10-QPeriod: Q3 FY2012

COMCAST CORP Quarterly Report for Q3 Ended Sep 30, 2012

Filed October 26, 2012For Securities:CMCSACCZ

Summary

Comcast Corporation (CMCSA) reported strong financial performance for the nine months ended September 30, 2012. Revenue increased by 14.3% to $46.633 billion, driven by growth in both the Cable Communications segment and the NBCUniversal businesses. Net income attributable to Comcast Corporation surged by 63.0% to $4.685 billion. The company demonstrated robust operating cash flow, with net cash provided by operating activities increasing to $11.239 billion. Key developments include the significant financial impact of the 2012 Super Bowl and London Olympics broadcasts on the Broadcast Television segment, and the completion of the SpectrumCo transaction, which provided substantial proceeds. Comcast also continued its commitment to shareholder returns through substantial share repurchases and dividend increases. The company maintains a strong liquidity position with a significant amount available under its revolving credit facility.

Financial Highlights

51 data points
Beta

Revenue

$16.54B

Net Income

$2.11B

12.8% Net Margin

EPS (Diluted)

$0.39

Total Assets

$162.45B

Cash & Equivalents

$8.90B

Free Cash Flow

$1.84B

Financial Statements
Beta
Revenue$16.54B
Operating Expenses$13.50B
Operating Income$3.05B
Interest Expense$633.00M
Net Income$2.11B
EPS (Basic)$0.40
EPS (Diluted)$0.39
Shares Outstanding (Basic)5.34B
Shares Outstanding (Diluted)5.41B

Key Highlights

  • 1Consolidated revenue grew 14.3% to $46.6 billion for the nine months ended September 30, 2012, compared to the prior year period.
  • 2Net income attributable to Comcast Corporation increased significantly by 63.0% to $4.685 billion for the nine months ended September 30, 2012.
  • 3Operating income for the nine months increased by 13.9% to $8.885 billion.
  • 4Cable Communications segment remains a significant revenue driver, accounting for 63% of consolidated revenue and over 80% of operating income before depreciation and amortization for the nine months.
  • 5NBCUniversal segments also showed strong performance, with Broadcast Television revenue boosted by the 2012 Olympics and Super Bowl broadcasts.
  • 6Net cash provided by operating activities was $11.239 billion for the nine months ended September 30, 2012.
  • 7The company repurchased $2.25 billion of its Class A Special common stock during the nine months ended September 30, 2012.

Frequently Asked Questions

Revenue growth was primarily driven by increases in both the Cable Communications segment, particularly from high-speed Internet and business services, and the NBCUniversal segments. The Broadcast Television segment saw a substantial boost from the 2012 Super Bowl and London Olympics broadcasts. The Filmed Entertainment and Theme Parks segments also contributed positively.

The NBCUniversal segments showed strong performance. Cable Networks revenue increased due to rate increases in distribution. Broadcast Television revenue saw a significant rise driven by the 2012 Olympics and Super Bowl advertising. Filmed Entertainment benefited from strong theatrical and home entertainment releases, while Theme Parks saw increased attendance and per capita spending.

Comcast maintained a strong liquidity position with $5.8 billion available under its revolving credit facility as of September 30, 2012. The company generated $11.239 billion in net cash from operating activities for the nine months ended September 30, 2012, indicating robust cash flow generation to meet its obligations and fund investments.

Comcast continued its share repurchase program, repurchasing $2.25 billion of its Class A Special common stock during the nine months ended September 30, 2012, under a $6.5 billion authorization. The company also increased its quarterly dividend by 44% on an annualized basis, demonstrating a commitment to returning capital to shareholders.