October 26, 2006 - Financial Tables
COMCAST CORPORATION
TABLE 1
Condensed Consolidated Statement of Operations
(Unaudited)
Three Months Nine Months
(dollars in millions, except per Ended Ended
share data) September 30, September 30,
2006 2005 2006 2005
Revenues $6,432 $5,284 $17,935 $15,659
Operating expenses 2,300 1,894 6,559 5,570
Selling, general and
administrative expenses 1,695 1,394 4,528 4,057
3,995 3,288 11,087 9,627
Operating cash flow 2,437 1,996 6,848 6,032
Depreciation expense 963 863 2,748 2,525
Amortization expense 250 292 699 835
1,213 1,155 3,447 3,360
Operating income 1,224 841 3,401 2,672
Other Income (Expense)
Interest expense (530) (422) (1,502) (1,333)
Investment income (loss), net 857 (104) 935 36
Equity in net (losses) income
of affiliates (65) (18) (86) (19)
Other income (expense) 96 19 194 (58)
358 (525) (459) (1,374)
Income before income taxes and
minority interest 1,582 316 2,942 1,298
Income tax expense (610) (129) (1,126) (570)
Income before minority interest 972 187 1,816 728
Minority interest (3) 11 (10) (7)
Net income from continuing operations 969 198 1,806 721
Income from discontinued operations,
net of tax 14 24 103 74
Gain on discontinued operations, net
of tax 234 - 234 -
Net income $1,217 $222 $2,143 $795
Basic and diluted earnings per
common share
Income from continuing
operations per common share $0.46 $0.09 $0.85 $0.33
Income from discontinued
operations per common share 0.01 0.01 0.05 0.03
Gain on discontinued operations
per common share 0.11 - 0.11 -
Net income per common share $0.58 $0.10 $1.01 $0.36
Basic weighted-average number of
common shares 2,096 2,196 2,114 2,206
Diluted weighted-average number of
common shares 2,109 2,209 2,124 2,219
COMCAST CORPORATION
TABLE 2
Condensed Consolidated Balance Sheet
(Unaudited)
(dollars in millions) September 30, December 31,
2006 2005
ASSETS
Current Assets
Cash and cash equivalents $2,774 $693
Investments 656 148
Accounts receivable, net 1,228 1,008
Other current assets 823 685
Current assets of
discontinued operations - 60
Total current assets 5,481 2,594
Investments 7,245 12,675
Property and equipment, net 20,671 17,704
Franchise rights 56,072 48,804
Goodwill 13,515 13,498
Other intangible assets, net 4,457 3,118
Other noncurrent assets, net 531 635
Noncurrent assets of
discontinued operations, net - 4,118
$107,972 $103,146
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current Liabilities
Accounts payable and
accrued expenses
related to trade creditors $2,351 $1,985
Accrued expenses and
other current liabilities 2,867 2,481
Deferred income taxes 185 2
Current portion of long-term debt 773 1,689
Current liabilities of
discontinued operations - 112
Total current liabilities 6,176 6,269
Long-term debt, less
current portion 26,446 21,682
Deferred income taxes 27,499 27,370
Other noncurrent liabilities 6,453 6,921
Minority interest 676 657
Noncurrent liabilities of
discontinued operations - 28
Stockholders' equity 40,722 40,219
$107,972 $103,146
COMCAST CORPORATION
TABLE 3
Condensed Consolidated Statement of Cash Flows (Unaudited)
Nine Months Ended
(dollars in millions) September 30,
2006 2005
OPERATING ACTIVITIES
Net cash provided by operating
activities $5,132 $3,940
FINANCING ACTIVITIES
Proceeds from borrowings 5,970 2,333
Retirements and repayments of
debt (2,222) (1,942)
Repurchases of common stock (1,882) (1,291)
Issuances of common stock 133 76
Other 7 27
Net cash provided by (used in)
financing activities 2,006 (797)
INVESTING ACTIVITIES
Capital expenditures (3,051) (2,753)
Cash paid for intangible
assets (227) (204)
Acquisitions, net of cash
acquired (3,839) (196)
Proceeds from sales and
restructuring of investments 2,519 626
Purchases of investments (471) (310)
Proceeds from sales
(purchases) of short-term
investments, net 15 (66)
Other investing activities (3) (113)
Net cash used in investing
activities (5,057) (3,016)
INCREASE IN CASH AND CASH EQUIVALENTS 2,081 127
CASH AND CASH EQUIVALENTS,
beginning of period 693 452
CASH AND CASH EQUIVALENTS, end
of period $2,774 $579
TABLE 4
Calculation of Free Cash Flow (Unaudited)(1)
Nine Months Ended
(dollars in millions) September 30,
2006 2005
Net Cash Provided by Operating
Activities $5,132 $3,940
Capital Expenditures (3,051) (2,753)
Cash paid for Intangible
Assets (227) (204)
Non-operating items, net of
tax 344 403
Free Cash Flow $2,198 $1,386
(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
Content and
Cable (2) Other Total
Three Months Ended September 30, 2006
Revenues $6,630 $258 $16 $6,904
Operating Cash Flow $2,624 $88 ($104) $2,608
Operating Income (Loss) $1,420 $46 ($121) $1,345
Operating Cash Flow Margin 39.6% 33.8% NM 37.8%
Capital Expenditures (3) $1,247 $5 - $1,252
Three Months Ended September 30, 2005,
as adjusted (4)
Revenues $5,919 $237 $21 $6,177
Operating Cash Flow $2,279 $71 ($105) $2,245
Operating Income (Loss) $969 $33 ($116) $886
Operating Cash Flow Margin 38.5% 30.1% NM 36.3%
Capital Expenditures (3) $1,000 $4 $7 $1,011
Nine Months Ended September 30, 2006
Revenues $19,445 $770 $113 $20,328
Operating Cash Flow $7,774 $198 ($252) $7,720
Operating Income (Loss) $4,094 $74 ($309) $3,859
Operating Cash Flow Margin 40.0% 25.7% NM 38.0%
Capital Expenditures (3) $3,259 $18 $15 $3,292
Nine Months Ended September 30, 2005,
as adjusted (4)
Revenues $17,527 $684 $98 $18,309
Operating Cash Flow $6,796 $240 ($235) $6,801
Operating Income (Loss) $3,004 $128 ($272) $2,860
Operating Cash Flow Margin 38.8% 35.1% NM 37.1%
Capital Expenditures (3) $3,063 $11 $24 $3,098
(1) See Non-GAAP and Other Financial Measures in Table 7. Historical
financial data by business segment, as required under generally
accepted accounting principles (GAAP), 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, VERSUS (formerly
OLN), G4 and AZN Television.
(3) Our Cable segment's capital expenditures are comprised of the
following categories:
YTD YTD
3Q06 3Q05 3Q06 3Q05
New Service Offerings
Customer Premise Equipment
(CPE) $710 $528 $1,770 $1,568
Scalable Infrastructure 246 210 587 667
956 738 2,357 2,235
Recurring Capital Projects
Line Extensions 79 83 258 229
Support Capital 135 95 384 290
214 178 642 519
Upgrades 77 84 260 309
Total $1,247 $1,000 $3,259 $3,063
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 Tables
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)
Three Months Nine Months
(dollars in millions, except per Ended Ended
subscriber and per unit data) September 30, September 30,
2006 2005 2006 2005
Revenues:
Video (3) $4,166 $3,841 $12,385 $11,521
High-Speed Internet 1,389 1,138 3,997 3,262
Phone 252 166 653 488
Advertising 395 359 1,150 1,065
Other (4) 233 230 682 646
Franchise Fees 195 185 578 545
Total Revenues $6,630 $5,919 $19,445 $17,527
Operating Cash Flow (5) $2,624 $2,279 $7,774 $6,796
Operating Income (5) $1,420 $969 $4,094 $3,004
Operating Cash Flow Margin (5) 39.6% 38.5% 40.0% 38.8%
Capital Expenditures $1,247 $1,000 $3,259 $3,063
Annualized Capital Expenditures per
Basic Subscriber $207 $166 $181 $170
Annualized Capital Expenditures per
Revenue Generating Unit $101 $89 $88 $91
3Q06 3Q05 2Q06
Video
Homes Passed (000's) 47,200 46,400 47,100
Basic Subscribers (000's) 24,051 24,053 24,041
Basic Penetration 50.9% 51.9% 51.1%
Quarterly Net
Basic Subscriber
Additions (000's) 10 (44) (91)
Digital Subscribers (000's) 12,053 10,439 11,495
Digital Penetration 50.1% 43.4% 47.8%
Quarterly Net Digital
Subscriber Additions (000's) 558 315 337
Digital Set-Top Boxes 18,510 15,701 17,704
Monthly Average Video Revenue
per Basic Subscriber $57.75 $53.18 $57.87
Monthly Average Total Revenue
per Basic Subscriber $91.89 $81.94 $90.94
High-Speed Internet
"Available" Homes (000's) 46,731 45,577 46,390
Subscribers (000's) 11,000 9,184 10,463
Penetration 23.5% 20.1% 22.6%
Quarterly Net Subscriber
Additions (000's) 536 507 333
Monthly Average Revenue per
Subscriber $43.14 $42.45 $43.35
Phone
Comcast Digital Voice
"Available" Homes (000's) 30,800 9,507 28,339
Subscribers (000's) 1,348 159 864
Penetration 4.4% 1.7% 3.0%
Quarterly Net Subscriber
Additions (000's) 483 72 326
Circuit Switched Phone
"Available" Homes (000's) 8,858 8,455 8,854
Subscribers (000's) 740 1,042 842
Penetration 8.4% 12.3% 9.5%
Quarterly Net Subscriber
Additions (000's) (102) (35) (76)
Monthly Average Total Phone
Revenue per Subscriber $45.09 $46.94 $45.35
Total Revenue Generating Units
(000's) (6) 49,190 44,876 47,705
Quarterly Net Additions 1,486 816 830
(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, cable systems
acquired and sold in the Adelphia/Time Warner transactions on July
31, 2006, and cable systems serving Houston, Texas included as a
result of the expected dissolution of our cable partnership with
Time Warner, which was initiated in July 2006. The net impact of
these transactions was to increase the number of basic cable
subscribers by 2.6 million.
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, digital,
premium, pay-per-view and equipment 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) Represents the sum of basic and digital video, high-speed Internet
and net phone subscribers, excluding additional outlets.
COMCAST CORPORATION
TABLE 7
Non-GAAP and Other Financial Measures
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