Comcast Reports Second Quarter 2006 Results
July 27, 2006 - Financial Tables
   


 COMCAST CORPORATION
                                   TABLE 1
          Condensed Consolidated Statement of Operations (Unaudited)
                 (dollars in millions, except per share data)


                                           Three Months      Six Months
                                              Ended            Ended
                                             June 30,         June 30,
                                           2006    2005     2006     2005
     Revenues                             $6,228  $5,598  $12,129  $10,961

          Operating expenses               2,310   1,944    4,506    3,901
          Selling, general and
           administrative expenses         1,486   1,445    2,990    2,821
                                           3,796   3,389    7,496    6,722
     Operating cash flow                   2,432   2,209    4,633    4,239

          Depreciation expense               958     891    1,890    1,765
          Amortization expense               245     270      464      560
                                           1,203   1,161    2,354    2,325
     Operating income                      1,229   1,048    2,279    1,914

     Other Income (Expense)
          Interest expense                  (496)   (467)    (972)    (911)
          Investment income, net              14     176       78      140
          Equity in net (losses) of
           affiliates                        (14)    (16)     (24)      (4)
          Other income (expense)              85      30       97      (78)
                                            (411)   (277)    (821)    (853)
     Income before income taxes
         and minority interest               818     771    1,458    1,061

     Income tax expense                     (362)   (331)    (526)    (471)

     Income before minority interest         456     440      932      590

     Minority interest                         4     (10)      (6)     (17)

     Net income                             $460    $430     $926     $573


     Net income per common share           $0.22   $0.19    $0.43    $0.26

     Basic weighted average number of
      common shares                        2,112   2,207    2,123    2,211

     Diluted weighted average number of
      common shares                        2,123   2,221    2,132    2,224



                             COMCAST CORPORATION
                                   TABLE 2
                Condensed Consolidated Balance Sheet (Unaudited)
                              (dollars in millions)


                                           June 30,        December 31,
                                             2006              2005
    ASSETS

     Current Assets
      Cash and cash
       equivalents                            $973              $693
      Investments                              813               148
      Accounts receivable, net               1,125             1,060
      Other current assets                     629               693
        Total current assets                 3,540             2,594

     Investments                            11,838            12,682

     Property and equipment, net            18,945            18,769

     Franchise rights                       51,366            51,090

     Goodwill                               13,794            14,218

     Other intangible assets, net            3,090             3,160

     Other noncurrent assets, net              515               633
                                          $103,088          $103,146

    LIABILITIES AND STOCKHOLDERS'
     EQUITY

     Current Liabilities
      Accounts payable and accrued expenses
       related to trade creditors           $2,068            $2,033
      Accrued expenses and
       other current liabilities             2,703             2,545
      Deferred income taxes                    230                 2
      Current portion of
       long-term debt                          763             1,689
        Total current liabilities            5,764             6,269

      Long-term debt, less
       current portion                      23,360            21,682

     Deferred income taxes                  26,873            27,370

     Other noncurrent liabilities            6,512             6,949

     Minority interest                         672               657

     Stockholders' equity                   39,907            40,219
                                          $103,088          $103,146



                               COMCAST CORPORATION
                                     TABLE 3
           Condensed Consolidated Statement of Cash Flows (Unaudited)
                              (dollars in millions)


                                                 Six Months Ended
                                                     June 30,
                                              2006              2005

    OPERATING ACTIVITIES
     Net cash provided by operating
      activities                              $3,243            $2,517

    FINANCING ACTIVITIES
     Proceeds from borrowings                  2,587             1,495
     Retirements and repayments of
      debt                                    (1,905)             (279)
     Repurchases of common stock              (1,388)             (660)
     Issuances of common stock                    60                59
     Other                                         2                83

         Net cash provided by (used in)
          financing activities                  (644)              698

    INVESTING ACTIVITIES
     Capital expenditures                     (1,854)           (1,842)
     Cash paid for intangible
      assets                                    (141)             (192)
     Acquisitions, net of cash
      acquired                                  (550)             (134)
     Proceeds from sales and
      restructuring of investments               303               317
     Purchases of investments                    (70)             (305)
     Proceeds from sales
      (purchases) of short-term
      investments, net                            (4)              (63)
     Other investing activities                   (3)             (113)

        Net cash used in investing
         activities                           (2,319)           (2,332)

    INCREASE IN CASH AND CASH
     EQUIVALENTS                                 280               883

    CASH AND CASH EQUIVALENTS,
     beginning of period                         693               452

    CASH AND CASH EQUIVALENTS, end
     of period                                  $973            $1,335



                             COMCAST CORPORATION
                                     TABLE 4
                  Calculation of Free Cash Flow (Unaudited) (1)
                              (dollars in millions)


                                                Six Months Ended
                                                    June 30,
                                             2006               2005
    Net Cash Provided by Operating
     Activities                             $3,243             $2,517
    Capital Expenditures                    (1,854)            (1,842)
    Cash paid for Intangible
    Assets                                    (141)              (192)
    Non-operating items, net of
     tax                                        80                273
    Free Cash Flow                          $1,328               $756


    (1) See Non-GAAP and Other Financial Measures in Table 7 for the
        definition of Free Cash Flow.



                             COMCAST CORPORATION
                                     TABLE 5
           Pro Forma Financial Data by Business Segment (Unaudited) (1)
                              (dollars in millions)

                                                              Corporate
                                                                 and
                                          Cable   Content (2)   Other   Total
     Three Months Ended June 30, 2006
     Revenues                             $5,946      $273       $24    $6,243
     Operating Cash Flow                  $2,462       $60      ($84)   $2,438
     Operating Income (Loss)              $1,315       $19     ($103)   $1,231
     Operating Cash Flow Margin            41.4%     22.1%         NM    39.1%
     Capital Expenditures (3)               $965        $5        $8      $978

     Three Months Ended June 30, 2005,
      as adjusted (4)
     Revenues                             $5,380      $234       $34    $5,648
     Operating Cash Flow                  $2,166       $93      ($75)   $2,184
     Operating Income (Loss)              $1,036       $64      ($86)   $1,014
     Operating Cash Flow Margin            40.3%     39.5%         NM    38.7%
     Capital Expenditures (3)               $941        $3       $12      $956

     Six Months Ended June 30, 2006
     Revenues                            $11,584      $512       $98   $12,194
     Operating Cash Flow                  $4,693      $110     ($148)   $4,655
     Operating Income (Loss)              $2,448       $28     ($188)   $2,288
     Operating Cash Flow Margin            40.5%     21.5%         NM    38.2%
     Capital Expenditures (3)             $1,834       $13       $15    $1,862

     Six Months Ended June 30, 2005,
      as adjusted (4)
     Revenues                            $10,533      $447       $78   $11,058
     Operating Cash Flow                  $4,151      $169     ($129)   $4,191
     Operating Income (Loss)              $1,908       $95     ($156)   $1,847
     Operating Cash Flow Margin            39.4%     37.7%         NM    37.9%
     Capital Expenditures (3)             $1,832        $7       $16    $1,855


    (1) See Non-GAAP and Other Financial Measures in Table 7.  Historical
        financial data by business segment, as required under generally
        accepted accounting principles, is available in the Company's
        quarterly report on Form 10-Q. All percentages are calculated based on
        actual amounts. Minor differences may exist due to rounding.

    (2) Content includes our national networks E! Entertainment Television
        and Style Network (E! Networks), The Golf Channel, OLN, G4 and AZN
        Television.

    (3) Our Cable segment's capital expenditures are comprised of the
        following categories:

                                                             YTD       YTD
                                            2Q06    2Q05     2Q06      2Q05
        New Service Offerings
          Customer Premise Equipment (CPE)  $542    $470    $1,012      $934
          Scalable Infrastructure            168     228       341       438
                                             710     698     1,353     1,372
        Recurring Capital Projects
          Line Extensions                     85      82       158       147
          Support Capital                     97      91       188       141
                                             182     173       346       288

        Upgrades                              73      70       135       172
        Total                               $965    $941    $1,834    $1,832

        CPE includes costs incurred at the customer residence to secure new
        customers, revenue units and additional bandwidth revenues (e.g.
        digital converters). Scalable infrastructure includes costs, not CPE
        or network related, to secure growth of new customers, revenue units
        and additional bandwidth revenues or provide service enhancements
        (e.g. headend equipment). Line extensions include network costs
        associated with entering new service areas (e.g. fiber/coaxial cable).
        Support capital includes costs associated with the replacement or
        enhancement of non-network assets due to obsolescence and wear out
        (e.g. non-network equipment, land, buildings and vehicles). Upgrades
        include costs to enhance or replace existing fiber/coaxial cable
        networks, including recurring betterments.

    (4) Adjusted as if stock options had been expensed in 2005.  See Table
        7-A and 7-B for Reconciliation of "As Adjusted" Financial Data.



                             COMCAST CORPORATION
                                     TABLE 6
          Pro Forma Data - Cable Segment Components (Unaudited) (1) (2)
          (dollars in millions, except per subscriber and per unit data)


                             Three Months Ended          Six Months Ended
                                  June 30,                   June 30,
                               2006        2005         2006         2005

    Revenues:
    Video (3)                $3,741      $3,475       $7,351       $6,870
    High-Speed Internet       1,208         991        2,349        1,924
    Phone                       214         173          406          350
    Advertising                 394         363          704          660
    Other (4)                   206         208          414          390
    Franchise Fees              183         170          360          339
    Total Revenues           $5,946      $5,380      $11,584      $10,533


    Operating Cash Flow (5)  $2,462      $2,166       $4,693       $4,151
    Operating Income (5)     $1,315      $1,036       $2,448       $1,908
    Operating Cash Flow
     Margin (5)               41.4%       40.3%        40.5%        39.4%
    Capital Expenditures       $965        $941       $1,834       $1,832
    Annualized Capital
     Expenditures per
     Basic Subscriber          $178        $174         $169         $169
    Annualized Capital
     Expenditures per
     Revenue Generating Unit    $89         $94          $85          $92


                                            2Q06         2Q05        1Q06
    Video
    Homes Passed (000's)                  42,400       41,500      42,100
    Basic Subscribers (000's)             21,657       21,680      21,723
    Basic Penetration                      51.1%        52.2%       51.5%
    Quarterly Net Basic Subscriber
     Additions (000's)                       (66)         (79)         49

    Digital Subscribers (000's)           10,549        9,201      10,200
    Digital Penetration                    48.7%        42.4%       47.0%
    Quarterly Net Digital Subscriber
     Additions (000's)                       350          284         343
    Digital Set-Top Boxes                 16,334       13,948      15,758

    Monthly Average Video Revenue
     per Basic Subscriber                 $57.49       $53.33      $55.45
    Monthly Average Total Revenue
     per Basic Subscriber                 $91.38       $82.58      $86.62

    High-Speed Internet
    "Available" Homes (000's)             41,973       41,103      41,760
    Subscribers (000's)                    9,344        7,774       9,039
    Penetration                            22.3%        18.9%       21.6%
    Quarterly Net Subscriber
     Additions (000's)                       305          300         442
    Monthly Average Revenue
     per Subscriber                       $43.78       $43.35      $43.15

    Phone
      Comcast Digital Voice
        "Available" Homes (000's)         25,601        1,641      18,883
        Subscribers (000's)                  721           24         416
        Penetration                         2.8%         1.5%        2.2%
        Quarterly Net Subscriber
         Additions (000's)                   306           15         211

      Circuit Switched Phone
        "Available" Homes (000's)         10,692       10,239      10,663
        Subscribers (000's)                  978        1,215       1,057
        Penetration                         9.1%        11.9%        9.9%
        Quarterly Net Subscriber
         Additions (000's)                   (79)         (13)        (69)

    Monthly Average Total Phone
     Revenue per Subscriber               $44.83       $46.63      $45.75

    Total Revenue Generating Units
     (000's) (6)                          43,249       39,894      42,435
    Quarterly Net Additions                  816          507         976

    (1) See Non-GAAP and Other Financial Measures in Table 7.  All percentages
        are calculated based on actual amounts.  Minor differences may exist
        due to rounding.

    (2) Pro forma financial data includes the results of Susquehanna
        Communications acquired on April 30, 2006.  Pro forma subscriber data
        includes approximately 230,000 basic cable subscribers, 71,000 digital
        cable subscribers and 86,000 high-speed Internet subscribers acquired
        with the purchase of Susquehanna Communications.  Pro forma subscriber
        data also includes 13,000 subscribers acquired in various small
        acquisitions  during 2005.  The impact of these acquisitions on our
        segment operating results was not material.

    (3) Video revenues consist of our basic, expanded basic, premium, pay-per-
        view, equipment and digital services.

    (4) Other revenues include installation revenues, guide revenues,
        commissions from electronic retailing, other product offerings,
        commercial data services and revenues of our digital media center and
        regional sports programming networks.

    (5) Adjusted as if stock options had been expensed in 2005.

    (6) The total of all basic video, digital video, high-speed Internet and
        net phone subscribers, excluding additional outlets.


                             COMCAST CORPORATION
                                   TABLE 7

    Non-GAAP and Other Financial Measures


Operating Cash Flow is the primary basis used to measure the operational strength and performance of our businesses. Free Cash Flow is an additional performance measure used as an indicator of our ability to repay debt, make investments and return capital to investors, principally through stock repurchases. We also adjust certain historical data on a pro forma basis following significant acquisitions or dispositions to enhance comparability.

Operating Cash Flow is defined as operating income before depreciation and amortization, excluding impairment charges related to fixed and intangible assets and gains or losses on sale of assets, if any. As such, it eliminates the significant level of non-cash depreciation and amortization expense that results from the capital intensive nature of our businesses and intangible assets recognized in business combinations, and is unaffected by our capital structure or investment activities. Our management and Board of Directors use this measure in evaluating our consolidated operating performance and the operating performance of all of our operating segments. This metric is used to allocate resources and capital to our operating segments and is a significant component of our annual incentive compensation programs. We believe that Operating Cash Flow is also useful to investors as it is one of the bases for comparing our operating performance with other companies in our industries, although our measure of Operating Cash Flow may not be directly comparable to similar measures used by other companies.

As Operating Cash Flow is the measure of our segment profit or loss, we reconcile it to operating income, the most directly comparable financial measure calculated and presented in accordance with Generally Accepted Accounting Principles (GAAP), in the business segment footnote of our quarterly and annual financial statements. Therefore, we believe our measure of Operating Cash Flow for our business segments is not a "non-GAAP financial measure" as contemplated by Regulation G adopted by the Securities and Exchange Commission. Consolidated Operating Cash Flow is a non-GAAP financial measure.

Beginning in 2006, we changed our definition of Free Cash Flow, which is a non-GAAP financial measure, to mean "Net Cash Provided by Operating Activities From Continuing Operations" (as stated in our Consolidated Statement of Cash Flows) reduced by capital expenditures and cash paid for intangible assets; and increased by any payments related to certain non-operating items, net of estimated tax benefits (such as income taxes on investment sales, and non- recurring payments related to income tax and litigation contingencies of acquired companies). We believe that Free Cash Flow is also useful to investors as it is one of the bases for comparing our performance with other companies in our industries, although our measure of Free Cash Flow may not be comparable to similar measures used by other companies

Pro forma data is used by management to evaluate performance when significant acquisitions or dispositions occur. Historical data reflects results of acquired businesses only after the acquisition dates while pro forma data enhances comparability of financial information between periods by adjusting the data as if the acquisitions (or dispositions) occurred at the beginning of the prior year. Our pro forma data is only adjusted for the timing of acquisitions and 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. We believe our pro forma data is not a non-GAAP financial measure as contemplated by Regulation G

In certain circumstances we also present data, as adjusted, in order to enhance comparability between periods. In connection with the adoption of FAS 123R, we have adjusted 2005 data as if stock options had been expensed

Operating Cash Flow and Free Cash Flow should not be considered as substitutes for operating income (loss), net income (loss), net cash provided by operating activities or other measures of performance or liquidity reported in accordance with GAAP. Additionally, in the opinion of management, our pro forma data is not necessarily indicative of future results or what results would have been had the acquired businesses been operated by us after the assumed earlier date.

We provide reconciliations of Consolidated Operating Cash Flow in Table 1, Free Cash Flow in Table 4 and "as adjusted" in Table 7-A and 7-B

 
                               COMCAST CORPORATION
                                  TABLE 7-A
Reconciliation of Pro Forma, "As Adjusted" Financial Data by Business Segment
                                 (Unaudited)
                            (dollars in millions)


                                                         Corporate
    Three Months Ended June 30, 2006  Cable    Content  and Other   Total

    Revenue                          $5,931     $273        $24     $6,228

    Operating Expenses (excluding
     depreciation and amortization)   3,475      213        108      3,796
    Operating Cash Flow              $2,456      $60       ($84)    $2,432
    Depreciation and Amortization     1,143       41         19      1,203
    Operating Income (Loss)          $1,313      $19      ($103)    $1,229

    Capital Expenditures               $962       $5         $9       $976


    Three Months Ended June 30, 2005

    Revenue                          $5,328     $234        $36     $5,598
      Segment reclassifications (2)       2        -         (2)         -
    Revenue                          $5,330     $234        $34     $5,598

    Operating Expenses (excluding
     depreciation and amortization)   3,153      137         99      3,389
      Segment reclassifications (2)      (5)       3          2          -
      Stock option adjustment (3)        30        1        (31)         -
    Operating Cash Flow              $2,152      $93       ($36)    $2,209
    Depreciation and Amortization     1,121       29         11      1,161
    Operating Income (Loss)          $1,031      $64       ($47)    $1,048

    Capital Expenditures               $936       $3        $11       $950


                                           Pro Forma
                                        Adjustments (1)

                                                     Total Cable
    Three Months Ended June 30, 2006         Cable    Pro Forma

    Revenue                                   $15      $5,946

    Operating Expenses (excluding
     depreciation and amortization)             9       3,484
    Operating Cash Flow                        $6      $2,462
    Depreciation and Amortization               4       1,147
    Operating Income (Loss)                    $2      $1,315

    Capital Expenditures                       $3        $965


    Three Months Ended June 30, 2005

    Revenue                                   $50      $5,378
      Segment reclassifications (2)             -           2
    Revenue                                   $50      $5,380

    Operating Expenses (excluding
     depreciation and amortization)            36       3,189
      Segment reclassifications (2)             -          (5)
      Stock option adjustment (3)               -          30
    Operating Cash Flow                       $14      $2,166
    Depreciation and Amortization               9       1,130
    Operating Income (Loss)                    $5      $1,036

    Capital Expenditures                       $5        $941



                Reconciliation of "As Adjusted" Financial Data
                            (dollars in millions)

                                                         Three Months Ended
                                                              June 30,
                                             2005                     2006
                              Historical
                                Total   Adjustment(3) As Adjusted   Total

    Revenue                    $5,598           -      $5,598      $6,228


    Operating Expenses
     (excluding depreciation
     and amortization)          3,389          39       3,428       3,796
    Operating Cash Flow        $2,209        ($39)     $2,170      $2,432
    Depreciation and
     Amortization               1,161           -       1,161       1,203
    Operating Income (Loss)    $1,048        ($39)     $1,009      $1,229
    Operating Cash Flow Margin  39.4%          NM       38.8%       39.0%
    Earnings Per Share          $0.19      ($0.01)      $0.18       $0.22


                                            % Growth
                                           As Adjusted   % Growth

    Revenue                                    11%         11%

    Operating Expenses (excluding
     depreciation and amortization)
    Operating Cash Flow                        12%         10%
    Depreciation and Amortization
    Operating Income (Loss)                    22%         17%
    Operating Cash Flow Margin
    Earnings Per Share                         22%         16%

   (1) Pro Forma data is only adjusted for timing of acquisitions (or
       dispositions) and 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.

   (2) Reclassifications related to technology development ventures,
       programming headquarters and other.

   (3) To be consistent with our management reporting presentation, the 2005
       segment amounts have been adjusted as if stock options had been
       expensed as of January 1, 2005.  For the three months ended June 30,
       2005, the adjustments reducing operating income before depreciation
       and amortization by segment were $30 million for Cable, $1 million for
       Content and $8 million for Corporate and Other.  For the three months
       ended June 30, 2005, the total adjustment of $39 million is reversed
       in the Corporate and Other column to reconcile to our consolidated
       2005 amounts.

                               COMCAST CORPORATION
                                  TABLE 7-B
Reconciliation of Pro Forma, "As Adjusted" Financial Data by Business Segment
                                 (Unaudited)
                            (dollars in millions)

                                                        Corporate
    Six Months Ended June 30, 2006    Cable    Content  and Other   Total

    Revenue                         $11,519     $512        $98    $12,129

    Operating Expenses (excluding
     depreciation and amortization)   6,848      402        246      7,496
    Operating Cash Flow               4,671      110       (148)     4,633
    Depreciation and Amortization     2,232       82         40      2,354
    Operating Income (Loss)          $2,439      $28      ($188)    $2,279

    Capital Expenditures             $1,826      $13        $15     $1,854


    Six Months Ended June 30, 2005

    Revenue                         $10,432     $447        $82    $10,961
      Segment reclassifications (2)       4        -         (4)         -
    Revenue                         $10,436     $447        $78    $10,961

    Operating Expenses (excluding
     depreciation and amortization)   6,261      273        188      6,722
      Segment reclassifications (2)      (3)       3          -          -
      Stock option adjustment (3)        56        2        (58)         -
    Operating Cash Flow              $4,122     $169       ($52)    $4,239
    Depreciation and Amortization     2,225       74         26      2,325
    Operating Income (Loss)          $1,897      $95       ($78)    $1,914

    Capital Expenditures             $1,819       $7        $16     $1,842


                                           Pro Forma
                                        Adjustments (1)

                                                    Total Cable
    Six Months Ended June 30, 2006           Cable   Pro Forma

    Revenue                                   $65     $11,584

    Operating Expenses (excluding
     depreciation and amortization)            43       6,891
    Operating Cash Flow                        22       4,693
    Depreciation and Amortization              13       2,245
    Operating Income (Loss)                    $9      $2,448

    Capital Expenditures                       $8      $1,834


    Six Months Ended June 30, 2005

    Revenue                                   $97     $10,529
       Segment reclassifications (2)            -           4
    Revenue                                   $97     $10,533

    Operating Expenses (excluding
     depreciation and amortization)            68       6,329
      Segment reclassifications (2)             -          (3)
      Stock option adjustment (3)               -          56
    Operating Cash Flow                       $29      $4,151
    Depreciation and Amortization              18       2,243
    Operating Income (Loss)                   $11      $1,908

    Capital Expenditures                      $13      $1,832



                Reconciliation of "As Adjusted" Financial Data
                            (dollars in millions)

                                                          Six Months Ended
                                                              June 30,
                                             2005                    2006
                             Historical
                                Total   Adjustment(3) As Adjusted   Total

    Revenue                   $10,961           -     $10,961     $12,129

    Operating Expenses
     (excluding depreciation
     and amortization)          6,722          78       6,800       7,496
    Operating Cash Flow        $4,239        ($78)     $4,161      $4,633
    Depreciation and
     Amortization               2,325           -       2,325       2,354
    Operating Income (Loss)    $1,914        ($78)     $1,836      $2,279
    Operating Cash Flow Margin  38.7%          NM       38.0%       38.2%
    Earnings Per Share          $0.26      ($0.02)      $0.24       $0.43


                                            % Growth
                                           As Adjusted   % Growth

    Revenue                                    11%         11%

    Operating Expenses (excluding
     depreciation and amortization)
    Operating Cash Flow                        11%          9%
    Depreciation and Amortization
    Operating Income (Loss)                    24%         19%
    Operating Cash Flow Margin
    Earnings Per Share                         79%         65%


    (1) Pro Forma data is only adjusted for timing of acquisitions (or
        dispositions) and 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.

    (2) Reclassifications related to technology development ventures,
        programming headquarters and other.

    (3) To be consistent with our management reporting presentation, the 2005
        segment amounts have been adjusted as if stock options had been
        expensed as of January 1, 2005.  For the six months ended June 30,
        2005, the adjustments reducing operating income before depreciation
        and amortization by segment were $56 million for Cable, $2 million
        for Content and $20 million for Corporate and Other.  For the six
        months ended June 30, 2005, the total adjustment of $78 million is
        reversed in the Corporate and Other column to reconcile to our
        consolidated 2005 amounts.

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