Consolidated revenue increased 47% to $55.8 billion and consolidated operating cash flow increased 26% to $18.4 billion, reflecting strong organic growth in our Cable business, as well as consolidating NBCUniversal on January 28th and the remaining 50% of Universal Orlando on July 1st.

This year's consolidated results were driven by strong growth at Cable Communications, Cable Networks and Theme Parks.

Free Cash Flow 3, 4

Consolidated free cash flow increased 30% to $7.0 billion, primarily reflecting strong growth in Cable operating cash flow, which accounted for $5.2 billion or 75% of the total, and the consolidation of NBCUniversal, which accounted for $1.8 billion or 25% of consolidated free cash flow.

Balanced and Disciplined Financial Strategy

We believe that operational excellence and strategic differentiation drive shareholder value, so we have a financial strategy that is returns-focused and supports these goals by reinvesting in our businesses, maintaining a strong balance sheet, and providing consistent and sustainable return of capital to shareholders.

To achieve our financial strategy, we manage Comcast and NBCUniversal as two distinct pools of cash flow generation and funding capacity. NBCUniversal retains its free cash flow, which amounted to $1.8 billion in 2011, to build capacity to fund future equity redemptions by GE, while Comcast Cable allocates the majority of its free cash flow to consistently return capital to shareholders.

Return of Capital

We have a strong commitment to deliver consistent and sustainable return of capital to shareholders, within a disciplined capital structure, and through a combination of dividends and buybacks. We believe this approach enhances shareholder returns while maintaining adequate liquidity to execute our plans.

In 2011, we returned $3.3 billion directly to shareholders through a combination of dividends and share repurchases. In 2012, our total return of capital is increasing by approximately 45% to $4.8 billion, representing 90% of 2011 Cable free cash flow.5

3 Free Cash Flow, which is a non-GAAP financial measure, is defined as “Net Cash Provided by Operating Activities” (as stated in our Consolidated Statement of Cash Flows) reduced by capital expenditures, cash paid for intangible assets and cash distributions to non-controlling interests; and adjusted for any payments and receipts related to certain non-operating items, net of estimated tax benefits (such as income taxes on investment sales, and non-recurring payments related to income tax and litigation contingencies of acquired companies). The definition of free cash flow specifically excludes any impact from the 2008–2011 Economic Stimulus packages. Please refer to our Form 8-K filed on February 15, 2012 (Quarterly Earnings Release) for a reconciliation and further details. Free cash flow per share is calculated by taking free cash flow (as described above) divided by diluted weighted-average number of common shares outstanding used in the calculation of earnings per share.

4 Comcast free cash flow includes Cable Communications and Corporate & Other. 2009, 2010 and 2011 Comcast free cash flow include the results of the content businesses that Comcast contributed to NBCUniversal prior to January 28, 2011 and do not include NBCUniversal results for those periods.

5 2012E return of capital as a percentage of Cable free cash flow calculated as 2012E total return of capital of $4.8Bn as a percentage of 2011 Cable free cash flow of $5.2Bn.