Comcast 2013 Annual Report Download - page 55

Table of Contents
and issue-
oriented advertising. Our Broadcast Television revenue and operating costs and expenses are also 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 were reported in our Broadcast Television
segment.
Revenue in our Filmed Entertainment segment 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. 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 each year during the
summer months and around the holidays. Revenue in our Cable Networks and Broadcast Television segments fluctuates
depending on the timing of when our programming is aired on television, which typically results in higher advertising revenue in the
second and 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 that result from the seasonal nature of
vacation travel, local entertainment offerings and seasonal weather variations. Our theme parks generally experience peak
attendance during the summer months when schools are closed and during early winter and spring holiday periods.
Consolidated Operating Results
All percentages are calculated based on actual amounts. Minor differences may exist due to rounding.
Percentage changes that are considered not meaningful are denoted with NM.
Year ended December 31 (in millions)
2013
2012
2011
% Change
2012 to 2013
% Change
2011 to 2012
Revenue
$
64,657
$
62,570
$
55,842
3.3
%
12.0
%
Costs and Expenses:
Programming and production
19,670
19,929
16,596
(1.3
)
20.1
Other operating and administrative
18,584
17,833
16,646
4.2
7.1
Advertising, marketing and promotion
4,969
4,831
4,243
2.9
13.9
Depreciation
6,254
6,150
6,040
1.7
1.8
Amortization
1,617
1,648
1,596
(1.9
)
3.3
Operating income
13,563
12,179
10,721
11.4
13.6
Other income (expense) items, net
(2,448
)
(570
)
(2,514
)
NM
(77.3
)
Income before income taxes
11,115
11,609
8,207
(4.3
)
41.5
Income tax expense
(3,980
)
(3,744
)
(3,050
)
6.3
22.8
Net income
7,135
7,865
5,157
(9.3
)
52.5
Net (income) loss attributable to noncontrolling interests and
redeemable subsidiary preferred stock
(319
)
(1,662
)
(997
)
(80.9
)
66.8
Net income attributable to Comcast Corporation
$
6,816
$
6,203
$
4,160
9.9
%
49.1
%
Comcast 2013 Annual Report on Form 10
-
K
50