Company Report
November 30, 2008
CMCSA
Comcast Corporation
Corporate Data
Table of Contents Company Overview . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Annual Income Statement . . . . . . . . . . . . . . . . . .
12
Pricing
Company Segment Data . . . . . . . . . . . . . . . . . . . . 14
......................................
3
Earnings and Revenue . . . . . . . . . . . . . . . . . . . . . . .
4
Annual Balance Sheet
......................
15
Key Ratio Data
5
Annual Cash Flow . . . . . . . . . . . . . . . . . . . . . . . . . .
17
...............................
Address:
Comcast Corp. One Comcast Center Philadelphia, PA 19103-2838 US
Fundamentals and Growth . . . . . . . . . . . . . . . . . . . 6
Quarterly Income Statement . . . . . . . . . . . . . . . . 18
Phone:
(215) 286-1700
Industry Comparison
7
Quarterly Balance Sheet . . . . . . . . . . . . . . . . . . . .
19
Fax:
(215) 981-7790
21
Email:
[email protected]
........................
Peer Comparison Graph
.....................
8
Quarterly Cash Flow . . . . . . . . . . . . . . . . . . . . . . . .
Executive Compensation
....................
9
Insiders and Institutional Holdings
. . . . . . . . . . 22
Website:
www.comcast.com
HEMSCOTT produces its data from sources believed by it to be reliable, and will endeavor to insure that such data is complete, accurate and timely. However, HEMSCOTT does not represent or warrant such completeness, accuracy or timeliness, and shall have no liability whatsoever to CUSTOMER, to any of CUSTOMER’s clients, or to any other party, on account of any incompleteness of, inaccuracies in or lateness of the data. HEMSCOTT expressly disclaims all warranties of fitness of the data or any part thereof for a particular purpose. EXCEPT FOR WARRANTING THAT IT HAS THE RIGHT TO PROVIDE THE DATA, HEMSCOTT MAKES NO EXPRESS OR IMPLIED WARRANTIES OF ANY KIND WITH RESPECT TO THE DATA. IN NO EVENT SHALL HEMSCOTT BE LIABLE FOR LOST PROFITS OR CONSEQUENTIAL DAMAGES, EVEN IF ADVISED OF THE POSSIBILITY THEREOF. For questions please contact our Client Services Department at
[email protected].
© Hemscott, Inc. and Affiliates. All rights reserved.
Hemscott Company Overview
Comcast Corporation
CMCSA
Relative Strength History
About Comcast Corporation
70%
The Company is a cable operator in the United States and offers a variety of entertainment and communications products and services.
60% 50%
S&P 500
40% 30% 20% 10% CMCSA
0% -10% -20% 2003
2004
2005
2006
2007
Membership Information
Officers and Directors Name Brian L. Roberts
2008
Stephen B. Burke Lawrence S. Smith Michael J. Angelakis John R. Alchin Julian A. Brodsky J. Michael Cook Dr. Judith Rodin, Ph.D. Edward D. Breen Michael I. Sovern Kenneth J. Bacon S. Decker Anstrom
Standardized Title CEO/Chairman of the Board/President/ Director Executive VP/COO/President, Subsidiary Executive VP/CFO Executive VP/CFO Executive VP/CFO/Treasurer Director/Vice Chairman Director Director Director Director Director Director
Ralph J. Roberts Sheldon M. Bonovitz Joseph J. Collins Jeffrey A. Honickman David L. Cohen
Director Director Director Director Executive VP
© Hemscott, Inc. and Affiliates. All rights reserved.
Industry Group
Key Fundamentals Media
Price as of 11/28/2008
$17.34
Age 48
Officer/ Director Since 2002
Dow Jones Membership
49 59 43 58 74 65 63 52 76 53 57
2002 -2007 2000 2002 2002 2002 2005 2002 2002 2002
S&P Membership Russell 2000 Membership
No
13-Week Price Range
$9.20 - $21.95
Forbes 500 Membership
No
52-Week Price Range
$9.20 - $22.86
Fortune 500 Industrial Membership
No
Market Capitalization
35.7 Billion
Last Twelve Month (LTM) Revenue
33.5 Billion
88 70 63 51 52
2002 2002 2004 2005 2002
Auditor’s Opinion Inventory Valuation Method
Business Segment
CATV Systems
Volume on 11/28/2008
8.7 Million
No
10-Day Average Volume
29.0 Million
Yes
Shares Outstanding
Earnings Per Share (EPS)
Financial Reporting Financials as of
9/2008
Current Earnings Period Principal Auditor
P/E Ratio Third Quarter
Deloitte & Touche L.L.P.
Stock is Optionable
Unqualified Unknown No
$0.91 19.1
Book Value Per Share
$13.96
Gross Margin
63.6%
Quarterly Dividend
$0.06
Dividend Yield Beta
1.4% 0.9
Fiscal Year Ends Employees
This company is NOT in bankruptcy
2.9 Billion
Part-Time Employees
December 100,000 0 Page 2
Hemscott Pricing
Comcast Corporation
Monthly Price History
Price -36.1%
Monthly High/Low
200-Day Moving Average
2 Years
Price Change vs. Market
Price Performance -15.9%
1 Year
-4.7%
$40
Year-to-Date
$30
CMCSA
CMCSA
Business Segment
+10.0% +19.0% +17.0% +20.0% +32.0% +40.0% +56.0%
+7.0% +5.0% -7.0% -5.0% -11.0% -6.0% -3.0%
One Week This Month 3 Months 6 Months 9 Months 12 Months Year-to-Date
$20
Volume Data Current Week Total Volume
$10
On-Balance Volume Index Daily Volume as Percent of 10-Day Average Volume
$0 Average Volume 327.3 M
This Week’s Dollar Volume Volume
2004
2005
2006
2007
2008
Price Performance History
110.68 Million 85% 30% 1.75 Billion
Weekly Volume as Percent of Shares Outstanding
5.37%
Liquidity Ratio
86,376
Pricing Data
Price Percent Change
Latest Close as a Percent Change From…
Price Change vs. S&P 500
Close Price on 11/28/08
Last Week
+23.2%
10-Day Average
+14%
1 Week
+10%
Open Price
Last 4 Weeks
+10.0%
10-Week Average
+5%
4 Weeks
+19%
High / Low Price
$17.40 / $16.30
Last Month
+10.0%
30-Week Average
-10%
This Month
+19%
4 Week High / Low Price
$18.03 / $12.73
Last 13 Weeks
-18.1%
200-Day Average
-11%
13 Weeks
+17%
26 Week High / Low Price
$22.86 / $9.20
Last 26 Weeks
-22.9%
52-Week High
-24%
26 Weeks
+20%
52 Week High / Low Price
$22.86 / $9.20
Last 52 Weeks
-15.6%
52-Week Low
+88%
52 Weeks
+40%
YTD High / Low Price
$22.86 / $9.20
200-Day Price Index vs. S&P 500
Key Price Fundamentals Price Range
Moving Averages
Average Daily Volume (Mil)
4-Week High
$18.03
5-Day
$15.81
Last 10 Days
28.99
4-Week Low
$12.73
10-Day
$15.23
Last 4 Weeks
27.76
26-Week High
$22.86
10-Week
$16.45
This Month
27.76
26-Week Low
$9.20
20-Week
$19.07
Last 13 Weeks
29.93
52-Week High
$22.86
30-Week
$19.35
Last 26 Weeks
25.15
52-Week Low
$9.20
200-Day
$19.52
Last 52 Weeks
24.27
© Hemscott, Inc. and Affiliates. All rights reserved.
$17.34 $16.65
140%
Current Price Momentum
77%
Price Momentum for Prior Week
62%
5-Year Beta (Rolling 60 Months)
0.90
3-Year Beta (Rolling 36 Months)
0.90
The 200-Day Price Price Index is a meas measure ure that traces the relative changes in the stock price over time as compared to the Market. A score of 100 indicates that the price changes have been equal to those of the Market, and a higher score indicates a price change that is outperforming the Market. Page 3
Hemscott Earnings and Revenue
Comcast Corporation
Price / Earnings
Quarterly Price & Revenue History Price $ US
19.07
Annual EPS
20.13 20.56 20.41
21.87
-0.01
0.11
19.18
18.74 19.74
-3.28%
18.84
22.20
0.08
0.07
0.30
-68.42%
22.53
20.46 19.97
19.60 17.29 1.17%
17.45
0.14 -0.09
Annual Revenue
0.94
0.02
0.95
0.13
0.04
0.13
0.07
0.28
-6.67%
21.84 23.03
24.61 28.23 15.32%
25.95
0.11
0.26
28.12 24.18 18.26 24.13 4.78%
0.15
0.04
0.38 0.78
178.57%
0.19 0.83
0.18
0.20
6.41%
in Billions
4.47
Annual
5.69 4.55 19.44
4.74
2003
4.91
5.07 19.22
5.10 4.15 -1.12%
2004
5.36
2005
5.60 21.66
5.28 5.42 12.69%
5.60
5.91 24.97
2006
6.43 7.03 15.26%
7.39
7.71 30.90
2007
Ratio Changes vs. 1 Year ago CMCSA Outperforming Business Segment
% Change Business Segment
+37.7
-51.3
89.0
Latest Quarter EPS Total Operations
+44.4
-7.7
52.1
+5.1
-7.7
12.8
Latest Annual Revenue
+23.8
+18.5
5.3
Latest Annual Earnings
+2.1
-1.3
3.4
% Change CMCSA
% Change Business Segment
+11.4
+18.6
YTD Revenue
Difference from Business Segment -7.1
Current Quarter Revenue
+9.9
+18.5
-8.6
LTM EPS Total Operations
+23.0
+51.6
-28.6
YTD EPS Total Operations
+14.3
+63.2
-48.9
+7.6
+76.7
-69.1
YTD Earnings
Business Segment
19.1 19.1 17.3 27.8 27.4 84.9 16.3 52.9 36.2 43.7
16.1 11.8 16.6 20.7 38.1 na na na na na
44.0%
na
24.0%
na
A company with a LTM P/E at 100% of its 5-year average is operating generally in line with its history, as far as P/E is concerned. A lower percent would indicate a lower valuation relative to its 5-year history.
Difference from Business Segment
% Change CMCSA
Business Segment Outperforming CMCSA
7.78 8.01 23.75%
Current P/E Normalized P/E 1 Month Ago 26 Weeks Ago 52 Weeks Ago 5-Year High P/E 5-Year Low P/E 5-Year Average High 5-Year Average Low 5-Year Average P/E LTM P/E as Percent of 5-Year Average P/E P/E as Percent of Industry Group
CMCSA
Dividends
Current Quarter Earnings Latest Annual EPS Total Operations
CMCSA
CMCSA Latest Indicated Dividend $0.06 Dividend Yield 1.4% 5-Year Avg. Yield 0.0% Payout Ratio 13.0% Last Fiscal Year Payout from Total Operations 0.0% 5-Year Avg. Payout from Total Operations 0.0% Dividend Type Cash, No Stock Ex-Dividend Date 10/06/08 Declared Date 08/14/08 Record Date 10/08/08 Payment Date 10/29/08 Annual Amount $0.25
Business Segment $0.24 1.3% 0.4% 21.0% 17.0% 106.0% --
--
A comparison of Payout Ratio and Payout from Total Operations gives an idea of how how much of a company’s profits are being returned to investors in the form of dividends. © Hemscott, Inc. and Affiliates. All rights reserved.
Page 4
Hemscott Industry Comparison
Comcast Corporation
CMCSA
Quarterly Profit Margin History
Company Data Relative to Industry
Gross Profit Margin to Industry Price & Earnings
2004
2005
2006
2007
Q1 2008
Q2 2008
Q3 2008
Percent Revenue to Industry
42.0
29.8
25.3
25.5
25.5
25.0
24.6
Percent Earnings to Industry
-32.5
34.4
39.6
41.0
21.1
23.9
27.8
Percent EPS to Industry
-33.0
100.0
121.5
138.3
65.9
74.8
94.8
Percent Price to Industry
75.8
91.0
99.3
70.1
84.0
85.7
94.7
Percent P/E to Industry Percent Gross Profit Margin to Industry
na
81.2
47.7
46.5
123.8
115.1
100.9
111.5
113.5
113.0
110.8
109.4
107.0
105.5
0 . 0 5 2
0 . 9 3 2
0 . 2 0 2
12/06 3/07
6/07
0 . 2 6 1
7 . 8 7 1
7 . 6 8
9/07 12/07 3/08
5 . 7 9
9 . 3 1 1
6/08 9/08
Pre-Tax Profit Margin to Industry Market Value Percent Price/Book to Industry
53.6
77.1
84.3
57.6
67.6
67.4
70.9
Percent Price/Sales to Industry
129.8
122.3
145.9
100.0
117.6
120.1
129.0
Percent Price/Cash Flow to Industry
70.4
98.0
128.3
90.0
127.5
126.9
129.2
Percent Price/Free Cash Flow to Industry
84.6
-67.8
-50.3
225.6
52.9
88.2
119.3
Percent Debt/Equity to Industry
31.4
56.3
51.9
50.3
52.1
48.7
49.0
-76.9
115.8
155.4
161.5
83.0
95.1
113.9
Percent EPS 5-Year Revenue to Industry Growth Rate
5-Year Average ROE
Percent Net Profit Margin to Industry
Comcast Corporation
Market Cap.($mil)
Latest P/E
Latest Price
Year-to-Date Revenue($mil)
35,722.5
19.1
17.34
25,491.0
94.8
12.2
5.0
Time Warner Cable, Incorporated Incorporated Sha
18,310.2
17.2
20.30
12,798.0
122.9
na
na
Comcast Corporation Class A Special
13,745.6
nm
16.77
na
na
na
na
British Sky Broadcasting Group plc
11,827.3
nm
26.99
9,872.0
-2,238.5
12.6
3,691.9
Viacom, Incorporated Class B
8,854.1
6.2
15.92
10,382.0
268.8
na
na
Shaw Communications Inc CL B
6,936.5
58.9
17.09
2,920.7
111.5
15.5
18.6
Liberty Media Corporation New- Ente
5,855.0
nm
11.87
1,031.0
na
na
na
DISH Network Corporation Shs -A
4,953.4
5.9
11.08
8,696.2
196.9
15.4
na
Scripps Networks Interactive, Incor
4,550.6
nm
27.79
1,179.1
na
na
na
Cablevision Systems Corporation
4,354.3
43.1
14.66
5,178.1
35.4
10.6
na
Discovery Communications, Incorpora
4,021.0
nm
15.00
383.8
-26.1
na
na
Liberty Global, Incorporated Class
3,355.5
nm
14.14
na
na
na
na
NDS Group plc ADS
2,778.1
17.5
47.68
850.1
1,046.2
17.9
16.6
Liberty Global, Incorporated Class
2,095.8
nm
14.49
7,990.6
-91.7
na
na
Liberty Global Incorporated Class B
1,987.4
nm
13.40
na
na
na
na
Virgin Media, Incorporated
1,552.0
nm
4.73
5,305.7
-374.0
na
na
© Hemscott, Inc. and Affiliates. All rights reserved.
8 . 1 9 1
0 . 0 8 1
12/06 3/07
6/07
1 . 4 4 1
9 . 6 4 1
0 . 9 0 1
9/07 12/07 3/08
9 . 2 1 1
4 . 6 2 1
6/08 9/08
Quarterly Ratio History
Peer Comparison CATV Systems Company Name
0 . 2 9 1
Current Ratio to Industry
8 . 7 7
0 . 5 7
6 . 5 5
12/06 3/07
6/07
9 . 8 8
5 . 2 6
0 . 0 5
9/07 12/07 3/08
0 . 0 6
7 . 6 6
6/08 9/08
Leverage Ratio to Industry
1 . 7 7
5 . 6 7
5 . 6 7
12/06 3/07
6/07
1 . 7 7
0 . 5 7
8 . 7 7
9/07 12/07 3/08
7 . 3 7
7 . 3 7
6/08 9/08
Page 7
Hemscott Peer Comparison Graph
Comcast Corporation
CMCSA
Peer Revenue Growth This graph represents the the area encompassing the universe of companies in the Market that fall within 2 standard deviations of the Market mean. Company groupings of 2 standard deviations from the mean for the Sector and Business Segment are called out for further detail.
5 Year Average Revenue Growth Services Sector
Gaining Momentum
Maintaining Good Momentum
r a e Y t s a L h t
NETC
w o r G e u n e v e R
CATV Systems Business Segment
5 Year Average Revenue Growth
+
Ticker
1 Yr. Revenue Growth Rate
5 Yr. Revenue Growth Rate
Comcast Corporation CMCSA Time Warner Cable, Incorporated Shares ATWC Comcast Corporation Corporation Class A Special CMCSK British Sky Broadcasting Group plc BSY Viacom, Incorporated Class B VIAB Shaw Communications Communications Inc CL B SJR Liberty Media Corporation New- Entertainment Shs Series A LMDIA DISH Network Corporation Shs -A DISH Scripps Networks Interactive, Incorporated SNI Cablevision Systems Corporation CVC Discovery Communications, Incorporated -- Shs Series -A-DISCA Liberty Global, Incorporated Class C SharesLBTYK NDS Group plc ADS NNDS Liberty Global, Incorporated Class A LBTYA Liberty Global Incorporated Class B LBTYB Virgin Media, Incorporated VMED
23.7 35.6 na 8.0 17.1 11.1 na 13.0 na 9.4 2.8 na 19.8 38.8 na 14.6
12.2 na na 12.6 na 15.5 na 15.4 na 10.6 na na 17.9 na na na
Company Name
60%
50%
-
-
70%
LNET
r a e Y t s a L h t
PNTVE
40%
30%
w o r G e u n e v e R
CMCSA 20%
NNDS CRWN CHTR MCCC
CVC BSY
DISH SJR
10%
TIVO 0%
-10% SPDE -20% Weak Earnings Growth -10%
-5%
0%
Losing Momentum 5%
10%
15%
20%
25%
30%
35%
A company with a revenue growth rate from the most recent year that is exceeding its 5 year average revenue growth rate can indicate an increase in momentum for earnings growth. Companies with data that fall outside of 2 standard deviations of the Business Segment average are not displayed on the chart above.
© Hemscott, Inc. and Affiliates. All rights reserved.
Page 8
Hemscott Annual Income Statement
Comcast Corporation
Annual Income Statement Fiscal Year Ends December 31
Income Statement Data in Millions of US Dollars
Operating Revenue Cost of Sales Gross Operating Profit
2007 $30,895 11,175 $19,720
2006 $24,966 8,871 $16,095
2005 $21,075 7,260 $13,815
2004 $19,221 6,764 $12,457
2003 $18,348 7,041 $11,307
2002 $8,102 3,012 $5,090
Selling, Gen. & Administrative Expense Operating Profit before Depreciation (EBITDA)
7,934 $11,786
6,514 $9,581
5,490 $8,325
5,005 $7,452
4,915 $6,392
2,254 $2,836
6,208 167
4,962 0
4,804 0
4,623 0
4,438 166
1,915 0
(63) 960 (4) (4) 2,289 $4,349
(124) 1,163 0 0 2,064 $3,594
(42) 36 0 0 1,795 $1,720
(81) 869 0 0 1,874 $1,743
(60) (179) 0 0 2,018 ($137)
Depreciation Income Interest Income Earnings from Equity Interest Other Income Other Special Charges Special Income Charges Interest Expense Pretax Income (EBT)
(16) 97 ($218)
(63) (542) 0 0 870 ($554)
Income Taxes Minority Interest Income Net Income from Continuing Operations
1,800 (38) $2,587
1,347 12 $2,235
873 19 $828
801 14 $928
Net Income from Total Operations Total Net Income
2,587 $2,587
2,533 $2,533
928 $928
970 $970
3,240 $3,240
(195) ($195)
Normalized Income
$2,591
$2,235
$828
$928
($218)
($469)
CMCSA
Year-to-Date Information 2008 YTD $25 Billion $2 Billion $0.72
Revenue Income from Total Operations EPS from Total Operations
Year-to-Date values are as of previous Quarter end. The trend graphs below display year-over-year growth percentages over four years.
Income Statement Trends (%) Operating Revenue
Gross Margin
23.8
22.5 18.5
16.5 9.7
4.8
05
04
(128) 43 ($469) 07
06
07
06
10.9
05
Interest Income
Cost of Sales
nm
26.0
10.2
04
22.2
07
0.0
0.0
100
06
05
04
07
3.9
05
04
Normalized Income
Total Income
15.9
2.1 170
07 © Hemscott, Inc. and Affiliates. All rights reserved.
06
7.3
06
10.8
nm
05
04
07
173
06
4.3
70.1
05
04 Page 12
Hemscott Annual Income Statement
Comcast Corporation
Detailed EPS Analysis
Shares in Millions, EPS Data in US Dollars
Basic Weighted Shares Outstanding Diluted Weighted Shares Outstanding
2007 3,098 3,129
2006 3,160 3,180
2005 3,295 3,312
2004 3,360 3,375
2003 3,382 3,382
2002 1,664 1,664
Basic EPS from Continuing Operations Basic EPS from Discontinued Operations Basic EPS from Total Operations Basic EPS Total
$0.84 0.00 0.84 0.84
$0.71 0.09 0.80 0.80
$0.25 0.03 0.28 0.28
$0.28 0.01 0.29 0.29
($0.07) 1.03 0.96 0.96
($0.28) 0.11 (0.17) (0.17)
Basic EPS Normalized
$0.84
$0.71
$0.25
$0.28
($0.07)
($0.28)
0.83 0.00 0.83 0.83
0.70 0.09 0.79 0.79
0.25 0.03 0.28 0.28
0.28 0.01 0.29 0.29
(0.07) 1.03 0.96 0.96
(0.28) 0.11 (0.17) (0.17)
$0.83
$0.70
$0.25
$0.28
($0.07)
($0.28)
Diluted EPS from Continuing Operations Diluted EPS from Discontinued Operations Diluted EPS from Total Operations Diluted EPS Total Diluted EPS Normalized
EPS Analysis Trends (%) Shares Outstanding 2.0
07
4.1
06
1.9
0.7
Cont. Ops. EPS 18.3 184
05
04
07
06
10.7
nm
05
04
Basic EPS Total
EPS Normalized
5.0
18.3
07
© Hemscott, Inc. and Affiliates. All rights reserved.
CMCSA
186
06
184
3.5
69.8
05
04
07
06
10.7
nm
05
04
Page 13
Hemscott Company Segment Data
CMCSA
Comcast Corporation
Company Segment Distribution
Company Segment Data in Thousands of US Dollars
December 31, 2005 Fiscal Year 2005 For the twelve months ending December Segment Name (SIC/Hemscottt Code) (SIC/Hemscot Cable (4841/725)
Revenue
% of Total Revenue
Operating Income
% of Total Oper. Income
Total Assets
% of All Total Assets
Depreciation
% of Total Depreciation
Net Fixed Assets
% of Total Fixed Assets 98.51
21,158,000
94.46
3,860,000
104.89
100,774,000
95.01
4,598,000
95.33
3,567,000
Corporate (0/725)
323,000
1.44
-308,000
-8.37
2,760,000
2.60
70,000
1.45
38,000
1.05
Content (0/725)
919,000
4.10
128,000
3.48
2,530,000
2.39
155,000
3.21
16,000
0.44
Third Quarter 2008 For the three months ending September 30, 2008 Cable (4841/725)
8,131,000
95.91
3,251,000
96.87
0
na
0
na
0
na
0
0.00
0
0.00
0
na
0
na
0
na
347,000
4.09
105,000
3.13
0
na
0
na
0
na
0
0.00
0
0.00
0
na
0
na
0
na
99.62
Corporate (0/725) Programming (0/725) x (0/725)
Second Quarter 2008 For the three months ending June 30, 2008 2008 Cable (4841/725)
8,100,000
95.68
1,825,000
97.65
0
na
3,085,000
96.89
2,609,000
0
0.00
0
0.00
0
na
0
0.00
0
0.00
366,000
4.32
44,000
2.35
0
na
99,000
3.11
10,000
0.38
0
0.00
0
0.00
0
na
0
0.00
0
0.00
99.71
Corporate (0/725) Programming (0/725) x (0/725)
First Quarter 2008 For the three months ending March 31, 2008 2008 Cable (4841/725)
7,916,000
95.62
1,594,000
96.43
0
na
1,548,000
96.63
1,355,000
0
0.00
0
0.00
0
na
0
0.00
0
0.00
363,000
4.38
59,000
3.57
0
na
54,000
3.37
4,000
0.29
0
0.00
0
0.00
0
na
0
0.00
0
0.00
Corporate (0/725) Programming (0/725) x (0/725)
© Hemscott, Inc. and Affiliates. All rights reserved.
Page 14
Hemscott Annual Balance Sheet
Comcast Corporation
Annual Balance Sheet Fiscal Year Ends December 31 Cash and Equivalents Marketable Securities Receivables Prepaid Expenses Current Deferred Income Taxes Asset Other Current Assets Total Current Assets
+ =
Land and Improvements
Balance Sheet Data in Millions of US Dollars
2007 $963 98 1,645 0 214 747 $3,667
2006 $1,239 1,735 1,450 0 0 778 $5,202
2005 $947 148 1,008 0 0 745 $2,848
2004 $452 1,555 959 261 0 308 $3,535
2003 $1,550 2,493 907 0 0 453 $5,403
2002 $505 3,258 862 0 0 2,474 $7,099
202
163
148
152
152
0
33,236 0 3,355 36,754 15,506 60,808 13,768 9,379 $105,203
27,016 0 2,619 29,783 12,079 51,922 13,498 17,428 $100,552
25,604 2,371 0 28,127 9,416 68,942 0 13,506 $101,159
23,864 1,020 0 25,036 6,563 69,750 0 15,533 $103,756
0 0 22,236 22,236 3,855 70,213 0 17,435 $106,029
Buildings and Improvements Machinery, Furniture, and Equipment Other Fixed Assets Gross Fixed Assets Accumulated Depreciation and Depletion Intangibles Cost in Excess Other Non-Current Assets Total Non-Current Assets
+ =
1,667 30,351 11,212 43,432 19,808 62,816 14,705 8,605 $109,750
Total Current Assets Assets Total Non-Current Assets Assets Total Assets
+ =
3,667 109,750 $113,417
5,202 105,203 $110,405
2,848 100,552 $103,400
3,535 101,159 $104,694
5,403 103,756 $109,159
7,099 106,029 $113,128
+ =
3,336 1,495 0 494 0 2,627 $7,952
2,862 983 0 453 314 2,579 $7,191
2,239 1,689 0 360 2 2,234 $6,524
2,041 3,499 0 337 360 2,398 $8,635
2,355 3,161 3,459 0 679 0 $9,654
1,296 6,953 5,236 0 1,105 816 $15,406
Long-Term Debt Deferred Income Taxes Other Non-Current Liabilities Minority Interest Balance Total Non-Current Liabilities
+ =
29,828 26,880 7,167 250 $64,125
27,992 27,338 6,476 241 $62,047
21,682 27,370 6,948 657 $56,657
20,093 26,815 7,261 468 $54,637
23,835 25,900 7,816 292 $57,843
27,957 23,104 7,161 1,172 $59,394
Total Current Liabilities Liabilities Total Non-Current Liabilities Liabilities Total Liabilities
+ =
7,952 64,125 $72,077
7,191 62,047 $69,238
6,524 56,657 $63,181
8,635 54,637 $63,272
9,654 57,843 $67,497
15,406 59,394 $74,800
Common Stock Equity Total Equity
+ =
41,340 $41,340
41,167 $41,167
40,219 $40,219
41,422 $41,422
41,662 $41,662
38,329 $38,329
Accounts Payable Short Term Debt Accrued Expenses Accrued Liabilities Current Deferred Income Taxes Liabilities Other Current Liabilities Total Current Liabilities
© Hemscott, Inc. and Affiliates. All rights reserved.
CMCSA
Balance Sheet Trends (%) Cash & Equivalents
Current Assets
30.8 22.3
82.7 110
29.5
34.6 19.4
70.8
07
06
05
04
07
06
05
04
Non-Current Assets
Total Assets
4.3
4.6
0.6
2.5
2.7
6.8
1.2
4.1
07
06
05
04
07
06
05
04
Accounts Payable 16.6
10.6
27.8
07
06
Current Liabilities
9.7
13.3
05
04
07
10.6 10.2
06
24.5
05
04
Total Liabilities
Total Equity 0.4
2.4
2.9
0.6
4.1
9.6
07
06
05
04
07
06
0.1
6.3
05
04 Page 15
Hemscott Annual Balance Sheet
Comcast Corporation
Annual Balance Sheet, continued Fiscal Year Ends December 31 Total Liabilities Total Equity Total Liabilities & Stock Equity
+ =
2007 $72,077 41,340 $113,417
2006 $69,238 41,167 $110,405
Balance Sheet Data in Millions of US Dollars
2005 $63,181 40,219 $103,400
2004 $63,272 41,422 $104,694
2003 $67,497 41,662 $109,159
2002 $74,800 38,329 $113,129
CMCSA
Balance Sheet Trends (%) Other Curr. Assets 4.0
4.4
Long-Term Debt 6.6
142
29.1 7.9
15.7
05
04
32.0
07
© Hemscott, Inc. and Affiliates. All rights reserved.
06
05
04
07
06
Page 16
Hemscott Annual Cash Flow
Comcast Corporation
Annual Cash Flow Fiscal Year Ends December 31 2004 $970 3,469 1,154 531 (608) (54) (163) 12 771
2003 ($218) 3,166 1,272 820 (1,806) (45) 35 (370) 0
2002 ($469) 1,694 221 (95) 720 80 220 50 0
2007 $2,587 5,107 1,101 247 (310) (100) 175 (352) 337
2006 $2,533 3,967 995 674 (843) (357) 560 (497) 322
2005 $928 3,666 1,138 183 7 (97) (152) (912) 74
+ =
0 $8,792
(736) $6,618
0 $4,835
0 $6,082
0 $2,854
+ =
1,158 0 (6,564) (1,319) (2,089) 0 62 ($8,752)
2,720 33 (4,701) (5,110) (2,812) 0 (2) ($9,872)
0 861 (3,621) (199) 0 (392) (397) ($3,748)
0 228 (3,660) (296) 0 (169) (615) ($4,512)
0 7,971 (4,161) (152) 0 (234) 1,815 $5,239
0 1,263 (1,852) (251) 0 (88) (197) ($1,125)
+ =
3,713 412 (1,401) (3,102) 62 ($316)
7,497 410 (2,039) (2,347) 25 $3,546
3,978 93 (2,706) (2,313) 15 ($933)
1,030 113 (2,323) (1,361) 25 ($2,516)
9,398 67 (16,465) (14) (34) ($7,048)
8,759 19 (9,508) 0 (275) ($1,005)
8,792 (8,752)
6,618 (9,872)
4,835 (3,748)
6,082 (4,512)
2,854 5,239
2,421 (1,125)
+ =
(316) ($276)
3,546 $292
(933) $154
(2,516) ($946)
(7,048) $1,045
(1,005) $291
+ =
1,239 (276) $963
947 292 $1,239
793 154 $947
1,739 (946) $793
505 1,045 $1,550
214 291 $505
Net Income (Loss) Depreciation Cash Flow Amortization Cash Flow Deferred Income Taxes Cash Flow Operating Gains (Losses) Increase (Decrease) in Receivables Increase (Decrease) in Payables Increase (Decrease) in Other Working Capital Other Non-Cash Items Net Cash from Discontinued Operations Net Cash from Operating Activities
Cash Flow Data in Millions of US Dollars
Cash Flow Trends (%) Net Income
From Operations
2.1
32.9
173
36.9
Issuance of Debt Issuance of Capital Stock Repayment of Long Term Debt Repurchase of Capital Stock Net Other Finance Charges Net Cash from Financing Activities Net Cash from Operating Activities Net Cash from Investment Activities Net Cash from Financing Activities Net Change in Cash
07
06
4.3
nm
05
04
06
05
04
Short Term Invst.
11.4
163
16.9
nm
0.0
nm
132
27.8
07
06
05
04
07
06
05
04
Stock Issuance 0.5
From Financing nm
341
nm
06
17.7
68.7
05
04
89.6
07
06
nm
05
07
06
62.9
64.3
05
04
Ending Cash
Change in Cash
nm
© Hemscott, Inc. and Affiliates. All rights reserved.
07
0 $2,421
07
Cash at Beginning of Period Net Change in Cash Cash at End of Period
113 20.5
From Investing Sale of Long Term Investments Sale of Short Term Investments Purchase of Property/Plant/Equipment Acquisitions Purchase of Long Term Investments Purchase of Short Term Investments Net Other Investment Changes Net Cash from Investment Activities
CMCSA
30.8 nm
04
22.3
07
19.4
06
05
48.8
04 Page 17
Hemscott Quarterly Income Statement
Comcast Corporation
Quarterly Income Statement Fiscal Year Ends December 31
Income Statement Data in Millions of US Dollars
CMCSA
Most Recent Qtr. Information
Q3 2008 $8,549 3,095 $5,454
Q2 2008 $8,553 3,091 $5,462
Q1 2008 $8,389 3,107 $5,282
Q4 2007 $8,014 2,903 $5,111
Q3 2007 $7,781 2,759 $5,022
Q2 2007 $7,712 2,754 $4,958
2,217 $3,237
2,111 $3,351
2,108 $3,174
2,029 $3,082
2,093 $2,929
1,946 $3,012
1,567 12
1,601 18
1,619 19
1,624 41
1,538 35
1,544 34
2 77 (3) (3) 601 $1,157
(13) (63) 0 0 618 $1,074
(35) 330 (2) (2) 621 $1,246
(14) 115 (4) (4) 600 $996
(12) 122 0 0 571 $965
(16) 93 0 0 550 $1,029
Income Taxes Minority Interest Income Net Income from Continuing Operations
401 (15) $771
455 (13) $632
508 6 $732
400 (6) $602
421 (16) $560
453 (12) $588
Net Income from Total Operations Total Net Income
771 $771
632 $632
732 $732
602 $602
560 $560
588 $588
9/08 6/08 3/08 12/07
9/08 6/08 3/08 12/07
Normalized Income
$774
$632
$734
$606
$560
$588
Interest Income
Cost of Sales
Operating Revenue Cost of Sales Gross Operating Profit Selling, Gen. & Administrative Expense Operating Profit before Depreciation (EBITDA) Depreciation Income Interest Income Earnings from Equity Interest Other Income Other Special Charges Special Income Charges Interest Expense Pretax Income (EBT)
The trend graphs below display quarter-overquarter growth percentages over four quarters.
Income Statement Trends (%) Operating Revenue
Gross Margin
0.1
0.2
2.0
4.7
3.0
17.1
Detailed EPS Analysis
Shares in Millions, EPS Data in US Dollars
Basic Weighted Shares Outstanding Diluted Weighted Shares Outstanding
Q3 2008 2,909 2,920
Q2 2008 2,957 2,970
Q1 2008 3,009 3,017
Q4 2007 3,098 3,129
Q3 2007 3,087 3,118
Q2 2007 3,113 3,147
Basic EPS from Continuing Operations Basic EPS from Total Operations Basic EPS Total
$0.26 0.26 0.26
$0.21 0.21 0.21
$0.24 0.24 0.24
$0.20 0.20 0.20
$0.18 0.18 0.18
$0.19 0.19 0.19
Basic EPS Normalized
$0.26
$0.21
$0.24
$0.20
$0.18
$0.19
0.26 0.26 0.26
0.21 0.21 0.21
0.24 0.24 0.24
0.20 0.20 0.20
0.18 0.18 0.18
0.19 0.19 0.19
$0.26
$0.21
$0.24
$0.20
$0.18
$0.19
Diluted EPS from Continuing Operations Diluted EPS from Total Operations Diluted EPS Total Diluted EPS Normalized © Hemscott, Inc. and Affiliates. All rights reserved.
2008 MRQ $9 Billion $2 Billion $0.26
Revenue Income from Total Operations EPS from Total Operations
5.3
0.1
3.4
0.5
3.4
7.0
1.8
5.2
53.7
33.3
9/08 6/08 3/08 12/07
9/08 6/08 3/08 12/07
Normalized Income
Total Income
22.5
22.0
21.1 13.9
8.2
9/08 6/08 3/08 12/07
21.6 13.7
7.5
9/08 6/08 3/08 12/07 Page 18
Hemscott Quarterly Balance Sheet
Comcast Corporation
Quarterly Balance Sheet, continued Fiscal Year Ends December 31
Balance Sheet Data in Millions of US Dollars
Qundefined 2008 Qundefined 2008 Qundefined 2008 Qundefined 2007 Qundefined 2007 Qundefined 2007 Total Liabilities Total Equity Total Liabilities & Stock Equity
+ =
$74,292 40,204 $114,496
$73,560 40,337 $113,897
$72,026 40,798 $112,824
$72,077 41,340 $113,417
$71,283 41,888 $113,171
$68,931 41,825 $110,756
Balance Sheet Trends (%) Other Curr. Assets
Long-Term Debt
2.0
0.1
3.8
18.6
2.1
0.6
1.7
4.8
9/08 6/08 3/08 12/07
© Hemscott, Inc. and Affiliates. All rights reserved.
CMCSA
9/08 6/08 3/08 12/07
Page 20
Hemscott Quarterly Cash Flow
Comcast Corporation
Quarterly Cash Flow Fiscal Year Ends December 31 Q3 2008 Net Income (Loss) Depreciation Cash Flow Amortization Cash Flow Deferred Income Taxes Cash Flow Operating Gains (Losses) Increase (Decrease) in Receivables Increase (Decrease) in Payables Increase (Decrease) in Other Working Capital Other Non-Cash Items Net Cash from Operating Activities Sale of Long Term Investments Sale of Short Term Investments Purchase of Property/Plant/Equipment Acquisitions Purchase of Long Term Investments Purchase of Short Term Investments Net Other Investment Changes Net Cash from Investment Activities Issuance of Debt Issuance of Capital Stock Repayment of Long Term Debt Repurchase of Capital Stock Payment of Cash Dividends Net Other Finance Charges Net Cash from Financing Activities
Cash at Beginning of Period Net Change in Cash Cash at End of Period
Q1 2008
+
$2,135 4,093 694 609 (273) 4 (21) (227) 359
$1,364 2,761 459 403 (202) (7) (69) (36) 255
$732 1,390 229 232 (275) 162 (144) (186) 119
=
$7,373
$4,928
+ =
0 452 (4,413) (700) 0 (67) (2) ($4,730)
+ =
Net Cash from Operating Activities Net Cash from Investment Activities Net Cash from Financing Activities Net Change in Cash
Cash Flow Data in Millions of US Dollars
Q2 2008
+ =
+ =
Q4 2007
Q3 2007
Q2 2007
$2,587 5,107 1,101 247 (310) (100) 175 (352) 337
$1,985 3,768 816 160 (240) (51) 10 (592) 252
$1,425 2,477 569 197 (242) 72 (80) (163) 135
$2,259
$8,792
$6,108
$4,390
0 320 (2,976) (331) 0 (41) (17) ($3,045)
0 49 (1,557) (29) 0 (26) 20 ($1,543)
1,158 0 (6,564) (1,319) (2,089) 0 62 ($8,752)
1,123 52 (4,897) (1,277) (129) 0 46 ($5,082)
3,513 53 (1,143) (2,800) (367) (148) ($892)
2,009 42 (831) (1,979) (185) (135) ($1,079)
192 10 (218) (1,000) 0 (28) ($1,044)
3,713 412 (1,401) (3,102) 0 62 ($316)
7,373 (4,730)
4,928 (3,045)
2,259 (1,543)
8,792 (8,752)
(892) $1,751
(1,079) $804
(1,044) ($328)
(316) ($276)
963 1,751 $2,714
963 804 $1,767
963 (328) $635
1,239 (276) $963
CMCSA
Cash Flow Trends (%) Net Income
From Operations 30.3
43.9 49.6
56.5
118
86.3 71.7
74.3
9/08 6/08 3/08 12/07
9/08 6/08 3/08 12/07
805 56 (3,287) (770) (52) 0 43 ($3,205)
From Investing
Short Term Invst.
3,610 404 (1,529) (1,852) 0 51 $684
590 334 (1,320) (1,252) 0 52 ($1,596)
9/08 6/08 3/08 12/07
9/08 6/08 3/08 12/07
Stock Issuance
From Financing
6,108 (5,082)
4,390 (3,205)
684 $1,710 1,239 1,710 $2,949
(1,596) ($411) 1,239 (411) $828
55.3
97.3
82.4
72.2
2.0
26.2
320
63.4
17.3
57.7
3.4
nm
230
0.0
nm
97.6
9/08 6/08 3/08 12/07
9/08 6/08 3/08 12/07
Change in Cash
Ending Cash
118
53.6 178 nm 18.8
nm
9/08 6/08 3/08 12/07 © Hemscott, Inc. and Affiliates. All rights reserved.
34.1
67.3
9/08 6/08 3/08 12/07 Page 21
Hemscott Insiders and Institutional Holdings
Comcast Corporation
Insider Transactions for Previous 3 Months
CMCSA
Short Interest Shares (Millions)
Insider Shares Bought in Millions
Insider Shares Sold
0.00
0.03
0.00
0.01
0.23
0.21
0.48
0.34
0.45
0.33
0.59
0.27
0.46
0.18
4.36
4.02
3.90
0.00
0.00
3.16
3.03
3.42
0.65
0.84
2 . 9 4
Jul
0 . 6 4
0 . 7 4
5 . 1 7
1 . 0 5
7 . 7 4
5 . 7 5
9 . 2 5
Aug
Aug
Sep
Sep
Oct
Oct
Nov
in Millions
Net Insider Shares Traded in Millions
Short Interest Ratio
0.00
0.02
0.02
0.14
0.12
0.31
0.29
1.19
1.00
0.47 0.64
0.83 4 . 2
October
November December January '08
February
March
April
May
June
July
August
September
Institutional Holdings in Millions
152
150
227
286
284
272
369
371
354
86.33
85.64
98.09
172
171
163
253
254
255
115
115
123
319
320
332
7 . 3
9 . 1
2 . 1
8 . 1
9 . 1
Aug
Aug
Sep
Sep
Oct
Oct
Nov
Stock Split History Split Date 2/22/2007 5/6/1999 2/3/1994 10/25/1989 4/11/1988 12/19/1986 6/28/1985
in Millions
Total Shares Held in Billions
1 . 3
An Increasing Short Interest indicates a greater number of people who are anticipating the price of the stock to go down. The Average Short Interest Ratio in the S&P 500 is 2.5%.
Shares Bought
Shares Sold
Jul
0 . 2
9/19/1984 1/6/1983 1.61 1,016
1.61 1,012
1.69 982
November December January '08 © Hemscott, Inc. and Affiliates. All rights reserved.
1.65 984
1.63 982
1.63 980
1.86 952
1.86 953
1.86 973
1.63 966
1.64 964
1.64 958
February
March
April
May
June
July
August
September
October
Split Factor 1.5 for 1 2 for 1 1.5 for 1 1.5 for 1 1.5 for 1 1.5 for 1 1.5 for 1 1.5 for 1 1.5 for 1
Number of Institutions Holding Shares of CMCSA Page 22