Comcast Results Presentation Deck
Notes
Effective January 1, 2018, we adopted the new accounting standard related to revenue recognition. In connection with the adoption, we implemented changes in
classification for our Cable Communications segment's high-speed internet, video, voice, business services and other revenues and costs and expenses. In addition, the
new guidance impacted the timing of recognition for Cable Communications installation revenue and commissions expense, and Cable Networks, Broadcast Television
and Filmed Entertainment content licensing renewals and extensions. These changes affected Adjusted EBITDA for Comcast Consolidated and the Cable
Communications, Cable Networks, Broadcast Television and Filmed Entertainment segments. We adopted the guidance using the full retrospective method and all
periods presented within this presentation have been adjusted.
Beginning in the first quarter of 2019, Comcast Cable's wireless phone service and certain other Cable-related business development initiatives are now presented in the
Cable Communications segment. Results were previously presented in Corporate and Other. Prior periods have been adjusted to reflect this presentation. To be
consistent with our current management reporting presentation, certain 2018 and 2017 operating results were reclassified within the Cable Communications segment
and certain 2018 and 2017 operating results were reclassified related to certain NBCUniversal businesses now presented in the Sky segment.
1. 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
and cash paid for intangible assets. From time to time, we may exclude from Free Cash Flow the impact of certain cash receipts or payments (such as significant
legal settlements) that affect period-to-period comparability. Cash payments for acquisitions and construction of real estate properties and the construction of
Universal Beijing Resort are presented separately in our Consolidated Statement of Cash Flows and are therefore excluded from capital expenditures for Free Cash
Flow. Please refer to our Form 8-K (Quarterly Earnings Release) for a reconciliation and further details.
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We define Adjusted EBITDA as net income attributable to Comcast Corporation before net income (loss) attributable to non controlling interests and redeemable
subsidiary preferred stock, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other
operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time
to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the
period-to-period comparability of our operating performance. Please refer to our Form 8-K (Quarterly Earnings Release) for a reconciliation and further details.
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Cable Communications Net Cash Flow is defined as Cable Communications Adjusted EBITDA reduced by capital expenditures and cash paid for capitalized
software and other intangible assets. Please refer to our trending schedules for a reconciliation and further details.
5. Sky constant currency growth rates are calculated by comparing the current period results to the comparative period results in the prior year adjusted to reflect the
average exchange rates from the current year period rather than the actual exchange rates in effect during the respective prior year periods. Please refer to our
Form 8-K (Quarterly Earnings Release) for a reconciliation of constant currency and further details.
Please refer to our Form 8-K (Quarterly Earnings Release) for a reconciliation of consolidated earnings per share on an adjusted basis.
Consolidated net debt of $96.2Bn represents long-term debt, including current portion (as stated in our Consolidated Balance Sheet), adjusted to exclude $1.3Bn of
Universal Beijing Resort debt, plus $725MM of NBCUniversal Enterprise, Inc. preferred stock, less cash and cash equivalents (as stated in our Consolidated
Balance Sheet). Amounts owed under a collateralized obligation are presented separately in our Consolidated Balance Sheet and are therefore excluded from
consolidated net debt. Consolidated net debt/Adjusted EBITDA is calculated based on trailing 12 month Adjusted EBITDA. Adjusted EBITDA for the twelve months
ended December 31, 2019 was $34.3Bn, as presented in our trending schedules.
Pro Forma information is presented as if the Sky transaction occurred January 1, 2017. Our pro forma information is based on historical results of operations and are
primarily adjusted for the effects of acquisition accounting and the elimination of costs and expenses directly attributable to the transaction. These amounts are not
necessarily indicative of future results or what our results would have been had we operated Sky since January 1, 2017.
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