Comcast Reports 2nd Quarter 2014 Results

Consolidated 2nd Quarter 2014 Highlights:

Consolidated Revenue Increased 3.5%, Operating Cash Flow Increased 7.0% and Operating Income Increased 10.7%
Earnings per Share Increased 16.9% to $0.76; Excluding Gain on a Sale and Transaction-Related Costs, EPS Increased 15.4% to $0.75
Quarterly Dividends and Quarterly Share Repurchases Increased 31.7% to $1.3 Billion

Cable Communications 2nd Quarter 2014 Highlights:

Cable Communications Revenue Increased 5.4% and Operating Cash Flow Increased 5.3%

High-Speed Internet Customers Increased by 203,000; The Best Second Quarter Net Additions in Six Years
Video Customer Net Losses Declined to 144,000; The Best Second Quarter Result in Six Years
Business Services Revenue Increased 22.4%, Approaching a $4 Billion Annual Run-Rate

NBCUniversal 2nd Quarter 2014 Highlights:

NBCUniversal Revenue Increased 0.3% and Operating Cash Flow Increased 20.4%, as Operating Cash Flow Margins Expanded to 23.8% from 19.9% in the Prior Year Period
NBC Ended the Broadcast Season Rated #1 Among Adults 18-49
Extended Rights for an Additional Six Olympic Games Through 2032

Comcast Corporation (NASDAQ: CMCSA, CMCSK) today reported results for the quarter ended June 30, 2014.

Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said, “We continue to see strong momentum across our cable and content businesses. In Cable, we posted the best second quarter customer results for both video and high-speed Internet in six years and saw tremendous demand for our X1 product, which is a truly transformative experience. We are also pleased with the continued rapid growth of business services, which has quickly become an important engine for the company. NBCUniversal had another excellent quarter with double-digit operating cash flow growth driven by solid results in each segment and a first place finish for NBC for the 2013/2014 broadcast television season.”

Consolidated Financial Results

2nd Quarter Year to Date ($ in millions) 2013 2014 Growth 2013 2014 Growth Revenue $16,270 $16,844 3.5 % $31,580 $34,252 8.5 % Excluding Olympics $31,580 $33,149 5.0 % Operating Cash Flow1 $5,425 $5,804 7.0 % $10,459 $11,342 8.4 % Excluding TWC and Charter Transaction-Related Costs $5,425 $5,848 7.8 % $10,459 $11,403 9.0 % Operating Income $3,435 $3,804 10.7 % $6,502 $7,372 13.4 % Earnings per Share2 $0.65 $0.76 16.9 % $1.19 $1.47 23.5 % Excluding Adjustments (see Table 4) $0.65 $0.75 15.4 % $1.16 $1.43 23.3 % Free Cash Flow3 $1,948 $1,155 (40.7 %) $5,086 $3,979 (21.8 %)

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 second quarter of 2014 increased 3.5% to $16.8 billion. Consolidated Operating Cash Flow increased 7.0% to $5.8 billion. Excluding $44 million of Time Warner Cable and Charter transaction-related costs in the second quarter of 2014, consolidated operating cash flow increased 7.8% (See Table 5). Consolidated Operating Income increased 10.7% to $3.8 billion.

For the six months ended June 30, 2014, consolidated revenue increased 8.5% to $34.3 billion. Excluding $1.1 billion of revenue generated by the Sochi Olympics in the first quarter of 2014, consolidated revenue increased 5.0%. Consolidated operating cash flow increased 8.4% to $11.3 billion. Excluding $61 million of transaction-related costs in the first six months of 2014, consolidated operating cash flow increased 9.0% (See Table 5). Consolidated operating income increased 13.4% to $7.4 billion.

Earnings per Share (EPS) for the second quarter of 2014 was $0.76, a 16.9% increase from the $0.65 reported in the second quarter of 2013. Excluding a gain on the sale of an investment and transaction-related costs in the second quarter of 2014, EPS increased 15.4% to $0.75 (see Table 4).

EPS for the six months ended June 30, 2014 was $1.47, a 23.5% increase from the $1.19 reported in the prior year. Excluding gains on the sales of investments, a favorable resolution of a prior acquisition contingency and transaction-related costs in the first six months of 2014, as well as a gain on the sale of wireless spectrum licenses in the first quarter of 2013, EPS increased 23.3% to $1.43 (see Table 4).

Capital Expenditures increased 19.4% to $1.8 billion in the second quarter of 2014 compared to the second quarter of 2013. Cable Communications’ capital expenditures increased $253 million, or 20.4%, to $1.5 billion in the second quarter of 2014, primarily reflecting increased spending on customer premise equipment related to the deployment of the X1 platform and Cloud DVR, as well as our investment in network infrastructure to increase network capacity. Cable capital expenditures represented 13.5% of Cable revenue in the second quarter of 2014 compared to 11.9% in last year’s second quarter. NBCUniversal’s capital expenditures increased $38 million, or 14.3%, to $298 million in the second quarter of 2014, primarily reflecting increased investments in Theme Parks and facilities.

For the six months ended June 30, 2014, capital expenditures increased 13.2% to $3.2 billion compared to the prior year. Cable Communications capital expenditures increased $304 million, or 13.0%, to $2.6 billion and represented 12.1% of Cable revenue compared to 11.3% in 2013. NBCUniversal’s capital expenditures increased $66 million, or 12.5%, to $589 million for the first six months of 2014.

Free Cash Flow decreased 40.7% to $1.2 billion in the second quarter of 2014 compared to $1.9 billion in the second quarter of 2013, reflecting increased working capital, mainly driven by higher film and TV production spend, as well as increased capital expenditures and cash taxes on operating items, partially offset by growth in consolidated operating cash flow. Free cash flow for the six months ended June 30, 2014 decreased 21.8% to $4.0 billion compared to $5.1 billion in 2013.

2nd Quarter Year to Date ($ in millions) 2013 2014 Growth 2013 2014 Growth Operating Cash Flow $5,425 $5,804 7.0 % $10,459 $11,342 8.4 % Capital Expenditures (1,506 ) (1,798 ) 19.4 % (2,867 ) (3,246 ) 13.2 % Cash Paid for Capitalized Software and Other Intangible Assets (262 ) (260 ) (0.8 %) (444 ) (477 ) 7.4 % Cash Interest Expense (515 ) (541 ) 5.0 % (1,132 ) (1,164 ) 2.8 % Cash Taxes on Operating Items (1,347 ) (1,570 ) 16.6 % (1,541 ) (1,838 ) 19.3 % Changes in Operating Assets and Liabilities 49 (638 )

418 (905 )

Noncash Share-Based Compensation 111 147 32.4 % 213 266 24.9 % Distributions to Noncontrolling Interests and Dividends for

Redeemable Subsidiary Preferred Stock

(67 ) (51 ) (23.9 %) (116 ) (117 ) 0.9 % Other 60 62 3.3 % 96 118 22.9 % Free Cash Flow3 $1,948 $1,155 (40.7 %) $5,086 $3,979 (21.8 %) NM=comparison not meaningful.

Dividends and Share Repurchases. During the second quarter of 2014, Comcast paid dividends totaling $585 million and repurchased 15.0 million of its common shares for $750 million. In the first six months of 2014, Comcast has repurchased 29.9 million of its common shares for $1.5 billion. As of June 30, 2014, Comcast had approximately $6.0 billion available under its share repurchase authorization.

Cable Communications

2nd Quarter Year to Date ($ in millions) 2013 2014 Growth 2013 2014 Growth Cable Communications Revenue Video $5,175 $5,239 1.2 % $10,288 $10,417 1.3 % High-Speed Internet 2,569 2,819 9.7 % 5,092 5,569 9.4 % Voice 910 922 1.3 % 1,810 1,842 1.7 % Business Services 788 965 22.4 % 1,529 1,882 23.1 % Advertising 558 599 7.5 % 1,046 1,118 6.9 % Other 467 485 3.9 % 919 958 4.4 % Cable Communications Revenue $10,467 $11,029 5.4 % $20,684 $21,786 5.3 % Cable Communications Operating Cash Flow $4,335 $4,564 5.3 % $8,554 $8,964 4.8 % Operating Cash Flow Margin

41.4

% 41.4 % 41.1 % Cable Communications Capital Expenditures $1,240 $1,493 20.4 % $2,334 $2,638 13.0 % Percent of Cable Communications Revenue 11.9 % 13.5 % 11.3 % 12.1 %

Revenue for Cable Communications increased 5.4% to $11.0 billion in the second quarter of 2014 compared to $10.5 billion in the second quarter of 2013, driven by increases of 9.7% in high-speed Internet and 22.4% in business services. The increase in Cable revenue reflects rate adjustments, customers receiving higher levels of services and customer growth (see below).

For the six months ended June 30, 2014, Cable revenue increased 5.3% to $21.8 billion compared to $20.7 billion in 2013.

Customer relationships decreased by 25,000 to 26.8 million during the second quarter of 2014, a 62% improvement compared to a decline of 66,000 during the second quarter of 2013. At the end of the second quarter, penetration of our triple product customers increased to 36% compared to 34% in the second quarter of 2013. High-speed Internet customer net additions improved versus last year and were the strongest for a second quarter in six years. Video customer net losses improved year-over-year and were also the best result for a second quarter in six years.

Customers Net Adds Billable Customers Method4 (in thousands) 2Q13 2Q14 2Q13 2Q14 Video Customers 22,658 22,457 (162 ) (144 ) High-Speed Internet Customers 19,986 21,271 187 203 Voice Customers 10,327 11,003 161 137 Single Product Customers 9,044 8,510 (162 ) (95 ) Double Product Customers 8,505 8,574 (63 ) (82 ) Triple Product Customers 8,980 9,691 159 152 Customer Relationships 26,529 26,775 (66 ) (25 )

Operating Cash Flow for Cable Communications increased 5.3% to $4.6 billion in the second quarter of 2014 compared to $4.3 billion in the second quarter of 2013, reflecting higher revenue, partially offset by a 5.4% increase in operating expenses primarily related to higher video programming costs. This quarter’s operating cash flow margin was 41.4%, consistent with the prior year period.

For the six months ended June 30, 2014, Cable operating cash flow increased 4.8% to $9.0 billion compared to $8.6 billion in 2013. Year-to-date operating cash flow margin was 41.1% compared to 41.4% in 2013.

NBCUniversal

2nd Quarter Year to Date ($ in millions) 2013 2014 Growth 2013 2014 Growth

ExcludingOlympics

NBCUniversal Revenue Cable Networks $2,413 $2,476 2.6 % $4,638 $4,981 7.4 % 1.9 % Broadcast Television 1,732 1,816 4.9 % 3,249 4,437 36.6 % 10.5 % Filmed Entertainment 1,388 1,176 (15.3 %) 2,604 2,527 (3.0 %) Theme Parks 546 615 12.8 % 1,008 1,102 9.4 % Headquarters, Other and Eliminations (84 ) (67 )

(164 ) (155 )

NBCUniversal Revenue $5,995 $6,016 0.3 % $11,335 $12,892 13.7 % 4.0 % NBCUniversal Operating Cash Flow Cable Networks $860 $914 6.3 % $1,719 $1,809 5.3 % Broadcast Television 206 240 16.2 % 171 362

111.4

Filmed Entertainment 33 195

102 483

Theme Parks 231 244 5.6 % 404 414 2.5 % Headquarters, Other and Eliminations (139 ) (159 )

(252 ) (323 )

NBCUniversal Operating Cash Flow $1,191 $1,434 20.4 % $2,144 $2,745 28.0 %

Revenue for NBCUniversal increased 0.3% to $6.0 billion in the second quarter of 2014 compared to last year’s second quarter as revenue growth in Broadcast Television, Theme Parks and Cable Networks was mostly offset by lower theatrical revenue in the Filmed Entertainment segment. Operating Cash Flow increased 20.4% to $1.4 billion compared to $1.2 billion in the second quarter of 2013, with improvement across all segments.

For the six months ended June 30, 2014, NBCUniversal revenue increased 13.7% to $12.9 billion compared to $11.3 billion in 2013. Excluding $1.1 billion of revenue generated by the Sochi Olympics in the first quarter of 2014, NBCUniversal revenue increased 4.0% (see Table 5). Operating cash flow increased 28.0% to $2.7 billion compared to $2.1 billion in the first six months of 2013.

Cable Networks

For the second quarter of 2014, revenue from the Cable Networks segment increased 2.6% to $2.5 billion compared to $2.4 billion in the second quarter of 2013, reflecting a 4.2% increase in distribution revenue and a 14.3% increase in content licensing and other revenue, partially offset by a 2.2% decline in advertising revenue. Operating cash flow increased 6.3% to $914 million compared to $860 million in the second quarter of 2013, reflecting higher revenue and moderate expense growth, with continued investment in programming.

For the six months ended June 30, 2014, revenue from the Cable Networks segment increased 7.4% to $5.0 billion compared to $4.6 billion in 2013. Excluding $257 million of revenue generated by the Sochi Olympics in the first quarter of 2014, revenue increased 1.9%. Operating cash flow increased 5.3% to $1.8 billion compared to $1.7 billion in the first six months of 2013.

Broadcast Television

For the second quarter of 2014, revenue from the Broadcast Television segment increased 4.9% to $1.8 billion compared to $1.7 billion in the second quarter of 2013, driven by higher retransmission consent fees, as well as content licensing agreements, partially offset by a 1.7% decrease in advertising revenue due to fewer hours of The Voice compared to the same period a year ago. Operating cash flow increased 16.2% to $240 million compared to $206 million in the second quarter of 2013, reflecting higher revenue and a slight increase in operating costs and expenses.

For the six months ended June 30, 2014, revenue from the Broadcast Television segment increased 36.6% to $4.4 billion compared to $3.2 billion in 2013. Excluding $846 million of revenue generated by the Sochi Olympics in the first quarter of 2014, revenue increased 10.5% (see Table 5). Operating cash flow increased $191 million to $362 million compared to $171 million in the first six months of 2013.

Filmed Entertainment

For the second quarter of 2014, revenue from the Filmed Entertainment segment decreased 15.3% to $1.2 billion compared to $1.4 billion in the second quarter of 2013, reflecting lower theatrical revenue from fewer releases in the second quarter compared to the same period last year, partially offset by higher content licensing revenue, as well as higher home entertainment revenue from the strong performances of Ride Along and Lone Survivor. Operating cash flow increased $162 million to $195 million compared to $33 million in the second quarter of 2013, reflecting a decrease in the amortization of film costs and reduced advertising, marketing and promotion expense due to a smaller film slate.

For the six months ended June 30, 2014, revenue from the Filmed Entertainment segment decreased 3.0% to $2.5 billion compared to $2.6 billion in 2013. Operating cash flow increased $381 million to $483 million compared to $102 million in the first six months of 2013.

Theme Parks

For the second quarter of 2014, revenue from the Theme Parks segment increased 12.8% to $615 million compared to $546 million in the second quarter of 2013, driven by higher guest attendance and per capita spending at the Orlando and Hollywood theme parks, which benefitted, in part, from the timing of Spring holidays. Second quarter operating cash flow increased 5.6% to $244 million compared to $231 million in the same period last year, reflecting higher revenue, offset in part by additional costs related to marketing and training to support the opening of Orlando’s The Wizarding World of Harry PotterTM – Diagon AlleyTM, which officially opened on July 8th.

For the six months ended June 30, 2014, revenue from the Theme Parks segment increased 9.4% to $1.1 billion compared to $1.0 billion in 2013. Operating cash flow increased 2.5% to $414 million compared to $404 million in the first six months of 2013.

Headquarters, Other and Eliminations

NBCUniversal Headquarters, Other and Eliminations include overhead and eliminations among the NBCUniversal businesses. For the quarter ended June 30, 2014, NBCUniversal Headquarters, Other and Eliminations operating cash flow loss was $159 million compared to a loss of $139 million in the second quarter of 2013, reflecting higher employee costs.

For the six months ended June 30, 2014, NBCUniversal Headquarters, Other and Eliminations operating cash flow loss was $323 million compared to a loss of $252 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 June 30, 2014, Corporate, Other and Eliminations revenue was ($201) million compared to ($192) million in 2013. The operating cash flow loss was $194 million, including $44 million of costs related to the Time Warner Cable and Charter transactions, compared to a loss of $101 million in the second quarter of 2013.

For the six months ended June 30, 2014, Corporate, Other and Eliminations revenue was ($426) million compared to ($439) million in 2013. The operating cash flow loss was $367 million, including $61 million of transaction-related costs, compared to a loss of $239 million in the first six months of 2013.

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, July 22, 2014 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 57489596. A replay of the call will be available starting at 12:30 p.m. ET on July 22, 2014, on the Investor Relations website or by telephone. To access the telephone replay, which will be available until Tuesday, July 29, 2014 at midnight ET, please dial (855) 859-2056 and enter the conference ID number 57489596.

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 (Nasdaq: 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 Six Months Ended (in millions, except per share data) June 30, June 30, 2013 2014 2013 2014 Revenue $16,270 $16,844 $31,580 $34,252 Programming and production 4,968 4,874 9,631 10,782 Other operating and administrative 4,570 4,924 9,036 9,676 Advertising, marketing and promotion 1,307 1,242 2,454 2,452 10,845 11,040 21,121 22,910 Operating cash flow 5,425 5,804 10,459 11,342 Depreciation expense 1,583 1,599 3,149 3,168 Amortization expense 407 401 808 802 1,990 2,000 3,957 3,970 Operating income 3,435 3,804 6,502 7,372 Other income (expense) Interest expense (636 ) (648 ) (1,289 ) (1,290 ) Investment income (loss), net 13 120 85 233 Equity in net income (losses) of investees, net 23 22 34 54 Other income (expense), net (43 ) (39 ) 30 (54 ) (643 ) (545 ) (1,140 ) (1,057 ) Income before income taxes 2,792 3,259 5,362 6,315 Income tax expense (1,048 ) (1,234 ) (1,973 ) (2,352 ) Net income 1,744 2,025 3,389 3,963 Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock (10 ) (33 ) (218 ) (100 ) Net income attributable to Comcast Corporation $1,734 $1,992 $3,171 $3,863 Diluted earnings per common share attributable to Comcast Corporation shareholders $0.65 $0.76 $1.19 $1.47 Dividends declared per common share attributable to Comcast Corporation shareholders $0.195 $0.225 $0.39 $0.45 Diluted weighted-average number of common shares 2,666 2,628 2,672 2,636

TABLE 2

Condensed Consolidated Balance Sheet (Unaudited)

(in millions) December 31, June 30, 2013 2014 ASSETS Current Assets Cash and cash equivalents $1,718 $1,529 Investments 3,573 2,325 Receivables, net 6,376 6,232 Programming rights 928 905 Other current assets 1,480 1,781 Total current assets 14,075 12,772 Film and television costs 4,994 5,208 Investments 3,770 3,072 Property and equipment, net 29,840 29,970 Franchise rights 59,364 59,364 Goodwill 27,098 27,323 Other intangible assets, net 17,329 17,233 Other noncurrent assets, net 2,343 2,517 $158,813 $157,459 LIABILITIES AND EQUITY Current Liabilities Accounts payable and accrued expenses related to trade creditors $5,528 $5,432 Accrued participations and residuals 1,239 1,364 Deferred revenue 898 847 Accrued expenses and other current liabilities 7,967 6,785 Current portion of long-term debt 3,280 2,947 Total current liabilities 18,912 17,375 Long-term debt, less current portion 44,567 43,602 Deferred income taxes 31,935 31,854 Other noncurrent liabilities 11,384 11,241 Redeemable noncontrolling interests and redeemable subsidiary preferred stock 957 1,055 Equity Comcast Corporation shareholders' equity 50,694 51,971 Noncontrolling interests 364 361 Total equity 51,058 52,332 $158,813 $157,459 TABLE 3 Consolidated Statement of Cash Flows (Unaudited) (in millions) Six Months Ended June 30, 2013 2014 OPERATING ACTIVITIES Net income $3,389 $3,963 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 3,957 3,970 Share-based compensation 213 266 Noncash interest expense (income), net 81 87 Equity in net (income) losses of investees, net (34 ) (54 ) Cash received from investees 72 50 Net (gain) loss on investment activity and other (91 ) (113 ) Deferred income taxes 87 (22 ) Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: Current and noncurrent receivables, net 58 60 Film and television costs, net 750 (28 ) Accounts payable and accrued expenses related to trade creditors (87 ) (168 ) Other operating assets and liabilities (710 ) (464 ) Net cash provided by operating activities 7,685 7,547 INVESTING ACTIVITIES Capital expenditures (2,867 ) (3,246 ) Cash paid for intangible assets (444 ) (477 ) Acquisitions and construction of real estate properties (1,311 ) (10 ) Acquisitions, net of cash acquired (22 ) (406 ) Proceeds from sales of businesses and investments 91 481 Return of capital from investees 146 6 Purchases of investments (641 ) (77 ) Other 88 (159 ) Net cash provided by (used in) investing activities (4,960 ) (3,888 ) FINANCING ACTIVITIES Proceeds from (repayments of) short-term borrowings, net 348 (343 ) Proceeds from borrowings 2,933 2,187 Repurchases and repayments of debt (2,195 ) (3,163 ) Repurchases and retirements of common stock (1,000 ) (1,500 ) Dividends paid (942 ) (1,092 ) Issuances of common stock 24 29 Purchase of NBCUniversal noncontrolling common equity interest (10,761 ) - Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock (116 ) (117 ) Settlement of Station Venture liability (602 ) - Other 24 151 Net cash provided by (used in) financing activities (12,287 ) (3,848 ) Increase (decrease) in cash and cash equivalents (9,562 ) (189 ) Cash and cash equivalents, beginning of period 10,951 1,718 Cash and cash equivalents, end of period $1,389 $1,529 TABLE 4 Supplemental Information Alternate Presentation of Net Cash Provided by Operating Activities and Free Cash Flow (Unaudited) Three Months Ended Six Months Ended June 30, June 30, (in millions) 2013 2014 2013 2014 Operating income $3,435 $3,804 $6,502 $7,372 Depreciation and amortization 1,990 2,000 3,957 3,970 Operating income before depreciation and amortization 5,425 5,804 10,459 11,342 Noncash share-based compensation expense 111 147 213 266 Changes in operating assets and liabilities 49 (638 ) 418 (905 ) Cash basis operating income 5,585 5,313 11,090 10,703 Payments of interest (515 ) (541 ) (1,132 ) (1,164 ) Payments of income taxes (1,761 ) (1,718 ) (2,222 ) (1,904 ) Excess tax benefits under share-based compensation (53 ) (55 ) (147 ) (206 ) Other 60 62 96 118 Net Cash Provided by Operating Activities $3,316 $3,061 $7,685 $7,547 Capital expenditures (1,506 ) (1,798 ) (2,867 ) (3,246 ) Cash paid for capitalized software and other intangible assets (262 ) (260 ) (444 ) (477 ) Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock (67 ) (51 ) (116 ) (117 ) Nonoperating items(1) 467 203 828 272 Total Free Cash Flow $1,948 $1,155

$5,086

$3,979 Reconciliation of EPS Excluding Gains on Sales and Acquisition-Related Items (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2013 2014 2013 2014 (in millions, except per share data) $ EPS (2) $

EPS (2)

$ EPS (2) $

EPS (2)

Net income attributable to Comcast Corporation $1,734 $0.65 $1,992 $0.76 $3,171 $1.19 $3,863 $1.47 Growth % 14.8% 16.9% 21.8% 23.5% Gains on sales of investments(3) - - (47) (0.02) - - (97) (0.04) Favorable resolution of a contingency of an acquired company(4) - - - - - - (27) (0.01) Costs related to Time Warner Cable and Charter transactions(5) - - 27 0.01 - - 38 0.01 Gain on sale of wireless spectrum licenses(6) - - - - (67) (0.03) - - Net income attributable to Comcast Corporation (excluding gains on sales and acquisition-related items) $1,734 $0.65 $1,972 $0.75 $3,104 $1.16 $3,777 $1.43 Growth % 13.7% 15.4% 21.7% 23.3% (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. (2) Based on diluted weighted-average number of common shares for the respective periods as presented in Table 1. (3) 2nd quarter 2014 net income attributable to Comcast Corporation includes $74 million of investment income, $47 million net of tax, resulting from the sale of an investment. 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. (4) 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. (5) 2nd quarter 2014 net income attributable to Comcast Corporation includes $44 million of operating costs and expenses, $27 million net of tax, related to the Time Warner Cable and Charter transactions. 2014 year to date net income attributable to Comcast Corporation includes $61 million of operating costs and expenses, $38 million net of tax, related to the Time Warner Cable and Charter transactions. (6) 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.

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 (Unaudited) Three Months Ended Six Months Ended June 30, June 30, (in millions) 2013 2014 Growth % 2013 2014 Growth % Revenue $16,270 $16,844 3.5 % $31,580 $34,252 8.5 % 2014 Olympics - - - (1,103 ) Revenue excluding 2014 Olympics $16,270 $16,844 3.5 % $31,580 $33,149 5.0 % 2013 2014 Growth % 2013 2014 Growth % Operating Cash Flow $5,425 $5,804 7.0 % $10,459 $11,342 8.4 % Costs related to Time Warner Cable and Charter transactions - 44 - 61 Operating Cash Flow excluding costs related to Time Warner Cable and Charter transactions $5,425 $5,848 7.8 % $10,459 $11,403 9.0 % Reconciliation of Consolidated NBCUniversal Revenue Excluding 2014 Olympics (Unaudited) Three Months Ended Six Months Ended June 30, June 30, (in millions) 2013 2014 Growth % 2013 2014 Growth % Revenue $5,995 $6,016 0.3 % $11,335 $12,892 13.7 % 2014 Olympics - - - (1,103 ) Revenue excluding 2014 Olympics $5,995 $6,016 0.3 % $11,335 $11,789 4.0 % Reconciliation of Cable Networks Revenue Excluding 2014 Olympics (Unaudited) Three Months Ended Six Months Ended June 30, June 30, (in millions) 2013 2014 Growth % 2013 2014 Growth % Revenue $2,413 $2,476 2.6 % $4,638 $4,981 7.4 % 2014 Olympics - - - (257 ) Revenue excluding 2014 Olympics $2,413 $2,476 2.6 % $4,638 $4,724 1.9 % Reconciliation of Broadcast Television Revenue Excluding 2014 Olympics (Unaudited) Three Months Ended Six Months Ended June 30, June 30, (in millions) 2013 2014 Growth % 2013 2014 Growth % Revenue $1,732 $1,816 4.9 % $3,249 $4,437 36.6 % 2014 Olympics - - - (846 ) Revenue excluding 2014 Olympics $1,732 $1,816 4.9 % $3,249 $3,591 10.5 %

Note: Minor differences may exist due to rounding.

Comcast CorporationInvestor Contacts:Jason Armstrong, 215-286-7972Jane Kearns, 215-286-4794orPress Contacts:D’Arcy Rudnay, 215-286-8582John Demming, 215-286-8011

Comcast (NASDAQ:CMCSA)
Historical Stock Chart
From Mar 2024 to Apr 2024