Comcast 2006 Annual Report Download - page 23

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With our cable partners and Sprint Nextel, we are testing consumer demand and
applications to integrate and extend the Comcast experience outside the home,
bringing mobility to our products. We also invested in wireless spectrum with a
nationwide reach as part of the SpectrumCo consortium. This spectrum gives us
strategic fl exibility and many options to capitalize on new wireless functionalities
as they evolve.
Our strong balance sheet and free cash fl ow(d) give us signifi cant fi nancial fl exibility
to innovate, invest and grow. In 2006, we focused our investments in cable and pro-
gramming to drive new product RGUs, to enhance our services and to launch new
businesses. We generated over $2.6 billion in free cash fl ow and used $2.3 billion
to repurchase our stock. In fact, over the past three years, we have invested virtually
all of our free cash fl ow in our stock and securities exchangeable into our stock,
reducing our shares outstanding by more than 10%.
On a Mission to Grow
In 2007, we will focus even more intently on growing RGUs to capture market share
and extend our leadership in the market. In the last fi ve years, we have transformed
Comcast into a company that develops and delivers multiple services with diverse
revenue streams. Over the next few years, it is easy to imagine that our company
could be serving as many high-speed Internet and digital voice customers as we have
video customers today.
The fi rst quarter of 2007 marks a bittersweet milestone with the retirement of Larry
Smith, our Co-Chief Financial Offi cer. Over the years, I have called Larry the company’s
“chief money-making offi cer.” He has made phenomenal contributions to Comcast’s
growth and success — his deal-making prowess, wise counsel and steady leadership
are a huge part of Comcast’s culture. His friendship and guidance will continue as
he remains a part-time advisor in the future. We are thrilled to have recruited Michael
Angelakis, a managing director in the extremely successful Providence Equity Partners,
to succeed Larry. Michael will partner with John Alchin in 2007 as Co-CFO and will
succeed John when he retires at the end of 2007.
In 2007, we will focus even more
intently on growing RGUs to
capture market share and extend our
leadership in the market.
See notes and definitions on page 23.
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