10-KPeriod: FY2012

COMCAST CORP Annual Report, Year Ended Dec 31, 2012

Filed February 21, 2013For Securities:CMCSACCZ

Summary

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 billion, 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 billion, 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.

Financial Highlights

51 data points
Beta

Revenue

$62.57B

Net Income

$6.20B

9.9% Net Margin

EPS (Diluted)

$1.14

Total Assets

$164.97B

Cash & Equivalents

$10.95B

Free Cash Flow

$9.14B

Financial Statements
Beta
Revenue$62.57B
Operating Expenses$50.39B
Operating Income$12.18B
Interest Expense$2.52B
Net Income$6.20B
EPS (Basic)$1.16
EPS (Diluted)$1.14
Shares Outstanding (Basic)5.36B
Shares Outstanding (Diluted)5.43B

Key Highlights

  • 1Consolidated revenue increased 12.0% to $62.6 billion, and operating income grew 13.6% to $12.2 billion in 2012.
  • 2Cable Communications segment revenue rose 6.4% to $39.6 billion, driven by growth in high-speed internet and voice services.
  • 3NBCUniversal revenue increased to $23.8 billion (pro forma), boosted by $1.4 billion from broadcasting the 2012 London Olympics and Super Bowl.
  • 4Comcast completed the sale of SpectrumCo's AWS spectrum licenses for $3.6 billion, with Comcast receiving $2.3 billion in proceeds.
  • 5NBCUniversal redeemed its 15.8% equity interest in A&E Television Networks for $3 billion.
  • 6The company announced an agreement to acquire GE's remaining 49% stake in NBCUniversal for approximately $16.7 billion, expected to close in March 2013.
  • 7Total 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.

Frequently Asked Questions

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.

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.

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%.

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.