Revenue 1

Consolidated revenue increased 12% to $62.6 billion, reflecting strong organic growth in both our Cable Communications and NBCUniversal businesses, as well as the success of the Super Bowl and Olympics during the year.

Operating Cash Flow 1, 2

Consolidated operating cash flow increased 9% to $20 billion, driven by strong growth at Cable Communications, Broadcast Television and Theme Parks.

Free Cash Flow 1, 3

Consolidated free cash flow increased 13% to $7.9 billion, primarily reflecting strong growth in operating cash flow. Free cash flow per share increased 16% to $2.92 per share in 2012.

Return of Capital

We have a strong commitment to deliver consistent and sustainable return of capital to shareholders through a combination of dividends and buybacks. In 2012, we returned $4.6 billion directly to shareholders through a combination of dividends and share repurchases and we believe we can continue to return meaningful amounts of capital to shareholders, even as we strengthen our balance sheet and invest in the growth of our businesses.


1 Results include NBCUniversal from January 28, 2011 and 100% of Universal Orlando from July 1, 2011.

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 13, 2013 for a reconciliation of consolidated operating cash flow, a non-GAAP financial measure.

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 noncontrolling interests; and adjusted for any payments and receipts related to certain nonoperating 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 – 2012 Economic Stimulus packages. Please refer to our Form 8-K (Quarterly Earnings Release) filed on February 13, 2013 for a reconciliation and further details. Free Cash Flow per Share is calculated by taking Free Cash Flow (as described above) divided by the diluted weighted-average number of common shares outstanding used in the calculation of earnings per share."