February 1, 2007 - Financial Tables
COMCAST CORPORATION
TABLE 1
Condensed Consolidated Statement of Operations
(Unaudited)
Three Months Twelve Months
(dollars in millions, except per Ended Ended
share data) December 31, December 31,
2006 2005 2006 2005
Revenues $7,031 $5,416 $24,966 $21,075
Operating expenses 2,451 1,943 9,010 7,513
Selling, general and
administrative expenses 1,986 1,433 6,514 5,490
4,437 3,376 15,524 13,003
Operating cash flow 2,594 2,040 9,442 8,072
Depreciation expense 1,080 888 3,828 3,413
Amortization expense 296 303 995 1,138
1,376 1,191 4,823 4,551
Operating income 1,218 849 4,619 3,521
Other income (expense)
Interest expense (562) (462) (2,064) (1,795)
Investment income (loss), net 55 53 990 89
Equity in net (losses) income
of affiliates (38) (23) (124) (42)
Other income (expense) (21) 5 173 (53)
(566) (427) (1,025) (1,801)
Income before income taxes and
minority interest 652 422 3,594 1,720
Income tax expense (221) (303) (1,347) (873)
Income before minority interest 431 119 2,247 847
Minority interest (2) (12) (12) (19)
Net income from continuing
operations 429 107 2,235 828
Income from discontinued operations,
net of tax - 26 103 100
Gain (loss) on discontinued
operations, net
of tax (39) - 195 -
Net income $390 $133 $2,533 $928
Basic earnings per common share
Income from continuing
operations per common share $0.21 $0.05 $1.06 $0.37
Income from discontinued
operations per common share - 0.01 0.05 0.05
Gain (loss) on discontinued
operations per common share (0.02) - 0.09 -
Net income per common share $0.19 $0.06 $1.20 $0.42
Diluted earnings per common share
Income from continuing
operations per common share $0.20 $0.05 $1.05 $0.37
Income from discontinued
operations per common share - 0.01 0.05 0.05
Gain (loss) on discontinued
operations per common share (0.02) - 0.09 -
Net income per common share $0.18 $0.06 $1.19 $0.42
Basic weighted-average number of
common shares 2,084 2,169 2,107 2,197
Diluted weighted-average number of
common shares 2,109 2,179 2,120 2,208
COMCAST CORPORATION
TABLE 2
Condensed Consolidated Balance Sheet
(Unaudited)
(dollars in millions) December 31, December 31,
2006 2005
ASSETS
Current Assets
Cash and cash
equivalents $1,239 $947
Investments 1,735 148
Accounts receivable, net 1,450 1,008
Other current assets 778 685
Current assets of
discontinued operations - 60
Total current assets 5,202 2,848
Investments 8,847 12,675
Property and equipment, net 21,248 17,704
Franchise rights 55,927 48,804
Goodwill 13,768 13,498
Other intangible assets, net 4,881 3,118
Other noncurrent assets, net 532 635
Noncurrent assets of
discontinued operations, net - 4,118
$110,405 $103,400
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current Liabilities
Accounts payable and
accrued expenses
related to trade
creditors $2,862 $2,239
Accrued expenses and
other current
liabilities 3,032 2,482
Deferred income taxes 563 2
Current portion of long-
term debt 983 1,689
Current liabilities of
discontinued operations - 112
Total current
liabilities 7,440 6,524
Long-term debt, less
current portion 27,992 21,682
Deferred income taxes 27,089 27,370
Other noncurrent liabilities 6,498 6,920
Minority interest 251 657
Noncurrent liabilities of
discontinued operations - 28
Stockholders' equity 41,135 40,219
$110,405 $103,400
COMCAST CORPORATION
TABLE 3
Condensed Consolidated Statement of Cash Flows
(Unaudited)
(dollars in millions) Twelve Months Ended
December 31,
2006 2005
OPERATING ACTIVITIES
Net cash provided by
operating activities $6,618 $4,835
FINANCING ACTIVITIES
Proceeds from borrowings 7,497 3,978
Retirements and repayments
of debt (2,039) (2,706)
Repurchases of common stock (2,347) (2,313)
Issuances of common stock 410 93
Other 25 15
Net cash provided by (used
in) financing activities 3,546 (933)
INVESTING ACTIVITIES
Capital expenditures (4,395) (3,621)
Cash paid for intangible
assets (306) (281)
Acquisitions, net of cash
acquired (5,110) (199)
Proceeds from sales and
restructuring of
investments 2,720 861
Purchases of investments (2,812) (306)
Proceeds from sales
(purchases) of short-term
investments, net 33 (86)
Other investing activities (2) (116)
Net cash used in investing
activities (9,872) (3,748)
INCREASE IN CASH AND CASH
EQUIVALENTS 292 154
CASH AND CASH EQUIVALENTS,
beginning of period 947 793
CASH AND CASH EQUIVALENTS,
end of period $1,239 $947
TABLE 4
Calculation of Free Cash Flow
(Unaudited) (1)
(dollars in millions) Twelve Months Ended
December 31,
2006 2005
Net Cash Provided by
Operating Activities $6,618 $4,835
Capital Expenditures (4,395) (3,621)
Cash paid for Intangible
Assets (306) (281)
Non-operating items, net of
tax 706 1,062
Free Cash Flow $2,623 $1,995
(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 Programming(2) Other Total
Three Months Ended
December 31, 2006
Revenues $6,894 $283 $90 $7,267
Operating Cash Flow $2,749 $43 ($109) $2,683
Operating Income (Loss) $1,357 $1 ($120) $1,238
Operating Cash Flow Margin 39.9% 15.4% NM 36.9%
Capital Expenditures (3) $1,381 ($2) $15 $1,394
Three Months Ended
December 31, 2005, as adjusted (4)
Revenues $6,029 $235 $72 $6,336
Operating Cash Flow $2,348 $32 ($77) $2,303
Operating Income (Loss) $922 ($10) ($91) $821
Operating Cash Flow Margin 38.9% 13.8% NM 36.4%
Capital Expenditures (3) $967 $5 $14 $986
Twelve Months Ended
December 31, 2006
Revenues $26,339 $1,053 $203 $27,595
Operating Cash Flow $10,511 $241 ($362) $10,390
Operating Income (Loss) $5,246 $75 ($430) $4,891
Operating Cash Flow Margin 39.9% 22.9% NM 37.7%
Capital Expenditures (3) $4,640 $16 $30 $4,686
Twelve Months Ended
December 31, 2005, as adjusted (4)
Revenues $23,556 $919 $170 $24,645
Operating Cash Flow $9,132 $272 ($313) $9,091
Operating Income (Loss) $3,652 $118 ($363) $3,407
Operating Cash Flow Margin 38.8% 29.6% NM 36.9%
Capital Expenditures (3) $4,030 $16 $38 $4,084
(1) See Non-GAAP and Other Financial Measures in Table 7. Historical
financial data by business segment, as required under generally
accepted accounting principles in the United States (GAAP), 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) Programming 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
4Q06 4Q05 4Q06 4Q05
New Service Offerings
Customer Premise Equipment
(CPE) $712 $512 $2,482 $2,080
Scalable Infrastructure 330 214 917 881
1,042 726 3,399 2,961
Recurring Capital Projects
Line Extensions 62 64 320 293
Support Capital 144 97 528 387
206 161 848 680
Upgrades 133 80 393 389
Total $1,381 $967 $4,640 $4,030
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)
(dollars in millions,
except per subscriber
and per unit data) Three Months Ended Twelve Months Ended
December 31, December 31,
2006 2005 2006 2005
Revenues:
Video (3) $4,214 $3,865 $16,599 $15,386
High-Speed Internet 1,454 1,184 5,451 4,445
Phone 302 171 955 658
Advertising 501 398 1,651 1,463
Other (4) 226 229 908 877
Franchise Fees 197 182 775 727
Total Revenues $6,894 $6,029 $26,339 $23,556
Programming Expense $5,406 $5,021
Operating Cash Flow (5) $2,749 $2,348 $10,511 $9,132
Operating Income (5) $1,357 $922 $5,246 $3,652
Operating Cash Flow Margin (5) 39.9% 38.9% 39.9% 38.8%
Capital Expenditures $1,381 $967 $4,640 $4,030
4Q06 4Q05 3Q06
Video
Homes Passed (000's) 47,400 46,700 47,200
Basic Subscribers (000's) 24,161 24,081 24,051
Basic Penetration 51.0% 51.6% 50.9%
Quarterly Net Basic
Subscriber Additions (000's) 110 28 10
Digital Subscribers (000's) 12,666 10,804 12,053
Digital Penetration 52.4% 44.9% 50.1%
Quarterly Net Digital
Subscriber Additions (000's) 613 365 558
Digital Set-Top Boxes 19,492 16,450 18,440
Monthly Average Video
Revenue per Basic Subscriber $58.41 $53.54 $57.75
Monthly Average Total
Revenue per Basic Subscriber $95.34 $83.51 $91.89
High-Speed Internet
"Available" Homes (000's) 46,902 45,912 46,731
Subscribers (000's) 11,487 9,619 11,000
Penetration 24.5% 21.0% 23.5%
Quarterly Net Subscriber
Additions (000's) 488 436 536
Monthly Average Revenue
per Subscriber $43.12 $41.99 $43.14
Phone
Comcast Digital Voice
"Available" Homes (000's) 32,435 18,580 30,800
Subscribers (000's) 1,855 306 1,348
Penetration 5.7% 1.6% 4.4%
Quarterly Net Subscriber
Additions (000's) 508 147 483
Circuit Switched Phone
"Available" Homes (000's) 8,866 8,462 8,858
Subscribers (000's) 652 986 740
Penetration 7.4% 11.7% 8.4%
Quarterly Net Subscriber
Additions (000's) (87) (56) (102)
Monthly Average Total Phone
Revenue per Subscriber $43.92 $46.20 $45.09
Total Revenue Generating
Units (000's)(6) 50,822 45,796 49,190
Quarterly Net Additions 1,632 920 1,486
(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 in
the Adelphia/Time Warner transactions on July 31, 2006, and cable
systems serving Houston, Texas included as a result of the
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.
Subscriptions to DVR and/or HDTV services by existing Comcast Digital
customers do not result in additional RGUs.
COMCAST CORPORATION
TABLE 7
Non-GAAP and Other Financial Measures
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