Comcast Corporation. Recommendation: BUY. Current Share Price: $12.50 Target Share Price: $ Investment Thesis. Summary

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1 Updated 4-March-2009 NASDAQ: CMCSA Comcast Corporation Investment Thesis Comcast Corporation is the largest cable operator, multichannel video and residential high-speed data provider in the United States with over 24 million video subscribers and 14 million high-speed data subscribers. Although Comcast will feel the pinch of weakening consumer demand, I believe cable s business model to be defensive in nature, as its core products are must-haves in the minds of consumers and the subscription nature of its revenue streams are largely recurring. In turn, this leads to less volatility in revenues and cash flows during an economic downturn. Comcast is led by a strong management team that has a track record of operational improvements and increasing returns on assets and equity. I believe Comcast is in the best competitive position among its cable, satellite and telecom peers, and I anticipate aboveaverage returns for the stock over the next twelve months. Summary I have assigned Comcast a one-year share price target of $ This valuation is predicated on the following assumptions: General economic concerns persist into the second half of Competition from telecom providers will remain formidable, however only one-third of Comcast s footprint will overlap with Verizon s FiOS and AT&T s U-Verse by year-end Gross margin expands over time as revenue mix shifts towards higher margin data and voice products. Declining capital expenditures and sustainable free cash flow growth of approximately 20 percent through Annual dividend increases continue and the current share repurchase program is completed by Continued and aggressive targeting of small and medium-sized businesses within its footprint. No major plant upgrades in the next five years. Two standard valuation methods (Discounted Cash Flow and Comparable Multiples) support this valuation and suggest the intrinsic value of this stock is approximately 40 to 70 percent above its current price. Analyst: Joshua Bernath Fisher College of Business The Ohio State University Columbus, OH Contact: (419) Bernath.7@osu.edu Fund: OSU SIM Class (BUS-FIN 724) Fund Manager: Chris Henneforth, CFA Recommendation: BUY Current Share Price: $12.50 Target Share Price: $19.97 Sector: Consumer Discretionary Industry: Cable & Satellite TV Revenue Breakdown (12/08A) Programming 4% Corporate & Other 1% Cable 95% Share Price Performance $30.00 $27.50 $25.00 $22.50 $20.00 $17.50 $15.00 $12.50 $10.00 Feb-04 Nov-04 Jul-05 Apr-06 Jan-07 Sep-07 Jun-08 Feb-09 CMCSA Consumer Discretionary Indexed S&P 500 Indexed Financial and Valuation Metrics Year 12/08A 12/09E 12/10E EPS (Diluted, US$) P/E (x) Revenue (US$ m) 34, , ,996.0 EBITDA (US$ m) 13, , ,539.0 Net Income (US$, m) 2, , ,163.0 FCF/Share (Diluted, US$) Number of Shares (Diluted, m) 2,952.0 BV/Share (Current, US$) 14.0 Net Debt (Current, US$ m) 31,261.0 Dividend Yield (%) 2.16 Market Cap (US$, m) 36, Week Range (US$) YTD Return (%) (28.91) Beta

2 Table of Contents Investment Thesis 1 Summary 1 Company Overview 3 Business Overview 4 Video 4 Data 5 Voice 5 Macroeconomic Analysis 6 Drivers 6 Outlook 7 Industry Analysis 8 Current Life Cycle 8 Historical & Recent Performance 8 Recent Trends 9 Competition 10 Pricing 11 Regulatory Environment 11 Investment Thesis 11 Valuation 12 Company Analysis 13 Competitive Advantages 13 Financial Statements Analysis 13 Equity Valuation: Multiples 15 Equity Valuation: Discounted Cash Flow 17 Summary 20 Strengths and Opportunities 20 Risks and Concerns 20 Conclusions 21 Appendix 1 Comcast Financial Statements from Company 10-k 23 Appendix 2 Comcast Discounted Cash Flow Model: Base Case Scenario 26 Appendix 3 Comcast Discounted Cash Flow Model: Plant Upgrade Scenario 27 2

3 Company Overview 1 Headquartered in Philadelphia, Pennsylvania, and founded in 1963, Comcast Corporation (Comcast, the Company) operates as the largest cable operator in the United States and offers a variety of entertainment and communications products and services. Its cable system passes approximately 50.6 million homes in 39 states and reaches to 24.2 million video subscribers, 14.9 million high-speed Internet subscribers, and 6.5 million phone subscribers. Its business is classified in two segments: Cable and Programming. The Cable segment, which generates approximately 95 percent of consolidated revenues, manages and operates cable systems, including video, high-speed Internet and phone services, as well as its regional sports and news networks. The Programming segment consists of its consolidated national programming networks, including E!, The Golf Channel, VERSUS, G4, and Style. Comcast s other business interests include Comcast Spectator and Comcast Interactive Media. Comcast Spectator owns the Philadelphia Flyers NHL hockey team, the Philadelphia 76ers NBA basketball team, and two multipurpose arenas in Philadelphia, and manages other facilities for sporting events, concerts, and other events. Comcast Interactive Media develops and operates Internet businesses that focus on entertainment, information, and communication, including Comcast.net, Fancast, theplatform, and Fandango. Comcast Interactive Media, Comcast Spectator and all other consolidated businesses not included in the Cable or Programming segment are included in Corporate and Other activities. Comcast has grown substantially over the last eight years through a number of transactions, the two largest of which were the (1) AT&T broadband acquisition, which closed in 2002, and (2) the three-way Adelphia acquisition, which closed in 2006 and included Adelphia, Time Warner Cable, and Comcast. In 2001, Comcast had approximately 8.5 million video subscribers. By the end of 2008, this figure had grown to over 24 million. Brian Roberts, chairman and C.E.O. of Comcast, and the son of Comcast s founder, Ralph Roberts, has an approximate 33 percent voting interest in the Company. Figure 1. Comcast s National Footprint Comcast Corporation 10-k, Hoover s 2 Company Reports 3

4 Business Overview It is important to understand the industry and business constituents for the sake of this report and the analysis it includes. The competitive landscape has undergone some recent changes which will be explained later in the report. Below is a list of Comcast s major competitors and their respective business category: Multi-System Operators (MSO) Companies that operate multiple cable systems, usually across several markets. MSOs and cable companies are used interchangeably in this report. Companies include: Comcast, Time Warner Cable, Cablevision. Direct Broadcast Satellite (DBS) Companies that provide video service by means of satellites. Companies include: DirecTV, DISH Network. Regional Bell Operating Company (RBOC) These companies originally provided telephone services. Because of overlapping technologies, they have moved into video and data. RBOCs and telecom companies are used interchangeably in this report. Companies include: Verizon, AT&T. Verizon s service is FiOS and AT&T s service is marketed as U-Verse. MSOs such as Comcast and Time Warner Cable generally offer the same services, with the majority of revenue coming from video, data, and voice. More often that not, video, data, and voice are bundled together providing the consumer with a package or bundle of services from one source. In the following section, I provide an overview of the products and services these companies provide: Video Basic Cable This is the current standard cable offering consisting of a small or large package of analog channels. This is the basis for most of the cable industry s business, as the MSOs sell data and voice primarily to this customer base. 3 Cable companies are currently transitioning most of their customers to digital and away from analog based channels in accordance with government regulation and for bandwidth expansion. Digital Cable Customers wishing to upgrade service have the option of receiving channels in digital format. I believe digital penetration is central to customer retention, as it offers the ability for MSOs to up-sell customers with interactive services, such as Video on Demand (VOD), which DBS competitors cannot fully replicate, as well as high-definition (HD) and digital-video recording (DVR) capabilities. Video on Demand (VOD) This is one of the most compelling products offered by the MSOs and is one of the biggest differentiators relative to the DBS providers. Currently, the MSOs typically offer over several Figure 2. Comcast s Cable Segment Revenue Breakdown by Product Category Advertising 5% Phone 8% Other 4% High-Speed Internet 22% Franchise Fees 3% Video 58% thousand programs per month and over several hundred hours of high-definition VOD programming. Subscription Video on Demand This service provides customers with access to on demand content from subscription video services. High-Definition Television Television signals are broadcast in high-definition. Comcast charges customers an additional monthly fee to receive HD programming with essentially no incremental cost. Digital Video Recorder (DVR) This service allows customers to record programs and watch them at a later date or time. DVRs are rented to the customer for monthly fees of $7 to $15. Overall, approximately 30 percent of Comcast s and Time Warner Cable s customers take an HD/DVR box. 3 In the U.S., television stations are scheduled to change over to digital on 12-June This was previously scheduled for 17-February

5 Premium Channel Programming Video customers have the option to pay additional monthly fees for premium channels, which generally include HBO, Cinemax, STARZ, and Showtime. Pay-Per-View Programming This programming primarily includes sports and music events broadcast live to customers for a one-time fee. These features are only available to digital customers, increasing the attractiveness of taking a digital package and driving higher revenue. Data High-Speed Internet Service This is broadband Internet access via cable, with downstream speeds generally from 6 Mbps up to 16 Mbps. Comcast is currently introducing DOCSIS 3.0, which will increase speeds to 100+ Mbps. I believe this will keep them competitive with Verizon s FiOS broadband service (the highest speeds to date) and generally ahead of consumer demand. Over time, cable s ability to handle more bandwidth intensive applications should drive application development to utilize the additional capacity and spur additional demand for the higher tiered and more expensive broadband options. In order to capitalize on demand for lower speed Internet service, some MSOs are offering users a lower priced economy tier of broadband service at 768 Kbps, which is more competitive with the DSL offering from Verizon and AT&T. My view is that this new option is an attempt to prevent customers from disconnecting completely in a tough economic environment and will provide customers with an alternative to more cheaply priced DSL and dial-up Internet services. Voice Phone service The MSOs are employing an Internet Protocol based voice product, which includes local, long distance, and a variety of calling features such as caller ID, call waiting, and voic . The calls are routed over a private network and do not use the public Internet, which results in higher quality. Figure 3. Comcast s Product Penetration % 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% CAGR: 15.6% CAGR: (3.0)% CAGR: 13.7% CAGR: 3.3% 0.0% Video Digital Video High-Speed Data Phone 4 Penetration is calculated by dividing the number of customers by the number of homes passed. The number of customers includes the Company s small and medium-sized business customers. 5

6 Macroeconomic Analysis Comcast and the Cable and Satellite TV industry as a whole have run into the macroeconomic headwinds facing many of the companies in the country. I believe the higher-priced bundle packages represent a growing portion of consumers income, and with a weakening economy, these consumers are less likely to migrate to higher tiers and also more likely to trim down features or services when their household budgets come under pressure. Ultimately, I believe video is one of the last items to go after power and cell phone. Considering that if one cannot afford to eat out or go out for entertainment, then one has to stay at home, making television an attractive option for entertainment, in my opinion. Therefore, consumers may not be upgrading services, but they are still watching television and paying the cable, broadband, and phone bill. Drivers A comprehensive regression analysis revealed three macroeconomic factors driving Comcast s valuation with a meaningful level of statistical significance: Existing Home Sales, the Unemployment Rate, and Disposable Personal Income. The multiple regression analysis, with Comcast s Enterprise Value-to-Sales ratio as the dependent variable, and the three aforementioned independent variables yields an R-Square of Therefore, this particular model explains 80 percent of the variation in Comcast s valuation. Furthermore, the model passes the F-test for predictive validity, as evidenced by the low p-value. Each of the individual predictors are also effective, which is shown through the low p-values from the T-Statistic test. Within the model, Existing Home Sales are positively correlated with Comcast s valuation. Intuitively, this makes sense because high levels of existing home sales and new home sales helps cable operators increase penetration. Every time a new resident moves into a home (existing or new), one of his/her first tasks is to order telecommunications services (e.g. video, data, and voice). If, and when, a new resident contacts a cable operator to order television service, that MSO is given the opportunity to market its other services such as high-speed Internet and phone at a critical decision making point. As new home sales slow, and turnover in existing homes slows, point of sale contact with customers declines, and the opportunity to sell cable services becomes more limited, hence the strong positive correlation. The Unemployment Rate has a strong negative correlation with the dependent variable. This too, seems logical, as does the positive correlation with Disposable Personal Income because a consumer with declining disposable income is less likely to purchase advanced cable or broadband services. Figure 4. Regression of Comcast s Enterprise Value/Sales Ratio and Economic Factors Regression Statistics Multiple R R Square Adjusted R Square Standard Error Observations 262 ANOVA df SS MS F Significance F Regression Residual Total Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Intercept Existing Home Sales (Mil) Unemploy. Rate (YTY % Chg.) Disp. Personal Income (YTY % Chg.)

7 Outlook My outlook for the general economy over the next twelve months is bleak. Perhaps the sole bright spot in the past several months for consumers has been a sharp retreat in oil prices to below $40 a barrel (versus a $148/barrel peak in July 2008), which should help ease consumers outlays for gasoline and home energy. A number of Cable and Satellite TV providers have recently cited the slowdown in the economy as having an impact on subscriber growth and advanced service purchases (HD, VOD, DVR, Pay-per-view). 5 However, history has shown that share prices will likely bottom before the economic fundamentals start to improve, this bodes well for stocks. Since 1949, bear markets have bottomed a median of five months before recessions have ended, and eight months before corporate earnings have troughed. 6 While this bodes well for stocks, it also implies that the economic fundamentals will be depressing for some time in the future. With respect to the predictors in the model, Existing Home Sales are currently at their lowest levels in nearly twelve years. The most recent decline was 5.3 percent in January and I am expecting the number of units sold to decline into the second half of 2009, before picking up at the end of this year. 7 Housing prices are returning to reasonable or normal levels, however they most likely have to become subnormal for a period to eliminate the excess supply. Therefore, over the next six months I expect this predictor to keep downward pressure on valuation multiples. I expect that in the fourth quarter of 2009 housing prices will get to extremely attractive levels and consumers will jump on bargains, in turn helping cable companies get in front of potential customers once again. The Unemployment Rate currently stands at a 16-year high of 7.6 percent. The Federal Reserve projects that the Unemployment Rate could climb as high as 8.8 percent by the end of this year. 8 The negative correlation this variable has with the model and the dismal figures that likely lie ahead will be forcing multiples to maintain their current low levels. There is certainly no way to spin this positively for Comcast or the Cable and Satellite TV industry, however I do not feel this will push valuations lower because I believe the higher unemployment expectations are already priced in to equity valuations. Lastly, Disposable Personal Income increased in January by 1.7 percent after declining 0.2 percent in December. 9 Low gasoline prices may be leaving some more cash in consumers pockets, however this excess cash may be saved rather than being spent on goods and services. I expect Disposable Personal Income to stay flat for the rest of 2009, before picking up momentum in There are two things I would like to make a note of regarding these economic predictions (1) these expectations are most likely priced in to equity valuations, therefore valuation levels may not depress further, but rather stay at low levels until there is a string of promising economic news; (2) the reduction in housing growth and turnover does have a silver lining for cable companies. When housing growth slows, cable line extension slows, and in turn, line extension capital expenditures are reduced and free cash flow increases. Even more, slowing housing growth and turnover reduces the churn associated with subscribers changing residences. Churn is the monthly customer disconnect rate. When move churn wanes, cable companies see decreasing costs from fewer trucks going out for maintenance and labor installation costs also decline. With that said, I like the Comcast story within the context of a weakening economy. Although Comcast will feel some of the pinch in declining consumer demand, I believe cable s business model produces stable and recurring revenues because of its ingrained position in the lifestyle of many consumers. Also, if stock prices bottom before the economy rebounds as history has shown, I think investors will be looking for investments with solid long-term investment characteristics, which will mean growth. I believe cable will maintain a better near and longer-term growth outlook than telecom, thus attracting additional capital as investors flow back in to the market. 5 Comcast Corporation and Time Warner Cable, Inc. Q Earnings Conference Call 6 Standard and Poor s Industry Surveys: Trends and Predictions, February Bater, Jeff and Brian Blackstone. Continuing Jobless Claims Top 5 Million: New-Home Sales, Durable-Goods Orders Drop. The Wall Street Journal On- Line Edition. 26-February Bater, Jeff and Brian Blackstone. Continuing Jobless Claims Top 5 Million: New-Home Sales, Durable-Goods Orders Drop. The Wall Street Journal On- Line Edition. 26-February Evans, Kelly. Shoppers New Frugality Hurts Business. The Wall Street Journal On-Line Edition. 3-March

8 Industry Analysis Comcast is part of the Cable and Satellite TV industry within the Consumer Discretionary sector. Over the past several years, the previously distinct cable and telecommunication industries have moved closer together as they begin to cross over into each other s core competencies. The reasons for this are many, but the main drivers appear to be technological advancement and the need for continued growth. I believe over the next several years, the two industries will begin to converge and look more and more alike. Current Life Cycle I believe the Cable and Satellite TV industry has moved from a mature to a growth phase of its life cycle and will continue to grow over my forecasting horizon, largely due to technological changes. The mature to growth transition is highlighted by the fact that basic or analog cable services are being replaced by all-digital platforms that will open up a significant amount of bandwidth previously tied up in the analog based system. In turn, this unlocked bandwidth will provide the capabilities for faster Internet, advanced viewing options, such as high-definition channels, video-on-demand, and digital-video-recording, as well as more interactive applications. This transition has been taking place since the late-1990s when industry participants placed significant investments in a hybrid cable plant flexible enough to support multiple systems, such as video, data, and voice. 10 I believe the industry will have an array of new growth opportunities present themselves as the transition to all-digital progresses. Historical & Recent Performance Figure 5 illustrates the price performance of the Cable and Satellite TV industry against the Consumer Discretionary sector and the overall market over a ten-year period. The industry s beta is 1.19 versus 1.13 for the Consumer Discretionary sector, implying that the industry is more volatile that both the market (β=1) and its sector. The industry surged during the technology boom and then again from Because of the exorbitant price levels reached in 1999 and 2000, I limited my valuation analyses of the industry and Comcast to encompass only the past five years. A detailed analysis of the Cable and Satellite TV industry income statement reveals that total industry revenue has grown at a compound annual growth rate (CAGR) of 23.5 percent since The top-line was driven by economic expansion, as well as the addition of high-speed data and voice into the industry s product mix. Earnings before interest, taxes, depreciation, and amortization (EBITDA) grew at an even more impressive 55.9 percent compound annual rate during the same period. EBITDA can be used as a cash flow proxy for Figure 5. Ten-Year Price Performance: Cable & Satellite vs. Consumer Discretionary vs. S&P 500 $55.00 $50.00 $45.00 $40.00 YTD 1-Year 5-Year 10-Year Cable & Satellite (14.9)% (38.1)% (3.5)% 12.8% Consumer Discretionary (20.2)% (43.1)% (7.4)% (3.0)% S&P 500 (20.7)% (43.7)% (5.0)% (1.3)% $35.00 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 Feb-99 Feb-00 Feb-01 Feb-02 Feb-03 Feb-04 Feb-05 Feb-06 Feb-07 Feb-08 Feb-09 Cable & Satellite Consumer Discretionary Indexed S&P 500 Indexed 10 Amobi, Tuna M. and Erik B. Kolb. Standard & Poor s Industry Surveys: Broadcasting, Cable & Satellite. 5-February-2009 Note: 10-Year and 5-Year returns in Figure 5 are average annual returns for each respective time period. 8

9 any company so long as the figure is positive; it is particularly relevant for Cable and Satellite companies because they have large amounts of depreciation due to the capital intensive nature of the business. Depreciation and amortization are non-cash expenses, therefore they are added back to operating income. EBITDA can be used to assess a company s profitability and their ability to generate cash flow that excludes the impact of financing decisions. Gross margins stood at 45 percent in 2002, and they have since grown to 51 percent. Furthermore, earnings-per-share for the industry has grown at a 27 percent CAGR since In 2008, Cable and Satellite TV companies profitability came under pressure due to fewer than expected subscriber additions and fewer customers purchasing advanced entertainment options. However, both Comcast and Time Warner Cable stated in their 4Q 2008 earnings calls that they are seeing the phones ring more in the first quarter of 2009 than they were in October and November of 2008, which is a positive nearterm outlook for the industry. Comcast also stated that they are not seeing large numbers of people dropping their television service due to either financial hardship or the fact that they can get video increasingly over the Internet. Lastly, the subscription nature of these business models lends more predictability to the revenue stream for cable and satellite operators, which is highlighted in a tough economic environment. For example, Figure 6. Subscription and Advertising Revenue as a % of Total Revenue, 2008 Total Revenue 100% 80% 60% 40% 20% 0% Recent Trends 5% 4% 3% ~2% <1% 95% 96% 97% 98% 99% Time Warner Cable Comcast DirecTV Cablevision DISH Network Advertising Revenue Subscription Revenue subscription revenues accounted for greater than 90 percent of total revenues in 2008 for Comcast, Time Warner Cable, DirecTV, DISH Network, and Cablevision, as seen in Figure 6. Advertising revenues are highly correlated (r=.99) with the economy and business spending, which are both currently under pressure. However, as Figure 6 shows, most cable companies are insulated from these economic headwinds by a large subscriber base and steady stream of cash flows. There has been a growing acceptance by consumers for bundled services. Bundles typically include: video, data, and local and long distance phone. Over the last few years, MSOs only had the ability to offer the tripleplay bundle (video, broadband, voice) on a wide-scale basis and they still have a near-term advantage over their competitors. However, Verizon and AT&T have developed video offerings that are of equivalent quality to the MSOs and have already begun deploying the video service to a portion of their footprint. Over the next four years, Verizon and AT&T, are slated to roll out video service to the remainder of their footprint. This is a game changer for the industry, as the RBOCs now have the capability to compete with the bundled offerings from the MSOs. DBS providers cannot currently offer voice or broadband and therefore, may be at a structural disadvantage over the long term. New technologies, such as VOD, DVRs, and HD are also becoming increasingly popular as customers transition to the all-digital platform from analog. My view is that new technologies and advanced feature functionality are unlikely to differentiate video offerings over the long term. This impact is neutral for all parties, as they can only offer a provider a competitive advantage versus its rivals over the short to intermediate term. However, in the near term, Comcast clearly has an advantage because it can provide the triple-play offering on a much wider scale than any one of its competitors. 9

10 With respect to trends in broadband, growth slowed down in 2008 compared to In 2007 the broadband category grew by nine million subscribers, however in 2008 it grew by 7.5 million, a 20 percent decline. 11 Despite the slowdown, I continue to see sustainable growth in broadband for cable operators. Figure 7 Figure 7. Broadband Household Forecast, 2008E 2013E 12 (in 000s) 2008E 2013E US Households 115, ,500 x PC Penetration of US HHs 79% 82% = Total PC HHs 90, ,450 x Internet Penetration of PC HHs 91% 95% = Internet HHs 82,674 95,428 - Dial-Up HHs = Broadband HHs 70,674 90,428 / US HHs 115, ,500 = Broadband Penetration of US HHs 61% 74% illustrates my forecast (through 2013) for U.S. broadband subscribers. In addition to growth in overall households with a personal computer, new sources of customer growth include an estimated base of 12 million current dial-up homes, which should convert to broadband over time. Cable has also had success winning over DSL customers from the RBOCs, and given that DSL holds roughly 45 percent of the broadband market, this is potentially a large source of additions for cable. I conservatively presume that cable will capture approximately 50 percent of the incremental 20 million broadband households that I estimate over the next five years. This is a substantial amount of new broadband subscribers converting to cable and will be a key factor in driving future earnings for the MSOs, such as Comcast and Time Warner Cable. Competition Competition in the Cable and Satellite TV industry is high because the products being sold are minimally differentiated. Also, due to advancements in technology and government regulation, barriers to entry have declined. I have identified three factors technology, telecomvergence, and regulations that are driving increased competition in the video distribution and telecommunications business. Technology Advancements in technology are constantly occurring, which opens up doors for competitors to find new ways of distributing content. The emergence of broadband and the Internet is one example of an increasingly viable method to distribute video content. Telecomvergence Cable and telecom have enjoyed separate markets historically, now competitive openings are being exploited by each player, and the overlap has become quite extensive. Over time, I see these two providers in what is, and what will remain, a difficult industry to support multiple networks. Regulations Historically, regulators have been concerned about cable s monopoly in the video business. I believe regulators are simply interested in increasing competition to provide consumers with more choices and lower prices. Figure 8. Three Factors Continue to Increase Competition 3 Forces Reasons End Result Technology Digital compression is increasing bandwith. Broadband makes internet another viable video distribution medium. Telecomvergence Telcos are attacking video, cable companies are attacking data and voice. The residential market has been the first area of convergence. Increased Competition Regulations Regulators are interested in more competition to provide customers with greater choice and lower prices. 11 IBISWorld U.S. Cable, Internet and Telephone Providers Report dated 19-February Figures for broadband penetration forecast came from U.S. Census Bureau and the IBISWorld U.S. Cable, Internet and Telephone Providers Report dated 19-February