We're focused on free cash flow and maintaining a disciplined and returns-oriented approach to allocating capital.
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In 2008, free cash flow grew 56% to $3.7 billion as a result of solid operating cash flow growth of 8.5% coupled with lower capital expenditures. Free cash flow per share was $1.24 in 2008, an increase of 65% compared to 2007. |
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Notes on Forward-Looking Statements
Notes on Forward-Looking Statements
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify those so-called "forward-looking statements" by words such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of those words and other comparable words. We wish to take advantage of the "safe harbor" provided for by the Private Securities Litigation Reform Act of 1995 and we caution you that actual events or results may differ materially from the expectations we express in our forward-looking statements as a result of various risks and uncertainties, many of which are beyond our control. Factors that could cause our actual results to differ materially from these forward-looking statements include: (1) changes in the competitive environment, (2) changes in business and economic conditions, (3) changes in our programming costs, (4) changes in laws and regulations, (5) changes in technology, (6) adverse decisions in litigation matters, (7) risks associated with acquisitions and other strategic transactions, (8) changes in assumptions underlying our critical accounting policies and (9) other risks described from time to time in reports and other documents we file with the Securities and Exchange Commission. We undertake no obligation to update any forward-looking statements. The amount and timing of share repurchases and dividends is subject to business, economic and other relevant factors.
Non-GAAP Financial Measures
Our presentation may also contain non-GAAP financial measures, as defined in Regulation G, adopted by the SEC. We provide a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure in our Form 8-K filed on February 18, 2009, which can be found on the SEC's website at www.sec.gov, announcing our quarterly earnings.
Notes and DefinitionsNon-GAAP Financial Measures
Our presentation may also contain non-GAAP financial measures, as defined in Regulation G, adopted by the SEC. We provide a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure in our Form 8-K filed on February 18, 2009, which can be found on the SEC's website at www.sec.gov, announcing our quarterly earnings.
- Pro forma results adjust for certain cable segment acquisitions and dispositions, including the acquisition of Susquehanna Communications (April 2006), the cable systems acquired and sold in the Adelphia/Time Warner transactions (July 2006), the cable systems resulting from the dissolution of the Texas/Kansas City Cable Partnership (January 2007), Comcast SportsNet Bay Area/Comcast SportsNet New England (June 2007), the cable system acquired from Patriot Media (August 2007), and the dissolution of the Insight Midwest Partnership (January 2008). Consolidated and cable pro forma results are presented as if the transactions noted above were effective on January 1, 2005. The net impact of these transactions increased the number of video customers by 3.4 million. Pro Forma customer data also includes 20,000 video customers acquired in various small acquisitions during 2005 and 2008. The impact of these acquisitions on our segment operating results was not material. Please refer to our earnings release for a reconciliation of pro forma financial data.
- Operating Cash Flow is defined as operating income before depreciation and amortization, excluding impairment charges related to fixed and intangible assets and gains or losses on sale of assets, if any.
- Free Cash Flow, which is a non-GAAP financial measure, is defined 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 and adjusted for any payments related to certain non-operating items, net of estimated tax benefits (such as income taxes on investment sales, and non-recurring payments related to income tax and litigation contingencies of acquired companies). The definition of Free Cash Flow specifically excludes any impact from the 2008 Economic Stimulus package. Free Cash Flow per Share is calculated by taking Free Cash Flow (as described above) divided by diluted weighted-average number of common shares outstanding used in the calculation of earnings per share.