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 Comcast Reports 4th Quarter and Year End 2014 Results
   Tuesday, February 24, 2015 7:33:20 AM ET

--Consolidated Revenue Increased 6.4%, Operating Cash Flow Increased 6.9%, Operating Income Increased 9.9% and Free Cash Flow Exceeded $8 Billion

--Earnings per Share Increased 25.0% to $3.20; Excluding Adjustments, EPS Increased 18.6% to $2.93

--Cable Communications Revenue Increased 5.5% and Operating Cash Flow Increased 5.3%

--Customer Relationships Increased by 358,000, a 67% Improvement Compared to 2013

--NBCUniversal Revenue Increased 7.5% and Operating Cash Flow Increased 18.1%

--4th Quarter 2014 Highlights:

--Consolidated Revenue Increased 4.8%, Operating Cash Flow Increased 4.1% and Operating Income Increased 3.8%

--Earnings per Share Increased 2.8% to $0.74; Excluding Adjustments, EPS Increased 16.7% to $0.77

--Cable Communications Revenue Increased 6.1% and Operating Cash Flow Increased 6.3%



--Customer Relationships Increased by 178,000, a 47% Increase from the Fourth Quarter of 2013

--NBCUniversal Revenue Increased 2.3% and Operating Cash Flow Increased 6.6%

--Dividends and Share Repurchase:

--Dividends and Share Repurchases Increased 64.1% to $6.5 Billion in 2014

--Dividend to Increase 11% to $1.00 per Share on an Annualized Basis; Share Repurchase Authorization to Increase to $10.0 Billion, with $4.25 Billion to be Repurchased in 2015

--Additional Share Repurchases Above the $4.25 Billion Plan in 2015 will be Determined by the Closing of the TWC Merger and the Subsequent Divestiture Transactions

Comcast Corporation (CMCSA, CMCSK ) today reported results for the quarter and year ended December 31, 2014.

Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said, "2014 was a great year financially, operationally, and strategically for Comcast NBCUniversal. We continued to execute incredibly well as we accelerated our innovation, launched new products, and brought amazing films, shows and theme park attractions to consumers. Cable’s results, driven by High-Speed Internet and Business Services, demonstrate our focus on driving profitable growth and technology innovations, including our transformative X1 platform. This is bearing fruit in our operating performance, as we added 358,000 customer relationships, while video subscriber trends were the best in 7 years and in broadband we added over 1 million subscribers for the ninth year in a row. NBCUniversal also had a standout performance in 2014, with 18% growth in operating cash flow, driven by a successful Sochi Olympics, continued momentum at NBC Broadcast, the successful opening of The Wizarding World of Harry Potter(TM) - Diagon Alley(TM) in Orlando, and strong box office performance from Universal Pictures. We enter 2015 with great momentum and significant opportunities ahead, and we look forward to receiving regulatory approval for the Time Warner Cable merger. Underscoring our confidence in the continued success of our company, we are increasing our dividend to $1.00 per share on an annualized basis, marking the seventh consecutive annual increase, and plan to repurchase at least $4.25 billion of our stock this year."

                                                                                                                                                                                                                        
Consolidated Financial Results
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                            4th Quarter                                                                                                                                                                      Full Year
($ in millions)                                                                   2013                     2014                   Growth        2013        2014                   Growth
------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- --------------------
Revenue                                                                                                              $16,926                  $17,732                     4.8%                                           $64,657     $68,775                     6.4%
Excluding Olympics                                                                  $64,657     $67,672                     4.7%
------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- --------------------
Operating Cash Flow(1)                                                                                                $5,645                                                         $5,877                                                           4.1%                                           $21,434                                           $22,923                                                           6.9%
Excluding Transaction-Related Costs, Olympics & Pension Costs                   $5,645                   $5,976                     5.9%     $21,508     $23,055                     7.2%
------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- --------------------
Operating Income                                                                $3,647                   $3,787                     3.8%     $13,563     $14,904                     9.9%
------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- --------------------
Earnings per Share(2)                                                                                                  $0.72                                                          $0.74                                                           2.8%                                             $2.56                                             $3.20                                                          25.0%
Excluding Adjustments (see Table 4)                                              $0.66                    $0.77                    16.7%       $2.47       $2.93                    18.6%
------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- --------------------
Free Cash Flow(3)                                                                                                     $1,435                                                         $1,694                                                          18.0%                                            $8,489                                            $8,167                                                         (3.8%)
                                                                                                                                                                                                                                                                                                                                                                                                          

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 Revenue for the fourth quarter of 2014 increased 4.8% to $17.7 billion. Consolidated Operating Cash Flow increased 4.1% to $5.9 billion. Excluding $99 million of Time Warner Cable and Charter transaction-related costs in the fourth quarter of 2014, consolidated operating cash flow increased 5.9% (See Table 5). Consolidated Operating Income increased 3.8% to $3.8 billion.

For the year ended December 31, 2014, consolidated revenue increased 6.4% to $68.8 billion. Excluding $1.1 billion of revenue generated by the Sochi Olympics in the first quarter of 2014, consolidated revenue increased 4.7%. Consolidated operating cash flow increased 6.9% to $22.9 billion. Excluding $105 million of operating cash flow generated by the Olympics in the first quarter of 2014, $237 million of transaction-related costs in 2014, and pension termination costs in the third quarter of 2013, consolidated operating cash flow increased 7.2% (See Table 5). Consolidated operating income increased 9.9% to $14.9 billion.

Earnings per Share (EPS) for the fourth quarter of 2014 was $0.74, a 2.8% increase from the $0.72 reported in the fourth quarter of 2013. Excluding transaction-related costs in the fourth quarter of 2014, as well as income tax adjustments in the fourth quarter of 2013, EPS increased 16.7% to $0.77 (see Table 4).

EPS for the year ended December 31, 2014 was $3.20, a 25.0% increase from the $2.56 reported in the prior year. Excluding the impact from income tax adjustments in 2013 and 2014, gains on the sales of investments, a resolution of a prior acquisition contingency and transaction-related costs in 2014, as well as a gain on the sale of wireless spectrum licenses in the first quarter of 2013, EPS increased 18.6% to $2.93 (see Table 4).

Capital Expenditures increased 11.0% to $2.2 billion in the fourth quarter of 2014 compared to the fourth quarter of 2013. Cable Communications’ capital expenditures increased $235 million, or 14.3%, to $1.9 billion in the fourth quarter of 2014, primarily reflecting our ongoing investment in network infrastructure to increase capacity and higher spending on customer premise equipment related to the deployment of the X1 platform. Cable capital expenditures represented 16.5% of Cable revenue in the fourth quarter of 2014 compared to 15.4% in last year’s fourth quarter. NBCUniversal’s capital expenditures decreased $16 million, or 4.3%, to $337 million in the fourth quarter of 2014, primarily reflecting decreased investments in facilities, partially offset by increased spending at Theme Parks.

For the year ended December 31, 2014, capital expenditures increased 12.5% to $7.4 billion compared to the prior year. Cable Communications’ capital expenditures increased $751 million, or 13.9%, to $6.2 billion, primarily reflecting increased spending related to the deployment of the X1 platform, as well as continued investment in our network. For the year, Cable capital expenditures represented 13.9% of Cable revenue compared to 12.9% in 2013. NBCUniversal’s capital expenditures increased $61 million, or 5.3%, to $1.2 billion in 2014, primarily reflecting increased investments in Theme Parks.

Free Cash Flow increased 18.0% to $1.7 billion in the fourth quarter of 2014 compared to $1.4 billion in the fourth quarter of 2013, reflecting improvements in working capital and growth in consolidated operating cash flow, partially offset by increased capital expenditures and cash taxes on operating items.

Free cash flow for the year ended December 31, 2014 decreased 3.8% to $8.2 billion compared to $8.5 billion in 2013, reflecting increased capital expenditures and cash taxes on operating items, as well as increased working capital, mainly driven by higher film and TV production spend, partially offset by growth in consolidated operating cash flow.

                                                                                                                                                                                 
                                                                                                                                                         4th Quarter                                                                                                                                            Full Year
($ in millions)                                                       2013        2014     Growth        2013        2014      Growth
-------------------------------------------------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- -------
Operating Cash Flow                                                 $5,645      $5,877       4.1%     $21,434     $22,923        6.9%
-------------------------------------------------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- -------
Capital Expenditures                                               (2,003)     (2,224)      11.0%     (6,596)     (7,420)       12.5%
-------------------------------------------------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- -------
Cash Paid for Capitalized Software and Other Intangible Assets       (315)       (387)      22.9%     (1,009)     (1,122)       11.2%
-------------------------------------------------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- -------
Cash Interest Expense                                                (587)       (569)     (3.1%)     (2,355)     (2,389)        1.4%
-------------------------------------------------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- -------
Cash Taxes on Operating Items                                        (914)     (1,105)      20.9%     (3,499)     (3,801)        8.6%
-------------------------------------------------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- -------
Changes in Operating Assets and Liabilities                          (490)        (14)      97.1%          93       (507)          NM
-------------------------------------------------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- -------
Noncash Share-Based Compensation                                       107         127      18.7%         419         513       22.4%
-------------------------------------------------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- -------
Distributions to Noncontrolling Interests and Dividends for           (51)        (50)     (2.0%)       (215)       (220)        2.3%
Redeemable Subsidiary Preferred Stock
-------------------------------------------------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- -------
Other                                                                   43          39     (9.3%)         217         190     (12.4%)
-------------------------------------------------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- -------
Free Cash Flow(3)                                                   $1,435      $1,694      18.0%      $8,489      $8,167      (3.8%)
-------------------------------------------------------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- -------
NM=comparison not meaningful.
 

Dividends and Share Repurchases. During the fourth quarter of 2014, Comcast paid dividends totaling $580 million and repurchased 36.8 million of its common shares for $2.0 billion. For the full year, Comcast repurchased 80.6 million of its common shares for $4.25 billion and made four cash dividend payments totaling $2.3 billion, resulting in a total return of capital to shareholders of $6.5 billion for 2014.

Today, Comcast announced that its Board of Directors has increased its stock repurchase program authorization to $10.0 billion. At this time, Comcast plans to repurchase $4.25 billion during 2015, subject to market conditions. Additional stock repurchases will be determined after the closing of the Time Warner Cable merger and the subsequent divestiture transactions.

In addition, Comcast announced that it increased its dividend by 11.1% to $1.00 per share on an annualized basis. In accordance with the increase, the Board of Directors declared a quarterly cash dividend of $0.25 a share on the company’s common stock, payable on April 22, 2015 to shareholders of record as of the close of business on April 1, 2015.

                                                                                                                                                                                                    
Cable Communications                                                                                                                                                               
----------------------------------------- -------------------- -------------------- --------------------------------------------------------------------------------------------------------------------------------------------       -------------------- -------------------- --------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                        4th Quarter                                                                                                                                                                                   Full Year
($ in millions)                                               2013                     2014                   Growth                     2013                     2014                   Growth
----------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Cable Communications Revenue                                                 
----------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Video                                                       $5,120                   $5,187                     1.3%                  $20,535                  $20,783                     1.2%
----------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
High-Speed Internet                                          2,650                    2,912                     9.9%                   10,334                   11,321                     9.5%
----------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Voice                                                          928                      916                   (1.4%)                    3,657                    3,671                     0.4%
----------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Business Services                                              876                    1,058                    20.8%                    3,241                    3,951                    21.9%
----------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Advertising                                                    602                      717                    18.9%                    2,189                    2,442                    11.5%
----------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Other                                                          485                      523                     8.3%                    1,880                    1,972                     4.9%
----------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Cable Communications Revenue                                                                     $10,661                  $11,313                     6.1%                                                        $41,836                  $44,140                     5.5%
                                                          
----------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Cable Communications Operating Cash Flow                    $4,405                   $4,684                     6.3%                  $17,205                  $18,112                     5.3%
----------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Operating Cash Flow Margin                                                                         41.3%                                                          41.4%                                                                                                                         41.1%                                                          41.0%
                                                          
----------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Cable Communications Capital Expenditures                   $1,637                   $1,872                    14.3%                   $5,403                   $6,154                    13.9%
----------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Percent of Cable Communications Revenue                      15.4%                    16.5%                          12.9%                    13.9%      
----------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                

Revenue for Cable Communications increased 6.1% to $11.3 billion in the fourth quarter of 2014 compared to $10.7 billion in the fourth quarter of 2013, driven by increases of 9.9% in high-speed Internet and 20.8% in business services. Advertising revenue increased 18.9%, reflecting higher political advertising in the fourth quarter of 2014. The increase in Cable revenue reflects increased customer relationships (see below), customers receiving higher levels of service, customers taking additional services, as well as rate adjustments.

For the year ended December 31, 2014, Cable revenue increased 5.5% to $44.1 billion compared to $41.8 billion in 2013, driven by growth in high-speed Internet, business services and advertising.

Customer relationships increased by 178,000 to 27.0 million during the fourth quarter of 2014, a 47% improvement compared to an increase of 121,000 in the fourth quarter of 2013. At the end of the fourth quarter, our triple product customers increased to 37% of our total customer relationships compared to 35% in the fourth quarter of 2013. In addition, video, high-speed Internet and voice customers increased in the fourth quarter of 2014.

For the year ended December 31, 2014, customer relationships increased by 358,000, a 67% improvement compared to net additions of 215,000 in 2013. Video customer net losses improved year-over-year and were the best result in seven years. High-speed Internet customer net additions of 1.3 million marked the ninth consecutive year of more than one million net additions. Voice net additions slowed, reflecting X1 availability that was more focused on triple play customers last year, making for a difficult comparison.

                                                                                                                                           
                                                                                                                            Customers                                                                                                                                                                                                                            Net Additions
Billable Customers Method(4) (in thousands)                     YE13                     YE14                         4Q13                     4Q14                     2013                     2014
------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Video Customers                                               22,577                   22,383                           46                        6                    (267)                    (194)
------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
High-Speed Internet Customers                                 20,685                   21,962                          379                      375                    1,296                    1,277
------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Voice Customers                                               10,723                   11,193                          227                      123                      768                      470
------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                
------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Single Product Customers                                       8,752                    8,409                        (168)                     (35)                    (593)                    (343)
------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Double Product Customers                                       8,541                    8,750                           50                      100                       34                      209
------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Triple Product Customers                                       9,384                    9,876                          240                      114                      774                      492
------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Customer Relationships                                                                              26,677                   27,035                                                                                                      121                      178                      215                      358
                                                                                                                                                                                                                                                                                                                                                                                                                                                            

Operating Cash Flow for Cable Communications increased 6.3% to $4.7 billion in the fourth quarter of 2014 compared to $4.4 billion in the fourth quarter of 2013, reflecting higher revenue, partially offset by a 6.0% increase in operating expenses primarily related to higher video programming costs. This quarter’s operating cash flow margin was 41.4% compared to 41.3% in the fourth quarter of 2013.

For the year ended December 31, 2014, Cable operating cash flow increased 5.3% to $18.1 billion compared to $17.2 billion in 2013, driven by higher revenue, partially offset by a 5.7% increase in operating expenses primarily related to a 7.8% increase in video programming costs. For the year, operating cash flow margin was 41.0% compared to 41.1% in the prior year.

                                                                                                                                                                                               
NBCUniversal                                                                                                                                                                  
------------------------------------ -------------------- -------------------- --------------------------------------------------------------------------------------------------------------------------------------------       -------------------- -------------------- --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                   4th Quarter                                                                                                                                                                                                                   Full Year
($ in millions)                                          2013                     2014                   Growth                     2013                     2014                   Growth                Excluding
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Olympics
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
NBCUniversal Revenue                                                          
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Cable Networks                                         $2,324                   $2,327                     0.1%                   $9,201                   $9,563                     3.9%                     1.1%
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Broadcast Television                                    2,227                    2,335                     4.8%                    7,120                    8,542                    20.0%                     8.1%
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Filmed Entertainment                                    1,448                    1,295                  (10.6%)                    5,452                    5,008                   (8.2%)      
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Theme Parks                                               566                      735                    29.9%                    2,235                    2,623                    17.3%      
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Headquarters, Other and Eliminations                    (101)                     (77)                       NM                    (358)                    (308)                       NM      
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
NBCUniversal Revenue                                                                         $6,464                   $6,615                     2.3%                                                        $23,650                  $25,428                     7.5%                     2.9%
                                                           
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
NBCUniversal Operating Cash Flow                                              
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Cable Networks                                           $929                     $912                   (1.8%)                   $3,501                   $3,589                     2.5%                     2.2%
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Broadcast Television                                      140                      230                    64.0%                      345                      734                   112.5%                    78.6%
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Filmed Entertainment                                      192                       77                  (59.6%)                      483                      711                    47.3%      
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Theme Parks                                               257                      352                    37.6%                    1,004                    1,168                    16.4%      
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Headquarters, Other and Eliminations                    (180)                    (144)                       NM                    (601)                    (614)                       NM      
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
NBCUniversal Operating Cash Flow                                                             $1,338                                                         $1,427                                                           6.6%                                                         $4,732                                                         $5,588                                                          18.1%                                                          15.3%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

Revenue for NBCUniversal increased 2.3% to $6.6 billion in the fourth quarter of 2014 compared to $6.5 billion in the fourth quarter of 2013, as revenue growth in Theme Parks and Broadcast Television was partially offset by lower Filmed Entertainment revenue driven by a year-over-year decline in home entertainment revenue. Operating Cash Flow increased 6.6% to $1.4 billion compared to $1.3 billion in the fourth quarter of 2013, driven by strong results at Theme Parks and Broadcast Television.

For the year ended December 31, 2014, NBCUniversal revenue increased 7.5% to $25.4 billion compared to $23.7 billion in 2013. Excluding $1.1 billion of revenue generated by the Sochi Olympics in the first quarter of 2014, revenue increased 2.9%. Operating cash flow increased 18.1% to $5.6 billion compared to $4.7 billion in 2013. Excluding $130 million of operating cash flow generated by the Olympics, operating cash flow increased 15.3%, reflecting solid results at each business segment (see Table 5).

Cable Networks

For the fourth quarter of 2014, revenue from the Cable Networks segment was stable at $2.3 billion and operating cash flow decreased 1.8% to $912 million compared to the fourth quarter of 2013. These results reflect a 5.6% decline in advertising revenue along with a slight increase in operating costs driven by investment in programming, which more than offset a 4.6% increase in distribution revenue.

For the year ended December 31, 2014, revenue from the Cable Networks segment increased 3.9% to $9.6 billion compared to $9.2 billion in 2013. Excluding $257 million of revenue generated by the 2014 Sochi Olympics, revenue increased 1.1%, reflecting a 4.6% increase in distribution revenue, partially offset by a 3.5% decrease in advertising revenue. Operating cash flow increased 2.5% to $3.6 billion compared to $3.5 billion in 2013. Excluding the Olympics, operating cash flow increased 2.2%, reflecting higher revenue and flat operating costs, even as we continue to invest in programming (see Table 5).

Broadcast Television

For the fourth quarter of 2014, revenue from the Broadcast Television segment increased 4.8% to $2.3 billion compared to $2.2 billion in the fourth quarter of 2013, driven by a 3.1% increase in advertising revenue, as well as higher retransmission consent fees. Operating cash flow increased 64.0% to $230 million compared to $140 million in the fourth quarter of 2013, reflecting higher revenue, which more than offset a slight increase in operating costs and expenses.

For the year ended December 31, 2014, revenue from the Broadcast Television segment increased 20.0% to $8.5 billion compared to $7.1 billion in 2013. Excluding $846 million of revenue generated by the 2014 Sochi Olympics, revenue increased 8.1%, reflecting higher advertising revenue and retransmission consent fees. Operating cash flow increased $389 million to $734 million compared to $345 million in 2013. Excluding the Olympics, operating cash flow increased $272 million, or 78.6%, reflecting higher revenue and a modest increase in operating costs and expenses (see Table 5).

Filmed Entertainment

For the fourth quarter of 2014, revenue from the Filmed Entertainment segment decreased 10.6% to $1.3 billion compared to $1.4 billion in the fourth quarter of 2013, reflecting a decline in home entertainment revenue primarily due to the strong performance of Despicable Me 2 in the fourth quarter of 2013. Operating cash flow decreased $115 million to $77 million compared to $192 million in the fourth quarter of 2013, reflecting lower revenue, partially offset by a decrease in the amortization of film costs.

For the year ended December 31, 2014, revenue from the Filmed Entertainment segment decreased 8.2% to $5.0 billion compared to $5.5 billion in 2013, reflecting lower theatrical and home entertainment revenue, primarily due to the strong performances of Despicable Me 2 and Fast and Furious 6 in 2013. Operating cash flow increased $228 million to $711 million compared to $483 million in 2013, as lower revenues were more than offset by a decrease in the amortization of film costs and reduced advertising, marketing and promotion expense due to a reduced film slate.

Theme Parks

For the fourth quarter of 2014, revenue from the Theme Parks segment increased 29.9% to $735 million compared to $566 million in the fourth quarter of 2013, reflecting higher guest attendance and per capita spending, driven by the continued success of Orlando’s The Wizarding World of Harry Potter(TM) -Diagon Alley(TM), as well as Halloween Horror Nights at the Orlando and Hollywood parks. Fourth quarter operating cash flow increased 37.6% to $352 million compared to $257 million in the same period last year, reflecting higher revenue, partially offset by an increase in operating costs to support the new attractions.

For the year ended December 31, 2014, revenue from the Theme Parks segment increased 17.3% to $2.6 billion compared to $2.2 billion in 2013. Operating cash flow increased 16.4% to $1.2 billion compared to $1.0 billion in 2013, driven by The Wizarding World of Harry Potter(TM) -Diagon Alley(TM) and Despicable Me attractions.

Headquarters, Other and Eliminations

NBCUniversal Headquarters, Other and Eliminations include overhead and eliminations among the NBCUniversal businesses. For the quarter ended December 31, 2014, NBCUniversal Headquarters, Other and Eliminations operating cash flow loss was $144 million compared to a loss of $180 million in the fourth quarter of 2013, reflecting lower employee-related costs.

For the year ended December 31, 2014, NBCUniversal Headquarters, Other and Eliminations operating cash flow loss was $614 million compared to a loss of $601 million in 2013.

 
Corporate, Other and Eliminations
--------------------------------------------------------------------
 
Corporate, Other and Eliminations primarily include corporate
operations, Comcast-Spectacor and eliminations among Comcast’s
businesses. For the quarter ended December 31, 2014, Corporate,
Other and Eliminations revenue was ($196) million compared to ($199)
million in 2013. The operating cash flow loss was $234 million,
including $99 million of costs related to the Time Warner Cable and
Charter transactions, compared to a loss of $98 million in the
fourth quarter of 2013.
 
For the year ended December 31, 2014, Corporate, Other and
Eliminations revenue was ($793) million compared to ($829) million
in 2013. The operating cash flow loss was $777 million, including
$25 million of costs associated with the Olympics and $237 million
of transaction-related costs, compared to a loss of $503 million in
2013, which included $74 million of costs associated with the
termination of a pension plan.
 
--------------------------------------------------------------------
Notes:
1    We define Operating Cash Flow as operating income (loss) before
                        depreciation and amortization, excluding impairment charges related
                        to fixed and intangible assets and gains or losses on the sale of
                        assets, if any.
                         
2                       Earnings per share amounts are presented on a diluted basis.
                         
3                       We define Free Cash Flow as Net Cash Provided by Operating
                        Activities (as stated in our Consolidated Statement of Cash Flows)
                        reduced by capital expenditures, cash paid for intangible assets and
                        cash distributions to noncontrolling interests; and adjusted for any
                        payments and receipts related to certain nonoperating items, net of
                        estimated tax effects. The definition of Free Cash Flow excludes any
                        impact from Economic Stimulus packages. These amounts have been
                        excluded from Free Cash Flow to provide an appropriate comparison.
                         
4                       Beginning in 2014, our Cable Communications segment revised its
                        methodology for counting customers related to how we count and
                        report customers who reside in multiple dwelling units ("MDUs") that
                        are billed under bulk contracts (the "Billable Customers Method").
                        For MDUs whose residents have the ability to receive additional
                        cable services, such as additional programming choices or our HD or
                        DVR services, we now count and report customers based on the number
                        of potential billable relationships within each MDU. For MDUs whose
                        residents are not able to receive additional cable services, the MDU
                        is now counted as a single customer. Previously, we had counted and
                        reported these customers on an equivalent billing unit basis by
                        dividing monthly revenue received under an MDU’s bulk contract by
                        the standard monthly residential rate where the MDU was located (the
                        "EBU Method"). Video customer metrics for 2013 are now presented on
                        the Billable Customers Method to provide an appropriate comparison.
                        For high-speed Internet and voice customers, the differences in the
                        customer metrics using the Billable Customers Method and the EBU
                        Method were not material and 2013 data has not been adjusted.
                         
                        All percentages are calculated on whole numbers. Minor differences
                        may exist due to rounding.

Conference Call and Other Information

Comcast Corporation will host a conference call with the financial community today, February 24, 2015 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 or www.cmcsk.com. Those parties interested in participating via telephone should dial (800) 263-8495 with the conference ID number 61829285. A replay of the call will be available starting at 12:30 p.m. ET on February 24, 2015, on the Investor Relations website or by telephone. To access the telephone replay, which will be available until Tuesday, March 3, 2015 at midnight ET, please dial (855) 859-2056 and enter the conference ID number 61829285.

From time to time, we post information that may be of interest to investors on our website at www.cmcsa.com or www.cmcsk.com and on our corporate blog, www.corporate.comcast.com/comcast-voices. To automatically receive Comcast financial news by email, please visit www.cmcsa.com or www.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 (CMCSA, CMCSK ) is a global media and technology company with two primary businesses, Comcast Cable and NBCUniversal. Comcast Cable is the nation’s largest video, high-speed Internet and phone provider to residential customers under the XFINITY brand and also provides these services to businesses. NBCUniversal operates 30 news, entertainment and sports cable networks, the NBC and Telemundo broadcast networks, television production operations, television station groups, Universal Pictures and Universal Parks and Resorts. Visit www.comcastcorporation.com for more information.

 
TABLE 1
Condensed Consolidated Statement of Income (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                    Three Months Ended                                                                                                                                                      Twelve Months Ended
(in millions, except per share data)                                                                                                                                   December 31,                                                                                                                                                            December 31,
                                                                                                                                 2013                                                                                2014                                                                                2013                                                                                2014
                                                                                                              ------------------------------------------                                          ------------------------------------------                                          ------------------------------------------                                          ------------------------------------------
Revenue                                                                                                                    $16,926                                                                             $17,732                                                                             $64,657                                                                             $68,775
                                                                                                                                                                                                                                                                                                                                                                                                
     Programming and production                                                                                              5,252                                                                               5,358                                                                              19,670                                                                              20,912
     Other operating and administrative                                                                                      4,797                                                                               5,167                                                                              18,584                                                                              19,862
     Advertising, marketing and promotion                                                                                    1,232                                                            1,330                                                            4,969                                                            5,078  
                                                                                                              -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------
                                                                                                                            11,281                                                           11,855                                                           43,223                                                           45,852  
                                                                                                              -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                
Operating cash flow                                                                                                          5,645                                                                               5,877                                                                              21,434                                                                              22,923
                                                                                                                                                                                                                                                                                                                                                                                                
     Depreciation expense                                                                                                    1,585                                                                               1,630                                                                               6,254                                                                               6,337
     Amortization expense                                                                                                      413                                                              460                                                            1,617                                                            1,682  
                                                                                                              -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------
                                                                                                                             1,998                                                            2,090                                                            7,871                                                            8,019  
                                                                                                              -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------
Operating income                                                                                                             3,647                                                                               3,787                                                                              13,563                                                                              14,904
                                                                                                                                                                                                                                                                                                                                                                                                
Other income (expense)
     Interest expense                                                                                                         (646 )                                                                              (664 )                                                                            (2,574 )                                                                            (2,617 )
     Investment income (loss), net                                                                                              27                                                                                  42                                                                                 576                                                                                 296
     Equity in net income (losses) of investees, net                                                                            10                                                                                  10                                                                                 (86 )                                                                                97
     Other income (expense), net                                                                                               (84 )                                                                               (65 )                                                                              (364 )                                                                              (215 )
                                                                                                              -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------
                                                                                                                              (693 )                                                                              (677 )                                                                            (2,448 )                                                                            (2,439 )
                                                                                                              -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                
Income before income taxes                                                                                                   2,954                                                                               3,110                                                                              11,115                                                                              12,465
                                                                                                                                                                                                                                                                                                                                                                                                
Income tax expense                                                                                                            (986 )                                                                            (1,114 )                                                                            (3,980 )                                                                            (3,873 )
                                                                                                              -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                
Net income                                                                                                                   1,968                                                                               1,996                                                                               7,135                                                                               8,592
                                                                                                                                                                                                                                                                                                                                                                                                
     Net (income) loss attributable to noncontrolling interests and                                                            (55 )                                                                               (71 )                                                                              (319 )                                                                              (212 )
     redeemable subsidiary preferred stock
                                                                                                                                                                                                                                                           
                                                                                                              -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------
Net income attributable to Comcast Corporation                                                                              $1,913                                                           $1,925                                                           $6,816                                                           $8,380  
                                                                                                              ==================== ====================                                           ==================== ====================                                           ==================== ====================                                           ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                
Diluted earnings per common share attributable to Comcast                                                                    $0.72                                                            $0.74                                                            $2.56                                                            $3.20  
Corporation shareholders
                                                                                                              ==================== ====================                                           ==================== ====================                                           ==================== ====================                                           ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                
Dividends declared per common share attributable to Comcast                                                                 $0.195                                                           $0.225                                                            $0.78                                                            $0.90  
Corporation shareholders
                                                                                                              ==================== ====================                                           ==================== ====================                                           ==================== ====================                                           ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                
Diluted weighted-average number of common shares                                                                             2,652                                                            2,590                                                            2,665                                                            2,620  
                                                                                                              ==================== ====================                                           ==================== ====================                                           ==================== ====================                                           ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                               
TABLE 2
Condensed Consolidated Balance Sheet (Unaudited)
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                             
                                                                                                                                                                             
(in millions)                                                                                                        December 31,                                               December 31,
                                                                                                                         2013                                                       2014
                                                                                                                     ------------                                           --------------------
ASSETS
                                                                                                                                                                             
     Current Assets
          Cash and cash equivalents                                                                                        $1,718                                                         $3,910
          Investments                                                                                                       3,573                                                            602
          Receivables, net                                                                                                  6,376                                                          6,321
          Programming rights                                                                                                  928                                                            839
          Other current assets                                                                                              1,480                                                          1,859
                                                                                                                     ------------                                           --------------------
               Total current assets                                                                                        14,075                                                         13,531
                                                                                                                     ------------                                           --------------------
                                                                                                                                                                             
     Film and television costs                                                                                              4,994                                                          5,727
                                                                                                                                                                             
     Investments                                                                                                            3,770                                                          3,135
                                                                                                                                                                             
     Property and equipment, net                                                                                           29,840                                                         30,953
                                                                                                                                                                             
     Franchise rights                                                                                                      59,364                                                         59,364
                                                                                                                                                                             
     Goodwill                                                                                                              27,098                                                         27,316
                                                                                                                                                                             
     Other intangible assets, net                                                                                          17,329                                                         16,980
                                                                                                                                                                             
     Other noncurrent assets, net                                                                                           2,343                                                          2,333
                                                                                                                     ------------                                           --------------------
                                                                                                                                                                             
                                                                                                                         $158,813                                                       $159,339
                                                                                                                     ============                                           ====================
                                                                                                                                                                             
LIABILITIES AND EQUITY
                                                                                                                                                                             
     Current Liabilities
          Accounts payable and accrued expenses related to trade creditors                                                 $5,528                                                         $5,638
          Accrued participations and residuals                                                                              1,239                                                          1,347
          Deferred revenue                                                                                                    898                                                            915
          Accrued expenses and other current liabilities                                                                    7,967                                                          5,293
          Current portion of long-term debt                                                                                 3,280                                                          4,217
                                                                                                                     ------------                                           --------------------
               Total current liabilities                                                                                   18,912                                                         17,410
                                                                                                                     ------------                                           --------------------
                                                                                                                                                                             
     Long-term debt, less current portion                                                                                  44,567                                                         44,017
                                                                                                                                                                             
     Deferred income taxes                                                                                                 31,935                                                         32,959
                                                                                                                                                                             
     Other noncurrent liabilities                                                                                          11,384                                                         10,819
                                                                                                                                                                             
     Redeemable noncontrolling interests and redeemable subsidiary                                                            957                                                          1,066
     preferred stock
                                                                                                                                                                             
     Equity
          Comcast Corporation shareholders’ equity                                                                         50,694                                                         52,711
          Noncontrolling interests                                                                                            364                                                            357
                                                                                                                     ------------                                           --------------------
               Total equity                                                                                                51,058                                                         53,068
                                                                                                                     ------------                                           --------------------
                                                                                                                                                                             
                                                                                                                         $158,813                                                       $159,339
                                                                                                                     ============                                           ====================
                                                                                                                                                                             
 
TABLE 3
Consolidated Statement of Cash Flows (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                               
                                                                                                                                                                                                    
(in millions)                                                                                                                                                Twelve Months Ended
                                                                                                                                                                December 31,
                                                                                                                                 2013                                                                   2014
                                                                                                                     -----------------------------                                          ----------------------------
                                                                                                                                                                                                    
OPERATING ACTIVITIES
     Net income                                                                                                       $7,135                                                                $8,592
     Adjustments to reconcile net income to net cash provided by
     operating activities:
          Depreciation and amortization                                                                                7,871                                                                 8,019
          Share-based compensation                                                                                       419                                                                   513
          Noncash interest expense (income), net                                                                         167                                                                   180
          Equity in net (income) losses of investees, net                                                                 86                                                                   (97 )
          Cash received from investees                                                                                   120                                                                   104
          Net (gain) loss on investment activity and other                                                              (169 )                                                                   4
          Deferred income taxes                                                                                           16                                                                 1,165
     Changes in operating assets and liabilities, net of effects of
     acquisitions and divestitures:
          Current and noncurrent receivables, net                                                                       (721 )                                                                 (33 )
          Film and television costs, net                                                                                  44                                                                  (562 )
          Accounts payable and accrued expenses related to trade creditors                                              (667 )                                                                 153
          Other operating assets and liabilities                                                                        (141 )                                                              (1,093 )
                                                                                                                     ------- --------------------                                           ------ --------------------
                                                                                                                                                                                                    
               Net cash provided by operating activities                                                              14,160                                             16,945  
                                                                                                                     ------- --------------------                                           ------ --------------------
                                                                                                                                                                                                    
INVESTING ACTIVITIES
     Capital expenditures                                                                                             (6,596 )                                                              (7,420 )
     Cash paid for intangible assets                                                                                  (1,009 )                                                              (1,122 )
     Acquisitions and construction of real estate properties                                                          (1,904 )                                                                 (43 )
     Acquisitions, net of cash acquired                                                                                  (99 )                                                                (477 )
     Proceeds from sales of businesses and investments                                                                 1,083                                                                   666
     Return of capital from investees                                                                                    149                                                                    25
     Purchases of investments                                                                                         (1,223 )                                                                (191 )
     Other                                                                                                                85                                               (171 )
                                                                                                                     ------- --------------------                                           ------ --------------------
                                                                                                                                                                                                    
               Net cash provided by (used in) investing activities                                                    (9,514 )                                                              (8,733 )
                                                                                                                     ------- --------------------                                           ------ --------------------
                                                                                                                                                                                                    
FINANCING ACTIVITIES
     Proceeds from (repayments of) short-term borrowings, net                                                          1,345                                                                  (504 )
     Proceeds from borrowings                                                                                          2,933                                                                 4,182
     Repurchases and repayments of debt                                                                               (2,444 )                                                              (3,175 )
     Repurchases and retirements of common stock                                                                      (2,000 )                                                              (4,251 )
     Dividends paid                                                                                                   (1,964 )                                                              (2,254 )
     Issuances of common stock                                                                                            40                                                                    35
     Purchase of NBCUniversal noncontrolling common equity interest                                                  (10,761 )                                                                   -
     Distributions to noncontrolling interests and dividends for                                                        (215 )                                                                (220 )
     redeemable subsidiary preferred stock
     Settlement of Station Venture liability                                                                            (602 )                                                                   -
     Other                                                                                                              (211 )                                                                 167  
                                                                                                                     ------- --------------------                                           ------ --------------------
                                                                                                                                                                                                    
               Net cash provided by (used in) financing activities                                                   (13,879 )                                                              (6,020 )
                                                                                                                     ------- --------------------                                           ------ --------------------
                                                                                                                                                                                                    
Increase (decrease) in cash and cash equivalents                                                                      (9,233 )                                                               2,192
                                                                                                                                                                                                    
Cash and cash equivalents, beginning of period                                                                        10,951                                              1,718  
                                                                                                                     ------- --------------------                                           ------ --------------------
                                                                                                                                                                                                    
Cash and cash equivalents, end of period                                                                              $1,718                                             $3,910  
                                                                                                                     ======= ====================                                           ====== ====================
                                                                                                                                                                                                    
 
TABLE 4
Supplemental Information
                                                                                                                                                                                                                                                                                                                                                                                     
Alternate Presentation of Net Cash Provided by Operating
Activities and Free Cash Flow (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                              Three Months Ended                                                                                                                                                                                                                                                                                                                    Twelve Months Ended
                                                                                                                                                                                                                                                 December 31,                                                                                                                                                                                                                                                                                                                          December 31,
(in millions)                                                                                                                                                               2013                                                                                                                                                         2014                                                                                                                                                          2013                                                                                                                                                                    2014
                                                                                                               ------------------------------------------------------------------------------------------------------------------------------                                          ---------------------------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------------------------------------------------------
Operating income                                                                                                                                                                                                 $3,647                                                                                                                                             $3,787                                                                                                                                                                 $13,563                                                                                                                                                                 $14,904
Depreciation and amortization                                                                                                                                                                                     1,998                                                                                                                           2,090                                                                                                                                                7,871                                                                                                                                                                   8,019
                                                                                                               -----------------------------------------------------------------------------------------------------------------------------                                           --------------------------------------------------------------------------------------------------------                                           ---------------------------------------------------------------------------------------------------------                                                               ---------------------------------------------------------------------------------------------------------
Operating income before depreciation and amortization                                                                                                                                                             5,645                                                                                                                                              5,877                                                                                                                                                                  21,434                                                                                                                                                                  22,923
Noncash share-based compensation expense                                                                                                                                                                            107                                                                                                                                                127                                                                                                                                                                     419                                                                                                                                                                     513
Termination of receivables monetization programs(1)                                                                                                                                                              (1,442 )                                                                                                                                                -                                                                                                                                                                 (1,442)                                                                                                                                                                       -
Changes in operating assets and liabilities                                                                                                                                                                        (490 )                                                                                                                                              (14 )                                                                                                                                                                    93                                                                                                                                                                   (357)
                                                                                                               -----------------------------------------------------------------------------------------------------------------------------                                           --------------------------------------------------------------------------------------------------------                                           ---------------------------------------------------------------------------------------------------------                                                               ---------------------------------------------------------------------------------------------------------
Cash basis operating income                                                                                                                                                                                       3,820                                                                                                                                              5,990                                                                                                                                                                  20,504                                                                                                                                                                  23,079
Payments of interest                                                                                                                                                                                               (587 )                                                                                                                                             (569 )                                                                                                                                                               (2,355)                                                                                                                                                                 (2,389)
Payments of income taxes                                                                                                                                                                                           (766 )                                                                                                                                             (790 )                                                                                                                                                               (3,946)                                                                                                                                                                 (3,668)
Excess tax benefits under share-based compensation                                                                                                                                                                  (29 )                                                                                                                                              (27 )                                                                                                                                                                 (205)                                                                                                                                                                   (267)
Other                                                                                                                                                                                                                43                                                                                                                              39                                                                                                                                                  162                                                                                                                                                                     190
                                                                                                               -----------------------------------------------------------------------------------------------------------------------------                                           --------------------------------------------------------------------------------------------------------                                           ---------------------------------------------------------------------------------------------------------                                                               ---------------------------------------------------------------------------------------------------------
Net Cash Provided by Operating Activities                                                                                                                                                                        $2,481                                                                                                                          $4,643                                                                                                                                              $14,160                                                                                                                                                                 $16,945
                                                                                                               -----------------------------------------------------------------------------------------------------------------------------                                           --------------------------------------------------------------------------------------------------------                                           ---------------------------------------------------------------------------------------------------------                                                               ---------------------------------------------------------------------------------------------------------
Capital expenditures                                                                                                                                                                                             (2,003 )                                                                                                                                           (2,224 )                                                                                                                                                               (6,596)                                                                                                                                                                 (7,420)
Cash paid for capitalized software and other intangible assets                                                                                                                                                     (315 )                                                                                                                                             (387 )                                                                                                                                                               (1,009)                                                                                                                                                                 (1,122)
Distributions to noncontrolling interests and dividends for                                                                                                                                                         (51 )                                                                                                                                              (50 )                                                                                                                                                                 (215)                                                                                                                                                                   (220)
redeemable subsidiary preferred stock
Nonoperating items(1)                                                                                                                                                                                             1,323                                                                                                                            (288 )                                                                                                                                                                 2,149                                                                                                                                                                    (16)
                                                                                                               -----------------------------------------------------------------------------------------------------------------------------                                           --------------------------------------------------------------------------------------------------------                                           ---------------------------------------------------------------------------------------------------------                                                               ---------------------------------------------------------------------------------------------------------
Total Free Cash Flow                                                                                                                                                                                             $1,435                                                                                                                          $1,694                                                                                                                                               $8,489                                                                                                                                                                  $8,167
                                                                                                               =============================================================================================================================                                           ========================================================================================================                                           =========================================================================================================                                                               =========================================================================================================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Reconciliation of EPS Excluding Favorable Income Tax Adjustments,
Gains on Sales, Acquisition-Related Items, Pension Termination Costs
and Losses on Investments (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                              Three Months Ended                                                                                                                                                                                                                                                                                                                    Twelve Months Ended
                                                                                                                                                                                                                                                 December 31,                                                                                                                                                                                                                                                                                                                          December 31,
                                                                                                                                                                            2013                                                                                                                                                         2014                                                                                                                                                          2013                                                                                                                                                                    2014
                                                                                                               ------------------------------------------------------------------------------------------------------------------------------                                          ---------------------------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------------------------------------------------------
(in millions, except per share data)
                                                                                                                                    $                                          EPS (2)                                                                     $                                EPS (2)                                                                                $                                          EPS (2)                                                                                $                                          EPS (2)
                                                                                                               ----------------------------------------  -------------------- -------------------- ----------------------------------------                                            -------------------- -------------------- -------------------- ----------------------------------------                                            ----------------------------------------  -------------------- -------------------- ----------------------------------------                                            ----------------------------------------  -------------------- -------------------- ----------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Net income attributable to Comcast Corporation                                                                               $1,913                                                                               $0.72                                                                              $1,925                                                          $0.74                                                                              $6,816                                                                               $2.56                                                                              $8,380                                                                               $3.20
Growth %                                                                                                                                                                                                                                                                                               0.6%                                                           2.8%                                                                                                                                                                                                                                    22.9%                                                            25.0%  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
     Favorable income tax adjustments(3)                                                                                       (158 )                                                                             (0.06 )                                                                                 -                                                              -                                                                                (158 )                                                                             (0.06 )                                                                              (724 )                                                                             (0.28 )
     Gains on sales of investments(4)                                                                                             -                                                                                   -                                                                                   -                                                              -                                                                                (279 )                                                                             (0.11 )                                                                               (97 )                                                                             (0.04 )
     Favorable resolution of a contingency of an acquired company(5)                                                              -                                                                                   -                                                                                   -                                                              -                                                                                   -                                                                                   -                                                                                 (27 )                                                                             (0.01 )
     Costs related to Time Warner Cable and Charter transactions(6)                                                               -                                                                                   -                                                                                  63                                                           0.03                                                                                   -                                                                                   -                                                                                 149                                                                                0.06
     Gain on sale of wireless spectrum licenses(7)                                                                                -                                                                                   -                                                                                   -                                                              -                                                                                 (67 )                                                                             (0.03 )                                                                                 -                                                                                   -
     Pension termination costs(8)                                                                                                 -                                                                                   -                                                                                   -                                                              -                                                                                  46                                                                                0.02                                                                                   -                                                                                   -
     Losses on investments(9)                                                                                                     -                                                                                   -                                                                                   -                                                              -                                                                                 234                                                                                0.09                                                                                   -                                                                                   -
Net income attributable to Comcast Corporation                                                                                                                                                                                                                                            
                                                                                                               -------------------- -------------------- -------------------- -------------------- -------------------- --------------------                                           -------------------- -------------------- -------------------- -------------------- --------------------                                           -------------------- -------------------- -------------------- -------------------- -------------------- --------------------                                           -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
  (excluding favorable income tax adjustments, gains on sales,                                                               $1,755                      $0.66                                                           $1,988                    $0.77                                                           $6,592                      $2.47                                                           $7,681                      $2.93  
  acquisition-related items, pension termination costs and losses on
  investments)
                                                                                                               ==================== ==================== ==================== ==================== ==================== ====================                                           ==================== ==================== ==================== ==================== ====================                                           ==================== ==================== ==================== ==================== ==================== ====================                                           ==================== ==================== ==================== ==================== ==================== ====================
Growth %                                                                                                                                                                                                                                                                                              13.2%                                                          16.7%                                                                                                                                                                                                                                    16.5%                                                            18.6%  
                                                 
             
(1)                                                 Nonoperating items include adjustments for cash taxes paid related
                                                    to certain investing and financing transactions, to reflect cash
                                                    taxes paid in the year of the related taxable income and to exclude
                                                    the impacts of Economic Stimulus packages. Net cash provided by
                                                    operating activities for 2014 includes a $150 million increase in
                                                    July 2014 resulting from a change in our credit card payment
                                                    processes that resulted in the acceleration of the recognition of
                                                    cash receipts in Cable Communications. Net cash provided by
                                                    operating activities for 2013 includes $1.4 billion of cash payments
                                                    associated with the termination in December 2013 of NBCUniversal’s
                                                    receivables monetization programs. For free cash flow purposes, we
                                                    consider the acceleration to be nonrecurring in nature and the
                                                    termination to be similar to a financing transaction and therefore,
                                                    we excluded these amounts from free cash flow as nonoperating items.
                                                     
(2)                                                 Based on diluted weighted-average number of common shares for the
                                                    respective periods as presented in Table 1.
                                                     
(3)                                                 2014 year to date net income attributable to Comcast Corporation
                                                    includes $724 million of favorable income tax adjustments resulting
                                                    from adjustments of uncertain tax positions. 4th quarter 2013 net
                                                    income attributable to Comcast Corporation includes $158 million of
                                                    favorable income tax adjustments resulting from the exchange
                                                    transaction with Liberty Media Corporation.
                                                     
(4)                                                 2014 year to date net income attributable to Comcast Corporation
                                                    includes $154 million of investment income, $97 million net of tax,
                                                    resulting from sales of investments. 2013 year to date net income
                                                    attributable to Comcast Corporation includes $443 million of
                                                    investment income, $279 million net of tax, resulting from the sale
                                                    of the investment in Clearwire.
                                                     
(5)                                                 2014 year to date net income attributable to Comcast Corporation
                                                    includes $27 million of other income, resulting from the favorable
                                                    resolution of a contingency related to the AT&T Broadband
                                                    transaction.
                                                     
(6)                                                 4th quarter 2014 net income attributable to Comcast Corporation
                                                    includes $99 million of operating costs and expenses, $63 million
                                                    net of tax, related to the Time Warner Cable and Charter
                                                    transactions. 2014 year to date net income attributable to Comcast
                                                    Corporation includes $237 million of operating costs and expenses,
                                                    $149 million net of tax, related to the Time Warner Cable and
                                                    Charter transactions.
                                                     
(7)                                                 2013 year to date net income attributable to Comcast Corporation
                                                    includes $108 million of other income, $67 million net of tax,
                                                    resulting from a gain on the sale of wireless spectrum licenses.
                                                     
(8)                                                 2013 year to date net income attributable to Comcast Corporation
                                                    includes $74 million of other operating and administrative expenses,
                                                    $46 million net of tax, resulting from the termination of a pension
                                                    plan.
                                                     
(9)                                                 2013 year to date net income attributable to Comcast Corporation
                                                    includes $371 million of expense ($236 million of other expense and
                                                    $135 million of equity in net losses of investees), $234 million net
                                                    of tax, resulting from losses on investments.
                                                     
Note: Minor differences may exist due
to rounding.
----------------------------------------------------------------------------------------------------------------------------------------------
                                                     
                                                                                                                                                                                                                                                                              
TABLE 5
Reconciliation of Consolidated Revenue Excluding 2014 Olympics
and Operating Cash Flow Excluding Costs Related to Time Warner Cable
and Charter Transactions, 2014 Olympics and Pension Termination
Costs (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                               Three Months Ended                                                                                                                                                                                                                  Twelve Months Ended
                                                                                                                                                                                                  December 31,                                                                                                                                                                                                                        December 31,
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
(in millions)                                                                                                                     2013                                                                                2014                                                              Growth %                                                              2013                                                                                2014                                                                      Growth %
                                                                                                               ------------------------------------------                                          ------------------------------------------                                          ----------                                          ------------------------------------------                                          ------------------------------------------                                          ---------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Revenue                                                                                                                     $16,926                                                                             $17,732                                                                 4.8 %                                                           $64,657                                                                             $68,775                                                                  6.4 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
2014 Olympics                                                                                                                     -                                                                -                                                                                                                    -                                                           (1,103 )
                                                                                                               -------------------- --------------------                                           -------------------- --------------------                                                                                               -------------------- --------------------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Revenue excluding 2014 Olympics                                                                                             $16,926                                                          $17,732                                              4.8 %                                                           $64,657                                                          $67,672                                               4.7 %
                                                                                                               ==================== ====================                                           ==================== ====================                                                                                               ==================== ====================                                           ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                  2013                                                                                2014                                                              Growth %                                                              2013                                                                                2014                                                                      Growth %
                                                                                                               ------------------------------------------                                          ------------------------------------------                                          ----------                                          ------------------------------------------                                          ------------------------------------------                                          ---------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Operating Cash Flow                                                                                                          $5,645                                                                              $5,877                                                                 4.1 %                                                           $21,434                                                                             $22,923                                                                  6.9 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Costs related to Time Warner Cable and Charter transactions                                                                       -                                                                                  99                                                                                                                                       -                                                                                 237
2014 Olympics                                                                                                                     -                                                                                   -                                                                                                                                       -                                                                                (105 )
Pension termination costs                                                                                                         -                                                                                   -                                                                                                                                      74                                                                                   -
                                                                                                                                                                                                                                                                                                                
                                                                                                               -------------------- --------------------                                           -------------------- --------------------                                                                                               -------------------- --------------------                                           -------------------- --------------------
Operating Cash Flow excluding costs related to Time Warner Cable and                                                         $5,645                                                           $5,976                                              5.9 %                                                           $21,508                                                          $23,055                                               7.2 %
Charter transactions, 2014 Olympics and pension termination costs
                                                                                                               ==================== ====================                                           ==================== ====================                                                                                               ==================== ====================                                           ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Reconciliation of Consolidated NBCUniversal Revenue and Operating
Cash Flow Excluding 2014 Olympics (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                               Three Months Ended                                                                                                                                                                                                                  Twelve Months Ended
                                                                                                                                                                                                  December 31,                                                                                                                                                                                                                        December 31,
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
(in millions)                                                                                                                     2013                                                                                2014                                                              Growth %                                                              2013                                                                                2014                                                                      Growth %
                                                                                                               ------------------------------------------                                          ------------------------------------------                                          ----------                                          ------------------------------------------                                          ------------------------------------------                                          ---------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Revenue                                                                                                                      $6,464                                                                              $6,615                                                                 2.3 %                                                           $23,650                                                                             $25,428                                                                  7.5 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
2014 Olympics                                                                                                                     -                                                                -                                                                                                                    -                                                           (1,103 )
                                                                                                               -------------------- --------------------                                           -------------------- --------------------                                                                                               -------------------- --------------------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Revenue excluding 2014 Olympics                                                                                              $6,464                                                           $6,615                                              2.3 %                                                           $23,650                                                          $24,325                                               2.9 %
                                                                                                               ==================== ====================                                           ==================== ====================                                                                                               ==================== ====================                                           ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                  2013                                                                                2014                                                              Growth %                                                              2013                                                                                2014                                                                      Growth %
                                                                                                               ------------------------------------------                                          ------------------------------------------                                          ----------                                          ------------------------------------------                                          ------------------------------------------                                          ---------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Operating Cash Flow                                                                                                          $1,338                                                                              $1,427                                                                 6.6 %                                                            $4,732                                                                              $5,588                                                                 18.1 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
2014 Olympics                                                                                                                     -                                                                -                                                                                                                    -                                                             (130 )
                                                                                                               -------------------- --------------------                                           -------------------- --------------------                                                                                               -------------------- --------------------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Operating Cash Flow excluding 2014 Olympics                                                                                  $1,338                                                           $1,427                                              6.6 %                                                            $4,732                                                           $5,458                                              15.3 %
                                                                                                               ==================== ====================                                           ==================== ====================                                                                                               ==================== ====================                                           ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Reconciliation of Cable Networks Revenue and Operating Cash Flow
Excluding 2014 Olympics (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                               Three Months Ended                                                                                                                                                                                                                  Twelve Months Ended
                                                                                                                                                                                                  December 31,                                                                                                                                                                                                                        December 31,
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
(in millions)                                                                                                                     2013                                                                                2014                                                              Growth %                                                              2013                                                                                2014                                                                      Growth %
                                                                                                               ------------------------------------------                                          ------------------------------------------                                          ----------                                          ------------------------------------------                                          ------------------------------------------                                          ---------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Revenue                                                                                                                      $2,324                                                                              $2,327                                                                 0.1 %                                                            $9,201                                                                              $9,563                                                                  3.9 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
2014 Olympics                                                                                                                     -                                                                -                                                                                                                    -                                                             (257 )
                                                                                                               -------------------- --------------------                                           -------------------- --------------------                                                                                               -------------------- --------------------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Revenue excluding 2014 Olympics                                                                                              $2,324                                                           $2,327                                              0.1 %                                                            $9,201                                                           $9,306                                               1.1 %
                                                                                                               ==================== ====================                                           ==================== ====================                                                                                               ==================== ====================                                           ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                  2013                                                                                2014                                                              Growth %                                                              2013                                                                                2014                                                                      Growth %
                                                                                                               ------------------------------------------                                          ------------------------------------------                                          ----------                                          ------------------------------------------                                          ------------------------------------------                                          ---------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Operating Cash Flow                                                                                                            $929                                                                                $912                                                                (1.8 %)                                                           $3,501                                                                              $3,589                                                                  2.5 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
2014 Olympics                                                                                                                     -                                                                -                                                                                                                    -                                                              (13 )
                                                                                                               -------------------- --------------------                                           -------------------- --------------------                                                                                               -------------------- --------------------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Operating Cash Flow excluding 2014 Olympics                                                                                    $929                                                             $912                                             (1.8 %)                                                           $3,501                                                           $3,576                                               2.2 %
                                                                                                               ==================== ====================                                           ==================== ====================                                                                                               ==================== ====================                                           ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Reconciliation of Broadcast Television Revenue and Operating Cash
Flow Excluding 2014 Olympics (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                               Three Months Ended                                                                                                                                                                                                                  Twelve Months Ended
                                                                                                                                                                                                  December 31,                                                                                                                                                                                                                        December 31,
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
(in millions)                                                                                                                     2013                                                                                2014                                                              Growth %                                                              2013                                                                                2014                                                                      Growth %
                                                                                                               ------------------------------------------                                          ------------------------------------------                                          ----------                                          ------------------------------------------                                          ------------------------------------------                                          ---------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Revenue                                                                                                                      $2,227                                                                              $2,335                                                                 4.8 %                                                            $7,120                                                                              $8,542                                                                 20.0 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
2014 Olympics                                                                                                                     -                                                                -                                                                                                                    -                                                             (846 )
                                                                                                               -------------------- --------------------                                           -------------------- --------------------                                                                                               -------------------- --------------------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Revenue excluding 2014 Olympics                                                                                              $2,227                                                           $2,335                                              4.8 %                                                            $7,120                                                           $7,696                                               8.1 %
                                                                                                               ==================== ====================                                           ==================== ====================                                                                                               ==================== ====================                                           ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                  2013                                                                                2014                                                              Growth %                                                              2013                                                                                2014                                                                      Growth %
                                                                                                               ------------------------------------------                                          ------------------------------------------                                          ----------                                          ------------------------------------------                                          ------------------------------------------                                          ---------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Operating Cash Flow                                                                                                            $140                                                                                $230                                                                64.0 %                                                              $345                                                                                $734                                                                112.5 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
2014 Olympics                                                                                                                     -                                                                -                                                                                                                    -                                                             (117 )
                                                                                                               -------------------- --------------------                                           -------------------- --------------------                                                                                               -------------------- --------------------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Operating Cash Flow excluding 2014 Olympics                                                                                    $140                                                             $230                                             64.0 %                                                              $345                                                             $617                                              78.6 %
                                                                                                               ==================== ====================                                           ==================== ====================                                                                                               ==================== ====================                                           ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
 
Reconciliation of Corporate, Other and Eliminations Operating
Cash Flow Excluding Costs Related to Time Warner Cable and Charter
Transactions, 2014 Olympics and Pension Termination Costs (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                               Three Months Ended                                                                                                                                                                                                                  Twelve Months Ended
                                                                                                                                                                                                  December 31,                                                                                                                                                                                                                        December 31,
                                                                                                                                                                                                                                                                            
                                                                                          2013                                        2014                       Growth %                       2013                                        2014                              Growth %
                                                                       ------------------------------------------  ------------------------------------------  ------------  ------------------------------------------  ------------------------------------------  ---------------------------
                                                                                                                                                                                                                                                                            
Operating Cash Flow                                                                    ($98 )                                     ($234 )                      (137.7 %)                    ($503 )                                     ($777 )                      (54.4 %)
                                                                                                                                                                                                                                                                            
Costs related to Time Warner Cable and Charter transactions                               -                                          99                                                         -                                         237
2014 Olympics                                                                             -                                           -                                                         -                                          25
Pension termination costs                                                                 -                                           -                                                        74                                           -
                                                                                                          
                                                                       -------------------- --------------------   -------------------- --------------------                 -------------------- --------------------   -------------------- --------------------
Operating Cash Flow excluding costs related to Time Warner Cable and                   ($98 )                                     ($135 )                       (36.4 %)                    ($429 )                                     ($515 )                      (19.8 %)
Charter transactions, 2014 Olympics and pension termination costs
                                                                       ==================== ====================   ==================== ====================                 ==================== ====================   ==================== ====================
                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                            
Note: Minor differences
may exist due to rounding.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20150224005580r1&sid=cmtx6&distro=nx&lang=en

SOURCE: Comcast Corporation

Comcast Corporation 
Investor Contacts: 
Jason Armstrong, 215-286-7972 
Jane Kearns, 215-286-4794 
or 
Press Contacts: 
D’Arcy Rudnay, 215-286-8582 
John Demming, 215-286-8011


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