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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