Comcast Reports 4th Quarter and Year End 2011 Results

2011 Consolidated Revenue Increased 47%, Operating Cash Flow Increased 26% and Operating Income Increased 34%

Free Cash Flow Increased 30% to $7.0 Billion, including $5.2 Billion from Cable and $1.8 Billion from NBCUniversal

Dividend and Share Repurchases Totaled $3.3 Billion in 2011

Dividend to Increase 44% to $0.65 per Share on an Annualized Basis; Share Repurchase Authorization of $6.5 Billion Approved by the Board, with $3 Billion to be Repurchased in 2012, a 40% Increase from 2011

PHILADELPHIA--(BUSINESS WIRE)-- Comcast Corporation (NASDAQ: CMCSA, CMCSK) today reported results for the quarter and year ended December 31, 2011.

Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said, "Last year was a very important year for our company. Cable continued to drive innovation, increase new product introductions and transform the customer experience, and we successfully integrated NBCUniversal. We also reported strong financial and operating results in both the fourth quarter and for the full year. Specifically, cable had another terrific quarter of improving customer metrics, demonstrating that our new XFINITY brand and our intensified focus on service and innovation are making a real difference. Our results at NBCUniversal underscore the strong performance of the cable networks and theme parks, and we continue to make progress enhancing the franchise values of its businesses.

As we begin 2012, the strength of our businesses and free cash flow generation will allow us to continue to build value and consistently return capital to shareholders. To underscore our optimism, we are increasing our dividend by 44% and have instituted a new $6.5 billionshare repurchase plan, with $3 billion to be repurchased this year."

For additional detail on segment revenue and expenses, customer metrics, capital expenditures, and free cash flow, please refer to the trending schedules on Comcast's Investor Relations website at www.cmcsa.com or www.cmcsk.com.

Consolidated Financial Results

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

Revenue increased 54.7% in the fourth quarter of 2011 to $15.0 billion, while Operating Cash Flow increased 32.3% to $4.9 billion and Operating Income increased 45.0% to $2.9 billion.

For the year ended December 31, 2011, revenue increased 47.2% to $55.8 billion, while operating cash flow increased 25.8% to $18.4 billion and operating income increased 34.3% to $10.7 billion.

Earnings per Share³ (EPS) for the fourth quarter of 2011 was $0.47, a 30.6% increase from the $0.36 reported in the fourth quarter of 2010. Excluding NBCUniversal transaction and related costs and other non-recurring items, EPS increased 34.3% in the fourth quarter of 2011 (see Table 4).

EPS for the year ended December 31, 2011 was $1.50, a 16.3% increase from the $1.29 reported in the prior year. Excluding NBCUniversal transaction and related costs and other non-recurring items, EPS increased 20.6% to $1.58 compared to $1.31 in 2010 (see Table 4).

Free Cash Flow (excluding any impact from the Economic Stimulus packages) increased 67.4% to $1.9 billion in the fourth quarter of 2011 compared to $1.1 billion in the fourth quarter of 2010, reflecting growth in consolidated operating cash flow, partially offset by an increase in cash interest expense at NBCUniversal and increased intangible asset expenditures.

Free cash flow for the year ended December 31, 2011 increased 30.1% to $7.0 billion compared to $5.4 billion in 2010. The increase in free cash flow primarily reflects growth in consolidated operating cash flow, partially offset by increases in working capital, cash interest expense, capital expenditures and intangible asset expenditures.

Note: The definition of Free Cash Flow excludes any impact from the 2008-2011 Economic Stimulus packages. These amounts have been excluded from Free Cash Flow to provide an appropriate comparison. NM=comparison not meaningful.

Share Repurchases and Dividends. During the fourth quarter of 2011, Comcast repurchased 21.9 million of its common shares for $491 million. For the full year, Comcast repurchased 95.3 million of its common shares for $2.1 billion. In addition, Comcast made four cash dividend payments totaling $1.2 billion, resulting in a total return of capital to shareholders of $3.3 billion for 2011.

Today, Comcast announced that its Board of Directors has authorized a new $6.5 billion stock repurchase program. The company plans to repurchase $3.0 billion during 2012, subject to market conditions, representing a 40% increase over the $2.1 billion repurchased in 2011.

In addition, Comcast announced that it increased its dividend by 44% to $0.65 per share on an annualized basis. In accordance with the increase, the Board of Directors declared a quarterly cash dividend of $0.1625 a share on the company's common stock, payable on April 25, 2012 to shareholders of record as of the close of business on April 4, 2012.

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).

Consolidated Pro Forma Revenue increased 3.0% in the fourth quarter of 2011 to $15.0 billion compared to $14.6 billion in the fourth quarter of 2010. Consolidated Pro Forma Operating Cash Flow increased 3.5% to $4.9 billion compared to $4.8 billion in last year's fourth quarter. Included in pro forma operating cash flow for the fourth quarter of 2011 are acquisition-related accounting revisions and costs totaling $33 million. Excluding these costs, pro forma consolidated operating cash flow increased 4.2% (see Table 6).

For the year ended December 31, 2011, consolidated pro forma revenue increased 4.7% to $57.7 billion compared to $55.1 billion in 2010. Excluding revenue generated by the 2010 Vancouver Olympics, pro forma revenue increased 6.2%. Consolidated pro forma operating cash flow increased 6.2% to $18.7 billion compared to $17.6 billion in 2010. Excluding the Olympics in 2010 and acquisition-related accounting revisions and costs, operating cash flow increased 6.8% to $19.1 billion (see Table 6). This year's consolidated results were driven by strong growth at Cable Communications, which accounted for 65% of consolidated revenue and 82% of consolidated operating cash flow, as well as growth in Cable Networks and Theme Parks, which were partially offset by weaker results at Broadcast Television and Filmed Entertainment.

Cable Communications

Pro forma Cable Communications ("Cable") results include video, high-speed internet, voice, advertising and business services operations and the businesses of Comcast Interactive Media that were not contributed to NBCUniversal. Pro forma Cable results exclude the regional sports networks, which were contributed to NBCUniversal.

Revenue. For the fourth quarter of 2011, Cable revenue increased 4.7% to $9.5 billion compared to $9.1 billion in the fourth quarter of 2010. This increase was driven by a 10.1% increase in high-speed internet revenue and a 36.8% increase in business services revenue. Advertising revenue decreased 9.3%, reflecting lower political advertising in the fourth quarter of 2011. Monthly average total revenue per video customer increased 7.1% to $141.24, reflecting a growing number of residential customers taking multiple products, rate adjustments and a higher contribution from business services.

For the year ended December 31, 2011, Cable revenue increased 5.3% to $37.2 billion compared to $35.4 billion in 2010. This increase was driven by a 9.8% increase in high-speed internet revenue and a 41.4% increase in business services revenue.

Operating Cash Flow. For the fourth quarter of 2011, Cable operating cash flow increased 6.4% to $3.9 billion compared to $3.7 billion in the fourth quarter of 2010, reflecting higher revenue and continued operational efficiencies, partially offset by an increase in video programming expense. This quarter's operating cash flow margin was 41.6% compared to 40.9% in the fourth quarter of 2010.

For the year ended December 31, 2011, Cable operating cash flow increased 6.9% to $15.3 billion compared to $14.3 billion in 2010 reflecting higher revenue and operational efficiencies, partially offset by increases in video programming and marketing expenses. For the year, operating cash flow margin was 41.1% compared to 40.4% in 2010.

Capital Expenditures. For the fourth quarter of 2011, Cable capital expenditures decreased 12.4% to $1.3 billion, primarily reflecting lower spending on customer premise equipment. Cable capital expenditures equaled 13.9% of Cable revenue in the fourth quarter of 2011 compared to 16.6% in last year's fourth quarter.

For the year ended December 31, 2011, Cable capital expenditures decreased 1.0% to $4.8 billion, reflecting scale efficiencies, including improved equipment pricing, partially offset by continuing investments in network infrastructure and the expansion of business services. Cable capital expenditures equaled 12.9% of Cable revenue in 2011 compared to 13.7% in 2010.

Customers. In the fourth quarter, combined video, high-speed internet and voice customers increased by 465,000, a 12.3% increase compared to fourth quarter 2010 net additions. For the year ended December 31, 2011, combined video, high-speed internet and voice customers increased by 1.4 million, an 11.0% increase compared to 2010 net additions, reflecting reduced video customer losses and increased high-speed internet customer additions. As of December 31, 2011, video, high-speed internet and voice customers totaled 49.8million, an increase of 3.0% over the prior year.

NBCUniversal

Pro forma NBCUniversal results include its national cable networks, the NBC network and owned NBC affiliated local television stations, the Telemundo network and owned Telemundo affiliated local television stations, Universal Pictures filmed entertainment, the Universal theme parks, and other related assets. Comcast's national cable networks, regional sports networks (RSNs), Daily Candy and Fandango, which were contributed to NBCUniversal, are also included in these results.

Revenue for NBCUniversal increased 0.8% to $5.7 billion in the fourth quarter of 2011. Operating Cash Flow decreased 6.8% to $1.1 billion compared to last year's fourth quarter. Excluding acquisition-related accounting revisions and costs totaling $33 million in the fourth quarter of 2011, operating cash flow decreased 3.9% (see Table 6).

For the year ended December 31, 2011, NBCUniversal revenue of $21.1 billion increased 3.7% compared to $20.4 billion in 2010. Excluding the impact of the Vancouver Olympics in 2010, revenue increased 7.8%. Operating cash flow increased 2.3% to $3.8 billion compared to$3.7 billion in 2010. Excluding the Olympics in 2010 and acquisition-related accounting revisions and costs totaling $340 million in 2011, operating cash flow increased 5.2% to $4.1 billion (see Table 6).

Cable Networks

For the fourth quarter of 2011, revenue from the Cable Networks segment increased 5.3% to $2.2 billion compared to $2.1 billion in the fourth quarter of 2010, primarily driven by a 10.4% increase in distribution revenue. Advertising revenue increased 2.0% this quarter, primarily reflecting the impact of four fewer days in our advertising calendar as well as fewer NBA games due to the lockout. Operating cash flow increased 15.3% to $923 million compared to $800 million in the fourth quarter of 2010, reflecting higher revenue and relatively flat programming, production and marketing costs resulting from lower programming and production activity in the fourth quarter and lower production costs due to fewer NBA games. Excluding acquisition-related accounting revisions, Cable Networks operating cash flow for the fourth quarter increased 16.2% to $930 million (see Table 6).

For the year ended December 31, 2011, revenue from the Cable Networks segment increased 10.6% to $8.5 billion compared to $7.7 billion in 2010, driven by a 10.9% increase in distribution revenue, an 8.7% increase in advertising revenue and an 18.7% increase in other revenue primarily due to increases in the licensing of owned content from the cable production studio. Operating cash flow increased 5.4% to $3.3 billion compared to $3.2 billion in 2010, reflecting higher revenue, partially offset by an increased investment in original programming and acquisition-related accounting revisions totaling $137 million. Excluding these accounting revisions, operating cash flow for 2011 increased 9.8% to $3.5 billion (see Table 6).

Broadcast Television

For the fourth quarter of 2011, revenue from the Broadcast Television segment decreased 3.7% to $1.8 billion compared to $1.9 billion in the fourth quarter of 2010, primarily reflecting ratings weakness at the NBC broadcast network, lower political advertising at NBC owned local stations and the impact of four fewer days in our advertising calendar. In the fourth quarter, the Broadcast Television segment generated an operating cash flow loss of $80 million compared to operating cash flow of $55 million in the fourth quarter of 2010, reflecting lower revenue as well as higher marketing costs and acquisition-related accounting revisions totaling $28 million. Excluding these accounting revisions, the fourth quarter 2011 Broadcast Television operating cash flow loss was $52 million (see Table 6).

For the year ended December 31, 2011, revenue from the Broadcast Television segment decreased 7.1% to $6.4 billion compared to $6.9 billion in 2010 which includes $782 million of revenue generated by the 2010 Vancouver Olympics. Excluding the impact of the Olympics, total broadcast revenue increased 4.8%. Advertising revenue excluding the impact of the Olympics increased 1% in 2011, primarily reflecting ratings weakness at the NBC broadcast network and lower political advertising at NBC owned local stations. Content licensing revenue increased $305 million or 23.3% primarily the result of a licensing agreement for prior season and library content. For 2011, operating cash flow increased 4.7% to $123 million compared to $118 million in 2010. Excluding the $223 million loss from the Olympics in 2010 and acquisition-related accounting revisions totaling $108 million in 2011, operating cash flow decreased $110 million or 32.2% to $231 million, primarily due to increased investment in primetime, news programming and local stations (see Table 6).

Filmed Entertainment

For the fourth quarter of 2011, revenue from the Filmed Entertainment segment decreased 1.8% to $1.3 billion, primarily driven by lower home entertainment and other revenue, partially offset by higher content licensing revenue. Fourth quarter operating cash flow decreased 48.8% to $89 million compared to $172 million in the fourth quarter of 2010, reflecting the decline in revenue and higher marketing costs in advance of 2012 theatrical releases. Excluding acquisition-related accounting adjustments, fourth quarter 2011 operating cash flow was$91 million (see Table 6).

For the year ended December 31, 2011, revenue from the Filmed Entertainment segment was flat at $4.6 billion reflecting higher theatrical revenue from the box office performance of Fast Five and Bridesmaids, as well as higher content licensing revenue, offset by lower home entertainment revenue and a decrease in other revenue due to fewer stage plays. Operating cash flow decreased 89.7% to $24 million. Excluding acquisition-related accounting revisions totaling $14 million, 2011 Filmed Entertainment operating cash flow was $10 millioncompared to $230 million in 2010 (see Table 6).

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 fourth quarter of 2011, revenue from the Theme Parks segment increased 4.0% to $498 million compared to $478 million in the fourth quarter of 2010, driven by higher per capita spending at the Orlando and Hollywood parks. Fourth quarter operating cash flow increased 16.2% to $223 million compared to $192 million in the same period last year. Excluding acquisition-related accounting revisions totaling $32 million, operating cash flow was flat at $191 million (see Table 6).

For the year ended December 31, 2011, revenue from the Theme Parks segment increased 24.3% to $2.0 billion compared to $1.6 billion in 2010, driven by the strength of The Wizarding World of Harry Potter^TM attraction in Orlando and the King Kong^TM attraction in Hollywood. Operating cash flow increased 46.6% to $867 million compared to $591 million in 2010. Excluding acquisition-related accounting revisions totaling $32 million, operating cash flow increased 41.2% to $835 million (see Table 6).

Headquarters, Other and Eliminations

NBCUniversal Headquarters, Other and Eliminations include overhead and eliminations between the NBCUniversal businesses. Also included in these expenses are non-recurring transaction-related costs during the fourth quarter of 2011 that totaled $28 million. For the year ended December 31, 2011, non-recurring transaction-related costs totaled $140 million.

Corporate, Other and Eliminations

Pro forma Corporate, Other and Eliminations includes corporate operations, Comcast-Spectacor and eliminations between Comcast's businesses. For the quarter ended December 31, 2011, Corporate, Other and Eliminations revenue was ($166) million compared to ($140) million in 2010, reflecting reduced revenue due to the sale of the Philadelphia 76ers. The operating cash flow loss was $75 million compared to a loss of $82 million in the fourth quarter of 2010.

For the year ended December 31, 2011, Corporate, Other and Eliminations revenue was ($689) million compared to ($683) million in 2010. The operating cash flow loss was $331 million compared to a loss of $357 million in 2010, reflecting reduced corporate expenses.

Notes:

Conference Call Information

Comcast Corporation will host a conference call with the financial community today, February 15, 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 orwww.cmcsk.com. Those parties interested in participating via telephone should dial (800) 263-8495 with the conference ID number 40671374. A replay of the call will be available starting at 12:30 p.m. ET on February 15, 2012, on the Investor Relations website or by telephone. To access the telephone replay, which will be available until Wednesday, February 22, 2012 at midnight ET, please dial (855) 859-2056 and enter the conference ID number 40671374. To automatically receive Comcast financial news by email, please visit www.cmcsa.com orwww.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.