Comcast Reports Third Quarter 2005 Results
November 3, 2005 - Financial Tables
                            
                                COMCAST CORPORATION
                                    TABLE 1
          Condensed Consolidated Statement of Operations (Unaudited)
                 (amounts in millions, except per share data)

                                       Three Months Ended Nine Months Ended
                                          September 30,     September 30,
                                            2005    2004     2005     2004
    Revenues                              $5,578  $5,098  $16,539  $15,072

         Operating expenses                2,007   1,837    5,908    5,500
         Selling, general and
          administrative expenses          1,472   1,401    4,293    4,027
                                           3,479   3,238   10,201    9,527
    Operating Cash Flow                    2,099   1,860    6,338    5,545

         Depreciation expense                914     869    2,679    2,480
         Amortization expense                302     305      862      868
                                           1,216   1,174    3,541    3,348
    Operating Income                         883     686    2,797    2,197

    Other Income (Expense)
         Interest expense                   (423)   (435)  (1,334)  (1,419)
         Investment income (loss), net      (104)     89       36      231
         Equity in net losses of
          affiliates                         (18)    (29)     (22)     (66)
         Other income (expense)               17      63      (61)      82
                                            (528)   (312)  (1,381)  (1,172)
    Income before Income Taxes
        and Minority Interest                355     374    1,416    1,025

    Income tax expense                      (143)   (156)    (614)    (466)

    Income Before Minority Interest          212     218      802      559

    Minority interest                         10       2       (7)     (12)

    Net Income                              $222    $220     $795     $547

       Net Income per common share         $0.10   $0.10    $0.36    $0.24

    Basic weighted average number of
     common shares                         2,196   2,234    2,206    2,249

    Diluted weighted average number of
     common shares                         2,209   2,243    2,219    2,259


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

                                                September 30,     December 31,
    ASSETS                                          2005              2004

      CURRENT ASSETS
            Cash and cash equivalents                 $579              $452
            Investments                                207             1,555
            Accounts receivable, net                   990               959
            Other current assets                       587               569
                Total current assets                 2,363             3,535

      INVESTMENTS                                   13,018            12,812

      PROPERTY AND EQUIPMENT, net                   18,781            18,711

      FRANCHISE RIGHTS                              51,111            51,071

      GOODWILL                                      14,111            14,020

      OTHER INTANGIBLE ASSETS, net                   3,378             3,851

      OTHER NONCURRENT ASSETS, net                     635               694
                                                  $103,397          $104,694

    LIABILITIES AND STOCKHOLDERS' EQUITY

      CURRENT LIABILITIES
            Accounts payable and accrued
             expenses related to trade
             creditors                              $1,980            $2,041
            Accrued expenses and other
             current liabilities                     2,667             2,735
            Deferred income taxes                       17               360
            Current portion of long-term
             debt                                    2,498             3,499
                Total current liabilities            7,162             8,635

           LONG-TERM DEBT, less current
            portion                                 20,107            20,093

      DEFERRED INCOME TAXES                         27,130            26,815

      OTHER NONCURRENT LIABILITIES                   7,388             7,261

      MINORITY INTEREST                                605               468

      STOCKHOLDERS' EQUITY                          41,005            41,422
                                                  $103,397          $104,694


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

                                                       Nine Months Ended
                                                         September 30,
                                                    2005               2004

     OPERATING ACTIVITIES
         Net cash provided by operating
          activities                                $3,940             $4,435


     FINANCING ACTIVITIES
       Proceeds from borrowings                      2,333              1,354
       Retirements and repayments of debt           (1,942)            (2,289)
       Repurchases of common stock and
        stock options                               (1,291)            (1,007)
       Issuances of common stock                        76                 50
       Other, net                                       27                 14

         Net cash used in financing
          activities                                  (797)            (1,878)


     INVESTING ACTIVITIES
       Capital expenditures                         (2,753)            (2,610)
       Proceeds from sales and
        restructuring of investments                   626                200
       Purchases of investments                       (310)              (118)
       Acquisitions, net of cash acquired             (196)              (296)
       Additions to intangible and other
        noncurrent assets                             (317)              (572)
       Purchases of short-term
        investments, net                               (66)               (20)
       Proceeds from settlement of
        contract of acquired company                   -                   26

         Net cash used in investing
          activities                                (3,016)            (3,390)


     INCREASE (DECREASE) IN CASH AND
      CASH EQUIVALENTS                                 127               (833)

     CASH AND CASH EQUIVALENTS,
      beginning of period                              452              1,550

     CASH AND CASH EQUIVALENTS, end of
      period                                          $579               $717


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

                                     Three Months Ended    Nine Months Ended
                                        September 30,        September 30,
                                        2005     2004        2005     2004
     Operating Cash Flow                $2,099   $1,860      $6,338   $5,545
     Interest, Net (2)                     417      403       1,243    1,309
     Cash Paid for Income Taxes             48       39         475      189
     Capital Expenditures                  911      878       2,753    2,610
     FREE CASH FLOW                       $723     $540      $1,867   $1,437

     Changes in Working Capital and Other
      Items (3)                           (211)     384        (680)     388

     Net Cash Provided by Operating
      Activities Less Capital
      Expenditures                        $512     $924      $1,187   $1,825

    (1) Free Cash Flow is defined as Operating Cash Flow less net interest,
    cash paid for taxes, and capital expenditures. It is unaffected by
    fluctuations in working capital levels from period to period and cash
    payments associated with intangible and other noncurrent assets,
    acquisitions and investments.  Cash payments for intangible and other
    noncurrent assets include long-term technology license agreements
    including computer software and long-term contract rights to service
    multi-dwelling properties. For the nine months ended September 30, 2005,
    cash payments for intangibles and other noncurrent assets of $317 million
    included licenses and software intangibles of $129 million and multiple
    dwelling unit contracts of $53 million.  For the nine months ended
    September 30, 2004, cash payments for intangible assets and other
    noncurrent assets of $572 million included a long-term strategic license
    agreement with Gemstar of approximately $250 million, other licenses and
    software intangibles of $126 million and multiple dwelling unit contracts
    of $157 million.  For the nine months ended September 30, 2005, cash
    payments for acquisitions and investments totaling $506 million included
    MGM Inc., Liberate Technologies, and MetaTV.  In 2004, cash payments for
    acquisitions and investments totaling $414 primarily related to the
    acquisition of TechTV.

    (2) Includes interest expense net of interest income and excludes non-cash
    interest and subsidiary preferred dividends.

    (3) Free Cash Flow excludes amounts necessary to reconcile Free Cash Flow
    to "Net Cash Provided by Operating Activities Less Capital Expenditures."
    For the nine months ended September 30, 2005, this amount includes $418
    million in cash payments for liabilities incurred as part of the
    acquisition of AT&T Broadband, including $220 million in payments
    representing our share of the settlement payments related to certain AT&T
    litigation.  For the nine months ended September 30, 2004, this amount
    includes income tax refunds of $536 million offset by $271 million in cash
    payments for liabilities recorded as part of the acquisition of AT&T
    Broadband.  For the three months ended September 30, 2005, this amount
    includes $35 million in cash payments for liabilities incurred as part of
    the acquisition of AT&T Broadband.  For the three months ended September
    30, 2004, this amount includes $72 million in cash payments for
    liabilities recorded as part of the acquisition of AT&T Broadband.  The
    remaining changes for both periods substantially relate to reductions in
    accruals associated with the timing of payments of interest.


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

                                                            Corporate
                                                               and
                                                    Content   Other
                                          Cable (2)   (3)      (4)     Total
    Three Months Ended September 30, 2005
    Revenues                                $5,319    $237     $22    $5,578
    Operating Cash Flow                     $2,116     $74    ($91)   $2,099
    Operating Income (Loss)                   $948     $36   ($101)     $883
    Operating Cash Flow Margin               39.8%   31.4%       NM    37.6%
    Capital Expenditures (5)                  $899      $4      $8      $911

    Three Months Ended September 30, 2004
    Revenues                                $4,844    $207     $47    $5,098
    Operating Cash Flow                     $1,858     $62    ($60)   $1,860
    Operating Income (Loss)                   $746     $20    ($80)     $686
    Operating Cash Flow Margin               38.4%   30.2%       NM    36.5%
    Capital Expenditures (5)                  $871      $4      $3      $878

    Nine Months Ended September 30, 2005
    Revenues                               $15,750    $684    $105   $16,539
    Operating Cash Flow                     $6,286    $248   ($196)   $6,338
    Operating Income (Loss)                 $2,893    $136   ($232)   $2,797
    Operating Cash Flow Margin               39.9%   36.2%       NM    38.3%
    Capital Expenditures (5)                $2,718     $11     $24    $2,753

    Nine Months Ended September 30, 2004
    Revenues                               $14,334    $582    $161   $15,077
    Operating Cash Flow                     $5,499    $208   ($160)   $5,547
    Operating Income (Loss)                 $2,327     $92   ($220)   $2,199
    Operating Cash Flow Margin               38.4%   35.8%       NM    36.8%
    Capital Expenditures (5)                $2,578     $14     $18    $2,610

    (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) Pro forma financial data includes the results of the 30,000 cable
    subscribers acquired from US Coastal Cable in April 2004.

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

    (4) Corporate and Other includes Comcast-Spectacor, Corporate activities
    and all other businesses not presented in the Cable or Content segments
    and elimination entries.  Beginning in the third quarter of 2004, Comcast-
    Spectacor includes the operating results of its investment in a sports-
    event related business.

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

                                                              YTD       YTD
                                            3Q05    3Q04      3Q05      3Q04
        New Service Offerings
         Customer Premise Equipment (CPE)   $484    $392    $1,416    $1,022
         Scalable Infrastructure             204     152       640       383
                                             688     544     2,056     1,405
        Recurring Capital Projects
         Line Extensions                      83      84       228       225
         Support Capital                      75      45       214       210
                                             158     129       442       435

        Upgrades                              53     198       220       738
        Total                               $899    $871    $2,718    $2,578

    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.


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

                                       Three Months Ended  Nine Months Ended
                                          September 30,      September 30,
                                          2005     2004      2005      2004

    Revenues:
    Video (3)                             $3,406   $3,222   $10,209    $9,655
    High-Speed Internet                    1,020      808     2,927     2,269
    Phone                                    171      173       514       528
    Advertising                              333      319       991       918
    Other (4)                                216      161       599       481
    Franchise Fees                           173      161       510       483
    Total Revenues                        $5,319   $4,844   $15,750   $14,334

    Operating Cash Flow                   $2,116   $1,858    $6,286    $5,499
    Operating Income                        $948     $746    $2,893    $2,327
    Operating Cash Flow Margin             39.8%    38.4%     39.9%     38.4%
    Capital Expenditures                    $899     $871    $2,718    $2,578
    Operating Cash Flow, Net of Capital
     Expenditures                         $1,217     $987    $3,568    $2,921


                                           3Q05     3Q04      2Q05
    Video
    Homes Passed (000's)                  41,400   40,500    41,200
    Basic Subscribers (000's)             21,409   21,501    21,455
    Basic Penetration                      51.8%    53.0%     52.1%
    Quarterly Net Basic Subscriber
     Additions (000's)                       (46)       9       (77)

    Digital Subscribers (000's)            9,447    8,406     9,140
    Digital Penetration                    44.1%    39.1%     42.6%
    Quarterly Net Digital Subscriber
     Additions (000's)                       307      341       284
    Digital Set-Top Boxes                 14,398   12,482    13,859

    Monthly Average Video Revenue per
     Basic Subscriber                     $52.98   $49.97    $53.37
    Monthly Average Total Revenue per
     Basic Subscriber                     $82.70   $75.10    $82.64

    High-Speed Internet
    "Available" Homes (000's)             40,980   38,060    40,758
    Subscribers (000's)                    8,142    6,556     7,705
    Penetration                            19.9%    17.2%     18.9%
    Quarterly Net Subscriber Additions
     (000's)                                 437      549       297
    Monthly Average Revenue per
     Subscriber                           $42.88   $42.90    $43.34

    Phone
    "Available" Homes (000's) (5)         16,524    9,978    11,454
    Subscribers (000's)                    1,242    1,213     1,230
    Penetration                             7.5%    12.2%     10.7%
    Quarterly Net Subscriber Additions
     (000's)                                  12      (12)        2
    Monthly Average Revenue per
     Subscriber                           $46.03   $47.18    $46.06

    Total Revenue Generating Units
     (000's)  (6)                         40,240   37,676    39,530
    Quarterly Net Additions                  710      887       506

    (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 and subscriber data includes the results of the
    30,000 cable subscribers acquired from US Coastal Cable in April 2004.
    Pro forma subscriber data also includes 67,000 subscribers acquired in
    various small acquisitions during the periods presented.  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) Available homes includes circuit switched and Comcast Digital Voice
    homes.

    (6) The sum total of all basic video, digital video, high-speed Internet
    and 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 use Debt Excluding Exchangeables as a measure of debt that will require cash from future operations or financings. 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 and impairment charges, if any, related to fixed and intangible assets and gains or losses from the 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.

Free Cash Flow, which is a non-GAAP financial measure, is defined as Operating Cash Flow less net interest, cash paid for taxes, and capital expenditures. As such, it is unaffected by fluctuations in working capital levels from period to period and cash payments associated with intangible and other non-current assets which are detailed in our quarterly and annual reports on Forms 10Q/K. We believe that Free 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 Free Cash Flow is accrual-based and may not be comparable to similar measures used by other companies.

Debt Excluding Exchangeables, which is a non-GAAP financial measure, refers to the aggregate amount of our consolidated debt and capital lease obligations less the amount of notes that are collateralized by securities that we own.

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.

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. Debt Excluding Exchangeables should not be considered as a substitute for Total Debt. 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.

Following are quantitative reconciliations of Free Cash Flow, Debt Excluding Exchangeables, Consolidated Operating Cash Flow, and, although not required by Regulation G, reconciliations of business segment Operating Cash Flow and pro forma data.

 
                               COMCAST CORPORATION
                                    TABLE 7-A
       Reconciliation of Historical and Pro Forma Data by Business Segment
                                 (Unaudited) (1)
                              (dollars in millions)

                                    Historical
                                                       Adjustments (1)

                                      Corporate             Corporate
    Three Months Ended                   and                   and
     September 30, 2004  Cable  Content Other   Total  Cable  Other  Pro forma
    Revenues             $4,844  $207    $47   $5,098     -      -    $5,098
    Operating expenses
     (excluding
     depreciation and
     amortization)        2,986   145    107    3,238     -      -     3,238
    Operating Cash Flow  $1,858   $62   ($60)  $1,860     -      -    $1,860
    Depreciation and
     amortization         1,112    42     20    1,174     -      -     1,174
    Operating Income
     (loss)                $746   $20   ($80)    $686     -      -      $686
    Capital expenditures   $871    $4     $3     $878     -      -      $878

                                      Corporate             Corporate
    Nine Months Ended                    and                   and
     September 30, 2004  Cable  Content Other   Total  Cable  Other  Pro forma
    Revenues            $14,329  $582   $161  $15,072     $5     -   $15,077
    Operating expenses
     (excluding
     depreciation and
     amortization)        8,832   374    321    9,527      3     -     9,530
    Operating Cash Flow  $5,497  $208  ($160)  $5,545     $2     -    $5,547
    Depreciation and
     amortization         3,172   116     60    3,348     -      -     3,348
    Operating Income
     (loss)              $2,325   $92  ($220)  $2,197     $2     -    $2,199
    Capital expenditures $2,578   $14    $18   $2,610     -      -    $2,610


     Reconciliation of Operating Cash Flow to Free Cash Flow (Unaudited)
                            (dollars in millions)

                                                 Three Months Ended
                                                    September 30,
                                                2005              2004
    Operating Cash Flow                    $2,099   $2,099   $1,860   $1,860
    Less:
      Interest, net (2)                      (417)    (417)    (403)    (403)
      Cash Paid for Income Taxes              (48)     (48)     (39)     (39)
      Change in Operating Assets and
       Liabilities,
            net of acquisitions              (138)             (114)
      Other (3)                               (73)              498
    Net Cash Provided by Operating
      Activities                           $1,423            $1,802
        Less: Capital Expenditures                    (911)             (878)
    Free Cash Flow                                    $723              $540


                                                  Nine Months Ended
                                                    September 30,
                                                2005              2004
    Operating Cash Flow                    $6,338   $6,338   $5,545   $5,545
    Less:
      Interest, net (2)                    (1,243)  (1,243)  (1,309)  (1,309)
      Cash Paid for Income Taxes             (475)    (475)    (189)    (189)
      Change in Operating Assets and
       Liabilities,
            net of acquisitions              (329)             (111)
      Other (3)                              (351)              499
    Net Cash Provided by Operating
      Activities                           $3,940            $4,435
        Less: Capital Expenditures                  (2,753)           (2,610)
    Free Cash Flow                                  $1,867            $1,437


                 Calculation of 2005 Estimated Free Cash Flow
                            (dollars in billions)

                                                    Free Cash Flow
    2004 Operating Income                                     $2.9
    Add: Depreciation and Amortization                         4.6
    2004 Operating Cash Flow                                   7.5

    Operating Cash Flow Growth of 13%                          1.0

    Less:  Projected 2005 Capital Expenditures                (3.5)
           Projected 2005 Consolidated Interest,
            net and Cash Paid for Income Taxes                (2.5)

    Projected 2005 Free Cash Flow                             $2.5

    2004 Free Cash Flow                                       $1.9
    2005 Free Cash Flow Growth                   approximately 30%


   Reconciliation of Total Debt to Debt Excluding Exchangeables (Unaudited)
                            (dollars in millions)

                                        September 30, 2005   December 31, 2004

    Current portion of long-term debt             $2,498             $3,499
    Long-term debt                                20,107             20,093
    Total Debt                                   $22,605            $23,592
    Exchangeable debt                                115              1,699
    Debt excluding exchangeables                 $22,490            $21,893

    (1) Pro forma data is only adjusted for timing of the 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. There were no pro forma
    adjustments to the three and nine months ending September 30, 2005.
    Minor differences may exist due to rounding.

    (2) Includes interest expense net of interest income and excludes non-
    cash interest and subsidiary preferred dividends.

    (3) Includes non-cash interest expense included in Operating Cash Flow,
    cash related to other (income) expense, dividends, and the net effect of
    changes in accrued income taxes.

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