaction-related costs totaled $140 million.

Corporate, Other and Eliminations

 

Pro forma Corporate, Other and Eliminations includes corporate operations, Comcast-Spectacor and eliminations between Comcast’s businesses. For the quarter ended December 31, 2011, Corporate, Other and Eliminations revenue was ($166) million compared to ($140) million in 2010, reflecting reduced revenue due to the sale of the Philadelphia 76ers. The operating cash flow loss was $75 million compared to a loss of $82 million in the fourth quarter of 2010.

For the year ended December 31, 2011, Corporate, Other and Eliminations revenue was ($689) million compared to ($683) million in 2010. The operating cash flow loss was $331 million compared to a loss of $357 million in 2010, reflecting reduced corporate expenses.

 

6


Notes:

 

1

We define Operating Cash Flow as operating income 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

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 non-controlling interests; and adjusted for any payments and receipts related to certain nonoperating items, net of estimated tax benefits. We do not present Free Cash Flow on a pro forma basis.

 

3

Earnings per share amounts are presented on a diluted basis.

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

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Conference Call Information

Comcast Corporation will host a conference call with the financial community today, February 15, 2012 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 40671374. A replay of the call will be available starting at 12:30 p.m. ET on February 15, 2012, on the Investor Relations website or by telephone. To access the telephone replay, which will be available until Wednesday, February 22, 2012 at midnight ET, please dial (855) 859-2056 and enter the conference ID number 40671374. To automatically receive Comcast financial news by email, please visit www.cmcsa.com or www.cmcsk.com and subscribe to email alerts.

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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.

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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.

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About Comcast Corporation

Comcast Corporation (Nasdaq: CMCSA, CMCSK) (www.comcast.com) is one of the world’s leading media, entertainment and communications companies. Comcast is principally involved in the operation of cable systems through Comcast Cable Communications and in the development, production and distribution of entertainment, news, sports and other content for global audiences through NBCUniversal. Comcast Cable Communications is one of the nation’s largest video, high-speed Internet and phone providers to residential and business customers. Comcast is the majority owner and manager of NBCUniversal, which owns and operates entertainment and news cable networks, the NBC and Telemundo broadcast networks, local television station groups, television production operations, a major motion picture company and theme parks.

 

7


TABLE 1

Condensed Consolidated Statement of Income (Unaudited)

   LOGO  

 

 

(in millions, except per share data)    Three Months Ended
December 31,
    Twelve Months Ended
December 31,
 
         2010             2011             2010             2011      

Revenue

   $ 9,721      $ 15,042      $ 37,937      $ 55,842   

Operating costs and expenses

     6,005        10,126        23,341        37,485   

Operating cash flow

     3,716        4,916        14,596        18,357   

Depreciation expense

     1,372        1,536        5,539        6,040   

Amortization expense

     331        462        1,077        1,596   
     1,703        1,998        6,616        7,636   

Operating income

     2,013        2,918        7,980        10,721   

Other income (expense)

        

Interest expense

     (544     (642     (2,156     (2,505

Investment income (loss), net

     78        156        288        159   

Equity in net income (losses) of investees, net

     (43     5        (141     (35

Other income (expense), net

     202        (51     133        (133
     (307     (532     (1,876     (2,514

Income before income taxes

     1,706        2,386        6,104        8,207   

Income tax expense

     (673     (801     (2,436     (3,050

Net income from consolidated operations

     1,033        1,585        3,668        5,157   

Net (income) loss attributable to noncontrolling interests

     (15     (298     (33     (997

Net income attributable to Comcast Corporation

   $ 1,018      $ 1,287      $ 3,635      $ 4,160   

Diluted earnings per common share attributable to Comcast Corporation shareholders

   $ 0.36      $ 0.47      $ 1.29      $ 1.50   

Dividends declared per common share attributable to Comcast Corporation shareholders

   $ 0.0945      $ 0.1125      $ 0.378      $ 0.45   

Diluted weighted-average number of common shares

     2,800        2,741        2,820        2,778   

Note: Consolidated financial results include NBCUniversal as of January 28, 2011 and 100% of Universal Orlando as of July 1, 2011.

 

8


TABLE 2

Condensed Consolidated Balance Sheet (Unaudited)

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(in millions)    December 31,
        2010         
     December 31,
        2011         
 

ASSETS

     

Current Assets

     

Cash and cash equivalents

   $ 5,984       $ 1,620   

Receivables, net

     1,855         4,351   

Programming rights

     122         987   

Other current assets

     925         1,615   

Total current assets

     8,886         8,573   

Film and television costs

     460         5,227   

Investments

     6,670         9,854   

Property and equipment, net

     23,515         27,559   

Franchise rights

     59,442         59,376   

Goodwill

     14,958         26,874   

Other intangible assets, net

     3,431         18,165   

Other noncurrent assets, net

     1,172         2,190   
     
   $ 118,534       $ 157,818   

LIABILITIES AND EQUITY

     

Current Liabilities

     

Accounts payable and accrued expenses related to trade creditors

   $ 3,291       $ 5,705   

Accrued participations and residuals

     -         1,255   

Accrued expenses and other current liabilities

     3,143         4,914   

Current portion of long-term debt

     1,800         1,367   

Total current liabilities

     8,234         13,241   

Long-term debt, less current portion

     29,615         37,942   

Deferred income taxes

     28,246         29,932   

Other noncurrent liabilities

     7,862         13,034   

Redeemable noncontrolling interests

     143         16,014   

Equity

     

Comcast Corporation shareholders’ equity

     44,354         47,274   

Noncontrolling interests

     80         381   

Total Equity

     44,434         47,655   
     
   $ 118,534       $ 157,818   

 

9


TABLE 3

Consolidated Statement of Cash Flows (Unaudited)

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(in millions)    Twelve Months Ended
December 31,
 
         2010             2011      

OPERATING ACTIVITIES

    

Net income from consolidated operations

   $ 3,668      $ 5,157   

Adjustments to reconcile net income from consolidated operations to net cash provided by operating activities:

    

Depreciation and amortization

     6,616        7,636   

Amortization of film and television costs

     187        6,787   

Share-based compensation

     300        344   

Noncash interest expense (income), net

     141        146   

Equity in net (income) losses of investees, net

     141        35   

Cash received from investees

     -        311   

Net (gain) loss on investment activity and other

     (267     23   

Deferred income taxes

     549        1,058   

Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:

    

Change in receivables, net

     (131     (18

Change in film and television costs

     (191     (7,080

Change in accounts payable and accrued expenses related to trade creditors

     37        (45

Change in other operating assets and liabilities

     129        (9

Net cash provided by operating activities

     11,179        14,345   

INVESTING ACTIVITIES

    

Capital expenditures

     (4,961     (5,307

Cash paid for intangible assets

     (536     (954

Acquisitions, net of cash acquired

     (183     (6,407

Proceeds from sales of businesses and investments

     99        277   

Purchases of investments

     (260     (135

Other

     130        18   

Net cash provided by (used in) investing activities

     (5,711     (12,508

FINANCING ACTIVITIES

    

Proceeds from (repayments of) short-term borrowings, net

     -        544   

Proceeds from borrowings

     3,420        -   

Repurchases and repayments of debt

     (1,153     (3,216

Repurchases and retirements of common stock

     (1,200     (2,141

Dividends paid

     (1,064     (1,187

Issuances of common stock

     34        283   

Distributions to noncontrolling interests

     (67     (325

Other

     (125     (159

Net cash provided by (used in) financing activities

     (155     (6,201

Increase (decrease) in cash and cash equivalents

     5,313        (4,364

Cash and cash equivalents, beginning of period

     671        5,984   

Cash and cash equivalents, end of period

   $ 5,984      $ 1,620   

Note: Consolidated financial results include NBCUniversal as of January 28, 2011 and 100% of Universal Orlando as of July 1, 2011.

 

10


TABLE 4

Supplemental Information

 

Alternate Presentation of Net Cash Provided by Operating Activities and Free Cash Flow (Unaudited)

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(in millions)    Three Months Ended
December 31,
               Twelve Months Ended
December 31,
 
         2010             2011                        2010             2011      
 

Operating income

   $ 2,013      $ 2,918              $ 7,980      $ 10,721   

Depreciation and amortization

     1,703        1,998                6,616        7,636   

Operating income before depreciation and amortization

     3,716        4,916                14,596        18,357   

Noncash share-based compensation expense

     74        84                300        344   

Changes in operating assets and liabilities

     (10     118                (20     (603

Cash basis operating income

     3,780        5,118                14,876        18,098   

Payments of interest

     (353     (632             (1,983     (2,441

Payments of income taxes

     (70     (460             (1,864     (1,626

Proceeds from interest, dividends and other nonoperating items

     90        113                150        314   

Net Cash Provided by Operating Activities

   $ 3,447      $ 4,139              $ 11,179      $ 14,345   

Capital expenditures

     (1,532     (1,522             (4,961     (5,307

Cash paid for capitalized software and other intangible assets

     (164     (449             (536     (954

Distributions to other non-controlling interests

     -        (88             -        (325

Nonoperating items

     (61     (42             7        (57

Free cash flow (including Economic stimulus packages)

   $ 1,690      $ 2,038              $ 5,689      $ 7,702   

Economic stimulus packages

     (569     (162             (301     (693

Total Consolidated Free Cash Flow

   $ 1,121      $ 1,876              $ 5,388      $ 7,009   

Reconciliation of EPS Excluding Costs of the NBCUniversal Transaction and Non-Recurring Transactions (Unaudited)

 

 

 
    

Three Months Ended

December 31,

              

Twelve Months Ended

December 31,

 
(in millions, except per share data)    2010     2011                2010     2011  
           $               EPS(1)             $               EPS(1)                        $               EPS(1)             $               EPS(1)    
  

 

 

   

 

 

           

 

 

   

 

 

 

Net Income attributable to Comcast Corporation

     $1,018        $0.36        $1,287        $0.47                $3,635        $1.29        $4,160        $1.50   

Growth %

         26.4     30.6 %                  14.5     16.3 % 
 

Unfavorable Income Tax Adjustments (2)

     -        -        -        -                -        -        137        0.05   

Comcast Costs Related to the NBCUniversal Transaction, net of tax (3)

     37        0.01        -        -                130        0.04        51        0.02   

NBCUniversal Transaction-Related Costs, net of tax(4)

     -        -        9        0.00                -        -        29        0.01   

Goodwill impairment charges (5)

     76        0.03        -        -                76        0.03        -        -   

Gain on sale of an equity method investment (6)

     (88     (0.03     -        -                (88     (0.03     -        -   

Recoveries in connection with the resolution of a contingency of an acquired company (7)

     (68     (0.02     -        -                (68     (0.02     -        -   
  

 

 

   

 

 

           

 

 

   

 

 

 

Net Income attributable to Comcast Corporation

                        

(excluding Costs of the NBCUniversal Transaction and Non-Recurring Transactions)

     $975        $0.35        $1,296        $0.47                $3,685        $1.31        $4,377        $1.58   
  

 

 

   

 

 

           

 

 

   

 

 

 

Growth %

         32.8     34.3                 18.8 %      20.6

 

  (1)

Based on diluted weighted-average number of common shares for the respective periods as presented in Table 1.

 

  (2)

2011 Net Income attributable to Comcast Corporation includes an unfavorable tax adjustment due to new state tax legislation of $137 million in total.

 

  (3)

4th quarter 2010 Net Income attributable to Comcast Corporation includes $23 million of operating costs and expenses, $1 million of interest expense and $38 million of other expense ($62 million in total, $37 million net of tax) related to the NBCUniversal transaction. 2010 year to date Net Income attributable to Comcast Corporation includes $80 million of operating costs and expenses, $7 million of interest expense and $129 million of other expense ($216 million in total, $130 million net of tax) related to the NBCUniversal transaction. 2011 year to date Net Income attributable to Comcast Corporation includes $63 million of operating costs and expenses and $16 million of other expense ($80 million in total, $51 million net of tax) related to the NBCUniversal transaction.

 

  (4)

1st quarter 2011 Net Income attributable to Comcast Corporation includes $44 million in transaction-related costs, $14 million net of tax and non-controlling interest. 2nd quarter 2011 Net Income attributable to Comcast Corporation includes $6 million in transaction-related costs, $2 million net of tax and non-controlling interest. 3rd quarter 2011 Net Income attributable to Comcast Corporation includes $14 million in transaction-related costs, $4 million net of tax and non-controlling interest. 4th quarter 2011 Net Income attributable to Comcast Corporation includes $28 million in transaction-related costs, $9 million net of tax and non-controlling interest. 2011 year to date Net Income attributable to Comcast Corporation includes $92 million in transaction-related costs, $29 million net of tax and non-controlling interest.

 

  (5)

4th quarter 2010 Net income attributable to Comcast Corporation includes goodwill impairment charges of $76 million.

 

  (6)

4th quarter 2010 Net Income attributable to Comcast Corporation includes a gain on sale of an equity method investment of $141 million in total, $88 million net of tax.

 

  (7)

4th quarter 2010 Net Income attributable to Comcast Corporation includes recoveries in connection with the resolution of a contingency of an acquired company of $108 million in total, $68 million net of tax.

Note: Consolidated financial results include NBCUniversal as of January 28, 2011 and 100% of Universal Orlando as of July 1, 2011. Minor differences may exist due to rounding.

 

11


TABLE 5

 

Reconciliation of GAAP to Pro Forma(1) Financial Information (Unaudited)

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Corporate, Other

       
   

GAAP

   

NBCUniversal

   

and Eliminations

   

Total

 
                                             

Pro Forma

             
(in millions)              

Corporate,

               

Pro

         

Corporate,

         

Total

 
   

Cable

   

Total

   

Other and

         

Pro Forma

   

Forma

   

Pro Forma

   

Other and

   

Pro Forma

   

Pro

 
    Communications     NBCU     Eliminations     Total     Adjustments(1)     NBCU     Adjustments(1)     Eliminations     Adjustments(1)     Forma  

Three Months Ended December 31, 2010

                                           

Revenue

  $                   9,050      $      694      ($             23   $   9,721      $             4,997      $   5,691      ($             117   ($           140   $         4,880      $ 14,601   

Operating Costs and Expenses

    5,347        575        83        6,005        3,987        4,562        (141     (58     3,846        9,851   

Operating Cash Flow

  $   3,703      $      119      ($ 106   $ 3,716      $ 1,010      $ 1,129      $ 24      ($ 82   $ 1,034      $ 4,750   

Three Months Ended December 31, 2011

                                           

Revenue

  $ 9,470      $ 5,738      ($ 166   $ 15,042        -      $ 5,738        -      ($ 166     -      $ 15,042   

Operating Costs and Expenses

    5,531        4,686        (91     10,126        -        4,686        -        (91     -        10,126   

Operating Cash Flow

  $ 3,939      $ 1,052      ($ 75   $ 4,916        -      $ 1,052        -      ($ 75     -      $ 4,916   
                                                                                 

Twelve Months Ended December 31, 2010

                                           

Revenue

  $ 35,363      $ 2,719      ($ 145   $ 37,937      $ 17,655      $ 20,374      ($ 538   ($ 683   $ 17,117      $ 55,054   

Operating Costs and Expenses

    21,061        1,987        293        23,341        14,703        16,690        (619     (326     14,084        37,425   

Operating Cash Flow

  $ 14,302      $ 732      ($ 438   $ 14,596      $ 2,952      $ 3,684      $ 81      ($ 357   $ 3,033      $ 17,629   

Twelve Months Ended December 31, 2011

                                           

Revenue

  $ 37,226      $ 19,260      $ 644      $ 55,842      $ 1,864      $ 21,124      ($ 45   ($ 689   $ 1,819      $ 57,661   

Operating Costs and Expenses

    21,938        15,798        (251     37,485        1,557        17,355        (107     (358     1,450        38,935   

Operating Cash Flow

  $ 15,288      $ 3,462      ($ 393   $ 18,357      $  307      $ 3,769      $ 62      ($ 331   $ 369      $ 18,726   

 

  (1)

Pro Forma information is presented as if the NBCUniversal transaction and the acquisition of the remaining 50% interest of Universal Orlando occurred January 1, 2010. Pro forma data does not include adjustments for costs related to integration activities, cost savings or synergies that have been or may be achieved by the combined businesses. Pro forma amounts are not necessarily indicative of what our results would have been had we operated the NBCUniversal contributed businesses or Universal Orlando since January 1, 2010, nor of our future results.

Reconciliation of GAAP to Pro Forma(1) NBCUniversal Segment Financial Information (Unaudited)

 

 

     2010    2011                        
                                                         Pro Forma Combined  
     Actual(2)      Pro  Forma(3)     Pro  Forma
Combined(4)
         Actual(2)     Pro  Forma(3)     Pro  Forma
Combined(4)
              Increase/(Decrease)  
     Comcast
Content
Business
     NBCUniversal
Businesses
    Twelve
Months
Ended
December 31
         Twelve
Months
Ended
December 31
    NBCUniversal
Businesses
    Twelve
Months
Ended
December 31
              $     %  

Revenue

                          

Cable Networks

   $ 2,719       $ 4,960      $ 7,679         $ 8,108      $ 388      $ 8,496            $ 817        10.6

Broadcast Television

     -         6,888        6,888           5,935        464        6,399              (489     (7.1 %) 

Filmed Entertainment

     -         4,576        4,576           4,239        353        4,592              16        0.3

Theme Parks

     -         1,600        1,600           1,874        115        1,989              389        24.3

Headquarters, other and eliminations

     -         (369     (369        (896     544        (352           17        4.8

Total Revenue

   $ 2,719       $ 17,655      $ 20,374         $ 19,260      $ 1,864      $ 21,124            $ 750        3.7
 

Operating Cash Flow

                          

Cable Networks

   $ 732       $ 2,434      $ 3,166         $ 3,185      $ 152      $ 3,337            $ 171        5.4

Broadcast Television

     -         118        118           138        (15     123              5        4.7

Filmed Entertainment

     -         230        230           27        (3     24              (206     (89.7 %) 

Theme Parks

     -         591        591           830        37        867              276        46.6

Headquarters, other and eliminations

     -         (421     (421        (718     136        (582           (161     (38.1 %) 

Total Operating Cash Flow

   $ 732       $ 2,952      $ 3,684         $ 3,462      $ 307      $ 3,769            $ 85        2.3

 

  (1)

Pro Forma information is presented as if the NBCUniversal transaction and the acquisition of the remaining 50% interest of Universal Orlando occurred January 1, 2010. Pro forma data does not include adjustments for costs related to integration activities, cost savings or synergies that have been or may be achieved by the combined businesses. Pro forma amounts are not necessarily indicative of what our results would have been had we operated the NBCUniversal contributed businesses or Universal Orlando since January 1, 2010, nor of our future results.

 

  (2)

Actual amounts for our reportable segments include the results of operations for the Comcast Content Business for 2011 and 2010, and the results of operations for the NBCUniversal acquired businesses and Universal Orlando for the period January 29, 2011 through December 31, 2011. Headquarters, other and eliminations includes the elimination of the results of operations of Universal Orlando for the period January 29, 2011 through June 30, 2011 in order to reconcile to our condensed consolidated financial statements because Universal Orlando was recorded as an equity method investment during that period.

 

  (3)

Pro forma amounts include the results of operations for the NBCUniversal acquired businesses and Universal Orlando for the period January 1, 2011 through January 28, 2011 and for the year ended December 31, 2010. These amounts also include pro forma adjustments as if the NBCUniversal and Universal Orlando transactions had occurred on January 1, 2010, including the effects of acquisition accounting and the elimination of operating costs and expenses directly related to the transactions, but do not include adjustments for costs related to integration activities, cost savings or synergies that have been or may be achieved by the combined businesses. Pro forma amounts are not necessarily indicative of what the results would have been had we operated the businesses since January 1, 2010.

 

  (4)

Pro forma combined amounts represent our pro forma results of operations as if the NBCUniversal and Universal Orlando transactions had occurred on January 1, 2010 but are not necessarily indicative of what the results would have been had we operated the businesses since January 1, 2010.

 

12


TABLE 6

 

Reconciliation of Consolidated Pro Forma Revenue and Operating Cash Flow Excluding 2010 Olympics, Acquisition Accounting Revisions and NBCUniversal Transaction-Related Costs (Unaudited)

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Three Months Ended

December 31,

        

Twelve Months Ended

December 31,

 
(in millions)          2010                  2011                Growth %                    2010                 2011                Growth %      

Revenue

   $ 14,601       $ 15,042         3.0      $ 55,054      $ 57,661         4.7
 

2010 Olympics

     -         -              (782     -      
  

 

 

    

 

 

         

 

 

   

 

 

    
 

Revenue excluding 2010 Olympics

   $ 14,601       $ 15,042         3.0      $ 54,272      $ 57,661         6.2
  

 

 

    

 

 

         

 

 

   

 

 

    
 
           2010                  2011                Growth %                    2010                 2011                Growth %      
 

Operating Cash Flow

   $ 4,750       $ 4,916         3.5      $ 17,629      $ 18,726         6.2
 

2010 Olympics

     -         -              223        -      

Acquisition Accounting Revisions (1)

     -         5              -        200      

NBCUniversal Transaction-Related Costs(2)

     -         28              -        140      
  

 

 

    

 

 

         

 

 

   

 

 

    
 

Operating Cash Flow excluding 2010 Olympics, Acquisition Accounting Revisions and NBCUniversal Transaction-Related Costs

   $ 4,750       $ 4,949         4.2      $ 17,852      $ 19,066         6.8
  

 

 

    

 

 

         

 

 

   

 

 

    

Reconciliation of Consolidated Pro Forma NBCUniversal Revenue and Operating Cash Flow Excluding 2010 Olympics, Acquisition Accounting Revisions and NBCUniversal Transaction-Related Costs (Unaudited)

 

 

 
    

Three Months Ended

December 31,

        

Twelve Months Ended

December 31,

 
(in millions)          2010                  2011                Growth %                    2010                 2011                Growth %      

Revenue

   $ 5,691       $ 5,738         0.8      $ 20,374      $ 21,124         3.7
 

2010 Olympics

     -         -              (782     -      
  

 

 

    

 

 

         

 

 

   

 

 

    
 

Revenue excluding 2010 Olympics

   $ 5,691       $ 5,738         0.8      $ 19,592      $ 21,124         7.8
  

 

 

    

 

 

         

 

 

   

 

 

    
 
           2010                     2011                   Growth %                     2010                    2011                   Growth %       
 

Operating Cash Flow

   $ 1,129       $ 1,052         (6.8 %)       $ 3,684      $ 3,769         2.3
 

2010 Olympics

     -         -              223        -      

Acquisition Accounting Revisions (1)

     -         5              -        200      

NBCUniversal Transaction-Related Costs(2)

     -         28              -        140      
  

 

 

    

 

 

         

 

 

   

 

 

    
 

Operating Cash Flow excluding 2010 Olympics, Acquisition Accounting Revisions and NBCUniversal Transaction-Related Costs

   $ 1,129       $ 1,085         (3.9 %)       $ 3,907      $ 4,109         5.2
  

 

 

    

 

 

         

 

 

   

 

 

    

Reconciliation of Pro Forma Cable Networks Operating Cash Flow Excluding Acquisition Accounting Revisions (Unaudited)

 

 

 
    

Three Months Ended

December 31,

        

Twelve Months Ended

December 31,

 
(in millions)          2010                  2011                Growth %                    2010                  2011                Growth %      

Operating Cash Flow

   $ 800       $ 923         15.3      $ 3,166       $ 3,337         5.4

Acquisition Accounting Revisions (1)

     -         7              -         137      
 

Operating Cash Flow excluding Acquisition Accounting Revisions

   $ 800       $ 930         16.2      $ 3,166       $ 3,474         9.8

Reconciliation of Pro Forma Broadcast Television Revenue and Operating Cash Flow Excluding 2010 Olympics and Acquisition Accounting Revisions (Unaudited)

 

 

 
     Three Months Ended
December 31,
         Twelve Months Ended
December 31,
 
(in millions)      2010         2011        Growth %           2010        2011         Growth %   
                 

Revenue

   $ 1,912       $ 1,841        (3.7 %)       $ 6,888      $ 6,399         (7.1 %) 
 
2010 Olympics      -         -             (782 )      -      
 

Revenue excluding 2010 Olympics

   $ 1,912       $ 1,841        (3.7 %)       $ 6,106      $ 6,399         4.8
 
     2010         2011        Growth %           2010        2011         Growth %   
 

Operating Cash Flow

   $ 55       ($ 80     (245.2 %)       $ 118      $ 123         4.7
 
2010 Olympics    -      -                223     -         

Acquisition Accounting Revisions (1)

     -         28             -        108      

Operating Cash Flow excluding 2010 Olympics and Acquisition Accounting Revisions

   $ 55       ($ 52     (194.1 %)       $ 341      $ 231         (32.2 %) 

Reconciliation of Pro Forma Filmed Entertainment Operating Cash Flow Excluding Acquisition Accounting Revisions (Unaudited)

 

 

 
    

Three Months Ended

December 31,

        

Twelve Months Ended

December 31,

 
(in millions)          2010                  2011                Growth %                    2010                  2011                Growth %      
 

Operating Cash Flow

   $ 172       $ 89         (48.8 %)       $ 230       $ 24         (89.7 %) 
 

Acquisition Accounting Revisions (1)

     -         2              -         (14)      
 

Operating Cash Flow excluding Acquisition Accounting Revisions

   $ 172       $ 91         (47.6 %)       $ 230       $ 10         (95.8 %) 

Reconciliation of Pro Forma Theme Parks Operating Cash Flow Excluding Acquisition Accounting Revisions (Unaudited)

 

 

 
    

Three Months Ended

December 31,

        

Twelve Months Ended

December 31,

 
(in millions)          2010                  2011                Growth %                    2010                  2011                Growth %      

Operating Cash Flow

   $ 192       $ 223         16.2      $ 591       $ 867         46.6
 

Acquisition Accounting Revisions (1)

     -         (32)              -         (32)      
 

Operating Cash Flow excluding Acquisition Accounting Revisions

   $ 192       $ 191         (0.4 %)       $ 591       $ 835         41.2

 

  (1)

Acquisition accounting revisions include the effect of changes in estimates related to the acquisitions of NBCUniversal and Universal Orlando.

 

  (2)

NBCUniversal transaction-related costs are associated with severance and other related compensation charges.

Note: Minor differences may exist due to rounding.

 

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