Comcast 2011 Annual Report Download - page 62

Theme Parks Segment —Actual and Pro Forma Results of Operations
The table below includes 100% of the results of operation for Universal Orlando for all periods presented in
order to reflect our current profit measure of operating income (loss) before depreciation and amortization for
our Theme Parks segment.
2011 2010
Actual(a) Pro Forma(b)
Pro Forma
Combined(c) Pro Forma(b)
(in millions)
For the period
January 29
through
December 31
For the period
January 1
through
January 28
Year ended
December 31
Year ended
December 31
% Change
2010 to 2011
Revenue $ 1,874 $ 115 $ 1,989 $ 1,600 24.3%
Operating costs and expenses 1,044 78 1,122 1,009 11.2%
Operating income before depreciation
and amortization $ 830 $ 37 $ 867 $ 591 46.6%
(a) Actual amounts include the results of operations for the NBCUniversal acquired businesses and Universal Orlando for the period Jan-
uary 29, 2011 through December 31, 2011. The results of operations for Universal Orlando for the period January 29, 2011 through
June 30, 2011 are eliminated from our consolidated results because Universal Orlando was recorded as an equity method investment
during that period.
(b) Pro forma amounts include the results of operations for the NBCUniversal acquired businesses and Universal Orlando for the period
January 1, 2011 through January 28, 2011 and for the year ended December 31, 2010. These amounts also include pro forma adjust-
ments as if the NBCUniversal and Universal Orlando transactions had occurred on January 1, 2010, including the effects of acquisition
accounting and the elimination of operating costs and expenses directly related to the transactions, but do not include adjustments for
costs related to integration activities, cost savings or synergies that have been or may be achieved by the combined businesses. Pro
forma amounts are not necessarily indicative of what the results would have been had we operated the businesses since January 1,
2010.
(c) Pro forma combined amounts represent our pro forma results of operations as if the NBCUniversal and Universal Orlando transactions
had occurred on January 1, 2010 but are not necessarily indicative of what the results would have been had we operated the businesses
since January 1, 2010.
Theme Parks Segment — Revenue
Our Theme Parks segment revenue is generated primarily from theme park attendance and per capita spend-
ing, as well as from management, licensing and other fees.
Attendance at our theme parks and per capita spending depend heavily on the general environment for travel
and tourism, including consumer spending on travel and other recreational activities. License and other fees
relate primarily to our agreements with third parties that operate the Universal Studios Japan and the Univer-
sal Studios Singapore theme parks to license the Universal Studios brand name, certain characters and other
intellectual property.
Our pro forma combined revenue increased in 2011 primarily due to an increase in attendance and per capita
spending at our Universal theme parks driven primarily by the continued strong performance of The Wizarding
World of Harry Potter™ attraction in Orlando and the King Kong attraction in Hollywood.
Theme Parks Segment — Operating Costs and Expenses
Our Theme Parks segment operating costs and expenses consist primarily of theme park operations, includ-
ing repairs and maintenance and related administrative expenses; costs of food, beverage and merchandise;
labor costs; and sales and marketing costs.
Our pro forma combined operating costs and expenses increased in 2011 primarily due to additional variable
costs associated with increases in attendance and per capita spending at our Universal theme parks in
Orlando and Hollywood.
Comcast 2011 Annual Report on Form 10-K 60