CMCSA » Topics » Operating Activities

This excerpt taken from the CMCSA 10-K filed Feb 23, 2010.

Operating Activities

Components of Net Cash Provided by Operating Activities

 

Year ended December 31 (in millions)    2009     2008     2007  

Operating income

   $ 7,214      $ 6,732      $ 5,578   

Depreciation and amortization

     6,500        6,400        6,208   

Operating income before depreciation and amortization

     13,714        13,132        11,786   

Noncash share-based compensation and contribution expense

     257        258        223   

Changes in operating assets and liabilities

     (450     (251     (200

Cash basis operating income

     13,521        13,139        11,809   

Payments of interest

     (2,040     (2,256     (2,134

Payments of income taxes

     (1,303     (762     (1,638

Proceeds from interest, dividends and other nonoperating items

     103        125        185   

Excess tax benefit under share-based compensation presented in financing activities

            (15     (33

Net cash provided by operating activities

   $  10,281      $  10,231      $ 8,189   

The increase in changes in operating assets and liabilities in 2009 relates to an increase in accounts receivable and the timing of payments of operating items and payroll.

The decrease in interest payments in 2009 was primarily due to decreases in interest rates on debt subject to variable interest rate swap agreements, the effects of our debt repayments and to the maturity of certain higher rate debt in 2008. The increases in interest payments in 2008 were primarily due to an increase in our average debt outstanding.

The increase in income tax payments in 2009 was primarily due to higher 2009 taxable income, the settlements of uncertain tax positions and a tax payment made in 2009 that related to 2008, partially offset by the net benefits of approximately $341 million from the 2008 and 2009 economic stimulus legislation. The decrease in income tax payments in 2008 was primarily due to the 2008 economic stimulus legislation, which resulted in a reduction in our tax payments of approximately $600 million.

This excerpt taken from the CMCSA 10-Q filed Apr 30, 2009.

Operating Activities

Details of net cash provided by operating activities are presented in the table below.

 

    Three Months Ended
March 31
 
(in millions)       2009             2008      

Operating income

  $ 1,811     $ 1,555  

Depreciation and amortization

    1,633       1,619  

Operating income before depreciation and amortization

    3,444       3,174  

Noncash share-based compensation and contribution expense

    54       62  

Changes in operating assets and liabilities

    (188 )     (279 )

Cash basis operating income

    3,310       2,957  

Payments of interest

    (664 )     (708 )

Payments of income taxes

    (161 )     (20 )

Proceeds from interest and dividends received

    27       31  

Excess tax benefit under SFAS No. 123R presented in financing activities

          (1 )

Net cash provided by operating activities

  $ 2,512     $ 2,259  

The decrease in interest payments for the three months ended March 31, 2009 compared to the same period in 2008 was primarily due to the effects of decreases in interest rates on debt subject to variable interest rate swap agreements and to the maturity in 2008 of certain of our higher rate debt. The increase in income tax payments for the three months ended March 31, 2009 compared to the same period in 2008 was primarily due to a $140 million tax payment made in 2009 that related to 2008. We did not make any comparable payments during the three months ended March 31, 2008.

 

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This excerpt taken from the CMCSA 10-K filed Feb 20, 2009.

Operating Activities

Components of Net Cash Provided by Operating Activities

 

Year ended December 31 (in millions)    2008     2007     2006  

Operating income

   $ 6,732     $ 5,578     $ 4,619  

Depreciation and amortization

     6,400       6,208       4,823  

Operating income before depreciation and amortization

     13,132       11,786       9,442  

Operating income before depreciation and amortization from discontinued operations

                 264  

Noncash share-based compensation and contribution expense

     258       223       223  

Changes in operating assets and liabilities

     (251 )     (200 )     (280 )

Cash basis operating income

     13,139       11,809       9,649  

Payments of interest

     (2,256 )     (2,134 )     (1,880 )

Payments of income taxes

     (762 )     (1,638 )     (1,284 )

Proceeds from interest, dividends and other nonoperating items

     125       185       233  

Payments related to settlement of litigation of an acquired company

                 (67 )

Excess tax benefit under SFAS No. 123R presented in financing activities

     (15 )     (33 )     (33 )

Net cash provided by operating activities

   $ 10,231     $ 8,189     $ 6,618  

 

The increases in interest payments in 2008 and 2007 were primarily due to an increase in our average debt outstanding.

The decrease in tax payments in 2008 was primarily due to the Economic Stimulus Act of 2008, which resulted in a reduction in our tax payments of approximately $600 million. The increase in tax payments in 2007 was primarily due to the effects of increases in income, sales of investments, and the settlement of federal and state tax audits of $376 million.

 

This excerpt taken from the CMCSA 10-Q filed Oct 29, 2008.

Operating Activities

Details of net cash provided by operating activities are presented in the table below.

 

    Nine Months Ended
September 30
 
(in millions)       2008             2007      

Operating income

  $ 4,975     $ 4,120  

Depreciation and amortization

    4,787       4,584  

Operating income before depreciation and amortization

    9,762       8,704  

Noncash share-based compensation and contribution expense

    195       172  

Changes in operating assets and liabilities

    (276 )     (297 )

Cash basis operating income

    9,681       8,579  

Payments of interest

    (1,795 )     (1,724 )

Payments of income taxes

    (589 )     (1,439 )

Proceeds from interest and dividends received

    91       125  

Excess tax benefit under SFAS No. 123R presented in financing activities

    (15 )     (36 )

Net cash provided by operating activities

  $ 7,373     $ 5,505  

The increase in interest payments for the nine months ended September 30, 2008 compared to the same period in 2007 was primarily due to an increase in our average debt outstanding. The decrease in income tax payments was primarily due to the Economic Stimulus Act of 2008, which resulted in a reduction in our tax payments of approximately $483 million. The 2007 period also includes the payment of $376 million related to the settlement of federal tax audits.

This excerpt taken from the CMCSA 10-Q filed Jul 30, 2008.

Operating Activities

Details of net cash provided by operating activities are presented in the table below.

 

    Six Months Ended
June 30
 
(in millions)   2008     2007  

Operating income

  $ 3,305     $ 2,729  

Depreciation and amortization

    3,220       3,046  

Operating income before depreciation and amortization

    6,525       5,775  

Noncash share-based compensation and contribution expense

    123       86  

Changes in operating assets and liabilities

    (293 )     (287 )

Cash basis operating income

    6,355       5,574  

Payments of interest

    (1,116 )     (1,078 )

Payments of income taxes

    (355 )     (647 )

Proceeds from interest, dividends received and other nonoperating items

    59       81  

Excess tax benefit under SFAS No. 123R presented in financing activities

    (15 )     (23 )

Net cash provided by operating activities

  $ 4,928     $ 3,907  

The increase in interest payments for the six months ended June 30, 2008 compared to the same period in 2007 was primarily due to an increase in our average debt outstanding. The decrease in income tax payments was primarily due to the Economic Stimulus Act of 2008, which resulted in a reduction in our tax payments of approximately $315 million.

This excerpt taken from the CMCSA 10-Q filed May 1, 2008.

Operating Activities

Details of net cash provided by operating activities are presented in the table below:

 

   

Three Months Ended

March 31,

 
(in millions)       2008             2007      

Operating income

  $ 1,555     $ 1,261  

Depreciation and amortization

    1,619       1,502  

Operating income before depreciation and amortization

    3,174       2,763  

Noncash share-based compensation and contribution expense

    62       33  

Changes in operating assets and liabilities

    (279 )     (158 )

Cash basis operating income

    2,957       2,638  

Payments of interest

    (708 )     (662 )

Payments of income taxes

    (20 )     (34 )

Proceeds from interest, dividends and other nonoperating items

    31       39  

Excess tax benefit under SFAS No. 123R presented in financing activities

    (1 )     (16 )

Net cash provided by operating activities

  $ 2,259     $ 1,965  

Changes in operating assets and liabilities for the three months ended March 31, 2008 increased primarily due to the upfront payment of a long-term programming rights agreement. The increase in interest payments for the three months ended March 31, 2008 compared to the same period in 2007 was primarily a result of an increase in our average debt outstanding.

This excerpt taken from the CMCSA 10-Q filed Oct 26, 2007.

Operating Activities

Net cash provided by operating activities was $6.1 billion for the nine months ended September 30, 2007, reflecting an increase of approximately $900 million compared to the same period in 2006. The $6.1 billion is the result of operating income before depreciation and amortization of $8.7 billion and proceeds from the sale of trading securities of $603 million, reduced by interest and income tax payments of $3.1 billion. The remaining amount relates primarily to noncash changes in operating accounts based on accrual accounting and noncash expenses, such as share-based compensation.

Proceeds from the sale of trading securities are presented within cash provided by operating activities in accordance with generally accepted accounting principles. These amounts are not related to operations but result from the sales of investments. During the nine months ended September 30, 2007, we made cash payments for interest totaling $1.7 billion and cash payments for income taxes totaling $1.4 billion. Our tax payments include $376 million related to the settlement of federal tax audits.

 

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COMCAST CORPORATION AND SUBSIDIARIES — FORM 10-Q

QUARTER ENDED SEPTEMBER 30, 2007

 

This excerpt taken from the CMCSA 10-Q filed Jul 27, 2007.

Operating Activities

Net cash provided by operating activities was $4.4 billion for the six months ended June 30, 2007, as a result of our operating income before depreciation and amortization, the timing of interest and income tax payments, proceeds from the sale of trading securities and changes in other operating assets and liabilities.

 

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Table of Contents

COMCAST CORPORATION AND SUBSIDIARIES — FORM 10-Q

QUARTER ENDED JUNE 30, 2007

 

During the six months ended June 30, 2007, the net change in our operating assets and liabilities was a decrease of $171 million. The decrease was the result of a decrease in our accounts receivable of $72 million, a decrease in our accounts payable and accrued expenses related to trade creditors of $80 million, and a decrease in other operating assets and liabilities of $163 million.

This excerpt taken from the CMCSA 10-Q filed Apr 27, 2007.

Operating Activities

Net cash provided by operating activities was $2.0 billion for the three months ended March 31, 2007, as a result of our operating income before depreciation and amortization, the timing of interest and income tax payments, and changes in other operating assets and liabilities.

During the three months ended March 31, 2007, the net change in our operating assets and liabilities was an increase of $106 million. The increase was the result of a decrease in our accounts receivable of $212 million, an increase in our accounts payable and accrued expenses related to trade creditors of $51 million, partially offset by a decrease in other operating assets and liabilities of $157 million.

This excerpt taken from the CMCSA 10-K filed Feb 26, 2007.

Operating Activities

Net cash provided by operating activities amounted to $6.618 billion for 2006, primarily as a result of our operating income before depreciation and amortization, the timing of interest and income tax payments, and changes in other operating assets and liabilities.

This excerpt taken from the CMCSA 10-Q filed Oct 31, 2006.

Operating Activities

Net cash provided by operating activities amounted to $5.132 billion for the nine months ended September 30, 2006, due principally to our operating income before depreciation and amortization, the effects of the timing of interest and income tax payments, and changes in other operating assets and liabilities.

During the nine months ended September 30, 2006, the net change in our operating assets and liabilities was a decrease of $72 million, primarily due to an increase in our accounts receivable of $136 million, a decrease in other operating assets and liabilities of $238 million, partially offset by an increase in our accounts payable and accrued expenses related to trade creditors of $302 million.

This excerpt taken from the CMCSA 10-Q filed Jul 28, 2006.

Operating Activities

Net cash provided by operating activities amounted to $3.243 billion for the six months ended June 30, 2006, due principally to our operating income before depreciation and amortization, the effects of the timing of interest and income tax payments, and changes in other operating assets and liabilities.

During the six months ended June 30, 2006, the net change in our operating assets and liabilities was $88 million, primarily due to an increase in our accounts receivable of $61 million, offset by an increase in other operating assets and liabilities of $115 million, and an increase in our accounts payable and accrued expenses related to trade creditors of $34 million.

This excerpt taken from the CMCSA 10-Q filed Apr 28, 2006.

Operating Activities

 

Net cash provided by operating activities amounted to $1.722 billion for the three months ended March 31, 2006, due principally to our operating income before depreciation and amortization, the effects of the timing of interest and income tax payments, and changes in other operating assets and liabilities.

 

During the three months ended March 31, 2006, the net change in our operating assets and liabilities was $268 million, primarily due to a decrease in our accounts receivable of $150 million, an increase in other operating assets and liabilities of $211 million, partially offset by a decrease in our accounts payable and accrued expenses related to trade creditors of $93 million.

 

This excerpt taken from the CMCSA 10-K filed Feb 22, 2006.

Operating Activities

Net cash provided by operating activities from continuing operations amounted to $4.922 billion for 2005, due principally to our operating income before depreciation and amortization, the effects of interest and income tax payments, payments representing our share of the settlement amounts related to certain of AT&T’s litigation with At Home ($170 million) and certain of AT&T’s securities litigation ($50 million), and changes in operating assets and liabilities.

During 2005, we made cash payments for interest totaling $1.809 billion. We anticipate that our cash paid for interest will increase modestly in 2006 as average debt balances increase as a result of the pending Adelphia and Time Warner and Susquehanna transactions. During 2005, we made cash payments for income taxes totaling



 

26   MD&A           Comcast 2005 Annual Report

 

 

 

 

 

$1.137 billion, which included a payment of $557 million related to unsettled federal tax contingencies from the Broadband acquisition. We anticipate that our income tax payments will continue to be significant in future years.

During 2005, the net decrease in other operating assets and liabilities was $860 million. The reduction in other operating assets and liabilities is attributable to payments associated with liabilities recorded as part of the Broadband acquisition, including the $557 million federal tax contingency mentioned above, a $46 million pension funding and the $50 million payment representing our share of the settlement related to certain of AT&T’s securities litigation.

This excerpt taken from the CMCSA 10-Q filed Nov 3, 2005.

Operating Activities

 

Net cash provided by operating activities amounted to $3.940 billion for the nine months ended September 30, 2005, due principally to our operating income before depreciation and amortization, the effects of interest and

 

36


COMCAST CORPORATION AND SUBSIDIARIES

FORM 10-Q

QUARTER ENDED SEPTEMBER 30, 2005

 

income tax payments, the $170 million payment representing our share of the settlement amount related to AT&T’s litigation with At Home and changes in operating assets and liabilities.

 

During the 2005 interim period, the net change in our operating assets and liabilities was $329 million, attributable to increases in our accounts receivable of $27 million, a net reduction in accounts payable and accrued expenses related to trade creditors of $61 million, and a net reduction in other operating assets and liabilities of $241 million. The reduction in other operating assets and liabilities is attributable to payments associated with liabilities recorded as part of the Broadband acquisition of $248 million, including a $46 million pension funding in the first quarter of 2005 and a $50 million payment in the second quarter of 2005 representing our share of the settlement related to AT&T’s settlement of certain of its securities litigation.

 

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