[February 24, 2015] |
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Comcast Reports 4th Quarter and Year End 2014 Results
Comcast Corporation (NASDAQ: CMCSA, CMCSK) today reported results for
the quarter and year ended December 31, 2014.
Brian L. Roberts, Chairman and Chief Executive Officer of Comcast
Corporation, said, "2014 was a great year financially, operationally,
and strategically for Comcast NBCUniversal. We continued to execute
incredibly well as we accelerated our innovation, launched new products,
and brought amazing films, shows and theme park attractions to
consumers. Cable's results, driven by High-Speed Internet and Business
Services, demonstrate our focus on driving profitable growth and
technology innovations, including our transformative X1 platform. This
is bearing fruit in our operating performance, as we added 358,000
customer relationships, while video subscriber trends were the best in 7
years and in broadband we added over 1 million subscribers for the ninth
year in a row. NBCUniversal also had a standout performance in 2014,
with 18% growth in operating cash flow, driven by a successful Sochi
Olympics, continued momentum at NBC Broadcast, the successful opening of The
Wizarding World of Harry Potter™ - Diagon Alley™ in
Orlando, and strong box office performance from Universal Pictures. We
enter 2015 with great momentum and significant opportunities ahead, and
we look forward to receiving regulatory approval for the Time Warner
Cable merger. Underscoring our confidence in the continued success of
our company, we are increasing our dividend to $1.00 per share on an
annualized basis, marking the seventh consecutive annual increase, and
plan to repurchase at least $4.25 billion of our stock this year."
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Consolidated Financial Results
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4th Quarter
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Full Year
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($ in millions)
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2013
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2014
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Growth
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2013
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2014
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Growth
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Revenue
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$16,926
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$17,732
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4.8%
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$64,657
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$68,775
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6.4%
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Excluding Olympics
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$64,657
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$67,672
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4.7%
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Operating Cash Flow1
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$5,645
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$5,877
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4.1%
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$21,434
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$22,923
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6.9%
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Excluding Transaction-Related Costs, Olympics & Pension Costs
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$5,645
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$5,976
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5.9%
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$21,508
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$23,055
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7.2%
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Operating Income
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$3,647
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$3,787
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3.8%
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$13,563
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$14,904
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9.9%
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Earnings per Share2
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$0.72
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$0.74
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2.8%
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$2.56
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$3.20
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25.0%
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Excluding Adjustments (see Table 4)
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$0.66
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$0.77
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16.7%
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$2.47
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$2.93
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18.6%
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Free Cash Flow3
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$1,435
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$1,694
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18.0%
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$8,489
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$8,167
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(3.8%)
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For additional detail on segment revenue and expenses, customer metrics,
capital expenditures, and free cash flow, please refer to the trending
schedules on Comcast's Investor Relations website at www.cmcsa.com
or www.cmcsk.com.
Consolidated Revenue for the fourth quarter of 2014
increased 4.8% to $17.7 billion. Consolidated Operating
Cash Flow increased 4.1% to $5.9 billion. Excluding $99 million
of Time Warner Cable and Charter transaction-related costs in the fourth
quarter of 2014, consolidated operating cash flow increased 5.9% (See
Table 5). Consolidated Operating Income
increased 3.8% to $3.8 billion.
For the year ended December 31, 2014, consolidated revenue increased
6.4% to $68.8 billion. Excluding $1.1 billion of revenue generated by
the Sochi Olympics in the first quarter of 2014, consolidated revenue
increased 4.7%. Consolidated operating cash flow increased 6.9% to $22.9
billion. Excluding $105 million of operating cash flow generated by the
Olympics in the first quarter of 2014, $237 million of
transaction-related costs in 2014, and pension termination costs in the
third quarter of 2013, consolidated operating cash flow increased 7.2%
(See Table 5). Consolidated operating income increased 9.9% to $14.9
billion.
Earnings per Share (EPS) for the fourth quarter of 2014
was $0.74, a 2.8% increase from the $0.72 reported in the fourth quarter
of 2013. Excluding transaction-related costs in the fourth quarter of
2014, as well as income tax adjustments in the fourth quarter of 2013,
EPS increased 16.7% to $0.77 (see Table 4).
EPS for the year ended December 31, 2014 was $3.20, a 25.0% increase
from the $2.56 reported in the prior year. Excluding the impact from
income tax adjustments in 2013 and 2014, gains on the sales of
investments, a resolution of a prior acquisition contingency and
transaction-related costs in 2014, as well as a gain on the sale of
wireless spectrum licenses in the first quarter of 2013, EPS increased
18.6% to $2.93 (see Table 4).
Capital Expenditures increased 11.0% to $2.2 billion in
the fourth quarter of 2014 compared to the fourth quarter of 2013. Cable
Communications' capital expenditures increased $235 million, or 14.3%,
to $1.9 billion in the fourth quarter of 2014, primarily reflecting our
ongoing investment in network infrastructure to increase capacity and
higher spending on customer premise equipment related to the deployment
of the X1 platform. Cable capital expenditures represented 16.5%
of Cable revenue in the fourth quarter of 2014 compared to 15.4% in last
year's fourth quarter. NBCUniversal's capital expenditures decreased $16
million, or 4.3%, to $337 million in the fourth quarter of 2014,
primarily reflecting decreased investments in facilities, partially
offset by increased spending at Theme Parks.
For the year ended December 31, 2014, capital expenditures increased
12.5% to $7.4 billion compared to the prior year. Cable Communications'
capital expenditures increased $751 million, or 13.9%, to $6.2 billion,
primarily reflecting increased spending related to the deployment of the
X1 platform, as well as continued investment in our network. For the
year, Cable capital expenditures represented 13.9% of Cable revenue
compared to 12.9% in 2013. NBCUniversal's capital expenditures increased
$61 million, or 5.3%, to $1.2 billion in 2014, primarily reflecting
increased investments in Theme Parks.
Free Cash Flow increased 18.0% to $1.7 billion in the
fourth quarter of 2014 compared to $1.4 billion in the fourth quarter of
2013, reflecting improvements in working capital and growth in
consolidated operating cash flow, partially offset by increased capital
expenditures and cash taxes on operating items.
Free cash flow for the year ended December 31, 2014 decreased 3.8% to
$8.2 billion compared to $8.5 billion in 2013, reflecting increased
capital expenditures and cash taxes on operating items, as well as
increased working capital, mainly driven by higher film and TV
production spend, partially offset by growth in consolidated operating
cash flow.
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4th Quarter
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Full Year
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($ in millions)
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2013
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2014
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Growth
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2013
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2014
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Growth
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Operating Cash Flow
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$5,645
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$5,877
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4.1%
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$21,434
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$22,923
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6.9%
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Capital Expenditures
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(2,003)
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(2,224)
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11.0%
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(6,596)
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(7,420)
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12.5%
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Cash Paid for Capitalized Software and Other Intangible Assets
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(315)
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(387)
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22.9%
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(1,009)
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(1,122)
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11.2%
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Cash Interest Expense
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(587)
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(569)
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(3.1%)
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(2,355)
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(2,389)
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1.4%
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Cash Taxes on Operating Items
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(914)
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(1,105)
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20.9%
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(3,499)
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(3,801)
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8.6%
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Changes in Operating Assets and Liabilities
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(490)
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(14)
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97.1%
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93
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(507)
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NM
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Noncash Share-Based Compensation
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107
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127
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18.7%
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419
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513
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22.4%
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Distributions to Noncontrolling Interests and Dividends for
Redeemable Subsidiary Preferred Stock
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(51)
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(50)
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(2.0%)
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(215)
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(220)
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2.3%
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Other
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43
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39
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(9.3%)
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217
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190
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(12.4%)
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Free Cash Flow3
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$1,435
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$1,694
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18.0%
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$8,489
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$8,167
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(3.8%)
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NM=comparison not meaningful.
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Dividends and Share Repurchases. During the fourth quarter
of 2014, Comcast paid dividends totaling $580 million and repurchased
36.8 million of its common shares for $2.0 billion. For the full year,
Comcast repurchased 80.6 million of its common shares for $4.25 billion
and made four cash dividend payments totaling $2.3 billion, resulting in
a total return of capital to shareholders of $6.5 billion for 2014.
Today, Comcast announced that its Board of Directors has increased its
stock repurchase program authorization to $10.0 billion. At this time,
Comcast plans to repurchase $4.25 billion during 2015, subject to market
conditions. Additional stock repurchases will be determined after the
closing of the Time Warner Cable merger and the subsequent divestiture
transactions.
In addition, Comcast announced that it increased its dividend by 11.1%
to $1.00 per share on an annualized basis. In accordance with the
increase, the Board of Directors declared a quarterly cash dividend of
$0.25 a share on the company's common stock, payable on April 22, 2015
to shareholders of record as of the close of business on April 1, 2015.
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Cable Communications
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4th Quarter
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Full Year
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($ in millions)
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2013
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2014
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Growth
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2013
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2014
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Growth
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Cable Communications Revenue
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Video
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$5,120
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$5,187
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1.3%
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$20,535
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$20,783
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1.2%
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High-Speed Internet
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2,650
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2,912
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9.9%
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10,334
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11,321
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9.5%
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Voice
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928
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916
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(1.4%)
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3,657
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3,671
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0.4%
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Business Services
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876
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1,058
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20.8%
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3,241
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3,951
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21.9%
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Advertising
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602
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717
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18.9%
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2,189
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2,442
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11.5%
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Other
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485
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523
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8.3%
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1,880
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1,972
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4.9%
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Cable Communications Revenue
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$10,661
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$11,313
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6.1%
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$41,836
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$44,140
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5.5%
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Cable Communications Operating Cash Flow
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$4,405
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$4,684
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6.3%
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$17,205
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$18,112
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5.3%
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Operating Cash Flow Margin
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41.3%
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41.4%
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41.1%
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41.0%
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Cable Communications Capital Expenditures
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$1,637
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$1,872
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14.3%
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$5,403
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$6,154
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13.9%
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Percent of Cable Communications Revenue
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15.4%
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16.5%
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12.9%
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13.9%
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Revenue for Cable Communications increased 6.1% to $11.3
billion in the fourth quarter of 2014 compared to $10.7 billion in the
fourth quarter of 2013, driven by increases of 9.9% in high-speed
Internet and 20.8% in business services. Advertising revenue increased
18.9%, reflecting higher political advertising in the fourth quarter of
2014. The increase in Cable revenue reflects increased customer
relationships (see below), customers receiving higher levels of service,
customers taking additional services, as well as rate adjustments.
For the year ended December 31, 2014, Cable revenue increased 5.5% to
$44.1 billion compared to $41.8 billion in 2013, driven by growth in
high-speed Internet, business services and advertising.
Customer relationships increased by 178,000 to 27.0 million
during the fourth quarter of 2014, a 47% improvement compared to
an increase of 121,000 in the fourth quarter of 2013. At the end of the
fourth quarter, our triple product customers increased to 37% of our
total customer relationships compared to 35% in the fourth quarter of
2013. In addition, video, high-speed Internet and voice customers
increased in the fourth quarter of 2014.
For the year ended December 31, 2014, customer relationships increased
by 358,000, a 67% improvement compared to net additions of 215,000 in
2013. Video customer net losses improved year-over-year and were the
best result in seven years. High-speed Internet customer net additions
of 1.3 million marked the ninth consecutive year of more than one
million net additions. Voice net additions slowed, reflecting X1
availability that was more focused on triple play customers last year,
making for a difficult comparison.
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Customers
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Net Additions
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Billable Customers Method4 (in thousands)
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YE13
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YE14
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4Q13
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4Q14
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2013
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2014
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Video Customers
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22,577
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22,383
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46
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6
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(267)
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(194)
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High-Speed Internet Customers
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20,685
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21,962
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379
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375
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1,296
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|
1,277
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Voice Customers
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10,723
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11,193
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|
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|
227
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123
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|
768
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|
470
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Single Product Customers
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8,752
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8,409
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(168)
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(35)
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(593)
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(343)
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Double Product Customers
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8,541
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8,750
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50
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100
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34
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|
|
209
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Triple Product Customers
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9,384
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9,876
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240
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|
114
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|
|
774
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|
|
492
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Customer Relationships
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26,677
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|
|
27,035
|
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|
|
121
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|
178
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|
|
215
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|
|
358
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Operating Cash Flow for Cable Communications increased
6.3% to $4.7 billion in the fourth quarter of 2014 compared to $4.4
billion in the fourth quarter of 2013, reflecting higher revenue,
partially offset by a 6.0% increase in operating expenses primarily
related to higher video programming costs. This quarter's operating cash
flow margin was 41.4% compared to 41.3% in the fourth quarter of 2013.
For the year ended December 31, 2014, Cable operating cash flow
increased 5.3% to $18.1 billion compared to $17.2 billion in 2013,
driven by higher revenue, partially offset by a 5.7% increase in
operating expenses primarily related to a 7.8% increase in video
programming costs. For the year, operating cash flow margin was 41.0%
compared to 41.1% in the prior year.
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NBCUniversal
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4th Quarter
|
|
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Full Year
|
($ in millions)
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|
|
2013
|
|
|
2014
|
|
|
Growth
|
|
|
2013
|
|
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2014
|
|
|
Growth
|
|
|
Excluding
Olympics
|
NBCUniversal Revenue
|
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Cable Networks
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$2,324
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|
|
$2,327
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0.1%
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$9,201
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|
|
$9,563
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3.9%
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1.1%
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Broadcast Television
|
|
|
2,227
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|
|
2,335
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4.8%
|
|
|
7,120
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|
|
8,542
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|
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20.0%
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|
|
8.1%
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Filmed Entertainment
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|
|
1,448
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|
1,295
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(10.6%)
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5,452
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|
|
5,008
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(8.2%)
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Theme Parks
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566
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|
735
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29.9%
|
|
|
2,235
|
|
|
2,623
|
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|
17.3%
|
|
|
|
Headquarters, Other and Eliminations
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|
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(101)
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(77)
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NM
|
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|
(358)
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|
|
(308)
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NM
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NBCUniversal Revenue
|
|
|
$6,464
|
|
|
$6,615
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|
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2.3%
|
|
|
$23,650
|
|
|
$25,428
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|
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7.5%
|
|
|
2.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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NBCUniversal Operating Cash Flow
|
|
|
|
|
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|
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|
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|
|
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Cable Networks
|
|
|
$929
|
|
|
$912
|
|
|
(1.8%)
|
|
|
$3,501
|
|
|
$3,589
|
|
|
2.5%
|
|
|
2.2%
|
Broadcast Television
|
|
|
140
|
|
|
230
|
|
|
64.0%
|
|
|
345
|
|
|
734
|
|
|
112.5%
|
|
|
78.6%
|
Filmed Entertainment
|
|
|
192
|
|
|
77
|
|
|
(59.6%)
|
|
|
483
|
|
|
711
|
|
|
47.3%
|
|
|
|
Theme Parks
|
|
|
257
|
|
|
352
|
|
|
37.6%
|
|
|
1,004
|
|
|
1,168
|
|
|
16.4%
|
|
|
|
Headquarters, Other and Eliminations
|
|
|
(180)
|
|
|
(144)
|
|
|
NM
|
|
|
(601)
|
|
|
(614)
|
|
|
NM
|
|
|
|
NBCUniversal Operating Cash Flow
|
|
|
$1,338
|
|
|
$1,427
|
|
|
6.6%
|
|
|
$4,732
|
|
|
$5,588
|
|
|
18.1%
|
|
|
15.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue for NBCUniversal increased 2.3% to $6.6 billion in
the fourth quarter of 2014 compared to $6.5 billion in the fourth
quarter of 2013, as revenue growth in Theme Parks and Broadcast
Television was partially offset by lower Filmed Entertainment revenue
driven by a year-over-year decline in home entertainment revenue. Operating
Cash Flow increased 6.6% to $1.4 billion compared to $1.3
billion in the fourth quarter of 2013, driven by strong results at Theme
Parks and Broadcast Television.
For the year ended December 31, 2014, NBCUniversal revenue increased
7.5% to $25.4 billion compared to $23.7 billion in 2013. Excluding $1.1
billion of revenue generated by the Sochi Olympics in the first quarter
of 2014, revenue increased 2.9%. Operating cash flow increased 18.1% to
$5.6 billion compared to $4.7 billion in 2013. Excluding $130 million of
operating cash flow generated by the Olympics, operating cash flow
increased 15.3%, reflecting solid results at each business segment (see
Table 5).
Cable Networks
For the fourth quarter of 2014, revenue from the Cable Networks segment
was stable at $2.3 billion and operating cash flow decreased 1.8% to
$912 million compared to the fourth quarter of 2013. These results
reflect a 5.6% decline in advertising revenue along with a slight
increase in operating costs driven by investment in programming, which
more than offset a 4.6% increase in distribution revenue.
For the year ended December 31, 2014, revenue from the Cable Networks
segment increased 3.9% to $9.6 billion compared to $9.2 billion in 2013.
Excluding $257 million of revenue generated by the 2014 Sochi Olympics,
revenue increased 1.1%, reflecting a 4.6% increase in distribution
revenue, partially offset by a 3.5% decrease in advertising revenue.
Operating cash flow increased 2.5% to $3.6 billion compared to $3.5
billion in 2013. Excluding the Olympics, operating cash flow increased
2.2%, reflecting higher revenue and flat operating costs, even as we
continue to invest in programming (see Table 5).
Broadcast Television
For the fourth quarter of 2014, revenue from the Broadcast Television
segment increased 4.8% to $2.3 billion compared to $2.2 billion in the
fourth quarter of 2013, driven by a 3.1% increase in advertising
revenue, as well as higher retransmission consent fees. Operating cash
flow increased 64.0% to $230 million compared to $140 million in the
fourth quarter of 2013, reflecting higher revenue, which more than
offset a slight increase in operating costs and expenses.
For the year ended December 31, 2014, revenue from the Broadcast
Television segment increased 20.0% to $8.5 billion compared to $7.1
billion in 2013. Excluding $846 million of revenue generated by the 2014
Sochi Olympics, revenue increased 8.1%, reflecting higher advertising
revenue and retransmission consent fees. Operating cash flow increased
$389 million to $734 million compared to $345 million in 2013. Excluding
the Olympics, operating cash flow increased $272 million, or 78.6%,
reflecting higher revenue and a modest increase in operating costs and
expenses (see Table 5).
Filmed Entertainment
For the fourth quarter of 2014, revenue from the Filmed Entertainment
segment decreased 10.6% to $1.3 billion compared to $1.4 billion in the
fourth quarter of 2013, reflecting a decline in home entertainment
revenue primarily due to the strong performance of Despicable Me 2 in
the fourth quarter of 2013. Operating cash flow decreased $115 million
to $77 million compared to $192 million in the fourth quarter of 2013,
reflecting lower revenue, partially offset by a decrease in the
amortization of film costs.
For the year ended December 31, 2014, revenue from the Filmed
Entertainment segment decreased 8.2% to $5.0 billion compared to $5.5
billion in 2013, reflecting lower theatrical and home entertainment
revenue, primarily due to the strong performances of Despicable Me 2 and
Fast and Furious 6 in 2013. Operating cash flow increased $228
million to $711 million compared to $483 million in 2013, as lower
revenues were more than offset by a decrease in the amortization of film
costs and reduced advertising, marketing and promotion expense due to a
reduced film slate.
Theme Parks
For the fourth quarter of 2014, revenue from the Theme Parks segment
increased 29.9% to $735 million compared to $566 million in the fourth
quarter of 2013, reflecting higher guest attendance and per capita
spending, driven by the continued success of Orlando's The Wizarding
World of Harry Potter™ - Diagon Alley™, as
well as Halloween Horror Nights at the Orlando and Hollywood
parks. Fourth quarter operating cash flow increased 37.6% to $352
million compared to $257 million in the same period last year,
reflecting higher revenue, partially offset by an increase in operating
costs to support the new attractions.
For the year ended December 31, 2014, revenue from the Theme Parks
segment increased 17.3% to $2.6 billion compared to $2.2 billion in
2013. Operating cash flow increased 16.4% to $1.2 billion compared to
$1.0 billion in 2013, driven by The Wizarding World of Harry Potter™
- Diagon Alley™ and Despicable Me attractions.
Headquarters, Other and Eliminations
NBCUniversal Headquarters, Other and Eliminations include overhead and
eliminations among the NBCUniversal businesses. For the quarter ended
December 31, 2014, NBCUniversal Headquarters, Other and Eliminations
operating cash flow loss was $144 million compared to a loss of $180
million in the fourth quarter of 2013, reflecting lower employee-related
costs.
For the year ended December 31, 2014, NBCUniversal Headquarters, Other
and Eliminations operating cash flow loss was $614 million compared to a
loss of $601 million in 2013.
|
Corporate, Other and Eliminations
|
|
Corporate, Other and Eliminations primarily include corporate
operations, Comcast-Spectacor and eliminations among Comcast's
businesses. For the quarter ended December 31, 2014, Corporate,
Other and Eliminations revenue was ($196) million compared to ($199)
million in 2013. The operating cash flow loss was $234 million,
including $99 million of costs related to the Time Warner Cable and
Charter transactions, compared to a loss of $98 million in the
fourth quarter of 2013.
|
|
For the year ended December 31, 2014, Corporate, Other and
Eliminations revenue was ($793) million compared to ($829) million
in 2013. The operating cash flow loss was $777 million, including
$25 million of costs associated with the Olympics and $237 million
of transaction-related costs, compared to a loss of $503 million in
2013, which included $74 million of costs associated with the
termination of a pension plan.
|
|
Notes:
|
1
|
|
We define Operating Cash Flow as operating income (loss) before
depreciation and amortization, excluding impairment charges related
to fixed and intangible assets and gains or losses on the sale of
assets, if any.
|
|
|
|
2
|
|
Earnings per share amounts are presented on a diluted basis.
|
|
|
|
3
|
|
We define Free Cash Flow as Net Cash Provided by Operating
Activities (as stated in our Consolidated Statement of Cash Flows)
reduced by capital expenditures, cash paid for intangible assets and
cash distributions to noncontrolling interests; and adjusted for any
payments and receipts related to certain nonoperating items, net of
estimated tax effects. The definition of Free Cash Flow excludes any
impact from Economic Stimulus packages. These amounts have been
excluded from Free Cash Flow to provide an appropriate comparison.
|
|
|
|
4
|
|
Beginning in 2014, our Cable Communications segment revised its
methodology for counting customers related to how we count and
report customers who reside in multiple dwelling units ("MDUs") that
are billed under bulk contracts (the "Billable Customers Method").
For MDUs whose residents have the ability to receive additional
cable services, such as additional programming choices or our HD or
DVR services, we now count and report customers based on the number
of potential billable relationships within each MDU. For MDUs whose
residents are not able to receive additional cable services, the MDU
is now counted as a single customer. Previously, we had counted and
reported these customers on an equivalent billing unit basis by
dividing monthly revenue received under an MDU's bulk contract by
the standard monthly residential rate where the MDU was located (the
"EBU Method"). Video customer metrics for 2013 are now presented on
the Billable Customers Method to provide an appropriate comparison.
For high-speed Internet and voice customers, the differences in the
customer metrics using the Billable Customers Method and the EBU
Method were not material and 2013 data has not been adjusted.
|
|
|
|
|
|
All percentages are calculated on whole numbers. Minor differences
may exist due to rounding.
|
Conference Call and Other Information
Comcast Corporation will host a conference call with the financial
community today, February 24, 2015 at 8:30 a.m. Eastern Time (ET). The
conference call and related materials will be broadcast live and posted
on its Investor Relations website at www.cmcsa.com
or www.cmcsk.com.
Those parties interested in participating via telephone should dial
(800) 263-8495 with the conference ID number 61829285. A replay of the
call will be available starting at 12:30 p.m. ET on February 24, 2015,
on the Investor Relations website or by telephone. To access the
telephone replay, which will be available until Tuesday, March 3, 2015
at midnight ET, please dial (855) 859-2056 and enter the conference ID
number 61829285.
From time to time, we post information that may be of interest to
investors on our website at www.cmcsa.com
or www.cmcsk.com
and on our corporate blog, www.corporate.comcast.com/comcast-voices.
To automatically receive Comcast financial news by email, please visit www.cmcsa.com
or www.cmcsk.com
and subscribe to email alerts.
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements. Readers are
cautioned that such forward-looking statements involve risks and
uncertainties that could cause actual events or our actual results to
differ materially from those expressed in any such forward-looking
statements. Readers are directed to Comcast's periodic and other reports
filed with the Securities and Exchange Commission (SEC) for a
description of such risks and uncertainties. We undertake no obligation
to update any forward-looking statements.
Non-GAAP Financial Measures
In this discussion, we sometimes refer to financial measures that are
not presented according to generally accepted accounting principles in
the U.S. (GAAP). Certain of these measures are considered "non-GAAP
financial measures" under the SEC regulations; those rules require the
supplemental explanations and reconciliations that are in Comcast's Form
8-K (Quarterly Earnings Release) furnished to the SEC.
About Comcast Corporation
Comcast Corporation (Nasdaq: CMCSA, CMCSK) is a global media and
technology company with two primary businesses, Comcast Cable and
NBCUniversal. Comcast Cable is the nation's largest video, high-speed
Internet and phone provider to residential customers under the XFINITY
brand and also provides these services to businesses. NBCUniversal
operates 30 news, entertainment and sports cable networks, the NBC and
Telemundo broadcast networks, television production operations,
television station groups, Universal Pictures and Universal Parks and
Resorts. Visit www.comcastcorporation.com
for more information.
|
TABLE 1
|
Condensed Consolidated Statement of Income (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
(in millions, except per share data)
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
Revenue
|
|
|
$16,926
|
|
|
|
$17,732
|
|
|
|
$64,657
|
|
|
|
$68,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Programming and production
|
|
|
5,252
|
|
|
|
5,358
|
|
|
|
19,670
|
|
|
|
20,912
|
|
Other operating and administrative
|
|
|
4,797
|
|
|
|
5,167
|
|
|
|
18,584
|
|
|
|
19,862
|
|
Advertising, marketing and promotion
|
|
|
1,232
|
|
|
|
1,330
|
|
|
|
4,969
|
|
|
|
5,078
|
|
|
|
|
11,281
|
|
|
|
11,855
|
|
|
|
43,223
|
|
|
|
45,852
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating cash flow
|
|
|
5,645
|
|
|
|
5,877
|
|
|
|
21,434
|
|
|
|
22,923
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense
|
|
|
1,585
|
|
|
|
1,630
|
|
|
|
6,254
|
|
|
|
6,337
|
|
Amortization expense
|
|
|
413
|
|
|
|
460
|
|
|
|
1,617
|
|
|
|
1,682
|
|
|
|
|
1,998
|
|
|
|
2,090
|
|
|
|
7,871
|
|
|
|
8,019
|
|
Operating income
|
|
|
3,647
|
|
|
|
3,787
|
|
|
|
13,563
|
|
|
|
14,904
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(646
|
)
|
|
|
(664
|
)
|
|
|
(2,574
|
)
|
|
|
(2,617
|
)
|
Investment income (loss), net
|
|
|
27
|
|
|
|
42
|
|
|
|
576
|
|
|
|
296
|
|
Equity in net income (losses) of investees, net
|
|
|
10
|
|
|
|
10
|
|
|
|
(86
|
)
|
|
|
97
|
|
Other income (expense), net
|
|
|
(84
|
)
|
|
|
(65
|
)
|
|
|
(364
|
)
|
|
|
(215
|
)
|
|
|
|
(693
|
)
|
|
|
(677
|
)
|
|
|
(2,448
|
)
|
|
|
(2,439
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
2,954
|
|
|
|
3,110
|
|
|
|
11,115
|
|
|
|
12,465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
(986
|
)
|
|
|
(1,114
|
)
|
|
|
(3,980
|
)
|
|
|
(3,873
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
1,968
|
|
|
|
1,996
|
|
|
|
7,135
|
|
|
|
8,592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (income) loss attributable to noncontrolling interests and
redeemable subsidiary preferred stock
|
|
|
(55
|
)
|
|
|
(71
|
)
|
|
|
(319
|
)
|
|
|
(212
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Comcast Corporation
|
|
|
$1,913
|
|
|
|
$1,925
|
|
|
|
$6,816
|
|
|
|
$8,380
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share attributable to Comcast
Corporation shareholders
|
|
|
$0.72
|
|
|
|
$0.74
|
|
|
|
$2.56
|
|
|
|
$3.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share attributable to Comcast
Corporation shareholders
|
|
|
$0.195
|
|
|
|
$0.225
|
|
|
|
$0.78
|
|
|
|
$0.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted-average number of common shares
|
|
|
2,652
|
|
|
|
2,590
|
|
|
|
2,665
|
|
|
|
2,620
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 2
|
Condensed Consolidated Balance Sheet (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2013
|
|
|
2014
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$1,718
|
|
|
$3,910
|
Investments
|
|
|
3,573
|
|
|
602
|
Receivables, net
|
|
|
6,376
|
|
|
6,321
|
Programming rights
|
|
|
928
|
|
|
839
|
Other current assets
|
|
|
1,480
|
|
|
1,859
|
Total current assets
|
|
|
14,075
|
|
|
13,531
|
|
|
|
|
|
|
|
Film and television costs
|
|
|
4,994
|
|
|
5,727
|
|
|
|
|
|
|
|
Investments
|
|
|
3,770
|
|
|
3,135
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
29,840
|
|
|
30,953
|
|
|
|
|
|
|
|
Franchise rights
|
|
|
59,364
|
|
|
59,364
|
|
|
|
|
|
|
|
Goodwill
|
|
|
27,098
|
|
|
27,316
|
|
|
|
|
|
|
|
Other intangible assets, net
|
|
|
17,329
|
|
|
16,980
|
|
|
|
|
|
|
|
Other noncurrent assets, net
|
|
|
2,343
|
|
|
2,333
|
|
|
|
|
|
|
|
|
|
|
$158,813
|
|
|
$159,339
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
Accounts payable and accrued expenses related to trade creditors
|
|
|
$5,528
|
|
|
$5,638
|
Accrued participations and residuals
|
|
|
1,239
|
|
|
1,347
|
Deferred revenue
|
|
|
898
|
|
|
915
|
Accrued expenses and other current liabilities
|
|
|
7,967
|
|
|
5,293
|
Current portion of long-term debt
|
|
|
3,280
|
|
|
4,217
|
Total current liabilities
|
|
|
18,912
|
|
|
17,410
|
|
|
|
|
|
|
|
Long-term debt, less current portion
|
|
|
44,567
|
|
|
44,017
|
|
|
|
|
|
|
|
Deferred income taxes
|
|
|
31,935
|
|
|
32,959
|
|
|
|
|
|
|
|
Other noncurrent liabilities
|
|
|
11,384
|
|
|
10,819
|
|
|
|
|
|
|
|
Redeemable noncontrolling interests and redeemable subsidiary
preferred stock
|
|
|
957
|
|
|
1,066
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Comcast Corporation shareholders' equity
|
|
|
50,694
|
|
|
52,711
|
Noncontrolling interests
|
|
|
364
|
|
|
357
|
Total equity
|
|
|
51,058
|
|
|
53,068
|
|
|
|
|
|
|
|
|
|
|
$158,813
|
|
|
$159,339
|
|
|
|
|
|
|
|
|
TABLE 3
|
Consolidated Statement of Cash Flows (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
Twelve Months Ended
|
|
|
|
December 31,
|
|
|
|
2013
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$7,135
|
|
|
|
$8,592
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
7,871
|
|
|
|
8,019
|
|
Share-based compensation
|
|
|
419
|
|
|
|
513
|
|
Noncash interest expense (income), net
|
|
|
167
|
|
|
|
180
|
|
Equity in net (income) losses of investees, net
|
|
|
86
|
|
|
|
(97
|
)
|
Cash received from investees
|
|
|
120
|
|
|
|
104
|
|
Net (gain) loss on investment activity and other
|
|
|
(169
|
)
|
|
|
4
|
|
Deferred income taxes
|
|
|
16
|
|
|
|
1,165
|
|
Changes in operating assets and liabilities, net of effects of
acquisitions and divestitures:
|
|
|
|
|
|
|
|
|
Current and noncurrent receivables, net
|
|
|
(721
|
)
|
|
|
(33
|
)
|
Film and television costs, net
|
|
|
44
|
|
|
|
(562
|
)
|
Accounts payable and accrued expenses related to trade creditors
|
|
|
(667
|
)
|
|
|
153
|
|
Other operating assets and liabilities
|
|
|
(141
|
)
|
|
|
(1,093
|
)
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
14,160
|
|
|
|
16,945
|
|
|
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
(6,596
|
)
|
|
|
(7,420
|
)
|
Cash paid for intangible assets
|
|
|
(1,009
|
)
|
|
|
(1,122
|
)
|
Acquisitions and construction of real estate properties
|
|
|
(1,904
|
)
|
|
|
(43
|
)
|
Acquisitions, net of cash acquired
|
|
|
(99
|
)
|
|
|
(477
|
)
|
Proceeds from sales of businesses and investments
|
|
|
1,083
|
|
|
|
666
|
|
Return of capital from investees
|
|
|
149
|
|
|
|
25
|
|
Purchases of investments
|
|
|
(1,223
|
)
|
|
|
(191
|
)
|
Other
|
|
|
85
|
|
|
|
(171
|
)
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities
|
|
|
(9,514
|
)
|
|
|
(8,733
|
)
|
|
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
Proceeds from (repayments of) short-term borrowings, net
|
|
|
1,345
|
|
|
|
(504
|
)
|
Proceeds from borrowings
|
|
|
2,933
|
|
|
|
4,182
|
|
Repurchases and repayments of debt
|
|
|
(2,444
|
)
|
|
|
(3,175
|
)
|
Repurchases and retirements of common stock
|
|
|
(2,000
|
)
|
|
|
(4,251
|
)
|
Dividends paid
|
|
|
(1,964
|
)
|
|
|
(2,254
|
)
|
Issuances of common stock
|
|
|
40
|
|
|
|
35
|
|
Purchase of NBCUniversal noncontrolling common equity interest
|
|
|
(10,761
|
)
|
|
|
-
|
|
Distributions to noncontrolling interests and dividends for
redeemable subsidiary preferred stock
|
|
|
(215
|
)
|
|
|
(220
|
)
|
Settlement of Station Venture liability
|
|
|
(602
|
)
|
|
|
-
|
|
Other
|
|
|
(211
|
)
|
|
|
167
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities
|
|
|
(13,879
|
)
|
|
|
(6,020
|
)
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
(9,233
|
)
|
|
|
2,192
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, beginning of period
|
|
|
10,951
|
|
|
|
1,718
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of period
|
|
|
$1,718
|
|
|
|
$3,910
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 4
|
Supplemental Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alternate Presentation of Net Cash Provided by Operating
Activities and Free Cash Flow (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
December 31,
|
|
|
December 31,
|
(in millions)
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
Operating income
|
|
|
$3,647
|
|
|
|
$3,787
|
|
|
|
$13,563
|
|
|
|
$14,904
|
|
Depreciation and amortization
|
|
|
1,998
|
|
|
|
2,090
|
|
|
|
7,871
|
|
|
|
8,019
|
|
Operating income before depreciation and amortization
|
|
|
5,645
|
|
|
|
5,877
|
|
|
|
21,434
|
|
|
|
22,923
|
|
Noncash share-based compensation expense
|
|
|
107
|
|
|
|
127
|
|
|
|
419
|
|
|
|
513
|
|
Termination of receivables monetization programs(1)
|
|
|
(1,442
|
)
|
|
|
-
|
|
|
|
(1,442)
|
|
|
|
-
|
|
Changes in operating assets and liabilities
|
|
|
(490
|
)
|
|
|
(14
|
)
|
|
|
93
|
|
|
|
(357)
|
|
Cash basis operating income
|
|
|
3,820
|
|
|
|
5,990
|
|
|
|
20,504
|
|
|
|
23,079
|
|
Payments of interest
|
|
|
(587
|
)
|
|
|
(569
|
)
|
|
|
(2,355)
|
|
|
|
(2,389)
|
|
Payments of income taxes
|
|
|
(766
|
)
|
|
|
(790
|
)
|
|
|
(3,946)
|
|
|
|
(3,668)
|
|
Excess tax benefits under share-based compensation
|
|
|
(29
|
)
|
|
|
(27
|
)
|
|
|
(205)
|
|
|
|
(267)
|
|
Other
|
|
|
43
|
|
|
|
39
|
|
|
|
162
|
|
|
|
190
|
|
Net Cash Provided by Operating Activities
|
|
|
$2,481
|
|
|
|
$4,643
|
|
|
|
$14,160
|
|
|
|
$16,945
|
|
Capital expenditures
|
|
|
(2,003
|
)
|
|
|
(2,224
|
)
|
|
|
(6,596)
|
|
|
|
(7,420)
|
|
Cash paid for capitalized software and other intangible assets
|
|
|
(315
|
)
|
|
|
(387
|
)
|
|
|
(1,009)
|
|
|
|
(1,122)
|
|
Distributions to noncontrolling interests and dividends for
redeemable subsidiary preferred stock
|
|
|
(51
|
)
|
|
|
(50
|
)
|
|
|
(215)
|
|
|
|
(220)
|
|
Nonoperating items(1)
|
|
|
1,323
|
|
|
|
(288
|
)
|
|
|
2,149
|
|
|
|
(16)
|
|
Total Free Cash Flow
|
|
|
$1,435
|
|
|
|
$1,694
|
|
|
|
$8,489
|
|
|
|
$8,167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of EPS Excluding Favorable Income Tax Adjustments,
Gains on Sales, Acquisition-Related Items, Pension Termination Costs
and Losses on Investments (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
(in millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
|
|
EPS (2)
|
|
|
$
|
|
|
EPS (2)
|
|
|
$
|
|
|
EPS (2)
|
|
|
$
|
|
|
EPS (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Comcast Corporation
|
|
|
$1,913
|
|
|
|
$0.72
|
|
|
|
$1,925
|
|
|
$0.74
|
|
|
|
$6,816
|
|
|
|
$2.56
|
|
|
|
$8,380
|
|
|
|
$3.20
|
|
Growth %
|
|
|
|
|
|
|
|
|
|
|
0.6%
|
|
|
2.8%
|
|
|
|
|
|
|
|
|
|
|
|
22.9%
|
|
|
|
25.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Favorable income tax adjustments(3)
|
|
|
(158
|
)
|
|
|
(0.06
|
)
|
|
|
-
|
|
|
-
|
|
|
|
(158
|
)
|
|
|
(0.06
|
)
|
|
|
(724
|
)
|
|
|
(0.28
|
)
|
Gains on sales of investments(4)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
(279
|
)
|
|
|
(0.11
|
)
|
|
|
(97
|
)
|
|
|
(0.04
|
)
|
Favorable resolution of a contingency of an acquired company(5)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(27
|
)
|
|
|
(0.01
|
)
|
Costs related to Time Warner Cable and Charter transactions(6)
|
|
|
-
|
|
|
|
-
|
|
|
|
63
|
|
|
0.03
|
|
|
|
-
|
|
|
|
-
|
|
|
|
149
|
|
|
|
0.06
|
|
Gain on sale of wireless spectrum licenses(7)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
(67
|
)
|
|
|
(0.03
|
)
|
|
|
-
|
|
|
|
-
|
|
Pension termination costs(8)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
46
|
|
|
|
0.02
|
|
|
|
-
|
|
|
|
-
|
|
Losses on investments(9)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
234
|
|
|
|
0.09
|
|
|
|
-
|
|
|
|
-
|
|
Net income attributable to Comcast Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(excluding favorable income tax adjustments, gains on sales,
acquisition-related items, pension termination costs and losses on
investments)
|
|
|
$1,755
|
|
|
|
$0.66
|
|
|
|
$1,988
|
|
|
$0.77
|
|
|
|
$6,592
|
|
|
|
$2.47
|
|
|
|
$7,681
|
|
|
|
$2.93
|
|
Growth %
|
|
|
|
|
|
|
|
|
|
|
13.2%
|
|
|
16.7%
|
|
|
|
|
|
|
|
|
|
|
|
16.5%
|
|
|
|
18.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
Nonoperating items include adjustments for cash taxes paid related
to certain investing and financing transactions, to reflect cash
taxes paid in the year of the related taxable income and to exclude
the impacts of Economic Stimulus packages. Net cash provided by
operating activities for 2014 includes a $150 million increase in
July 2014 resulting from a change in our credit card payment
processes that resulted in the acceleration of the recognition of
cash receipts in Cable Communications. Net cash provided by
operating activities for 2013 includes $1.4 billion of cash payments
associated with the termination in December 2013 of NBCUniversal's
receivables monetization programs. For free cash flow purposes, we
consider the acceleration to be nonrecurring in nature and the
termination to be similar to a financing transaction and therefore,
we excluded these amounts from free cash flow as nonoperating items.
|
|
|
|
|
(2)
|
|
|
Based on diluted weighted-average number of common shares for the
respective periods as presented in Table 1.
|
|
|
|
|
(3)
|
|
|
2014 year to date net income attributable to Comcast Corporation
includes $724 million of favorable income tax adjustments resulting
from adjustments of uncertain tax positions. 4th quarter 2013 net
income attributable to Comcast Corporation includes $158 million of
favorable income tax adjustments resulting from the exchange
transaction with Liberty Media Corporation.
|
|
|
|
|
(4)
|
|
|
2014 year to date net income attributable to Comcast Corporation
includes $154 million of investment income, $97 million net of tax,
resulting from sales of investments. 2013 year to date net income
attributable to Comcast Corporation includes $443 million of
investment income, $279 million net of tax, resulting from the sale
of the investment in Clearwire.
|
|
|
|
|
(5)
|
|
|
2014 year to date net income attributable to Comcast Corporation
includes $27 million of other income, resulting from the favorable
resolution of a contingency related to the AT&T Broadband
transaction.
|
|
|
|
|
(6)
|
|
|
4th quarter 2014 net income attributable to Comcast Corporation
includes $99 million of operating costs and expenses, $63 million
net of tax, related to the Time Warner Cable and Charter
transactions. 2014 year to date net income attributable to Comcast
Corporation includes $237 million of operating costs and expenses,
$149 million net of tax, related to the Time Warner Cable and
Charter transactions.
|
|
|
|
|
(7)
|
|
|
2013 year to date net income attributable to Comcast Corporation
includes $108 million of other income, $67 million net of tax,
resulting from a gain on the sale of wireless spectrum licenses.
|
|
|
|
|
(8)
|
|
|
2013 year to date net income attributable to Comcast Corporation
includes $74 million of other operating and administrative expenses,
$46 million net of tax, resulting from the termination of a pension
plan.
|
|
|
|
|
(9)
|
|
|
2013 year to date net income attributable to Comcast Corporation
includes $371 million of expense ($236 million of other expense and
$135 million of equity in net losses of investees), $234 million net
of tax, resulting from losses on investments.
|
|
|
|
|
Note: Minor differences may exist due
to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 5
|
Reconciliation of Consolidated Revenue Excluding 2014 Olympics
and Operating Cash Flow Excluding Costs Related to Time Warner Cable
and Charter Transactions, 2014 Olympics and Pension Termination
Costs (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
2013
|
|
|
2014
|
|
|
Growth %
|
|
|
2013
|
|
|
2014
|
|
|
Growth %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$16,926
|
|
|
|
$17,732
|
|
|
|
4.8
|
%
|
|
|
$64,657
|
|
|
|
$68,775
|
|
|
|
6.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 Olympics
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
(1,103
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue excluding 2014 Olympics
|
|
|
$16,926
|
|
|
|
$17,732
|
|
|
|
4.8
|
%
|
|
|
$64,657
|
|
|
|
$67,672
|
|
|
|
4.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
2014
|
|
|
Growth %
|
|
|
2013
|
|
|
2014
|
|
|
Growth %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Cash Flow
|
|
|
$5,645
|
|
|
|
$5,877
|
|
|
|
4.1
|
%
|
|
|
$21,434
|
|
|
|
$22,923
|
|
|
|
6.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs related to Time Warner Cable and Charter transactions
|
|
|
-
|
|
|
|
99
|
|
|
|
|
|
|
|
-
|
|
|
|
237
|
|
|
|
|
|
2014 Olympics
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
(105
|
)
|
|
|
|
|
Pension termination costs
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
74
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Cash Flow excluding costs related to Time Warner Cable and
Charter transactions, 2014 Olympics and pension termination costs
|
|
|
$5,645
|
|
|
|
$5,976
|
|
|
|
5.9
|
%
|
|
|
$21,508
|
|
|
|
$23,055
|
|
|
|
7.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Consolidated NBCUniversal Revenue and Operating
Cash Flow Excluding 2014 Olympics (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
2013
|
|
|
2014
|
|
|
Growth %
|
|
|
2013
|
|
|
2014
|
|
|
Growth %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$6,464
|
|
|
|
$6,615
|
|
|
|
2.3
|
%
|
|
|
$23,650
|
|
|
|
$25,428
|
|
|
|
7.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 Olympics
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
(1,103
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue excluding 2014 Olympics
|
|
|
$6,464
|
|
|
|
$6,615
|
|
|
|
2.3
|
%
|
|
|
$23,650
|
|
|
|
$24,325
|
|
|
|
2.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
2014
|
|
|
Growth %
|
|
|
2013
|
|
|
2014
|
|
|
Growth %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Cash Flow
|
|
|
$1,338
|
|
|
|
$1,427
|
|
|
|
6.6
|
%
|
|
|
$4,732
|
|
|
|
$5,588
|
|
|
|
18.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 Olympics
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
(130
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Cash Flow excluding 2014 Olympics
|
|
|
$1,338
|
|
|
|
$1,427
|
|
|
|
6.6
|
%
|
|
|
$4,732
|
|
|
|
$5,458
|
|
|
|
15.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Cable Networks Revenue and Operating Cash Flow
Excluding 2014 Olympics (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
2013
|
|
|
2014
|
|
|
Growth %
|
|
|
2013
|
|
|
2014
|
|
|
Growth %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$2,324
|
|
|
|
$2,327
|
|
|
|
0.1
|
%
|
|
|
$9,201
|
|
|
|
$9,563
|
|
|
|
3.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 Olympics
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
(257
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue excluding 2014 Olympics
|
|
|
$2,324
|
|
|
|
$2,327
|
|
|
|
0.1
|
%
|
|
|
$9,201
|
|
|
|
$9,306
|
|
|
|
1.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
2014
|
|
|
Growth %
|
|
|
2013
|
|
|
2014
|
|
|
Growth %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Cash Flow
|
|
|
$929
|
|
|
|
$912
|
|
|
|
(1.8
|
%)
|
|
|
$3,501
|
|
|
|
$3,589
|
|
|
|
2.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 Olympics
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
(13
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Cash Flow excluding 2014 Olympics
|
|
|
$929
|
|
|
|
$912
|
|
|
|
(1.8
|
%)
|
|
|
$3,501
|
|
|
|
$3,576
|
|
|
|
2.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Broadcast Television Revenue and Operating Cash
Flow Excluding 2014 Olympics (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
2013
|
|
|
2014
|
|
|
Growth %
|
|
|
2013
|
|
|
2014
|
|
|
Growth %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$2,227
|
|
|
|
$2,335
|
|
|
|
4.8
|
%
|
|
|
$7,120
|
|
|
|
$8,542
|
|
|
|
20.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 Olympics
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
(846
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue excluding 2014 Olympics
|
|
|
$2,227
|
|
|
|
$2,335
|
|
|
|
4.8
|
%
|
|
|
$7,120
|
|
|
|
$7,696
|
|
|
|
8.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
2014
|
|
|
Growth %
|
|
|
2013
|
|
|
2014
|
|
|
Growth %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Cash Flow
|
|
|
$140
|
|
|
|
$230
|
|
|
|
64.0
|
%
|
|
|
$345
|
|
|
|
$734
|
|
|
|
112.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 Olympics
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
(117
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Cash Flow excluding 2014 Olympics
|
|
|
$140
|
|
|
|
$230
|
|
|
|
64.0
|
%
|
|
|
$345
|
|
|
|
$617
|
|
|
|
78.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Corporate, Other and Eliminations Operating
Cash Flow Excluding Costs Related to Time Warner Cable and Charter
Transactions, 2014 Olympics and Pension Termination Costs (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
2014
|
|
|
Growth %
|
|
|
2013
|
|
|
2014
|
|
|
Growth %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Cash Flow
|
|
|
($98
|
)
|
|
|
($234
|
)
|
|
|
(137.7
|
%)
|
|
|
($503
|
)
|
|
|
($777
|
)
|
|
|
(54.4
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs related to Time Warner Cable and Charter transactions
|
|
|
-
|
|
|
|
99
|
|
|
|
|
|
|
|
-
|
|
|
|
237
|
|
|
|
|
|
2014 Olympics
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
25
|
|
|
|
|
|
Pension termination costs
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
74
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Cash Flow excluding costs related to Time Warner Cable and
Charter transactions, 2014 Olympics and pension termination costs
|
|
|
($98
|
)
|
|
|
($135
|
)
|
|
|
(36.4
|
%)
|
|
|
($429
|
)
|
|
|
($515
|
)
|
|
|
(19.8
|
%)
|
|
|
|
|
|
|
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|
|
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|
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|
|
|
Note: Minor differences
may exist due to rounding.
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|
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