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Consolidated Results | Revenue per Video Customer

Letter to Shareholders

Financial Results

In 2009, we delivered solid financial results, driven by increasingly diverse revenue streams and the underlying strength of our subscription businesses, as well as our focus on expense management and a disciplined and returns-oriented capital investment approach.

For the year, consolidated revenue grew 4% to $35.8 billion, operating cash flow increased by 4% to $13.7 billion and operating income rose 7% to $7.2 billion. We generated free cash flow of $4.4 billion, a 21% increase over the past year and an 89% increase over the past two years.

We executed well, balancing revenue, operating cash flow and customer growth. Despite a still-weak economy and increasing competition, we added 1.5 million net new customers, ending the year with 23.6 million video customers, 15.9 million high-speed Internet customers and 7.6 million digital voice customers. Business Services was a significant driver of growth in 2009, and the advertising market—which negatively impacted our results—began to solidify toward the end of the year. The diversity of our revenue streams helped us increase total monthly revenue per video customer by 6% to more than $118.

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