Comcast Reports Second Quarter 2009 Results
August 6, 2009 - Financial Tables

Comcast Corporation

TABLE 1
Condensed Consolidated Statement of Operations (Unaudited)
Three Months Ended Six Months Ended
(in millions, except per share data) June 30, June 30,
2008 2009 2008 2009
Revenue $ 8,553 $ 8,938 $ 16,942 $ 17,773
Operating expenses 3,334 3,545 6,695 7,110
Selling, general and administrative expenses 1,868 1,858 3,722 3,684
5,202 5,403 10,417 10,794
Operating cash flow 3,351 3,535 6,525 6,979
Depreciation expense 1,371 1,406 2,761 2,786
Amortization expense 230 254 459 507
1,601 1,660 3,220 3,293
Operating income 1,750 1,875 3,305 3,686
Other income (expense)
Interest expense (618 ) (551 ) (1,239 ) (1,121 )
Investment income (loss), net (70 ) 57 9 70
Equity in net income (losses) of affiliates, net (4 ) (13 ) (39 ) (27 )
Other income (expense) 16 12 284 11
(676 ) (495 ) (985 ) (1,067 )
Income before income taxes 1,074 1,380 2,320 2,619
Income tax expense (455 ) (424 ) (963 ) (885 )
Net income from consolidated operations 619 956 1,357 1,734
Net (income) loss attributable to noncontrolling interests 13 11 7 5
Net income attributable to Comcast Corporation $ 632 $ 967 $ 1,364 $ 1,739
Diluted earnings per common share attributable to Comcast Corporation stockholders $ 0.21 $ 0.33 $ 0.46 $ 0.60

Adjusted earnings per common share attributable to Comcast Corporation stockholders (1)

$ 0.21 $ 0.33 $ 0.41 $ 0.60
Dividends declared per common share attributable to Comcast Corporation stockholders $ 0.06 $ 0.07 $ 0.13 $ 0.14
Diluted weighted-average number of common shares 2,970 2,891 2,995 2,893
(1)

Please refer to Table 4 for a reconciliation of adjusted net income and earnings per share attributable to Comcast Corporation stockholders.

Comcast Corporation

TABLE 2
Condensed Consolidated Balance Sheet (Unaudited)
(in millions) December 31, June 30,
2008 2009
ASSETS
Current Assets
Cash and cash equivalents $ 1,195 $ 3,989
Investments 59 62
Accounts receivable, net 1,626 1,677
Other current assets 836 809
Total current assets 3,716 6,537
Investments 4,783 5,190
Property and equipment, net 24,444 23,715
Franchise rights 59,449 59,446
Goodwill 14,889 14,928
Other intangible assets, net 4,558 4,297
Other noncurrent assets, net 1,178 1,124
$ 113,017 $ 115,237
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses related to trade creditors $ 3,393 $ 3,070
Accrued expenses and other current liabilities 3,268 3,320
Current portion of long-term debt 2,278 4,167
Total current liabilities 8,939 10,557
Long-term debt, less current portion 30,178 28,870
Deferred income taxes 26,982 27,394
Other noncurrent liabilities 6,171 6,435
Redeemable noncontrolling interests 171 167
Equity
Comcast Corporation stockholders' equity 40,450 41,733
Noncontrolling interests 126 81
Total Equity 40,576 41,814
$ 113,017 $ 115,237

Comcast Corporation

TABLE 3
Consolidated Statement of Cash Flows (Unaudited)
(in millions) Six Months Ended
June 30,
2008 2009
OPERATING ACTIVITIES
Net income from consolidated operations $ 1,357 $ 1,734
Adjustments to reconcile net income from consolidated operations to net cash provided by operating activities:
Depreciation 2,761 2,786
Amortization 459 507
Share-based compensation 123 121
Noncash interest expense (income), net 132 81
Equity in net losses (income) of affiliates, net 39 27
(Gains) losses on investments and noncash other (income) expense, net (234 ) (23 )
Deferred income taxes 403 394
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Change in accounts receivable, net (7 ) (49 )
Change in accounts payable and accrued expenses related to trade creditors (69 ) (112 )
Change in other operating assets and liabilities (36 ) (353 )
Net cash provided by operating activities 4,928 5,113
FINANCING ACTIVITIES
Proceeds from borrowings 2,009 2,522
Repurchases and repayments of debt (831 ) (1,767 )
Repurchases of common stock (1,979 ) (108 )
Dividends paid (185 ) (375 )
Issuances of common stock 42 1
Other (135 ) (22 )
Net cash provided by (used in) financing activities (1,079 ) 251
INVESTING ACTIVITIES
Capital expenditures (2,731 ) (2,281 )
Cash paid for software and other intangible assets (245 ) (241 )
Acquisitions, net of cash acquired (331 ) (27 )
Proceeds from sales of investments 320 16
Purchases of investments (41 ) (67 )
Other (17 ) 30
Net cash provided by (used in) investing activities (3,045 ) (2,570 )
Increase (decrease) in cash and cash equivalents 804 2,794
Cash and cash equivalents, beginning of period 963 1,195
Cash and cash equivalents, end of period $ 1,767 $ 3,989

Comcast Corporation

TABLE 4
Reconciliation of Net Income attributable to Comcast Corporation to Adjusted Net Income attributable to Comcast Corporation (Unaudited)
Three Months Ended
June 30,
2009 vs. 2008
2008 2009 Growth (%)
(in millions, except per share data)
$ EPS (1) $ EPS (1) $

EPS (1)

Net Income attributable to Comcast Corporation $ 632 $ 0.21 $ 967 $ 0.33 53% 57%
Adjusted Net Income attributable to Comcast Corporation $ 632 $ 0.21 $ 967 $ 0.33 53% 57%
Six Months Ended
June 30,
2009 vs. 2008
2008 2009 Growth (%)
$ EPS (1) $ EPS (1) $ EPS (1)
Net Income attributable to Comcast Corporation $ 1,364 $ 0.46 $ 1,739 $ 0.60 27% 30%
Adjustments:

Gain related to the dissolution of the Insight Midwest Partnership, net of tax(2)

(144 ) (0.05 ) - - NM NM
Adjusted Net Income attributable to Comcast Corporation $ 1,220 $ 0.41 $ 1,739 $ 0.60 42% 46%
(1) Based on diluted average number of common shares for the respective periods as presented in Table 1.
(2) 2008 Net Income attributable to Comcast Corporation includes a $235 million ($144 million net of tax) gain related to the dissolution of the Insight Midwest Partnership.
Note: Minor differences may exist due to rounding.