|
|
|
|
|
|
|
|
|
Comcast Corporation
|
|
|
|
|
|
|
|
|
TABLE 1
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statement of Operations (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
(in millions, except per share data)
|
|
December 31,
|
|
December 31,
|
|
|
2007
|
|
2008
|
|
2007
|
|
2008
|
Revenue
|
|
$8,014
|
|
|
$8,765
|
|
|
$30,895
|
|
|
$34,256
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
3,158
|
|
|
3,431
|
|
|
12,169
|
|
|
13,472
|
|
Selling, general and administrative expenses
|
1,774
|
|
|
1,964
|
|
|
6,940
|
|
|
7,652
|
|
|
|
4,932
|
|
|
5,395
|
|
|
19,109
|
|
|
21,124
|
|
Operating cash flow
|
|
3,082
|
|
|
3,370
|
|
|
11,786
|
|
|
13,132
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense
|
|
1,339
|
|
|
1,364
|
|
|
5,107
|
|
|
5,457
|
|
Amortization expense
|
|
285
|
|
|
249
|
|
|
1,101
|
|
|
943
|
|
|
|
1,624
|
|
|
1,613
|
|
|
6,208
|
|
|
6,400
|
|
Operating income
|
|
1,458
|
|
|
1,757
|
|
|
5,578
|
|
|
6,732
|
|
|
|
|
|
|
|
|
|
|
Other income (expense)
|
|
|
|
|
|
|
|
|
Interest expense
|
|
(600
|
)
|
|
(599
|
)
|
|
(2,289
|
)
|
|
(2,439
|
)
|
Investment income (loss), net
|
|
143
|
|
|
6
|
|
|
601
|
|
|
89
|
|
Equity in net (losses) income of affiliates, net
|
(14
|
)
|
|
(3
|
)
|
|
(63
|
)
|
|
(39
|
)
|
Other income (expense)
|
|
9
|
|
|
(580
|
)
|
|
522
|
|
|
(285
|
)
|
|
|
(462
|
)
|
|
(1,176
|
)
|
|
(1,229
|
)
|
|
(2,674
|
)
|
Income before income taxes and
|
|
|
|
|
|
|
|
|
minority interest
|
|
996
|
|
|
581
|
|
|
4,349
|
|
|
4,058
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
(400
|
)
|
|
(169
|
)
|
|
(1,800
|
)
|
|
(1,533
|
)
|
|
|
|
|
|
|
|
|
|
Income before minority interest
|
|
596
|
|
|
412
|
|
|
2,549
|
|
|
2,525
|
|
|
|
|
|
|
|
|
|
|
Minority interest
|
|
6
|
|
|
-
|
|
|
38
|
|
|
22
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$602
|
|
|
$412
|
|
|
$2,587
|
|
|
$2,547
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share
|
|
$ 0.20
|
|
|
$ 0.14
|
|
|
$ 0.83
|
|
|
$ 0.86
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per common share (1)
|
$ 0.20
|
|
|
$ 0.27
|
|
|
$ 0.74
|
|
|
$ 0.91
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share
|
|
$ -
|
|
|
$0.0625
|
|
|
$ -
|
|
|
$0.2500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted-average number of common shares
|
3,078
|
|
|
2,888
|
|
|
3,129
|
|
|
2,952
|
|
|
|
|
|
|
|
|
|
|
(1) Please refer to Table 4-B for a reconciliation of adjusted net
income and earnings per share.
|
|
|
|
|
|
|
Comcast Corporation
|
|
|
|
|
TABLE 2
|
Condensed Consolidated Balance Sheet (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
December 31,
|
|
December 31,
|
|
|
2007
|
|
2008
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current Assets
|
|
|
|
|
Cash and cash equivalents
|
|
$963
|
|
$1,195
|
Investments
|
|
98
|
|
59
|
Accounts receivable, net
|
|
1,645
|
|
1,626
|
Other current assets
|
|
961
|
|
836
|
Total current assets
|
|
3,667
|
|
3,716
|
|
|
|
|
|
Investments
|
|
7,963
|
|
4,783
|
|
|
|
|
|
Property and equipment, net
|
|
23,624
|
|
24,444
|
|
|
|
|
|
Franchise rights
|
|
58,077
|
|
59,449
|
|
|
|
|
|
Goodwill
|
|
14,705
|
|
14,889
|
|
|
|
|
|
Other intangible assets, net
|
|
4,739
|
|
4,558
|
|
|
|
|
|
Other noncurrent assets, net
|
|
642
|
|
1,178
|
|
|
|
|
|
|
|
$113,417
|
|
$113,017
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
Accounts payable and accrued expenses related to trade creditors
|
$3,336
|
|
$3,393
|
Accrued expenses and other current liabilities
|
|
3,121
|
|
3,268
|
Current portion of long-term debt
|
|
1,495
|
|
2,278
|
Total current liabilities
|
|
7,952
|
|
8,939
|
|
|
|
|
|
Long-term debt, less current portion
|
|
29,828
|
|
30,178
|
|
|
|
|
|
Deferred income taxes
|
|
26,880
|
|
26,982
|
|
|
|
|
|
Other noncurrent liabilities
|
|
7,167
|
|
6,171
|
|
|
|
|
|
Minority interest
|
|
250
|
|
297
|
|
|
|
|
|
Stockholders' equity
|
|
41,340
|
|
40,450
|
|
|
$113,417
|
|
$113,017
|
|
|
|
|
|
|
|
|
|
|
Comcast Corporation
|
|
|
|
|
TABLE 3
|
|
|
|
|
Consolidated Statement of Cash Flows (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
Twelve Months Ended
|
|
|
December 31,
|
|
|
2007
|
|
2008
|
|
|
|
|
|
OPERATING ACTIVITIES
|
|
|
|
|
Net Income
|
|
$2,587
|
|
|
$2,547
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
Depreciation
|
|
5,107
|
|
|
5,457
|
|
Amortization
|
|
1,101
|
|
|
943
|
|
Share-based compensation
|
|
212
|
|
|
258
|
|
Noncash interest expense (income), net
|
|
114
|
|
|
209
|
|
Equity in net losses (income) of affiliates, net
|
|
63
|
|
|
39
|
|
(Gains) losses on investments and noncash other (income) expense, net
|
|
(938
|
)
|
|
321
|
|
Noncash contribution expense
|
|
11
|
|
|
-
|
|
Minority interest
|
|
(38
|
)
|
|
(22
|
)
|
Deferred income taxes
|
|
247
|
|
|
495
|
|
Changes in operating assets and liabilities, net of effects of
acquisitions and divestitures:
|
|
|
|
|
Change in accounts receivable, net
|
|
(100
|
)
|
|
39
|
|
Change in accounts payable and accrued expenses related to trade
creditors
|
|
175
|
|
|
(38
|
)
|
Change in other operating assets and liabilities
|
|
(352
|
)
|
|
(17
|
)
|
|
|
|
|
|
Net cash provided by operating activities
|
|
8,189
|
|
|
10,231
|
|
|
|
|
|
|
FINANCING ACTIVITIES
|
|
|
|
|
Proceeds from borrowings
|
|
3,713
|
|
|
3,535
|
|
Retirements and repayments of debt
|
|
(1,401
|
)
|
|
(2,610
|
)
|
Repurchases of common stock
|
|
(3,102
|
)
|
|
(2,800
|
)
|
Dividends paid
|
|
-
|
|
|
(547
|
)
|
Issuances of common stock
|
|
412
|
|
|
53
|
|
Other
|
|
62
|
|
|
(153
|
)
|
|
|
|
|
|
Net cash provided by (used in) financing activities
|
|
(316
|
)
|
|
(2,522
|
)
|
|
|
|
|
|
INVESTING ACTIVITIES
|
|
|
|
|
Capital expenditures
|
|
(6,158
|
)
|
|
(5,750
|
)
|
Cash paid for software and other intangible assets
|
|
(406
|
)
|
|
(527
|
)
|
Acquisitions, net of cash acquired
|
|
(1,319
|
)
|
|
(738
|
)
|
Proceeds from sales of investments
|
|
1,761
|
|
|
737
|
|
Purchases of investments
|
|
(2,089
|
)
|
|
(1,167
|
)
|
Other
|
|
62
|
|
|
(32
|
)
|
|
|
|
|
|
Net cash provided by (used in) investing activities
|
|
(8,149
|
)
|
|
(7,477
|
)
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
(276
|
)
|
|
232
|
|
|
|
|
|
|
Cash and cash equivalents, beginning of period
|
|
1,239
|
|
|
963
|
|
|
|
|
|
|
Cash and cash equivalents, end of period
|
|
$963
|
|
|
$1,195
|
|
|
|
|
|
|
|
|
|
Comcast Corporation
|
TABLE 4-A
|
Reconciliation of GAAP to Pro Forma(1)
Financial Data by Business Segment (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
|
|
|
Cable
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
Cable
|
|
Programming
|
|
Corporate, Other and
Eliminations
|
|
Total
|
|
|
Pro Forma
Adjustments(1)
(2)
|
|
Pro Forma
Cable
|
|
Pro Forma
Adjustments(1)
(2)
|
|
Total
Pro Forma
|
Three Months Ended December 31,
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$8,296
|
|
$350
|
|
|
$119
|
|
|
$8,765
|
|
|
$-
|
|
$8,296
|
|
$-
|
|
$8,765
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses (excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
depreciation and amortization)
|
4,881
|
|
295
|
|
|
219
|
|
|
5,395
|
|
|
-
|
|
4,881
|
|
-
|
|
5,395
|
Operating Cash Flow
|
$3,415
|
|
$55
|
|
|
($100
|
)
|
|
$3,370
|
|
|
$-
|
|
$3,415
|
|
$-
|
|
$3,370
|
Depreciation and Amortization
|
1,538
|
|
54
|
|
|
21
|
|
|
1,613
|
|
|
-
|
|
1,538
|
|
-
|
|
1,613
|
Operating Income (Loss)
|
$1,877
|
|
$1
|
|
|
($121
|
)
|
|
$1,757
|
|
|
$-
|
|
$1,877
|
|
$-
|
|
$1,757
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures
|
$1,668
|
|
$22
|
|
|
$23
|
|
|
$1,713
|
|
|
$-
|
|
$1,668
|
|
$-
|
|
$1,713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$7,577
|
|
$348
|
|
|
$89
|
|
|
$8,014
|
|
|
$181
|
|
$7,758
|
|
$181
|
|
$8,195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses (excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
depreciation and amortization)
|
4,454
|
|
299
|
|
|
179
|
|
|
4,932
|
|
|
108
|
|
4,562
|
|
109
|
|
5,041
|
Operating Cash Flow
|
$3,123
|
|
$49
|
|
|
($90
|
)
|
|
$3,082
|
|
|
$73
|
|
$3,196
|
|
$72
|
|
$3,154
|
Depreciation and Amortization
|
1,540
|
|
84
|
|
|
-
|
|
|
1,624
|
|
|
29
|
|
1,569
|
|
29
|
|
1,653
|
Operating Income (Loss)
|
$1,583
|
|
($35
|
)
|
|
($90
|
)
|
|
$1,458
|
|
|
$44
|
|
$1,627
|
|
$43
|
|
$1,501
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures
|
$1,472
|
|
$13
|
|
|
$89
|
|
|
$1,574
|
|
|
$21
|
|
$1,493
|
|
$21
|
|
$1,595
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31,
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$32,443
|
|
$1,426
|
|
|
$387
|
|
|
$34,256
|
|
|
$-
|
|
$32,443
|
|
$-
|
|
$34,256
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses (excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
depreciation and amortization)
|
19,273
|
|
1,064
|
|
|
787
|
|
|
21,124
|
|
|
-
|
|
19,273
|
|
-
|
|
21,124
|
Operating Cash Flow
|
$13,170
|
|
$362
|
|
|
($400
|
)
|
|
$13,132
|
|
|
$-
|
|
$13,170
|
|
$-
|
|
$13,132
|
Depreciation and Amortization
|
6,125
|
|
199
|
|
|
76
|
|
|
6,400
|
|
|
-
|
|
6,125
|
|
-
|
|
6,400
|
Operating Income (Loss)
|
$7,045
|
|
$163
|
|
|
($476
|
)
|
|
$6,732
|
|
|
$-
|
|
$7,045
|
|
$-
|
|
$6,732
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures
|
$5,545
|
|
$44
|
|
|
$161
|
|
|
$5,750
|
|
|
$-
|
|
$5,545
|
|
$-
|
|
$5,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31,
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$29,305
|
|
$1,314
|
|
|
$276
|
|
|
$30,895
|
|
|
$815
|
|
$30,120
|
|
$815
|
|
$31,710
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses (excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
depreciation and amortization)
|
17,383
|
|
1,028
|
|
|
698
|
|
|
19,109
|
|
|
491
|
|
17,874
|
|
492
|
|
19,601
|
Operating Cash Flow
|
$11,922
|
|
$286
|
|
|
($422
|
)
|
|
$11,786
|
|
|
$324
|
|
$12,246
|
|
$323
|
|
$12,109
|
Depreciation and Amortization
|
5,924
|
|
223
|
|
|
61
|
|
|
6,208
|
|
|
141
|
|
6,065
|
|
140
|
|
6,348
|
Operating Income (Loss)
|
$5,998
|
|
$63
|
|
|
($483
|
)
|
|
$5,578
|
|
|
$183
|
|
$6,181
|
|
$183
|
|
$5,761
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures
|
$5,993
|
|
$35
|
|
|
$130
|
|
|
$6,158
|
|
|
$123
|
|
$6,116
|
|
$123
|
|
$6,281
|
|
|
|
|
|
|
|
|
(1)
|
|
Pro forma data is adjusted only 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. Pro forma results are
presented as if the acquisitions and dispositions were effective on
January 1, 2007. Minor differences may exist due to rounding.
|
|
(2)
|
|
Total Pro Forma adjustments and Cable Pro Forma adjustments for 2007
include the results of Comcast SportsNet Bay Area and Comcast
SportsNet New England, the cable system acquired from Patriot Media
Holdings, LLC and the cable systems resulting from the dissolution
of the Insight Midwest Partnership.
|
|
Comcast Corporation
|
TABLE 4-B
|
Reconciliation of Net Income to Adjusted Net Income (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008 vs. 2007
|
|
|
|
2007
|
|
2008
|
|
Growth (%)
|
(in millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
|
EPS (1)
|
|
$
|
|
EPS (1)
|
|
$
|
|
EPS (1)
|
Net Income
|
|
|
$602
|
|
|
$0.20
|
|
|
$412
|
|
|
$0.14
|
|
|
(32
|
%)
|
|
(30
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of the Clearwire investment (2)
|
|
|
-
|
|
|
-
|
|
|
378
|
|
|
0.13
|
|
|
NM
|
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income
|
|
|
$602
|
|
|
$0.20
|
|
|
$790
|
|
|
$0.27
|
|
|
31
|
%
|
|
35
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008 vs. 2007
|
|
|
|
2007
|
|
2008
|
|
Growth (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
|
EPS (1)
|
|
$
|
|
EPS (1)
|
|
$
|
|
EPS (1)
|
Net Income
|
|
|
$2,587
|
|
|
$0.83
|
|
|
$2,547
|
|
|
$0.86
|
|
|
(2
|
%)
|
|
4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain related to the dissolution of the Texas/Kansas City
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cable Partnership, net of tax (3)
|
|
|
(300
|
)
|
|
(0.09
|
)
|
|
-
|
|
|
-
|
|
|
NM
|
|
|
NM
|
|
Gain related to the dissolution of the Insight Midwest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Partnership, net of tax (4)
|
|
|
-
|
|
|
-
|
|
|
(144
|
)
|
|
(0.05
|
)
|
|
NM
|
|
|
NM
|
|
Favorable income tax adjustments (5)
|
|
|
-
|
|
|
-
|
|
|
(80
|
)
|
|
(0.03
|
)
|
|
NM
|
|
|
NM
|
|
Impairment of the Clearwire investment (2)
|
|
|
-
|
|
|
-
|
|
|
378
|
|
|
0.13
|
|
|
NM
|
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income
|
|
|
$2,287
|
|
|
$0.74
|
|
|
$2,701
|
|
|
$0.91
|
|
|
18
|
%
|
|
23
|
%
|
|
|
|
|
(1)
|
|
Based on diluted average number of common shares for the respective
periods as presented in Table 1.
|
|
|
|
(2)
|
|
2008 Net Income includes a $600 million ($378 million net of tax)
impairment of the Clearwire investment.
|
|
|
|
(3)
|
|
2007 Net Income includes a $500 million ($300 million net of tax)
gain related to the dissolution of the Texas/Kansas City Cable
Partnership.
|
|
|
|
(4)
|
|
2008 Net Income includes a $235 million ($144 million net of tax)
gain related to the dissolution of the Insight Midwest Partnership.
|
|
|
|
(5)
|
|
2008 Net Income includes favorable income tax adjustments related to
the settlement of an uncertain tax position of an acquired entity
and the effect, principally on deferred taxes, of certain state tax
law changes.
|
|
|
|
|
Reconciliation of Pro Forma Cable Operating Cash Flow excluding
Hurricane Impact and Severance Charges (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2007
|
|
2008
|
|
Growth %
|
|
Margin %
|
Cable Operating Cash Flow
|
|
|
$3,196
|
|
$3,415
|
|
6.9
|
%
|
|
41.2
|
%
|
Hurricane Impact
|
|
|
-
|
|
19
|
|
NM
|
|
|
NM
|
|
Severance Charges
|
|
|
-
|
|
63
|
|
NM
|
|
|
NM
|
|
Cable Operating Cash Flow excluding Hurricane Impact
|
|
|
|
|
|
|
|
|
|
|
and Severance Charges
|
|
|
$3,196
|
|
$3,497
|
|
9.4
|
%
|
|
42.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2007
|
|
2008
|
|
Growth %
|
|
Margin %
|
Cable Operating Cash Flow
|
|
|
$12,246
|
|
$13,170
|
|
7.6
|
%
|
|
40.6
|
%
|
Hurricane Impact
|
|
|
-
|
|
39
|
|
NM
|
|
|
NM
|
|
Severance Charges
|
|
|
-
|
|
126
|
|
NM
|
|
|
NM
|
|
Cable Operating Cash Flow excluding Hurricane Impact
|
|
|
|
|
|
|
|
|
|
|
and Severance Charges
|
|
|
$12,246
|
|
$13,335
|
|
8.9
|
%
|
|
41.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Minor differences may exist due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|