01—Abstract
Summary
Summary of the 10-K filed February 21, 2013. Cited figures are marked; the original filing is the authoritative source.
Comcast Corporation's 2012 10-K filing highlights a year of significant growth, driven by strong performance in both its Cable Communications and NBCUniversal segments.
Consolidated revenue increased by 12.0% to $62.6 billiona, with operating income rising by 13.6% to $12.2 billion. The Cable Communications segment remained the primary revenue driver, contributing 63% of total revenue, while the NBCUniversal segments saw a notable boost from broadcast rights for the 2012 London Olympics and the Super Bowl, leading to a 12.7% increase in NBCUniversal revenue on a pro forma basis. The company also reported key strategic developments, including the completion of the SpectrumCo transaction, which generated $2.3 billion in proceeds, and the redemption of NBCUniversal's equity interest in A&E Television Networks for $3 billion.
Looking ahead, Comcast announced its agreement to acquire GE's remaining 49% stake in NBCUniversal for approximately $16.7 billionb, signaling a significant step towards full ownership of its media and entertainment division. This filing provides a comprehensive overview of Comcast's diversified business operations, financial health, and strategic direction at the close of 2012.
02—Key points
Key Highlights
- Consolidated revenue increased 12.0% to $62.6 billion, and operating income grew 13.6% to $12.2 billion in 2012.
- Cable Communications segment revenue rose 6.4% to $39.6 billion, driven by growth in high-speed internet and voice services.
- NBCUniversal revenue increased to $23.8 billion (pro forma), boosted by $1.4 billion from broadcasting the 2012 London Olympics and Super Bowl.
- Comcast completed the sale of SpectrumCo's AWS spectrum licenses for $3.6 billion, with Comcast receiving $2.3 billion in proceeds.
- NBCUniversal redeemed its 15.8% equity interest in A&E Television Networks for $3 billion.
- The company announced an agreement to acquire GE's remaining 49% stake in NBCUniversal for approximately $16.7 billion, expected to close in March 2013.
- Total video customers decreased slightly to 22.0 million, while high-speed Internet customers grew to 19.4 million and voice customers increased to 10.0 million.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2012filed February 21, 2013Financial Statements
FY2012 against FY2011
| Line item | FY2012FY2011 | Change |
|---|---|---|
| Revenue | $62.57B$55.84B | +12.0% |
| Operating Expenses | $50.39B$45.12B | +11.7% |
| Operating Income | $12.18B$10.72B | +13.6% |
| Interest Expense | $2.52B$2.50B | +0.6% |
| Net Income | $6.20B$4.16B | +49.1% |
| EPS (Basic) | $1.16$0.76 | +53.6% |
| EPS (Diluted) | $1.14$0.75 | +52.0% |
| Shares Outstanding (Basic) | 5.36B5.49B | −2.5% |
| Shares Outstanding (Diluted) | 5.43B5.56B | −2.2% |
05—Questions
Frequently Asked Questions
What were Comcast's main business segments in 2012?
Comcast's primary business segments in 2012 were Cable Communications, Cable Networks, Broadcast Television, Filmed Entertainment, and Theme Parks. The Cable Communications segment, offering video, high-speed internet, and voice services, was the largest contributor to revenue and operating income. The NBCUniversal segments collectively covered the media and entertainment operations.
How did the NBCUniversal acquisition impact Comcast's financial performance in 2012?
The NBCUniversal acquisition, completed in January 2011, continued to significantly impact Comcast's financial performance in 2012. NBCUniversal's revenue grew to $23.8 billion on a pro forma basis, boosted by major events like the London Olympics. The segment contributed substantially to the company's overall revenue and operating income growth. Notably, Comcast announced its intention to acquire GE's remaining stake in NBCUniversal, signaling a move towards full ownership.
What were the key financial highlights for Comcast in 2012?
Key financial highlights for 2012 include a 12.0% increase in consolidated revenue to $62.6 billion and a 13.6% rise in operating income to $12.2 billion. The Cable Communications segment showed solid growth, and NBCUniversal experienced a significant revenue uplift due to major sporting events. The company also managed its capital effectively, repurchasing $3.0 billion in shares and increasing its dividend by 20%.
What significant strategic transactions did Comcast undertake or announce in 2012?
In 2012, Comcast completed the sale of its SpectrumCo AWS spectrum licenses for $3.6 billion, receiving $2.3 billion in proceeds. It also redeemed NBCUniversal's equity interest in A&E Television Networks for $3 billion. More significantly, Comcast announced its agreement to acquire GE's remaining 49% interest in NBCUniversal for approximately $16.7 billion, a transaction expected to close in early 2013, which would result in full ownership of the NBCUniversal business.
06—Continue