Summary
Comcast Corporation's 2011 10-K filing reveals a transformative year, largely dominated by the acquisition of a 51% controlling interest in NBCUniversal on January 28, 2011. This strategic move significantly expanded Comcast's business segments, integrating Cable Networks, Broadcast Television, Filmed Entertainment, and Theme Parks alongside its established Cable Communications segment. The NBCUniversal acquisition drove a substantial increase in consolidated revenue (47.2%) and operating income (34.3%) for the year. The company's core Cable Communications segment showed steady growth, with revenue increasing by 5.3% and operating income before depreciation and amortization rising by 6.9%. This segment remains the primary revenue generator, accounting for 67% of consolidated revenue. Investors should note the continued shift in video customer base towards digital services and growth in high-speed internet and voice subscriptions. The integration of NBCUniversal presents both opportunities for diversified revenue streams and potential integration challenges, as well as increased debt levels to finance the acquisition.
Financial Highlights
51 data points| Revenue | $55.84B |
| Operating Expenses | $45.12B |
| Operating Income | $10.72B |
| Interest Expense | $2.50B |
| Net Income | $4.16B |
| EPS (Basic) | $0.76 |
| EPS (Diluted) | $0.75 |
| Shares Outstanding (Basic) | 5.49B |
| Shares Outstanding (Diluted) | 5.56B |
Key Highlights
- 1Completion of the NBCUniversal acquisition on January 28, 2011, significantly expanding Comcast's media and entertainment portfolio.
- 2Consolidated revenue increased by 47.2% to $55.8 billion, and consolidated operating income grew by 34.3% to $10.7 billion, largely due to the NBCUniversal acquisition.
- 3Cable Communications segment revenue grew 5.3% to $37.2 billion, with operating income before depreciation and amortization increasing by 6.9%, demonstrating continued strength in the core business.
- 4Video customer base saw a net decrease of 460,000 customers in the Cable Communications segment, reflecting competitive pressures and economic conditions.
- 5High-speed Internet and Voice customer bases continued to grow, with high-speed Internet customers increasing by 1.16 million and Voice customers by 732,000.
- 6Total debt increased to $39.3 billion, reflecting financing for the NBCUniversal transaction.
- 7Comcast increased its quarterly dividend by 44% to $0.65 per share on an annualized basis, signaling confidence in future cash flows.