Comcast 2012 Annual Report Download - page 63

Table of Contents
Theme Parks Segment Actual and Pro Forma Results of Operations
Theme Parks Segment — Revenue
Our Theme Parks segment revenue is generated primarily from theme park attendance and per capita spending at our Universal
theme parks in Orlando and Hollywood, as well as from 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 Universal Studios Singapore theme parks to license the Universal Studios
brand name and other intellectual property.
Theme Parks segment revenue and pro forma combined revenue increased in 2012 and 2011 primarily due to higher guest
attendance and increases in per capita spending at our Universal theme parks. The increases in 2012 were primarily driven by the
Transformers
attraction in Hollywood, which opened in May 2012, and the increases in 2011 were attributable to the strong
performance of The Wizarding World of Harry Potter ™ attraction in Orlando.
Theme Parks Segment — Operating Costs and Expenses
Our Theme Parks segment operating costs and expenses consist primarily of theme park operations, including repairs and
maintenance and related administrative expenses; food, beverage and merchandise costs; labor costs; and sales and marketing
costs.
Theme Parks segment operating costs and expenses increased slightly in 2012 primarily due to additional costs associated with the
increases in attendance and per capita spending at our Universal theme parks and
2012
2011
2010
Actual
Actual Pro Forma
Pro Forma
Combined
Pro Forma
(in millions)
Year Ended
December 31
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
2011 to 2012
% Change
2010 to 2011
Revenue
$
2,085
$
1,874
$
115
$
1,989
$
1,600
4.8
%
24.3
%
Operating costs and expenses
1,132
1,044
78
1,122
1,009
0.9
11.2
Operating income before depreciation and
amortization
$
953
$
830
$
37
$
867
$
591
9.9
%
46.6
%
(a)
Actual amounts include the results of operations for the NBCUniversal acquired businesses and Universal Orlando for the period January 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 adjustments 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.
Comcast 2012 Annual Report on Form 10
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60
(a) (b) (c) (b)