Comcast Cable Communications is a leading provider of video, high-speed Internet and voice services to residential and business customers. XFINITY® TV offers customers the best viewing experience anytime, anywhere, through an extensive collection of On Demand content, including over 30,000 choices on TV, 200,000 choices online, 8,000 hours on our XFINITY TV app, and thousands of choices on our new XFINITY StreampixTM service. We were the first to deploy DOCSIS 3.0 nationally, and, as a result, our XFINITY Internet service offers a broad range of speeds up to 105 Mbps. Our XFINITY Voice service delivers innovative and reliable IP-enabled home phone service, including features that are integrated with other Comcast services. Comcast Business Services provides advanced communications solutions to small and mid-sized organizations, while our advertising business puts the power of cable to work for local, regional and national advertisers.

Revenue 6

Multiple services drive growth. Cable revenue increased 5% to $37.2 billion, driven by growth in our customer base, a greater number of our residential customers opting for higher levels of service, such as HD/DVRs or faster Internet speeds, and an increasing contribution from Business Services.

Total Customers

We continue to successfully balance financial and customer growth. In 2011, we added 1.4 million net new customers to end the year with 22.3 million video customers, 18.1 million high-speed Internet customers and 9.3 million digital voice customers. At year-end, 37% of our video customers purchased all three services, and average monthly total revenue per video customer reached $141, an increase of 7% that reflects the diversity of our revenue streams.

We believe these results reflect our scale and our intensified focus on service and innovation, all of which come together in our XFINITY brand message of product innovation and a better customer experience.

Operating Cash Flow 2,6

We manage our businesses for sustainable and profitable growth. Cable Communications operating cash flow increased 7% to $15.3 billion, resulting in a margin of 41.1%, a 70-basis-point improvement compared with 2010. Margin expansion was driven by our product mix and greater efficiencies in our operations.

These improvements helped to offset rising programming expenses, as we continue to increase the amount of content we provide to consumers across multiple platforms. We are also investing in marketing and new products. Our XFINITY brand is now available across our markets and is being well received by both our customers and those considering our services for purchase. We continue to expand Business Services into new segments and launch new products, such as XFINITY Home and XFINITY Signature Support.

Capital Expenditures

The capital intensity of our Cable business continues to moderate, even as we invest capital in our network to strengthen our services and fund the expansion of new service offerings such as Business Services, XFINITY Home, XFINITY WiFi and the X1 platform. These investments provide attractive returns, expand our service and product offerings, and drive future organic growth.

2 Operating Cash Flow is defined as operating income (loss) before depreciation and amortization, excluding impairment charges related to fixed and intangible assets and gains or losses on sale of assets, if any. Please refer to our Form 8-K (Quarterly Earnings Release) filed on February 15, 2012 for a reconciliation of consolidated operating cash flow, a non-GAAP financial measure.
6 Cable Communications and NBCUniversal financial results are presented on a pro forma basis. Pro forma results are presented as if the NBCUniversal transaction, which closed on January 28, 2011, and the acquisition of the remaining 50% interest of Universal Orlando, which closed on July 1, 2011, were effective on January 1, 2010. These results are based on historical results of operations, adjusted for the effects of acquisition accounting and eliminating the costs and expenses directly related to the transactions, and are not necessarily indicative of what the results would have been had we operated NBCUniversal and Universal Orlando since January 1, 2010.
Pro forma Cable Communications results include our Video, High-Speed Internet, Voice, Advertising and Business Services operations and the businesses of Comcast Interactive Media that were not contributed to NBCUniversal. Cable Communications results exclude our Regional Sports Networks, which were contributed to NBCUniversal.
Pro forma NBCUniversal results include its national cable programming networks, the NBC network and its owned NBC affiliated local television stations, the Telemundo network and its owned Telemundo affiliated local television stations, Universal Pictures filmed entertainment, the Universal Studios Hollywood and Orlando theme parks, and other related assets. Comcast’s national cable programming networks, Regional Sports Networks, DailyCandy and Fandango, which were contributed to NBCUniversal, are also included in these results.
Please refer to our Form 8-K filed on February 15, 2012 (Quarterly Earnings Release) for more information on our pro forma financial data.