Comcast (NASDAQ:CMCSK)
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2 Years : From Jun 2011 to Jun 2013
Comcast Corporation (NASDAQ: CMCSA, CMCSK) today reported results for
the quarter ended March 31, 2012.
Brian L. Roberts, Chairman and Chief Executive Officer of Comcast
Corporation, said, “We are off to a great start in 2012, with strong
revenue and cash flow growth and record quarterly free cash flow.
Cable’s results show real momentum in High-Speed Internet and Business
Services, and continuing improvements in Video results and Voice
services. As we continue to drive innovation and bring the XFINITY brand
to life, we’re delivering more and better products and transforming the
customer experience.
We are also pleased with the performance of NBCUniversal, which posted
strong revenue growth, led by the Super Bowl and successful film
releases, along with reliable growth in our Theme Parks and Cable
Networks, and steady progress in Broadcast. NBCUniversal and Cable
Communications are also working well together to launch new programs and
offer innovative products. We are looking forward to events like the
Olympics that will bring together all of our company’s unique abilities
to deliver compelling stories and new digital experiences across every
screen, in and out of the home.”
Consolidated Financial Results
Consolidated financial results include NBCUniversal as of January 28,
2011 and 100% of Universal Orlando as of July 1, 2011.
($ in millions)
1st Quarter
Consolidated Results
2011*
2012
Growth
Revenue
$12,128
$14,878
22.7
%
Operating Cash Flow (OCF)1
$4,066
$4,688
15.3
%
Operating Income
$2,224
$2,758
24.0
%
Earnings per Share2
$0.34
$0.45
32.4
%
Free Cash Flow3
$2,221
$3,039
36.8
%
*Includes 2 months of NBCUniversal 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.
Revenue increased 22.7% in the first quarter of 2012 to
$14.9 billion, while Operating Cash Flow increased 15.3%
to $4.7 billion and Operating Income increased 24.0% to
$2.8 billion.
Earnings per Share (EPS) for the first quarter of 2012 was
$0.45, a 32.4% increase from the $0.34 reported in the first
quarter of 2011. Excluding NBCUniversal transaction and related costs of
$0.02 per share in the first quarter of 2011, EPS increased 25.0% in the
first quarter of 2012 (see Table 4).
Free Cash Flow (excluding any impact from the Economic
Stimulus packages) increased 36.8% to $3.0 billion in the first quarter
of 2012 compared to $2.2 billion in the first quarter of 2011,
reflecting growth in consolidated operating cash flow and improvements
in working capital, partially offset by higher capital and intangible
asset expenditures.
($ in millions)
1st Quarter
Free Cash Flow
2011*
2012
Growth
Operating Cash Flow
$4,066
$4,688
15.3%
Capital Expenditures
(1,106)
(1,174)
6.1%
Cash Paid for Capitalized Software and Other Intangible Assets
(123)
(184)
49.6%
Cash Interest Expense
(657)
(614)
(6.5%)
Cash Taxes
(74)
(118)
59.5%
Changes in Operating Assets and Liabilities
7
346
NM
Noncash Share-Based Compensation
84
89
6.0%
Proceeds from Investments and Distributions to Noncontrolling
Interests
22
17
(22.7%)
Nonoperating Items
2
(11)
NM
Free Cash Flow (Incl. Economic Stimulus Packages)
$2,221
$3,039
36.8%
Economic Stimulus Packages
-
-
-
Free Cash Flow
$2,221
$3,039
36.8%
* Includes 2 months of NBCUniversal 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 first quarter
of 2012, Comcast paid dividends totaling $304 million and repurchased
25.9 million of its common shares for $750 million. As of March
31, 2012, Comcast had approximately $5.8 billion available under its
share repurchase authorization.
Pro Forma Financial Results
Pro forma results are presented as if the NBCUniversal transaction,
which closed on January 28, 2011, and the Universal Orlando transaction,
which closed on July 1, 2011, were effective on January 1, 2010. These
results are based on historical results of operations, adjusted for the
effects of acquisition accounting and eliminating the costs and expenses
directly related to the transaction, and are not necessarily indicative
of what the results would have been had Comcast operated NBCUniversal
and Universal Orlando since January 1, 2010 (see Table 5 for
reconciliations of pro forma financial information).
($ in millions)
1st Quarter
Consolidated Pro Forma Results
2011
2012
Growth
Revenue
$13,580
$14,878
9.6%
Operating Cash Flow (OCF)
$4,276
$4,688
9.6%
OCF (excluding NBCUniversal transaction-related costs)
$4,368
$4,688
7.3%
Consolidated Pro Forma Revenue increased 9.6% in the first
quarter of 2012 to $14.9 billion compared to $13.6 billion in the first
quarter of 2011. Consolidated Pro Forma Operating Cash Flow increased
9.6% to $4.7 billion compared to $4.3 billion in last year’s first
quarter. Included in consolidated pro forma operating cash flow for the
first quarter of 2011 are transaction-related costs totaling $92
million. Excluding these costs, consolidated pro forma operating cash
flow increased 7.3% (see Table 6).
Cable Communications
($ in millions)
1st Quarter
2011
2012
Growth
Cable Communications Revenue
Video
$4,891
$4,969
1.6%
High-Speed Internet
2,106
2,323
10.3%
Voice
860
878
2.0%
Business Services
394
541
37.0%
Advertising
455
476
4.8%
Other
378
412
8.9%
Cable Communications Revenue
$9,084
$9,599
5.7%
Cable Communications OCF
$3,749
$3,955
5.5%
OCF Margin
41.3%
41.2%
Cable Communications Capital Expenditures
$1,053
$1,056
0.3%
Percent of Cable Communications Revenue
11.6%
11.0%
Revenue. For the first quarter of 2012, Cable revenue
increased 5.7% to $9.6 billion compared to $9.1 billion in the first
quarter of 2011. This increase was driven by a 10.3% increase in
High-Speed Internet revenue, a 37.0% increase in Business Services
revenue and a 1.6% increase in Video revenue. Monthly average total
revenue per Video customer increased 7.8% to $143.40, reflecting a
growing number of residential customers taking multiple products, rate
adjustments and a higher contribution from business services.
Operating Cash Flow. For the first quarter of 2012, Cable
operating cash flow increased 5.5% to $4.0 billion compared to $3.7
billion in the first quarter of 2011, reflecting higher revenue offset
primarily by increases in programming, sales and marketing and other
expenses to support new business areas. This quarter’s operating cash
flow margin was 41.2% compared to 41.3% in the first quarter of 2011.
Capital Expenditures. For the first quarter of 2012, Cable
capital expenditures were flat to the prior year at $1.1 billion and
represented 11.0% of Cable revenue in the first quarter of 2012 compared
to 11.6% in last year’s first quarter.
Customers. In the first quarter, combined Video,
High-Speed Internet and Voice customers increased by 565,000, driven by
High-Speed Internet customer net additions, up 5% over the prior year.
As of March 31, 2012, Video, High-Speed Internet and Voice customers
totaled 50.4 million, an increase of 2.8% over last year’s first
quarter.
(in thousands)
Customers
Net Adds
1Q11
1Q12
1Q12
Video Customers
22,751
22,294
(37)
High-Speed Internet Customers
17,403
18,582
439
Voice Customers
8,870
9,506
164
Combined Video, HSI and Voice Customers
49,024
50,382
565
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.
Revenue for NBCUniversal increased 18.0% to $5.5 billion
in the first quarter of 2012, reflecting strong revenue growth in every
segment, including Super Bowl revenue of $259 million in the Broadcast
Television segment. Excluding the Super Bowl in the first quarter of
2012, revenue increased 12.4%. Operating Cash Flow increased
34.3% to $813 million compared to last year’s first quarter. Excluding
transaction-related costs totaling $92 million in the first quarter of
2011, operating cash flow increased 16.6% (see Table 6).
($ in millions) (pro forma)
1st Quarter
2011
2012
Growth
NBCUniversal Revenue
Cable Networks
$2,020
$2,138
5.8%
Broadcast Television
1,352
1,851
36.9%
Filmed Entertainment
975
1,192
22.3%
Theme Parks
390
412
5.7%
Headquarters, Other and Eliminations
(98)
(121)
(23.4%)
NBCUniversal Revenue
$4,639
$5,472
18.0%
NBCUniversal OCF
Cable Networks
$817
$805
(1.4%)
Broadcast Television
20
(10)
NM
Filmed Entertainment
(146)
6
NM
Theme Parks
134
157
17.1%
Headquarters, Other and Eliminations
(220)
(145)
33.6%
NBCUniversal OCF
$605
$813
34.3%
Cable Networks
For the first quarter of 2012, revenue from the Cable Networks segment
increased 5.8% to $2.1 billion compared to $2.0 billion in the first
quarter of 2011, primarily driven by a 5.9% increase in advertising
revenue, a 3.8% increase in distribution revenue and a 20.5% increase in
other revenue. Operating cash flow decreased 1.4% to $805 million
compared to $817 million in the first quarter of 2011, reflecting higher
programming and production costs, primarily due to a shift in the number
of NBA games to the first quarter of 2012.
Broadcast Television
For the first quarter of 2012, revenue from the Broadcast Television
segment increased 36.9% to $1.9 billion compared to $1.4 billion in the
first quarter of 2011 and included $259 million of revenue generated by
the Super Bowl. Excluding the impact of the Super Bowl in the first
quarter of 2012, revenue increased 17.7%, reflecting higher primetime
ratings and higher revenue from a content licensing agreement. In the
first quarter of 2012, the Broadcast Television segment generated an
operating cash flow loss of $10 million compared to operating cash flow
of $20 million in the first quarter of 2011, reflecting higher
programming and marketing costs to support the mid-season primetime
schedule (see Table 6).
Filmed Entertainment
For the first quarter of 2012, revenue from the Filmed Entertainment
segment increased 22.3% to $1.2 billion compared to $975 million in the
first quarter of 2011, primarily reflecting higher theatrical revenue
driven by the release of Dr. Suess’ The Lorax and Safe
House, and increased home entertainment revenue due to a higher
volume of new titles, including Hop and Tower Heist. In
the first quarter of 2012, the Filmed Entertainment segment generated
operating cash flow of $6 million compared to an operating cash flow
loss of $146 million in the first quarter of 2011, primarily reflecting
higher theatrical revenue and the corresponding increase in the
amortization of film costs.
Theme Parks
Theme Parks results are presented as if the Universal Orlando
transaction, which closed on July 1, 2011, was effective on January 1,
2010. As a result, Theme Parks segment revenue and operating cash flow
includes the results of Universal Orlando, Universal Hollywood and
international licensing fees.
For the first quarter of 2012, revenue from the Theme Parks segment
increased 5.7% to $412 million compared to $390 million in the first
quarter of 2011, driven by higher per capita spending at the Orlando and
Hollywood parks. First quarter operating cash flow increased 17.1% to
$157 million compared to $134 million in the same period last year.
Headquarters, Other and Eliminations
NBCUniversal Headquarters, Other and Eliminations include overhead and
eliminations between the NBCUniversal businesses. Included in these
expenses are non-recurring transaction-related costs during the first
quarter of 2011 that totaled $92 million.
Corporate, Other and Eliminations
Pro forma Corporate, Other and Eliminations include corporate
operations, Comcast-Spectacor and eliminations between Comcast's
businesses. For the quarter ended March 31, 2012, Corporate, Other and
Eliminations revenue was ($193) million compared to ($143) million in
2011, reflecting reduced revenue due to the sale of the Philadelphia
76ers in 2011. The operating cash flow loss was $80 million compared to
a loss of $78 million in the first quarter of 2011.
Notes:
1
We define Operating Cash Flow as operating income (loss) before
depreciation and amortization, excluding impairment charges related
to fixed and intangible assets and gains or losses on the sale of
assets, if any.
2
Earnings per share amounts are presented on a diluted basis.
3
We define Free Cash Flow as Net Cash Provided by Operating
Activities (as stated in our Consolidated Statement of Cash Flows)
reduced by capital expenditures, cash paid for intangible assets and
cash distributions to noncontrolling interests; and adjusted for any
payments and receipts related to certain nonoperating items, net of
estimated tax benefits. We do not present Free Cash Flow on a pro
forma basis.
All percentages are calculated on whole numbers. Differences may
exist due to rounding.
Conference Call Information
Comcast Corporation will host a conference call with the financial
community today, May 2, 2012 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 64891388. A replay of the
call will be available starting at 12:30 p.m. ET on May 2, 2012, on the
Investor Relations website or by telephone. To access the telephone
replay, which will be available until Wednesday, May 9, 2012 at midnight
ET, please dial (855) 859-2056 and enter the conference ID number
64891388. 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) (www.comcast.com)
is one of the world’s leading media, entertainment and communications
companies. Comcast is principally involved in the operation of cable
systems through Comcast Cable Communications and in the development,
production and distribution of entertainment, news, sports and other
content for global audiences through NBCUniversal. Comcast Cable
Communications is one of the nation’s largest video, high-speed Internet
and phone providers to residential and business customers. Comcast is
the majority owner and manager of NBCUniversal, which owns and operates
entertainment and news cable networks, the NBC and Telemundo broadcast
networks, local television station groups, television production
operations, a major motion picture company and theme parks.
TABLE 1
Condensed Consolidated Statement of Income (Unaudited)
Three Months Ended
(in millions, except per share data)
March 31,
2011
2012
Revenue
$12,128
$14,878
Operating costs and expenses
8,062
10,190
Operating cash flow
4,066
4,688
Depreciation expense
1,486
1,529
Amortization expense
356
401
1,842
1,930
Operating income
2,224
2,758
Other income (expense)
Interest expense
(605
)
(640
)
Investment income (loss), net
89
92
Equity in net income (losses) of investees, net
(37
)
3
Other income (expense), net
(36
)
(16
)
(589
)
(561
)
Income before income taxes
1,635
2,197
Income tax expense
(596
)
(750
)
Net income
1,039
1,447
Net (income) loss attributable to noncontrolling interests
(96
)
(223
)
Net income attributable to Comcast Corporation
$943
$1,224
Diluted earnings per common share attributable to Comcast
Corporation shareholders
$ 0.34
$ 0.45
Dividends declared per common share attributable to Comcast
Corporation shareholders
$0.1125
$0.1625
Diluted weighted-average number of common shares
2,805
2,744
Note: Consolidated financial results
include NBCUniversal as of January 28, 2011 and 100% of Universal
Orlando as of July 1, 2011.
TABLE 2
Condensed Consolidated Balance Sheet (Unaudited)
(in millions)
December 31,
March 31,
2011
2012
ASSETS
Current Assets
Cash and cash equivalents
$1,620
$2,207
Receivables, net
4,351
4,379
Programming rights
987
1,011
Other current assets
1,615
1,758
Total current assets
8,573
9,355
Film and television costs
5,227
5,112
Investments
9,854
10,149
Property and equipment, net
27,559
26,962
Franchise rights
59,376
59,364
Goodwill
26,874
26,803
Other intangible assets, net
18,165
18,001
Other noncurrent assets, net
2,190
2,203
$157,818
$157,949
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses related to trade creditors
$5,705
$5,763
Accrued participations and residuals
1,255
1,394
Accrued expenses and other current liabilities
4,914
5,770
Current portion of long-term debt
1,367
2,705
Total current liabilities
13,241
15,632
Long-term debt, less current portion
37,942
35,080
Deferred income taxes
29,932
29,812
Other noncurrent liabilities
13,034
13,446
Redeemable noncontrolling interests
16,014
16,158
Equity
Comcast Corporation shareholders' equity
47,274
47,476
Noncontrolling interests
381
345
Total Equity
47,655
47,821
$157,818
$157,949
TABLE 3
Consolidated Statement of Cash Flows (Unaudited)
(in millions)
Three Months Ended
March 31,
2011
2012
OPERATING ACTIVITIES
Net income
$1,039
$1,447
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization
1,842
1,930
Amortization of film and television costs
1,184
2,153
Share-based compensation
84
89
Noncash interest expense (income), net
40
48
Equity in net (income) losses of investees, net
37
(3
)
Cash received from investees
98
73
Net (gain) loss on investment activity and other
(85
)
(74
)
Deferred income taxes
130
(59
)
Changes in operating assets and liabilities, net of effects of
acquisitions and divestitures:
Change in receivables, net
725
(30
)
Change in film and television costs
(1,466
)
(2,061
)
Change in accounts payable and accrued expenses related to trade
creditors
(131
)
169
Change in other operating assets and liabilities
(29
)
711
Net cash provided by operating activities
3,468
4,393
INVESTING ACTIVITIES
Capital expenditures
(1,106
)
(1,174
)
Cash paid for intangible assets
(123
)
(184
)
Acquisitions, net of cash acquired
(5,658
)
-
Proceeds from sales of businesses and investments
18
35
Purchases of investments
(16
)
(62
)
Other
(2
)
36
Net cash provided by (used in) investing activities
(6,887
)
(1,349
)
FINANCING ACTIVITIES
Proceeds from (repayments of) short-term borrowings, net
1,677
(407
)
Repurchases and repayments of debt
(1,759
)
(1,125
)
Repurchases and retirements of common stock
(525
)
(750
)
Dividends paid
(261
)
(304
)
Issuances of common stock
129
150
Distributions to noncontrolling interests
(46
)
(58
)
Other
42
37
Net cash provided by (used in) financing activities
(743
)
(2,457
)
Increase (decrease) in cash and cash equivalents
(4,162
)
587
Cash and cash equivalents, beginning of period
5,984
1,620
Cash and cash equivalents, end of period
$1,822
$2,207
Note: Consolidated financial results
include NBCUniversal as of January 28, 2011 and 100% of Universal
Orlando as of July 1, 2011.
TABLE 4
Supplemental Information
Alternate Presentation of Net Cash Provided by Operating
Activities and Free Cash Flow (Unaudited)
Three Months Ended
March 31,
(in millions)
2011
2012
Operating income
$2,224
$2,758
Depreciation and amortization
1,842
1,930
Operating income before depreciation and amortization
4,066
4,688
Noncash share-based compensation expense
84
89
Changes in operating assets and liabilities
7
346
Cash basis operating income
4,157
5,123
Payments of interest
(657
)
(614
)
Payments of income taxes
(74
)
(118
)
Proceeds from interest, dividends and other nonoperating items
42
2
Net Cash Provided by Operating Activities
$3,468
$4,393
Capital expenditures
(1,106
)
(1,174
)
Cash paid for capitalized software and other intangible assets
(123
)
(184
)
Distributions to other noncontrolling interests
(46
)
(58
)
Nonoperating items
28
62
Free Cash Flow (including Economic stimulus packages)
$2,221
$3,039
Economic stimulus packages
-
-
Total Free Cash Flow
$2,221
$3,039
Reconciliation of EPS Excluding Costs of the NBCUniversal
Transaction (Unaudited)
Three Months Ended
March 31,
2011
2012
(in millions, except per share data)
$
EPS (1)
$
EPS (1)
Net income attributable to Comcast Corporation
$943
$0.34
$1,224
$0.45
Growth %
29.7
%
32.4
%
Comcast Costs Related to the NBCUniversal Transaction, net of tax (2)
51
0.02
-
-
NBCUniversal Transaction-Related Costs, net of tax(3)
14
0.00
-
-
Net income attributable to Comcast Corporation
(excluding Costs of the NBCUniversal Transaction)
$1,008
$0.36
$1,224
$0.45
Growth %
21.4
%
25.0
%
(1)
Based on diluted weighted-average number of common shares for the
respective periods as presented in Table 1.
(2)
2011 Net income attributable to Comcast Corporation 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.
(3)
2011 Net income attributable to Comcast Corporation includes $44
million in transaction-related costs, $14 million net of tax and
noncontrolling interest.
Note: Consolidated financial results
include NBCUniversal as of January 28, 2011 and 100% of Universal
Orlando as of July 1, 2011. Minor differences may exist due to
rounding.
TABLE 5
Reconciliation of GAAP to Pro Forma(1)
Financial Information (Unaudited)
GAAP
NBCUniversal
Corporate, Other and
Eliminations
Total
Pro Forma
(in millions)
Corporate,
Corporate,
Cable
Total
Other and
Pro Forma
Pro Forma
Pro Forma
Other and
Pro Forma
Total
Communications
NBCU
Eliminations
Total
Adjustments(1)
NBCU
Adjustments(1)
Eliminations
Adjustments(1)
Pro Forma
Three Months Ended March 31, 2011
Revenue
$9,084
$3,143
($99
)
$12,128
$1,496
$4,639
($44
)
($143
)
$1,452
$13,580
Operating Costs and Expenses
5,335
2,685
42
8,062
1,349
4,034
(107
)
(65
)
1,242
9,304
Operating Cash Flow
$3,749
$458
($141
)
$4,066
$147
$605
$63
($78
)
$210
$4,276
Three Months Ended March 31, 2012
Revenue
$9,599
$5,472
($193
)
$14,878
-
$5,472
-
($193
)
-
$14,878
Operating Costs and Expenses
5,644
4,659
(113
)
10,190
-
4,659
-
(113
)
-
10,190
Operating Cash Flow
$3,955
$813
($80
)
$4,688
-
$813
-
($80
)
-
$4,688
(1)
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 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.
TABLE 6
Reconciliation of Consolidated Pro Forma Operating Cash Flow
Excluding NBCUniversal Transaction-Related Costs (Unaudited)
Three Months Ended
March 31,
(in millions)
2011
2012
Growth %
Operating Cash Flow
$4,276
$4,688
9.6
%
NBCUniversal Transaction-Related Costs(1)
92
-
Operating Cash Flow excluding NBCUniversal Transaction-Related Costs
$4,368
$4,688
7.3
%
Reconciliation of Consolidated Pro Forma NBCUniversal Revenue
Excluding Super Bowl (Unaudited)
Three Months Ended
March 31,
(in millions)
2011
2012
Growth %
Revenue
$4,639
$5,472
18.0
%
Super Bowl
-
(259
)
Revenue excluding Super Bowl
$4,639
$5,213
12.4
%
Reconciliation of Consolidated Pro Forma NBCUniversal Operating
Cash Flow Excluding NBCUniversal Transaction-Related Costs
(Unaudited)
Three Months Ended
March 31,
(in millions)
2011
2012
Growth %
Operating Cash Flow
$605
$813
34.3
%
NBCUniversal Transaction-Related Costs(1)
92
-
Operating Cash Flow excluding NBCUniversal Transaction-Related Costs
$697
$813
16.6
%
Reconciliation of Pro Forma Broadcast Television Revenue
Excluding Super Bowl (Unaudited)
Three Months Ended
March 31,
(in millions)
2011
2012
Growth %
Revenue
$1,352
$1,851
36.9
%
Super Bowl
-
(259
)
Revenue excluding Super Bowl
$1,352
$1,592
17.7
%
(1)
NBCUniversal transaction-related costs are associated with severance
and other related compensation charges, $44 million of which was
incurred after the close of the transaction.
Note: Minor differences may exist due
to rounding.
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