[October 23, 2014] |
|
Comcast Reports 3rd Quarter 2014 Results
PHILADELPHIA --(Business Wire)--
Comcast Corporation (NASDAQ: CMCSA, CMCSK) today reported results for
the quarter ended September 30, 2014.
Brian L. Roberts, Chairman and Chief Executive Officer of Comcast
Corporation, said, "I am pleased to report strong revenue, operating
cash flow and free cash flow growth for the third quarter of 2014. Cable
results highlight the consistent strength of high-speed Internet and
business services, and video customer results were the best for a third
quarter in seven years. We continue to focus on innovation and providing
the best experience for our customers, and we are thrilled with the
response to our superior X1 platform, which recently reached five
million boxes deployed. At NBCUniversal, we had another outstanding
quarter with double-digit operating cash flow growth, driven by ratings
momentum at NBC Broadcast and the successful opening of The Wizarding
World of Harry Potter ™- Diagon Alley ™ in
Orlando."
Consolidated Financial Results
|
|
|
|
|
|
|
|
|
|
|
3rd Quarter
|
|
|
|
Year to Date
|
($ in millions)
|
|
|
|
2013
|
|
|
|
2014
|
|
|
Growth
|
|
|
|
|
2013
|
|
|
|
2014
|
|
|
Growth
|
Revenue
|
|
|
$
|
16,151
|
|
|
$
|
16,791
|
|
|
4.0
|
%
|
|
|
|
$
|
47,731
|
|
|
$
|
51,043
|
|
|
6.9
|
%
|
Excluding Olympics
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
47,731
|
|
|
$
|
49,940
|
|
|
4.6
|
%
|
Operating Cash Flow1
|
|
|
$
|
5,330
|
|
|
$
|
5,704
|
|
|
7.0
|
%
|
|
|
|
$
|
15,789
|
|
|
$
|
17,046
|
|
|
8.0
|
%
|
Excluding Transaction-Related Costs & Pension Costs
|
|
|
$
|
5,404
|
|
|
$
|
5,781
|
|
|
7.0
|
%
|
|
|
|
$
|
15,863
|
|
|
$
|
17,184
|
|
|
8.3
|
%
|
Operating Income
|
|
|
$
|
3,414
|
|
|
$
|
3,745
|
|
|
9.7
|
%
|
|
|
|
$
|
9,916
|
|
|
$
|
11,117
|
|
|
12.1
|
%
|
Earnings per Share2
|
|
|
$
|
0.65
|
|
|
$
|
0.99
|
|
|
52.3
|
%
|
|
|
|
$
|
1.84
|
|
|
$
|
2.46
|
|
|
33.7
|
%
|
Excluding Adjustments (see Table 4)
|
|
|
$
|
0.65
|
|
|
$
|
0.73
|
|
|
12.3
|
%
|
|
|
|
$
|
1.81
|
|
|
$
|
2.17
|
|
|
19.9
|
%
|
Free Cash Flow3
|
|
|
$
|
1,968
|
|
|
$
|
2,494
|
|
|
26.7
|
%
|
|
|
|
$
|
7,054
|
|
|
$
|
6,473
|
|
|
(8.2
|
%)
|
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 Revenue for the third quarter of 2014
increased 4.0% to $16.8 billion. Consolidated Operating
Cash Flow increased 7.0% to $5.7 billion. The Time Warner Cable
and Charter transaction-related costs of $77 million in the third
quarter of 2014 were a similar amount to the $74 million of costs
associated with the termination of a pension plan in the third quarter
of 2013 (See Table 5). Consolidated Operating Income
increased 9.7% to $3.7 billion.
For the nine months ended September 30, 2014, consolidated revenue
increased 6.9% to $51.0 billion. Excluding $1.1 billion of revenue
generated by the Sochi Olympics in the first quarter of 2014,
consolidated revenue increased 4.6%. Consolidated operating cash flow
increased 8.0% to $17.0 billion. Excluding $138 million of
transaction-related costs in the first nine months of 2014 and pension
termination costs in the third quarter of 2013, consolidated operating
cash flow increased 8.3% (See Table 5). Consolidated operating income
increased 12.1% to $11.1 billion.
Earnings per Share (EPS) for the third quarter of 2014 was
$0.99, a 52.3% increase from the $0.65 reported in the third quarter of
2013. Excluding income tax adjustments and transaction-related costs in
the third quarter of 2014, EPS increased 12.3% to $0.73 (see Table 4).
EPS for the nine months ended September 30, 2014 was $2.46, a 33.7%
increase from the $1.84 reported in the prior year. Excluding income tax
adjustments, gains on the sales of investments, a resolution of a prior
acquisition contingency and transaction-related costs in the first nine
months of 2014, as well as a gain on the sale of wireless spectrum
licenses in the first quarter of 2013, EPS increased 19.9% to $2.17 (see
Table 4).
Capital Expenditures increased 13.0% to $2.0 billion in
the third quarter of 2014 compared to the third quarter of 2013. Cable
Communications' capital expenditures increased $212 million, or 14.8%,
to $1.6 billion in the third quarter of 2014, primarily reflecting
increased investment in support capital as we launch our cloud based
initiatives and spending on customer premise equipment related to the
deployment of the X1 platform, as well as our ongoing investment in
network infrastructure to increase network capacity. Cable capital
expenditures represented 14.9% of Cable revenue in the third quarter of
2014 compared to 13.6% in last year's third quarter. NBCUniversal's
capital expenditures increased $11 million, or 4.0%, to $295 million in
the third quarter of 2014, primarily reflecting increased investments in
Theme Parks.
For the nine months ended September 30, 2014, capital expenditures
increased 13.1% to $5.2 billion compared to the prior year. Cable
Communications' capital expenditures increased $516 million, or 13.7%,
to $4.3 billion and represented 13.0% of Cable revenue compared to 12.1%
in 2013. NBCUniversal's capital expenditures increased $77 million, or
9.5%, to $884 million for the first nine months of 2014.
Free Cash Flow increased 26.7% to $2.5 billion in the
third quarter of 2014 compared to $2.0 billion in the third quarter of
2013, reflecting growth in consolidated operating cash flow,
improvements in working capital and lower cash taxes on operating items,
partially offset by higher capital expenditures. Free cash flow for the
nine months ended September 30, 2014 decreased 8.2% to $6.5 billion
compared to $7.1 billion in 2013.
|
|
|
3rd Quarter
|
|
|
Year to Date
|
($ in millions)
|
|
|
|
2013
|
|
|
|
|
2014
|
|
|
|
Growth
|
|
|
|
2013
|
|
|
|
|
2014
|
|
|
|
Growth
|
Operating Cash Flow
|
|
|
$
|
5,330
|
|
|
|
$
|
5,704
|
|
|
|
7.0
|
%
|
|
|
$
|
15,789
|
|
|
|
$
|
17,046
|
|
|
|
8.0
|
%
|
Capital Expenditures
|
|
|
|
(1,726
|
)
|
|
|
|
(1,950
|
)
|
|
|
13.0
|
%
|
|
|
|
(4,593
|
)
|
|
|
|
(5,196
|
)
|
|
|
13.1
|
%
|
Cash Paid for Capitalized Software and Other Intangible Assets
|
|
|
|
(250
|
)
|
|
|
|
(258
|
)
|
|
|
3.2
|
%
|
|
|
|
(694
|
)
|
|
|
|
(735
|
)
|
|
|
5.9
|
%
|
Cash Interest Expense
|
|
|
|
(636
|
)
|
|
|
|
(656
|
)
|
|
|
3.1
|
%
|
|
|
|
(1,768
|
)
|
|
|
|
(1,820
|
)
|
|
|
2.9
|
%
|
Cash Taxes on Operating Items
|
|
|
|
(1,044
|
)
|
|
|
|
(858
|
)
|
|
|
(17.8
|
%)
|
|
|
|
(2,585
|
)
|
|
|
|
(2,696
|
)
|
|
|
4.3
|
%
|
Changes in Operating Assets and Liabilities
|
|
|
|
165
|
|
|
|
|
412
|
|
|
|
149.7
|
%
|
|
|
|
583
|
|
|
|
|
(493
|
)
|
|
|
NM
|
Noncash Share-Based Compensation
|
|
|
|
99
|
|
|
|
|
120
|
|
|
|
21.2
|
%
|
|
|
|
312
|
|
|
|
|
386
|
|
|
|
23.7
|
%
|
Distributions to Noncontrolling Interests and Dividends for
Redeemable Subsidiary Preferred Stock
|
|
|
|
(48
|
)
|
|
|
|
(53
|
)
|
|
|
10.4
|
%
|
|
|
|
(164
|
)
|
|
|
|
(170
|
)
|
|
|
3.7
|
%
|
Other
|
|
|
|
78
|
|
|
|
|
33
|
|
|
|
(57.7
|
%)
|
|
|
|
174
|
|
|
|
|
151
|
|
|
|
(13.2
|
%)
|
Free Cash Flow3
|
|
|
$
|
1,968
|
|
|
|
$
|
2,494
|
|
|
|
26.7
|
%
|
|
|
$
|
7,054
|
|
|
|
$
|
6,473
|
|
|
|
(8.2
|
%)
|
NM=comparison not meaningful.
|
Dividends and Share Repurchases. During the third quarter
of 2014, Comcast paid dividends totaling $582 million and repurchased
13.9 million of its common shares for $750 million. In the first nine
months of 2014, Comcast has repurchased 43.8 million of its common
shares for $2.3 billion. As of September 30, 2014, Comcast had
approximately $5.25 billion available under its share repurchase
authorization.
Cable Communications
|
|
|
|
|
|
|
|
|
|
|
|
3rd Quarter
|
|
|
Year to Date
|
($ in millions)
|
|
|
|
2013
|
|
|
|
2014
|
|
|
Growth
|
|
|
|
2013
|
|
|
|
2014
|
|
|
Growth
|
Cable Communications Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Video
|
|
|
$
|
5,127
|
|
|
$
|
5,179
|
|
|
1.0
|
%
|
|
|
$
|
15,415
|
|
|
$
|
15,596
|
|
|
1.2
|
%
|
High-Speed Internet
|
|
|
|
2,592
|
|
|
|
2,840
|
|
|
9.6
|
%
|
|
|
|
7,684
|
|
|
|
8,409
|
|
|
9.4
|
%
|
Voice
|
|
|
|
919
|
|
|
|
913
|
|
|
(0.5
|
%)
|
|
|
|
2,729
|
|
|
|
2,755
|
|
|
1.0
|
%
|
Business Services
|
|
|
|
836
|
|
|
|
1,011
|
|
|
21.0
|
%
|
|
|
|
2,365
|
|
|
|
2,893
|
|
|
22.3
|
%
|
Advertising
|
|
|
|
541
|
|
|
|
607
|
|
|
12.3
|
%
|
|
|
|
1,587
|
|
|
|
1,725
|
|
|
8.7
|
%
|
Other
|
|
|
|
476
|
|
|
|
491
|
|
|
2.4
|
%
|
|
|
|
1,395
|
|
|
|
1,449
|
|
|
3.7
|
%
|
Cable Communications Revenue
|
|
|
$
|
10,491
|
|
|
$
|
11,041
|
|
|
5.2
|
%
|
|
|
$
|
31,175
|
|
|
$
|
32,827
|
|
|
5.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cable Communications Operating Cash Flow
|
|
|
$
|
4,246
|
|
|
$
|
4,464
|
|
|
5.1
|
%
|
|
|
$
|
12,800
|
|
|
$
|
13,428
|
|
|
4.9
|
%
|
Operating Cash Flow Margin
|
|
|
|
40.5%
|
|
|
|
40.4%
|
|
|
|
|
|
|
41.1%
|
|
|
|
40.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cable Communications Capital Expenditures
|
|
|
$
|
1,432
|
|
|
$
|
1,644
|
|
|
14.8
|
%
|
|
|
$
|
3,766
|
|
|
$
|
4,282
|
|
|
13.7
|
%
|
Percent of Cable Communications Revenue
|
|
|
|
13.6%
|
|
|
|
14.9%
|
|
|
|
|
|
|
12.1%
|
|
|
|
13.0%
|
|
|
|
Revenue for Cable Communications increased 5.2% to $11.0
billion in the third quarter of 2014 compared to $10.5 billion in the
third quarter of 2013, driven by increases of 9.6% in high-speed
Internet and 21.0% in business services. The increase in Cable revenue
reflects rate adjustments, customers receiving higher levels of services
and customer growth (see below).
For the nine months ended September 30, 2014, Cable revenue increased
5.3% to $32.8 billion compared to $31.2 billion in 2013.
Customer relationships increased by 82,000 to 26.9 million
during the third quarter of 2014, more than three-times the
customer relationship net additions in the third quarter of 2013. At the
end of the third quarter, penetration of our triple product customers
increased to 36% compared to 34% in the third quarter of 2013.
High-speed Internet customer net additions improved versus last year and
were the strongest for a third quarter in five years. Video customer net
losses improved 36% year-over-year and were the best result for a third
quarter in seven years. Voice net additions slowed, reflecting a focus
on double play during the back-to-school season, as well as X1
availability that was more focused on triple play customers last year,
making for a difficult comparison.
|
|
|
|
Customers
|
|
|
|
|
|
Net Adds
|
Billable Customers Method4 (in thousands)
|
|
|
|
3Q13
|
|
|
|
3Q14
|
|
|
|
|
|
3Q13
|
|
|
|
3Q14
|
Video Customers
|
|
|
|
22,531
|
|
|
|
22,376
|
|
|
|
|
|
(127
|
)
|
|
|
|
(81
|
)
|
High-Speed Internet Customers
|
|
|
|
20,283
|
|
|
|
21,586
|
|
|
|
|
|
297
|
|
|
|
|
315
|
|
Voice Customers
|
|
|
|
10,496
|
|
|
|
11,070
|
|
|
|
|
|
169
|
|
|
|
|
68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Single Product Customers
|
|
|
|
8,921
|
|
|
|
8,444
|
|
|
|
|
|
(124
|
)
|
|
|
|
(66
|
)
|
Double Product Customers
|
|
|
|
8,491
|
|
|
|
8,650
|
|
|
|
|
|
(14
|
)
|
|
|
|
76
|
|
Triple Product Customers
|
|
|
|
9,144
|
|
|
|
9,763
|
|
|
|
|
|
164
|
|
|
|
|
72
|
|
Customer Relationships
|
|
|
|
26,555
|
|
|
|
26,857
|
|
|
|
|
|
26
|
|
|
|
|
82
|
|
Operating Cash Flow for Cable Communications increased
5.1% to $4.5 billion in the third quarter of 2014 compared to $4.2
billion in the third quarter of 2013, reflecting higher revenue,
partially offset by a 5.3% increase in operating expenses primarily
related to higher video programming costs, as well as an increase in
advertising, marketing and promotion expenses. This quarter's operating
cash flow margin was 40.4% compared to 40.5% in 2013.
For the nine months ended September 30, 2014, Cable operating cash flow
increased 4.9% to $13.4 billion compared to $12.8 billion in 2013.
Year-to-date operating cash flow margin was 40.9% compared to 41.1% in
2013.
NBCUniversal
|
|
|
|
|
|
|
|
|
|
3rd Quarter
|
|
|
Year to Date
|
($ in millions)
|
|
|
|
2013
|
|
|
|
|
2014
|
|
|
|
Growth
|
|
|
|
2013
|
|
|
|
|
2014
|
|
|
|
Growth
|
|
|
Excluding Olympics
|
NBCUniversal Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cable Networks
|
|
|
$
|
2,239
|
|
|
|
$
|
2,255
|
|
|
|
0.7
|
%
|
|
|
$
|
6,877
|
|
|
|
$
|
7,236
|
|
|
|
5.2
|
%
|
|
|
1.5
|
%
|
Broadcast Television
|
|
|
|
1,644
|
|
|
|
|
1,770
|
|
|
|
7.7
|
%
|
|
|
|
4,893
|
|
|
|
|
6,207
|
|
|
|
26.9
|
%
|
|
|
9.6
|
%
|
Filmed Entertainment
|
|
|
|
1,400
|
|
|
|
|
1,186
|
|
|
|
(15.2
|
%)
|
|
|
|
4,004
|
|
|
|
|
3,713
|
|
|
|
(7.3
|
%)
|
|
|
|
Theme Parks
|
|
|
|
661
|
|
|
|
|
786
|
|
|
|
18.7
|
%
|
|
|
|
1,669
|
|
|
|
|
1,888
|
|
|
|
13.1
|
%
|
|
|
|
Headquarters, Other and Eliminations
|
|
|
|
(93
|
)
|
|
|
|
(76
|
)
|
|
|
NM
|
|
|
|
(257
|
)
|
|
|
|
(231
|
)
|
|
|
NM
|
|
|
|
NBCUniversal Revenue
|
|
|
$
|
5,851
|
|
|
|
$
|
5,921
|
|
|
|
1.2
|
%
|
|
|
$
|
17,186
|
|
|
|
$
|
18,813
|
|
|
|
9.5
|
%
|
|
|
3.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NBCUniversal Operating Cash Flow
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cable Networks
|
|
|
$
|
853
|
|
|
|
$
|
868
|
|
|
|
1.8
|
%
|
|
|
$
|
2,572
|
|
|
|
$
|
2,677
|
|
|
|
4.1
|
%
|
|
|
|
Broadcast Television
|
|
|
|
34
|
|
|
|
|
142
|
|
|
|
NM
|
|
|
|
205
|
|
|
|
|
504
|
|
|
|
145.6
|
%
|
|
|
|
Filmed Entertainment
|
|
|
|
189
|
|
|
|
|
151
|
|
|
|
(20.3
|
%)
|
|
|
|
291
|
|
|
|
|
634
|
|
|
|
117.7
|
%
|
|
|
|
Theme Parks
|
|
|
|
343
|
|
|
|
|
402
|
|
|
|
16.9
|
%
|
|
|
|
747
|
|
|
|
|
816
|
|
|
|
9.1
|
%
|
|
|
|
Headquarters, Other and Eliminations
|
|
|
|
(169
|
)
|
|
|
|
(147
|
)
|
|
|
NM
|
|
|
|
(421
|
)
|
|
|
|
(470
|
)
|
|
|
NM
|
|
|
|
NBCUniversal Operating Cash Flow
|
|
|
$
|
1,250
|
|
|
|
$
|
1,416
|
|
|
|
13.3
|
%
|
|
|
$
|
3,394
|
|
|
|
$
|
4,161
|
|
|
|
22.6
|
%
|
|
|
|
Revenue for NBCUniversal increased 1.2% to $5.9 billion in
the third quarter of 2014 compared to the third quarter of 2013, as
revenue growth in Broadcast Television and Theme Parks was partially
offset by lower theatrical revenue in the Filmed Entertainment segment. Operating
Cash Flow increased 13.3% to $1.4 billion compared to $1.3
billion in the third quarter of 2013, driven by strong results at
Broadcast Television and Theme Parks.
For the nine months ended September 30, 2014, NBCUniversal revenue
increased 9.5% to $18.8 billion compared to $17.2 billion in 2013.
Excluding $1.1 billion of revenue generated by the Sochi Olympics in the
first quarter of 2014, NBCUniversal revenue increased 3.0% (see Table
5). Operating cash flow increased 22.6% to $4.2 billion compared to $3.4
billion in the first nine months of 2013.
Cable Networks
For the third quarter of 2014, revenue from the Cable Networks segment
increased 0.7% to $2.3 billion compared to $2.2 billion in the third
quarter of 2013, reflecting a 5.1% increase in distribution revenue,
partially offset by a 4.6% decline in advertising revenue, primarily due
to a decline in ratings. Operating cash flow increased 1.8% to $868
million compared to $853 million in the third quarter of 2013,
reflecting higher revenue and flat operating costs, even as we continue
to invest in programming.
For the nine months ended September 30, 2014, revenue from the Cable
Networks segment increased 5.2% to $7.2 billion compared to $6.9 billion
in 2013. Excluding $257 million of revenue generated by the Sochi
Olympics in the first quarter of 2014, revenue increased 1.5%. Operating
cash flow increased 4.1% to $2.7 billion compared to $2.6 billion in the
first nine months of 2013.
Broadcast Television
For the third quarter of 2014, revenue from the Broadcast Television
segment increased 7.7% to $1.8 billion compared to $1.6 billion in the
third quarter of 2013, driven by an increase in advertising revenue due
to strong ratings at the NBC broadcast network, as well as higher
retransmission consent fees and an increase in content licensing
revenue. Operating cash flow increased $108 million to $142 million
compared to $34 million in the third quarter of 2013, reflecting higher
revenue and a slight increase in operating costs and expenses.
For the nine months ended September 30, 2014, revenue from the Broadcast
Television segment increased 26.9% to $6.2 billion compared to $4.9
billion in 2013. Excluding $846 million of revenue generated by the
Sochi Olympics in the first quarter of 2014, revenue increased 9.6% (see
Table 5). Operating cash flow increased $299 million to $504 million
compared to $205 million in the first nine months of 2013.
Filmed Entertainment
For the third quarter of 2014, revenue from the Filmed Entertainment
segment decreased 15.2% to $1.2 billion compared to $1.4 billion in the
third quarter of 2013, reflecting a decline in theatrical revenue
primarily due to the strong box office performance of Despicable Me 2
in the third quarter of 2013. Operating cash flow decreased 20.3% to
$151 million compared to $189 million in the third quarter of 2013,
reflecting lower revenue, partially offset by a decrease in the
amortization of film costs and reduced advertising, marketing and
promotion expense due to a smaller film slate.
For the nine months ended September 30, 2014, revenue from the Filmed
Entertainment segment decreased 7.3% to $3.7 billion compared to $4.0
billion in 2013. Operating cash flow increased $343 million to $634
million compared to $291 million in the first nine months of 2013.
Theme Parks
For the third quarter of 2014, revenue from the Theme Parks segment
increased 18.7% to $786 million compared to $661 million in the third
quarter of 2013, reflecting higher guest attendance and per capita
spending, driven by the successful opening of Orlando's The Wizarding
World of Harry Potter ™ - Diagon Alley ™.
Third quarter operating cash flow increased 16.9% to $402 million
compared to $343 million in the same period last year, reflecting higher
revenue, partially offset by an increase in operating costs to support
the new attractions.
For the nine months ended September 30, 2014, revenue from the Theme
Parks segment increased 13.1% to $1.9 billion compared to $1.7 billion
in 2013. Operating cash flow increased 9.1% to $816 million compared to
$747 million in the first nine months of 2013.
Headquarters, Other and Eliminations
NBCUniversal Headquarters, Other and Eliminations include overhead and
eliminations among the NBCUniversal businesses. For the quarter ended
September 30, 2014, NBCUniversal Headquarters, Other and Eliminations
operating cash flow loss was $147 million compared to a loss of $169
million in the third quarter of 2013, reflecting lower employee-related
costs.
For the nine months ended September 30, 2014, NBCUniversal Headquarters,
Other and Eliminations operating cash flow loss was $470 million
compared to a loss of $421 million in 2013.
Corporate, Other and Eliminations
Corporate, Other and Eliminations primarily include corporate
operations, Comcast-Spectacor and eliminations among Comcast's
businesses. For the quarter ended September 30, 2014, Corporate, Other
and Eliminations revenue was ($171) million compared to ($191) million
in 2013. The operating cash flow loss was $176 million, including $77
million of costs related to the Time Warner Cable and Charter
transactions, compared to a loss of $166 million in the third quarter of
2013, including $74 million of costs associated with the termination of
a pension plan.
For the nine months ended September 30, 2014, Corporate, Other and
Eliminations revenue was ($597) million compared to ($630) million in
2013. The operating cash flow loss was $543 million, including $138
million of transaction-related costs, compared to a loss of $405 million
in the first nine months of 2013, including $74 million of costs
associated with the termination of a pension plan.
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 effects. 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.
|
|
4
|
|
Beginning in 2014, our Cable Communications segment revised its
methodology for counting customers related to how we count and
report customers who reside in multiple dwelling units ("MDUs")
that are billed under bulk contracts (the "Billable Customers
Method"). For MDUs whose residents have the ability to receive
additional cable services, such as additional programming choices
or our HD or DVR services, we now count and report customers based
on the number of potential billable relationships within each MDU.
For MDUs whose residents are not able to receive additional cable
services, the MDU is now counted as a single customer. Previously,
we had counted and reported these customers on an equivalent
billing unit basis by dividing monthly revenue received under an
MDU's bulk contract by the standard monthly residential rate where
the MDU was located (the "EBU Method"). Video customer metrics for
2013 are now presented on the Billable Customers Method to provide
an appropriate comparison. For high-speed Internet and voice
customers, the differences in the customer metrics using the
Billable Customers Method and the EBU Method were not material and
2013 data has not been adjusted.
|
|
|
|
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, October 23, 2014 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 3387049. A replay of the
call will be available starting at 12:30 p.m. ET on October 23, 2014, on
the Investor Relations website or by telephone. To access the telephone
replay, which will be available until Thursday, October 30, 2014 at
midnight ET, please dial (855) 859-2056 and enter the conference ID
number 3387049.
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
|
|
|
Nine Months Ended
|
(in millions, except per share data)
|
|
September 30,
|
|
|
September 30,
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
Revenue
|
|
$16,151
|
|
|
|
$16,791
|
|
|
|
$47,731
|
|
|
|
$51,043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Programming and production
|
|
4,787
|
|
|
|
4,772
|
|
|
|
14,418
|
|
|
|
15,554
|
|
Other operating and administrative
|
|
4,751
|
|
|
|
5,019
|
|
|
|
13,787
|
|
|
|
14,695
|
|
Advertising, marketing and promotion
|
|
1,283
|
|
|
|
1,296
|
|
|
|
3,737
|
|
|
|
3,748
|
|
|
|
10,821
|
|
|
|
11,087
|
|
|
|
31,942
|
|
|
|
33,997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating cash flow
|
|
5,330
|
|
|
|
5,704
|
|
|
|
15,789
|
|
|
|
17,046
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense
|
|
1,520
|
|
|
|
1,539
|
|
|
|
4,669
|
|
|
|
4,707
|
|
Amortization expense
|
|
396
|
|
|
|
420
|
|
|
|
1,204
|
|
|
|
1,222
|
|
|
|
1,916
|
|
|
|
1,959
|
|
|
|
5,873
|
|
|
|
5,929
|
|
Operating income
|
|
3,414
|
|
|
|
3,745
|
|
|
|
9,916
|
|
|
|
11,117
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
(639
|
)
|
|
|
(663
|
)
|
|
|
(1,928
|
)
|
|
|
(1,953
|
)
|
Investment income (loss), net
|
|
464
|
|
|
|
21
|
|
|
|
549
|
|
|
|
254
|
|
Equity in net income (losses) of investees, net
|
|
(130
|
)
|
|
|
33
|
|
|
|
(96
|
)
|
|
|
87
|
|
Other income (expense), net
|
|
(310
|
)
|
|
|
(96
|
)
|
|
|
(280
|
)
|
|
|
(150
|
)
|
|
|
(615
|
)
|
|
|
(705
|
)
|
|
|
(1,755
|
)
|
|
|
(1,762
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
2,799
|
|
|
|
3,040
|
|
|
|
8,161
|
|
|
|
9,355
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
(1,021
|
)
|
|
|
(407
|
)
|
|
|
(2,994
|
)
|
|
|
(2,759
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
1,778
|
|
|
|
2,633
|
|
|
|
5,167
|
|
|
|
6,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (income) loss attributable to noncontrolling interests and
redeemable subsidiary preferred stock
|
|
(46
|
)
|
|
|
(41
|
)
|
|
|
(264
|
)
|
|
|
(141
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Comcast Corporation
|
|
$1,732
|
|
|
|
$2,592
|
|
|
|
$4,903
|
|
|
|
$6,455
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share attributable to Comcast
Corporation shareholders
|
|
$0.65
|
|
|
|
$0.99
|
|
|
|
$1.84
|
|
|
|
$2.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share attributable to Comcast
Corporation shareholders
|
|
$0.195
|
|
|
|
$0.225
|
|
|
|
$0.585
|
|
|
|
$0.675
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted-average number of common shares
|
|
2,658
|
|
|
|
2,616
|
|
|
|
2,668
|
|
|
|
2,629
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 2
|
|
|
|
|
|
Condensed Consolidated Balance Sheet (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
December 31,
|
|
|
September 30,
|
|
|
2013
|
|
|
2014
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
Cash and cash equivalents
|
|
$1,718
|
|
|
$4,547
|
Investments
|
|
3,573
|
|
|
531
|
Receivables, net
|
|
6,376
|
|
|
6,172
|
Programming rights
|
|
928
|
|
|
992
|
Other current assets
|
|
1,480
|
|
|
1,694
|
Total current assets
|
|
14,075
|
|
|
13,936
|
|
|
|
|
|
|
Film and television costs
|
|
4,994
|
|
|
5,560
|
|
|
|
|
|
|
Investments
|
|
3,770
|
|
|
3,129
|
|
|
|
|
|
|
Property and equipment, net
|
|
29,840
|
|
|
30,362
|
|
|
|
|
|
|
Franchise rights
|
|
59,364
|
|
|
59,364
|
|
|
|
|
|
|
Goodwill
|
|
27,098
|
|
|
27,323
|
|
|
|
|
|
|
Other intangible assets, net
|
|
17,329
|
|
|
17,089
|
|
|
|
|
|
|
Other noncurrent assets, net
|
|
2,343
|
|
|
2,474
|
|
|
|
|
|
|
|
|
$158,813
|
|
|
$159,237
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
Accounts payable and accrued expenses related to trade creditors
|
|
$5,528
|
|
|
$5,680
|
Accrued participations and residuals
|
|
1,239
|
|
|
1,444
|
Deferred revenue
|
|
898
|
|
|
976
|
Accrued expenses and other current liabilities
|
|
7,967
|
|
|
5,461
|
Current portion of long-term debt
|
|
3,280
|
|
|
3,523
|
Total current liabilities
|
|
18,912
|
|
|
17,084
|
|
|
|
|
|
|
Long-term debt, less current portion
|
|
44,567
|
|
|
44,827
|
|
|
|
|
|
|
Deferred income taxes
|
|
31,935
|
|
|
32,227
|
|
|
|
|
|
|
Other noncurrent liabilities
|
|
11,384
|
|
|
10,388
|
|
|
|
|
|
|
Redeemable noncontrolling interests and redeemable subsidiary
preferred stock
|
|
957
|
|
|
1,058
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Comcast Corporation shareholders' equity
|
|
50,694
|
|
|
53,298
|
Noncontrolling interests
|
|
364
|
|
|
355
|
Total equity
|
|
51,058
|
|
|
53,653
|
|
|
|
|
|
|
|
|
$158,813
|
|
|
$159,237
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 3
|
|
|
|
|
|
Consolidated Statement of Cash Flows (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
Nine Months Ended
|
|
|
September 30,
|
|
|
2013
|
|
|
2014
|
|
|
|
|
|
|
OPERATING ACTIVITIES
|
|
|
|
|
|
Net income
|
|
$5,167
|
|
|
|
$6,596
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
Depreciation and amortization
|
|
5,873
|
|
|
|
5,929
|
|
Share-based compensation
|
|
312
|
|
|
|
386
|
|
Noncash interest expense (income), net
|
|
122
|
|
|
|
132
|
|
Equity in net (income) losses of investees, net
|
|
96
|
|
|
|
(87
|
)
|
Cash received from investees
|
|
89
|
|
|
|
71
|
|
Net (gain) loss on investment activity and other
|
|
(239
|
)
|
|
|
(24
|
)
|
Deferred income taxes
|
|
(52
|
)
|
|
|
358
|
|
Changes in operating assets and liabilities, net of effects of
acquisitions and divestitures:
|
|
|
|
|
|
Current and noncurrent receivables, net
|
|
145
|
|
|
|
89
|
|
Film and television costs, net
|
|
408
|
|
|
|
(471
|
)
|
Accounts payable and accrued expenses related to trade creditors
|
|
(108
|
)
|
|
|
119
|
|
Other operating assets and liabilities
|
|
(134
|
)
|
|
|
(796
|
)
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
11,679
|
|
|
|
12,302
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES
|
|
|
|
|
|
Capital expenditures
|
|
(4,593
|
)
|
|
|
(5,196
|
)
|
Cash paid for intangible assets
|
|
(694
|
)
|
|
|
(735
|
)
|
Acquisitions and construction of real estate properties
|
|
(1,705
|
)
|
|
|
(28
|
)
|
Acquisitions, net of cash acquired
|
|
(42
|
)
|
|
|
(477
|
)
|
Proceeds from sales of businesses and investments
|
|
655
|
|
|
|
622
|
|
Return of capital from investees
|
|
146
|
|
|
|
6
|
|
Purchases of investments
|
|
(1,177
|
)
|
|
|
(145
|
)
|
Other
|
|
83
|
|
|
|
(127
|
)
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities
|
|
(7,327
|
)
|
|
|
(6,080
|
)
|
|
|
|
|
|
|
FINANCING ACTIVITIES
|
|
|
|
|
|
Proceeds from (repayments of) short-term borrowings, net
|
|
395
|
|
|
|
(437
|
)
|
Proceeds from borrowings
|
|
2,933
|
|
|
|
4,182
|
|
Repurchases and repayments of debt
|
|
(2,442
|
)
|
|
|
(3,172
|
)
|
Repurchases and retirements of common stock
|
|
(1,500
|
)
|
|
|
(2,250
|
)
|
Dividends paid
|
|
(1,454
|
)
|
|
|
(1,676
|
)
|
Issuances of common stock
|
|
35
|
|
|
|
33
|
|
Purchase of NBCUniversal noncontrolling common equity interest
|
|
(10,761
|
)
|
|
|
-
|
|
Distributions to noncontrolling interests and dividends for
redeemable subsidiary preferred stock
|
|
(164
|
)
|
|
|
(170
|
)
|
Settlement of Station Venture liability
|
|
(602
|
)
|
|
|
-
|
|
Other
|
|
(140
|
)
|
|
|
97
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities
|
|
(13,700
|
)
|
|
|
(3,393
|
)
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
(9,348
|
)
|
|
|
2,829
|
|
|
|
|
|
|
|
Cash and cash equivalents, beginning of period
|
|
10,951
|
|
|
|
1,718
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of period
|
|
$1,603
|
|
|
|
$4,547
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 4
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alternate Presentation of Net Cash Provided by Operating
Activities and Free Cash Flow (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
September 30,
|
|
|
September 30,
|
(in millions)
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
Operating income
|
|
$3,414
|
|
|
|
$3,745
|
|
|
|
$9,916
|
|
|
|
$11,117
|
|
Depreciation and amortization
|
|
1,916
|
|
|
|
1,959
|
|
|
|
5,873
|
|
|
|
5,929
|
|
Operating income before depreciation and amortization
|
|
5,330
|
|
|
|
5,704
|
|
|
|
15,789
|
|
|
|
17,046
|
|
Noncash share-based compensation expense
|
|
99
|
|
|
|
120
|
|
|
|
312
|
|
|
|
386
|
|
Changes in operating assets and liabilities
|
|
165
|
|
|
|
562
|
|
|
|
583
|
|
|
|
(343
|
)
|
Cash basis operating income
|
|
5,594
|
|
|
|
6,386
|
|
|
|
16,684
|
|
|
|
17,089
|
|
Payments of interest
|
|
(636
|
)
|
|
|
(656
|
)
|
|
|
(1,768
|
)
|
|
|
(1,820
|
)
|
Payments of income taxes
|
|
(958
|
)
|
|
|
(974
|
)
|
|
|
(3,180
|
)
|
|
|
(2,878
|
)
|
Excess tax benefits under share-based compensation
|
|
(29
|
)
|
|
|
(34
|
)
|
|
|
(176
|
)
|
|
|
(240
|
)
|
Other
|
|
23
|
|
|
|
33
|
|
|
|
119
|
|
|
|
151
|
|
Net Cash Provided by Operating Activities
|
|
$3,994
|
|
|
|
$4,755
|
|
|
|
$11,679
|
|
|
|
$12,302
|
|
Capital expenditures
|
|
(1,726
|
)
|
|
|
(1,950
|
)
|
|
|
(4,593
|
)
|
|
|
(5,196
|
)
|
Cash paid for capitalized software and other intangible assets
|
|
(250
|
)
|
|
|
(258
|
)
|
|
|
(694
|
)
|
|
|
(735
|
)
|
Distributions to noncontrolling interests and dividends for
redeemable subsidiary preferred stock
|
|
(48
|
)
|
|
|
(53
|
)
|
|
|
(164
|
)
|
|
|
(170
|
)
|
Nonoperating items(1)
|
|
(2
|
)
|
|
|
-
|
|
|
|
826
|
|
|
|
272
|
|
Total Free Cash Flow
|
|
$1,968
|
|
|
|
$2,494
|
|
|
|
$7,054
|
|
|
|
$6,473
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of EPS Excluding Favorable Income Tax Adjustments,
Gains on Sales, Acquisition-Related Items, Pension Termination Costs
and Losses on Investments (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
(in millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
|
|
EPS(2)
|
|
|
$
|
|
|
EPS(2)
|
|
|
$
|
|
|
EPS(2)
|
|
|
$
|
|
|
EPS(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Comcast Corporation
|
|
$1,732
|
|
|
$0.65
|
|
|
$2,592
|
|
|
$0.99
|
|
|
$4,903
|
|
|
$1.84
|
|
|
$6,455
|
|
|
$2.46
|
Growth %
|
|
|
|
|
|
|
|
49.7%
|
|
|
52.3%
|
|
|
|
|
|
|
|
|
31.7%
|
|
|
33.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Favorable income tax adjustments(3)
|
|
-
|
|
|
-
|
|
|
(724)
|
|
|
(0.28)
|
|
|
-
|
|
|
-
|
|
|
(724)
|
|
|
(0.28)
|
Gains on sales of investments(4)
|
|
(279)
|
|
|
(0.11)
|
|
|
-
|
|
|
-
|
|
|
(279)
|
|
|
(0.11)
|
|
|
(97)
|
|
|
(0.04)
|
Favorable resolution of a contingency of an acquired company(5)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(27)
|
|
|
(0.01)
|
Costs related to Time Warner Cable and Charter transactions(6)
|
|
-
|
|
|
-
|
|
|
49
|
|
|
0.02
|
|
|
-
|
|
|
-
|
|
|
87
|
|
|
0.04
|
Gain on sale of wireless spectrum licenses(7)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(67)
|
|
|
(0.03)
|
|
|
-
|
|
|
-
|
Pension termination costs(8)
|
|
46
|
|
|
0.02
|
|
|
-
|
|
|
-
|
|
|
46
|
|
|
0.02
|
|
|
-
|
|
|
-
|
Losses on investments(9)
|
|
234
|
|
|
0.09
|
|
|
-
|
|
|
-
|
|
|
234
|
|
|
0.09
|
|
|
-
|
|
|
-
|
Net income attributable to Comcast Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(excluding favorable income tax adjustments, gains on sales,
acquisition-related items, pension termination costs and losses on
investments)
|
|
$1,733
|
|
|
$0.65
|
|
|
$1,917
|
|
|
$0.73
|
|
|
$4,837
|
|
|
$1.81
|
|
|
$5,694
|
|
|
$2.17
|
Growth %
|
|
|
|
|
|
|
|
10.6%
|
|
|
12.3%
|
|
|
|
|
|
|
|
|
17.7%
|
|
|
19.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Nonoperating items include adjustments for cash taxes paid related
to certain investing and financing transactions, to reflect cash
taxes paid in the year of the related taxable income and to exclude
the impacts of Economic Stimulus packages. Net cash provided by
operating activities for 2014 includes a $150 million increase in
July 2014 resulting from a change in our credit card payment
processes that resulted in the acceleration of the recognition of
cash receipts in Cable Communications. For free cash flow purposes,
we consider the acceleration to be nonrecurring in nature and
therefore, we excluded this amount from free cash flow as a
nonoperating item.
|
(2)
|
|
Based on diluted weighted-average number of common shares for the
respective periods as presented in Table 1.
|
(3)
|
|
3rd quarter 2014 net income attributable to Comcast Corporation
includes $724 million of favorable income tax adjustments resulting
from adjustments of uncertain tax positions.
|
(4)
|
|
2014 year to date net income attributable to Comcast Corporation
includes $154 million of investment income, $97 million net of tax,
resulting from sales of investments. 3rd quarter 2013 net income
attributable to Comcast Corporation includes $443 million of
investment income, $279 million net of tax, resulting from the sale
of the investment in Clearwire.
|
(5)
|
|
2014 year to date net income attributable to Comcast Corporation
includes $27 million of other income, resulting from the favorable
resolution of a contingency related to the AT&T Broadband
transaction.
|
(6)
|
|
3rd quarter 2014 net income attributable to Comcast Corporation
includes $77 million of operating costs and expenses, $49 million
net of tax, related to the Time Warner Cable and Charter
transactions. 2014 year to date net income attributable to Comcast
Corporation includes $138 million of operating costs and expenses,
$87 million net of tax, related to the Time Warner Cable and Charter
transactions.
|
(7)
|
|
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.
|
(8)
|
|
3rd quarter 2013 net income attributable to Comcast Corporation
includes $74 million of other operating and administrative expenses,
$46 million net of tax, resulting from the termination of a pension
plan.
|
(9)
|
|
3rd quarter 2013 net income attributable to Comcast Corporation
includes $371 million of expense ($236 million of other expense and
$135 million of equity in net losses of investees), $234 million net
of tax, resulting from losses on investments.
|
|
|
|
|
Note: Minor differences
may exist due to rounding.
|
|
TABLE 5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Consolidated Revenue Excluding 2014 Olympics
and Operating Cash Flow Excluding Costs Related to Time Warner Cable
and Charter Transactions and Pension Termination Costs (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
2013
|
|
|
2014
|
|
|
Growth %
|
|
|
2013
|
|
|
2014
|
|
|
Growth %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$16,151
|
|
|
$16,791
|
|
|
4.0%
|
|
|
|
$47,731
|
|
|
$51,043
|
|
|
6.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 Olympics
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
(1,103)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue excluding 2014 Olympics
|
|
$16,151
|
|
|
$16,791
|
|
|
4.0%
|
|
|
|
$47,731
|
|
|
$49,940
|
|
|
4.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
2014
|
|
|
Growth %
|
|
|
2013
|
|
|
2014
|
|
|
Growth %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Cash Flow
|
|
$5,330
|
|
|
$5,704
|
|
|
7.0%
|
|
|
|
$15,789
|
|
|
$17,046
|
|
|
8.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs related to Time Warner Cable and Charter transactions
|
|
-
|
|
|
77
|
|
|
|
|
|
|
-
|
|
|
138
|
|
|
|
Pension termination costs
|
|
74
|
|
|
-
|
|
|
|
|
|
|
74
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Cash Flow excluding costs related to Time Warner Cable and
Charter transactions and pension termination costs
|
|
$5,404
|
|
|
$5,781
|
|
|
7.0%
|
|
|
|
$15,863
|
|
|
$17,184
|
|
|
8.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Consolidated NBCUniversal Revenue Excluding
2014 Olympics (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
2013
|
|
|
2014
|
|
|
Growth %
|
|
|
2013
|
|
|
2014
|
|
|
Growth %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$5,851
|
|
|
$5,921
|
|
|
1.2%
|
|
|
|
$17,186
|
|
|
$18,813
|
|
|
9.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 Olympics
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
(1,103)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue excluding 2014 Olympics
|
|
$5,851
|
|
|
$5,921
|
|
|
1.2%
|
|
|
|
$17,186
|
|
|
$17,710
|
|
|
3.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Cable Networks Revenue Excluding 2014 Olympics
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
2013
|
|
|
2014
|
|
|
Growth %
|
|
|
2013
|
|
|
2014
|
|
|
Growth %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$2,239
|
|
|
$2,255
|
|
|
0.7%
|
|
|
|
$6,877
|
|
|
$7,236
|
|
|
5.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 Olympics
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
(257)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue excluding 2014 Olympics
|
|
$2,239
|
|
|
$2,255
|
|
|
0.7%
|
|
|
|
$6,877
|
|
|
$6,979
|
|
|
1.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Broadcast Television Revenue Excluding 2014
Olympics (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
2013
|
|
|
2014
|
|
|
Growth %
|
|
|
2013
|
|
|
2014
|
|
|
Growth %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$1,644
|
|
|
$1,770
|
|
|
7.7%
|
|
|
|
$4,893
|
|
|
$6,207
|
|
|
26.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 Olympics
|
|
-
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
(846)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue excluding 2014 Olympics
|
|
$1,644
|
|
|
$1,770
|
|
|
7.7%
|
|
|
|
$4,893
|
|
|
$5,361
|
|
|
9.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Minor differences
may exist due to rounding.
|
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