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Comcast head David Cohen's slide presentation to the Philadelphia bond investor's conference. April 2013.
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2013 Philadelphia Investor Conference2013 Philadelphia Investor Conference
David L. CohenExecutive Vice President
Comcast Corporation
April 18, 2013
DISCLAIMERThe information contained herein was
prepared as part of a presentation scheduled to have been given April 18 and April 19, 2013,
at an investor conference conducted by the City of Philadelphia, and is provided solely in
response to a Right-to-Know Request, Slaughter CP 2013-1250. No representation is made as to the accuracy and completeness of such information, nor shall its being provided
herewith create any implication that there has been no change in the matters described or
referred to therein since the dates of the conference or the date as of which particular
information is given, if earlier.
Uniquely positioned in entertainment, information and communications
Comcast Cable Cable Networks ParksBroadcast Film
q y p ,
Comcast Cable Cable Networks
*
XFINITY TV
XFINITY Internet
XFINITY Voice
*
Other Digital and Other
*
Other Digital and Other*
*
*Minority interest and/or non-controlling interest.
*SEE DISCLAIMER ON COVER PAGE
Comcast and NBCUniversal Across America
75,000Comcast
Cares Day
Employer of choice for
129,000Largest video provider in the U S
USA Network top-rated 11
Cares Dayvolunteers
F th
,employees
the U.S.
5
pcable channel
Leading fiber optic network in the U.S.
Fourthlargest residential phone company in
14 22Mvideo
customers
5Top five
debtor in the U.S.
Largest residentialbroadband
p ythe U.S.
1$2.5B
customers U S
NBC Nightly News with 1 broadband
provider in the U.S.
1$Comcast charitable
contributions since 2001
News with Brian Williams most-watched evening news
1 Fastest In-Home WiFi
*SEE DISCLAIMER ON COVER PAGE
Philadelphia Economy & Job Sectors• 7th largest economy in the country (estimated output of
$352.7 billion).*
• Major shift from manufacturing to service sector between1980-2000**o1980: 57% employed in service sector (vs 54%o1980: 57% employed in service sector (vs. 54%
nationally)o 2000: 71% employed in service sector (vs. 65%
nationally)nationally)
• Percentage of workers in 2012 employed by:*o The private sector: 82%o The private sector: 82%o Government agencies: 14%o Their own businesses: 4%
* Philadelphia 2013: The State of the City (Pew)** “Forces Shaping Philadelphia’s Future” (Anthony Santomero, President, Federal Reserve Bank of Philadelphia, 2002)
*SEE DISCLAIMER ON COVER PAGE
Philadelphia Manufacturing vs. Health & EducationTh I t f “Ed ” d “M d ”The Importance of “Eds” and “Meds”
1950 – 2010
300 000
400,000 365,500
200,000
300,000193,538
19502010
100,000 49,01624,720
2010
0Manufacturing Health &
EducationSources:1950 U S Census1950 U.S. CensusHIS & Walter Licht, Professor of History at the University of Pennsylvania“Philadelphia: Smart City. Smart Choice” - PDICBureau of Labor Statistics
*SEE DISCLAIMER ON COVER PAGE
Greater Philadelphia Employment Change by SectorFurther Moving from a Manufacturing Based Economy in 1990sFurther Moving from a Manufacturing-Based Economy in 1990sto a Knowledge-Based Economy Today
125.6
150.0Professional & B i
100.5110.1
100.0
0s)
Trade
& Business Services
Leisure & Hospitality
5.0
25.3
8.4
20.4
31.4
16.17.7
44.737.9
11.1
0 0
50.0
of Jo
bs (1
,000
Construction & Natural
Resources
Trade, Transportation &
UtilitiesFinancial Activities
Services
Government
‐24.3‐29.9
‐24.1
‐13.1
‐1.9
‐50.0
0.0
e in Num
ber o
Information
Education & Health
Services
Other Services
‐66.1
‐107.8
‐100.0Change
Manufacturing
‐150.01990 to 2000 2000 to 2013
Manufacturing
Copyright ©2013 HIS Inc. All Rights Reserved.
*SEE DISCLAIMER ON COVER PAGE
Strategic public and private investments, as well as locational assets, have created a stable economic base and positioned Philadelphia for growth
Center City Di t i t
Pennsylvania C ti
University of Pennsylvania & CHOP k
PIDC acquiresDistrict
begins operations
Convention Center opens
& CHOP make major
commercial investments
acquires 1,200 acre Navy Yard
site
1991 1993 Mid‐1990’s 20001991 1993 Mid 1990 s 2000
Center City catalyzesPhiladelphia’s growth
Dynamic and
i
Innovation drives strong growth in Education and Healthcare
Public investment spurs major private development at
Strong Professional & Business Services and
growing Leisure and Hospitality industry
industry
Revitalized University City home to many of
The Navy Yard
Industrialsector poisedServices and
Financial Activities industries
industry many of Philadelphia’s eds & meds
sector poised for growth
7
*SEE DISCLAIMER ON COVER PAGE
Smart Company.Philadelphia’s Economy Is Diverse and BalancedPhiladelphia s Economy Is Diverse and Balanced
Job Sector Percentage of Jobs
• Education & Healthcare 34%
• Professional & Business Services 17%
• Industrial & Manufacturing 15%
• Government 14%
• Real Estate, Finance & Insurance 10%
• Arts, Culture, Leisure & Hospitality 10%
PIDC 2010
*SEE DISCLAIMER ON COVER PAGE
Today, Education & Health Services Represents the Largest Employment Base in the City and Its Strongest Growth Sector
• Sector employed 193,538 people in 2010, 31% of totalemployment.
• More than 250,000 students are enrolled in 101 colleges anduniversities across the Philadelphia area.
• Strategic investment in retaining college graduates through the“Campus Philly” initiative.
• Philadelphia’s top institutions create the heart of the second largestmedical and educational regional center in the U.S.
• Recent college and university graduates staying in Philadelphiaincreased from 29% in 2004 to 48% in 2010.
*SEE DISCLAIMER ON COVER PAGE
Key Regional Institutions Smart Organizations & IncubatorsIncubators
• Ben Franklin Technology PartnersPartners
• Greater Philadelphia Innovation Cluster
• DreamIt VenturesDreamIt Ventures• Bread Board• NextFab• Indy Hall• Corzo Center Creative
Incubator• Project Liberty Digital Incubator
(- (Partners are Drexel, BFTP, DreamIt Ventures, and Philadelphia Media Network)
*SEE DISCLAIMER ON COVER PAGE
Investments in Leisure and Hospitality Infrastructure Reap Strong Rewards
• 5,000 hotel rooms in 1998 versus 11,000 today
$786 illi i f th P l i• $786 million expansion of the PennsylvaniaConvention Center completed in March 2011
• New attractions include: $200 million Barnes,Foundation $150 million National Museum ofFoundation, $150 million National Museum ofAmerican Jewish History, and the $185 millionNational Constitution Center
• Ranked #1 for Culture and #3 for Restaurants by• Ranked #1 for Culture and #3 for Restaurants byTravel + Leisure Magazine, 2011 America’s City’sRatings
• 37 4 million visitors to the region in 201037.4 million visitors to the region in 2010
• 633,000 international visitors to the City in 2010,with Philadelphia as one of the fastest growinginternational destination in the United States ininternational destination in the United States inrecent years
*SEE DISCLAIMER ON COVER PAGE
City Offers Smart Economic Incentives• Tax advantaged location options within
Keystone Opportunity Zones.
10 l t t t b t t ll• 10-year real estate tax abatement on all improvements and new construction.
• Low-interest senior financing for up to 50%Low interest senior financing for up to 50% of new development cost.
• Low-interest subordinate financing for all capital investment.
• Workforce recruiting and training grants.
• Fast track permitting review.
• Elimination of BPT on investment and hedge fundshedge funds.
*SEE DISCLAIMER ON COVER PAGE
Comcast and Philadelphia
• For 50 years, Comcast has had anunwavering commitment to thePhiladelphia communityPhiladelphia community.
• Building Comcast Center gave us theopportunity to create a vertical campusopportunity to create a vertical campusand an exciting home for employees thatreflects our culture.
• The Comcast Center continues to bringpride and job growth to Philadelphia asone of the most high-tech,g ,environmentally responsible, andadvanced corporate multi-media officebuildings in Pennsylvania and thecountry.
*SEE DISCLAIMER ON COVER PAGE
Our Philadelphia Presence
• Over 10,700 people employed in the Philadelphia region.
L ti i l d C t C t 1500 M k t L S• Locations include Comcast Center, 1500 Market, Logan Square, Xfinity Live!, Wells Fargo Center, and regional offices.
• Multiple departments and functions in the City, including HQ, Finance, Comcast University, Legal, Community Investment, Advertising, Innovation Technology Joint Venture with Verizon Wireless, National Engineering and Technology Operations, Comcast-Spectacor, among thothers.
• Since 2001, contributed more than $72.4 million in cash and in-kind support to non-profits.
*SEE DISCLAIMER ON COVER PAGE
Ab t C t C tAbout Comcast Center
• Finished in 2008 – it has redefined the Philadelphia skyline, enhanced theFinished in 2008 it has redefined the Philadelphia skyline, enhanced the urban experience in our City, and contributed to the economic vitality of the region. o 58-stories (56 occupiable), 975-feet higho One of the tallest LEED Gold-certified, technologically-advanced buildings in
the country with natural light and high ceilings.Water-saving fixtures save 3 million gallons of drinking water every year, using 41% less water than a typical office buildingusing 41% less water than a typical office building.High-performance glass curtain wall that blocks 60% of the sun’s heat while allowing 70% of the sun’s visible light to be transmitted to office space, reducing energy used for lighting and air conditioning.space, reducing energy used for lighting and air conditioning.
o Boasts world’s largest 4MM LED video wall, which has become a Philadelphia must-see tourist destination.
o A statue of William Penn was returned to the highest point in Philadelphia g p pduring construction. The “Curse of Billy Penn” was finally lifted in 2008 when Phillies won the World Series.
*SEE DISCLAIMER ON COVER PAGE
Minority/Women/Disabled-Owned Businesses K t SKey to Success• Nearly $100 million worth of vendor contracts related to construction
activity for Comcast Center were awarded to 73 MWDBs whichactivity for Comcast Center were awarded to 73 MWDBs, which comprised 45% of the vendors on the project.
• On a combined basis over 30% of qualified construction contracts• On a combined basis, over 30% of qualified construction contracts entered into by Comcast and Liberty went to MWBs.
On the employment side over 338 000 hours of work were performed• On the employment side, over 338,000 hours of work were performed by minorities and women, representing 21% of all hours worked on the project.
• Approximately 40% of the Comcast design work was awarded to minority and women-owned businesses and over 60% of the FF&E contracts were awarded to minority and women owned businessescontracts were awarded to minority and women-owned businesses.
*SEE DISCLAIMER ON COVER PAGE
Astonishing Economic Impact• Construction of Comcast Center generated almost $1.26 billion
in total economic activity.o In Philadelphia, supported over 5,400 jobs and almost $210 million in
earnings while generating $12 million in tax revenues.o Statewide, over $2 billion in total expenditures occurred, supporting over
17,000 jobs, and over $650 million in earnings and over $44 million in taxrevenues were generatedrevenues were generated.
• Each year after full occupancy, Comcast Center is estimated togenerate almost $1 16 billion in total expenditures supportinggenerate almost $1.16 billion in total expenditures supportingover 6,500 jobs and almost $460 million in earnings within theCity of Philadelphia.o Statewide it is estimated at almost $1 65 billion in total expenditureso Statewide, it is estimated at almost $1.65 billion in total expenditures
supporting over 9,000 jobs and almost $600 million in earnings each year.
Source: Econsult Corporation (2008)
*SEE DISCLAIMER ON COVER PAGE
www.comcastcorporation.com
*SEE DISCLAIMER ON COVER PAGE