Comcast 2012 Annual Report Download - page 52

Table of Contents
Seasonality and Cyclicality
Each of our businesses is subject to seasonal and cyclical variations. In our Cable Communications segment, our results are
impacted by the seasonal nature of customers receiving our cable services in college and vacation markets. This generally results in
a reduction in net customer additions in the second calendar quarter and increased net customer additions in the third and fourth
calendar quarters of each year.
Revenue in our Cable Communications, Cable Networks and Broadcast Television segments is subject to cyclical advertising
patterns and changes in viewership levels. Our U.S. advertising revenue is generally higher in the second and fourth calendar
quarters of each year, due in part to increases in consumer advertising in the spring and in the period leading up to and including the
holiday season. U.S. advertising revenue is also cyclical, benefiting in even-
numbered years from advertising related to candidates
running for political office and issue-
oriented advertising. Our Broadcast Television revenue and operating costs and expenses also
are cyclical as a result of our periodic broadcasts of the Olympic Games and the Super Bowl. Our advertising revenue generally
increases in the period of these broadcasts from increased demand for advertising time, and our operating costs and expenses also
increase as a result of our production costs and the amortization of the related rights fees. All of the revenue and operating costs and
expenses associated with our broadcasts of the 2012 London Olympics and the 2012 Super Bowl are reported in our Broadcast
Television segment.
Revenue in our Filmed Entertainment segment also fluctuates due to the timing of the release of films in movie theaters and the
release of our films on DVD and through digital distributors. Revenue in our Cable Networks and Broadcast Television segments
also fluctuates depending on the timing of the release of our programming on television and on DVD. Release dates are determined
by several factors, including competition and the timing of vacation and holiday periods. As a result, revenue tends to be seasonal,
with increases experienced during the summer months, around holidays and in the fourth calendar quarter of each year. Revenue in
our Cable Networks, Broadcast Television and Filmed Entertainment segments also fluctuates due to the timing of when our owned
content is made available to licensees.
Revenue in our Theme Parks segment fluctuates with changes in theme park attendance resulting from the seasonal nature of
vacation travel, local entertainment offerings and seasonal weather variations. Our theme parks experience peak attendance
generally during the summer months when schools are closed and during early winter and spring holiday periods.
Cable Communications Segment Results of Operations
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Comcast 2012 Annual Report on Form 10-
K