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Exhibit 99.1

 

PRESS RELEASE

 

 

 

 

 

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

 

 

 

 

 

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 – July 31, 2013… 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.

 

2



 

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.

 

3



 

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.

 

4



 

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.

 

###

 

5



 

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.

 

6



 

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

 

7



 

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

 

8



 

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

 

9



 

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.

 

10



 

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.

 

11