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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) of the
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 3, 2005
COMCAST CORPORATION
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Pennsylvania 000-50093 27-0000798
--------------- ---------------- -------------------
(State or other (Commission file (IRS employer
jurisdiction of number) identification no.)
incorporation)
1500 Market Street, Philadelphia, PA 19102-2148
---------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (215) 665-1700
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Item 2.02. Results of Operations and Financial Condition
On February 3, 2005, Comcast Corporation ("Comcast") issued a press
release reporting the results of its operations for the three and twelve months
ended December 31, 2004. The press release is attached hereto as Exhibit 99.1.
Comcast does not intend for this Item 2.02 or Exhibit 99.1 to be treated as
"filed" under the Securities Exchange Act of 1934, as amended, or incorporated
by reference into its filings under the Securities Act of 1933, as amended.
Item 9.01. Exhibits
Exhibit 99.1 Comcast Corporation press release dated February 3, 2005.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Dated: February 3, 2005 COMCAST CORPORATION
By: /s/ Lawrence J. Salva
----------------------------------------
Lawrence J. Salva
Senior Vice President,
Chief Accounting Officer and Controller
(Principal Accounting Officer)
Exhibit 99.1
COMCAST REPORTS FOURTH QUARTER AND YEAR END 2004 RESULTS
Comcast Reports Record Number of High-Speed Internet Subscriber Additions in
2004; Adds 1.7 Million New Customers to End 2004 with 7 Million Subscribers
Cable Revenue Increased 10.4% to $19.321 Billion and
Cable Operating Cash Flow Increased 17.6% to $7.473 Billion in 2004
Consolidated Operating Income in 2004 Increased 48.8% to $2.908 Billion
***
Expect Strong Growth to Continue in 2005
PHILADELPHIA, Feb. 3 -- Comcast Corporation (Nasdaq: CMCSA, CMCSK) today
reported results for the quarter and year ended December 31, 2004. Comcast will
discuss its 2004 results and 2005 outlook on a conference call and webcast today
at 8:30 AM Eastern Time. A live broadcast of the conference call will be
available on the investor relations website at http://www.cmcsa.com and
http://www.cmcsk.com.
Brian L. Roberts, Chairman and CEO of Comcast Corporation said, "We are
delighted to report terrific results for 2004 that include surpassing $20
billion in revenue for the first time in our history. Cable division revenue
increased more than 10% to $19.3 billion, and cable Operating Cash Flow
increased nearly 18% to $7.5 billion. We generated nearly $2 billion of Free
Cash Flow, made strategic investments to drive product differentiation and
growth, and returned $1.3 billion to shareholders through our stock buyback
program. As we begin 2005, we are well positioned for sustained growth."
"Our 2004 results demonstrate clear consumer demand for all of our new
product offerings, led by Comcast High-Speed Internet that added a record 1.7
million new customers in 2004. We expect robust customer additions to continue
in 2005 as we maintain our focus on adding new applications and value to this
service."
"More than 8.6 million, or 40%, of our subscribers now subscribe to Comcast
Digital Cable, enjoying new digital features like ON DEMAND, HDTV programming
and DVR functionality. Our ON DEMAND service is taking off - our customers
ordered more than 560 million ON DEMAND programs during 2004 and we expect to
exceed one billion orders in 2005. With features like ON DEMAND now widely
available to our customers, 2005 promises to be another great year for our video
services."
"It is an exciting time at Comcast as we drive product innovation and
differentiation in every area of our business. In 2004, we made several
strategic investments in new technologies and content to strengthen our
competitive advantage. I am thrilled with the way our talented team is enhancing
our services, including our extensive and rapidly-growing ON DEMAND offering,
our expanding portfolio of regional sports programming and our industry-leading
Comcast.net portal. These features distinguish our video and high-speed Internet
products and will contribute to our growth."
"In 2005, we will extend our product offerings even further with the
introduction of Comcast Digital Voice. As we begin to integrate this new service
with Comcast's video and High-Speed Internet services, our goal is to build a
unique experience for our customers, to differentiate our products and our
company from the competition, and to deliver growth and increasing value to our
shareholders."
Comcast Cable Results
Cable results are presented on a pro forma basis. Pro forma cable results
adjust only for significant acquisitions and dispositions and are presented as
if the acquisitions and dispositions were effective on January 1, 2003. Please
refer to Table 7-A for a reconciliation of pro forma data.
Fiscal Year 2004
Comcast Cable delivered solid results for 2004:
Guidance Results
------------------------------- -------------------
Revenue growth Approximately 10% 10.4%
Operating Cash Flow Approximately $7.5 billion or $7.473 billion or
18% growth 17.6% growth
Basic subscribers Remain unchanged at 21.5 million 21.548 million
Digital subscribers Approximately 1 million 990,000 net
net additions additions
High-speed Internet 1.6 to 1.7 million 1.707 million net
subscribers net additions additions
Cable phone subscribers Decline by up to 100,000 Decline by 44,000
Capital expenditures $3.3 - $3.4 billion $3.622 billion
For the year ended December 31, 2004, Comcast Cable reported revenue of
$19.321 billion, a 10.4% increase from the same period in 2003. Video revenue
increased 6.5% during the period, reflecting the addition of 990,000 new digital
cable subscribers and price increases to our video service. Growth in video
revenue and digital subscribers also reflects increasing consumer demand for new
digital features, including Comcast ON DEMAND, high-definition television (HDTV)
programming and digital video recorders (DVRs). With more than 8.6 million
subscribers, digital cable penetration reached 40.2% at December 31, 2004, an
increase from the 35.6% penetration reported one year ago. During 2004,
pay-per-view revenues increased nearly 21% to $393 million, driven by more movie
and event purchases through the Comcast ON DEMAND service. Comcast Cable added
8,000 basic subscribers during 2004, ending the year at 21.548 million.
Comcast High-Speed Internet service revenue increased 38.6% during the year
ended December 31, 2004, to $3.124 billion, reflecting the record addition of
1.707 million new subscribers and stable average monthly revenue per subscriber
for the year of $42.41 compared to $42.20 for 2003. Comcast High-Speed Internet
service is now available to 40 million homes, almost all of Comcast's footprint,
as compared to 35 million homes at the start of 2004.
Advertising revenue increased 15.7% from the year-ago period to $1.287
billion, reflecting growth of 7.0% in local advertising and growth of 23.3% in
regional/national advertising as a result of the ongoing success of our regional
interconnect strategy and a significant increase in political advertising during
the third and fourth quarters of 2004.
As expected, cable phone revenue declined 12.5% during 2004 to $701
million, the result of a 3.4% decrease in subscribers and a 4.9% decrease in
average monthly revenue per subscriber to $46.90. Cable phone results reflect
the Company's ongoing focus on profitability, rather than unit growth, of its
circuit-switched telephone business as it begins the transition to Comcast
Digital Voice service using IP technology in 2005. Comcast expects to market
Comcast Digital Voice service to 15 million homes by the end of 2005 with most
markets launching in the second half of the year. Excluding phone revenue, which
is expected to continue to decline in 2005, total revenue for Comcast Cable
increased 11.5% during 2004 to $18.620 billion.
Comcast Cable operating income before depreciation and amortization
(Operating Cash Flow) grew 17.6% during 2004 to $7.473 billion, reflecting
strong revenue growth and the Company's continuing success in controlling the
growth of expenses in nearly every area of the business.
Cable capital expenditures for the year ended December 31, 2004, declined
11.6% to $3.622 billion compared to $4.097 billion in the prior year. The
decline in 2004 cable capital expenditures reflects a $512 million, or 36%
decrease in upgrade investment due to the substantial completion of the
Company's cable system upgrade. Upgrade capital expenditures of $902 million in
2004 will decline further in 2005, by approximately 75% due to the substantial
completion of our cable system upgrade. Capital expenditures were approximately
$200 million greater than guidance due primarily to the purchase of advanced
set-top boxes at the end of December 2004.
Fourth Quarter 2004
For the quarter ended December 31, 2004, Comcast Cable reported revenue of
$4.987 billion, representing a 10.6% increase from the prior year quarter. Video
revenue increased 5.9% during the period, reflecting the addition of digital
cable subscribers and price increases to our video service. Comcast Cable added
more than 250,000 digital cable subscribers during the fourth quarter to end the
period with greater than 8.6 million subscribers. Comcast Cable added 60,000
basic subscribers during the seasonally strong fourth quarter of 2004, ending
the year at 21.548 million.
During the fourth quarter of 2004, Comcast Cable added more than 437,000
high-speed internet subscribers to end the quarter with nearly 7.0 million
subscribers. Revenues for this service increased 35.9% from the prior year
quarter to $855 million, reflecting solid subscriber growth and slightly
higher average monthly revenue per subscriber for the quarter of $42.07, an
increase from $41.33 during the same quarter of 2003. Advertising revenue
increased 17.2% from the fourth quarter of 2003 to $369 million, including
increased political advertising during the quarter. Cable phone revenue declined
5.2% from the same period one year ago to $173 million, primarily due to fewer
subscribers in the fourth quarter of 2004 compared to 2003. Comcast Cable added
more than 10,000 phone subscribers in the fourth quarter of 2004.
Operating Cash Flow grew 15.2% from the same quarter one year ago to $1.974
billion, reflecting strong revenue growth and the Company's success in
controlling the growth of operating costs. Comcast Cable capital expenditures
were $1.044 billion in the fourth quarter of 2004 compared to $1.052 billion in
the fourth quarter of 2003.
Content
Comcast's content segment consists of the national networks E!
Entertainment Television and Style Network (E! Networks), The Golf Channel,
Outdoor Life Network, G4techTV and International Channel Networks.
Comcast's content businesses reported strong results in 2004:
Results Comparable Segment
Guidance (1) to Guidance (1) Results
----------- ------------------ -------
Revenue growth At least 20% 20.8% 25.3%
Operating Cash Flow growth At least 30% 29.0% 24.0%
(1) Guidance excluded the results of TechTV and International Channel
Networks that were acquired during the year.
The content businesses essentially met guidance for the year that excluded
the results of TechTV and International Channel Networks. The content businesses
posted solid results reflecting double digit revenue growth at all of the
networks and strong growth in Operating Cash Flow.
Comcast's content segment reported 2004 revenue for the year ended December
31, 2004, of $787 million, a 25.3% increase from 2003 reflecting increases in
distribution and advertising revenue for all of the networks and the inclusion
of TechTV and International Channel Networks in the 2004 results. The Content
segment reported Operating Cash Flow of $265 million in 2004, a 24.0% year over
year increase to 2003, reflecting strong growth at The Golf Channel and Outdoor
Life Network offset by higher operating expenses at E! Networks and the
inclusion of TechTV and International Channel Networks in the 2004 results.
For the quarter ended December 31, 2004, Comcast's Content segment reported
revenue of $205 million, a 23.4% increase compared to the prior year period, and
Operating Cash Flow of $57 million, a decline of 2.8% from the fourth quarter of
2003. The decline in fourth quarter 2004 Operating Cash Flow was due to strong
growth at the Outdoor Life Network offset by higher operating expenses at E!
Networks and G4techTV.
Corporate and Other
Corporate and Other includes Comcast-Spectacor, corporate overhead and
other operations and eliminations between Comcast's businesses. For the year
ended December 31, 2004, Comcast reported Corporate and Other revenue of $204
million and an Operating Cash Flow loss of $205 million compared to revenue of
$228 million and an Operating Cash Flow loss of $172 million in 2003.
For the three months ended December 31, 2004, Corporate and Other revenue
declined to $43 million from the $69 million reported in the same period of
2003. The Operating Cash Flow loss for the quarter ended December 31, 2004, was
$45 million compared to $51 million in 2003. Results for the year and quarter
ended December 31, 2004, were impacted by the absence of National Hockey League
games.
Consolidated Results
Comcast sold its 57% ownership interest in QVC in September 2003. QVC's
results, prior to its sale, are presented as discontinued operations.
Consolidated amounts primarily reflect the results of the cable division, as
discussed above.
For the year ended December 31, 2004, the Company reported consolidated
revenues of $20.307 billion, a 10.7% increase from the $18.348 billion reported
in 2003. Consolidated Operating Cash Flow increased to $7.531 billion, or 17.8%,
in 2004 from the $6.392 billion reported in the prior year. Operating income
increased 48.8% to $2.908 billion in 2004 compared to operating income of $1.954
billion in 2003. Investment income increased from a loss of $84 million in 2003
to income of $472 million in 2004. The increase in investment income was due to
mark-to-market adjustments to our investment portfolio. Other income increased
from $71 million in 2003 to $394 million in 2004, reflecting the positive impact
of the settlement of previously disclosed litigation for an amount significantly
less than previously estimated.
For the year ended December 31, 2004, the Company reported consolidated net
income of $970 million, or $0.43 per share compared to a consolidated loss from
continuing operations of $218 million, or a loss of $0.10 per share in 2003.
Please refer to the "Reconciliation of Net Income to Free Cash Flow" in Table
7-B at the end of this release and the Company's Form 10-K for further details
on items affecting net income.
Comcast reported significant Free Cash Flow in 2004:
Guidance Results
---------- -------------
Consolidated Free Cash Flow $2 billion $1.937 billion
Free Cash Flow (which is defined in Table 4) was $1.937 billion in 2004, a
significant increase from the $74 million of Free Cash Flow reported in 2003.
The increase was driven by growth in Operating Cash Flow and lower capital
expenditures as a result of the substantial completion of the Company's cable
system upgrade. Free Cash Flow results for 2004 were slightly less than guidance
of $2 billion due to increased capital expenditures in December 2004, as
described above.
For the three months ended December 31, 2004, the Company reported
consolidated revenues of $5.235 billion, a 10.4% increase from the $4.742
billion reported in the same period of 2003. Consolidated Operating Cash Flow
increased to $1.986 billion, or 15.5%, in the fourth quarter of 2004 from the
$1.720 billion reported in the same prior year period. Operating income
decreased 4.1% to $711 million in the fourth quarter of 2004 compared to
operating income of $742 million in 2003. The decline in operating income was
due to higher depreciation expense related to capital expenditures in 2004 and
the effect of acquisition adjustments that lowered amortization expense in the
fourth quarter of 2003. Other income increased from $11 million in 2003 to $312
million in 2004, reflecting the positive impact of the settlement of previously
disclosed litigation for an amount significantly less than previously estimated.
For the three months ended December 31, 2004, the Company reported
consolidated net income of $423 million, or $0.19 per share compared to
consolidated income from continuing operations of $383 million, or $0.17 per
share for the three months ended December 31, 2003. Please refer to the
"Reconciliation of Net Income to Free Cash Flow" in Table 7-B at the end of this
release and the Company's Form 10-K for further details on items affecting net
income.
Share Repurchase Program
Comcast repurchased $1.3 billion, or 46.9 million shares, of its common
stock under its stock repurchase program during 2004. Comcast expects such
repurchases to continue to occur from time to time in the open market or in
private transactions, subject to market conditions. During the fourth quarter of
2004, Comcast repurchased $303 million, or 10.1 million shares of its common
stock.
In addition, the Company elected to redeem, in cash, several debt issues
during 2004 for a total of $609 million that were exchangeable into Comcast
Class A Special Common Stock, eliminating the need to issue 22.5 million
additional shares.
Since the inception of the program in December 2003 through December 31,
2004, the Company has repurchased $1.4 billion of its Class A Special Common
Stock, or 47.8 million shares, under its $2 billion share repurchase program.
Including the $609 million paid in cash to redeem several debt issues
exchangeable into Comcast common stock, the Company has invested $2.0 billion in
its common stock and related securities.
2005 Financial Outlook:
For 2005, Comcast expects:
-- Consolidated revenue growth of approximately 10%
-- Consolidated Operating Cash Flow growth of at least 12%*
-- Consolidated capital expenditures of approximately $3 billion
-- Consolidated Free Cash Flow growth of between 35% and 45%*
-- Total Revenue Generating Unit growth of at least 2.5 million units
* Does not include any impact from the adoption of SFAS No. 123R
(Accounting for stock-based compensation), expected in 2005.
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 for a description of such risks and uncertainties.
In this discussion we sometimes refer to financial measures that are not
presented according to generally accepted accounting principles (GAAP). Certain
of these measures are considered "non-GAAP financial measures" under the
Securities and Exchange Commission (SEC) regulations; those rules require the
supplemental explanation and reconciliation provided in Table 7 of this release.
All percentages are calculated based on actual amounts. Minor differences may
exist due to rounding.
Comcast Corporation will host a conference call with the financial
community today February 3, 2005 at 8:30 a.m. Eastern Time (ET). The conference
call will be broadcast live on the Company's Investor Relations website at
http://www.cmcsa.com or http://www.cmcsk.com. A recording of the call will be
available on the Investor Relations website starting at 12:30 p.m. ET on
February 3, 2005. Those parties interested in participating via telephone should
dial (847) 413-2408. A telephone replay will begin immediately following the
call until February 4, 2005 at midnight ET. To access the rebroadcast, please
dial (630) 652-3000 and enter passcode number 10679571#. To automatically
receive Comcast financial news by email, please visit http://www.cmcsa.com or
http://www.cmcsk.com and subscribe to e-mail alerts.
Comcast Corporation (http://www.comcast.com) is principally involved in the
development, management and operation of broadband cable networks and in the
provision of programming content. The Company is the largest provider of cable
and broadband services in the United States, serving more than 21 million cable
television subscribers and 7 million high-speed Internet customers. The
Company's content businesses include Comcast SportsNet, Comcast-Spectacor, E!
Entertainment Television, Style Network, G4techTV, The Golf Channel,
International Channel Networks and Outdoor Life Network. Comcast Class A common
stock and Class A Special common stock trade on The NASDAQ Stock Market under
the symbols CMCSA and CMCSK, respectively.
COMCAST CORPORATION
Table 1
Condensed Consolidated Statement of Operations (Unaudited)
(amounts in millions, except per share data)
Three Months Twelve Months
Ended Ended
December 31, December 31,
---------------------- ----------------------
2004 2003 2004 2003
--------- --------- --------- ---------
Revenues $ 5,235 $ 4,742 $ 20,307 $ 18,348
Operating expenses 1,962 1,775 7,462 7,041
Selling, general and administrative
expenses 1,287 1,247 5,314 4,915
Operating Cash Flow 1,986 1,720 7,531 6,392
Depreciation 940 796 3,420 3,166
Amortization 335 182 1,203 1,272
Operating Income 711 742 2,908 1,954
Interest expense (457) (439) (1,876) (2,018)
Investment income (loss), net 241 323 472 (84)
Equity in net losses of affiliates (22) (27) (88) (60)
Other income 312 11 394 71
74 (132) (1,098) (2,091)
Income (Loss) from Continuing
Operations before Income Taxes
and Minority Interest 785 610 1,810 (137)
Income tax (expense) benefit (360) (215) (826) 16
Income (Loss) from Continuing
Operations Before Minority Interest 425 395 984 (121)
Minority interest (2) (12) (14) (97)
Income (Loss) from Continuing
Operations 423 383 970 (218)
Income from discontinued
operations, net of tax (1) - - - 168
Gain on discontinued
operations, net of tax (1) - - - 3,290
Net Income $ 423 $ 383 $ 970 $ 3,240
Diluted earnings (loss)
per common share
Income (loss) from continuing
operations $ 0.19 $ 0.17 $ 0.43 $ (0.10)
Income from discontinued
operations - - - 0.08
Gain on discontinued operations - - - 1.46
Net Income per common share $ 0.19 $ 0.17 $ 0.43 $ 1.44
Diluted weighted average number of
common shares outstanding 2,228 2,269 2,250 2,256
1) On September 17, 2003, the Company completed the sale of its approximate
57% interest in QVC, Inc. Accordingly, the results of QVC are presented as
discontinued operations.
COMCAST CORPORATION
TABLE 2
Condensed Consolidated Balance Sheet (Unaudited)
(dollars in millions)
December 31, December 31,
2004 2003
------------ ------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 452 $ 1,550
Investments 1,555 2,493
Accounts receivable, net 959 907
Other current assets 450 453
Total current assets 3,416 5,403
INVESTMENTS 12,812 14,818
PROPERTY AND EQUIPMENT, NET 18,711 18,473
FRANCHISE RIGHTS 51,071 51,050
GOODWILL 14,320 14,841
OTHER INTANGIBLE ASSETS, net 3,851 3,859
OTHER NONCURRENT ASSETS, net 694 715
$ 104,875 $ 109,159
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable, Accrued expenses
and other current liabilities 4,957 5,814
Deferred income taxes 360 679
Current portion of long-term debt 1,854 734
Current portion of
exchangeable debt 1,645 2,427
Total current liabilities 8,816 9,654
LONG-TERM DEBT, less current portion 20,039 21,944
LONG-TERM EXCHANGEABLE DEBT, less
current portion 54 1,891
DEFERRED INCOME TAXES 26,815 25,900
OTHER NONCURRENT LIABILITIES 7,261 7,716
MINORITY INTEREST 468 392
STOCKHOLDERS' EQUITY 41,422 41,662
$ 104,875 $ 109,159
TABLE 3
Condensed Consolidated Statement of Cash Flows (Unaudited)
(dollars in millions)
Twelve Months Ended
December 31,
----------------------------
2004 2003
------------ ------------
OPERATING ACTIVITIES
Net cash provided by operating
activities from continuing
operations $ 5,930 $ 2,854
FINANCING ACTIVITIES
Proceeds from borrowings 1,030 9,398
Retirements and repayments of debt (2,323) (16,465)
Repurchases of common stock and stock
options (1,361) (14)
Other, net 138 33
Net cash used in financing activities
from continuing operations (2,516) (7,048)
INVESTING ACTIVITIES
Capital expenditures (3,660) (4,161)
Proceeds from restructuring of TWE
investment 2,100
Proceeds from sales of investments
and assets held for sale 228 5,871
Acquisitions, net of cash acquired (296) (152)
Additions to intangibles and other
noncurrent assets (628) (155)
Other, net (156) 1,736
Net cash (used in) provided by
investing activities from
continuing operations (4,512) 5,239
(DECREASE) INCREASE IN CASH AND CASH
EQUIVALENTS (1,098) 1,045
CASH AND CASH EQUIVALENTS, beginning
of period 1,550 505
CASH AND CASH EQUIVALENTS, end of period $ 452 $ 1,550
TABLE 4
Calculation of Free Cash Flow (Unaudited) (1)
(dollars in millions)
Twelve Months Ended
December 31,
----------------------------
2004 2003
------------ ------------
Operating Cash Flow $ 7,531 $ 6,392
Interest, Net (2) (1,729) (2,062)
Cash Paid for Income Taxes (3) (205) (95)
Capital Expenditures (3,660) (4,161)
FREE CASH FLOW $ 1,937 $ 74
Changes in Working Capital and Other
Items (4) 333 (1,381)
Net Cash Provided by Operating
Activities Less Capital Expenditures $ 2,270 $ (1,307)
(1) Free Cash Flow is defined as Operating Cash Flow less net interest, cash
paid for taxes, and capital expenditures. It is unaffected by fluctuations
in working capital levels from period to period and cash payments
associated with intangible and other noncurrent assets. Cash payments for
intangible and other noncurrent assets include long-term technology license
agreements including computer software, long term rights to service
multi-dwelling properties and programming content for our cable networks.
In 2004, cash payments for intangible assets also included a long-term
strategic license agreement with Gemstar of approximately $250 million.
(2) Includes interest expense net of interest income and excludes non-cash
interest and subsidiary preferred dividends.
(3) Excludes income tax refunds of $591 million received in 2004 and a payment
of $850 million associated with the sale of QVC in 4Q03.
(4) Free Cash Flow excludes amounts necessary to reconcile Free Cash Flow to
"Net Cash Provided by Operating Activities Less Capital Expenditures." In
2004, these amounts include proceeds of $680 million related to the
exchange/sale of Liberty Media and Liberty Media International stock and
proceeds of $591 million related to income tax refunds, offset by $515
million in cash payments for liabilities recorded as part of the
acquisition of AT&T Broadband and the timing of payments made during the
first quarter of 2004. For 2003, these amounts include $836 million in cash
payments associated with the acquisition of AT&T Broadband and a cash
payment of $850 million for income taxes associated with the sale of QVC.
COMCAST CORPORATION
TABLE 5
Pro Forma Financial Data by Business Segment (Unaudited) (1)
(dollars in millions)
Corporate
and
Content Other
Cable (2) (3) (4) Total
--------- --------- --------- ---------
Three Months Ended December 31, 2004
Revenues $ 4,987 $ 205 $ 43 $ 5,235
Operating Cash Flow $ 1,974 $ 57 $ (45) $ 1,986
Operating Income (Loss) $ 771 $ 11 $ (71) $ 711
Operating Cash Flow Margin 39.6% 27.6% NM 37.9%
Capital Expenditures (5) $ 1,044 $ 3 $ 3 $ 1,050
Three Months Ended December 31, 2003
Revenues $ 4,510 $ 166 $ 71 $ 4,747
Operating Cash Flow $ 1,714 $ 59 $ (52) $ 1,721
Operating Income (Loss) $ 790 $ 26 $ (73) $ 743
Operating Cash Flow Margin 38.0% 35.1% NM 36.3%
Capital Expenditures (5) $ 1,052 $ 8 $ 8 $ 1,068
Twelve Months Ended December 31, 2004
Revenues $ 19,321 $ 787 $ 204 $ 20,312
Operating Cash Flow $ 7,473 $ 265 $ (205) $ 7,533
Operating Income (Loss) $ 3,098 $ 103 $ (291) $ 2,910
Operating Cash Flow Margin 38.7% 33.6% NM 37.1%
Capital Expenditures (5) $ 3,622 $ 17 $ 21 $ 3,660
Twelve Months Ended December 31, 2003
Revenues $ 17,506 $ 628 $ 229 $ 18,363
Operating Cash Flow $ 6,357 $ 214 $ (173) $ 6,398
Operating Income (Loss) $ 2,134 $ 85 $ (259) $ 1,960
Operating Cash Flow Margin 36.3% 34.0% NM 34.8%
Capital Expenditures (5) $ 4,097 $ 18 $ 46 $ 4,161
(1) See Non-GAAP and Other Financial Measures in Table 7. Historical financial
data by business segment, as required under generally accepted accounting
principles, is available in the Company's annual report on Form 10-K. All
percentages are calculated based on actual amounts. Minor differences may
exist due to rounding.
(2) Pro forma financial data excludes the results of the 314,000 cable
subscribers sold to Bresnan Communications in March 2003 and excludes the
results of the net reduction of 16,000 subscribers associated with the
cable system exchange with Insight Communications in February 2003. Pro
forma financial data includes the results of the 30,000 cable subscribers
acquired from US Coastal Cable in April 2004.
(3) Content includes our national networks E! Entertainment Television and
Style Network (E! Networks), The Golf Channel, Outdoor Life Network,
G4techTV and International Channel Networks.
(4) Corporate and Other includes Comcast-Spectacor, the Company's domestic
wireline telecommunications business, international wireless operations,
Corporate and elimination entries. Prior to the first quarter of 2004,
Comcast-Spectacor was included in Content, which now only consists of our
national networks. For all periods presented, Comcast-Spectacor is included
in Corporate and Other. In addition, beginning in the third quarter of
2004, Comcast-Spectacor includes the operating results of its investment in
a sports-event related business.
(5) Our Cable segment's capital expenditures are comprised of the following
categories:
YTD YTD
4Q04 4Q03 12/31/04 12/31/03
--------- --------- --------- ---------
Customer Premise Equipment (CPE) $ 523 $ 425 $ 1,545 $ 1,573
Scalable Infrastructure 178 123 561 350
Line Extensions 86 78 311 251
Upgrades 164 279 902 1,414
Support Capital 93 147 303 509
Total $ 1,044 $ 1,052 $ 3,622 $ 4,097
CPE includes costs incurred at the customer residence to secure new
customers, revenue units and additional bandwidth revenues (e.g. digital
converters). Scalable infrastructure includes costs, not CPE or network
related, to secure growth of new customers, revenue units and additional
bandwidth revenues or provide service enhancements (e.g. headend
equipment). Line extensions include network costs associated with entering
new service areas (e.g. fiber/coaxial cable). Upgrades include costs to
enhance or replace existing fiber/coaxial cable networks, including
recurring betterments. Support capital includes costs associated with the
replacement or enhancement of non-network assets due to obsolescence and
wear out (e.g. non-network equipment, land, buildings and vehicles).
COMCAST CORPORATION
TABLE 6
Pro Forma Data - Cable Segment Components (Unaudited) (1) (2)
(dollars in millions, except average monthly revenue per subscriber data)
Three Months Twelve Months
Ended Ended
December 31, December 31,
2004 2003 2004 2003
--------- --------- --------- ---------
Revenues:
Video (3) $ 3,242 $ 3,061 $ 12,897 $ 12,110
High-Speed Internet 855 629 3,124 2,255
Phone 173 183 701 801
Advertising 369 315 1,287 1,113
Other (4) 185 167 666 619
Franchise Fees 163 155 646 608
Total Revenues $ 4,987 $ 4,510 $ 19,321 $ 17,506
Programming Expense $ 4,149 $ 3,914
Operating Cash Flow $ 1,974 $ 1,714 $ 7,473 $ 6,357
Operating Income $ 771 $ 790 $ 3,098 $ 2,134
Operating Cash Flow Margin 39.6% 38.0% 38.7% 36.3%
Capital Expenditures $ 1,044 $ 1,052 $ 3,622 $ 4,097
Operating Cash Flow, Net of Capital
Expenditures $ 930 $ 662 $ 3,851 $ 2,260
Growth Growth
vs. vs.
4Q04 3Q04 4Q03 3Q04 4Q03
--------- --------- --------- --------- ---------
Video
Homes Passed (000's) 40,800 40,500 39,900 0.7% 2.3%
Basic Subscribers (000's) 21,548 21,487 21,540 0.3% 0.0%
Basic Penetration 52.8% 53.0% 53.9%
Quarterly Net Basic Subscriber
Additions (000's) 60 9 70 609.4% (13.7)%
Digital Subscribers (000's) 8,655 8,405 7,665 3.0% 12.9%
Digital Penetration 40.2% 39.1% 35.6%
Quarterly Net Digital Subscriber
Additions (000's) 251 341 384 (26.5)% (34.7)%
Digital Set-Top Boxes 12,959 12,480 11,189 3.8% 15.8%
Monthly Average Video Revenue per
Basic Subscriber $ 50.22 $ 50.00 $ 47.45 0.4% 5.8%
Monthly Average Total Revenue per
Basic Subscriber $ 77.29 $ 75.15 $ 69.92 2.8% 10.5%
High-Speed Internet
"Available" Homes (000's)
Subscribers (000's) 40,010 38,060 34,731 5.1% 15.2%
Penetration 6,992 6,554 5,285 6.7% 32.3%
Quarterly Net Subscriber Additions
(000's) 17.5% 17.2% 15.2%
Monthly Average Revenue per
Subscriber 438 549 423 (20.3)% 3.5%
$ 42.07 $ 42.91 $ 41.33 (2.0)% 1.8%
Phone
"Available" Homes (000's) 10,437 9,978 9,414 4.6% 10.9%
Subscribers (000's) 1,223 1,213 1,267 0.9% (3.4)%
Penetration 11.7% 12.2% 13.5%
Quarterly Net Subscriber Additions
(000's) 10 (12) (45) 188.1% 123.2%
Monthly Average Revenue per
Subscriber $ 47.30 $ 47.18 $ 47.13 0.3% 0.4%
Total Revenue Generating Units
(000's) (5) 38,418 37,659 35,757 2.0% 7.4%
(1) See Non-GAAP and Other Financial Measures in Table 7. All percentages are
calculated based on actual amounts. Minor differences may exist due to
rounding.
(2) Pro forma financial and subscriber data excludes the results of the 314,000
cable subscribers sold to Bresnan Communications in March 2003 and excludes
the results of the net reduction of 16,000 subscribers associated with the
cable systems exchange with Insight Communications in February 2003. Pro
forma financial and subscriber data includes the results of the 30,000
cable subscribers acquired from US Coastal Cable in April 2004. Pro forma
subscriber data includes 54,000 subscribers acquired in various small
acquisitions during the periods presented. The impact of these acquisitions
on our segment operating results was not material.
(3) Video revenues consist of our basic, expanded basic, premium, pay-
per-view, equipment and digital services.
(4) Other revenues include installation revenues, guide revenues, commissions
from electronic retailing, other product offerings, commercial data
services and revenues of our digital media center and regional sports
programming networks.
(5) The sum total of all basic video, digital video, high-speed Internet and
phone subscribers, excluding additional outlets.
TABLE 7
Non-GAAP and Other Financial Measures
Operating Cash Flow is the primary basis used to measure the operational
strength and performance of our businesses. Free Cash Flow is an additional
performance measure used as an indicator of our ability to repay debt, make
investments and return capital to investors, principally through stock
repurchases. We use Debt Excluding Exchangeables as a measure of debt that will
require cash from future operations or financings. We also adjust certain
historical data on a pro forma basis following significant acquisitions or
dispositions to enhance comparability.
Operating Cash Flow is defined as operating income before depreciation and
amortization and impairment charges, if any, related to fixed and intangible
assets and gains or losses from the sale of assets, if any. As such, it
eliminates the significant level of non-cash depreciation and amortization
expense that results from the capital intensive nature of our businesses and
intangible assets recognized in business combinations, and is unaffected by our
capital structure or investment activities. Our management and Board of
Directors use this measure in evaluating our consolidated operating performance
and the operating performance of all of our operating segments. This metric is
used to allocate resources and capital to our operating segments and is a
significant component of our annual incentive compensation programs. We believe
that Operating Cash Flow is also useful to investors as it is one of the bases
for comparing our operating performance with other companies in our industries,
although our measure of Operating Cash Flow may not be directly comparable to
similar measures used by other companies.
As Operating Cash Flow is the measure of our segment profit or loss, we
reconcile it to operating income, the most directly comparable financial measure
calculated and presented in accordance with Generally Accepted Accounting
Principles (GAAP), in the business segment footnote of our quarterly and annual
financial statements. Therefore, we believe our measure of Operating Cash Flow
for our business segments is not a "non-GAAP financial measure" as contemplated
by Regulation G adopted by the Securities and Exchange Commission. Consolidated
Operating Cash Flow is a non-GAAP financial measure.
Free Cash Flow, which is a non-GAAP financial measure, is defined as
Operating Cash Flow less net interest, cash paid for taxes, and capital
expenditures. As such, it is unaffected by fluctuations in working capital
levels from period to period and cash payments associated with intangible assets
which are detailed in our quarterly and annual reports on Forms 10Q/K. We
believe that Free Cash Flow is also useful to investors as it is one of the
bases for comparing our operating performance with other companies in our
industries, although our measure of Free Cash Flow is accrual-based and may not
be comparable to similar measures used by other companies.
Debt Excluding Exchangeables, which is a non-GAAP financial measure, refers
to the aggregate amount of our consolidated debt and capital lease obligations
less the amount of notes that are collateralized by securities that we own.
Pro forma data is used by management to evaluate performance when
significant acquisitions or dispositions occur. Historical data reflects results
of acquired businesses only after the acquisition dates while pro forma data
enhances comparability of financial information between periods by adjusting the
data as if the acquisitions (or dispositions) occurred at the beginning of the
prior year. Our pro forma data is only adjusted for the timing of acquisitions
and does not include adjustments for costs related to integration activities,
cost savings or synergies that have been or may be achieved by the combined
businesses. We believe our pro forma data is not a non-GAAP financial measure as
contemplated by Regulation G.
Operating Cash Flow and Free Cash Flow should not be considered as
substitutes for operating income (loss), net income (loss), net cash provided by
operating activities or other measures of performance or liquidity reported in
accordance with GAAP. Debt Excluding Exchangeables should not be considered as a
substitute for Total Debt. Additionally, in the opinion of management, our pro
forma data is not necessarily indicative of future results or what results would
have been had the acquired businesses been operated by us after the assumed
earlier date.
Following are quantitative reconciliations of Free Cash Flow, Debt
Excluding Exchangeables, Consolidated Operating Cash Flow, and, although not
required by Regulation G, reconciliations of business segment Operating Cash
Flow and pro forma data.
COMCAST CORPORATION
TABLE 7-A continued
Reconciliation of Historical and Pro Forma Data by Business Segment
(Unaudited)
(dollars in millions)
Historical (1)
Adjustments (2)
Corporate Corporate
Three Months Ended and and
December 31, 2004 Cable Content Other Total Cable Other Pro forma
- ------------------------------ --------- --------- --------- --------- --------- --------- ---------
Revenues $ 4,987 $ 205 $ 43 $ 5,235 - - $ 5,235
Operating expenses
(excluding
depreciation and
amortization) 3,013 148 88 3,249 - - 3,249
Operating Cash Flow $ 1,974 $ 57 $ (45) $ 1,986 - - $ 1,986
Depreciation and
amortization 1,203 46 26 1,275 - - 1,275
Operating income
(loss) $ 771 $ 11 $ (71) $ 711 - - $ 711
Capital expenditures $ 1,044 $ 3 $ 3 $ 1,050 - - $ 1,050
Adjustments (2)
Corporate Corporate
Three Months Ended and and
December 31, 2003 Cable Content Other Total Cable Other Pro forma
- ------------------------------ --------- --------- --------- --------- --------- --------- ---------
Revenues $ 4,507 $ 166 $ 69 $ 4,742 $ 3 $ 2 $ 4,747
Operating expenses
(excluding
depreciation and
amortization) 2,795 107 120 3,022 1 3 3,026
Operating Cash Flow $ 1,712 $ 59 $ (51) $ 1,720 $ 2 $ (1) $ 1,721
Depreciation and
amortization 924 33 21 978 - - 978
Operating income
(loss) $ 788 $ 26 $ (72) $ 742 $ 2 $ (1) $ 743
Capital expenditures $ 1,052 $ 8 $ 8 $ 1,068 - - $ 1,068
Adjustments (2)
Corporate Corporate
Twelve Months Ended and and
December 31, 2004 Cable Content Other Total Cable Other Pro forma
- ------------------------------ --------- --------- --------- --------- --------- --------- ---------
Revenues $ 19,316 $ 787 $ 204 $ 20,307 $ 5 - $ 20,312
Operating expenses
(excluding
depreciation and
amortization) 11,845 522 409 12,776 3 - 12,779
Operating Cash Flow $ 7,471 $ 265 $ (205) $ 7,531 $ 2 - $ 7,533
Depreciation and
amortization 4,375 162 86 4,623 - - 4,623
Operating income
(loss) $ 3,096 $ 103 $ (291) $ 2,908 $ 2 - $ 2,910
Capital expenditures $ 3,622 $ 17 $ 21 $ 3,660 - - $ 3,660
Adjustments (2)
Corporate Corporate
Twelve Months Ended and and
December 31, 2003 Cable Content Other Total Cable Other Pro forma
- ------------------------------ --------- --------- --------- --------- --------- --------- ---------
Revenues $ 17,492 $ 628 $ 228 $ 18,348 $ 14 $ 1 $ 18,363
Operating expenses
(excluding
depreciation and
amortization) 11,142 414 400 11,956 7 2 11,965
Operating Cash Flow $ 6,350 $ 214 $ (172) $ 6,392 $ 7 $ (1) $ 6,398
Depreciation and
amortization 4,223 129 86 4,438 - - 4,438
Operating income
(loss) $ 2,127 $ 85 $ (258) $ 1,954 $ 7 $ (1) $ 1,960
Capital expenditures $ 4,097 $ 18 $ 46 $ 4,161 - - $ 4,161
Reconciliation of Total Debt to Debt Excluding Exchangeables (Unaudited)
(dollars in millions)
31-Dec-04 31-Dec-03
--------- ---------
Current portion of long-term debt $ 3,499 $ 3,161
Long-term debt 20,093 23,835
Total Debt $ 23,592 $ 26,996
Exchangeable debt 1,699 4,318
Debt excluding exchangeables $ 21,893 $ 22,678
Calculation of 2005 Free Cash Flow
(dollars in billions)
Operating Cash Flow Free Cash Flow
------------------- -----------------
2004 Operating Income $ 2.9 $ 2.9
Add: Depreciation and Amortization 4.6 4.6
2004 Operating Cash Flow 7.5 7.5
2005 Operating Cash Flow Growth Rate 12%
2005 Operating Cash Flow Growth 0.9
Less: 2004 Capital Expenditures 3.7
2004 Consolidated Interest, net 1.7
2004 Consolidated Cash Paid for
Income Taxes 0.2
2004 Free Cash Flow $ 1.9
2005 Free Cash Flow Growth 35% to 45%
Projected 2005 Free Cash Flow $2.6 to $2.8
Reconciliation of 2004 Content Data to Adjusted Content Data
Comparable to 2004 Guidance
(dollars in millions)
Revenue OCF
--------- ---------
Actual 2004 Content Segment 787 265
Adjustments:
International Channel (3) (7) 1
TechTV (4) (21) 9
Adjusted Content Segment 759 275
Actual 2003 Content Segment 628 214
Growth 20.8% 29.0%
(1) Historical amounts have been adjusted to reflect QVC as discontinued
operations.
(2) Pro forma data is only adjusted for timing of the acquisitions (or
dispositions) and does not include adjustments for costs related to
integration activities, cost savings or synergies that have been or may be
achieved by the combined businesses. Minor differences may exist due to
rounding.
(3) Adjustments reflect actual operating results from the acquisition date.
(4) TechTV revenue adjustment reflects the estimated impact of additional
TechTV affiliation and advertising revenue in the merged network and OCF
adjustment reflects estimated costs associated with the reorganization and
integration of G4 and TechTV.
COMCAST CORPORATION
TABLE 7-B continued
Reconciliation of Net Income to Free Cash Flow (Unaudited)
(dollars in millions, except per share data)
Three Months Ended
December 31,
---------------------------------------------------------
2004 2003
$ per share(2) $ per share(2)
------------ ------------ ------------ ------------
Net Income as reported $ 423 $ 0.19 $ 383 $ 0.17
Discontinued Operations, net of tax - - - -
Non-operating items, net of tax (1) (344) (0.15) (192) (0.09)
Net Income (Loss) as adjusted $ 79 $ 0.04 $ 191 $ 0.08
Items to reconcile net income (loss)
as adjusted to Operating Cash Flow:
Depreciation and amortization 1,275 0.57 978 0.43
Interest expense 457 0.21 439 0.19
Income tax expense (benefit) 175 0.07 112 0.06
Operating Cash Flow $ 1,986 $ 0.89 $ 1,720 $ 0.76
2004 2003
--------------------------- ---------------------------
Operating Cash Flow $ 1,986 $ 1,986 $ 1,720 $ 1,720
Less:
Interest, net (3) (420) (420) (435) (435)
Cash Paid for Income Taxes (16) (16) (28) (28)
Change in Operating Assets and
Liabilities, net of
acquisitions (4) (220) (678)
Other (5) 165 (244)
Net Cash Provided by Operating
Activities $ 1,495 $ 335
Less: Capital Expenditures (1,050) (1,068)
Free Cash Flow $ 500 $ 189
COMCAST CORPORATION
TABLE 7-B continued
Reconciliation of Net Income to Free Cash Flow (Unaudited)
(dollars in millions, except per share data)
Twelve Months Ended
December 31,
---------------------------------------------------------
2004 2003
$ per share(2) $ per share(2)
------------ ------------ ------------ ------------
Net Income as reported $ 970 $ 0.43 $ 3,240 $ 1.44
Discontinued Operations, net of tax - - 3,458 (1.53)
Non-operating items, net of tax (1) (497) (0.22) 110 $ 0.04
Net Income (Loss) as adjusted $ 473 $ 0.21 $ (108) $ (0.05)
Items to reconcile net income (loss)
as adjusted to Operating Cash Flow:
Depreciation and amortization 4,623 2.05 4,438 1.97
Interest expense 1,876 0.83 2,018 0.89
Income tax expense (benefit) 559 0.26 44 0.02
Operating Cash Flow $ 7,531 $ 3.35 $ 6,392 $ 2.83
2004 2003
--------------------------- ----------------------------
Operating Cash Flow $ 7,531 $ 7,531 $ 6,392 $ 6,392
Less:
Interest, net (3) (1,729) (1,729) (2,062) (2,062)
Cash Paid for Income Taxes (205) (205) (95) (95)
Change in Operating Assets and
Liabilities,
net of acquisitions (4) (331) (380)
Other (5) 664 (1,001)
Net Cash Provided by Operating
Activities $ 5,930 $ 2,854
Less: Capital Expenditures (3,660) (4,161)
Free Cash Flow $ 1,937 $ 74
(1) Detail of non-operating items:
Three Months Ended
December 31,
---------------------------------------------------------
2004 2003
$ per share(2) $ per share(2)
------------ ------------ ------------ ------------
Investment (income) expense -
mark to market adjustments
on trading securities, derivatives
and hedged items, net $ (143) $ (0.06) $ (272) $ (0.12)
Investment (income) - gain
on sales and exchanges of
investments (9) - (1) -
Investment expense - investment
impairment losses (6) 6 - 2 -
All other, net (7) (383) (0.18) (24) (0.01)
Total non-operating items (529) (0.24) (295) (0.13)
Tax Effect 185 0.09 103 0.04
Non-operating items,
net of tax $ (344) $ (0.15) $ (192) $ (0.09)
Twelve Months Ended
December 31,
---------------------------------------------------------
2004 2003
$ per share(2) $ per share(2)
------------ ------------ ------------ ------------
Investment (income) expense -
mark to market adjustments
on trading securities, derivatives
and hedged items, net $ (283) $ (0.13) $ 206 $ 0.09
Investment (income) - gain
on sales and exchanges of
investments (45) (0.02) (28) (0.01)
Investment expense - investment
impairment losses (6) 16 0.01 72 0.03
All other, net (7) (452) (0.20) (80) (0.03)
Total non-operating items (764) (0.34) 170 0.08
Tax Effect 267 0.12 (60) (0.04)
Non-operating items, net of tax $ (497) $ (0.22) $ 110 $ 0.04
(2) Diluted weighted average shares outstanding for the three and twelve months
ended December 31, 2004 were 2.228 billion and 2.250 billion, respectively.
Diluted weighted average shares outstanding for the three and twelve months
ended December 31, 2003, were 2.269 billion and 2.256 billion,
respectively.
(3) Includes interest expense net of interest income and excludes non-cash
interest and subsidiary preferred dividends.
(4) Included in the twelve months ended December 31, 2004, is a $591 million
income tax refund received in the second quarter and the fourth quarter of
2004.
(5) Includes non-cash expense included in Operating Cash Flow (such as equity
compensation), cash proceeds from the sale of trading securities ($127
million in 4Q04 and $680 million year-to-date 2004 primarily related to
Liberty Media and Liberty Media International shares and $85 million
year-to-date 2003 related to Sprint shares), cash related to other (income)
expense, dividends, legal reserve adjustment and the net effect of changes
in accrued income taxes. 2003 includes a cash payment of $850 million for
income taxes associated with the sale of QVC.
(6) We record losses on our investments for which we have determined that a
decline in value of the investment is other than temporary.
(7) Includes investment, interest and dividend income, equity in net (income)
losses of affiliates, other (income) expense (including a $250 million
legal reserve adjustment) and minority interest.
SOURCE Comcast Corporation
-0- 02/03/2005
/CONTACT: Investor Contacts: Marlene S. Dooner, +1-215-981-7392, Leslie
A. Arena, +1-215-981-8511, or Daniel J. Goodwin, +1-215-981-7518; Press
Contacts: D'Arcy Rudnay, +1-215-981-8582, or Tim Fitzpatrick, +1-215-981-8515,
all of Comcast/
/Web site: http://www.cmcsa.com /
(CMCSA CMCSK)