COMCAST CORPORATION
TABLE 1
Condensed Consolidated Statement of Operations (Unaudited)
(amounts in millions, except per share data)
Three Months Twelve Months
Ended Ended
December 31, December 31,
2005 2004 2005 2004
Revenues $5,716 $5,235 $22,255 $20,307
Operating expenses 2,061 1,962 7,969 7,462
Selling, general and
administrative expenses 1,500 1,287 5,793 5,314
3,561 3,249 13,762 12,776
Operating Cash Flow 2,155 1,986 8,493 7,531
Depreciation expense 951 940 3,630 3,420
Amortization expense 311 335 1,173 1,203
1,262 1,275 4,803 4,623
Operating Income 893 711 3,690 2,908
Other Income (Expense)
Interest expense (462) (457) (1,796) (1,876)
Investment income, net 53 241 89 472
Equity in net losses of
affiliates (25) (22) (47) (88)
Other income (expense) 5 312 (56) 394
(429) 74 (1,810) (1,098)
Income before Income Taxes
and Minority Interest 464 785 1,880 1,810
Income tax expense (319) (360) (933) (826)
Income Before Minority Interest 145 425 947 984
Minority interest (12) (2) (19) (14)
Net Income $133 $423 $928 $970
Net Income per common share $0.06 $0.19 $0.42 $0.43
Basic weighted average number of
common shares 2,169 2,218 2,197 2,240
Diluted weighted average number of
common shares 2,179 2,229 2,208 2,250
COMCAST CORPORATION
TABLE 2
Condensed Consolidated Balance Sheet (Unaudited)
(dollars in millions)
December 31, December 31,
ASSETS 2005 2004
CURRENT ASSETS
Cash and cash equivalents $693 $452
Investments 148 1,555
Accounts receivable, net 1,060 959
Other current assets 693 569
Total current assets 2,594 3,535
INVESTMENTS 12,682 12,812
PROPERTY AND EQUIPMENT, net 18,769 18,711
FRANCHISE RIGHTS 51,090 51,071
GOODWILL 14,218 14,020
OTHER INTANGIBLE ASSETS, net 3,160 3,851
OTHER NONCURRENT ASSETS, net 633 694
$103,146 $104,694
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued
expenses related to trade
creditors $2,033 $2,041
Accrued expenses and other
current liabilities 2,545 2,735
Deferred income taxes 2 360
Current portion of long-term debt 1,689 3,499
Total current liabilities 6,269 8,635
LONG-TERM DEBT, less current portion 21,682 20,093
DEFERRED INCOME TAXES 27,370 26,815
OTHER NONCURRENT LIABILITIES 6,949 7,261
MINORITY INTEREST 657 468
STOCKHOLDERS' EQUITY 40,219 41,422
$103,146 $104,694
COMCAST CORPORATION
TABLE 3
Condensed Consolidated Statement of Cash Flows (Unaudited)
(dollars in millions)
Twelve Months Ended
December 31,
2005 2004
OPERATING ACTIVITIES
Net cash provided by operating activities $4,922 $5,930
FINANCING ACTIVITIES
Proceeds from borrowings 3,978 1,030
Retirements and repayments of debt (2,706) (2,323)
Repurchases of common stock and
stock options (2,313) (1,361)
Issuances of common stock 93 113
Other, net 15 25
Net cash used in financing activities (933) (2,516)
INVESTING ACTIVITIES
Capital expenditures (3,621) (3,660)
Proceeds from sales and
restructuring of investments 861 228
Purchases of investments (306) (156)
Acquisitions, net of cash acquired (199) (296)
Cash paid for intangible assets (281) (615)
Purchases of short-term
investments, net (86) (13)
Proceeds from settlement of
contract of acquired company - 26
Other, net (116) (26)
Net cash used in investing activities (3,748) (4,512)
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 241 (1,098)
CASH AND CASH EQUIVALENTS,
beginning of period 452 1,550
CASH AND CASH EQUIVALENTS, end of period $693 $452
TABLE 4
Calculation of Free Cash Flow (Unaudited) (1)
(dollars in millions)
Three Twelve
Months Ended Months Ended
December 31, December 31,
2005 2004 2005 2004
Operating Cash Flow $2,155 $1,986 $8,493 $7,531
Interest, Net (2) 410 420 1,653 1,729
Cash Paid for Income Taxes (3) 178 16 653 205
Capital Expenditures 868 1,050 3,621 3,660
FREE CASH FLOW $699 $500 $2,566 $1,937
Changes in Working Capital and Other
Items (4) (585) (55) (1,265) 333
Net Cash Provided by Operating
Activities Less Capital
Expenditures $114 $445 $1,301 $2,270
(1) Free Cash Flow (as presented above) is defined as Operating Cash Flow
less net interest, cash paid for income 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
assets include long-term technology license agreements including computer
software and long-term contract rights to service multi-dwelling
properties. For the twelve months ended December 31, 2005, cash payments
for intangible assets of $281 million included licenses and software
intangibles of $174 million and multiple dwelling unit contracts of $68
million. For the twelve months ended December 31, 2004, cash payments
for intangible assets of $615 million included a long-term strategic
license agreement with Gemstar of approximately $250 million, other
licenses and software intangibles of $161 million and multiple dwelling
unit contracts of $177 million. For the twelve months ended December 31,
2005, cash payments for acquisitions and investments totaling $505
million included MGM Inc., Liberate Technologies, and MetaTV. In 2004,
cash payments for acquisitions and investments totaling $452 million
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) Cash paid for income taxes excludes $490 million related to AT&T
Broadband income taxes and related interest, net of estimated tax
benefit.
(4) Free Cash Flow excludes amounts necessary to reconcile Free Cash Flow
to "Net Cash Provided by Operating Activities Less Capital Expenditures."
For the twelve months ended December 31, 2005, this amount includes $994
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 and $557 million related to AT&T Broadband income tax related
payments. For the twelve months ended December 31, 2004, this amount
includes proceeds of $680 million related to the exchange/sale of Liberty
Media and Liberty Media International stock and income tax refunds of
$591 million offset by $515 million in cash payments for liabilities
recorded as part of the acquisition of AT&T Broadband. For the three
months ended December 31, 2005, this amount includes $576 million in cash
payments for liabilities incurred as part of the acquisition of AT&T
Broadband including $557 million related to AT&T Broadband income tax
related payments. For the three months ended December 31, 2004, this
amount includes $244 million in cash payments for liabilities recorded as
part of the acquisition of AT&T Broadband.
COMCAST CORPORATION
TABLE 5
Pro Forma Financial Data by Business Segment (Unaudited) (1)
(dollars in millions)
Corporate and
Cable Content Other
(2) (3) (4) Total
Three Months Ended December 31, 2005
Revenues $5,408 $235 $73 $5,716
Operating Cash Flow $2,172 $35 ($52) $2,155
Operating Income (Loss) $967 ($8) ($66) $893
Operating Cash Flow Margin 40.2% 15.0% NM 37.7%
Capital Expenditures (5) $849 $5 $14 $868
Three Months Ended December 31, 2004
Revenues $4,987 $205 $43 $5,235
Operating Cash Flow $1,974 $57 ($45) $1,986
Operating Income (Loss) $771 $11 ($71) $711
Operating Cash Flow Margin 39.6% 27.6% NM 37.9%
Capital Expenditures (5) $1,044 $3 $3 $1,050
Twelve Months Ended December 31, 2005
Revenues $21,158 $919 $178 $22,255
Operating Cash Flow $8,458 $283 ($248) $8,493
Operating Income (Loss) $3,860 $128 ($298) $3,690
Operating Cash Flow Margin 40.0% 30.8% NM 38.2%
Capital Expenditures (5) $3,567 $16 $38 $3,621
Twelve Months Ended December 31, 2004
Revenues $19,321 $787 $204 $20,312
Operating Cash Flow $7,473 $265 ($205) $7,533
Operating Income (Loss) $3,098 $103 ($291) $2,910
Operating Cash Flow Margin 38.7% 33.6% NM 37.1%
Capital Expenditures (5) $3,622 $17 $21 $3,660
(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 annual
report on Form 10-K. 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:
FY FY
4Q05 4Q04 2005 2004
New Service Offerings
Customer Premise Equipment (CPE) $460 $523 $1,876 $1,545
Scalable Infrastructure 197 178 837 561
657 701 2,713 2,106
Recurring Capital Projects
Line Extensions 75 86 303 311
Support Capital 72 93 286 303
147 179 589 614
Upgrades 45 164 265 902
Total $849 $1,044 $3,567 $3,622
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 per subscriber and per unit data)
Three Months Twelve Months
Ended Ended
December 31, December 31,
2005 2004 2005 2004
Revenues:
Video (3) $3,426 $3,242 $13,635 $12,897
High-Speed Internet 1,059 855 3,986 3,124
Phone 173 173 687 701
Advertising 368 369 1,359 1,287
Other (4) 212 185 811 666
Franchise Fees 170 163 680 646
Total Revenues $5,408 $4,987 $21,158 $19,321
Programming Expense $4,371 $4,149
Operating Cash Flow $2,172 $1,974 $8,458 $7,473
Operating Income $967 $771 $3,860 $3,098
Operating Cash Flow Margin 40.2% 39.6% 40.0% 38.7%
Capital Expenditures $849 $1,044 $3,567 $3,622
Operating Cash Flow, Net of Capital
Expenditures $1,323 $930 $4,891 $3,851
Capital Expenditures per Basic
Subscriber $166 $168
Capital Expenditures per Revenue
Generating Unit $87 $94
4Q05 4Q04 3Q05
Video
Homes Passed (000's) 41,600 40,800 41,400
Basic Subscribers (000's) 21,449 21,561 21,409
Basic Penetration 51.5% 52.8% 51.8%
Quarterly Net Basic Subscriber
Additions (000's) 40 60 (46)
Digital Subscribers (000's) 9,789 8,656 9,447
Digital Penetration 45.6% 40.1% 44.1%
Quarterly Net Digital Subscriber
Additions (000's) 342 251 307
Digital Set-Top Boxes 15,052 12,960 14,398
Monthly Average Video Revenue per
Basic Subscriber $53.29 $50.19 $52.98
Monthly Average Total Revenue per
Basic Subscriber $84.12 $77.24 $82.70
High-Speed Internet
"Available" Homes (000's) 41,249 40,010 40,980
Subscribers (000's) 8,520 6,994 8,142
Penetration 20.7% 17.5% 19.9%
Quarterly Net Subscriber Additions
(000's) 378 438 437
Monthly Average Revenue per
Subscriber $42.39 $42.06 $42.88
Phone
"Available" Homes (000's) (5) 21,378 10,437 16,524
Subscribers (000's) 1,321 1,223 1,242
Penetration 6.2% 11.7% 7.5%
Quarterly Net Subscriber Additions
(000's) 79 10 12
Monthly Average Revenue per
Subscriber $45.19 $47.30 $46.03
Total Revenue Generating Units
(000's) (6) 41,079 38,434 40,240
Quarterly Net Additions 839 759 710
(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 85,000 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
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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, has been defined as
Operating Cash Flow less net interest, cash paid for income 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. Beginning in 2006, we are changing the definition of Free Cash Flow
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).
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 Pro
December 31, 2004 Cable Content Other Total Cable Other forma
Revenues $4,987 $205 $43 $5,235 - - $5,235
Operating Expenses
(excluding depreciation
and amortization) 3,013 148 88 3,249 - - 3,249
Operating Cash Flow $1,974 $57 ($45) $1,986 - - $1,986
Depreciation and
amortization 1,203 46 26 1,275 - - 1,275
Operating Income (loss) $771 $11 ($71) $711 - - $711
Capital expenditures $1,044 $3 $3 $1,050 - - $1,050
Corporate Corporate
Twelve Months Ended and and Pro
December 31, 2004 Cable Content Other Total Cable Other forma
Revenues $19,316 $787 $204 $20,307 $5 - $20,312
Operating expenses
(excluding depreciation
and amortization) 11,845 522 409 12,776 3 - 12,779
Operating Cash Flow $7,471 $265 ($205) $7,531 $2 - $7,533
Depreciation and
amortization 4,375 162 86 4,623 - - 4,623
Operating Income (loss) $3,096 $103 ($291) $2,908 $2 - $2,910
Capital expenditures $3,622 $17 $21 $3,660 - - $3,660
Reconciliation of Operating Cash Flow to Free Cash
Flow (Unaudited)
(dollars in millions)
Three Months Ended
December 31,
2005 2004
Operating Cash Flow $2,155 $2,155 $1,986 $1,986
Less:
Interest, net (2) (410) (410) (420) (420)
Cash Paid for Income Taxes (178) (178) (16) (16)
Change in Operating Assets and
Liabilities,
net of acquisitions (693) (220)
Other (3) 108 165
Net Cash Provided by Operating
Activities $982 $1,495
Less: Capital Expenditures (868) (1,050)
Free Cash Flow $699 $500
Twelve Months Ended
December 31,
2005 2004
Operating Cash Flow $8,493 $8,493 $7,531 $7,531
Less:
Interest, net (2) (1,653) (1,653) (1,729) (1,729)
Cash Paid for Income Taxes (653) (653) (205) (205)
Change in Operating Assets and
Liabilities,
net of acquisitions (1,022) (331)
Other (3) (243) 664
Net Cash Provided by Operating
Activities $4,922 $5,930
Less: Capital Expenditures (3,621) (3,660)
Free Cash Flow $2,566 $1,937
Reconciliation of 2006 Outlook (Unaudited)
(dollars in millions)
CONSOLIDATED
Year Ended As
December 31, 2005 FAS123R (4) Adjusted Outlook
Reconciliation of
Operating Income to
Operating Cash Flow:
Operating Income $3,690 ($166) $3,524
Depreciation and
Amortization 4,803 - 4,803
Operating Cash Flow $8,493 ($166) $8,327 Growth
between
9 - 10%
Reconciliation of Net
Cash Provided by
Operating Activities
to Free Cash Flow:
Net Cash provided
by Operating Activities $4,922
Capital Expenditures (3,621)
Cash Paid for Intangible
Assets (281)
Payments related
to AT&T Broadband
litigation 220
Income Tax Payments
related to AT&T
Broadband 557
Tax Payments on
Investment
Sales 431
Less: Tax Benefit (146)
Non-Operating Items,
net of tax 1,062
Free Cash Flow * $2,082 Conversion of between 25% to 30%
of Operating Cash Flow
CABLE
Year Ended As
December 31, 2005 FAS123R (4) Adjusted Outlook
Reconciliation of Operating
Income to Operating
Cash Flow:
Operating Income $3,860 ($117) $3,743
Depreciation and Amortization 4,598 - 4,598
Operating Cash Flow $8,458 ($117) $8,341 Growth
between
10 - 11%
Reconciliation of Net Cash
Provided by Operating
Activities to Free Cash Flow:
Net Cash provided by
Operating Activities
Capital Expenditures
Cash Paid for Intangible Assets
Payments related to AT&T
Broadband litigation
Income Tax Payments related
to AT&T Broadband
Tax Payments on Investment
Sales
Less: Tax Benefit
Non-Operating Items, net of tax
Free Cash Flow *
* Free Cash Flow Definition Beginning in 2006 (see table 7)
(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 twelve months ending December 31, 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.
(4) The impact of Operating Cash Flow for 2005, under the provisions of
SFAS No. 123 (predecessor to SFAS No. 123R), is an incremental expense
of approximately $166 million, including $117 million at Comcast
Cable.
COMCAST CORPORATION
TABLE 7-B
Reconciliation of Net Income to Adjusted Net Income (Unaudited)
(dollars in millions, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
2005 2004 2005 2004
$ EPS $ EPS $ EPS $ EPS
Net Income $133 $0.06 $423 $0.19 $928 $0.42 $970 $0.43
Adjustments:
Investment income (53) (241) (89) (472)
Other income (expense) (5) (312) 56 (394)
Tax effect of
adjustments (at 40%)
and refinement of
effective tax rate 111 221 13 346
Adjusted Net Income(1) $186 $0.09 $91 $0.04 $908 $0.41 $450 $0.20
(1) Adjusted Net Income excludes Investment Income and Other Income (as
presented in our Consolidated Statement of Operations), net of a 40%
income tax rate and excludes in the fourth quarter of 2005 a refinement to
our effective tax rate.
Reconciliation of 2005 Content Segment (Unaudited)
(dollars in millions)
Three Months Ended
December 31,
2005 2004 Growth %
Content Operating Cash Flow $35 $57 (37.9%)
NHL impact (22) - NM
Content excluding NHL $57 $57 1.2%
Twelve Months Ended
December 31,
2005 2004 Growth %
Content Operating Cash Flow $283 $265 7.0%
NHL impact (22) - NM
Content excluding NHL $305 $265 15.3%
Reconciliation of Operating Cash Flow excluding Hurricane Impact (Unaudited)
(dollars in millions)
Three Months Ended
December 31,
2005 2004 Growth %
Cable Operating Cash Flow $2,172 $1,974 10.1%
Hurricane impact 48 9 NM
Cable excluding hurricane
impact $2,220 $1,983 11.9%
Content 35 57 (37.9%)
Other (53) (44) 18.1%
Total Comcast excluding
hurricane impact $2,202 $1,996 10.3%
Twelve Months Ended
December 31,
2005 2004 Growth %
Cable Operating Cash Flow $8,458 $7,473 13.2%
Hurricane impact 60 20 NM
Cable excluding hurricane
impact $8,518 $7,493 13.7%
Content 283 265 7.0%
Other (249) (204) (21.7%)
Total Comcast excluding
hurricane impact $8,552 $7,554 13.2%
Reconciliation of Total Debt to Debt Excluding Exchangeables (Unaudited)
(dollars in millions)
December 31,
2005 2004
Current portion of long-term debt $1,689 $3,499
Long-term debt 21,682 20,093
Total Debt $23,371 $23,592
Exchangeable Debt 46 1,699
Debt excluding exchangeables $23,325 $21,893
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