Comcast Reports 4th Quarter and Year End 2012 Results

  Comcast Reports 4th Quarter and Year End 2012 Results

2012 Consolidated Revenue Increased 12.0%, Operating Cash Flow Increased 8.8%
                     and Operating Income Increased 13.6%

  2012 Earnings per Share Increased 52.0% to $2.28; Excluding Gains on Asset
          Sales and Other Adjustments, EPS Increased 22.2% to $1.93

                Free Cash Flow Increased 13.3% to $7.9 Billion

         Dividends and Share Repurchases Totaled $4.6 Billion in 2012

   Dividend to Increase 20% to $0.78 per Share on an Annualized Basis; $2.0
              Billion of Comcast Stock to be Repurchased in 2013

Business Wire

PHILADELPHIA -- February 12, 2013

Comcast Corporation (NASDAQ: CMCSA, CMCSK) today reported results for the
quarter and year ended December 31, 2012.

Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation,
said, “I am really pleased to report strong results for the 4th quarter and
the full year of 2012 and delighted that we are able to accelerate the
acquisition of General Electric's 49% common equity interest in NBCUniversal
while also having the financial strength to return capital to shareholders. To
underscore our confidence, we are increasing our dividend by 20% and plan to
repurchase $2 billion of our stock this year. Our businesses have real
momentum and we continue to benefit from our focus on operational excellence
and to leverage all of our content and technology platforms to expand the
entertainment choices we offer consumers. Cable’s fourth quarter and full year
results demonstrate consistent improvement in customer metrics and growth in
every product, led by High-Speed Internet. NBCUniversal’s results principally
highlight the improving performance of our broadcast businesses. Our ongoing
investments in programming, technology and new products are driving innovation
and supporting this strong performance. As we begin 2013, our scale in
distribution and content, combined with our focus on execution and innovation,
provides many opportunities to continue to build value for our shareholders.”


Consolidated Financial Results

            4th Quarter                       Full Year
($ in       2011      2012      Growth    2011*     2012      Growth
millions)
Revenue     $15,042   $15,937   5.9  %    $55,842   $62,570   12.0 %
Operating
Cash Flow   $4,916    $5,277    7.3  %    $18,357   $19,977   8.8  %
(OCF)^1
Operating   $2,918    $3,294    12.9 %    $10,721   $12,179   13.6 %
Income
Earnings
per         $0.47     $0.56     19.1 %    $1.50     $2.28     52.0 %
Share^2
Free Cash     $1,876    $1,832    (2.3 %)     $7,009    $7,939    13.3 %
Flow^3
                                                                               

*Full Year 2011 includes 11 months of NBCUniversal and 6 months of Universal
Orlando results.

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 financial results include NBCUniversal from January 28, 2011 and
100% of Universal Orlando from July 1, 2011.

Revenue for the fourth quarter of 2012 increased 5.9% to $15.9 billion, while
Operating Cash Flow increased 7.3% to $5.3 billion and Operating Income
increased 12.9% to $3.3 billion.

For the year ended December 31, 2012, revenue increased 12.0% to $62.6
billion, while operating cash flow increased 8.8% to $20.0 billion and
operating income increased 13.6% to $12.2 billion.

Earnings per Share (EPS) for the fourth quarter of 2012 was $0.56, a 19.1%
increase from the $0.47 reported in the fourth quarter of 2011. Excluding a
favorable tax adjustment due to recent changes in state tax legislation in
2012, EPS increased 10.6% (see Table 4).

For the year ended December 31, 2012, EPS was $2.28, a 52.0% increase from the
$1.50 reported in the prior year. Excluding non-recurring gains on sales, the
favorable tax adjustment in 2012, and NBCUniversal transaction and related
costs and other non-recurring items in 2011, EPS increased 22.2% (see Table
4).

Free Cash Flow (excluding any impact from the Economic Stimulus packages)
decreased 2.3% to $1.8 billion in the fourth quarter of 2012 compared to the
fourth quarter of 2011, reflecting growth in consolidated operating cash flow,
offset by higher working capital and capital expenditures.

For the year ended December 31, 2012, free cash flow increased 13.3% to $7.9
billion compared to $7.0 billion in 2011, reflecting growth in consolidated
operating cash flow, partially offset by higher taxes and capital
expenditures.

                                                
                 4th Quarter                         Full Year
($ in          2011      2012      Growth    2011*     2012      Growth
millions)
Operating      $4,916    $5,277    7.3%      $18,357   $19,977   8.8%
Cash Flow
Capital        (1,522)   (1,671)   9.8%      (5,307)   (5,714)   7.7%
Expenditures
Cash Paid
for
Capitalized
Software and   (449)     (318)     (29.2%)   (954)     (923)     (3.2%)
Other
Intangible
Assets
Cash
Interest       (632)     (589)     (6.8%)    (2,441)   (2,314)   (5.2%)
Expense
Cash Taxes     (460)     (986)     114.3%    (1,626)   (2,841)   74.7%
Changes in
Operating      118       (164)     NM        (603)     (418)     (30.7%)
Assets and
Liabilities
Other          67        (25)      NM        276       120       (56.5%)
Free Cash
Flow (Incl.
Economic       $2,038    $1,524    (25.2%)   $7,702    $7,887    2.4%
Stimulus
Packages)
Economic
Stimulus       (162)     308       NM        (693)     52        NM
Packages
Free Cash        $1,876    $1,832    (2.3%)      $7,009    $7,939    13.3%
Flow
                                                                             

*Full year 2011 includes 11 months of NBCUniversal and 6 months of Universal
Orlando results.

Note: The definition of Free Cash Flow excludes any impact from the 2008-2012
Economic Stimulus packages. These amounts have been excluded from Free Cash
Flow to provide an appropriate comparison. NM=comparison not meaningful.

Dividends and Share Repurchases. During the fourth quarter of 2012, Comcast
paid dividends totaling $432 million and repurchased 21.1 million of its
common shares for $750 million. For the full year, Comcast repurchased 95.7
million or 3.5% of its common shares for $3.0 billion and made four cash
dividend payments totaling $1.6 billion, resulting in a total return of
capital to shareholders of $4.6 billion for 2012.

Today, Comcast announced that it increased its dividend by 20% to $0.78 per
share on an annualized basis. In accordance with the increase, the Board of
Directors declared a quarterly cash dividend of $0.195 a share on the
company’s common stock, payable on April 24, 2013 to shareholders of record as
of the close of business on April 3, 2013.

In addition, Comcast announced that it plans to repurchase $2.0 billion of its
stock during 2013, subject to market conditions.

Pro Forma Financial Results

Pro forma results are presented as if the NBCUniversal transaction, which
closed on January 28, 2011, and the Universal Orlando transaction, which
closed on July 1, 2011, were effective on January 1, 2010. These results are
based on historical results of operations, adjusted for the effects of
acquisition accounting and eliminating the costs and expenses directly related
to the transaction, and are not necessarily indicative of what the results
would have been had Comcast operated NBCUniversal and Universal Orlando since
January 1, 2010 (see Table 5 for reconciliations of pro forma financial
information).

                                            
              4th Quarter                        Full Year
($ in       2011      2012      Growth   2011      2012      Growth
millions)
Revenue     $15,042   $15,937   5.9  %   $57,661   $62,570   8.5  %
Operating
Cash Flow     $4,916    $5,277    7.3  %     $18,726   $19,977   6.7  %
(OCF)
                                                                              

Consolidated Revenue increased 5.9% in the fourth quarter of 2012 to $15.9
billion compared to $15.0 billion in the fourth quarter of 2011. Consolidated
Operating Cash Flow increased 7.3% to $5.3 billion compared to $4.9 billion in
the fourth quarter of 2011.

For the year ended December 31, 2012, consolidated pro forma revenue increased
8.5% to $62.6 billion compared to $57.7 billion in 2011. Excluding the Super
Bowl in the first quarter and the Olympics in the third quarter of 2012,
consolidated pro forma revenue increased 6.0%. Consolidated pro forma
operating cash flow increased 6.7% to $20.0 billion compared to $18.7 billion
in 2011. Excluding the Olympics, consolidated pro forma operating cash flow
increased 6.0% (see Table 6).

Cable Communications

                                                
                   4th Quarter                       Full Year
($ in            2011     2012      Growth   2011      2012      Growth
millions)
Cable
Communications                                              
Revenue
Video            $4,901   $5,043    2.9%     $19,625   $20,112   2.5%
High-Speed       2,242    2,438     8.7%     8,743     9,544     9.2%
Internet
Voice            882      895       1.4%     3,503     3,557     1.5%
Business         498      660       32.4%    1,791     2,404     34.2%
Services
Advertising      546      652       19.4%    2,005     2,287     14.1%
Other            401      444       11.1%    1,559     1,700     9.1%
Cable
Communications     $9,470   $10,132   7.0%       $37,226   $39,604   6.4%
Revenue
                                                           
Cable
Communications   $3,939   $4,201    6.7%     $15,288   $16,255   6.3%
OCF
OCF Margin         41.6%      41.5%                  41.1%       41.0%
                                                           
Cable
Communications   $1,318   $1,377    4.5%     $4,806    $4,921    2.4%
Capital
Expenditures
Percent of
Cable              13.9%      13.6%                 12.9%       12.4%       
Communications
Revenue
                                                                             

Revenue for Cable Communications increased 7.0% to $10.1 billion in the fourth
quarter of 2012 compared to $9.5 billion in the fourth quarter of 2011, driven
by growth in High-Speed Internet, Business Services and Video. Advertising
revenue increased 19.4%, reflecting higher political advertising in the fourth
quarter of 2012. Monthly average total revenue per Video customer increased
8.7% to $153.54, reflecting an increasing number of residential customers
taking multiple products, rate adjustments and a higher contribution from
Business Services.

For the year ended December 31, 2012, Cable revenue increased 6.4% to $39.6
billion compared to $37.2 billion in 2011, driven by growth in High-Speed
Internet, Business Services, Video and Advertising.

Operating Cash Flow for Cable Communications increased 6.7% to $4.2 billion in
the fourth quarter of 2012 compared to $3.9 billion in the fourth quarter of
2011, reflecting higher revenue, partially offset by increases in video
programming and higher sales and marketing expenses to support growth and
enhance our competitive position in both the residential and commercial
markets. This quarter’s operating cash flow margin was 41.5% compared to 41.6%
in the fourth quarter of 2011.

For the year ended December 31, 2012, Cable operating cash flow increased 6.3%
to $16.3 billion compared to $15.3 billion in 2011, reflecting higher revenue,
partially offset by increases in video programming, marketing expenses and
investment in new growth initiatives. For the year, operating cash flow margin
was 41.0%, compared to 41.1% in 2011.

Capital Expenditures for Cable Communications increased $59 million or 4.5% to
$1.4 billion in the fourth quarter of 2012, primarily reflecting increased
spending on consumer premise equipment, such as advanced digital boxes and
wireless gateways, and the expansion of Business Services and Xfinity Home.

For the year ended December 31, 2012, Cable capital expenditures increased
$115 million or 2.4% to $4.9 billion, primarily reflecting the expansion of
Business Services and the continued investment in our network. For the year,
Cable capital expenditures represented 12.4% of Cable revenue compared to
12.9% in 2011.

Combined Video, High-Speed Internet and Voice Customers increased by 503,000
in the fourth quarter of 2012, an 8.0% increase compared to fourth quarter
2011 net additions. As of December 31, 2012, Video, High-Speed Internet and
Voice customers totaled 51.3 million, a net increase of 1.5 million or 3.0%
over the prior year, reflecting increased High-Speed Internet customer
additions and reduced Video customer losses.

                                  
                 Customers             Net Adds
(in            YE11     YE12     4Q11    4Q12    2011     2012  
thousands)
Video          22,331   21,995   (17 )   (7  )   (459  )   (336  )
Customers
High-Speed
Internet       18,144   19,367   336    341    1,159    1,223 
Customers
Voice          9,342    9,955    146    168    732      613   
Customers
Combined
Video, HSI       49,817   51,317     465     503     1,432     1,500
and Voice
Customers
                                                                             

NBCUniversal

Pro forma NBCUniversal results are presented as if the NBCUniversal
transaction, which closed on January 28, 2011, and the Universal Orlando
transaction, which closed on July 1, 2011, were effective on January 1, 2010.

                                               
                 4th Quarter                       Full Year
($ in
millions)       2011     2012     Growth    2011      2012      Growth
(pro forma)
NBCUniversal                                                       
Revenue
Cable           $2,206   $2,218   0.6%      $8,496    $8,773    3.3%
Networks
Broadcast       1,841    1,986    7.9%      6,399     8,154     27.4%
Television
Filmed          1,267    1,381    9.0%      4,592     5,159     12.4%
Entertainment
Theme Parks     498      520      4.5%      1,989     2,085     4.8%
Headquarters,
Other and       (74)     (91)     (24.7%)   (352)     (359)     (2.1%)
Eliminations
NBCUniversal      $5,738     $6,014     4.8%        $21,124     $23,812     12.7%
Revenue
                                                          
NBCUniversal
OCF
Cable           $923     $890     (3.5%)    $3,337    $3,292    (1.3%)
Networks
Broadcast       (80)     95       NM        123       369       199.2%
Television
Filmed          89       84       (4.7%)    24        79        234.2%
Entertainment
Theme Parks     223      245      9.7%      867       953       9.9%
Headquarters,
Other and       (103)    (142)    (38.7%)   (582)     (586)     (0.6%)
Eliminations
NBCUniversal      $1,052     $1,172     11.4%       $3,769      $4,107      9.0%
OCF
                                                                            

Revenue for NBCUniversal increased 4.8% to $6.0 billion in the fourth quarter
of 2012 compared to $5.7 billion in the fourth quarter of 2011. Operating Cash
Flow increased 11.4% to $1.2 billion compared to $1.1 billion in the fourth
quarter of 2011, driven by strong results at Broadcast Television.

For the year ended December 31, 2012, NBCUniversal pro forma revenue increased
12.7% to $23.8 billion. Excluding $259 million of revenue related to the Super
Bowl in the first quarter and $1.2 billion of revenue generated by the
Olympics in the third quarter of 2012, pro forma revenue increased 5.9% for
2012. Pro forma operating cash flow increased 9.0% to $4.1 billion compared to
2011. Excluding the Olympics, pro forma operating cash flow increased 5.8%
(see Table 6), driven by strong results at Broadcast Television and Theme
Parks, and reflecting solid results at Filmed Entertainment and Cable
Networks.

Cable Networks

For the fourth quarter of 2012, revenue from the Cable Networks segment
increased 0.6% to $2.2 billion compared to the fourth quarter of 2011,
reflecting a 2.5% increase in distribution revenue that was negatively
impacted by the NHL lockout, and a 1.5% decrease in advertising revenue
reflecting the impact of lower ratings, mostly offset by price increases.
Operating cash flow decreased 3.5% to $890 million compared to $923 million in
the fourth quarter of 2011, reflecting higher programming and production
costs, due to our ongoing investment in original programming and higher NBA
programming costs compared to last year’s fourth quarter.

For the year ended December 31, 2012, pro forma revenue from the Cable
Networks segment increased 3.3% to $8.8 billion compared to $8.5 billion in
2011, reflecting a 4.7% increase in distribution revenue and a 2.2% increase
in advertising revenue. Pro forma operating cash flow decreased 1.3% to $3.3
billion compared to 2011, reflecting higher programming and production costs,
due to our ongoing investment in original programming and higher sports
programming costs.

Broadcast Television

For the fourth quarter of 2012, revenue from the Broadcast Television segment
increased 7.9% to $2.0 billion compared to $1.8 billion in the fourth quarter
of 2011, driven by strong primetime ratings at the NBC broadcast network, as
well as higher political advertising at the owned local stations. Operating
cash flow increased $175 million to $95 million compared to a loss of $80
million in the fourth quarter of 2011, primarily reflecting higher revenue and
a slight reduction in programming and production costs.

For the year ended December 31, 2012, pro forma revenue from the Broadcast
Television segment increased 27.4% to $8.2 billion compared to $6.4 billion in
2011, driven by the success of the Super Bowl and the London Olympics.
Excluding the Super Bowl and the Olympics, pro forma revenue increased 4.8%,
reflecting strong primetime ratings at the NBC broadcast network and higher
political advertising at the owned local stations, partially offset by lower
content licensing revenue reflecting a library content agreement signed in
2011. Pro forma operating cash flow increased $246 million to $369 million in
2012 compared to $123 million in 2011. Excluding the Olympics, pro forma
operating cash flow increased $126 million to $249 million compared to $123
million in 2011 (see Table 6), reflecting higher revenue and a slight increase
in programming and production costs.

Filmed Entertainment

For the fourth quarter of 2012, revenue from the Filmed Entertainment segment
increased 9.0% to $1.4 billion compared to $1.3 billion in the fourth quarter
of 2011, driven by higher theatrical revenue from the strong box office
performance of Les Miserables, as well as the releases of Pitch Perfect and
This is 40, higher home entertainment revenue from the strong sales of Ted and
Bourne Legacy, and higher content licensing revenue from a larger slate and
improved digital sales. Operating cash flow decreased 4.7% to $84 million
compared to $89 million in the fourth quarter of 2011, reflecting increased
amortization of film costs and higher marketing expenses ahead of the releases
of Les Miserables and This is 40 late in the quarter.

For the year ended December 31, 2012, pro forma revenue from the Filmed
Entertainment segment increased 12.4% to $5.2 billion compared to $4.6 billion
in 2011, driven by higher theatrical revenue from strong box office
performances of Ted, Dr. Seuss’ The Lorax and Les Miserables. Pro forma
operating cash flow increased to $79 million compared to $24 million in 2011,
primarily reflecting higher revenue from the 2012 film slate, partially offset
by increased amortization of film costs.

Theme Parks

For the fourth quarter of 2012, revenue from the Theme Parks segment increased
4.5% to $520 million compared to $498 million in the fourth quarter of 2011,
driven by higher attendance and per capita spending at the Orlando and
Hollywood parks. Fourth quarter operating cash flow increased 9.7% to $245
million compared to $223 million in the same period last year.

For the year ended December 31, 2012, pro forma revenue from the Theme Parks
segment increased 4.8% to $2.1 billion compared to $2.0 billion in 2011. Pro
forma operating cash flow increased 9.9% to $953 million compared to $867
million in 2011, driven by the continued success of The Wizarding World of
Harry Potter^TM attraction in Orlando and the new Transformers^TM attraction
in Hollywood.

Headquarters, Other and Eliminations

NBCUniversal Headquarters, Other and Eliminations include overhead and
eliminations among the NBCUniversal businesses. For the quarter ended December
31, 2012, NBCUniversal Headquarters, Other and Eliminations operating cash
flow loss was $142 million compared to a loss of $103 million in the fourth
quarter of 2011.

For the year ended December 31, 2012, NBCUniversal Headquarters, Other and
Eliminations operating cash flow loss was $586 million compared to a loss of
$582 million in 2011.

Corporate, Other and Eliminations

Corporate, Other and Eliminations include corporate operations,
Comcast-Spectacor and eliminations among Comcast's businesses. For the quarter
ended December 31, 2012, Corporate, Other and Eliminations revenue was ($209)
million compared to ($166) million in 2011. The operating cash flow loss was
$96 million compared to a loss of $75 million in the fourth quarter of 2011.

For the year ended December 31, 2012, Corporate and Other pro forma revenue
and eliminations were ($846) million compared to ($689) million in 2011. The
pro forma operating cash flow loss was $385 million compared to a loss of $331
million in 2011.

Notes:

    We define Operating Cash Flow as operating income (loss) before
1  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.

    We define Free Cash Flow as Net Cash Provided by Operating Activities (as
    stated in our Consolidated Statement of Cash Flows) reduced by capital
3   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 benefits. We
    do not present Free Cash Flow on a pro forma basis.

    All percentages are calculated on whole numbers. Minor differences may
    exist due to rounding.
    

Conference Call Information

Comcast Corporation will host a conference call with the financial community
tomorrow, February 13, 2013 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 85751942. A replay of the call will be available starting at 12:30
p.m. ET on February 13, 2013, on the Investor Relations website or by
telephone. To access the telephone replay, which will be available until
Wednesday, February 20, 2013 at midnight ET, please dial (855) 859-2056 and
enter the conference ID number 85751942. 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 and entertainment 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       December 31,                  December 31,
data)
                       2011         2012           2011         2012
Revenue                $ 15,042       $ 15,937       $ 55,842       $ 62,570
                                                                             
Programming and          4,670          4,916          16,598         19,929
production
Other operating          4,411          4,650          16,656         17,857
and administrative
Advertising,
marketing and           1,045        1,094        4,231        4,807  
promotion
                        10,126       10,660       37,485       42,593 
                                                                             
Operating cash           4,916          5,277          18,357         19,977
flow
                                                                             
Depreciation             1,536          1,556          6,040          6,150
expense
Amortization            462          427          1,596        1,648  
expense
                        1,998        1,983        7,636        7,798  
Operating income         2,918          3,294          10,721         12,179
                                                                             
Other income
(expense)
Interest expense         (642   )       (623   )       (2,505 )       (2,521 )
Investment income        156            49             159            219
(loss), net
Equity in net
income (losses) of       5              16             (35    )       959
investees, net
Other income            (51    )      (151   )      (133   )      773    
(expense), net
                        (532   )      (709   )      (2,514 )      (570   )
                                                                             
Income before            2,386          2,585          8,207          11,609
income taxes
                                                                             
Income tax expense      (801   )      (778   )      (3,050 )      (3,744 )
                                                                             
Net income               1,585          1,807          5,157          7,865
                                                                             
Net (income) loss
attributable to          (298   )       (289   )       (997   )       (1,662 )
noncontrolling
interests
                                                                  
Net income
attributable to        $ 1,287       $ 1,518       $ 4,160       $ 6,203  
Comcast
Corporation
                                                                             
                                                                             
Diluted earnings
per common share
attributable to        $ 0.47        $ 0.56        $ 1.50        $ 2.28   
Comcast
Corporation
shareholders
                                                                             
                                                                             
Dividends declared
per common share
attributable to        $ 0.1125      $ 0.1625      $ 0.45        $ 0.65   
Comcast
Corporation
shareholders
                                                                             
                                                                             
                                                                             
Diluted
weighted-average        2,741        2,687        2,778        2,717  
number of common
shares
                                                                             
                                                                             
Note: Consolidated financial results include NBCUniversal from January 28,
2011 and 100% of Universal Orlando from July 1, 2011.



TABLE 2
Condensed Consolidated Balance Sheet (Unaudited)



(in millions)                                  December 31,   December 31,
                                                 2011             2012
ASSETS
                                                                      
Current Assets
Cash and cash equivalents                        $   1,620        $   10,951
Investments                                          54               1,464
Receivables, net                                     4,652            5,521
Programming rights                                   987              909
Other current assets                                1,260           1,146
Total current assets                                8,573           19,991
                                                                      
Film and television costs                            5,227            5,054
                                                                      
Investments                                          9,854            6,325
                                                                      
Property and equipment, net                          27,559           27,232
                                                                      
Franchise rights                                     59,376           59,364
                                                                      
Goodwill                                             26,874           26,985
                                                                      
Other intangible assets, net                         18,165           17,840
                                                                      
Other noncurrent assets, net                        2,190           2,180
                                                                      
                                                 $   157,818      $   164,971
                                                                      
LIABILITIES AND EQUITY
                                                                      
Current Liabilities
Accounts payable and accrued expenses            $   5,705        $   6,206
related to trade creditors
Accrued participations and residuals                 1,255            1,350
Deferred revenue                                     790              851
Accrued expenses and other current                   4,124            5,931
liabilities
Current portion of long-term debt                   1,367           2,376
Total current liabilities                           13,241          16,714
                                                                      
Long-term debt, less current portion                 37,942           38,082
                                                                      
Deferred income taxes                                29,932           30,110
                                                                      
Other noncurrent liabilities                         13,034           13,271
                                                                      
Redeemable noncontrolling interests                  16,014           16,998
                                                                      
Equity
Comcast Corporation shareholders' equity             47,274           49,356
Noncontrolling interests                            381             440
Total equity                                        47,655          49,796
                                                                      
                                                 $   157,818      $   164,971
                                                                      


TABLE 3
Consolidated Statement of Cash Flows (Unaudited)



(in millions)                                    Twelve Months Ended
                                                   December 31,
                                                   2011           2012
                                                                             
OPERATING ACTIVITIES
Net income                                         $  5,157         $ 7,865
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization                         7,636           7,798
Amortization of film and television costs             6,787           9,454
Share-based compensation                              344             371
Noncash interest expense (income), net                146             193
Equity in net (income) losses of investees,           35              (959   )
net
Cash received from investees                          311             195
Net (gain) loss on investment activity and            23              (1,062 )
other
Deferred income taxes                                 1,058           139
Changes in operating assets and liabilities,
net of effects of acquisitions and
divestitures:
Change in current and noncurrent                      (427    )       (823   )
receivables, net
Change in film and television costs                   (7,080  )       (9,432 )
Change in accounts payable and accrued                (85     )       366
expenses related to trade creditors
Change in other operating assets and                 440           749    
liabilities
                                                                             
Net cash provided by operating activities            14,345        14,854 
                                                                             
INVESTING ACTIVITIES
Capital expenditures                                  (5,307  )       (5,714 )
Cash paid for intangible assets                       (954    )       (923   )
Acquisitions, net of cash acquired                    (6,407  )       (90    )
Proceeds from sales of businesses and                 277             3,102
investments
Return of capital from investees                      37              2,362
Purchases of investments                              (135    )       (297   )
Other                                                (19     )      74     
                                                                             
Net cash provided by (used in) investing             (12,508 )      (1,486 )
activities
                                                                             
FINANCING ACTIVITIES
Proceeds from (repayments of) short-term              544             (544   )
borrowings, net
Proceeds from borrowings                              -               4,544
Repurchases and repayments of debt                    (3,216  )       (2,881 )
Repurchases and retirements of common stock           (2,141  )       (3,000 )
Dividends paid                                        (1,187  )       (1,608 )
Issuances of common stock                             283             233
Distributions to NBCUniversal noncontrolling          (119    )       (473   )
member
Distributions to other noncontrolling                 (206    )       (218   )
interests
Other                                                (159    )      (90    )
                                                                             
Net cash provided by (used in) financing             (6,201  )      (4,037 )
activities
                                                                             
Increase (decrease) in cash and cash                  (4,364  )       9,331
equivalents
                                                                             
Cash and cash equivalents, beginning of              5,984         1,620  
period
                                                                             
Cash and cash equivalents, end of period           $  1,620        $ 10,951 
                                                                             
Note: Consolidated financial results include NBCUniversal from January 28,
2011 and 100% of Universal Orlando from July 1, 2011.



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)                   2011                     2012         2011                  2012
Operating income                $ 2,918                  $ 3,294      $ 10,721              $ 12,179
Depreciation and                 1,998                  1,983      7,636               7,798  
amortization
Operating income
before depreciation               4,916                    5,277        18,357                19,977
and amortization
Noncash share-based
compensation                      84                       93           344                   371
expense
Changes in
operating assets                 118                    (164   )    (603   )             (418   )
and liabilities
Cash basis                        5,118                    5,206        18,098                19,930
operating income
Payments of                       (632   )                 (589   )     (2,441 )              (2,314 )
interest
Payments of income                (460   )                 (986   )     (1,626 )              (2,841 )
taxes
Proceeds from
investments and                   117                      12           360                   213
other
Excess tax benefits
under share-based                (4     )                (28    )    (46    )             (134   )
compensation
Net Cash Provided
by Operating                    $ 4,139                 $ 3,615     $ 14,345             $ 14,854 
Activities
Capital                           (1,522 )                 (1,671 )     (5,307 )              (5,714 )
expenditures
Cash paid for
capitalized                       (449   )                 (318   )     (954   )              (923   )
software and other
intangible assets
Distributions to
NBCUniversal                      (33    )                 (133   )     (119   )              (473   )
noncontrolling
member
Distributions to
other                             (55    )                 (61    )     (206   )              (218   )
noncontrolling
interests
Nonoperating items               (42    )                92         (57    )             361    
Free Cash Flow
(including economic             $ 2,038                  $ 1,524      $ 7,702               $ 7,887
stimulus packages)
Economic stimulus                (162   )                308        (693   )             52     
packages
Total Free Cash                 $ 1,876                 $ 1,832     $ 7,009              $ 7,939  
Flow
                                                                                                                 
                                                                                                                 
Reconciliation of EPS Excluding Gains Related to Equity Method Investments, Favorable and Unfavorable Income Tax
Adjustments and NBCUniversal Transaction and Related Costs (Unaudited)
                                                                                                                 
                      Three Months Ended                              Twelve Months Ended
                      December 31,                                    December 31,
                                                                                                                 
                      2011                   2012                     2011                    2012
(in millions,
except per share
data)
                      $        EPS ^(1)     $          EPS ^(1)     $           EPS      $           EPS ^(1)
                                                                                   ^(1)
                                                                                                                 
Net income
attributable to       $ 1,287   $ 0.47       $ 1,518     $ 0.56       $ 4,160      $ 1.50   $ 6,203      $ 2.28
Comcast Corporation
Growth %                                       17.9  %     19.1   %                           49.1   %     52.0  %
                                                                                                                 
Equity interest in
SpectrumCo              -         -            -           -            -            -        (543   )     (0.20 )
transaction^(2)
Gain on the sale of
investment in           -         -            -           -            -            -        (319   )     (0.12 )
A&E^(3)
(Favorable)
unfavorable income      -         -            (109  )     (0.04  )     137          0.05     (109   )     (0.03 )
tax adjustments^(4)
Comcast costs
related to the          -         -            -           -            51           0.02     -            -
NBCUniversal
transaction^(5)
NBCUniversal
transaction-related     9         0.00         -           -            29           0.01     -            -
costs^(6)
Net income
attributable to                                                                         
Comcast Corporation
(excluding gains
related to equity
method investments,
favorable and
unfavorable income    $ 1,296  $ 0.47      $ 1,409   $ 0.52      $ 4,377    $ 1.58   $ 5,232    $ 1.93  
tax adjustments and
NBCUniversal
transaction and
related costs)
Growth %                                       8.8   %     10.6   %                           19.5   %     22.2  %
                                                                                                                 

    
(1)   Based on diluted weighted-average number of common shares for the
      respective periods as presented in Table 1.
      
      3rd quarter 2012 net income attributable to Comcast Corporation includes
(2)   $876 million of equity in net income of investees, $543 million net of
      tax, resulting from our share of the gain on SpectrumCo's sale of
      wireless spectrum licenses.
      
      3rd quarter 2012 net income attributable to Comcast Corporation includes
(3)   $1 billion of other income, $319 million net of tax and noncontrolling
      interest, resulting from the sale of the investment in A&E Television
      Networks.
      
      2011 year to date net income attributable to Comcast Corporation
      includes an unfavorable tax adjustment due to changes in state tax
(4)   legislation of $137 million in total. 2012 4th quarter and year to date
      net income attributable to Comcast Corporation include a favorable tax
      adjustment due to changes in state tax legislation of $109 million in
      total.
      
      2011 year to date net income attributable to Comcast Corporation
(5)   includes $63 million of operating costs and expenses and $16 million of
      other expense ($80 million in total, $51 million net of tax) related to
      the NBCUniversal transaction.
      
      4th quarter 2011 net income attributable to Comcast Corporation includes
      $28 million in transaction-related costs, $9 million net of tax and
(6)   noncontrolling interest. 2011 year to date net income attributable to
      Comcast Corporation includes $92 million in transaction-related costs,
      $29 million net of tax and noncontrolling interest.

Note: Consolidated financial results include NBCUniversal from January 28,
2011 and 100% of Universal Orlando from July 1, 2011. Minor differences may
exist due to rounding.


                                                                                                                                              
TABLE 5
Reconciliation of GAAP to Pro Forma^(1) Financial Information (Unaudited)
                                                                                                                                                                   
                                                                                                                                                                   
                                                                                                          Corporate, Other and
              GAAP                                                        NBCUniversal                                                         Total
                                                                                                          Eliminations
                                                                                                                                                                   
                                                                                                                              Pro Forma
(in                                          Corporate,                                                                       Corporate,
millions)
              Cable              Total       Other and                    Pro Forma           Pro         Pro Forma           Other and        Pro Forma           Total
                                                                                              Forma
              Communications     NBCU        Eliminations     Total       Adjustments^(1)     NBCU        Adjustments^(1)     Eliminations     Adjustments^(1)     Pro
                                                                                                                                                                   Forma
Three
Months
Ended
December
31, 2011
                                                                                                                                                                   
Revenue       $9,470             $5,738      ($166    )       $15,042     -                   $5,738      -                   ($166     )      -                   $15,042
                                                                                                                                                                   
Operating
costs and     5,531              4,686       (91      )       10,126      -                   4,686       -                  (91       )      -                   10,126
expenses
^(2)
                                                                                                                                                                   
Operating     $3,939             $1,052      ($75     )       $4,916      -                   $1,052      -                  ($75      )      -                   $4,916
cash flow
                                                                                                                                                                   
                                                                                                                                                                   
Three
Months
Ended
December
31, 2012
                                                                                                                                                                   
Revenue       $10,132            $6,014      ($209    )       $15,937     -                   $6,014      -                   ($209     )      -                   $15,937
                                                                                                                                                                   
Operating
costs and     5,931              4,842       (113     )       10,660      -                   4,842       -                  (113      )      -                   10,660
expenses
^(2)
                                                                                                                                                                   
Operating     $4,201             $1,172      ($96     )       $5,277      -                   $1,172      -                  ($96      )      -                   $5,277
cash flow
                                                                                                                                                                   
                                                                                                                                        
                                                                                                                                                                   
                                                                                                                                                                   
Twelve
Months
Ended
December
31, 2011
                                                                                                                                                                   
Revenue       $37,226            $19,260     ($644    )       $55,842     $1,864              $21,124     ($45      )         ($689     )      $1,819              $57,661
                                                                                                                                                                   
Operating
costs and     21,938             15,798      (251     )       37,485      1,557               17,355      (107      )         (358      )      1,450               38,935
expenses
^(2)
                                                                                                                                                                   
Operating     $15,288            $3,462      ($393    )       $18,357     $307                $3,769      $62                ($331     )      $369                $18,726
cash flow
                                                                                                                                                                   
Twelve
Months
Ended
December
31, 2012
                                                                                                                                                                   
Revenue       $39,604            $23,812     ($846    )       $62,570     -                   $23,812     -                   ($846     )      -                   $62,570
                                                                                                                                                                   
Operating
costs and     23,349             19,705      (461     )       42,593      -                   19,705      -                  (461      )      -                   42,593
expenses
^(2)
                                                                                                                                                                   
Operating     $16,255            $4,107      ($385    )       $19,977     -                   $4,107      -                  ($385     )      -                   $19,977
cash flow
                                                                                                                                                                   

    
      Pro Forma information is presented as if the NBCUniversal transaction
      and the acquisition of the remaining 50% interest of Universal Orlando
      occurred January 1, 2010. Pro forma data does not include adjustments
(1)   for costs related to integration activities, cost savings or synergies
      that have been or may be achieved by the combined businesses. Pro forma
      amounts are not necessarily indicative of what our results would have
      been had we operated the NBCUniversal contributed businesses or
      Universal Orlando since January 1, 2010, nor of our future results.
      
(2)   Operating costs and expenses represents total costs and expenses
      excluding depreciation and amortization.
      


TABLE 6
Reconciliation of Consolidated Pro Forma Revenue Excluding 2012 Olympics and
Super Bowl and Operating Cash Flow Excluding 2012 Olympics (Unaudited)
                                                                  
            Three Months Ended               Twelve Months Ended
            December 31,                     December 31,
                                                                               
(in         2011         2012       Growth   2011       2012             Growth
millions)                           %                                    %
                                                                               
Revenue     $ 15,042     $ 15,937   5.9  %   $ 57,661   $ 62,570         8.5   %
                                                                               
2012          -            -                   -          (1,188 )
Olympics
Super        -          -                  -         (259   )
Bowl
                                                                               
Revenue
excluding
2012        $ 15,042    $ 15,937   5.9  %   $ 57,661   $ 61,123        6.0   %
Olympics
and Super
Bowl
                                                                               
                                                                               
            2011         2012       Growth   2011       2012             Growth
                                    %                                    %
                                                                               
Operating   $ 4,916      $ 5,277    7.3  %   $ 18,726   $ 19,977         6.7   %
Cash Flow
                                                                               
2012          -            -                   -          (120   )^(1) 
Olympics
                                                        
Operating
Cash Flow
excluding   $ 4,916     $ 5,277    7.3  %   $ 18,726   $ 19,857        6.0   %
2012
Olympics
                                                                               
Reconciliation of Consolidated Pro Forma NBCUniversal Revenue Excluding 2012
Olympics and Super Bowl and Operating Cash Flow Excluding 2012 Olympics
(Unaudited)
                                                                               
            Three Months Ended               Twelve Months Ended
            December 31,                     December 31,
                                                                               
(in         2011         2012       Growth   2011       2012             Growth
millions)                           %                                    %
                                                                               
Revenue     $ 5,738      $ 6,014    4.8  %   $ 21,124   $ 23,812         12.7  %
                                                                               
2012          -            -                   -          (1,188 )
Olympics
Super        -          -                  -         (259   )
Bowl
                                                                               
Revenue
excluding
2012        $ 5,738     $ 6,014    4.8  %   $ 21,124   $ 22,365        5.9   %
Olympics
and Super
Bowl
                                                                               
                                                                               
                                                                               
            2011         2012       Growth   2011       2012             Growth
                                    %                                    %
                                                                               
Operating   $ 1,052      $ 1,172    11.4 %   $ 3,769    $ 4,107          9.0   %
Cash Flow
                                                                               
2012         -          -                  -         (120   )^(1) 
Olympics
                                                                               
Operating
Cash Flow
excluding   $ 1,052     $ 1,172    11.4 %   $ 3,769    $ 3,987         5.8   %
2012
Olympics
                                                                               
Reconciliation of Pro Forma Broadcast Television Revenue Excluding 2012 Olympics
and Super Bowl and Operating Cash Flow Excluding 2012 Olympics (Unaudited)
                                                                               
            Three Months Ended               Twelve Months Ended
            December 31,                     December 31,
                                                                               
(in         2011         2012       Growth   2011       2012             Growth
millions)                           %                                    %
                                                                               
Revenue     $ 1,841      $ 1,986    7.9  %   $ 6,399    $ 8,154          27.4  %
                                                                               
2012          -            -                   -          (1,188 )
Olympics
Super        -          -                  -         (259   )
Bowl
                                                                               
Revenue
excluding
2012        $ 1,841     $ 1,986    7.9  %   $ 6,399    $ 6,707         4.8   %
Olympics
and Super
Bowl
                                                                               
                                                                               
            2011         2012       Growth   2011       2012             Growth
                                    %                                    %
                                                                               
Operating     ($80   )   $ 95       NM       $ 123      $ 369            199.2 %
Cash Flow
                                                                               
2012         -          -                  -         (120   )^(1) 
Olympics
                                                                               
Operating
Cash Flow
excluding    ($80   )   $ 95       NM       $ 123      $ 249           101.8 %
2012
Olympics


    
      Reflects the settlement of a $237 million liability associated with the
(1)   unfavorable Olympics contract recorded through the application of
      acquisition accounting in 2011.
      
Note: Minor differences may exist due to rounding.


Contact:

Comcast Corporation
Investor Contacts:
Marlene S. Dooner, 215-286-7392
Jane B. Kearns, 215-286-4794
Press Contacts:
D’Arcy Rudnay, 215-286-8582
John Demming, 215-286-8011