Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
xQuarterly Report pursuant to SectionQUARTERLY REPORT PURSUANT TO SECTION 13 orOR 15(d) of the Securities Exchange Act ofOF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended SeptemberJune 30, 20172022
OR
Or
cTransition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Transition Period from                      to                      
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                       to     
cmcsa-20220630_g1.jpg
Commission File Number
Exact Name of Registrant; State of
Incorporation; Address and Telephone
Number of Principal Executive Offices
I.R.S. Employer Identification No.
001-32871COMCAST CORPORATION27-0000798
Pennsylvania
One Comcast Center
Philadelphia, PA 19103-2838
(215) 286-1700

Securities registered pursuant to Section 12(b) of the Act:
PENNSYLVANIA
One Comcast Center
Philadelphia, PA 19103-2838
(215) 286-1700
Title of each classTrading Symbol(s)Name of each exchange on which registered
001-36438Class A Common Stock, $0.01 par valueNBCUNIVERSAL MEDIA,CMCSAThe Nasdaq Stock Market LLC14-1682529
0.000% Notes due 2026
DELAWARE
30 Rockefeller Plaza
CMCS26The Nasdaq Stock Market LLC
0.250% Notes due 2027CMCS27The Nasdaq Stock Market LLC
1.500% Notes due 2029CMCS29The Nasdaq Stock Market LLC
0.250% Notes due 2029CMCS29AThe Nasdaq Stock Market LLC
0.750% Notes due 2032CMCS32The Nasdaq Stock Market LLC
1.875% Notes due 2036CMCS36The Nasdaq Stock Market LLC
1.250% Notes due 2040CMCS40The Nasdaq Stock Market LLC
9.455% Guaranteed Notes due 2022CMCSA/22New York NY 10112-0015
(212) 664-4444
Stock Exchange
5.50% Notes due 2029CCGBP29New York Stock Exchange
2.0% Exchangeable Subordinated Debentures due 2029CCZNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Comcast CorporationYesxNoc
NBCUniversal Media, LLCYesxNoc
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Comcast CorporationYesxNoc
NBCUniversal Media, LLCYesxNoc
Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Comcast CorporationLarge accelerated filerxAccelerated filercNon-accelerated filercSmaller reporting companycEmerging growth companyc
NBCUniversal Media, LLCLarge accelerated filercAccelerated filercNon-accelerated filerxSmaller reporting companycEmerging growth companyc
If an emerging growth company, indicate by check mark whetherif the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Comcast Corporationc
NBCUniversal Media, LLCc
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Comcast CorporationYescNox
NBCUniversal Media, LLCYescNox
Yes No
Indicate the number of shares outstanding of each of the registrant’sissuer’s classes of common stock, as of the latest practicalpracticable date:
As of SeptemberJune 30, 2017,2022, there were 4,664,327,4554,403,793,980 shares of Comcast Corporation Class A common stock and 9,444,375 shares of Comcast Corporation Class B common stock outstanding.
Not applicable for NBCUniversal Media, LLC.
NBCUniversal Media, LLC meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this form with the reduced disclosure format.

TABLE OF CONTENTS



TABLE OF CONTENTS
Page
Number
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 5.6.
Item 6.
 
Explanatory Note
This Quarterly Report on Form 10-Q is a combined report being filed separately by Comcast Corporation (“Comcast”) and NBCUniversal Media, LLC (“NBCUniversal”). Comcast owns all of the common equity interests in NBCUniversal, and NBCUniversal meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing its information within this Form 10-Q with the reduced disclosure format. Each of Comcast and NBCUniversal is filing on its own behalf the information contained in this report that relates to itself, and neither company makes any representation as to information relating to the other company. Where information or an explanation is provided that is substantially the same for each company, such information or explanation has been combined in this report. Where information or an explanation is not substantially the same for each company, separate information and explanation has been provided. In addition, separate condensed consolidated financial statements for each company, along with notes to the condensed consolidated financial statements, are included in this report. Unless indicated otherwise, throughout this Quarterly Report on Form 10-Q, we refer to Comcast and its consolidated subsidiaries, including NBCUniversal and its consolidated subsidiaries, as “we,” “us” and “our;” Comcast Cable Communications, LLC and its consolidated subsidiaries as “Comcast Cable;” Comcast Holdings Corporation as “Comcast Holdings;” NBCUniversal, LLC as “NBCUniversal Holdings;” and NBCUniversal Enterprise, Inc. as “NBCUniversal Enterprise.”
This Quarterly Report on Form 10-Q is for the three and ninesix months ended SeptemberJune 30, 2017.2022. This Quarterly Report on Form 10-Q modifies and supersedes documents filed before it. The U.S. Securities and Exchange Commission (“SEC”) allows us to “incorporate by reference” information that we file with it, which means that we can disclose important information to you by referring you directly to those documents. Information incorporated by reference is considered to be part of this Quarterly Report on Form 10-Q. In addition, information that we file with the SEC in the future will automatically update and supersede information contained in this Quarterly Report on Form 10-Q.

You should carefully review the information contained in this Quarterly Report on Form 10-Q and particularly consider any risk factors set forth in this Quarterly Report on Form 10-Q and in other reports or documents that we file from time to time with the SEC. InUnless indicated otherwise, throughout this Quarterly Report on Form 10-Q, we staterefer to Comcast and its consolidated subsidiaries, as “Comcast,” “we,” “us” and “our;” Comcast Cable Communications, LLC and its consolidated subsidiaries as “Comcast Cable;” Comcast Holdings Corporation as “Comcast Holdings;” NBCUniversal Media, LLC and its consolidated subsidiaries as “NBCUniversal;” and Sky Limited and its consolidated subsidiaries as “Sky.”
Numerical information in this report is presented on a rounded basis using actual amounts. Minor differences in totals and percentage calculations may exist due to rounding.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q includes statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only our beliefs ofregarding future events, many of which, by their nature, are inherently uncertain and outside of our future financial performance. In some cases, you can identify these so-called “forward-looking statements”control. These may include estimates, projections and statements relating to our business plans, objectives and expected operating results, which are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. These forward-looking statements are generally identified by the words such as“believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “potential,” “strategy,” “future,” “opportunity,” “commit,” “plan,” “goal,” “may,” “should,” “could,” “will,” “should,“would,“expects,“will be,“believes,“will continue,“estimates,” “potential,” or “continue,” or the negative of these words,“will likely result” and other comparable words. You should be aware that these statements are only our predictions. similar expressions.
In evaluating theseforward-looking statements, you should consider various factors, including the risks outlined below and uncertainties we describe in the “Risk Factors” sections of our Forms 10-K and 10-Q and other reports we file with the SEC. Actual events or Additionally, we operate in a highly competitive, consumer-driven and rapidly changing environment. This environment is affected by government regulation; economic, strategic, political and social conditions; consumer response to new and existing products and services; technological developments; and the ability to develop and protect intellectual property rights. Any of these factors could cause



our actual results couldto differ materially from our forward-looking statements, as a result of any such factors, which could adversely affect our businesses, results of operations or financial condition. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update or revise publicly any forward-looking statements.statements, whether because of new information, future events or otherwise.
Our businesses may be affected by, among other things, the following:
the COVID-19 pandemic has had, and may continue to have, a material adverse effect on our businesses currently face a wide rangeand results of competition,operations
our businesses operate in highly competitive and dynamic industries, and our businesses and results of operations could be adversely affected if we do not compete effectively
changes in consumer behavior driven by new technologies and distribution platforms for viewing content maycontinue to adversely affect our businesses and challenge existing business models
a decline in advertisers’ expenditures or changes in advertising markets could negatively impact our businesses
our businesses depend on keeping pace with technological developments
we are subject to regulation by federal, state, local and foreign authorities, which may impose additional costs and restrictions on our businesses
changes to existing statutes, rules, regulations, or interpretations thereof, or adoption of new ones, could have an adverse effect on our businesses
programming expenses for our video services are increasing, which could adversely affect our Cable Communications segment’sCommunications’ video businessbusinesses
NBCUniversal’s and Sky’s success depends on consumer acceptance of itstheir content, and itstheir businesses may be adversely affected if itstheir content fails to achieve sufficient consumer acceptance or the costs to create or acquire content increase
the loss of NBCUniversal’s programming distribution and licensing agreements, or the renewal of these agreements on less favorable terms, could adversely affect its businesses
we rely on network and information systems and other technologies, as well as key properties, and a disruption, cyber attack, failure or destruction of such networks, systems, technologies or properties may disrupt our businesses
we may be unable to obtain necessary hardware, software and operational supportless favorable European telecommunications access regulations, the loss of Sky’s transmission access agreements with satellite or telecommunications providers or the renewal of these agreements on less favorable terms could adversely affect Sky’s businesses
weak economic conditions may have a negative impact on our businesses
our businesses depend on using and protecting certain intellectual property rights and on not infringing the intellectual property rights of others
we may be unable to obtain necessary hardware, software and operational support
our businesses depend on keeping pace with technological developments
a cyber attack, information or security breach, or technology disruption or failure may negatively impact our ability to conduct our business or result in the misuse of confidential information, all of which could adversely affect our business, reputation and results of operations
weak economic conditions may have a negative impact on our businesses
acquisitions and other strategic initiatives including the launch of our wireless phone service, present many risks, and we may not realize the financial and strategic goals that we had contemplated
labor disputes, whether involving employees or sports organizations, may disrupt our operations andwe face risks relating to doing business internationally that could adversely affect our businesses
natural disasters, severe weather and other uncontrollable events could adversely affect our business, reputation and results of operations
the loss of key management personnel or popular on-air and creative talent could have an adverse effect on our businesses
we face risks relatingare subject to doing business internationally thatregulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on our businesses
unfavorable litigation or governmental investigation results could require us to pay significant amounts or lead to onerous operating procedures
labor disputes, whether involving employees or sports organizations, may disrupt our operations and adversely affect our businesses
our Class B common stock has substantial voting rights and separate approval rights over several potentially material transactions, and our Chairman and CEO has considerable influence over our company through his beneficial ownership of our Class B common stock




Table of Contents
PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
Comcast Corporation
Condensed Consolidated Balance SheetStatement of Income
(Unaudited)
(in millions, except share data)September 30,
2017
 December 31,
2016
Assets   
Current Assets:   
Cash and cash equivalents$4,114
 $3,301
Receivables, net7,915
 7,955
Programming rights1,779
 1,250
Other current assets2,152
 3,855
Total current assets15,960
 16,361
Film and television costs6,796
 7,252
Investments6,695
 5,247
Property and equipment, net of accumulated depreciation of $49,943 and $49,69437,856
 36,253
Franchise rights59,364
 59,364
Goodwill36,752
 35,980
Other intangible assets, net of accumulated amortization of $12,371 and $11,01318,733
 17,274
Other noncurrent assets, net3,145
 2,769
Total assets$185,301
 $180,500
Liabilities and Equity   
Current Liabilities:   
Accounts payable and accrued expenses related to trade creditors$6,976
 $6,915
Accrued participations and residuals1,811
 1,726
Deferred revenue1,572
 1,132
Accrued expenses and other current liabilities5,849
 6,282
Current portion of long-term debt5,241
 5,480
Total current liabilities21,449
 21,535
Long-term debt, less current portion59,720
 55,566
Deferred income taxes35,602
 34,854
Other noncurrent liabilities10,914
 10,925
Commitments and contingencies (Note 10)

 

Redeemable noncontrolling interests and redeemable subsidiary preferred stock1,353
 1,446
Equity:   
Preferred stock—authorized, 20,000,000 shares; issued, zero
 
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 5,537,118,483 and 5,614,950,039; outstanding, 4,664,327,455 and 4,742,159,01155
 56
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375
 
Additional paid-in capital37,529
 38,230
Retained earnings24,979
 23,076
Treasury stock, 872,791,028 Class A common shares(7,517) (7,517)
Accumulated other comprehensive income (loss)381
 98
Total Comcast Corporation shareholders’ equity55,427
 53,943
Noncontrolling interests836
 2,231
Total equity56,263
 56,174
Total liabilities and equity$185,301
 $180,500
 Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions, except per share data)2022202120222021
Revenue$30,016 $28,546 $61,026 $55,751 
Costs and Expenses:
Programming and production8,887 9,256 19,457 18,175 
Other operating and administrative9,098 8,549 18,358 16,818 
Advertising, marketing and promotion2,196 1,851 4,258 3,467 
Depreciation2,162 2,113 4,375 4,231 
Amortization1,306 1,270 2,641 2,514 
Total costs and expenses23,649 23,039 49,089 45,205 
Operating income6,367 5,507 11,936 10,546 
Interest expense(968)(1,093)(1,962)(2,112)
Investment and other income (loss), net(897)1,216 (709)1,607 
Income before income taxes4,502 5,630 9,266 10,042 
Income tax expense(1,261)(2,000)(2,548)(3,119)
Net income3,241 3,630 6,717 6,922 
Less: Net income (loss) attributable to noncontrolling interests(155)(108)(227)(145)
Net income attributable to Comcast Corporation$3,396 $3,738 $6,945 $7,067 
Basic earnings per common share attributable to Comcast Corporation shareholders$0.76 $0.81 $1.55 $1.54 
Diluted earnings per common share attributable to Comcast Corporation shareholders$0.76 $0.80 $1.54 $1.51 
See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statement of Comprehensive Income
(Unaudited)
 Three Months Ended
September 30
 Nine Months Ended
September 30
(in millions, except per share data)2017 2016 2017 2016
Revenue$20,983
 $21,319
 $62,611
 $59,378
Costs and Expenses:    
 
Programming and production6,077
 7,003
 18,492
 17,926
Other operating and administrative6,423
 5,996
 18,310
 17,285
Advertising, marketing and promotion1,553
 1,485
 4,748
 4,510
Depreciation1,991
 1,865
 5,876
 5,518
Amortization589
 530
 1,747
 1,544
Other operating gains(442) 
 (442) 
 16,191
 16,879
 48,731
 46,783
Operating income4,792
 4,440
 13,880
 12,595
Other Income (Expense):       
Interest expense(766) (751) (2,279) (2,186)
Investment income (loss), net82
 80
 205
 168
Equity in net income (losses) of investees, net(39) (34) 12
 (64)
Other income (expense), net27
 (11) 82
 104
 (696) (716) (1,980) (1,978)
Income before income taxes4,096
 3,724
 11,900
 10,617
Income tax expense(1,413) (1,400) (4,035) (3,989)
Net income2,683
 2,324
 7,865
 6,628
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock(33) (87) (136) (229)
Net income attributable to Comcast Corporation$2,650
 $2,237
 $7,729
 $6,399
Basic earnings per common share attributable to Comcast Corporation shareholders$0.56
 $0.47
 $1.64
 $1.32
Diluted earnings per common share attributable to Comcast Corporation shareholders$0.55
 $0.46
 $1.61
 $1.31
Dividends declared per common share$0.1575
 $0.1375
 $0.4725
 $0.4125
 Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions)2022202120222021
Net income$3,241 $3,630 $6,717 $6,922 
Currency translation adjustments, net of deferred taxes of $42, $(17), $289 and $(109)(2,957)61 (3,873)26 
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $(1), $2, $(38) and $(17)129 (14)294 105 
Realized (gains) losses reclassified to net income, net of deferred taxes of $(11), $—, $(16) and $—(45)(62)
Employee benefit obligations and other, net of deferred taxes of $2, $3, $5 and $5(12)(7)(21)(17)
Comprehensive income356 3,674 3,055 7,040 
Less: Net income (loss) attributable to noncontrolling interests(155)(108)(227)(145)
Less: Other comprehensive income (loss) attributable to noncontrolling interests(41)24 (13)10 
Comprehensive income attributable to Comcast Corporation$552 $3,758 $3,295 $7,175 
See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statement of Comprehensive IncomeCash Flows
(Unaudited)
 Three Months Ended
September 30
 Nine Months Ended
September 30
(in millions)2017 2016 2017 2016
Net income$2,683
 $2,324
 $7,865
 $6,628
Unrealized gains (losses) on marketable securities, net of deferred taxes of $35, $—, $26 and $(1)(59) (1) (42) 2
Deferred gains (losses) on cash flow hedges, net of deferred taxes of $(9), $(7), ($16) and $4616
 12
 28
 (79)
Amounts reclassified to net income:       
Realized (gains) losses on marketable securities, net of deferred taxes of $—, $—, $— and $1(1) 
 (1) (1)
Realized (gains) losses on cash flow hedges, net of deferred taxes of $7, $(6), $15 and $(42)(12) 11
 (26) 73
Employee benefit obligations, net of deferred taxes of $3, $—, $(30) and $(2)(6) 
 51
 2
Currency translation adjustments, net of deferred taxes of $(8), $(6), $(47) and $(122)20
 45
 166
 532
Comprehensive income2,641
 2,391
 8,041
 7,157
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock(33) (87) (136) (229)
Other comprehensive (income) loss attributable to noncontrolling interests(5) (34) (87) (321)
Comprehensive income attributable to Comcast Corporation$2,603
 $2,270
 $7,818
 $6,607
 Six Months Ended
June 30,
(in millions)20222021
Operating Activities
Net income$6,717 $6,922 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization7,016 6,745 
Share-based compensation675 711 
Noncash interest expense (income), net165 210 
Net (gain) loss on investment activity and other864 (1,403)
Deferred income taxes(31)1,297 
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net(338)137 
Film and television costs, net651 837 
Accounts payable and accrued expenses related to trade creditors78 299 
Other operating assets and liabilities(2,214)(398)
Net cash provided by operating activities13,584 15,357 
Investing Activities
Capital expenditures(4,270)(4,003)
Cash paid for intangible assets(1,383)(1,283)
Construction of Universal Beijing Resort(168)(704)
Acquisitions, net of cash acquired— (168)
Proceeds from sales of businesses and investments108 396 
Purchases of investments(1,164)(86)
Other86 217 
Net cash provided by (used in) investing activities(6,792)(5,631)
Financing Activities
Proceeds from borrowings166 383 
Repurchases and repayments of debt(254)(5,785)
Repurchases of common stock under repurchase program and employee plans(6,288)(957)
Dividends paid(2,377)(2,230)
Other116 (475)
Net cash provided by (used in) financing activities(8,636)(9,064)
Impact of foreign currency on cash, cash equivalents and restricted cash(76)(12)
Increase (decrease) in cash, cash equivalents and restricted cash(1,920)650 
Cash, cash equivalents and restricted cash, beginning of period8,778 11,768 
Cash, cash equivalents and restricted cash, end of period$6,859 $12,418 
See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statement of Cash FlowsBalance Sheet
(Unaudited)
 Nine Months Ended
September 30
(in millions)2017 2016
Net cash provided by operating activities$15,961
 $13,989
Investing Activities   
Capital expenditures(6,839) (6,562)
Cash paid for intangible assets(1,240) (1,163)
Acquisitions and construction of real estate properties(325) (303)
Acquisitions, net of cash acquired(429) (3,904)
Proceeds from sales of investments120
 188
Purchases of investments(2,064) (618)
Deposits
 (1,748)
Other750
 (42)
Net cash provided by (used in) investing activities(10,027) (14,152)
Financing Activities   
Proceeds from (repayments of) short-term borrowings, net(2,807) 610
Proceeds from borrowings11,460
 9,231
Repurchases and repayments of debt(5,021) (2,994)
Repurchases of common stock under repurchase program and employee plans(4,212) (4,061)
Dividends paid(2,147) (1,944)
Purchase of Universal Studios Japan noncontrolling interests(2,299) 
Issuances of common stock
 23
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock(198) (194)
Other103
 4
Net cash provided by (used in) financing activities(5,121) 675
Increase (decrease) in cash and cash equivalents813
 512
Cash and cash equivalents, beginning of period3,301
 2,295
Cash and cash equivalents, end of period$4,114
 $2,807
(in millions, except share data)June 30,
2022
December 31,
2021
Assets
Current Assets:
Cash and cash equivalents$6,822 $8,711 
Receivables, net11,956 12,008 
Other current assets5,415 4,088 
Total current assets24,192 24,807 
Film and television costs11,622 12,806 
Investments7,598 8,082 
Investment securing collateralized obligation642 605 
Property and equipment, net of accumulated depreciation of $56,537 and $55,61153,508 54,047 
Goodwill66,486 70,189 
Franchise rights59,365 59,365 
Other intangible assets, net of accumulated amortization of $24,946 and $23,54530,728 33,580 
Other noncurrent assets, net12,892 12,424 
Total assets$267,032 $275,905 
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors$12,304 $12,455 
Accrued participations and residuals1,749 1,822 
Deferred revenue2,787 3,040 
Accrued expenses and other current liabilities8,663 9,899 
Current portion of long-term debt2,083 2,132 
Total current liabilities27,585 29,348 
Long-term debt, less current portion91,459 92,718 
Collateralized obligation5,171 5,170 
Deferred income taxes29,491 30,041 
Other noncurrent liabilities20,254 20,620 
Commitments and contingencies00
Redeemable noncontrolling interests513 519 
Equity:
Preferred stock—authorized, 20,000,000 shares; issued, zero— — 
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 5,276,585,008 and 5,396,576,978; outstanding, 4,403,793,980 and 4,523,785,95053 54 
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375— — 
Additional paid-in capital39,852 40,173 
Retained earnings61,209 61,902 
Treasury stock, 872,791,028 Class A common shares(7,517)(7,517)
Accumulated other comprehensive income (loss)(2,170)1,480 
Total Comcast Corporation shareholders’ equity91,426 96,092 
Noncontrolling interests1,132 1,398 
Total equity92,558 97,490 
Total liabilities and equity$267,032 $275,905 
See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statement of Changes in Equity
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions, except per share data)(in millions, except per share data)2022202120222021
Redeemable Noncontrolling InterestsRedeemable Noncontrolling Interests
Balance, beginning of periodBalance, beginning of period$513 $546 $519 $1,280 
Redemption of subsidiary preferred stockRedemption of subsidiary preferred stock— — — (725)
Contributions from (distributions to) noncontrolling interests, netContributions from (distributions to) noncontrolling interests, net(8)(13)(33)(40)
OtherOther— — — (10)
Net income (loss)Net income (loss)(3)27 24 
Balance, end of periodBalance, end of period$513 $530 $513 $530 
Redeemable
Noncontrolling
Interests and
Redeemable
Subsidiary
Preferred Stock
 
Common Stock
Additional
Paid-In
Capital
Retained
Earnings
Treasury
Stock at
Cost
Accumulated
Other
Comprehensive
Income (Loss)
Non-
controlling
Interests
Total
Equity
(in millions)AB
Balance, December 31, 2015$1,221
$57
$
$38,490
$21,413
$(7,517)$(174)$1,709
$53,978
Class A Common StockClass A Common Stock
Balance, beginning of periodBalance, beginning of period$53 $55 $54 $54 
Issuances (repurchases) of common stock under repurchase program and employee plansIssuances (repurchases) of common stock under repurchase program and employee plans(1)— (1)
Balance, end of periodBalance, end of period$53 $55 $53 $55 
Additional Paid-In CapitalAdditional Paid-In Capital
Balance, beginning of periodBalance, beginning of period$39,926 $39,744 $40,173 $39,464 
Stock compensation plans   582
 582
Stock compensation plans235 274 521 570 
Repurchases of common stock under repurchase program and employee plans (1) (758)(3,303) (4,062)Repurchases of common stock under repurchase program and employee plans(481)(43)(1,076)(131)
Employee stock purchase plans   117
 117
Employee stock purchase plans83 76 150 139 
OtherOther88 (5)83 
Balance, end of periodBalance, end of period$39,852 $40,046 $39,852 $40,046 
Retained EarningsRetained Earnings
Balance, beginning of periodBalance, beginning of period$61,555 $58,321 $61,902 $56,438 
Repurchases of common stock under repurchase program and employee plansRepurchases of common stock under repurchase program and employee plans(2,540)(543)(5,210)(832)
Dividends declared   (1,999) (1,999)Dividends declared(1,203)(1,156)(2,428)(2,317)
OtherOther— — — 
Net income (loss)Net income (loss)3,396 3,738 6,945 7,067 
Balance, end of periodBalance, end of period$61,209 $60,359 $61,209 $60,359 
Treasury Stock at CostTreasury Stock at Cost
Balance, beginning of periodBalance, beginning of period$(7,517)$(7,517)$(7,517)$(7,517)
Balance, end of periodBalance, end of period$(7,517)$(7,517)$(7,517)$(7,517)
Accumulated Other Comprehensive Income (Loss)Accumulated Other Comprehensive Income (Loss)
Balance, beginning of periodBalance, beginning of period$674 $1,972 $1,480 $1,884 
Other comprehensive income (loss)Other comprehensive income (loss)(2,844)20 (3,650)108 
Balance, end of periodBalance, end of period$(2,170)$1,992 $(2,170)$1,992 
Noncontrolling InterestsNoncontrolling Interests
Balance, beginning of periodBalance, beginning of period$1,300 $1,525 $1,398 $1,415 
Other comprehensive income (loss)   208
321
529
Other comprehensive income (loss)(41)24 (13)10 
Contributions from (distributions to) noncontrolling interests, net(20)  (99)(99)Contributions from (distributions to) noncontrolling interests, net35 135 — 324 
Other62
  (33) 245
212
Other
Net income (loss)63
  6,399
 166
6,565
Net income (loss)(163)(105)(254)(169)
Balance, September 30, 2016$1,326
$56
$
$38,398
$22,510
$(7,517)$34
$2,342
$55,823
Balance, December 31, 2016$1,446
$56
$
$38,230
$23,076
$(7,517)$98
$2,231
$56,174
Stock compensation plans  440
 440
Repurchases of common stock under repurchase program and employee plans (1) (633)(3,587) (4,221)
Employee stock purchase plans  140
 140
Dividends declared  (2,239) (2,239)
Other comprehensive income (loss)  89
87
176
Contributions from (distributions to) noncontrolling interests, net(31) (81)(81)
Purchase of Universal Studios Japan noncontrolling interests  (696) 194
(1,736)(2,238)
Other(114) 48
 251
299
Net income (loss)52
 7,729
 84
7,813
Balance, September 30, 2017$1,353
$55
$
$37,529
$24,979
$(7,517)$381
$836
$56,263
Balance, end of periodBalance, end of period$1,132 $1,581 $1,132 $1,581 
Total equityTotal equity$92,558 $96,516 $92,558 $96,516 
Cash dividends declared per common shareCash dividends declared per common share$0.27 $0.25 $0.54 $0.50 
See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1: Condensed Consolidated Financial Statements
Basis of Presentation
We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition and cash flows for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.
The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 20162021 Annual Report on Form 10-K.10-K and the notes within this Form 10-Q.
Stock Split
On January 24, 2017, our Board of Directors approved a two-for-one stock split in the form of a 100% stock dividend that was distributed on February 17, 2017 to shareholders of record as of February 8, 2017. The stock split was in the form of one additional share for every share held and was payable in shares of Class A common stock on the existing Class A common stock and Class B common stock. All share-based data, including the number of shares outstanding and per share amounts, have been adjusted to reflect the stock split for all periods presented.
Reclassifications
Reclassifications have been made to our condensed consolidated financial statements for the prior year periods to conform to classifications used in 2017.
Note 2: Recent Accounting Pronouncements
Revenue Recognition
In May 2014, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to revenue recognition. The updated accounting guidance provides a single, contract-based revenue recognition model to help improve financial reporting by providing clearer guidance on when an entity should recognize revenue and by reducing the number of standards to which an entity has to refer. The updated accounting guidance is effective for us as of January 1, 2018.Segment Information
We have substantially completedpresent our operations in 5 reportable business segments: (1) Comcast Cable in 1 reportable business segment, referred to as Cable Communications; (2) NBCUniversal in 3 reportable business segments: Media, Studios and Theme Parks (collectively, the review“NBCUniversal segments”); and (3) Sky in 1 reportable business segment.
Cable Communications is a leading provider of broadband, video, voice, wireless, and other services to residential customers in the United States under the Xfinity brand. We also provide these and other services to business customers and sell advertising.
Media consists primarily of NBCUniversal’s television and streaming platforms, including national, regional and international cable networks; the NBC and Telemundo broadcast networks; NBC and Telemundo owned local broadcast television stations; and Peacock, our direct-to-consumer streaming service.
Studios consists primarily of NBCUniversal’s film and television studio production and distribution operations.
Theme Parks consists primarily of our revenue arrangementsUniversal theme parks in Orlando, Florida; Hollywood, California; Osaka, Japan; and do not currently expect thatBeijing, China.
Sky is one of Europes leading entertainment companies, which primarily includes a direct-to-consumer business, providing video, broadband, voice and wireless phone services, and a content business, operating entertainment networks, the adoptionSky News broadcast network and Sky Sports networks.
Our other business interests consist primarily of the new standard will have a material impact on our financial position or resultsoperations of operations. Upon adoption, we anticipate implementing certain changesComcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania, and other business initiatives.
We use Adjusted EBITDA to evaluate the presentation of revenue and expenses, including changes related to the allocation of revenue among the cable services included in a bundle that our residential customers purchase at a discount. We also expect that the new standard will impact the timing of recognition for (1) our Cable Communications segment’s installation revenue and commission expenses, which will be recognized as revenue and costs over a period of time instead of immediately, and (2) our Cable Networks, Broadcast Television and Filmed Entertainment segments’ content licensing revenue associated with renewals or extensions of existing program licensing agreements, which will be recognized as revenue when the licensed content becomes available under the renewal or extension instead of when the agreement is renewed or extended. In addition, the updated guidance requires additional disclosures regarding the nature, timing and uncertaintyprofitability of our revenue transactions. We intend to adoptoperating segments and the provisionscomponents of the guidance using the full retrospective method, under which we will adjust any prior periods presented to reflect the updated guidance.
Financial Assets and Financial Liabilities
In January 2016, the FASB updated the accounting guidance related to the recognition and measurement of financial assets and financial liabilities. The updated accounting guidance, among other things, requires that all nonconsolidated equity investments, except those accounted for under the equity method, be measured at fair value and that the changes in fair value be recognized in net income. The updated guidance is effective for us as of January 1, 2018. The updated accounting guidance requires a cumulative effect adjustment to beginning retained earnings in the year the guidance is adopted with certain exceptions. If we had adopted the provisions of the updated guidance as of January 1, 2017 for our equity investments classified as available-for-sale securities, primarily our investment in Snap Inc. (see Note 6), net income attributable to Comcast Corporation would have decreased for the three and nine months ended September 30, 2017excluded from Adjusted EBITDA are not separately evaluated. Our financial data by $63 million and $47 million, respectively. We are currentlyreportable segment is presented in the processtables below.
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Table of determining the impact that the updated accounting guidance will have on our cost method investments.Contents


Comcast Corporation

 Three Months Ended June 30, 2022
(in millions)
Revenue(a)
Adjusted EBITDA(b)
Depreciation and AmortizationCapital
Expenditures
Cash Paid for Intangible Assets
Cable Communications$16,601 $7,448 $1,945 $1,776 $409 
NBCUniversal
Media5,332 1,337 251 22 43 
Studios2,966 11 
Theme Parks1,804 632 266 319 
Headquarters and Other(137)123 121 45 
Eliminations(a)
(664)23 — — — 
NBCUniversal9,445 1,856 651 463 100 
Sky4,501 863 809 130 169 
Corporate and Other164 (304)62 45 64 
Eliminations(a)
(696)(36)— — — 
Comcast Consolidated$30,016 $9,827 $3,469 $2,414 $743 
Leases
Three Months Ended June 30, 2021
(in millions)
Revenue(a)
Adjusted EBITDA(b)
Depreciation and AmortizationCapital
Expenditures
Cash Paid for Intangible Assets
Cable Communications$16,002 $7,073 $1,950 $1,695 $337 
NBCUniversal
Media5,148 1,378 254 19 42 
Studios2,224 156 12 
Theme Parks1,095 221 195 100 
Headquarters and Other22 (186)125 62 30 
Eliminations(a)
(534)(15)— — — 
NBCUniversal7,955 1,553 586 182 86 
Sky5,220 560 826 184 211 
Corporate and Other92 (261)21 83 37 
Eliminations(a)
(723)— — — 
Comcast Consolidated$28,546 $8,927 $3,383 $2,144 $671 
In February 2016, the FASB updated the accounting guidance related
 Six Months Ended June 30, 2022
(in millions)
Revenue(a)
Adjusted EBITDA(b)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications$33,142 $14,720 $3,905 $3,143 $744 
NBCUniversal
Media12,196 2,496 500 34 88 
Studios5,722 246 23 
Theme Parks3,364 1,082 548 540 14 
Headquarters and Other24 (329)242 194 75 
Eliminations(a)
(1,566)(39)— — — 
NBCUniversal19,741 3,457 1,313 769 185 
Sky9,276 1,485 1,680 277 323 
Corporate and Other402 (566)118 82 131 
Eliminations(a)
(1,535)(119)— — — 
Comcast Consolidated$61,026 $18,977 $7,016 $4,270 $1,383 
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Comcast Corporation
 Six Months Ended June 30, 2021
(in millions)
Revenue(a)
Adjusted EBITDA(b)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications$31,807 $13,903 $3,880 $3,065 $652 
NBCUniversal
Media10,184 2,851 501 29 75 
Studios4,620 653 25 
Theme Parks1,714 159 402 226 15 
Headquarters and Other38 (395)241 98 57 
Eliminations(a)
(1,576)(225)— — — 
NBCUniversal14,980 3,043 1,168 354 153 
Sky10,217 924 1,640 455 412 
Corporate and Other181 (541)57 128 65 
Eliminations(a)
(1,434)11 — — — 
Comcast Consolidated$55,751 $17,339 $6,745 $4,003 $1,283 
(a)Included in Eliminations are transactions that our segments enter into with one another. Our segments generally report transactions with one another as if they were stand-alone businesses in accordance with GAAP, and these transactions are eliminated in consolidation. When multiple segments enter into transactions to leases. The updated accounting guidance requires lesseesprovide products and services to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. The asset and liability are initially measuredthird parties, revenue is generally allocated to our segments based on the present value of committed lease payments. For a lessee, the recognition, measurement and presentation of expenses and cash flows arising from a lease do not significantly change from previous guidance. For a lessor, the accounting applied is also largely unchanged from previous guidance. The updated guidance is effective for us as of January 1, 2019 and early adoption is permitted. The updated accounting guidance must be adopted using a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements.
Share-Based Compensation
In March 2016, the FASB updated the accounting guidance that affects several aspects of the accounting for share-based compensation.relative value. The most significant changetransactions between our segments include content licensing revenue in Studios for us relateslicenses of owned content to Media and Sky; distribution revenue in Media for fees received from Cable Communications for the presentationsale of cable network programming and under retransmission consent agreements; and advertising revenue in Media and Cable Communications. Revenue for licenses of content from Studios to Media and Sky is generally recognized at a point in time, consistent with the incomerecognition of transactions with third parties, when the content is delivered and withholding tax consequencesmade available for use. The costs of share-based compensationthese licenses in Media and Sky are recognized as the content is used over the license period. The difference in timing of recognition between segments results in an Adjusted EBITDA impact in eliminations, as the profits (losses) on these transactions are deferred in our consolidated financial statements. Amongresults and recognized as the changes,content is used over the updated guidance requires that the excess income tax benefits or deficiencies that arise when the tax consequenceslicense period.
A summary of share-based compensation differrevenue for each of our segments resulting from amounts previously recognizedtransactions with other segments and eliminated in consolidation is presented in the statementtable below.
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions)2022202120222021
Cable Communications$61 $47 $117 $93 
NBCUniversal
Media522 543 1,192 1,082 
Studios731 589 1,670 1,678 
Theme Parks— — — 
Headquarters and Other17 19 29 
Sky15 23 
Corporate and Other36 47 93 105 
Total intersegment revenue$1,360 $1,257 $3,101 $3,010 
(b)We use Adjusted EBITDA as the measure of profit or loss for our operating segments. From time to time we may report the impact of certain events, gains, losses or other charges related to our operating segments within Corporate and Other. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income be recognized asbefore income tax benefit or expensetaxes is presented in the statementtable below.
 Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions)2022202120222021
Adjusted EBITDA$9,827 $8,927 $18,977 $17,339 
Adjustments(36)(24)(48)
Depreciation(2,162)(2,113)(4,375)(4,231)
Amortization(1,306)(1,270)(2,641)(2,514)
Interest expense(968)(1,093)(1,962)(2,112)
Investment and other income (loss), net(897)1,216 (709)1,607 
Income before income taxes$4,502 $5,630 $9,266 $10,042 
Adjustments represent the impact of income rather than as additional paid-in capitalcertain events, gains, losses or other charges that are excluded from Adjusted EBITDA, including costs related to our investment portfolio, and Sky transaction-related costs in the balance sheet. 2021.
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Comcast Corporation
Note 3: Revenue
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions)2022202120222021
Residential:
Broadband$6,107 $5,717 $12,158 $11,317 
Video5,423 5,554 10,959 11,177 
Voice763 870 1,549 1,741 
Wireless722 556 1,399 1,069 
Business services2,424 2,202 4,820 4,369 
Advertising748 679 1,419 1,296 
Other415 425 839 838 
Total Cable Communications16,601 16,002 33,142 31,807 
Advertising2,159 2,189 5,492 4,282 
Distribution2,659 2,452 5,692 4,947 
Other514 507 1,013 955 
Total Media5,332 5,148 12,196 10,184 
Content licensing2,118 1,781 4,397 3,855 
Theatrical550 198 718 237 
Home entertainment and other298 245 607 527 
Total Studios2,966 2,224 5,722 4,620 
Total Theme Parks1,804 1,095 3,364 1,714 
Headquarters and Other22 24 38 
Eliminations(a)
(664)(534)(1,566)(1,576)
Total NBCUniversal9,445 7,955 19,741 14,980 
Direct-to-consumer3,680 4,222 7,564 8,288 
Content265 355 561 713 
Advertising556 643 1,152 1,216 
Total Sky4,501 5,220 9,276 10,217 
Corporate and Other164 92 402 181 
Eliminations(a)
(696)(723)(1,535)(1,434)
Total revenue$30,016 $28,546 $61,026 $55,751 
(a)Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions.
Condensed Consolidated Balance Sheet
The guidance also statesfollowing tables summarize our accounts receivable and other balances that excess income tax benefits shouldare not beseparately presented separately from other income taxes in the statement of cash flows and, thus, should be classified as an operating activity rather than a financing activity as they were under the prior guidance. In addition, the updated guidance requires that, when an employer withholds shares upon exercise of options or the vesting of restricted stock for the purpose of meeting withholding tax requirements, the cash paid for withholding taxes be classified as a financing activity and we include these amounts in the caption “repurchases of common stock under repurchase program and employee plans” in our condensed consolidated statement of cash flows. We previously recorded these amounts as operating activities.
We adopted the updated guidance as of January 1, 2017 and, as required, we prospectively adopted the provisionsbalance sheet that relate to the recognition of revenue and collection of the excess income tax benefits or deficiencies inrelated cash, as well as the deferred costs associated with our condensed consolidated statementcontracts with customers.
(in millions)June 30,
2022
December 31,
2021
Receivables, gross$12,678 $12,666 
Less: Allowance for doubtful accounts723 658 
Receivables, net$11,956 $12,008 
(in millions)June 30,
2022
December 31,
2021
Noncurrent receivables, net (included in other noncurrent assets, net)$1,735 $1,632 
Contract acquisition and fulfillment costs (included in other noncurrent assets, net)$1,066 $1,094 
Noncurrent deferred revenue (included in other noncurrent liabilities)$665 $695 
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Comcast Corporation
Note 4: Programming and Production Costs
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions)2022202120222021
Video distribution programming$3,288 $3,414 $6,713 $6,930 
Film and television content:
Owned(a)
2,919 2,227 5,426 4,191
   Licensed, including sports rights2,377 3,318 6,702 6,492
Other304 297 616 562
Total programming and production costs$8,887 $9,256 $19,457 $18,175 
(a) Amount includes amortization of $49 millionowned content of $2.4 billion and $247 million$4.4 billion for the three and ninesix months ended SeptemberJune 30, 2017, respectively. In addition, the excess tax benefits resulted in an increase to diluted earnings per common share attributable to Comcast Corporation shareholders of $0.012022, respectively, and $0.04$1.8 billion and $3.5 billion for the three and ninesix months ended SeptemberJune 30, 2017, respectively. As required by the updated guidance, the prior year periods in our condensed consolidated statement of income were not adjusted as a result of these provisions.
In addition, we retrospectively adopted the provisions of this guidance related to changes to the statement of cash flows for all periods presented. This resulted in increases to net cash provided by operating activities and decreases to net cash provided by (used in) financing activities of $644 million and $492 million for the nine months ended September 30, 2017 and 2016, respectively.
Note 3: Earnings Per Share
Computation of Diluted EPS
 Three Months Ended September 30
 2017 2016
(in millions, except per share data)Net Income
Attributable to
Comcast
Corporation
 Shares Per Share
Amount
 Net Income
Attributable to
Comcast
Corporation
 Shares Per Share
Amount
Basic EPS attributable to Comcast Corporation shareholders$2,650
 4,698
 $0.56
 $2,237
 4,805
 $0.47
Effect of dilutive securities:           
Assumed exercise or issuance of shares relating to stock plans  79
     56
  
Diluted EPS attributable to Comcast Corporation shareholders$2,650
 4,777
 $0.55
 $2,237
 4,861
 $0.46


Comcast Corporation

 Nine Months Ended September 30
 2017 2016
(in millions, except per share amounts)Net Income
Attributable to
Comcast
Corporation
 Shares Per Share
Amount
 Net Income
Attributable to
Comcast
Corporation
 Shares Per Share
Amount
Basic EPS attributable to Comcast Corporation shareholders$7,729
 4,725
 $1.64
 $6,399
 4,837
 $1.32
Effect of dilutive securities:           
Assumed exercise or issuance of shares relating to stock plans  81
     56
  
Diluted EPS attributable to Comcast Corporation shareholders$7,729
 4,806
 $1.61
 $6,399
 4,893
 $1.31
Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. Our potentially dilutive securities include potential common shares related to our stock options and our restricted share units (“RSUs”). The amount of potential common shares related to our share-based compensation plans that were excluded from diluted EPS because their effect would have been antidilutive was not material for the three and nine months ended September 30, 2017 and 2016.
Note 4: Significant Transactions
FCC Spectrum Auction
On April 13, 2017, the Federal Communications Commission announced the results of its spectrum auction. In the auction, NBCUniversal relinquished its spectrum rights in the New York, Philadelphia and Chicago designated market areas (“DMAs”) where NBC and Telemundo had overlapping spectrum. NBCUniversal received proceeds of $482 million in July 2017, which were recorded in other investing activities in our condensed consolidated statement of cash flows. NBCUniversal recognized a pretax gain of $337 million in other operating gains for the three months ended September 30, 2017 in our condensed consolidated statement of income. NBC and Telemundo stations will share broadcast signals in these DMAs. In connection with the auction, we also acquired the rights to $1.7 billion of spectrum, which were recorded to other intangible assets, net in our condensed consolidated balance sheet. We had previously made a deposit of $1.8 billion to participate in the auction in the third quarter of 2016 and received a refund for amounts in excess of the purchase price in the second quarter of 2017.
Universal Studios Japan
On April 6, 2017, we acquired the remaining interests in Universal Studios Japan that we did not already own for $2.3 billion. The acquisition was funded through cash on hand and borrowings under our commercial paper program. Because we maintained control of Universal Studios Japan, the difference between the consideration transferred and the recorded value of the noncontrolling interests,2021, respectively, as well as the related taxparticipations and accumulated other comprehensive income impacts, were recorded to additional paid-in capital.residuals expenses.
DreamWorks Animation
On August 22, 2016, we acquired all of the outstanding stock of DreamWorks Animation for $3.8 billion. DreamWorks Animation’s stockholders received $41 in cash for each share of DreamWorks Animation common stock. DreamWorks Animation creates animated feature films, television series and specials, live entertainment, and related consumer products. The results of operations for DreamWorks Animation are reported in our Filmed Entertainment segment following the acquisition date.
Allocation of Purchase Price
The transaction was accounted for under the acquisition method of accounting and, accordingly, the assets and liabilities are to be recorded at their fair market values as of the acquisition date. We recorded the acquired assets and liabilities of DreamWorks Animation at their estimated fair values based on valuation analyses. In valuing acquired assets and liabilities, fair value estimates were primarily based on Level 3 inputs, including future expected cash flows, market rate assumptions and discount rates. The fair value of the assumed debt was primarily based on quoted market values. The fair value of the liability related to a tax receivable agreement that DreamWorks Animation had previously entered into with one of its former stockholders (the “tax receivable agreement”) was based on the contractual settlement provisions in the agreement. Further, we recorded deferred income taxes based on the tax basis of the acquired net assets and the valuation allowances based on the expected use of net operating loss carryforwards. The goodwill is not deductible for tax purposes. During the nine months ended September 30, 2017, we updated the allocation of purchase price for DreamWorks Animation based on final valuation analyses, which primarily resulted in increases

Comcast Corporation

to noncontrolling interests, intangible assets and goodwill and decreases to working capital and deferred income tax assets. The changes did not have a material impact on our condensed consolidated financial statements.
The table below presents the allocation of the purchase price to the assets and liabilities of DreamWorks Animation.
Allocation of Purchase Price
(in millions)  
Film and television costs$838
Intangible assets396
Working capital156
Debt(381)
Tax receivable agreement(146)
Deferred income taxes291
Other noncurrent assets and liabilities170
Identifiable net assets (liabilities) acquired1,324
Noncontrolling interests(337)
Goodwill2,786
Cash consideration transferred$3,773
The tax receivable agreement was settled immediately following the acquisition and the payment was recorded as an operating activity in our condensed consolidated statement of cash flows in the third quarter of 2016. We also repaid all of the assumed debt of DreamWorks Animation in the third quarter of 2016.
Revenue and net income attributable to the acquisition of DreamWorks Animation were not material for the three and nine months ended September 30, 2017 and 2016.
Note 5:Capitalized Film and Television Costs
(in millions)June 30,
2022
December 31,
2021
Owned:
Released, less amortization$3,837 $3,726 
Completed, not released88 536 
In production and in development3,284 2,732 
7,209 6,994 
Licensed, including sports advances4,413 5,811 
Film and television costs$11,622 $12,806 
(in millions)September 30,
2017
 December 31,
2016
Film Costs:   
Released, less amortization$1,747
 $1,750
Completed, not released198
 50
In production and in development829
 1,310
 2,774
 3,110
Television Costs:   
Released, less amortization2,047
 1,953
In production and in development853
 853
 2,900
 2,806
Programming rights, less amortization2,901
 2,586
 8,575
 8,502
Less: Current portion of programming rights1,779
 1,250
Film and television costs$6,796
 $7,252

Comcast Corporation

Note 6: Investments
(in millions)September 30,
2017
 December 31,
2016
Fair Value Method:   
Snap$427
 $
Other164
 198

591
 198
Equity Method:

 

Atairos2,225
 1,601
Hulu255
 225
Other871
 550

3,351
 2,376
Cost Method:
 
AirTouch1,610
 1,599
BuzzFeed400
 400
Other756
 771
 2,766
 2,770
Total investments6,708
 5,344
Less: Current investments13
 97
Noncurrent investments$6,695
 $5,247
Investment Income (Loss), Net
 Three Months Ended
September 30
 Nine Months Ended
September 30
(in millions)2017 2016 2017 2016
Gains (losses) on sales and exchanges of investments, net$10
 $24
 $9
 $39
Investment impairment losses(3) (7) (9) (28)
Interest and dividend income36
 31
 101
 91
Other, net39
 32
 104
 66
Investment income (loss), net$82
 $80
 $205
 $168
Fair Value Method
Snap
In March 2017, we acquired an interest in Snap Inc. for $500 million as part of its initial public offering, which we have classified as an available-for-sale security. Snap is a camera company whose primary product is Snapchat, a camera app that was created to help people communicate through short videos and images.
Equity Method
Atairos
For the nine months ended September 30, 2017, we made cash capital contributions totaling $994 million to Atairos Group, Inc., which included amounts accrued as of December 31, 2016. Atairos follows investment company accounting and records its investments at their fair values each reporting period with the net gains or losses reflected in its statement of income. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. For the three and nine months ended September 30, 2017, our share of Atairos income was $7 million and $106 million, respectively. For the three and nine months ended September 30, 2016, our share of Atairos losses was $9 million and $36 million, respectively.
In July 2017, we sold a business to a company owned by Atairos and received as consideration an investment in that company, which we account for as an equity method investment. In connection with the sale of the business, we recognized a pretax gain of $105 million in other operating gains for the three months ended September 30, 2017.
The Weather Channel
In January 2016, following a legal restructuring at The Weather Channel, we and the other investors sold the entity holding The Weather Channel’s product and technology businesses to IBM. Following the close of the transaction, we continue to hold an investment in The Weather Channel cable network through a new holding company. As a result of the sale of our investment, we recognized a pretax gain of $108 million in other income (expense), net for the nine months ended September 30, 2016.

Comcast Corporation

Cost Method
AirTouch
We hold two series of preferred stock of Verizon Americas, Inc., formerly known as AirTouch Communications, Inc. (“AirTouch”), a subsidiary of Verizon Communications Inc., which are redeemable in April 2020. As of September 30, 2017, the estimated fair value of the AirTouch preferred stock was $1.7 billion. The estimated fair value of the associated liability related to the redeemable subsidiary preferred shares issued by one of our consolidated subsidiaries was $1.8 billion. The estimated fair values are based on Level 2 inputs that use pricing models whose inputs are derived primarily from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument.
Note 7:5: Long-Term Debt
As of SeptemberJune 30, 2017,2022, our debt had a carrying value of $65.0$93.5 billion and an estimated fair value of $71.7$90.4 billion. As of December 31, 2021, our debt had a carrying value of $94.8 billion and an estimated fair value of $109.3 billion. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market valuesvalue for the debt. The estimated fair value of debt for which there are no quoted market prices was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.
Debt Borrowings
Note 6: Significant Transactions
Acquisitions
In October 2021, we acquired Masergy, a provider of software-defined networking and Repaymentscloud platforms for global enterprises, for total cash consideration of $1.2 billion. The acquisition accelerates our growth in serving large and mid-sized companies, particularly U.S.-based organizations with multi-site global enterprises. Masergy’s results of operations are included in our consolidated results of operations since the acquisition date and are reported in our Cable Communications segment. We have recorded a preliminary estimate of Masergy’s assets and liabilities with approximately $850 million recorded to goodwill and the remainder primarily attributed to software and customer relationship intangible assets. These estimates are not yet final and are subject to change. The acquisition was not material to our consolidated results of operations.
10


Comcast Corporation
Note 7: Investments and Variable Interest Entities
Investment and Other Income (Loss), Net
 Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions)2022202120222021
Equity in net income (losses) of investees, net$(413)$959 $(280)$1,095 
Realized and unrealized gains (losses) on equity securities, net(321)189 (205)426 
Other income (loss), net(162)69 (224)87 
Investment and other income (loss), net$(897)$1,216 $(709)$1,607 
The amount of unrealized gains (losses), net recognized in the three months ended June 30, 2022 and 2021 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(333) million and $153 million, respectively. The amount of unrealized gains (losses), net recognized in the six months ended June 30, 2022 and 2021 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(251) million and $264 million, respectively.
Investments
(in millions)June 30,
2022
December 31,
2021
Equity method$5,824 $6,111 
Marketable equity securities130 406 
Nonmarketable equity securities1,753 1,735 
Other investments1,658 803 
Total investments9,364 9,055 
Less: Current investments1,124 368 
Less: Investment securing collateralized obligation642 605 
Noncurrent investments$7,598 $8,082 
Equity Method Investments
The amount of cash distributions received from equity method investments presented within operating activities in the condensed consolidated statement of cash flows in the six months ended June 30, 2022 and 2021 was $67 million and $130 million, respectively.
Atairos
Atairos is a variable interest entity (“VIE”) that follows investment company accounting and records its investments at their fair values each reporting period with the net gains or losses reflected in its statement of operations. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. For the six months ended June 30, 2022 and 2021, we made cash capital contributions to Atairos totaling $26 million and $24 million, respectively. As of June 30, 2022 and December 31, 2021, our investment in Atairos, inclusive of certain distributions retained by Atairos on our behalf and classified as advances within other investments, was $4.4 billion and $4.7 billion, respectively. As of June 30, 2022, our remaining unfunded capital commitment was $1.5 billion.
Hulu and Collateralized Obligation
In August 2017,2019, we issued $1.65borrowed $5.2 billion aggregateunder a term loan facility due March 2024 which is fully collateralized by the minimum guaranteed proceeds of the put/call option related to our investment in Hulu. As of June 30, 2022 and December 31, 2021, the carrying value and estimated fair value of our collateralized obligation were $5.2 billion. The estimated fair value was based on Level 2 inputs that use interest rates for debt with similar terms and remaining maturities. We present our investment in Hulu and the term loan separately in our condensed consolidated balance sheet in the captions “investment securing collateralized obligation” and “collateralized obligation,” respectively. The recorded value of our investment reflects our historical cost in applying the equity method, and as a result, is less than its fair value.
Other Investments
Other investments also includes investments in certain short-term instruments with maturities over three months when purchased, such as commercial paper, certificates of deposit and U.S. government obligations, which are generally accounted for at amortized cost. These short-term instruments totaled $1.0 billion as of June 30, 2022 and there were no such investments
11


Comcast Corporation
as of December 31, 2021. The carrying amounts of these investments approximate their fair values, which are primarily based on Level 2 inputs that use interest rates for instruments with similar terms and remaining maturities.
Consolidated Variable Interest Entity
Universal Beijing Resort
We own a 30% interest in a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”), which opened in September 2021. Universal Beijing Resort is a consolidated VIE with the remaining interest owned by a consortium of Chinese state-owned companies. The construction was funded through a combination of debt financing and equity contributions from the partners in accordance with their equity interests. As of June 30, 2022, Universal Beijing Resort had $3.5 billion of debt outstanding, including $3.1 billion principal amount of 3.15% senior notes due 2028 and $850 million aggregate principal amount of 4.00% senior notes due 2047. In June 2017, NBCUniversal Enterprise issued $1.5 billion aggregate principal amount of senior floating rate notes due 2021. In March 2017, we issued $1.005 billion aggregate principal amount of 4.45% senior notes due 2047. In January 2017, we issued $1.25 billion aggregate principal amount of 3.00% senior notes due 2024 and $1.25 billion aggregate principal amount of 3.30% senior notes due 2027.
In May 2017, we repaid at maturity $550 million aggregate principal amount of 8.875% senior notes due 2017. In January 2017, we repaid at maturity $1.0 billion aggregate principal amount of 6.50% senior notes due 2017.
In May 2017, Universal Studios Japan entered into ¥450 billion ($3.9 billion at issuance) of newa term loans with a final maturity of March 2022. We used the proceeds from these borrowings to repay in full $3.3 billion of Universal Studios Japan’s existing yen-denominated term loans and a portion of amountsloan outstanding under our commercial paper program.
Revolving Credit Facilitiesthe debt financing agreement.
As of SeptemberJune 30, 2017, amounts available under2022, our condensed consolidated revolving credit facilities, netbalance sheet included assets and liabilities of amounts outstanding under our commercial paper programs and outstanding letters of credit, totaled $8.3 billion, which included $1.5 billion available under NBCUniversal Enterprise’s revolving credit facility.
Commercial Paper Programs
In June 2017, we increased the Comcast and NBCUniversal Enterprise commercial paper programs to $7.0Universal Beijing Resort totaling $8.8 billion and $1.5$7.7 billion, respectively, to coincide with the borrowing capacities under the Comcastrespectively. The assets and NBCUniversal Enterprise revolving credit facilities.liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt.
As of September 30, 2017, Comcast and NBCUniversal Enterprise had no commercial paper outstanding.
Senior Notes Exchange
In October 2017, we and NBCUniversal announced and settled a private debt exchange transaction. We issued $2.0 billion aggregate principal amount of new 3.969% senior notes due 2047, $2.0 billion aggregate principal amount of new 3.999% senior notes due 2049, and $1.5 billion aggregate principal amount of new 4.049% senior notes due 2052 in exchange for $3.9 billion aggregate principal amount of certain series of outstanding senior notes issued by Comcast and NBCUniversal. The new notes are fully and unconditionally guaranteed by NBCUniversal and Comcast Cable Communications, LLC.
Note 8: Equity and Share-Based Compensation
Weighted-Average Common Shares Outstanding
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions)2022202120222021
Weighted-average number of common shares outstanding – basic4,457 4,601 4,485 4,596 
Effect of dilutive securities25 72 35 73 
Weighted-average number of common shares outstanding – diluted4,482 4,673 4,520 4,669 
Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. The amount of potential common shares related to our share-based compensation plans that were excluded from diluted EPS because their effect would have been antidilutive was not material in any of the periods presented.
Accumulated Other Comprehensive Income (Loss)
(in millions)June 30,
2022
December 31,
2021
Cumulative translation adjustments$(2,741)$1,119 
Deferred gains (losses) on cash flow hedges335 104 
Unrecognized gains (losses) on employee benefit obligations and other236 257 
Accumulated other comprehensive income (loss), net of deferred taxes$(2,170)$1,480 
Share-Based Compensation
Our share-based compensation plans consist primarily of awards of RSUs and stock options to certain employees and directors as part of our approach to long-term incentive compensation. Additionally, through our employee stock purchase plans, employees are able to purchase shares of our common stock at a discount through payroll deductions.
In March 2017,2022, we granted 10.616 million RSUs and 39.151 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $37.42$46.46 per RSU and $7.01$8.81 per stock option.

Comcast Corporation

Recognized Share-Based Compensation Expense
Three Months Ended
September 30
 Nine Months Ended
September 30
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions)2017 2016 2017 2016(in millions)2022202120222021
Restricted share units$99
 $77
 $284
 $236
Restricted share units$162 $185 $359 $391 
Stock options52
 48
 155
 133
Stock options75 89 166 178 
Employee stock purchase plans8
 6
 25
 22
Employee stock purchase plans21 20 
Total$159
 $131

$464
 $391
Total$246 $282 $546 $589 
As of SeptemberJune 30, 2017,2022, we had unrecognized pretax compensation expense of $886 million$1.6 billion and $451$771 million related to nonvested RSUs and nonvested stock options, respectively.
12

Table of Contents

Comcast Corporation
Note 9: Supplemental Financial Information
Receivables
(in millions)September 30,
2017
 December 31,
2016
Receivables, gross$8,549
 $8,622
Less: Allowance for returns and customer incentives357
 417
Less: Allowance for doubtful accounts277
 250
Receivables, net$7,915
 $7,955
Accumulated Other Comprehensive Income (Loss)
(in millions)September 30,
2017
 September 30,
2016
Unrealized gains (losses) on marketable securities$(43) $2
Deferred gains (losses) on cash flow hedges(12) (52)
Unrecognized gains (losses) on employee benefit obligations270
 8
Cumulative translation adjustments166
 76
Accumulated other comprehensive income (loss), net of deferred taxes$381
 $34
Net Cash Provided by Operating Activities
 Nine Months Ended
September 30
(in millions)2017 2016
Net income$7,865
 $6,628
Adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation, amortization and other operating gains7,181
 7,062
Share-based compensation594
 495
Noncash interest expense (income), net187
 172
Equity in net (income) losses of investees, net(12) 64
Cash received from investees72
 58
Net (gain) loss on investment activity and other(193) (159)
Deferred income taxes678
 985
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:   
Current and noncurrent receivables, net28
 (315)
Film and television costs, net(71) (593)
Accounts payable and accrued expenses related to trade creditors(17) 46
Other operating assets and liabilities(351) (454)
Net cash provided by operating activities$15,961
 $13,989

Comcast Corporation

Cash Payments for Interest and Income Taxes
Three Months Ended
September 30
 Nine Months Ended
September 30
Six Months Ended
June 30,
(in millions)2017 2016 2017 2016(in millions)20222021
Interest$905
 $808
 $2,277
 $2,043
Interest$1,644 $1,909 
Income taxes$1,206
 $1,031
 $3,415
 $2,716
Income taxes$2,841 $1,832 
Noncash Investing and Financing Activities
During the ninesix months ended SeptemberJune 30, 2017:2022:
we acquired $1.4$1.9 billion of property and equipment and intangible assets that were accrued but unpaid
we recorded a liability of $736 million$1.2 billion for a quarterly cash dividend of $0.1575$0.27 per common share to be paid in October 2017
July 2022
During the six months ended June 30, 2021:
we recognized operating lease assets and liabilities of $2.8 billion related to Universal Beijing Resort
we acquired $1.5 billion of property and equipment and intangible assets that were accrued but unpaid
we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.25 per common share paid in July 2021
Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the amounts reported in our condensed consolidated statement of cash flows.
(in millions)June 30,
2022
December 31,
2021
Cash and cash equivalents$6,822 $8,711 
Restricted cash included in other current assets25 56 
Restricted cash included in other noncurrent assets, net12 12 
Cash, cash equivalents and restricted cash, end of period$6,859 $8,778 
Note 10: Commitments and Contingencies
Redeemable Subsidiary Preferred Stock
AsIn the first quarter of September 30, 2017, the fair value2021, we redeemed all of the NBCUniversal Enterprise, Inc. preferred stock and made cash payments equal to the aggregate liquidation preference of $725 million. The redeemable subsidiary preferred stock was $756 million. The estimated fair value is based on Level 2 inputs that use pricing models whose inputs are derived primarily from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument.presented in redeemable noncontrolling interests.
Contingencies
We were a defendant in a lawsuit filed in December 2011 by Sprint Communications Company L.P. (“Sprint”) in the United States District Court for the District of Kansas. Sprint’s initial complaint alleged that Comcast Digital Voice and XFINITY Voice infringe twelve Sprint patents covering various aspects of a telecommunications system. In March 2015, Sprint withdrew its allegations of infringement for two of the patents. In December 2016, the Court granted summary judgment for us with respect to non-infringement on one of the patents and granted summary judgment for Sprint on one of the patents as to infringement with respect to some but not all of our accused telecommunications systems but not as to the patent’s validity. In January 2017, the Court entered judgment in favor of us on Sprint’s claims for infringement of two of the patents. In March 2017, Sprint indicated that it would not proceed to trial on three of the patents. Trial with respect to the four remaining patents, including the patent for which the Court granted partial summary judgment to Sprint, was set to begin on October 23, 2017. On October 16, 2017, the parties entered into a settlement agreement which dismisses all claims and resolves the parties’ disputes asserted in the matters described above, as well as in all other outstanding patent litigation matters between the parties, for a payment to Sprint and certain contractual rights. In connection therewith, we recorded a charge of $250 million in the third quarter of 2017.
We also are a defendant in several unrelated lawsuits claiming infringement of various patents relating to various aspects of our businesses. In certain of these cases, other industry participants are also defendants, and also in certain of these cases, we expect that any potential liability would be in part or in whole the responsibility of our equipment and technology vendors under applicable contractual indemnification provisions. In addition, we are subject to other legal proceedings and claims that arise in the ordinary course of our business. While the amount of ultimate liability with respect to such actions is not expected to materially affect our results of operations, cash flows or financial position, any litigation resulting from any such legal proceedings or claims could be time-consuming and injure our reputation.
Note 11: Financial Data by Business Segment
We present our operations in five reportable business segments:
Cable Communications: Consists of the operations of Comcast Cable, which is one of the nation’s largest providers of video, high-speed Internet, voice, and security and automation services to residential customers under the XFINITY brand; we also provide these and other services to business customers and sell advertising.13

Cable Networks: Consists primarily
Table of our national cable networks, our regional sports and news networks, our international cable networks, and our cable television studio production operations.Contents
Broadcast Television: Consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, the NBC Universo national cable network, and our broadcast television studio production operations.

Comcast Corporation

Filmed Entertainment: Consists primarily of the operations of Universal Pictures, which produces, acquires, markets and distributes filmed entertainment worldwide; our films are also produced under the Illumination, Focus Features and DreamWorks Animation names.
Theme Parks: Consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan.
We use Adjusted EBITDA to evaluate the profitability of our operating segments and the components of net income attributable to Comcast Corporation below Adjusted EBITDA are not separately evaluated. Our financial data by business segment is presented in the tables below.
 Three Months Ended September 30, 2017
(in millions)
Revenue(f)
Adjusted EBITDA(g)
Depreciation, Amortization and Other(h)
Operating
Income (Loss)
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications(a)
$13,203
$5,246
$2,049
$3,197
$2,061
$322
NBCUniversal      
Cable Networks2,603
905
179
726
5
4
Broadcast Television2,133
321
(305)626
66
4
Filmed Entertainment1,784
394
32
362
18
6
Theme Parks1,550
775
166
609
199
18
Headquarters and Other(b)
15
(122)97
(219)66
37
Eliminations(c)
(71)1

1


NBCUniversal8,014
2,274
169
2,105
354
69
Corporate and Other(d)
266
(349)170
(519)19
13
Eliminations(c)
(500)9

9


Comcast Consolidated$20,983
$7,180
$2,388
$4,792
$2,434
$404
 Three Months Ended September 30, 2016
(in millions)
Revenue(f)
Adjusted EBITDA(g)
Depreciation, Amortization and Other
Operating
Income (Loss)
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications(a)
$12,557
$4,986
$1,929
$3,057
$2,044
$352
NBCUniversal      
Cable Networks(e)
2,942
893
184
709
7
4
Broadcast Television(e)
3,087
378
27
351
28
6
Filmed Entertainment1,792
353
13
340
6
4
Theme Parks1,440
706
130
576
228
19
Headquarters and Other(b)
1
(183)91
(274)67
34
Eliminations(c)
(84)(1)
(1)

NBCUniversal9,178
2,146
445
1,701
336
67
Corporate and Other(d)
168
(223)21
(244)26
7
Eliminations(c)
(584)(74)
(74)

Comcast Consolidated$21,319
$6,835
$2,395
$4,440
$2,406
$426

Comcast Corporation

 Nine Months Ended September 30, 2017
(in millions)
Revenue(f)
Adjusted EBITDA(g)
Depreciation, Amortization and Other(h)
Operating
Income (Loss)
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications(a)
$39,237
$15,764
$6,030
$9,734
$5,798
$1,001
NBCUniversal     
Cable Networks7,940
3,076
574
2,502
15
11
Broadcast Television6,582
1,059
(242)1,301
125
11
Filmed Entertainment5,920
1,047
79
968
47
17
Theme Parks3,982
1,723
494
1,229
671
57
Headquarters and Other(b)
32
(542)292
(834)119
101
Eliminations(c)
(243)(1)
(1)

NBCUniversal24,213
6,362
1,197
5,165
977
197
Corporate and Other(d)
679
(845)204
(1,049)64
42
Eliminations(c)
(1,518)30

30


Comcast Consolidated$62,611
$21,311
$7,431
$13,880
$6,839
$1,240
 Nine Months Ended September 30, 2016
(in millions)
Revenue(f)
Adjusted EBITDA(g)
Depreciation, Amortization and Other
Operating
Income (Loss)
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications(a)
$37,205
$14,923
$5,676
$9,247
$5,501
$965
NBCUniversal     
Cable Networks(e)
7,961
2,793
561
2,232
15
8
Broadcast Television(e)
7,299
1,056
89
967
77
12
Filmed Entertainment4,526
576
33
543
14
10
Theme Parks3,602
1,550
373
1,177
668
48
Headquarters and Other(b)
10
(518)268
(786)217
103
Eliminations(c)
(256)




NBCUniversal23,142
5,457
1,324
4,133
991
181
Corporate and Other(d)
547
(668)62
(730)70
17
Eliminations(c)
(1,516)(55)
(55)

Comcast Consolidated$59,378
$19,657
$7,062
$12,595
$6,562
$1,163
(a)For the three and nine months ended September 30, 2017 and 2016, Cable Communications segment revenue was derived from the following sources:
 Three Months Ended
September 30
 Nine Months Ended
September 30
  2017 2016 2017 2016
Residential:       
Video44.1% 44.5% 44.3% 44.9%
High-speed Internet28.1% 27.1% 28.0% 27.0%
Voice6.4% 7.0% 6.5% 7.2%
Business services11.9% 11.1% 11.7% 10.9%
Advertising4.1% 5.0% 4.1% 4.7%
Other5.4% 5.3% 5.4% 5.3%
Total100.0% 100.0% 100.0% 100.0%
Subscription revenue received from residential customers who purchase bundled services at a discounted rate is allocated proportionally to each cable service based on the individual service’s price on a stand-alone basis.
For the three and nine months ended September 30, 2017, 2.7% and 2.8%, respectively, of Cable Communications segment revenue was derived from franchise and other regulatory fees. For both the three and nine months ended September 30, 2016, 2.8% of Cable Communications segment revenue was derived from franchise and other regulatory fees.
(b)
NBCUniversal Headquarters and Other activities include costs associated with overhead, allocations, personnel costs and headquarter initiatives.
(c)Included in Eliminations are transactions that our segments enter into with one another. The most common types of transactions are the following:
our Cable Networks segment generates revenue by selling programming to our Cable Communications segment, which represents a substantial majority of the revenue elimination amount
our Broadcast Television segment generates revenue from the fees received under retransmission consent agreements with our Cable Communications segment
our Cable Communications segment generates revenue by selling advertising and by selling the use of satellite feeds to our Cable Networks segment

Comcast Corporation

our Filmed Entertainment and Broadcast Television segments generate revenue from the licensing of film and television content to our Cable Networks segment
(d)Corporate and Other activities include costs associated with overhead and personnel, the costs of other business development initiatives, including our new wireless phone service, and the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania and operates arena management-related businesses.
(e)The revenue and operating costs and expenses associated with our broadcast of the 2016 Rio Olympics were reported in our Cable Networks and Broadcast Television segments.
(f)
No single customer accounted for a significant amount of revenue in any period.
(g)We use Adjusted EBITDA as the measure of profit or loss for our operating segments. Adjusted EBITDA is defined as net income attributable to Comcast Corporation before net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock, income tax expense, other income (expense) items, net, depreciation and amortization expense, and other operating gains, and excluding impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets, if any. From time to time we may exclude from Adjusted EBITDA the impact of events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. Other income (expense) items, net include interest expense, investment income (loss), equity in net income (losses) of investees, and other income (expense), net (as stated in our condensed consolidated statement of income). This measure eliminates the significant level of noncash depreciation and amortization expense that results from the capital-intensive nature of certain of our businesses and from intangible assets recognized in business combinations. Additionally, it is unaffected by our capital and tax structures and by our investment activities. We use this measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. We believe that this measure is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure may not be directly comparable to similar measures used by other companies. This measure should not be considered a substitute for operating income (loss), net income (loss), net income (loss) attributable to Comcast Corporation, net cash provided by operating activities, or other measures of performance or liquidity we have reported in accordance with GAAP. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below.
 Three Months Ended
September 30
 Nine Months Ended
September 30
(in millions)2017 2016 2017 2016
Adjusted EBITDA$7,180
 $6,835
 $21,311
 $19,657
Adjustment for legal settlement(250) 
 (250) 
Depreciation(1,991) (1,865) (5,876) (5,518)
Amortization(589) (530) (1,747) (1,544)
Other operating gains442
 
 442
 
Other income (expense) items, net(696) (716) (1,980) (1,978)
Income before income taxes$4,096
 $3,724
 $11,900
 $10,617
(h)Other represents other operating gains in our condensed consolidated statement of income and a charge related to a legal settlement. For both the three and nine months ended September 30, 2017, other operating gains included a pretax gain of $337 million related to NBCUniversal’s relinquishment of spectrum rights in our Broadcast Television segment and a pretax gain of $105 million related to the sale of a business in Corporate and Other. A charge related to a legal settlement of $250 million was recorded in other operating and administrative expenses in Corporate and Other and was excluded from Adjusted EBITDA for both the three and nine months ended September 30, 2017.
Note 12: Condensed Consolidating Financial Information
Comcast (“Comcast Parent”), Comcast Cable Communications, LLC (“CCCL Parent”), and NBCUniversal (“NBCUniversal Media Parent”) have fully and unconditionally guaranteed each other’s debt securities, including the Comcast revolving credit facility.
Comcast Parent and CCCL Parent also fully and unconditionally guarantee NBCUniversal Enterprise’s $4.8 billion aggregate principal amount of senior notes, $1.5 billion revolving credit facility and commercial paper program. NBCUniversal Media Parent does not guarantee the NBCUniversal Enterprise senior notes, revolving credit facility or commercial paper program.
Comcast Parent provides an unconditional guarantee of the Universal Studios Japan ¥450 billion term loans with a final maturity of March 2022. Comcast Parent also provides an unconditional subordinated guarantee of the $185 million principal amount currently outstanding of Comcast Holdings’ ZONES due October 2029. Neither CCCL Parent nor NBCUniversal Media Parent guarantee the Comcast Holdings’ ZONES due October 2029. None of Comcast Parent, CCCL Parent nor NBCUniversal Media Parent guarantee the $62 million principal amount currently outstanding of Comcast Holdings’ ZONES due November 2029.

Comcast Corporation

Condensed Consolidating Balance Sheet
September 30, 2017
(in millions)
Comcast
Parent
Comcast
Holdings
CCCL
Parent
NBCUniversal
Media Parent
Non-
Guarantor
Subsidiaries
Elimination
and
Consolidation
Adjustments
Consolidated
Comcast
Corporation
Assets






Cash and cash equivalents$
$
$
$260
$3,854
$
$4,114
Receivables, net



7,915

7,915
Programming rights



1,779

1,779
Other current assets65


30
2,057

2,152
Total current assets65


290
15,605

15,960
Film and television costs



6,796

6,796
Investments132
11
79
691
5,782

6,695
Investments in and amounts due from subsidiaries eliminated upon consolidation102,930
128,663
126,361
50,474
111,087
(519,515)
Property and equipment, net482



37,374

37,856
Franchise rights���



59,364

59,364
Goodwill



36,752

36,752
Other intangible assets, net11



18,722

18,733
Other noncurrent assets, net1,178
687

86
2,249
(1,055)3,145
Total assets$104,798
$129,361
$126,440
$51,541
$293,731
$(520,570)$185,301
Liabilities and Equity





 
Accounts payable and accrued expenses related to trade creditors$17
$
$
$
$6,959
$
$6,976
Accrued participations and residuals



1,811

1,811
Accrued expenses and other current liabilities1,640
92
208
394
5,087

7,421
Current portion of long-term debt2,913


4
2,324

5,241
Total current liabilities4,570
92
208
398
16,181

21,449
Long-term debt, less current portion42,237
139
2,100
8,204
7,040

59,720
Deferred income taxes
492

70
36,124
(1,084)35,602
Other noncurrent liabilities2,564


1,138
7,183
29
10,914
Redeemable noncontrolling interests and redeemable subsidiary preferred stock



1,353

1,353
Equity:





 
Common stock55





55
Other shareholders’ equity55,372
128,638
124,132
41,731
225,014
(519,515)55,372
Total Comcast Corporation shareholders’ equity55,427
128,638
124,132
41,731
225,014
(519,515)55,427
Noncontrolling interests



836

836
Total equity55,427
128,638
124,132
41,731
225,850
(519,515)56,263
Total liabilities and equity$104,798
$129,361
$126,440
$51,541
$293,731
$(520,570)$185,301

Comcast Corporation

Condensed Consolidating Balance Sheet
December 31, 2016
(in millions)
Comcast
Parent
Comcast
Holdings
CCCL
Parent
NBCUniversal
Media Parent
Non-
Guarantor
Subsidiaries
Elimination
and
Consolidation
Adjustments
Consolidated
Comcast
Corporation
Assets       
Cash and cash equivalents$
$
$
$482
$2,819
$
$3,301
Receivables, net



7,955

7,955
Programming rights



1,250

1,250
Other current assets151


36
3,668

3,855
Total current assets151


518
15,692

16,361
Film and television costs



7,252

7,252
Investments75


651
4,521

5,247
Investments in and amounts due from subsidiaries eliminated upon consolidation98,350
120,071
117,696
47,393
97,704
(481,214)
Property and equipment, net298



35,955

36,253
Franchise rights



59,364

59,364
Goodwill



35,980

35,980
Other intangible assets, net13



17,261

17,274
Other noncurrent assets, net1,138
638

89
1,921
(1,017)2,769
Total assets$100,025
$120,709
$117,696
$48,651
$275,650
$(482,231)$180,500
Liabilities and Equity       
Accounts payable and accrued expenses related to trade creditors$23
$
$
$
$6,892
$
$6,915
Accrued participations and residuals



1,726

1,726
Accrued expenses and other current liabilities1,726

341
302
5,045

7,414
Current portion of long-term debt3,739

550
4
1,187

5,480
Total current liabilities5,488

891
306
14,850

21,535
Long-term debt, less current portion38,123
141
2,100
8,208
6,994

55,566
Deferred income taxes
542

70
35,259
(1,017)34,854
Other noncurrent liabilities2,471


1,166
7,288

10,925
Redeemable noncontrolling interests and redeemable subsidiary preferred stock



1,446

1,446
Equity:       
Common stock56





56
Other shareholders’ equity53,887
120,026
114,705
38,901
207,582
(481,214)53,887
Total Comcast Corporation shareholders’ equity53,943
120,026
114,705
38,901
207,582
(481,214)53,943
Noncontrolling interests



2,231

2,231
Total equity53,943
120,026
114,705
38,901
209,813
(481,214)56,174
Total liabilities and equity$100,025
$120,709
$117,696
$48,651
$275,650
$(482,231)$180,500

Comcast Corporation

Condensed Consolidating Statement of Income
For theThree Months Ended September 30, 2017
(in millions)Comcast
Parent
Comcast
Holdings
CCCL
Parent
NBCUniversal
Media Parent
Non-
Guarantor
Subsidiaries
Elimination
and
Consolidation
Adjustments
Consolidated
Comcast
Corporation
Revenue:       
Service revenue$
$
$
$
$20,983
$
$20,983
Management fee revenue285

280


(565)
 285

280

20,983
(565)20,983
Costs and Expenses:       
Programming and production



6,077

6,077
Other operating and administrative183

280
277
6,248
(565)6,423
Advertising, marketing and promotion



1,553

1,553
Depreciation7



1,984

1,991
Amortization1



588

589
Other operating gains



(442)
(442)
 191

280
277
16,008
(565)16,191
Operating income (loss)94


(277)4,975

4,792
Other Income (Expense):       
Interest expense(544)(3)(48)(116)(55)
(766)
Investment income (loss), net(2)32

(9)61

82
Equity in net income (losses) of investees, net2,944
2,483
1,992
2,221
1,786
(11,465)(39)
Other income (expense), net


12
15

27
 2,398
2,512
1,944
2,108
1,807
(11,465)(696)
Income (loss) before income taxes2,492
2,512
1,944
1,831
6,782
(11,465)4,096
Income tax (expense) benefit158
(10)17
(6)(1,572)
(1,413)
Net income (loss)2,650
2,502
1,961
1,825
5,210
(11,465)2,683
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock



(33)
(33)
Net income (loss) attributable to Comcast Corporation$2,650
$2,502
$1,961
$1,825
$5,177
$(11,465)$2,650
Comprehensive income (loss) attributable to Comcast Corporation$2,603
$2,486
$1,965
$1,740
$5,049
$(11,240)$2,603

Comcast Corporation

Condensed Consolidating Statement of Income
For the Three Months Ended September 30, 2016
(in millions)Comcast
Parent
Comcast
Holdings
CCCL
Parent
NBCUniversal
Media Parent
Non-
Guarantor
Subsidiaries
Elimination
and
Consolidation
Adjustments
Consolidated
Comcast
Corporation
Revenue:       
Service revenue$
$
$
$
$21,319
$
$21,319
Management fee revenue268

263


(531)
 268

263

21,319
(531)21,319
Costs and Expenses:       
Programming and production



7,003

7,003
Other operating and administrative194

263
222
5,848
(531)5,996
Advertising, marketing and promotion



1,485

1,485
Depreciation7



1,858

1,865
Amortization1



529

530
Other operating gains






 202

263
222
16,723
(531)16,879
Operating income (loss)66


(222)4,596

4,440
Other Income (Expense):       
Interest expense(502)(3)(59)(113)(74)
(751)
Investment income (loss), net3
(4)
(12)93

80
Equity in net income (losses) of investees, net2,519
2,385
2,134
1,644
1,255
(9,971)(34)
Other income (expense), net


(2)(9)
(11)
 2,020
2,378
2,075
1,517
1,265
(9,971)(716)
Income (loss) before income taxes2,086
2,378
2,075
1,295
5,861
(9,971)3,724
Income tax (expense) benefit151
2
21
(6)(1,568)
(1,400)
Net income (loss)2,237
2,380
2,096
1,289
4,293
(9,971)2,324
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock



(87)
(87)
Net income (loss) attributable to Comcast Corporation$2,237
$2,380
$2,096
$1,289
$4,206
$(9,971)$2,237
Comprehensive income (loss) attributable to Comcast Corporation$2,270
$2,388
$2,096
$1,310
$4,235
$(10,029)$2,270

Comcast Corporation

Condensed Consolidating Statement of Income
For the Nine Months Ended September 30, 2017
(in millions)
Comcast
Parent
Comcast
Holdings
CCCL
Parent
NBCUniversal
Media Parent
Non-
Guarantor
Subsidiaries
Elimination
and
Consolidation
Adjustments
Consolidated
Comcast
Corporation
Revenue:       
Service revenue$
$
$
$
$62,611
$
$62,611
Management fee revenue841

827


(1,668)
 841

827

62,611
(1,668)62,611
Costs and Expenses:       
Programming and production



18,492

18,492
Other operating and administrative553

827
844
17,754
(1,668)18,310
Advertising, marketing and promotion



4,748

4,748
Depreciation21



5,855

5,876
Amortization4



1,743

1,747
Other operating gains



(442)
(442)
 578

827
844
48,150
(1,668)48,731
Operating income (loss)263


(844)14,461

13,880
Other Income (Expense):       
Interest expense(1,592)(9)(159)(344)(175)
(2,279)
Investment income (loss), net(1)84

(29)151

205
Equity in net income (losses) of investees, net8,594
7,746
6,613
5,477
4,313
(32,731)12
Other income (expense), net


58
24

82
 7,001
7,821
6,454
5,162
4,313
(32,731)(1,980)
Income (loss) before income taxes7,264
7,821
6,454
4,318
18,774
(32,731)11,900
Income tax (expense) benefit465
(26)56
(17)(4,513)
(4,035)
Net income (loss)7,729
7,795
6,510
4,301
14,261
(32,731)7,865
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock



(136)
(136)
Net income (loss) attributable to Comcast Corporation$7,729
$7,795
$6,510
$4,301
$14,125
$(32,731)$7,729
Comprehensive income (loss) attributable to Comcast Corporation$7,818
$7,793
$6,516
$4,266
$13,998
$(32,573)$7,818


Comcast Corporation

Condensed Consolidating Statement of Income
For the Nine Months Ended September 30, 2016 
(in millions)
Comcast
Parent
Comcast
Holdings
CCCL
Parent
NBCUniversal
Media Parent
Non-
Guarantor
Subsidiaries
Elimination
and
Consolidation
Adjustments
Consolidated
Comcast
Corporation
Revenue:       
Service revenue$
$
$
$
$59,378
$
$59,378
Management fee revenue793

778


(1,571)
 793

778

59,378
(1,571)59,378
Costs and Expenses:       
Programming and production



17,926

17,926
Other operating and administrative635

778
739
16,704
(1,571)17,285
Advertising, marketing and promotion



4,510

4,510
Depreciation21



5,497

5,518
Amortization4



1,540

1,544
Other operating gains






 660

778
739
46,177
(1,571)46,783
Operating income (loss)133


(739)13,201

12,595
Other Income (Expense):       
Interest expense(1,431)(9)(179)(342)(225)
(2,186)
Investment income (loss), net6
(3)
(20)185

168
Equity in net income (losses) of investees, net7,239
6,924
6,375
4,229
3,160
(27,991)(64)
Other income (expense), net


115
(11)
104
 5,814
6,912
6,196
3,982
3,109
(27,991)(1,978)
Income (loss) before income taxes5,947
6,912
6,196
3,243
16,310
(27,991)10,617
Income tax (expense) benefit452
4
63
(19)(4,489)
(3,989)
Net income (loss)6,399
6,916
6,259
3,224
11,821
(27,991)6,628
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock



(229)
(229)
Net income (loss) attributable to Comcast Corporation$6,399
$6,916
$6,259
$3,224
$11,592
$(27,991)$6,399
Comprehensive income (loss) attributable to Comcast Corporation$6,607
$7,015
$6,261
$3,552
$12,134
$(28,962)$6,607


Comcast Corporation

Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2017 
(in millions)Comcast
Parent
Comcast
Holdings
CCCL
Parent
NBCUniversal
Media Parent
Non-
Guarantor
Subsidiaries
Elimination
and
Consolidation
Adjustments
Consolidated
Comcast
Corporation
Net cash provided by (used in) operating activities$(931)$91
$(233)$(1,054)$18,088
$
$15,961
Investing Activities       
Net transactions with affiliates4,216
(91)818
833
(5,776)

Capital expenditures(6)


(6,833)
(6,839)
Cash paid for intangible assets(2)


(1,238)
(1,240)
Acquisitions and construction of real estate properties(190)


(135)
(325)
Acquisitions, net of cash acquired



(429)
(429)
Proceeds from sales of investments


10
110

120
Purchases of investments(56)
(35)(57)(1,916)
(2,064)
Deposits






Other101


49
600

750
Net cash provided by (used in) investing activities4,063
(91)783
835
(15,617)
(10,027)
Financing Activities       
Proceeds from (repayments of) short-term borrowings, net(1,739)


(1,068)
(2,807)
Proceeds from borrowings5,997



5,463

11,460
Repurchases and repayments of debt(1,000)
(550)(3)(3,468)
(5,021)
Repurchases of common stock under repurchase program and employee plans(4,212)




(4,212)
Dividends paid(2,147)




(2,147)
Purchase of Universal Studios Japan noncontrolling interests



(2,299)
(2,299)
Issuances of common stock






Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock



(198)
(198)
Other(31)


134

103
Net cash provided by (used in) financing activities(3,132)
(550)(3)(1,436)
(5,121)
Increase (decrease) in cash and cash equivalents


(222)1,035

813
Cash and cash equivalents, beginning of period


482
2,819

3,301
Cash and cash equivalents, end of period$
$
$
$260
$3,854
$
$4,114


Comcast Corporation

Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2016
(in millions)
Comcast
Parent
Comcast
Holdings
CCCL
Parent
NBCUniversal
Media Parent
Non-
Guarantor
Subsidiaries
Elimination
and
Consolidation
Adjustments
Consolidated
Comcast
Corporation
Net cash provided by (used in) operating activities$(637)$
$(179)$(1,068)$15,873
$
$13,989
Investing Activities       
Net transactions with affiliates(1,746)
179
2,150
(583)

Capital expenditures(9)


(6,553)
(6,562)
Cash paid for intangible assets(4)


(1,159)
(1,163)
Acquisitions and construction of real estate properties(2)


(301)
(303)
Acquisitions, net of cash acquired



(3,904)
(3,904)
Proceeds from sales of investments


104
84

188
Purchases of investments(23)

(9)(586)
(618)
Deposits



(1,748)
(1,748)
Other(108)

(35)101

(42)
Net cash provided by (used in) investing activities(1,892)
179
2,210
(14,649)
(14,152)
Financing Activities       
Proceeds from (repayments of) short-term borrowings, net105



505

610
Proceeds from borrowings9,231





9,231
Repurchases and repayments of debt(750)

(1,005)(1,239)
(2,994)
Repurchases of common stock under repurchase program and employee plans(4,061)




(4,061)
Dividends paid(1,944)




(1,944)
Issuances of common stock23





23
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock



(194)
(194)
Other(75)

25
54

4
Net cash provided by (used in) financing activities2,529


(980)(874)
675
Increase (decrease) in cash and cash equivalents


162
350

512
Cash and cash equivalents, beginning of period


414
1,881

2,295
Cash and cash equivalents, end of period$
$
$
$576
$2,231
$
$2,807
        



ITEM 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion is provided as a supplement to, and should be read in conjunction with, the condensed consolidated financial statements and related notes included in this Quarterly Report on Form 10-Q and our 2021 Annual Report on Form 10-K.
Overview
We are a global media and technology company with twothree primary businesses,businesses: Comcast Cable, NBCUniversal and NBCUniversal.Sky. We present our operations forin five reportable business segments (1) Comcast Cable in one reportable business segment, referred to as Cable Communications, and our operations for Communications; (2) NBCUniversal in fourthree reportable business segments: Cable Networks, Broadcast Television, Filmed EntertainmentMedia, Studios and Theme Parks (collectively, the “NBCUniversal segments”).; and (3) Sky in one reportable business segment.
Cable Communications Segment
Comcast Cable is oneCOVID-19 has impacted our businesses in a number of ways, affecting the nation’s largest providerscomparability of video, high-speed Internet, voice,periods included in this report. The most significant continuing impacts have resulted from temporary restrictions and securityclosures at our international theme parks. The continuing effects of COVID-19, in addition to worsening U.S. and automation services (“cable services”) to residential customers under the XFINITY brand; we also provide theseglobal economic conditions and other services to business customers and sell advertising. As of September 30, 2017, our cable systems had 29.1 million total customer relationships, including 27.0 million residential and 2.1 million business customer relationships, and passed more than 57 million homes and businesses. Our Cable Communications segment generates revenue primarily from residential and business customers that subscribe to our cable services, which we market individually and as bundled services, and from the sale of advertising. During the nine months ended September 30, 2017, our Cable Communications segment generated 63% of our consolidated revenue and 70% of the aggregate Adjusted EBITDAconsumer sentiment, may adversely impact demand for our reportable business segments.
NBCUniversal Segments
NBCUniversal is one of the world’s leading media and entertainment companies that develops, produces and distributes entertainment, news and information, sports, and other content for global audiences, and owns and operates theme parks worldwide.
Cable Networks
Our Cable Networks segment consists primarily of a diversified portfolio of cable television networks. Our cable networks are comprised of our national cable networks that provide a variety of entertainment, news and information, and sports content; our regional sports and news networks; our international cable networks; our cable television studio production operations; and related digital media properties. Our Cable Networks segment generates revenue primarily from the distribution of our cable network programming to traditional and virtual multichannel video providers; from the sale of advertising on our cable networks and related digital media properties; from the licensing of our owned programming, including programming from our cable television studio production operations, to cable and broadcast networks and subscription video on demand services; and from the sale of our owned programming on standard-definition digital video discs and Blu-ray discs (together, “DVDs”) and through digital distribution services such as iTunes.
Broadcast Television
Our Broadcast Television segment consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, the NBC Universo national cable network, our broadcast television studio production operations, and related digital media properties. Our Broadcast Television segment generates revenue primarily from the sale of advertising on our broadcast networks, owned local broadcast television stations and related digital media properties; from the licensing of our owned programming by our broadcast television studio production operations to various distribution platforms, including to cable and broadcast networks as well as to subscription video on demand services; from the fees received under retransmission consent agreements and associated fees received from NBC-affiliated local broadcast television stations; and from the sale of our owned programming on DVDs and through digital distribution services.
Filmed Entertainment
Our Filmed Entertainment segment primarily produces, acquires, markets and distributes filmed entertainment worldwide, and it also develops, produces and licenses live stage plays. Our films are produced primarily under the Universal Pictures, Illumination, Focus Features and DreamWorks Animation names. Our Filmed Entertainment segment generates revenue primarily from the worldwide distribution of our produced and acquired films for exhibition in movie theaters, from the licensing of produced and acquired films through various distribution platforms, and from the sale of produced and acquired films on DVDs and through digital distribution services. Our Filmed Entertainment segment also generates revenue from producing and licensing live stage plays, from the distribution of filmed entertainment produced by third parties, and from Fandango, our movie ticketing and entertainment business.

Theme Parks
Our Theme Parks segment consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan. In addition, along with a consortium of Chinese state-owned companies, we are developing a theme park in China. Our Theme Parks segment generates revenue primarily from ticket sales and guest spending at our Universal theme parks.
Corporate and Other
Our other business interests consist primarily of the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania and operates arena management-related businesses.
We are also pursuing other business development initiatives, such as our wireless phone service that we launched in the second quarter of 2017 on a small scale to our residential cable customers using our virtual network operator rights to provide the service over Verizon’s wireless network and our existing network of in-home and outdoor Wi-Fi hotspots. We offer the wireless phone service only as part of our bundled service offerings to residential customers subscribing to our high-speed Internet service within our cable distribution footprint and may in the future also offer wireless phone service to our small business customers on similar terms. The wireless phone service has success-based working capital requirements, primarily associated with the procurement of handsets, which customers are able to pay for upfront or finance interest-free over 24 months, and other equipment. 
Competition
The results of operations of our reportable business segments are affected by competition, as all of our businesses operate in intensely competitive, consumer-driven and rapidly changing environments and compete with a growing number of companies that provide a broad range of communications products and services and entertainment, news and information content to consumers.
For additional information on the competition our businesses face, see our 2016 Annual Report on Form 10-K and refer to Item 1: Business and Item 1A: Risk Factors. Within the Business section, refer to the “Competition” discussion, and within the Risk Factors section, refer to the risk factors entitled “Our businesses currently face a wide range of competition, and our businesses and results of operations could be adversely affected if we do not compete effectively” and “Changes in consumer behavior driven by new technologies and distribution platformsover the near to medium term.
Consolidated Operating Results
 Three Months Ended
June 30,
Increase/
(Decrease)
Six Months Ended
June 30,
Increase/
(Decrease)
(in millions, except per share data)20222021%20222021%
Revenue$30,016 $28,546 5.1%$61,026 $55,751 9.5 %
Costs and Expenses:
Programming and production8,887 9,256 (4.0)19,457 18,175 7.1 
Other operating and administrative9,098 8,549 6.418,358 16,818 9.2 
Advertising, marketing and promotion2,196 1,851 18.64,258 3,467 22.8 
Depreciation2,162 2,113 2.34,375 4,231 3.4 
Amortization1,306 1,270 2.92,641 2,514 5.1 
Total costs and expenses23,649 23,039 2.649,089 45,205 8.6 
Operating income6,367 5,507 15.611,936 10,546 13.2 
Interest expense(968)(1,093)(11.4)(1,962)(2,112)(7.1)
Investment and other income (loss), net(897)1,216 NM(709)1,607 NM
Income before income taxes4,502 5,630 (20.0)9,266 10,042 (7.7)
Income tax expense(1,261)(2,000)(37.0)(2,548)(3,119)(18.3)
Net income3,241 3,630 (10.7)6,717 6,922 (3.0)
Less: Net income (loss) attributable to noncontrolling interests(155)(108)(43.3)%(227)(145)(57.1)
Net income attributable to Comcast Corporation$3,396 $3,738 (9.2)%$6,945 $7,067 (1.7)%
Basic earnings per common share attributable to Comcast Corporation shareholders$0.76 $0.81 (6.2)%$1.55 $1.54 0.6 %
Diluted earnings per common share attributable to Comcast Corporation shareholders$0.76 $0.80 (5.0)%$1.54 $1.51 2.0 %
Adjusted EBITDA(a)
$9,827 $8,927 10.1 %$18,977 $17,339 9.4 %
(a)Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 25 for viewing content may adversely affectadditional information, including our businesses and challenge existing business models.”
Seasonality and Cyclicality
Each of our businesses is subject to seasonal and cyclical variations. In our Cable Communications segment, our results are impacted by the seasonal nature of customers receiving our cable services in college and vacation markets. This generally results in a reduction in net customer additions in the second quarter of each year.
Revenue in our Cable Communications, Cable Networks and Broadcast Television segments is subject to cyclical advertising patterns and changes in viewership levels. Advertising revenue in the U.S. is generally higher in the second and fourth quarters of each year, due in part to increases in consumer advertising in the spring and in the period leading up to and including the holiday season. Advertising revenue in the U.S. is also cyclical, with a benefit in even-numbered years due to advertising related to candidates running for political office and issue-oriented advertising. Revenue in our Cable Networks and Broadcast Television segments fluctuates depending on the timing of when our programming is aired, which typically results in higher advertising revenue in the second and fourth quarters of each year. Our revenue and operating costs and expenses are cyclical as a result of our periodic broadcasts of major sporting events, such as the Olympic Games, which affect our Cable Networks and Broadcast Television segments, and the Super Bowl, which affects our Broadcast Television segment. We define our operating costs and expenses as total costs and expenses, excluding depreciation and amortization expense and other operating gains. Our advertising revenue increases in the period of these broadcasts due to increased demand for advertising time,definition and our operating costsuse of Adjusted EBITDA, and expenses also increase asfor a resultreconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA.
14

Table of our production costs and the amortization of the related rights fees.Contents
Revenue in our Filmed Entertainment segment fluctuates due to the timing of the release of films in movie theaters, on DVDs and through various other distribution platforms. Release dates are determined by several factors, including competition and the timing of vacation and holiday periods. As a result, revenue tends to be seasonal, with increases experienced each year during the summer months and around the holiday season. Revenue in our Cable Networks, Broadcast Television and Filmed Entertainment segments also fluctuates due to the timing of when our content is made available to licensees.
Revenue in our Theme Parks segment fluctuates with changes in theme park attendance that result from the seasonal nature of vacation travel and weather variations, local entertainment offerings and the opening of new attractions, as well as with changes in currency exchange rates. Our theme parks generally experience peak attendance during the spring holiday period, the summer months when schools are closed and the holiday season.

Consolidated Operating Results
 Three Months Ended
September 30
 
Increase/
(Decrease)
 Nine Months Ended
September 30
 
Increase/
(Decrease)
(in millions)2017 2016 
  

 2017 2016 
  

Revenue$20,983
 $21,319
 (1.6)% $62,611
 $59,378
 5.4 %
Costs and Expenses:           
Programming and production6,077
 7,003
 (13.2) 18,492
 17,926
 3.2
Other operating and administrative6,423
 5,996
 7.1
 18,310
 17,285
 5.9
Advertising, marketing and promotion1,553
 1,485
 4.5
 4,748
 4,510
 5.3
Depreciation1,991
 1,865
 6.8
 5,876
 5,518
 6.5
Amortization589
 530
 11.0
 1,747
 1,544
 13.1
Other operating gains(442) 
 NM
 (442) 
 NM
Operating income4,792
 4,440
 7.9
 13,880
 12,595
 10.2
Other income (expense) items, net(696) (716) (2.9) (1,980) (1,978) 0.1
Income before income taxes4,096
 3,724
 10.0
 11,900
 10,617
 12.1
Income tax expense(1,413) (1,400) 1.0
 (4,035) (3,989) 1.2
Net income2,683
 2,324
 15.5
 7,865
 6,628
 18.7
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock(33) (87) (61.9) (136) (229) (40.7)
Net income attributable to Comcast Corporation$2,650
 $2,237
 18.5 % $7,729
 $6,399
 20.8 %
All percentages are calculated based on actual amounts. Minor differences may exist due to rounding.
Percentage changes that are considered not meaningful are denoted with NM.
Consolidated Revenue
Consolidated revenue decreasedincreased for the three months ended SeptemberJune 30, 2017 primarily due to revenue associated with our broadcast of the Rio Olympics in August 2016, which is reflected in our Cable Networks and Broadcast Television segments in the prior year period. The decrease was partially offset2022, driven by increases in revenue in ourStudios, Theme Parks, Cable Communications and Theme Parks segments. Excluding $1.5 billion of revenue associated with our broadcast of the 2016 Rio Olympics, consolidated revenue increased 5.8% for the three months ended September 30, 2017.
Our Cable Communications, Filmed Entertainment and Theme Parks segments accounted for the increase in consolidated revenue for the nine months ended September 30, 2017, which wasMedia, partially offset by decreases in our Cable Networks and Broadcast Television segments due to revenue associated with our broadcast of the 2016 Rio Olympics in the prior year period. Excluding $1.5 billion of revenue associated with our broadcast of the 2016 Rio Olympics, consolidatedSky. Consolidated revenue increased 8.2% for the ninesix months ended SeptemberJune 30, 2017.2022, driven by Media, Theme Parks, Cable Communications and Studios, partially offset by decreases in revenue in Sky.
Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.” Revenue for our other businesses is discussed separately below under the heading “Corporate and Other Results of Operations.”
Consolidated Costs and Expenses
Consolidated operating costs and expenses, decreasedwhich is comprised of total costs and expenses excluding depreciation and amortization expense, increased for the three months ended SeptemberJune 30, 2017 primarily due to expenses associated with our broadcast of the 2016 Rio Olympics, which is reflected in our2022, driven by Media, Studios, Theme Parks and Cable Networks and Broadcast Television segments in the prior year period. The decrease wasCommunications, partially offset by increasesdecreases in operating costs and expenses in our Cable Communications segment.
Our Cable Communications, Filmed Entertainment and Theme Parks segments accounted for the increase in consolidatedSky. Consolidated operating costs and expenses, which is comprised of total costs and expenses excluding depreciation and amortization expense, increased for the ninesix months ended SeptemberJune 30, 2017, which was2022, driven by Media, Studios, Theme Parks and Cable Communications, partially offset by decreases in our Cable Networksoperating costs and Broadcast Television segments due to expenses associated with our broadcast of the 2016 Rio Olympics in the prior year period.Sky.
Operating costs and expenses for our segments and our corporate operations, businesses development initiatives and other businesses are discussed separately below under the heading “Segment Operating Results.” Operating costs and expenses for our corporate and other businesses and initiatives are discussed separately below under the heading “Corporate and Other Results of Operations.”

Consolidated Depreciation and Amortization Expense
Three Months Ended
September 30
 
Increase/
(Decrease)
 Nine Months Ended
September 30
 
Increase/
(Decrease)
Three Months Ended
June 30,
Increase/
(Decrease)
Six Months Ended
June 30,
Increase/
(Decrease)
(in millions)2017 2016    2017 2016   (in millions)20222021%20222021%
Cable Communications$2,049
 $1,929
 6.3% $6,030
 $5,676
 6.2 %Cable Communications$1,945 $1,950 (0.3)%$3,905 $3,880 0.7 %
NBCUniversal506
 445
 13.5
 1,534
 1,324
 15.8
NBCUniversal651 586 11.2 1,313 1,168 12.4 
SkySky809 826 (2.0)1,680 1,640 2.4 
Corporate and Other25
 21
 16.7
 59
 62
 (6.7)Corporate and Other62 21 191.5 118 57 106.0 
Total$2,580
 $2,395
 7.7% $7,623
 $7,062
 7.9 %
Comcast ConsolidatedComcast Consolidated$3,469 $3,383 2.5 %$7,016 $6,745 4.0 %
Consolidated depreciation and amortization expense increased for both the three and ninesix months ended SeptemberJune 30, 20172022 compared to the same periods in 2021 primarily due to increases in capital expenditures, as well as expendituresincreased depreciation at NBCUniversal driven by the opening of Universal Beijing Resort and increased amortization of software at Sky, partially offset by the impacts of foreign currency.
Amortization expense from acquisition-related intangible assets totaled $568 million and $1.2 billion for software, in our Cable Communications segment in recent years and our continued investments in new attractions in our Theme Parks segment. We continue to invest to increase our network capacity and in customer premise equipment, primarily for our X1 platform, cloud DVR technology and wireless gateways. Certain of these assets have shorter estimated useful lives, which is also a contributor to the increase in depreciation expense for both the three and ninesix months ended SeptemberJune 30, 2017 in our Cable Communications segment.
Consolidated Other Operating Gains
Consolidated other operating gains2022, respectively. Amortization expense from acquisition-related intangible assets totaled $586 million and $1.2 billion for both the three and ninesix months ended SeptemberJune 30, 2017 included $3372021, respectively. Amounts primarily relate to customer relationship intangible assets recorded in connection with the Sky transaction in the fourth quarter of 2018 and the NBCUniversal transaction in 2011.
Consolidated Interest Expense
Interest expense decreased for the three and six months ended June 30, 2022 compared to the same periods in 2021 primarily due to a decrease in average debt outstanding in the current year periods and a $78 million related to NBCUniversal’s relinquishment of spectrum rights (see Note 4 to Comcast’s condensed consolidated financial statements and Note 3 to NBCUniversal's condensed consolidated financial statements) and $105 millioncharge recorded in the prior year periods related to the saleearly redemption of a business in Corporatesenior notes due 2024.
Consolidated Investment and Other Income (Loss), Net
 Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions)2022202120222021
Equity in net income (losses) of investees, net$(413)$959 $(280)$1,095 
Realized and unrealized gains (losses) on equity securities, net(321)189 (205)426 
Other income (loss), net(162)69 (224)87 
Total investment and other income (loss), net$(897)$1,216 $(709)$1,607 
Percentage changes that are considered not meaningful are denoted with NM.
The change in investment and other income (loss), net for the three and six months ended June 30, 2022 compared to the same periods in 2021 was due to equity in net income (losses) of investees, net related to our investment in Atairos Group, Inc., realized and unrealized gains (losses) on equity securities, net and other income (loss), net. The income (losses) at Atairos were driven by fair value adjustments on its underlying investments with income (loss) of $(454) million and $(376) million for the three and six months ended June 30, 2022, respectively, and $883 million and $960 million for the three and six months ended
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Table of Contents
June 30, 2021, respectively. The changes in realized and unrealized gains (losses) on equity securities, net for the three and six months ended June 30, 2022 compared to the same periods in 2021 primarily resulted from fair value adjustments on marketable and nonmarketable equity securities. The change in other income (loss), net for the three and six months ended June 30, 2022 compared to the same periods in 2021 primarily resulted from losses on insurance contracts, an impairment of an equity method investment and net losses on foreign exchange remeasurement in the current year period.
Consolidated Income Tax Expense
Income tax expense for the three and six months ended June 30, 2022 and 2021 reflects an effective income tax rate that differs from the federal statutory rate primarily due to state and foreign income taxes and adjustments associated with uncertain tax positions. The decrease in income tax expense for the three and six months ended June 30, 2022 compared to the same periods in 2021 was primarily driven by $498 million of income tax expense recognized in the second quarter of 2021 related to an increase in our net deferred tax liability as a result of the enactment of tax law changes in the United Kingdom and lower income before income taxes in the current year periods, partially offset by lower tax benefits recognized on share-based compensation plans.
Consolidated Net Income (Loss) Attributable to Noncontrolling Interests
The changes in net income (loss) attributable to noncontrolling interests for the three and six months ended June 30, 2022 compared to the same periods in 2021 was primarily due to increased losses at Universal Beijing Resort due to operations in the current year period compared to pre-opening costs in the prior year period in advance of the parks opening in September 2021 (see Note 6 to Comcast's condensed consolidated financial statements)7).
Segment Operating Results
Our segment operating results are presented based on how we assess operating performance and internally report financial information. We use Adjusted EBITDA as the measure of profit or loss for our operating segments.
See Note 2 for our definition of Adjusted EBITDA is defined as net income attributable to Comcast Corporation before net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock, income tax expense, other income (expense) items, net, depreciation and amortization expense, and other operating gains, and excluding impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets, if any. From time to time we may excludea reconciliation from Adjusted EBITDA the impact of events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. Other income (expense) items, net include interest expense, investment income (loss), equity in net income (losses) of investees and other income (expense), net, as stated in our condensed consolidated statement of income. This measure eliminates the significant level of noncash depreciation and amortization expense that results from the capital-intensive nature of certain of our businesses and from intangible assets recognized in business combinations. Additionally, it is unaffected by our capital and tax structures and by our investment activities. We use this measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. We believe that this measure is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure may not be directly comparable to similar measures used by other companies. We reconcile the aggregate amount of Adjusted EBITDA for our reportable business segments to consolidated income before income taxes in the business segment footnote to our condensed consolidated financial statements (see Note 11 to Comcast’s condensed consolidated financial statements and Note 10 to NBCUniversal’s condensed consolidated financial statements). This measure should not be considered a substitute for operating income (loss), net income (loss), net income (loss) attributable to Comcast Corporation or NBCUniversal, net cash provided by operating activities, or other measures of performance or liquidity we have reported in accordance with generally accepted accounting principles in the United States.taxes.
To be consistent with our current management reporting presentation, certain 2016 operating results were reclassified within the Cable Communications segment.

Cable Communications Segment Results of Operations
 Three Months Ended
June 30,
Increase/
(Decrease)
Six Months Ended
June 30,
Increase/
(Decrease)
(in millions)20222021%20222021%
Revenue
Residential:
Broadband$6,107 $5,717 6.8 %$12,158 $11,317 7.4 %
Video5,423 5,554 (2.4)10,959 11,177 (2.0)
Voice763 870 (12.3)1,549 1,741 (11.0)
Wireless722 556 29.8 1,399 1,069 30.9 
Business services2,424 2,202 10.1 4,820 4,369 10.3 
Advertising748 679 10.2 1,419 1,296 9.4 
Other415 425 (2.3)839 838 0.1 
Total revenue16,601 16,002 3.7 33,142 31,807 4.2 
Operating costs and expenses
Programming3,537 3,593 (1.6)7,165 7,263 (1.3)
Technical and product support2,236 2,075 7.8 4,464 4,096 9.0 
Customer service572 582 (1.7)1,153 1,184 (2.6)
Advertising, marketing and promotion971 971 — 1,983 1,876 5.7 
Franchise and other regulatory fees408 449 (9.0)829 950 (12.7)
Other1,429 1,260 13.4 2,828 2,536 11.5 
Total operating costs and expenses9,153 8,929 2.5 18,422 17,904 2.9 
Adjusted EBITDA$7,448 $7,073 5.3 %$14,720 $13,903 5.9 %
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Table of Contents
 Three Months Ended
September 30
 Increase/
(Decrease)
(in millions)2017 2016 $ %
Revenue       
Residential:       
Video$5,825
 $5,591
 $234
 4.2 %
High-speed Internet3,709
 3,405
 304
 8.9
Voice840
 878
 (38) (4.5)
Business services1,575
 1,399
 176
 12.6
Advertising542
 625
 (83) (13.2)
Other712
 659
 53
 7.8
Total revenue13,203
 12,557
 646
 5.1
Operating costs and expenses       
Programming3,264
 2,905
 359
 12.4
Technical and product support1,633
 1,600
 33
 2.1
Customer service626
 627
 (1) (0.1)
Advertising, marketing and promotion912
 934
 (22) (2.4)
Franchise and other regulatory fees379
 371
 8
 2.2
Other1,143
 1,134
 9
 0.6
Total operating costs and expenses7,957
 7,571
 386
 5.1
Adjusted EBITDA$5,246
 $4,986
 $260
 5.2 %

 Nine Months Ended
September 30
 
Increase/
(Decrease)
(in millions)2017 2016 $ %
Revenue       
Residential:       
Video$17,396
 $16,710
 $686
 4.1 %
High-speed Internet10,994
 10,049
 945
 9.4
Voice2,559
 2,667
 (108) (4.1)
Business services4,596
 4,070
 526
 12.9
Advertising1,628
 1,757
 (129) (7.3)
Other2,064
 1,952
 112
 5.7
Total revenue39,237
 37,205
 2,032
 5.5
Operating costs and expenses
 
 
 
Programming9,698
 8,659
 1,039
 12.0
Technical and product support4,778
 4,674
 104
 2.2
Customer service1,854
 1,869
 (15) (0.8)
Advertising, marketing and promotion2,666
 2,646
 20
 0.7
Franchise and other regulatory fees1,142
 1,106
 36
 3.3
Other3,335
 3,328
 7
 0.2
Total operating costs and expenses23,473
 22,282
 1,191
 5.3
Adjusted EBITDA$15,764
 $14,923
 $841
 5.6 %

Customer Metrics
 Total CustomersNet Additional Customers
 September 30Three Months Ended
September 30
Nine Months Ended
September 30
(in thousands, except per customer amounts)201720162017201620172016
Video      
Video residential customers21,341
21,420
(134)19
(147)36
Video business services customers1,049
1,007
9
13
30
45
Total video customers22,390
22,428
(125)32
(118)81
High-Speed Internet      
High-speed Internet residential customers23,546
22,477
182
288
718
868
High-speed Internet business services customers1,974
1,839
32
41
100
120
Total high-speed Internet customers25,519
24,316
214
330
818
988
Voice      
Voice residential customers10,351
10,527
(119)(24)(195)90
Voice business services customers1,214
1,116
25
26
74
77
Total voice customers11,565
11,643
(94)2
(122)168
Security and Automation      
Security and automation customers1,079
815
51
78
188
203
Customer Relationships      
Residential customer relationships26,957
26,312
83
175
424
484
Business services customer relationships2,146
2,006
31
43
102
119
Total customer relationships29,104
28,318
115
217
527
604
Residential customer relationships mix      
Single product customers8,055
7,722
125
51
299
75
Double product customers8,983
8,682
38
97
186
203
Triple and quad product customers9,919
9,908
(79)26
(61)205
 Net Additions / (Losses)
 June 30,Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands)202220212022202120222021
Customer relationships
Residential customer relationships31,875 31,339 (38)277 147 647 
Business services customer relationships2,508 2,454 10 17 19 28 
Total customer relationships34,384 33,793 (28)294 166 675 
Residential customer relationships mix
One product customers15,123 13,477 307 480 793 1,069 
Two product customers8,282 8,562 (82)(83)(125)(173)
Three or more product customers8,471 9,299 (263)(120)(521)(250)
Broadband
Residential customers29,826 29,108 (10)334 243 782 
Business services customers2,337 2,280 10 20 19 32 
Total broadband customers32,163 31,388 — 354 262 814 
Video
Residential customers16,513 18,225 (497)(364)(982)(768)
Business services customers631 731 (23)(34)(50)(121)
Total video customers17,144 18,956 (521)(399)(1,032)(889)
Voice
Residential customers8,497 9,412 (284)(121)(566)(233)
Business services customers1,389 1,376 (1)13 (2)19 
Total voice customers9,886 10,788 (286)(108)(568)(214)
Wireless
Wireless lines4,615 3,383 317 280 635 558 
Customer metrics are presented based on actual amounts. Minor differences may exist due to rounding. Beginning in 2017, we include prepaid customers, which are customers who prepay for at least 30 days of service, in our customer metrics. Residential video and high-speed Internet customers as of September 30, 2017 included prepaid customers totaling approximately 2,000 and 42,000, respectively. Customer relationships represent the number of residential and business customers that subscribe to at least one of our cable services. SingleOne product, doubletwo product, and triple and quadthree or more product customers represent residential customers that subscribe to one, two, or three and fouror more of our cable services, respectively. BeginningFor multiple dwelling units (“MDUs”), including buildings located on college campuses, whose residents have the ability to receive additional services, such as additional programming choices or our high-definition video (“HD”) or digital video recorder (“DVR”) services, we count and report customers based on the number of potential billable relationships within each MDU. For MDUs whose residents are not able to receive additional services, the MDU is counted as a single customer. Residential broadband and video customer metrics include certain customers that have prepaid for services. Business customers are generally counted based on the number of locations receiving services within our distribution system, with certain offerings such as Ethernet network services counted as individual customer relationships. Wireless lines represent the number of activated, eligible wireless devices on customers’ accounts. Individual customer relationships may have multiple wireless lines. Customer metrics in 2017, we2021 did not include customers subscribingin certain pandemic-related programs through which portions of our customers temporarily received our services for free. These programs ended in December 2021, resulting in a one-time benefit to our security and automation servicesnet additions in customer relationship information. All periods presented have been adjusted for the inclusion of security and automation customers.three months ended March 31, 2022.
Three Months Ended
June 30,
Increase/(Decrease)Six Months Ended
June 30,
Increase/(Decrease)
20222021%20222021%
Average monthly total revenue per customer relationship$160.88 $158.53 1.5 %$161.03 $158.45 1.6 %
Average monthly Adjusted EBITDA per customer relationship$72.18 $70.07 3.0 %$71.52 $69.26 3.3 %
Average monthly total revenue per customer relationship foris impacted by rate adjustments and changes in the threetypes and nine months ended September 30, 2017 was $151.51levels of services received by our residential and $151.16, respectively. Averagebusiness services customers, as well as changes in advertising revenue. While revenue from our residential broadband, video and voice services is also impacted by changes in the allocation of revenue among services sold in a bundle, the allocation does not impact average monthly total revenue per customer relationship. Each of our services has a different contribution to operating margin. We use average monthly Adjusted EBITDA per customer relationship to evaluate the profitability of our customer base across our service offerings. We believe both metrics are useful to understand the trends in our business, and average monthly Adjusted EBITDA per customer relationship is useful particularly as we continue to focus on growing our higher-margin businesses.
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Table of Contents
Cable Communications Segment – Revenue
Broadband
Revenue increased for the three and ninesix months ended SeptemberJune 30, 2016 was $148.38 and $147.55, respectively.
Cable Communications Segment—Revenue
Video
Video revenue increased 4.2% and 4.1% for the three and nine months ended September 30, 2017, respectively,2022 compared to the same periods in 2016. The primary contributors2021 due to revenue growth were rate adjustments, revenue received from a boxing event available on pay-per-viewincreases in average rates and increases in the number of residential customers subscribing to additional services such as advanced services, which are high-definition video and DVR services. These contributors accounted for substantially all of the increases in revenuebroadband customers.
Video
Revenue decreased for the three and ninesix months ended SeptemberJune 30, 2017. We have experienced, and may experience2022 compared to the same periods in the future,2021 due to declines in the number of residential video customers, due to competitive pressures andpartially offset by increases in average rates. We expect that the impactnumber of rate adjustments. Competition is intense, both from traditional multichannel video providers and from new technologies and distribution platforms for viewing content. We have responded to this competition, and have attempted to mitigate industry-wide declines in residential video customers at traditional multichannelwill continue to decline, negatively impacting video providers, through our X1 platformrevenue as a result of the competitive environment and sales and marketing programs, such as promotions, bundled service offerings and service offerings targeted at specific market segments.shifting video consumption patterns.
High-Speed InternetVoice
High-speed Internet revenue increased 8.9% and 9.4%Revenue decreased for the three and ninesix months ended SeptemberJune 30, 2017, respectively,2022 compared to the same periods in 2016. Increases2021 primarily due to declines in the number of residential voice customers. We expect that the number of residential voice customers receiving our high-speed Internet services accounted for increasesand voice revenue will continue to decline.
Wireless
Revenue in revenue of 5.0% and 5.2%creased for the three and ninesix months ended SeptemberJune 30, 2017, respectively. The remaining increases2022 compared to the same periods in revenue were2021 primarily due to increases in the number of customers receiving higher levels of service and

the impact of rate adjustments. Our customer base continues to grow as consumers choose our high-speed Internet services and seek higher-speed offerings.lines.
Voice
Voice revenue decreased 4.5% and 4.1% for the three and nine months ended September 30, 2017, respectively, compared to the same periods in 2016. The decreases were primarily due to the allocation of voice revenue for our customers who received bundled services. The amount allocated to voice revenue in the rate charged for bundled services decreased for the three and nine months ended September 30, 2017 because video and high-speed Internet rates increased while voice rates remained relatively flat. The decreases in revenue were also partially due to decreases in the number of residential voice customers, which may continue to decline.
Business Services
Business services revenueRevenue increased 12.6% and 12.9% for the three and ninesix months ended SeptemberJune 30, 2017, respectively,2022 compared to the same periods in 2016. The increases were primarily2021 due to increases in average rates and customer relationships compared to the numberprior year periods and due to the acquisition of customers receiving our small and medium-sized business services offerings. We believe the increasesMasergy in the number of business customers are primarily the result of our efforts to gain market share from competitors by offering competitive services and pricing, although the rate of growth in the number of our small business customers may slow as the business matures.October 2021.
Advertising
Advertising revenue decreased 13.2% and 7.3%Revenue increased for the three and ninesix months ended SeptemberJune 30, 2017, respectively,2022 compared to the same periods in 20162021 primarily due to decreasesincreases in political advertising, revenue. Excluding politicalrevenue from our advanced advertising revenue,businesses and advertising revenueat our Xumo streaming service.
Cable Communications Segment – Operating Costs and Expenses
Programming expenses decreased 4.7% and 2.7% for the three and ninesix months ended SeptemberJune 30, 2017, respectively,2022 compared to the same periods in 2016.
For both the three and nine months ended September 30, 2017, 4% of our Cable Communications segment advertising revenue was generated from our NBCUniversal segments. For both the three and nine months ended September 30, 2016, 5% of our Cable Communications segment advertising revenue was generated from our NBCUniversal segments. These amounts are eliminated in our condensed consolidated financial statements but are included in the amounts presented above.
Other
Other revenue increased 7.8% and 5.7% for the three and nine months ended September 30, 2017, respectively, compared to the same periods in 20162021 primarily due to increasesdeclines in revenue associated with the licensingnumber of our X1 platform to other multichannel video providers, increases in revenue from our security and automation services, and increases in cable franchise and other regulatory fees.
Cable Communications Segment—Operating Costs and Expenses
Programming expenses increased for the three and nine months ended September 30, 2017 compared to the same periods in 2016 primarily due to the timing of contract renewals, other increases in programming license fees, including retransmission consent fees and sports programming costs, and fees associated with a boxing event available on pay-per-view.subscribers, partially offset by contractual rate increases.
Technical and product support expenses increased for the three and ninesix months ended SeptemberJune 30, 20172022 compared to the same periods in 20162021 primarily due to expenses related to the development, delivery and support ofincreases in costs associated with our X1 platform, cloud DVR technology and wireless gateways,phone service resulting from increases in device sales and the continued growth in business servicesnumber of customers receiving the service, and security and automation services.the acquisition of Masergy.
Customer service expenses remained relatively flatdecreased for the three and ninesix months ended SeptemberJune 30, 20172022 compared to the same periods in 20162021 primarily due to lower labor costs as a result of reduced call volumes, which were partially offset by increased personnel costs.volumes.
Advertising, marketing and promotion expenses decreasedwere consistent for the three months ended SeptemberJune 30, 20172022 and increased for the six months ended June 30, 2022 compared to the same periods in 2021 primarily due to increased spending associated with attracting new customers and promoting our service offerings.
Franchise and other regulatory fees decreased for the three and six months ended June 30, 2022 compared to the same periods in 2021 primarily due to decreases in regulatory costs.
Other operating costs and expenses increased for the three and six months ended June 30, 2022 compared to the same periods in 2021 primarily due to lower levels of bad debt expense in the prior year periods.
Cable Communications Segment – Operating Margin
Our operating margin is Adjusted EBITDA as a percentage of revenue. We believe this metric is useful particularly as we continue to focus on growing our higher-margin businesses and improving overall operating cost management.
Our operating margin for the three and six months ended June 30, 2022 was 44.9% and 44.4%, respectively. Our operating margin for the three and six months ended June 30, 2021 was 44.2% and 43.7%, respectively.
18

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NBCUniversal Segments Results of Operations
 Three Months Ended
June 30,
Increase/
(Decrease)
Six Months Ended
June 30,
Increase/
(Decrease)
(in millions)20222021%20222021%
Revenue
Media$5,332 $5,148 3.6 %$12,196 $10,184 19.8 %
Studios2,966 2,224 33.3 5,722 4,620 23.9 
Theme Parks1,804 1,095 64.8 3,364 1,714 96.3 
Headquarters and Other22 (63.9)24 38 (35.9)
Eliminations(664)(534)(24.5)(1,566)(1,576)0.7 
Total revenue$9,445 $7,955 18.7 %$19,741 $14,980 31.8 %
Adjusted EBITDA
Media$1,337 $1,378 (2.9)%$2,496 $2,851 (12.4)%
Studios156 (99.5)246 653 (62.4)
Theme Parks632 221 186.51,082 159 NM
Headquarters and Other(137)(186)26.3 (329)(395)16.8 
Eliminations23 (15)NM(39)(225)82.7 
Total Adjusted EBITDA$1,856 $1,553 19.5 %$3,457 $3,043 13.6 %
Percentage changes that are considered not meaningful are denoted with NM.
Media Segment Results of Operations
 Three Months Ended
June 30,
Increase/
(Decrease)
Six Months Ended
June 30,
Increase/
(Decrease)
(in millions)20222021%20222021%
Revenue
Advertising$2,159 $2,189 (1.3)%$5,492 $4,282 28.2 %
Distribution2,659 2,452 8.4 5,692 4,947 15.0 
Other514 507 1.3 1,013 955 6.1 
Total revenue5,332 5,148 3.6 12,196 10,184 19.8 
Operating costs and expenses
Programming and production2,731 2,679 2.0 7,082 5,201 36.2 
Other operating and administrative972 854 13.8 1,901 1,673 13.7 
Advertising, marketing and promotion291 238 22.4 717 460 55.9 
Total operating costs and expenses3,994 3,770 5.9 9,700 7,334 32.3 
Adjusted EBITDA$1,337 $1,378 (2.9)%$2,496 $2,851 (12.4)%
Media Segment – Revenue
Revenue increased for the three months ended June 30, 2022 compared to the same period in 20162021 primarily due to higheran increase in distribution revenue, partially offset by lower advertising expenses associated with the 2016 Rio Olympics in the prior year period. Advertising, marketing and promotion expenses remained relatively flatrevenue. Revenue increased for the ninesix months ended SeptemberJune 30, 20172022 compared to the same period in 2016, which reflects increases in spending in the current year period associated with attracting new customers and encouraging existing customers to add additional or higher-tier services offset by higher advertising expenses associated with the 2016 Rio Olympics.
Franchise and other regulatory fees increased for the three and nine months ended September 30, 2017 compared to the same periods in 20162021 primarily due to increases in advertising and distribution revenue, and included revenue from our broadcasts of the Beijing Olympics and Super Bowl in the first quarter of 2022. Excluding $1.0 billion and $0.5 billion of incremental revenue to whichassociated with our broadcasts of the fees apply.
Other costsBeijing Olympics and expenses remained relatively flatSuper Bowl in the first quarter of 2022, respectively, Media revenue increased 5.2% for the three and ninesix months ended SeptemberJune 30, 20172022 compared to the same periodsperiod in 2016.2021.

Cable Communications Segment—Operating Margin
Our Cable Communications segment operating margin is Adjusted EBITDA as a percentage of revenue. The most significant operating costs and expenses for our Cable Communications segment are the programming expenses we incur to provide content to our video customers. We expect that our programming expenses will continue to increase, which may negatively impact our operating margin. We will attempt to mitigate increases in operating costs and expenses by growing revenue, particularly in our high-speed Internet, video and business services businesses, and through cost management. Adjusted EBITDA was negatively impacted by two hurricanes that affected our service areas in the third quarter of 2017.
Our operating margin for both the three months ended September 30, 2017 and 2016 was 39.7%. Our operating margin for the nine months ended September 30, 2017 and 2016 was 40.2% and 40.1%, respectively.
NBCUniversal Segments Results of Operations
Three Months Ended
June 30,
Increase/
(Decrease)
Six Months Ended
June 30,
Increase/(Decrease)
(in millions)20222021%20222021%
Advertising$2,159 $2,189 (1.3)%$5,492 $4,282 28.2 %
Advertising, excluding Beijing Olympics and Super Bowl2,159 2,189 (1.3)4,338 4,282 1.3 
19

Table of Contents
 Three Months Ended
September 30
 
Increase/
(Decrease)
(in millions)2017 2016 $%
Revenue      
Cable Networks$2,603
 $2,942
 $(339)(11.5)%
Broadcast Television2,133
 3,087
 (954)(30.9)
Filmed Entertainment1,784
 1,792
 (8)(0.5)
Theme Parks1,550
 1,440
 110
7.7
Headquarters, other and eliminations(56) (83) 27
NM
Total revenue$8,014
 $9,178
 $(1,164)(12.7)%
Adjusted EBITDA      
Cable Networks$905
 $893
 $12
1.5 %
Broadcast Television321
 378
 (57)(15.0)
Filmed Entertainment394
 353
 41
11.9
Theme Parks775
 706
 69
9.8
Headquarters, other and eliminations(121) (184) 63
NM
Total Adjusted EBITDA$2,274
 $2,146
 $128
6.0 %
 Nine Months Ended
September 30
 
Increase/
(Decrease)
(in millions)2017 2016 $%
Revenue      
Cable Networks$7,940
 $7,961
 $(21)(0.3)%
Broadcast Television6,582
 7,299
 (717)(9.8)
Filmed Entertainment5,920
 4,526
 1,394
30.8
Theme Parks3,982
 3,602
 380
10.6
Headquarters, other and eliminations(211) (246) 35
NM
Total revenue$24,213
 $23,142
 $1,071
4.6 %
Adjusted EBITDA      
Cable Networks$3,076
 $2,793
 $283
10.1 %
Broadcast Television1,059
 1,056
 3
0.3
Filmed Entertainment1,047
 576
 471
81.9
Theme Parks1,723
 1,550
 173
11.2
Headquarters, other and eliminations(543) (518) (25)NM
Total Adjusted EBITDA$6,362
 $5,457
 $905
16.6 %

Cable Networks Segment Results of Operations
 Three Months Ended
September 30
 Increase/
(Decrease)
(in millions)2017 2016 $%
Revenue      
Distribution$1,533
 $1,772
 $(239)(13.4)%
Advertising787
 943
 (156)(16.5)
Content licensing and other283
 227
 56
24.0
Total revenue2,603
 2,942
 (339)(11.5)
Operating costs and expenses      
Programming and production1,219
 1,572
 (353)(22.5)
Other operating and administrative344
 344
 
(0.4)
Advertising, marketing and promotion135
 133
 2
2.2
Total operating costs and expenses1,698
 2,049
 (351)(17.2)
Adjusted EBITDA$905
 $893
 $12
1.5 %
 Nine Months Ended
September 30
 
Increase/
(Decrease)
(in millions)2017 2016 $%
Revenue      
Distribution$4,645
 $4,644
 $1
 %
Advertising2,519
 2,708
 (189)(7.0)
Content licensing and other776
 609
 167
27.3
Total revenue7,940
 7,961
 (21)(0.3)
Operating costs and expenses      
Programming and production3,499
 3,824
 (325)(8.5)
Other operating and administrative990
 964
 26
2.6
Advertising, marketing and promotion375
 380
 (5)(1.1)
Total operating costs and expenses4,864
 5,168
 (304)(5.9)
Adjusted EBITDA$3,076
 $2,793
 $283
10.1 %
Cable Networks Segment—Revenue
Cable NetworksAdvertising revenue decreased for the three months ended SeptemberJune 30, 20172022 compared to the same period in 20162021 primarily due to decreasesdeclines in distribution revenue and advertising revenue, which wereat our networks, partially offset by increased revenue at Peacock. The decreases at our networks were primarily due to continued audience ratings declines and the impacts of additional sporting events in the prior year period, partially offset by higher pricing in the current year period. Advertising revenue increased for the six months ended June 30, 2022 compared to the same period in 2021 primarily due to our broadcasts of the Beijing Olympics and Super Bowl. Excluding $1.2 billion of incremental revenue associated with our broadcasts of the Beijing Olympics and Super Bowl in the first quarter of 2022, advertising revenue increased for the six months ended June 30, 2022 due to increased revenue at Peacock, partially offset by declines in revenue at our networks.
Three Months Ended
June 30,
Increase/
(Decrease)
Six Months Ended
June 30,
Increase/(Decrease)
(in millions)20222021%20212020%
Distribution$2,659 $2,452 8.4 %$5,692 $4,947 15.0 %
Distribution, excluding Beijing Olympics2,659 2,452 8.4 5,365 4,947 8.4 
Distribution revenue increased for the three months ended June 30, 2022 compared to the same period in 2021 primarily due to an increase in content licensing and other revenue. The decreaserevenue at Peacock, as well as an increase at our networks due to contractual rate increases, partially offset by a decline in distributionthe number of subscribers. Distribution revenue wasincreased for the six months ended June 30, 2022 compared to the same period in 2021 primarily due to our broadcast of the 2016 Rio Olympics and a decline in the numberBeijing Olympics. Excluding $327 million of subscribers at our cable networks in the current year period, which were partially offset by increases in the contractual rates charged under distribution agreements and the timing of contract renewals in the current year period. The decrease in advertising revenue was primarily due to advertising revenue in the prior year period associated with our broadcast of the 2016 Rio Olympics and the impact of continued declines in audience ratings at our networks in the current year period, which was partially offset by higher prices for advertising units sold. The increase in content licensing and other revenue was primarily due to the timing of content provided under our licensing agreements. Excluding $432 million ofincremental revenue associated with our broadcast of the 2016 RioBeijing Olympics Cable Networks segmentin the first quarter of 2022, distribution revenue increased 3.7% for the threesix months ended SeptemberJune 30, 2017.
Cable Networks revenue decreased slightly for the nine months ended September 30, 2017 compared to the same period in 20162022 due to a decrease in advertising revenue, which was partially offset by an increase in content licensing and other revenue. The decrease in advertising revenue was primarily due to advertising revenue in the prior year period associated with our broadcast of the 2016 Rio Olympics and the impact of continued declines in audience ratingsat Peacock, as well as an increase at our networks in the current year period, which wasdue to contractual rate increases, partially offset by higher prices for advertising units sold. The increase in content licensing and other revenue was primarily due to the timing of content provided under our licensing agreements. Distribution revenue remained flat primarily due to increases in the contractual rates charged under distribution agreements and the timing of contract renewals in the current year period, which were offset by our broadcast of the 2016 Rio Olympics and a decline in the number of subscribers.
We expect the number of subscribers and audience ratings at our cable networks. Excluding $432 million of revenue associated with our broadcastnetworks will continue to decline as a result of the 2016 Rio Olympics, Cable Networks segment revenue increased 5.5%competitive environment and shifting video consumption patterns. Revenue included $444 million and $916 million related to Peacock for the nine months ended September 30, 2017.

For both the three and ninesix months ended SeptemberJune 30, 2017, 15%2022, respectively, including amounts related to the Beijing Olympics and Super Bowl in the first quarter of our Cable Networks segment revenue was generated from our Cable Communications segment. For both2022. Revenue included $122 million and $213 million related to Peacock for the three and ninesix months ended SeptemberJune 30, 2016, 14% of our Cable Networks segment revenue was generated from our Cable Communications segment. These amounts are eliminated in our condensed consolidated financial statements but are included in the amounts presented above.2021, respectively.
Cable Networks Segment—Media Segment – Operating Costs and Expenses
Operating costs and expenses decreasedincreased for the three and nine months ended SeptemberJune 30, 20172022 compared to the same periodsperiod in 20162021 due to increases in other operating and administrative costs; advertising, marketing and promotion costs; and programming and production costs. These increases were primarily due to programming and productionhigher costs in the prior year periods associated with the 2016 Rio Olympics.related to Peacock. The decreasesincrease in programming and production costs werewas partially offset by increases inlower sports programming rights costs and higher studio production costs in the current year periods.
Broadcast Television Segment Results of Operations
 Three Months Ended
September 30
 Increase/
(Decrease)
(in millions)2017 2016 $%
Revenue      
Advertising$1,241
 $2,281
 $(1,040)(45.6)%
Content licensing440
 365
 75
20.5
Distribution and other452
 441
 11
2.3
Total revenue2,133
 3,087
 (954)(30.9)
Operating costs and expenses      
Programming and production1,342
 2,205
 (863)(39.1)
Other operating and administrative337
 371
 (34)(9.4)
Advertising, marketing and promotion133
 133
 

Total operating costs and expenses1,812
 2,709
 (897)(33.1)
Adjusted EBITDA$321
 $378
 $(57)(15.0)%
 Nine Months Ended
September 30
 
Increase/
(Decrease)
(in millions)2017 2016 $%
Revenue      
Advertising$3,790
 $4,841
 $(1,051)(21.7)%
Content licensing1,466
 1,367
 99
7.2
Distribution and other1,326
 1,091
 235
21.6
Total revenue6,582
 7,299
 (717)(9.8)
Operating costs and expenses      
Programming and production4,126
 4,872
 (746)(15.3)
Other operating and administrative1,022
 1,024
 (2)(0.1)
Advertising, marketing and promotion375
 347
 28
7.9
Total operating costs and expenses5,523
 6,243
 (720)(11.5)
Adjusted EBITDA$1,059
 $1,056
 $3
0.3 %
Broadcast Television Segment—Revenue
Broadcast Television revenue decreased for the three and nine months ended September 30, 2017 compared to the same periods in 2016 due to decreases in advertising revenue, which were partially offset by increases in content licensing revenue and distribution and other revenue. The decreases in advertising revenue were primarily due to advertising revenue in the prior year periods associated with our broadcast of the 2016 Rio Olympics and declines in audience ratings in the current year periods, which were partially offset by higher prices for advertising units sold. The increases in content licensing revenue were primarily due to the timing of content provided under our licensing agreements. The increases in distribution and other revenue were primarily due to increases in fees recognized under our retransmission consent agreements, which were partially offset by revenue associated with our broadcast of the 2016 Rio Olympics in the prior year periods. Excluding $1.2 billion of revenue associated with our broadcast of the 2016 Rio Olympics, revenue increased 12.3% and 7.7% for the three and nine months ended September 30, 2017, respectively.

Broadcast Television Segment—Operating Costs and Expensesperiod.
Operating costs and expenses decreasedincreased for the three and ninesix months ended SeptemberJune 30, 20172022 compared to the same periodsperiod in 2016 primarily2021 due to decreasesincreases in programming and production costs; advertising, marketing and promotion costs; and other operating and administrative costs. The decreases in programmingProgramming and production costs wereincreased primarily due to costs associated with our broadcastbroadcasts of the 2016 RioBeijing Olympics which wereand Super Bowl and higher programming costs at Peacock, partially offset by higher studio productionlower costs for other sports programming. Advertising, marketing and promotion costs and our continued investmentother operating and administrative costs increased primarily due to higher costs related to Peacock.
Operating costs and expenses included $912 million and $1.8 billion related to Peacock for the three and six months ended June 30, 2022, respectively, including amounts related to the Beijing Olympics and Super Bowl in original programmingthe first quarter of 2022. Operating costs and sports programming rightsexpenses included $485 million and $853 million related to Peacock for the three and six months ended June 30, 2021, respectively. We expect to continue to incur significant costs related to additional content and marketing as we invest in the platform and attract new customers.
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Table of Contents
Studios Segment Results of Operations
 Three Months Ended
June 30,
Increase/
(Decrease)
Six Months Ended
June 30,
Increase/
(Decrease)
(in millions)20222021%20222021%
Revenue
Content licensing$2,118 $1,781 19.0 %$4,397 $3,855 14.0 %
Theatrical550 198 177.2718 237 202.6 
Home entertainment and other298 245 21.3 607 527 15.2 
Total revenue2,966 2,224 33.3 5,722 4,620 23.9 
Operating costs and expenses
Programming and production2,241 1,603 39.8 4,215 3,217 31.0 
Other operating and administrative193 169 13.8 403 329 22.3 
Advertising, marketing and promotion531 296 79.7 858 420 104.4 
Total operating costs and expenses2,965 2,068 43.4 5,476 3,967 38.1 
Adjusted EBITDA$1 $156 (99.5)%$246 $653 (62.4)%
Percentage changes that are considered not meaningful are denoted with NM.
Studios Segment – Revenue
Revenue increased for the three and six months ended June 30, 2022 compared to the same periods in 2021 due to increases in theatrical and content licensing revenue. Theatrical revenue increased primarily due to an increase in the number of theatrical releases in the current year periods.
Filmed Entertainment Segment Resultsperiod, including Jurassic World: Dominion. The prior year periods included the release of Operations
 Three Months Ended
September 30
 Increase/
(Decrease)
(in millions)2017 2016 $%
Revenue      
Theatrical$515
 $700
 $(185)(26.4)%
Content licensing683
 595
 88
14.9
Home entertainment306
 267
 39
14.4
Other280
 230
 50
21.0
Total revenue1,784
 1,792
 (8)(0.5)
Operating costs and expenses      
Programming and production789
 800
 (11)(1.5)
Other operating and administrative286
 314
 (28)(9.4)
Advertising, marketing and promotion315
 325
 (10)(3.1)
Total operating costs and expenses1,390
 1,439
 (49)(3.6)
Adjusted EBITDA$394
 $353
 $41
11.9 %
 Nine Months Ended
September 30
 
Increase/
(Decrease)
(in millions)2017 2016 $%
Revenue      
Theatrical$2,003
 $1,233
 $770
62.4%
Content licensing2,097
 1,845
 252
13.7
Home entertainment949
 783
 166
21.1
Other871
 665
 206
31.1
Total revenue5,920
 4,526
 1,394
30.8
Operating costs and expenses      
Programming and production2,752
 2,050
 702
34.2
Other operating and administrative948
 750
 198
26.4
Advertising, marketing and promotion1,173
 1,150
 23
2.0
Total operating costs and expenses4,873
 3,950
 923
23.3
Adjusted EBITDA$1,047
 $576
 $471
81.9%
Filmed Entertainment Segment—Revenue
Filmed Entertainment revenue decreased for the three months ended September 30, 2017 compared to the same period in 2016 due toF9 and were impacted by theater closures and theaters operating at reduced capacity as a decrease in theatrical revenue, which was partially offset by increases in contentresult of COVID-19. Content licensing revenue other revenue and home entertainment revenue. The decrease in theatrical revenue was primarily due to a higher number of releases in the prior year period, including The Secret Life of Pets and Jason Bourne, which was partially offset by the strong performance of Despicable Me 3 in the current year period. The increase in content licensing revenue wasincreased primarily due to the timing of when content was made available by our television and film studios under licensing agreements. The increase in other revenue was primarily due to an increase in revenue from consumer products. The increase in home entertainment revenue was primarily due to strongagreements, including additional sales of our 2017 film slate, including The Fate ofcontent as production levels returned to normal. For the Furious.
Filmed Entertainment revenue increased for the ninesix months ended SeptemberJune 30, 2017 compared to2022, this increase was partially offset by the same period in 2016 due to increases in theatrical revenue,impact of a new licensing agreement for content licensing revenue, other revenue and home entertainment revenue. Theatrical revenue

increased due to the strong performances of several releases in our 2017 film slate, including The Fate of the Furious, Despicable Me 3 and Fifty Shades Darker. Content licensing revenue increased primarily due to the inclusion of DreamWorks Animationthat became exclusively available for streaming on Peacock in the currentprior year period. Other revenue increased primarily due to increases in revenue from consumer products, including from DreamWorks Animation, in the current year period. Home entertainment revenue increased primarily due to strong sales of several 2017 releases, including Sing, The Fate of the Furious and Fifty Shades Darker.
Filmed Entertainment Segment—Studios Segment – Operating Costs and Expenses
Operating costs and expenses decreasedincreased for the three and six months ended SeptemberJune 30, 20172022 compared to the same periodperiods in 20162021 primarily due to decreasesincreases in other operating and administrative expenses, programming and production costs and advertising, marketing and promotion costs. The decrease in other operating and administrative expenses was due to $50 million related to severance costs attributable to DreamWorks in the prior year period. The decreases in programmingProgramming and production costs increased primarily due to higher costs associated with content licensing sales and advertising,theatrical releases in the current year periods. Advertising, marketing and promotion costs were primarily due to a higher number of releases in the prior year period.
Operating costs and expenses increased for the nine months ended September 30, 2017 compared to the same period in 2016 primarily due to an increase in programming and production costs and other operating and administrative expenses. The increase in programming and production costs was primarily due to higher amortization of film production costs for our 2017 releases, as well as the inclusion of costs associated with DreamWorks Animation. The increase in other operatingspending on current period and administrative expenses was primarily due to an increase in employee-related costs as well as the inclusion of expenses associated with DreamWorks Animation.upcoming theatrical releases.
Theme Parks Segment Results of Operations
Three Months Ended
June 30,
Increase/
(Decrease)
Six Months Ended
June 30,
Increase/
(Decrease)
(in millions)20222021%20222021%
Revenue$1,804 $1,095 64.8 %$3,364 $1,714 96.3 %
Operating costs and expenses1,173 874 34.1 2,282 1,555 46.8 
Adjusted EBITDA$632 $221 186.5%$1,082 $159 NM
 Three Months Ended
September 30
 Increase/
(Decrease)
(in millions)2017 2016 $%
Revenue$1,550
 $1,440
 $110
7.7%
Operating costs and expenses775
 734
 41
5.6
Adjusted EBITDA$775
 $706
 $69
9.8%
Percentage changes that are considered not meaningful are denoted with NM.
Theme Parks Segment – Revenue
 Nine Months Ended
September 30
 Increase/
(Decrease)
(in millions)2017 2016 $%
Revenue$3,982
 $3,602
 $380
10.6%
Operating costs and expenses2,259
 2,052
 207
10.1
Adjusted EBITDA$1,723
 $1,550
 $173
11.2%
Theme Parks Segment—Revenue
Theme Parks revenue increased for the three and ninesix months ended SeptemberJune 30, 20172022 primarily due to improved operating conditions compared to the same periods in 2016 primarily due to increases in guest spending that reflect2021, when each of our theme parks either operated at limited capacity or was closed as a result of COVID-19, and from the continued successoperations of The Wizarding World of Harry Potter™ attraction in Hollywood,Universal Beijing Resort, which opened in April 2016,September 2021. In 2022, our theme parks in Orlando and Hollywood operated without capacity restrictions, and the openingsrequirement for proof of Minion Parkvaccination or a negative COVID-19 test previously put in place in the fourth quarter of 2021 was lifted for our theme park in Hollywood in the first quarter of 2022. Our theme park in Japan temporarily reinstated capacity restrictions during the first quarter of 2022, which were lifted by the end of that period. Our newest theme park in April 2017Beijing continues to be impacted by COVID-19 and Volcano Bay™ in Orlandorelated travel restrictions and temporarily closed in May 2017.through the end of June of 2022 when it reopened at limited capacity.
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Theme Parks Segment—Segment – Operating Costs and Expenses
OperatingExpenses increased for the three and six months ended June 30, 2022 compared to the same periods in 2021 primarily due to increased operating costs at our theme parks, as compared to decreased operating costs during the temporary closures and capacity restrictions in the prior year periods, and due to operating costs associated with Universal Beijing Resort in the current year periods, which were higher than pre-opening costs in the prior year periods.
NBCUniversal Headquarters, Other and Eliminations
Headquarters and Other Results of Operations
 Three Months Ended
June 30,
Increase/
(Decrease)
Six Months Ended
June 30,
Increase/
(Decrease)
(in millions)20222021%20222021%
Revenue$$22 (63.9)%$24 $38 (35.9)%
Operating costs and expenses145 208 (30.2)353 433 (18.5)
Adjusted EBITDA$(137)$(186)26.3 %$(329)$(395)16.8 %
Expenses include overhead, personnel costs and costs associated with corporate initiatives.
Eliminations
 Three Months Ended
June 30,
Increase/
(Decrease)
Six Months Ended
June 30,
Increase/
(Decrease)
(in millions)20222021%20222021%
Revenue$(664)$(534)24.5 %$(1,566)$(1,576)(0.7)%
Operating costs and expenses(688)(518)32.6 (1,527)(1,351)13.0 
Adjusted EBITDA$23 $(15)NM$(39)$(225)(82.7)%
Amounts represent eliminations of transactions between our NBCUniversal segments, which are affected by the timing of recognition of content licenses between our Studios and Media segments. Prior year amounts include the impact of a new licensing agreement for content that became exclusively available for streaming on Peacock during the first quarter of 2021. Results of operations for NBCUniversal may be impacted as we continue to use content on our platforms, including Peacock, rather than licensing it to third parties.
For the three and six months ended June 30, 2022, approximately 35% and 38%, respectively, of Studios segment content licensing revenue resulted from transactions with other segments, primarily with the Media segment. For the three and six months ended June 30, 2021, approximately 33% and 44% respectively, of Studios segment content licensing revenue resulted from transactions with other segments, primarily with the Media segment. Eliminations increase or decrease to the extent that additional content is made available to our other segments. Refer to Note 2 for further discussion of transactions between our segments.
Sky Segment Results of Operations
Three Months Ended
June 30,
Increase/
(Decrease)
Constant Currency Change(a)
Six Months Ended
June 30,
Increase/
(Decrease)
Constant Currency Change(a)
(in millions)20222021%%20222021%%
Revenue
Direct-to-consumer$3,680 $4,222 (12.8)%(2.4)%$7,564 $8,288 (8.7)%(1.4)%
Content265 355 (25.3)(16.4)561 713 (21.4)(15.4)
Advertising556 643 (13.5)(3.1)1,152 1,216 (5.3)2.3 
Total revenue4,501 5,220 (13.8)(3.5)9,276 10,217 (9.2)(1.9)
Operating costs and expenses
Programming and production1,562 2,447 (36.2)(28.3)3,510 4,931 (28.8)(22.7)
Direct network costs638 625 2.0 13.8 1,310 1,256 4.3 11.6 
Other1,439 1,589 (9.4)1.5 2,972 3,107 (4.3)3.4 
Total operating costs and expenses3,639 4,660 (21.9)(12.5)7,791 9,294 (16.2)(9.3)
Adjusted EBITDA$863 $560 54.1 %70.7 %$1,485 $924 60.8 %70.9 %
(a)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 25 for additional information, including our definition and our use of constant currency, and for a reconciliation of Sky’s constant currency growth rates.
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Customer Metrics
Net Additions / (Losses)
June 30,Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands)202220212022202120222021
Total customer relationships22,666 23,198 (255)(248)(361)(26)
Customer metrics are presented based on actual amounts. Customer relationships represent the number of residential customers that subscribe to at least one of Sky’s four primary services of video, broadband, voice and wireless phone service. Sky reports business customers, including hotels, bars, workplaces and restaurants, generally based on the number of locations receiving our services.
Three Months Ended
June 30,
Increase/
(Decrease)
Constant
Currency
Change(a)
Six Months Ended
June 30,
Increase/
(Decrease)
Constant
Currency
Change(a)
20222021%%20222021%%
Average monthly direct-to-consumer revenue per customer relationship$53.81 $60.35 (10.8)%(0.1)%$55.18 $59.50 (7.3)%0.2 %
(a)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 25 for additional information, including our definition and our use of constant currency, and for a reconciliation of Sky’s constant currency growth rates.
Average monthly direct-to-consumer revenue per customer relationship is impacted by rate adjustments and changes in the types and levels of services received by Sky’s customers. Each of Sky’s services has a different contribution to Adjusted EBITDA. We believe average monthly direct-to-consumer revenue per customer relationship is useful in understanding the trends in our business across all of our direct-to-consumer service offerings.
Sky Segment – Revenue
Direct-to-Consumer
Revenue decreased for the three and six months ended June 30, 2022 compared to the same periods in 2021. Excluding the impact of foreign currency, revenue decreased for the three and six months ended June 30, 2022 compared with the prior year periods primarily due to decreases in customer relationships, while average revenue per customer relationship was consistent. The decreases in customer relationships were primarily driven by declines in Italy, partially offset by increases in the United Kingdom compared to the prior year period. Average revenue per customer relationship for the three and six months ended June 30, 2022 compared to the same periods in 2021 reflected the impacts of COVID-19 on business customers in the United Kingdom in the prior year periods, partially offset by declines in average rates in Italy and Germany. The decline in customer relationships and average revenue per customer relationship in Italy included the effects of the reduced broadcast rights for Serie A, which we had held through the end of the 2020-21 season. Beginning with the 2021-22 season in the third quarter of 2021 and through the 2023-24 season, we have nonexclusive broadcast rights to fewer matches, which has resulted and we expect will continue to result in declines in revenue in Italy in 2022.
Content
Revenue decreased for the three and six months ended June 30, 2022 compared to the same periods in 2021. Excluding the impact of foreign currency, revenue decreased primarily due to lower sports programming licensing revenue driven by changes in licensing agreements in Italy and Germany.
Advertising
Revenue decreased for the three months ended June 30, 2022 compared to the same period in 2021. Excluding the impact of foreign currency, revenue decreased primarily as a result of decreased advertising revenue associated with Serie A, partially offset by an increase in advertising revenue in the United Kingdom.
Revenue decreased for the six months ended June 30, 2022 compared to the same period in 2021. Excluding the impact of foreign currency, revenue increased primarily as a result of an overall market improvement in the United Kingdom compared to the prior year periods, partially offset by decreased advertising revenue associated with Serie A.
Sky Segment – Operating Costs and Expenses
Programming and production costs decreased for the three and six months ended June 30, 2022 compared to the same periods in 2021. Excluding the impact of foreign currency, programming and production costs decreased for the three and six months ended June 30, 2022 primarily reflecting lower costs associated with Serie A in Italy as a result of the reduced broadcast rights and lower costs associated with other sports contracts in Germany in the current year period, as well as the timing of recognition of costs related to sporting events.
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Direct network costs increased for the three and six months ended June 30, 2022 compared to the same periods in 2021. Excluding the impact of foreign currency, direct network costs increased primarily due to an increase in costs associated with Skys broadband and wireless phone services as a result of increases in the number of customers receiving these services.
Other expenses decreased for the three and six months ended June 30, 2022 compared to the same periods in 2021. Excluding the impact of foreign currency, other expenses increased for the three and ninesix months ended SeptemberJune 30, 2017 compared to the same periods in 20162022 primarily due to higher operating costs related to new attractions, employee-related costsadministrative costs.
Corporate, Other and additional marketing costs associated with our domestic theme parks.Eliminations

Corporate and Other Results of Operations
Three Months Ended
September 30
 
Increase/
(Decrease)
Three Months Ended
June 30,
Increase/
(Decrease)
Six Months Ended
June 30,
Increase/
(Decrease)
(in millions)2017 2016 $ %(in millions)20222021%20222021%
Revenue$266

$168

$98

58.2 %Revenue$164 $92 77.4 %$402 $181 122.1 %
Operating costs and expenses865

391

474

NM
Operating costs and expenses468 353 32.5 968 722 34.0 
Adjustment for legal settlement(250) 
 (250) NM
Adjusted EBITDA$(349)
$(223)
$(126)
(56.7)%
       
Nine Months Ended
September 30

Increase/
(Decrease)
(in millions)2017
2016
$
%
Revenue$679

$547

$132

24.1 %
Operating costs and expenses1,774

1,215

559

46.1
Adjustment for legal settlement(250) 
 (250) NM
Adjusted EBITDA$(845)
$(668)
$(177)
(26.6)%Adjusted EBITDA$(304)$(261)(16.6)%$(566)$(541)(4.5)%
Corporate and Other—Revenue
Other revenueother primarily relates toincludes overhead and personnel costs, the results of other business initiatives and Comcast Spectacor, which owns the PhiladelphiaPhiladelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania and operates arena management-related businesses, as well as revenue from other. Other business development initiatives such as our wireless phone service.
Corporate and Other—Operating Costs and Expenses
Corporate and Other operating costs and expenses primarily include overhead, personnel costs the costs of other business development initiatives, and operating costs and expenses associated with Comcast Spectacor.Sky Glass smart televisions and the related hardware sales and beginning in the end of the second quarter of 2022, the operations of our streaming platform joint venture with Charter Communications. This consolidated joint venture, which was formed in June 2022, is focused on developing and offering a streaming platform on a variety of devices, including XClass TV smart televisions, and also operates the Xumo streaming service.
Corporate and Other operating costs and expensesRevenue increased for the three and ninesix months ended SeptemberJune 30, 20172022 primarily due to expenses associated with our new wireless phone service. Corporate and Other Adjusted EBITDA excludes $250 millionsales of expense related to a legal settlementSky Glass smart televisions. The increase for the three and ninesix months ended SeptemberJune 30, 2017 (see Note 10 to Comcast's condensed consolidated financial statements).2022 also included increases at Comcast Spectacor as a result of the impacts of COVID-19 in the prior year periods.
Consolidated Other Income (Expense) Items, Net
 Three Months Ended
September 30
 Nine Months Ended
September 30
(in millions)2017 2016 2017 2016
Interest expense$(766) $(751) $(2,279) $(2,186)
Investment income (loss), net82
 80
 205
 168
Equity in net income (losses) of investees, net(39) (34) 12
 (64)
Other income (expense), net27
 (11) 82
 104
Total$(696) $(716) $(1,980) $(1,978)
Interest Expense
Interest expenseExpenses increased for the three and ninesix months ended SeptemberJune 30, 2017 compared to the same periods in 20162022 primarily due to increasescosts related to Sky Glass. We expect to continue to incur increased costs in 2022 related to the launches of Sky Glass and our streaming platform joint venture.
Eliminations
 Three Months Ended
June 30,
Increase/
(Decrease)
Six Months Ended
June 30,
Increase/
(Decrease)
(in millions)20222021%20222021%
Revenue$(696)$(723)(3.8)%$(1,535)$(1,434)7.1 %
Operating costs and expenses(659)(725)(9.1)(1,417)(1,445)(1.9)
Adjusted EBITDA$(36)$2 NM$(119)$11 NM
Percentage changes that are considered not meaningful are denoted with NM.
Amounts represent eliminations of transactions between Cable Communications, NBCUniversal, Sky and other businesses. Eliminations of transactions between NBCUniversal segments are presented separately. Amounts for the six months ended June 30, 2022 reflect an increase in eliminations associated with the Beijing Olympics. Refer to Note 2 for a description of transactions between our segments.
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Non-GAAP Financial Measures
Consolidated Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure and is the primary basis used to measure the operational strength and performance of our businesses as well as to assist in the evaluation of underlying trends in our debt outstanding.businesses. This measure eliminates the significant level of noncash depreciation and amortization expense that results from the capital-intensive nature of certain of our businesses and from intangible assets recognized in business combinations. It is also unaffected by our capital and tax structures, and by our investment activities, including the results of entities that we do not consolidate, as our management excludes these results when evaluating our operating performance. Our management and Board of Directors use this financial measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. Additionally, we believe that Adjusted EBITDA is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure of Adjusted EBITDA may not be directly comparable to similar measures used by other companies.
Investment Income (Loss), Net
The components ofWe define Adjusted EBITDA as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance.
We reconcile consolidated Adjusted EBITDA to net income attributable to Comcast Corporation. This measure should not be considered a substitute for the three and nine months ended September 30, 2017 and 2016 are presentedoperating income (loss), net income (loss), net income (loss) attributable to Comcast Corporation, or net cash provided by operating activities that we have reported in a table in Note 6 to Comcast’s condensed consolidated financial statements.accordance with GAAP.
Equity inReconciliation from Net Income (Losses)Attributable to Comcast Corporation to Adjusted EBITDA
 Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions)2022202120222021
Net income attributable to Comcast Corporation$3,396 $3,738 $6,945 $7,067 
Net income (loss) attributable to noncontrolling interests(155)(108)(227)(145)
Income tax expense1,261 2,000 2,548 3,119 
Investment and other (income) loss, net897 (1,216)709 (1,607)
Interest expense968 1,093 1,962 2,112 
Depreciation2,162 2,113 4,375 4,231 
Amortization1,306 1,270 2,641 2,514 
Adjustments(a)
(9)36 24 48 
Adjusted EBITDA$9,827 $8,927 $18,977 $17,339 
(a)Amounts represent the impact of Investees, Net
The changes in equity in net income (losses) of investees, net for the three and nine months ended September 30, 2017 compared to the same periods in 2016 were primarilycertain events, gains, losses or other charges that are excluded from Adjusted EBITDA, including costs related to our equity method investmentsinvestment portfolio, and Sky transaction-related costs in Atairos Group, Inc.2021.
Constant Currency
Constant currency and Hulu, LLC. Atairos follows investment company accountingconstant currency growth rates are non-GAAP financial measures that present our results of operations excluding the estimated effects of foreign currency exchange rate fluctuations. Certain of our businesses, including Sky, have operations outside the United States that are conducted in local currencies. As a result, the comparability of the financial results reported in U.S. dollars is affected by changes in foreign currency exchange rates. In our Sky segment, we use constant currency and recordsconstant currency growth rates to evaluate the underlying performance of the business, and we believe it is helpful for investors to present operating results on a comparable basis period over period to evaluate its investments at their fair values each reportingunderlying performance.
Constant currency and constant currency growth rates are calculated by comparing the comparative period with the net gains or losses reflected in its statement of income. We recognize our share of these gains and losses in equity in net income (losses) of

investees, net. The losses at Hulu were primarily due to its higher programming and marketing costs. The equity in net income (losses) of Atairos and Hulu for the three and nine months ended September 30, 2017 and 2016 are presentedresults in the table below.
 Three Months Ended
September 30
 Nine Months Ended
September 30
(in millions)2017 2016 2017 2016
Atairos$7
 $(9) $106
 $(36)
Hulu$(62) $(43) $(168) $(108)
Other Income (Expense), Net
Other income (expense), net forprior year adjusted to reflect the nine months ended September 30, 2016 included a gain of $108 million related to the sale of our investment in The Weather Channel’s product and technology businesses.
Consolidated Income Tax Expense
Income tax expense for the three and nine months ended September 30, 2017 and 2016 reflects an effective income tax rate that differsaverage exchange rates from the federal statutory rate primarily due to state income taxes and adjustments associated with uncertain tax positions. In 2017, we prospectively adoptedcurrent year period rather than the new accounting guidance related to share-based compensation, which resultedactual exchange rates in decreases in income tax expenseeffect during the respective prior year periods.
25

Table of $49 million and $247 million for the three and nine months ended September 30, 2017, respectively (see Note 2 to Comcast's condensed consolidated financial statements). In addition, our income tax expense decreased $121 million due to the impactContents
Reconciliation of an internal legal reorganization, which was partially offset by an increase of $53 million due to state tax law changes for both the three and nine months ended September 30, 2017. Including the impacts of these items, we expect our 2017 annual effective tax rate to be in the range of 34% to 36%, absent further changes in tax laws or significant changes in uncertain tax positions.Sky Constant Currency Growth Rates
Three Months Ended
June 30,
Six Months Ended
June 30,
ActualConstant CurrencyConstant Currency ChangeActualConstant CurrencyConstant Currency Change
(in millions, except per customer data)20222021%20222021%
Revenue
Direct-to-consumer$3,680 $3,771 (2.4)%$7,564 $7,672 (1.4)%
Content265 318 (16.4)561 662 (15.4)
Advertising556 574 (3.1)1,152 1,126 2.3 
Total revenue4,501 4,662 (3.5)9,276 9,460 (1.9)
Operating costs and expenses
Programming and production1,562 2,178 (28.3)3,510 4,543 (22.7)
Direct network costs638 561 13.8 1,310 1,173 11.6 
Other1,439 1,418 1.5 2,972 2,875 3.4 
Total operating costs and expenses3,639 4,157 (12.5)7,791 8,591 (9.3)
Adjusted EBITDA$863 $505 70.7 %$1,485 $869 70.9 %
Average monthly direct-to-consumer revenue per customer relationship$53.81 $53.89 (0.1)%$55.18 $55.08 0.2 %
Liquidity and Capital Resources
Six Months Ended
June 30,
(in millions)20222021
Cash provided by operating activities$13,584 $15,357 
Cash used in investing activities$(6,792)$(5,631)
Cash used in financing activities$(8,636)$(9,064)
(in millions)June 30, 2022December 31, 2021
Cash and cash equivalents$6,822 $8,711 
Short-term and long-term debt$93,542 $94,850 
Our businesses generate significant cash flows from operating activities. We believe that we will be able to continue to meet our current and long-term liquidity and capital requirements, including fixed charges, through our cash flows from operating activities; existing cash, cashcash equivalents and investments; available borrowings under our existing credit facilities;facility; and our ability to obtain future external financing. We anticipate that we will continue to use a substantial portion of our cash flows from operating activities in repaying our debt obligations, funding our capital expenditures and cash paid for intangible assets, investing in business opportunities, and returning capital to shareholders.
We maintain significant availability under our revolving credit facility and our commercial paper program to meet our short-term liquidity requirements. Our commercial paper program provides a lower-cost source of borrowing to fund our short-term working capital requirements. As of June 30, 2022, amounts available under our revolving credit facility, net of amounts outstanding under our commercial paper program and outstanding letters of credit and bank guarantees, totaled $11.0 billion.
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Operating ActivitiesActivities
Components of Net Cash Provided by Operating Activities
Nine Months Ended
September 30
Six Months Ended
June 30,
(in millions)2017 2016(in millions)20222021
Operating income$13,880
 $12,595
Operating income$11,936 $10,546 
Depreciation, amortization and other operating gains7,181
 7,062
Depreciation and amortizationDepreciation and amortization7,016 6,745 
Noncash share-based compensation594
 495
Noncash share-based compensation675 711 
Changes in operating assets and liabilities(168) (1,575)Changes in operating assets and liabilities(1,715)892 
Payments of interest(2,277) (2,043)Payments of interest(1,644)(1,909)
Payments of income taxes(3,415) (2,716)Payments of income taxes(2,841)(1,832)
Other166
 171
Proceeds from investments and otherProceeds from investments and other155 204 
Net cash provided by operating activities$15,961
 $13,989
Net cash provided by operating activities$13,584 $15,357 
The variance in changes in operating assets and liabilities for the ninesix months ended SeptemberJune 30, 20172022 compared to the same period in 20162021 was primarily related to the timing of amortization and related payments for our film and television costs, including the return to normal production levels and the timing of sporting events, decreases in deferred revenue, which included the impacts of our broadcast of the Beijing Olympics, increases in accounts receivable, and the timing of administrative costs.
The decrease in payments of interest for the six months ended June 30, 2022 compared to the same period in 2021 was primarily due to the timing of collections on our receivables and recognition of deferred revenue associated with our broadcast of the 2016 Rio Olympics and the payment of a tax receivable agreement that DreamWorks previously entered into with one of its former stockholdersdecrease in the prior year period. The variance was also due to the timing of film and television spending, including certain sports programming obligations, and an increase related to a legal settlementaverage debt outstanding in the current year period.period and cash proceeds from the settlement of interest rate swaps related to the collateralized obligation.

The increase in payments of income taxes for the six months ended June 30, 2022 compared to the same period in 2021 was due to higher taxable income and payments related to the preceding tax year.
The decrease in proceeds from investments and other for the six months ended June 30, 2022 compared to the same period in 2021 was primarily due to decreased cash distributions received from equity method investments.
Investing Activities
Net cash used in investing activities for the nine months ended September 30, 2017 consisted primarily of capital expenditures, purchases of investments, cash paid for intangible assets and acquisitions. Capital expenditures increased for the ninesix months ended SeptemberJune 30, 20172022 compared to the same period in 20162021, primarily due to our Cable Communications segment's continued investmentreflecting purchases of short-term investments in scalable infrastructure to increase network capacitythe current year period (see Note 7) and increased investment in line extensions primarilycapital expenditures and cash paid for the expansion of business services,intangible assets related to software development. These increases were partially offset by a decreasedecreased cash paid related to the construction of Universal Beijing Resort in spending on customer premise equipment. NBCUniversal capital expenditures decreasedthe current year period and cash paid for the nineacquisition of a business in the prior year period. Capital expenditures, which is our most significant recurring investing activity, increased for the six months ended SeptemberJune 30, 20172022 compared to the same period in 20162021, primarily reflecting increased spending at Theme Parks related to the development of the Epic Universe theme park in Orlando, and at Cable Communications due to increased spending on line extensions and scalable infrastructure, partially offset by decreased spending on customer premise equipment and support capital. These increases were partially offset by decreased spending at Sky primarily related to customer premise equipment.
In 2022, we formed the timing of real estateSkyShowtime joint venture with Paramount Global. The new direct-to-consumer streaming service is expected to be made available in select European markets starting in 2022, and infrastructure spending. Purchases of investments for the nine months ended September 30, 2017 consisted primarily of our cash capital contributionspartners have committed to Atairos of $994 million and our investmenta multiyear funding plan that began in Snap Inc. of $500 million.
On April 13, 2017, the Federal Communications Commission announced the results of its spectrum auction. In the auction, NBCUniversal relinquished its spectrum rights in the New York, Philadelphia and Chicago designated market areas where NBC and Telemundo had overlapping spectrum. NBCUniversal received proceeds of $482 million in July 2017, which were recorded in other investing activities in our condensed consolidated statement of cash flows. In connection with the auction, we also acquired the rights to $1.7 billion of spectrum. We had previously made a deposit of $1.8 billion to participate in the auction in the third quarter of 2016 and received a refund for amounts in excess of the purchase price in the second quarter of 2017.2022.
Financing Activities
Net cash used in financing activities decreased for the ninesix months ended SeptemberJune 30, 2017 consisted2022 compared to the same period in 2021 primarily ofdue to repurchases and repayments of debt in the prior year period partially offset by increases in repurchases of common stock under our share repurchase program and employee plans in the purchasecurrent year. Other financing activities included initial contributions related to our streaming joint venture with Charter Communications received in the current year period
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under a multiyear funding plan and payments related to the remaining 49% noncontrolling interestsredemption of NBCUniversal Enterprise redeemable subsidiary preferred stock presented in Universal Studios Japan, and dividend payments, which were partially offset by proceeds from borrowings.the prior year period.
We have made, and may from time to time in the future make, optional repayments on our debt obligations, which may include repurchases or exchanges of our outstanding public notes and debentures, depending on various factors, such as market conditions. Any such repurchases may be effected through privately negotiated transactions, market transactions, tender offers, redemptions or otherwise. See NoteNotes 5 and 7 to Comcast’s condensed consolidated financial statements for additional information on our financing activities, including details of our debt repayments and borrowings and our exchange of senior notes.
Available Borrowings Under Credit Facilities
We also maintain significant availability under our lines of credit and commercial paper programs to meet our short-term liquidity requirements.
As of September 30, 2017, amounts available under our consolidated revolving credit facilities, net of amounts outstanding under our commercial paper programs and outstanding letters of credit, totaled $8.3 billion, which included $1.5 billion available under the NBCUniversal Enterprise revolving credit facility.activities.
Share Repurchases and Dividends
EffectiveIn the second quarter of 2021, we restarted our share repurchase program, which had been paused since the beginning of 2019. In January 1, 2017,2022, our Board of Directors increased our share repurchase program authorization to $12 billion, which does not have an expiration date. Under the authorization, we may repurchase shares in the open market or in private transactions.$10 billion. During the ninesix months ended SeptemberJune 30, 2017,2022, we repurchased a total of 98133.4 million shares of our Class A common stock for $3.8$6.0 billion. WeUnder the authorization, which does not have an expiration date, we expect to make $1.2 billion more in repurchases under this authorizationrepurchase additional shares during the remainder of 2017, although the actual repurchase amount2022, which may be morein the open market or less.in private transactions.
In addition, we paid $397$288 million for the ninesix months ended SeptemberJune 30, 20172022 related to employee taxes associated with the administration of our share-based compensation plans.
In January 2017,2022, our Board of Directors approved a 15%an 8% increase in our dividend to $0.63$1.08 per share on an annualized basis. On April 27, 2022, we paid dividends of $1.2 billion. In July 2017,May 2022, our Board of Directors approved our thirdsecond quarter dividend of $0.1575$0.27 per share, to bewhich was paid in October 2017.July 2022. We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors.
Guarantee Structure
Our debt is primarily issued at Comcast, although we also have debt at certain of our subsidiaries as a result of acquisitions and other issuances. A substantial amount of this debt is subject to guarantees by Comcast and by certain subsidiaries that we have put in place to simplify our capital structure. We believe this guarantee structure provides liquidity benefits to debt investors and helps to simplify credit analysis with respect to relative value considerations of guaranteed subsidiary debt.
Debt and Guarantee Structure
(in billions)June 30, 2022December 31, 2021
Debt Subject to Cross-Guarantees
Comcast$85.1 $85.9 
Comcast Cable(a)
2.0 2.1 
NBCUniversal(a)
1.6 1.6 
88.7 89.6 
Debt Subject to One-Way Guarantees
Sky6.0 6.3 
Other(a)
0.1 0.1 
6.1 6.5 
Debt Not Guaranteed
Universal Beijing Resort(b)
3.5 3.6 
Other1.3 1.2 
4.8 4.7 
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net(6.1)(6.0)
Total debt$93.5 $94.8 
(a)NBCUniversal, Comcast Cable and Comcast Holdings (included within other debt subject to one-way guarantees) are each consolidated subsidiaries subject to the periodic reporting requirements of the SEC. The guarantee structures and related disclosures in this section, together with Exhibit 22, satisfy these reporting obligations.
(b)Universal Beijing Resort debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the investors. See Note 7 for additional information.

Cross-Guarantees
Comcast, NBCUniversal and Comcast Cable (the “Guarantors”) fully and unconditionally, jointly and severally, guarantee each other’s debt securities. NBCUniversal and Comcast Cable also guarantee other borrowings of Comcast, including its revolving
28

Table of Contents
credit facility. These guarantees rank equally with all other general unsecured and unsubordinated obligations of the respective Guarantors. However, the obligations of the Guarantors under the guarantees are structurally subordinated to the indebtedness and other liabilities of their respective non-guarantor subsidiaries. The obligations of each Guarantor are limited to the maximum amount that would not render such Guarantor’s obligations subject to avoidance under applicable fraudulent conveyance provisions of U.S. and non-U.S. law. Each Guarantor’s obligations will remain in effect until all amounts payable with respect to the guaranteed securities have been paid in full. However, a guarantee by NBCUniversal or Comcast Cable of Comcast’s debt securities, or by NBCUniversal of Comcast Cable’s debt securities, will terminate upon a disposition of such Guarantor entity or all or substantially all of its assets.
The Guarantors are each holding companies that principally hold investments in, borrow from and lend to non-guarantor subsidiary operating companies; issue and service third-party debt obligations; repurchase shares and pay dividends; and engage in certain corporate and headquarters activities. The Guarantors are generally dependent on non-guarantor subsidiary operating companies to fund these activities.
As of June 30, 2022 and December 31, 2021, the combined Guarantors have noncurrent notes payable to non-guarantor subsidiaries of $126 billion for both periods and noncurrent notes receivable from non-guarantor subsidiaries of $28 billion and $30 billion, respectively. This financial information is that of the Guarantors presented on a combined basis with intercompany balances between the Guarantors eliminated. The combined financial information excludes financial information of non-guarantor subsidiaries. The underlying net assets of the non-guarantor subsidiaries are significantly in excess of the Guarantor obligations. Excluding investments in non-guarantor subsidiaries, external debt and the noncurrent notes payable and receivable with non-guarantor subsidiaries, the Guarantors do not have material assets, liabilities or results of operations.
One-Way Guarantees
Comcast provides full and unconditional guarantees of certain debt issued by Sky and other consolidated subsidiaries not subject to the periodic reporting requirements of the SEC.
Comcast also provides a full and unconditional guarantee of $138 million principal amount of subordinated debt issued by Comcast Holdings. Comcast’s obligations under this guarantee are subordinated and subject, in right of payment, to the prior payment in full of all of Comcast’s senior indebtedness, including debt guaranteed by Comcast on a senior basis, and are structurally subordinated to the indebtedness and other liabilities of its non-guarantor subsidiaries (for purposes of this Comcast Holdings discussion, Comcast Cable and NBCUniversal are included within the non-guarantor subsidiary group). Comcast’s obligations as guarantor will remain in effect until all amounts payable with respect to the guaranteed debt have been paid in full. However, the guarantee will terminate upon a disposition of Comcast Holdings or all or substantially all of its assets. Comcast Holdings is a consolidated subsidiary holding company that directly or indirectly holds 100% and approximately 37% of our equity interests in Comcast Cable and NBCUniversal, respectively.
As of June 30, 2022 and December 31, 2021, Comcast and Comcast Holdings, the combined issuer and guarantor of the guaranteed subordinated debt, have noncurrent senior notes payable to non-guarantor subsidiaries of $97 billion and $96 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $27 billion and $29 billion, respectively. This financial information is that of Comcast and Comcast Holdings presented on a combined basis with intercompany balances between Comcast and Comcast Holdings eliminated. The combined financial information excludes financial information of non-guarantor subsidiaries of Comcast and Comcast Holdings. The underlying net assets of the non-guarantor subsidiaries of Comcast and Comcast Holdings are significantly in excess of the obligations of Comcast and Comcast Holdings. Excluding investments in non-guarantor subsidiaries, external debt, and the noncurrent notes payable and receivable with non-guarantor subsidiaries, Comcast and Comcast Holdings do not have material assets, liabilities or results of operations.
Critical Accounting Judgments and Estimates
The preparation of our condensed consolidated financial statements requires us to make estimates that affect the reported amounts of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and contingent liabilities. We base our judgments on our historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making estimates about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

We believe our judgments and related estimates associated with the valuation and impairment testing of our cable franchise rights and accounting for film and television costs are critical in the preparation of our condensed consolidated financial statements. We performed our annual impairment testing of our cable franchise rights as of July 1, 2017 and no impairment charge was required.
For a more complete discussion of the accounting judgments and estimates that we have identified as critical in the preparation of our condensed consolidated financial statements, please refer to our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 20162021 Annual Report on Form 10-K.
29
Recent Accounting Pronouncements

See Note 2 to each
Table of Comcast’s and NBCUniversal’s condensed consolidated financial statements for additional information related to recent accounting pronouncements.Contents
ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We have evaluated the information required under this item that was disclosed in our 20162021 Annual Report on Form 10-K and there have been no significantmaterial changes to this information.
ITEM 4: CONTROLS AND PROCEDURES
Comcast Corporation
Conclusions regarding disclosure controls and procedures
Our principal executive and principal financial officers, after evaluating the effectiveness of Comcast’sour disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this report, have concluded that, based on the evaluation of these controls and procedures required by paragraph (b) of Exchange Act Rules 13a-15 or 15d-15, Comcast’ssuch disclosure controls and procedures were effective.
Changes in internal control over financial reporting
There were no changes in Comcast’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during Comcast’sthe last fiscal quarter that have materially affected, or are reasonably likely to materially affect, Comcast’sour internal control over financial reporting.
NBCUniversal Media, LLC
Conclusions regarding disclosure controls and procedures
30
Our principal executive and principal financial officers, after evaluating the effectiveness

Changes in internal control over financial reporting
There were no changes in NBCUniversal’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during NBCUniversal’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, NBCUniversal’s internal control over financial reporting.
PART II: OTHER INFORMATION
ITEM 1: LEGAL PROCEEDINGS
Refer toSee Note 10 to Comcast’s condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for a discussion of legal proceedings.
NBCUniversal is subject to legal proceedings and claims that arise in the ordinary course of its business and does not expect the final disposition of these matters to have a material adverse effect on its results of operations, cash flows or financial condition, although any such matters could be time-consuming and costly and could injure its reputation.

ITEM 1A: RISK FACTORS
There have been no significantmaterial changes from the risk factors previously disclosed in Item 1A of our 20162021 Annual Report on Form 10-K.
ITEM 2: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The table below summarizes Comcast’sComcast's common stock repurchases during the three months ended SeptemberJune 30, 2017.2022.
Purchases of Equity Securities
PeriodTotal
Number of
Shares
Purchased
Average
Price
Per
Share
Total Number of
Shares Purchased
as Part of Publicly
Announced Authorization
Total Dollar
Amount
Purchased
Under the Publicly Announced
Authorization
Maximum Dollar
Value of Shares That
May Yet Be
Purchased Under the Publicly Announced
Authorization
(a)
April 1-30, 202223,345,987 $45.76 23,345,987 $1,068,203,112 $5,931,796,908 
May 1-31, 202216,756,313 

$40.70 16,756,313 $681,909,013 $5,249,887,895 
June 1-30, 202230,744,187 $40.65 30,744,187 $1,249,888,060 $3,999,999,835 
Total70,846,487 $42.35 70,846,487 $3,000,000,186 $3,999,999,835 
PeriodTotal
Number of
Shares
Purchased
 Average
Price
Per
Share
Total Number of
Shares Purchased
as Part of Publicly
Announced Authorization
Total Dollar
Amount
Purchased
Under the Publicly Announced
Authorization
Maximum Dollar
Value of Shares That
May Yet Be
Purchased Under the Publicly Announced
Authorization
(a)
July 1-31, 2017
 $

$
$9,868,909,599
August 1-31, 201718,907,754

$39.34
18,907,754
$743,909,599
$9,125,000,000
September 1-30, 201723,975,477
 $39.21
23,975,477
$939,986,531
$8,185,013,469
Total42,883,231
 $39.27
42,883,231
$1,683,896,130
$8,185,013,469
(a)Effective January 1, 2022, our Board of Directors increased our share repurchase program authorization to $10 billion. Under the authorization, which does not have an expiration date, we expect to repurchase additional shares, which may be in the open market or in private transactions.
(a)
Effective January 1, 2017, our Board of Directors increased our share repurchase program authorization to $12 billion, which does not have an expiration date. Under this authorization, we may repurchase shares in the open market or in private transactions.
The total number of shares purchased during the three months ended SeptemberJune 30, 20172022 does not include any shares received in the administration of employee share-based compensation plans.
ITEM 5: OTHER INFORMATION
Iran Threat Reduction and Syria Human Rights Act Disclosure
Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, companies are required, among other things, to disclose certain activities, transactions or dealings with the Government of Iran or entities controlled directly or indirectly by the Government of Iran. Disclosure is generally required even where the activities, transactions or dealings are conducted in compliance with applicable laws and regulations and are de minimis. As of the date of this report, we are not aware of any activity, transaction or dealingplans as there were none received during the three months ended September 30, 2017 that requires disclosure under the Act, except with respect to a January 2016 licensing agreement by a non-U.S. subsidiary of DreamWorks Animation prior to our August 2016 DreamWorks Animation acquisition. The agreement licensed a prior season of a children’s animated television series for a three-year, non-cancelable term and for a one-time fee of $5,200 to a broadcasting company that is owned and controlled by the Government of Iran. The broadcasting company paid the license fee in the first quarter of 2016. We believe that DreamWorks Animation conducted its licensing activity in compliance with applicable laws and that the license is for the permissible exportation of informational materials pursuant to certain statutory and regulatory exemptions from U.S. sanctions.period.

ITEM 6: EXHIBITS
Comcast
Exhibit
No.
Description
Employment Agreement between Comcast Corporation and Brian L. Roberts,Dana Strong, dated as of July 26, 2017January 1, 2021.
Subsidiary guarantors and issuers of guaranteed securities and affiliates whose securities collateralize securities of the registrant (incorporated by reference to Exhibit 10.222 to Comcast's Quarterly Report on Form 10-Q for the quarter ended JuneSeptember 30, 2017)2021).
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101The following financial statements from Comcast Corporation’s Quarterly Report on Form 10-Q for the three and ninesix months ended SeptemberJune 30, 2017,2022, filed with the Securities and Exchange Commission on October 26, 2017,July 28, 2022, formatted in XBRL (eXtensibleInline Extensible Business Reporting Language)Language (iXBRL): (i) the Condensed Consolidated Balance Sheet;Statement of Income; (ii) the Condensed Consolidated Statement of Comprehensive Income; (iii) the Condensed Consolidated Statement of Comprehensive Income;Cash Flows; (iv) the Condensed Consolidated Statement of Cash Flows;Balance Sheet; (v) the Condensed Consolidated Statement of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements.
* Constitutes a management contract or compensatory plan or arrangement.
104
NBCUniversal
Cover Page Interactive Data File (embedded within the iXBRL document).
Exhibit
No.
Description
Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101The following financial statements from NBCUniversal Media, LLC’s Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2017, filed with the Securities and Exchange Commission on October 26, 2017, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheet; (ii) the Condensed Consolidated Statement of Income; (iii) the Condensed Consolidated Statement of Comprehensive Income; (iv) the Condensed Consolidated Statement of Cash Flows; (v) the Condensed Consolidated Statement of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements.

*Constitutes a management contract or compensatory plan or arrangement.
31

SIGNATURES
Comcast
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
COMCAST CORPORATION
COMCAST CORPORATION
By:
By:  /s/ DANIEL C. MURDOCK
Daniel C. Murdock
SeniorExecutive Vice President, Chief Accounting Officer and Controller
(Principal Accounting Officer)
Date: October 26, 2017July 28, 2022
NBCUniversal
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
32
NBCUNIVERSAL MEDIA, LLC
By:/s/ DANIEL C. MURDOCK
Daniel C. Murdock
Senior Vice President
(Principal Accounting Officer)
Date: October 26, 2017


NBCUniversal Media, LLC Financial Statements


NBCUniversal Media, LLC

Condensed Consolidated Balance Sheet
(Unaudited)
(in millions)September 30,
2017
 December 31,
2016
Assets   
Current Assets:   
Cash and cash equivalents$2,014
 $1,966
Receivables, net6,177
 6,302
Programming rights1,772
 1,241
Other current assets1,114
 938
Total current assets11,077
 10,447
Film and television costs6,791
 7,245
Investments1,817
 1,263
Property and equipment, net of accumulated depreciation of $3,999 and $3,35011,040
 10,511
Goodwill23,963
 23,323
Intangible assets, net of accumulated amortization of $7,372 and $6,56813,375
 13,777
Other noncurrent assets, net1,582
 1,688
Total assets$69,645
 $68,254
Liabilities and Equity   
Current Liabilities:   
Accounts payable and accrued expenses related to trade creditors$1,449
 $1,647
Accrued participations and residuals1,811
 1,726
Program obligations576
 807
Deferred revenue1,479
 1,016
Accrued expenses and other current liabilities1,807
 1,888
Note payable to Comcast1,805
 2,703
Current portion of long-term debt196
 127
Total current liabilities9,123
 9,914
Long-term debt, less current portion12,157
 11,461
Accrued participations, residuals and program obligations1,202
 1,202
Other noncurrent liabilities4,099
 4,130
Commitments and contingencies
 
Redeemable noncontrolling interests407
 530
Equity:
  
Member’s capital41,760
 39,036
Accumulated other comprehensive income (loss)(29) (135)
Total NBCUniversal member’s equity41,731
 38,901
Noncontrolling interests926
 2,116
Total equity42,657
 41,017
Total liabilities and equity$69,645
 $68,254
See accompanying notes to condensed consolidated financial statements.

NBCUniversal Media, LLC

Condensed Consolidated Statement of Income
(Unaudited)
 Three Months Ended
September 30
 Nine Months Ended
September 30
(in millions)2017 2016 2017 2016
Revenue$8,014
 $9,178
 $24,213
 $23,142
Costs and Expenses:       
Programming and production3,257
 4,501
 10,157
 10,503
Other operating and administrative1,859
 1,912
 5,586
 5,159
Advertising, marketing and promotion624
 619
 2,108
 2,023
Depreciation253
 209
 749
 624
Amortization253
 236
 785
 700
Other operating gains(337) 
 (337) 
 5,909
 7,477
 19,048
 19,009
Operating income2,105
 1,701
 5,165
 4,133
Other Income (Expense):       
Interest expense(139) (151) (431) (444)
Investment income (loss), net10
 6
 34
 20
Equity in net income (losses) of investees, net(52) (34) (107) (55)
Other income (expense), net16
 (16) 31
 81
 (165) (195) (473) (398)
Income before income taxes1,940
 1,506
 4,692
 3,735
Income tax expense(98) (139) (289) (311)
Net income1,842
 1,367
 4,403
 3,424
Net (income) loss attributable to noncontrolling interests(17) (78) (102) (200)
Net income attributable to NBCUniversal$1,825
 $1,289
 $4,301
 $3,224
See accompanying notes to condensed consolidated financial statements.

NBCUniversal Media, LLC

Condensed Consolidated Statement of Comprehensive Income
(Unaudited)
 Three Months Ended
September 30
 Nine Months Ended
September 30
(in millions)2017 2016 2017 2016
Net income$1,842
 $1,367
 $4,403
 $3,424
Unrealized gains (losses) on marketable securities, net(94) 
 (233) 
Deferred gains (losses) on cash flow hedges, net(5) 5
 (27) (7)
Employee benefit obligations, net(3) 
 101
 4
Currency translation adjustments, net22
 50
 211
 652
Comprehensive income1,762
 1,422
 4,455
 4,073
Net (income) loss attributable to noncontrolling interests(17) (78) (102) (200)
Other comprehensive (income) loss attributable to noncontrolling interests(5) (34) (87) (321)
Comprehensive income attributable to NBCUniversal$1,740
 $1,310
 $4,266
 $3,552
See accompanying notes to condensed consolidated financial statements.

NBCUniversal Media, LLC

Condensed Consolidated Statement of Cash Flows
(Unaudited)
 Nine Months Ended
September 30
(in millions)2017 2016
Net cash provided by operating activities$5,572
 $3,339
Investing Activities   
Capital expenditures(977) (991)
Cash paid for intangible assets(197) (181)
Acquisitions of real estate properties
 (78)
Proceeds from sales of investments42
 104
Purchases of investments(368) (74)
Other474
 (236)
Net cash provided by (used in) investing activities(1,026) (1,456)
Financing Activities   
Proceeds from borrowings3,948
 
Repurchases and repayments of debt(3,450) (1,515)
Proceeds from (repayments of) borrowings from Comcast, net(898) 1,132
Distributions to member(1,720) (1,213)
Distributions to noncontrolling interests(165) (161)
Purchase of Universal Studios Japan noncontrolling interests(2,299) 
Other86
 354
Net cash provided by (used in) financing activities(4,498) (1,403)
Increase (decrease) in cash and cash equivalents48
 480
Cash and cash equivalents, beginning of period1,966
 1,410
Cash and cash equivalents, end of period$2,014
 $1,890
See accompanying notes to condensed consolidated financial statements.


NBCUniversal Media, LLC

Condensed Consolidated Statement of Changes in Equity
(Unaudited)
(in millions)Redeemable
Noncontrolling
Interests
 Member’s
Capital
 Accumulated
Other
Comprehensive
Income (Loss)
 Noncontrolling
Interests
 Total Equity
Balance, December 31, 2015$372
 $32,834
 $(212) $1,681
 $34,303
Dividends declared
 (1,213) 
 
 (1,213)
Contributions from (distributions to) noncontrolling interests, net(47) 
 
 (114) (114)
DreamWorks contributions  3,558
   89
 3,647
Other comprehensive income (loss)
 
 328
 321
 649
Other72
 3
 
 160
 163
Net income (loss)30
 3,224
   170
 3,394
Balance, September 30, 2016$427
 $38,406
 $116
 $2,307
 $40,829
Balance, December 31, 2016$530
 $39,036
 $(135) $2,116
 $41,017
Dividends declared  (1,720) 
 
 (1,720)
Contributions from (distributions to) noncontrolling interests, net(56) 
 
 (95) (95)
Contribution from member
 662
 

 

 662
Other comprehensive income (loss)
 

 (35) 87
 52
Purchase of Universal Studios Japan noncontrolling interests  (704) 141
 (1,736) (2,299)
Other(85) 185
 
 470
 655
Net income (loss)18
 4,301
 
 84
 4,385
Balance, September 30, 2017$407
 $41,760
 $(29) $926
 $42,657
See accompanying notes to condensed consolidated financial statements.

NBCUniversal Media, LLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1: Condensed Consolidated Financial Statements
Basis of Presentation
Unless indicated otherwise, throughout these notes to the condensed consolidated financial statements, we refer to NBCUniversal and its consolidated subsidiaries as “we,” “us” and “our.” We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, financial condition and cash flows for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.
The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2016 Annual Report on Form 10-K.
Note 2: Recent Accounting Pronouncements
Revenue Recognition
In May 2014, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to revenue recognition. The updated accounting guidance provides a single, contract-based revenue recognition model to help improve financial reporting by providing clearer guidance on when an entity should recognize revenue and by reducing the number of standards to which an entity has to refer. The updated accounting guidance is effective for us as of January 1, 2018.
We have substantially completed the review of our revenue arrangements and do not currently expect that the adoption of the new standard will have a material impact on our financial position or results of operations. However, we do expect that the new standard will impact the timing of recognition for our Cable Networks, Broadcast Television and Filmed Entertainment segments’ content licensing revenue associated with renewals or extensions of existing program licensing agreements, which will be recognized as revenue when the licensed content becomes available under the renewal or extension instead of when the agreement is renewed or extended. The updated guidance also requires additional disclosures regarding the nature, timing and uncertainty of our revenue transactions. We intend to adopt the provisions of the guidance using the full retrospective method, under which we will adjust any prior periods presented to reflect the updated guidance.
Financial Assets and Financial Liabilities
In January 2016, the FASB updated the accounting guidance related to the recognition and measurement of financial assets and financial liabilities. The updated accounting guidance, among other things, requires that all nonconsolidated equity investments, except those accounted for under the equity method, be measured at fair value and that the changes in fair value be recognized in net income. The updated guidance is effective for us as of January 1, 2018. The updated accounting guidance requires a cumulative effect adjustment to beginning retained earnings in the year the guidance is adopted with certain exceptions. If we had adopted the provisions of the updated guidance as of January 1, 2017 for our equity investments classified as available-for-sale securities, primarily our investment in Snap Inc. (see Note 6), net income attributable to NBCUniversal would have decreased for the three and nine months ended September 30, 2017 by $95 million and $234 million, respectively. We are currently in the process of determining the impact that the updated accounting guidance will have on our cost method investments.
Leases
In February 2016, the FASB updated the accounting guidance related to leases. The updated accounting guidance requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. The asset and liability are initially measured based on the present value of committed lease payments. For a lessee, the recognition, measurement and presentation of expenses and cash flows arising from a lease do not significantly change from previous guidance. For a lessor, the accounting applied is also largely unchanged from previous guidance. The updated guidance is effective for us as of January 1, 2019 and early adoption is permitted. The updated accounting guidance must be adopted using a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements.

NBCUniversal Media, LLC

Note 3: Significant Transactions
FCC Spectrum Auction
On April 13, 2017, the Federal Communications Commission announced the results of its spectrum auction. In the auction, we relinquished our spectrum rights in the New York, Philadelphia and Chicago designated market areas (“DMAs”) where NBC and Telemundo had overlapping spectrum. We received proceeds of $482 million in July 2017, which were recorded in other investing activities in our condensed consolidated statement of cash flows. We recognized a pretax gain of $337 million in other operating gains for the three months ended September 30, 2017 in our condensed consolidated statement of income. NBC and Telemundo stations will share broadcast signals in these DMAs.
Universal Studios Japan
On April 6, 2017, we acquired the remaining interests in Universal Studios Japan that we did not already own for $2.3 billion. The acquisition was funded through borrowings under our revolving credit agreement with Comcast. Because we maintained control of Universal Studios Japan, the difference between the consideration transferred and the recorded value of the noncontrolling interests, as well as the related accumulated other comprehensive income impact, were recorded to additional paid-in capital.
DreamWorks Animation
On August 22, 2016, Comcast acquired all of the outstanding stock of DreamWorks Animation for $3.8 billion. DreamWorks Animation’s stockholders received $41 in cash for each share of DreamWorks Animation common stock. DreamWorks Animation creates animated feature films, television series and specials, live entertainment, and related consumer products.
Following the acquisition, Comcast converted DreamWorks Animation to a limited liability company and contributed its equity to us as a capital contribution. The net assets contributed to us excluded deferred income taxes and other tax-related items recorded by Comcast. The results of operations for DreamWorks Animation are reported in our Filmed Entertainment segment following the acquisition date and are presented as if the initial equity contribution occurred on the date of Comcast’s acquisition.
Allocation of Purchase Price
The transaction was accounted for under the acquisition method of accounting and, accordingly, the assets and liabilities are to be recorded at their fair market values as of the acquisition date. We recorded the acquired assets and liabilities of DreamWorks Animation at their estimated fair values based on valuation analyses. In valuing acquired assets and liabilities, fair value estimates were primarily based on Level 3 inputs, including future expected cash flows, market rate assumptions and discount rates. The fair value of the assumed debt was primarily based on quoted market values. The fair value of the liability related to a tax receivable agreement that DreamWorks Animation had previously entered into with one of its former stockholders (the “tax receivable agreement”) was based on the contractual settlement provisions in the agreement. During the nine months ended September 30, 2017, we updated the allocation of purchase price for DreamWorks Animation based on final valuation analyses, which primarily resulted in increases to noncontrolling interests, intangible assets and goodwill and a decrease to working capital. The changes did not have a material impact on our condensed consolidated financial statements.
The table below presents the allocation of the purchase price to the assets and liabilities of DreamWorks Animation.
Allocation of Purchase Price
(in millions)  
Film and television costs$838
Intangible assets396
Working capital156
Debt(381)
Tax receivable agreement(a)
(146)
Other noncurrent assets and liabilities and other(b)
461
Identifiable net assets (liabilities) acquired1,324
Noncontrolling interests(337)
Goodwill2,786
Cash consideration transferred$3,773
(a)The tax receivable agreement was settled immediately following the acquisition and the payment was recorded as an operating activity in our condensed consolidated statement of cash flows in the third quarter of 2016. Comcast made a separate cash capital contribution of $146 million to fund the settlement which was recorded as a financing activity in our condensed consolidated statement of cash flows in the third quarter of 2016.
(b)Other included $279 million recorded to member’s capital that represented deferred income tax assets and other tax-related items recorded by Comcast but excluded from the net assets contributed to us.

NBCUniversal Media, LLC

Revenue and net income attributable to the acquisition of DreamWorks Animation were not material for the three and nine months ended September 30, 2017 and 2016.
Note 4: Related Party Transactions
In the ordinary course of our business, we enter into transactions with Comcast.
We generate revenue from Comcast primarily from the distribution of our cable network programming, the fees received under retransmission consent agreements in our Broadcast Television segment and, to a lesser extent, the sale of advertising and our owned programming, and we incur expenses primarily related to advertising and various support services provided by Comcast to us.
Comcast is also the counterparty to one of our contractual obligations. As of September 30, 2017, the carrying value of the liability associated with this contractual obligation was $383 million.
The following tables present transactions with Comcast and its consolidated subsidiaries that are included in our condensed consolidated financial statements.
Condensed Consolidated Balance Sheet
(in millions)September 30,
2017
 December 31,
2016
Transactions with Comcast and Consolidated Subsidiaries   
Receivables, net$327
 $285
Accounts payable and accrued expenses related to trade creditors$33
 $55
Accrued expenses and other current liabilities$39
 $4
Note payable to Comcast$1,805
 $2,703
Other noncurrent liabilities$389
 $389
Condensed Consolidated Statement of Income
 Three Months Ended
September 30
 Nine Months Ended
September 30
(in millions)2017 2016 2017 2016
Transactions with Comcast and Consolidated Subsidiaries       
Revenue$463
 $522
 $1,382
 $1,335
Operating costs and expenses$(38) $(53) $(148) $(157)
Other income (expense)$(20) $(18) $(67) $(48)
Note 5: Film and Television Costs
(in millions)September 30,
2017
 December 31,
2016
Film Costs:   
Released, less amortization$1,747
 $1,750
Completed, not released198
 50
In production and in development829
 1,310
 2,774
 3,110
Television Costs:   
Released, less amortization2,047
 1,953
In production and in development853
 853
 2,900
 2,806
Programming rights, less amortization2,889
 2,570
 8,563
 8,486
Less: Current portion of programming rights1,772
 1,241
Film and television costs$6,791
 $7,245

NBCUniversal Media, LLC

Note 6: Investments
(in millions)September 30,
2017
 December 31,
2016
Fair Value Method:

 

Snap$427
 $
Other4
 6

431
 6
Equity Method:

 

Hulu255
 225
Other432
 336

687
 561
Cost Method:

 

BuzzFeed400
 400
Other299
 296

699
 696
Total investments$1,817
 $1,263
Fair Value Method
Snap
In March 2017, Comcast acquired an interest in Snap Inc. as part of its initial public offering. On March 31, 2017, Comcast contributed its investment in Snap to us as an equity contribution of $662 million, which was recorded in our condensed consolidated statement of equity based on the fair value of the investment as of March 31, 2017. We have classified our investment as an available-for-sale security. Snap is a camera company whose primary product is Snapchat, a camera app that was created to help people communicate through short videos and images.
Equity Method
The Weather Channel
In January 2016, following a legal restructuring at The Weather Channel, we and the other investors sold the entity holding The Weather Channel’s product and technology businesses to IBM. Following the close of the transaction, we continue to hold an investment in The Weather Channel cable network through a new holding company. As a result of the sale of our investment, we recognized a pretax gain of $108 million in other income (expense), net for the nine months ended September 30, 2016.
Note 7: Long-Term Debt
As of September 30, 2017, our debt, excluding the note payable to Comcast, had a carrying value of $12.4 billion and an estimated fair value of $13.5 billion. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market values for the debt. The estimated fair value of debt for which there are no quoted market prices was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.
In May 2017, Universal Studios Japan entered into ¥450 billion ($3.9 billion at issuance) of new term loans with a final maturity of March 2022. We used the proceeds from these borrowings to repay in full $3.3 billion of Universal Studios Japan’s existing yen-denominated term loans and a portion of amounts outstanding under our revolving credit agreement with Comcast.
Cross-Guarantee Structure
We, Comcast and a 100% owned cable holding company subsidiary of Comcast (“CCCL Parent”) have fully and unconditionally guaranteed each other’s debt securities, including the $7 billion Comcast revolving credit facility due 2021. As of September 30, 2017, outstanding debt securities of $47.5 billion of Comcast and CCCL Parent were subject to the cross-guarantee structure.
We do not, however, guarantee the obligations of NBCUniversal Enterprise with respect to its $4.8 billion aggregate principal amount of senior notes, $1.5 billion revolving credit facility, commercial paper program, or $725 million liquidation preference of Series A cumulative preferred stock.
The Universal Studios Japan term loans are not subject to the cross-guarantee structure, however they have a separate guarantee from Comcast.
Senior Notes Exchange
In October 2017, we and Comcast announced and settled a private debt exchange transaction. Comcast issued $2.0 billion aggregate principal amount of new 3.969% senior notes due 2047, $2.0 billion aggregate principal amount of new 3.999% senior notes due 2049, and $1.5 billion aggregate principal amount of new 4.049% senior notes due 2052 in exchange for $3.9 billion aggregate

NBCUniversal Media, LLC

principal amount of certain series of outstanding senior notes issued by Comcast and us, including $442 million of our 6.400% senior notes due 2040. The new notes are fully and unconditionally guaranteed by us and Comcast Cable Communications, LLC. In connection with the exchange transaction, we issued $610 million of 3.999% notes due 2049 to Comcast.
Note 8: Share-Based Compensation
Comcast maintains share-based compensation plans that consist primarily of awards of restricted share units and stock options to certain employees and directors as part of its approach to long-term incentive compensation. Additionally, through its employee stock purchase plans, employees are able to purchase shares of Comcast common stock at a discount through payroll deductions. Certain of our employees participate in these plans and the expense associated with their participation is settled in cash with Comcast.
Recognized Share-Based Compensation Expense
 Three Months Ended
September 30
 Nine Months Ended
September 30
(in millions)2017 2016 2017 2016
Restricted share units$32
 $19
 $86
 $64
Stock options3
 3
 10
 7
Employee stock purchase plans3
 1
 7
 6
Total$38
 $23
 $103
 $77
Note 9: Supplemental Financial Information
Receivables
(in millions)September 30,
2017
 December 31,
2016
Receivables, gross$6,610
 $6,799
Less: Allowance for returns and customer incentives352
 413
Less: Allowance for doubtful accounts81
 84
Receivables, net$6,177
 $6,302
Accumulated Other Comprehensive Income (Loss)
(in millions)September 30,
2017
 September 30,
2016
Unrealized gains (losses) on marketable securities$(233) $
Deferred gains (losses) on cash flow hedges(4) (8)
Unrecognized gains (losses) on employee benefit obligations115
 3
Cumulative translation adjustments93
 121
Accumulated other comprehensive income (loss)$(29) $116

NBCUniversal Media, LLC

Net Cash Provided by Operating Activities
 Nine Months Ended
September 30
(in millions)2017 2016
Net income$4,403
 $3,424
Adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation, amortization and other operating gains1,197
 1,324
Equity in net (income) losses of investees, net107
 55
Cash received from investees63
 45
Net (gain) loss on investment activity and other(45) (72)
Deferred income taxes(6) 139
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:   
Current and noncurrent receivables, net152
 (338)
Film and television costs, net(75) (600)
Accounts payable and accrued expenses related to trade creditors(270) (114)
Other operating assets and liabilities46
 (524)
Net cash provided by operating activities$5,572
 $3,339
Cash Payments for Interest and Income Taxes
 Three Months Ended
September 30
 Nine Months Ended
September 30
(in millions)2017 2016 2017 2016
Interest$53
 $69
 $340
 $354
Income taxes$64
 $33
 $213
 $155
Noncash Investing and Financing Activities
During the nine months ended September 30, 2017:
we acquired $296 million of property and equipment and intangible assets that were accrued but unpaid
Comcast contributed its investment in Snap to us at its fair value as of March 31, 2017, which was a noncash transaction (see Note 6 for additional information)
Note 10: Financial Data by Business Segment
We present our operations in four reportable business segments:
Cable Networks: Consists primarily of our national cable networks, our regional sports and news networks, our international cable networks, and our cable television studio production operations.
Broadcast Television: Consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, the NBC Universo national cable network, and our broadcast television studio production operations.
Filmed Entertainment: Consists primarily of the operations of Universal Pictures, which produces, acquires, markets and distributes filmed entertainment worldwide; our films are also produced under the Illumination, Focus Features and DreamWorks Animation names.
Theme Parks: Consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan.
We use Adjusted EBITDA to evaluate the profitability of our operating segments and the components of net income attributable to NBCUniversal below Adjusted EBITDA are not separately evaluated. Our financial data by business segment is presented in the tables below.

NBCUniversal Media, LLC

 Three Months Ended September 30, 2017
(in millions)
Revenue(d)
Adjusted EBITDA(e)
Depreciation, Amortization and Other(f)
Operating 
Income (Loss)
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Networks$2,603
$905
$179
$726
$5
$4
Broadcast Television2,133
321
(305)626
66
4
Filmed Entertainment1,784
394
32
362
18
6
Theme Parks1,550
775
166
609
199
18
Headquarters and Other(a)
15
(122)97
(219)66
37
Eliminations(b)
(71)1

1


Total$8,014
$2,274
$169
$2,105
$354
$69
 Three Months Ended September 30, 2016
(in millions)
Revenue(d)
Adjusted EBITDA(e)
Depreciation, Amortization and Other
Operating 
Income (Loss)
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Networks(c)
$2,942
$893
$184
$709
$7
$4
Broadcast Television(c)
3,087
378
27
351
28
6
Filmed Entertainment1,792
353
13
340
6
4
Theme Parks1,440
706
130
576
228
19
Headquarters and Other(a)
1
(183)91
(274)67
34
Eliminations(b)
(84)(1)
(1)

Total$9,178
$2,146
$445
$1,701
$336
$67
 Nine Months Ended September 30, 2017
(in millions)
Revenue(d)
Adjusted EBITDA(e)
Depreciation, Amortization and Other(f)
Operating 
Income (Loss)
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Networks$7,940
$3,076
$574
$2,502
$15
$11
Broadcast Television6,582
1,059
(242)1,301
125
11
Filmed Entertainment5,920
1,047
79
968
47
17
Theme Parks3,982
1,723
494
1,229
671
57
Headquarters and Other(a)
32
(542)292
(834)119
101
Eliminations(b)
(243)(1)
(1)

Total$24,213
$6,362
$1,197
$5,165
$977
$197
 Nine Months Ended September 30, 2016
(in millions)
Revenue(d)
Adjusted EBITDA(e)
Depreciation, Amortization and Other
Operating 
Income (Loss)
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Networks(c)
$7,961
$2,793
$561
$2,232
$15
$8
Broadcast Television(c)
7,299
1,056
89
967
77
12
Filmed Entertainment4,526
576
33
543
14
10
Theme Parks3,602
1,550
373
1,177
668
48
Headquarters and Other(a)
10
(518)268
(786)217
103
Eliminations(b)
(256)




Total$23,142
$5,457
$1,324
$4,133
$991
$181
(a)Headquarters and Other activities include costs associated with overhead, allocations, personnel costs and headquarter initiatives.
(b)Included in Eliminations are transactions that our segments enter into with one another, which consist primarily of the licensing of film and television content from our Filmed Entertainment and Broadcast Television segments to our Cable Networks segment.
(c)The revenue and operating costs and expenses associated with our broadcast of the 2016 Rio Olympics were reported in our Cable Networks and Broadcast Television segments.
(d)
No single customer accounted for a significant amount of revenue in any period.
(e)We use Adjusted EBITDA as the measure of profit or loss for our operating segments. Adjusted EBITDA is defined as net income attributable to NBCUniversal before net (income) loss attributable to noncontrolling interests, income tax expense, other income (expense) items, net, depreciation and amortization expense, and other operating gains, and excluding impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets, if any. From time to time we may exclude from Adjusted EBITDA the impact of events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. Other income (expense) items, net include interest expense, investment income (loss), equity in net income (losses) of investees, and other income (expense), net (as stated in our condensed consolidated statement of

NBCUniversal Media, LLC

income). This measure eliminates the significant level of noncash amortization expense that results from intangible assets recognized in business combinations. Additionally, it is unaffected by our capital and tax structures and by our investment activities. We use this measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. We believe that this measure is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure may not be directly comparable to similar measures used by other companies. This measure should not be considered a substitute for operating income (loss), net income (loss), net income (loss) attributable to NBCUniversal, net cash provided by operating activities, or other measures of performance or liquidity we have reported in accordance with GAAP. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below.
 Three Months Ended
September 30
 Nine Months Ended
September 30
(in millions)2017 2016 2017 2016
Adjusted EBITDA$2,274
 $2,146
 $6,362
 $5,457
Depreciation(253) (209) (749) (624)
Amortization(253) (236) (785) (700)
Other operating gains337
 
 337
 
Other income (expense) items, net(165) (195) (473) (398)
Income before income taxes$1,940
 $1,506
 $4,692
 $3,735
(f)
Other represents other operating gains in our condensed consolidated statement of income. For both the three and nine months ended September 30, 2017, other operating gains included a pretax gain of $337 million related to our relinquishment of spectrum rights in our Broadcast Television segment.

57