UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September 30, 2020~~March 31, 2021


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to



Commission File Number	Exact Name of Registrant; State of Incorporation; Address and Telephone Number of Principal Executive Offices	I.R.S. Employer Identification No.
001-32871	COMCAST CORPORATION	27-0000798

Pennsylvania

One Comcast Center

Philadelphia, PA 19103-2838

(215) 286-1700

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.01 par value

CMCSA

NASDAQ Global Select Market

0.250% Notes due 2027

CMCS27

NASDAQ Global Market

1.500% Notes due 2029

CMCS29

NASDAQ Global Market

0.750% Notes due 2032

CMCS32

NASDAQ Global Market

1.875% Notes due 2036

CMCS36

NASDAQ Global Market

1.250% Notes due 2040

CMCS40

NASDAQ Global Market

9.455% Guaranteed Notes due 2022

CMCSA/22

New York Stock Exchange

5.50% Notes due 2029

CCGBP29

New York Stock Exchange

2.0% Exchangeable Subordinated Debentures due 2029

CCZ

New 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 ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). 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.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if 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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

As of ~~September 30, 2020,~~March 31, 2021, there were ~~4,565,878,780~~4,584,571,926 shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stock outstanding.

TABLE OF CONTENTS

Explanatory Note

Beginning with our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, we are voluntarily complying with new disclosure rules for guarantors and issuers of guaranteed debt securities issued by the Securities and Exchange Commission (“SEC”) in March 2020, as permitted by the transition guidance contained in the SEC’s final rule release “Financial Disclosures about Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities.” As a result, this report includes disclosures related to our consolidated subsidiaries that guarantee or have issued guaranteed debt securities registered with the SEC that are included within our guarantee structure (refer to Guarantee Structure within the Liquidity and Capital Resources section of Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations). As a result of these rules, NBCUniversal Media, LLC is no longer required to prepare stand-alone periodic reports under SEC rules, and our periodic reports are no longer prepared as a combined report being filed separately by Comcast Corporation and NBCUniversal Media, LLC.

Unless indicated otherwise, throughout this Quarterly Report on Form 10-Q, we refer 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, LLC as “NBCUniversal Holdings;” NBCUniversal Enterprise, Inc. as “NBCUniversal Enterprise;” NBCUniversal Media, LLC and its consolidated subsidiaries as “NBCUniversal;” and Sky Limited and its consolidated subsidiaries as “Sky.”

This Quarterly Report on Form 10-Q is for the three ~~and nine~~ months ended ~~September 30, 2020.~~March 31, 2021. This Quarterly Report on Form 10-Q modifies and supersedes documents filed before it. The ~~SEC~~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 ~~state~~refer 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.”

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,” “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 ~~these~~forward-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

~~could~~ to 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 ~~we expect~~ will likely continue to have, a material adverse effect on our businesses and results of 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 online video distribution platforms for viewing content continue 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 impose additional costs and restrictions on our businesses~~

•programming expenses for our video services are increasing, which could adversely affect Cable Communications’ ~~and Sky’s~~ video businesses

•NBCUniversal’s and Sky’s success depends on consumer acceptance of their content, and their businesses may be adversely affected if their content fails to achieve sufficient consumer acceptance or the costs to create or acquire content increase

•the loss of programming distribution and licensing agreements, or the renewal of these agreements on less favorable terms, could adversely affect our businesses

•less 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~~

•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

•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

•weak economic conditions may have a negative impact on our businesses

•acquisitions and other strategic initiatives present many risks, and we may not realize the financial and strategic goals that we had contemplated

•we face risks relating to doing business internationally that could adversely affect our businesses

•our businesses depend on keeping pace with technological developments

•the loss of key management personnel or popular on-air and creative talent could have an adverse effect on our businesses

•we are subject to regulation 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~~

•~~the loss of key management personnel or popular on-air and creative talent could have an adverse effect on~~ 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 Statement of Income

(Unaudited)


		Three Months Ended September 30,				Nine Months Ended September 30,					Three Months Ended March 31,
(in millions, except per share data)	(in millions, except per share data)	2020		2019		2020		2019		(in millions, except per share data)		2021		2020
Revenue	Revenue	$	25,532	$	26,827	$	75,856	$	80,544	Revenue		$	27,205	$	26,609
Costs and Expenses:	Costs and Expenses:									Costs and Expenses:
Programming and production	Programming and production	8,565		8,316		23,683		25,140		Programming and production		8,919		8,301
Other operating and administrative	Other operating and administrative	8,059		8,090		23,959		24,076		Other operating and administrative		8,269		8,254
Advertising, marketing and promotion	Advertising, marketing and promotion	1,512		1,901		4,791		5,674		Advertising, marketing and promotion		1,616		1,938
Depreciation	Depreciation	2,122		2,124		6,328		6,561		Depreciation		2,117		2,107
Amortization	Amortization	1,198		1,056		3,520		3,215		Amortization		1,245		1,157

Total costs and expenses	Total costs and expenses	21,456		21,487		62,281		64,666		Total costs and expenses		22,166		21,757
Operating income	Operating income	4,076		5,340		13,575		15,878		Operating income		5,039		4,852
Interest expense	Interest expense	(1,220)		(1,167)		(3,544)		(3,454)		Interest expense		(1,018)		(1,212)
Investment and other income (loss), net	Investment and other income (loss), net	(86)		(110)		(382)		511		Investment and other income (loss), net		390		(716)
Income before income taxes	Income before income taxes	2,770		4,063		9,649		12,935		Income before income taxes		4,411		2,924
Income tax expense	Income tax expense	(739)		(775)		(2,385)		(2,812)		Income tax expense		(1,119)		(700)
Net income	Net income	2,031		3,288		7,264		10,123		Net income		3,292		2,224
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	12		71		110		228		Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock		(37)		77
Net income attributable to Comcast Corporation	Net income attributable to Comcast Corporation	$	2,019	$	3,217	$	7,154	$	9,895	Net income attributable to Comcast Corporation		$	3,329	$	2,147
Basic earnings per common share attributable to Comcast Corporation shareholders	Basic earnings per common share attributable to Comcast Corporation shareholders	$	0.44	$	0.71	$	1.57	$	2.18	Basic earnings per common share attributable to Comcast Corporation shareholders		$	0.73	$	0.47
Diluted earnings per common share attributable to Comcast Corporation shareholders	Diluted earnings per common share attributable to Comcast Corporation shareholders	$	0.44	$	0.70	$	1.55	$	2.15	Diluted earnings per common share attributable to Comcast Corporation shareholders		$	0.71	$	0.46

See accompanying notes to condensed consolidated financial statements.

Table of Contents

Comcast Corporation

Condensed Consolidated Statement of Comprehensive Income

(Unaudited)


		Three Months Ended September 30,				Nine Months Ended September 30,					Three Months Ended March 31,
(in millions)	(in millions)	2020		2019		2020		2019		(in millions)		2021		2020
Net income	Net income	$	2,031	$	3,288	$	7,264	$	10,123	Net income		$	3,292	$	2,224
Unrealized gains (losses) on marketable securities, net of deferred taxes of $0, $0, $1 and $0		1		2		(1)		4
Deferred gains (losses) on cash flow hedges, net of deferred taxes of $6, $(35), $23 and $(24)		(99)		82		(72)		146
Amounts reclassified to net income:
Currency translation adjustments, net of deferred taxes of $(92) and $(7)										Currency translation adjustments, net of deferred taxes of $(92) and $(7)		(35)		(2,157)

Realized (gains) losses on cash flow hedges, net of deferred taxes of $8, $11, $29 and $7		(8)		(52)		(135)		(39)
Employee benefit obligations, net of deferred taxes of $2, $3, $7 and $8		(8)		(8)		(24)		(24)
Currency translation adjustments, net of deferred taxes of $40, $(80), $24 and $(98)		1,642		(1,144)		(589)		(903)
Cash flow hedges:										Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $(19) and $10										Deferred gains (losses), net of deferred taxes of $(19) and $10		119		54

Realized (gains) losses reclassified to net income, net of deferred taxes of $0 and $17										Realized (gains) losses reclassified to net income, net of deferred taxes of $0 and $17		0		(106)
Employee benefit obligations and other, net of deferred taxes of $2 and $3										Employee benefit obligations and other, net of deferred taxes of $2 and $3		(10)		(7)

Comprehensive income	Comprehensive income	3,559		2,168		6,443		9,307		Comprehensive income		3,366		8
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	12		71		110		228		Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock		(37)		77
Less: Other comprehensive income (loss) attributable to noncontrolling interests	Less: Other comprehensive income (loss) attributable to noncontrolling interests	37		(23)		14		(25)		Less: Other comprehensive income (loss) attributable to noncontrolling interests		(14)		(25)
Comprehensive income (loss) attributable to Comcast Corporation	Comprehensive income (loss) attributable to Comcast Corporation	$	3,510	$	2,120	$	6,319	$	9,104	Comprehensive income (loss) attributable to Comcast Corporation		$	3,417	$	(44)

See accompanying notes to condensed consolidated financial statements.

Table of Contents

Comcast Corporation

Condensed Consolidated Statement of Cash Flows

(Unaudited)


		Nine Months Ended September 30,					Three Months Ended March 31,
(in millions)	(in millions)	2020		2019		(in millions)	2021		2020
Operating Activities	Operating Activities					Operating Activities
Net income	Net income	$	7,264	$	10,123	Net income	$	3,292	$	2,224
Adjustments to reconcile net income to net cash provided by operating activities:	Adjustments to reconcile net income to net cash provided by operating activities:					Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	Depreciation and amortization	9,848		9,776		Depreciation and amortization	3,362		3,264
Share-based compensation	Share-based compensation	922		790		Share-based compensation	373		298
Noncash interest expense (income), net	Noncash interest expense (income), net	606		310		Noncash interest expense (income), net	62		227
Net (gain) loss on investment activity and other	Net (gain) loss on investment activity and other	514		(166)		Net (gain) loss on investment activity and other	(239)		791
Deferred income taxes	Deferred income taxes	(224)		468		Deferred income taxes	28		(120)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:	Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:					Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net	Current and noncurrent receivables, net	982		360		Current and noncurrent receivables, net	554		198
Film and television costs, net	Film and television costs, net	163		(321)		Film and television costs, net	393		3
Accounts payable and accrued expenses related to trade creditors	Accounts payable and accrued expenses related to trade creditors	(545)		(1,149)		Accounts payable and accrued expenses related to trade creditors	(198)		(727)
Other operating assets and liabilities	Other operating assets and liabilities	165		(729)		Other operating assets and liabilities	124		(334)
Net cash provided by operating activities	Net cash provided by operating activities	19,695		19,462		Net cash provided by operating activities	7,751		5,824
Investing Activities	Investing Activities					Investing Activities
Capital expenditures	Capital expenditures	(6,344)		(6,866)		Capital expenditures	(1,859)		(1,881)
Cash paid for intangible assets	Cash paid for intangible assets	(1,771)		(1,686)		Cash paid for intangible assets	(612)		(618)

Construction of Universal Beijing Resort	Construction of Universal Beijing Resort	(1,118)		(736)		Construction of Universal Beijing Resort	(428)		(371)

Acquisitions, net of cash acquired	Acquisitions, net of cash acquired	(225)		(181)		Acquisitions, net of cash acquired	(147)		(194)
Proceeds from sales of businesses and investments	Proceeds from sales of businesses and investments	2,131		208		Proceeds from sales of businesses and investments	388		17
Purchases of investments	Purchases of investments	(545)		(1,697)		Purchases of investments	(52)		(69)

Other	Other	(101)		46		Other	98		15
Net cash provided by (used in) investing activities	Net cash provided by (used in) investing activities	(7,973)		(10,912)		Net cash provided by (used in) investing activities	(2,612)		(3,101)
Financing Activities	Financing Activities					Financing Activities
Proceeds from (repayments of) short-term borrowings, net		0		(1,288)

Proceeds from borrowings	Proceeds from borrowings	18,339		516		Proceeds from borrowings	192		9,281
Proceeds from collateralized obligation		0		5,175

Repurchases and repayments of debt	Repurchases and repayments of debt	(16,771)		(9,975)		Repurchases and repayments of debt	(124)		(7,439)
Repurchases of common stock under employee plans	Repurchases of common stock under employee plans	(429)		(432)		Repurchases of common stock under employee plans	(309)		(233)
Dividends paid	Dividends paid	(3,086)		(2,778)		Dividends paid	(1,080)		(977)

Other	Other	(1,644)		(44)		Other	(577)		(258)
Net cash provided by (used in) financing activities	Net cash provided by (used in) financing activities	(3,591)		(8,826)		Net cash provided by (used in) financing activities	(1,898)		374
Impact of foreign currency on cash, cash equivalents and restricted cash	Impact of foreign currency on cash, cash equivalents and restricted cash	17		(31)		Impact of foreign currency on cash, cash equivalents and restricted cash	(33)		(77)
Increase (decrease) in cash, cash equivalents and restricted cash	Increase (decrease) in cash, cash equivalents and restricted cash	8,148		(307)		Increase (decrease) in cash, cash equivalents and restricted cash	3,208		3,020
Cash, cash equivalents and restricted cash, beginning of period	Cash, cash equivalents and restricted cash, beginning of period	5,589		3,909		Cash, cash equivalents and restricted cash, beginning of period	11,768		5,589
Cash, cash equivalents and restricted cash, end of period	Cash, cash equivalents and restricted cash, end of period	$	13,737	$	3,602	Cash, cash equivalents and restricted cash, end of period	$	14,976	$	8,609

See accompanying notes to condensed consolidated financial statements.

Table of Contents

Comcast Corporation

Condensed Consolidated Balance Sheet

(Unaudited)


(in millions, except share data)	(in millions, except share data)	September 30, 2020		December 31, 2019		(in millions, except share data)	March 31, 2021		December 31, 2020
Assets	Assets					Assets
Current Assets:	Current Assets:					Current Assets:
Cash and cash equivalents	Cash and cash equivalents	$	13,707	$	5,500	Cash and cash equivalents	$	14,950	$	11,740
Receivables, net	Receivables, net	10,310		11,292		Receivables, net	10,986		11,466
Programming rights		0		3,877
Other current assets	Other current assets	3,352		4,723		Other current assets	3,502		3,535
Total current assets	Total current assets	27,369		25,392		Total current assets	29,438		26,741
Film and television costs	Film and television costs	12,741		8,933		Film and television costs	12,983		13,340
Investments	Investments	6,702		6,989		Investments	7,889		7,820
Investment securing collateralized obligation	Investment securing collateralized obligation	429		694		Investment securing collateralized obligation	487		447
Property and equipment, net of accumulated depreciation of $53,959 and $53,239		50,466		48,322
Property and equipment, net of accumulated depreciation of $54,793 and $54,388						Property and equipment, net of accumulated depreciation of $54,793 and $54,388	52,317		51,995
Goodwill	Goodwill	68,898		68,725		Goodwill	70,106		70,669
Franchise rights	Franchise rights	59,365		59,365		Franchise rights	59,365		59,365
Other intangible assets, net of accumulated amortization of $18,405 and $17,217		34,485		36,128
Other intangible assets, net of accumulated amortization of $20,885 and $19,825						Other intangible assets, net of accumulated amortization of $20,885 and $19,825	34,861		35,389
Other noncurrent assets, net	Other noncurrent assets, net	8,485		8,866		Other noncurrent assets, net	11,065		8,103
Total assets	Total assets	$	268,940	$	263,414	Total assets	$	278,511	$	273,869
Liabilities and Equity	Liabilities and Equity					Liabilities and Equity
Current Liabilities:	Current Liabilities:					Current Liabilities:
Accounts payable and accrued expenses related to trade creditors	Accounts payable and accrued expenses related to trade creditors	$	10,979	$	10,826	Accounts payable and accrued expenses related to trade creditors	$	11,148	$	11,364
Accrued participations and residuals	Accrued participations and residuals	1,794		1,730		Accrued participations and residuals	1,619		1,706
Deferred revenue	Deferred revenue	2,888		2,768		Deferred revenue	3,376		2,963
Accrued expenses and other current liabilities	Accrued expenses and other current liabilities	9,421		10,516		Accrued expenses and other current liabilities	9,891		9,617
Current portion of long-term debt	Current portion of long-term debt	4,429		4,452		Current portion of long-term debt	4,777		3,146
Total current liabilities	Total current liabilities	29,511		30,292		Total current liabilities	30,811		28,796
Long-term debt, less current portion	Long-term debt, less current portion	99,995		97,765		Long-term debt, less current portion	98,936		100,614
Collateralized obligation	Collateralized obligation	5,167		5,166		Collateralized obligation	5,168		5,168
Deferred income taxes	Deferred income taxes	27,905		28,180		Deferred income taxes	28,260		28,051
Other noncurrent liabilities	Other noncurrent liabilities	17,537		16,765		Other noncurrent liabilities	20,690		18,222
Commitments and contingencies (Note 12)
Commitments and contingencies						Commitments and contingencies	0		0
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	Redeemable noncontrolling interests and redeemable subsidiary preferred stock	1,254		1,372		Redeemable noncontrolling interests and redeemable subsidiary preferred stock	546		1,280
Equity:	Equity:					Equity:
Preferred stock—authorized, 20,000,000 shares; issued, 0	Preferred stock—authorized, 20,000,000 shares; issued, 0	0		0		Preferred stock—authorized, 20,000,000 shares; issued, 0	0		0
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 5,438,669,808 and 5,416,381,298; outstanding, 4,565,878,780 and 4,543,590,270		54		54
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 5,457,362,954 and 5,444,002,825; outstanding, 4,584,571,926 and 4,571,211,797						Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 5,457,362,954 and 5,444,002,825; outstanding, 4,584,571,926 and 4,571,211,797	55		54
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375	Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375	0		0		Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375	0		0
Additional paid-in capital	Additional paid-in capital	39,173		38,447		Additional paid-in capital	39,744		39,464
Retained earnings	Retained earnings	54,254		50,695		Retained earnings	58,321		56,438
Treasury stock, 872,791,028 Class A common shares	Treasury stock, 872,791,028 Class A common shares	(7,517)		(7,517)		Treasury stock, 872,791,028 Class A common shares	(7,517)		(7,517)
Accumulated other comprehensive income (loss)	Accumulated other comprehensive income (loss)	212		1,047		Accumulated other comprehensive income (loss)	1,972		1,884
Total Comcast Corporation shareholders’ equity	Total Comcast Corporation shareholders’ equity	86,176		82,726		Total Comcast Corporation shareholders’ equity	92,575		90,323
Noncontrolling interests	Noncontrolling interests	1,395		1,148		Noncontrolling interests	1,525		1,415
Total equity	Total equity	87,571		83,874		Total equity	94,100		91,738
Total liabilities and equity	Total liabilities and equity	$	268,940	$	263,414	Total liabilities and equity	$	278,511	$	273,869

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 September 30,				Nine Months Ended September 30,					Three Months Ended March 31,
(in millions, except per share data)	(in millions, except per share data)	2020		2019		2020		2019		(in millions, except per share data)		2021		2020
Redeemable Noncontrolling Interests and Redeemable Subsidiary Preferred Stock	Redeemable Noncontrolling Interests and Redeemable Subsidiary Preferred Stock									Redeemable Noncontrolling Interests and Redeemable Subsidiary Preferred Stock
Balance, beginning of period	Balance, beginning of period	$	1,256	$	1,329	$	1,372	$	1,316	Balance, beginning of period		$	1,280	$	1,372
Redemption of subsidiary preferred stock										Redemption of subsidiary preferred stock		(725)		0
Contributions from (distributions to) noncontrolling interests, net	Contributions from (distributions to) noncontrolling interests, net	(9)		(12)		(46)		(49)		Contributions from (distributions to) noncontrolling interests, net		(27)		(27)
Other	Other	(9)		(9)		(174)		(28)		Other		(10)		(153)
Net income (loss)	Net income (loss)	16		60		102		129		Net income (loss)		28		67
Balance, end of period	Balance, end of period	$	1,254	$	1,368	$	1,254	$	1,368	Balance, end of period		$	546	$	1,259

Class A common stock
Class A Common Stock										Class A Common Stock
Balance, beginning of period	Balance, beginning of period	$	54	$	54	$	54	$	54	Balance, beginning of period		$	54	$	54

Issuances of common stock under employee plans										Issuances of common stock under employee plans		1		0
Balance, end of period	Balance, end of period	$	54	$	54	$	54	$	54	Balance, end of period		$	55	$	54

Additional Paid-In Capital	Additional Paid-In Capital									Additional Paid-In Capital
Balance, beginning of period	Balance, beginning of period	$	38,936	$	37,950	$	38,447	$	37,461	Balance, beginning of period		$	39,464	$	38,447

Stock compensation plans	Stock compensation plans	240		193		713		604		Stock compensation plans		296		212
Repurchases of common stock under employee plans	Repurchases of common stock under employee plans	(61)		6		(164)		(39)		Repurchases of common stock under employee plans		(88)		(93)
Employee stock purchase plans	Employee stock purchase plans	60		51		193		166		Employee stock purchase plans		62		54
Other	Other	(2)		(4)		(16)		4		Other		10		(23)
Balance, end of period	Balance, end of period	$	39,173	$	38,196	$	39,173	$	38,196	Balance, end of period		$	39,744	$	38,597

Retained Earnings	Retained Earnings									Retained Earnings
Balance, beginning of period	Balance, beginning of period	$	53,420	$	46,425	$	50,695	$	41,983	Balance, beginning of period		$	56,438	$	50,695
Cumulative effects of adoption of accounting standards	Cumulative effects of adoption of accounting standards	0		0		(124)		0		Cumulative effects of adoption of accounting standards		0		(124)
Repurchases of common stock under employee plans	Repurchases of common stock under employee plans	(113)		(101)		(281)		(406)		Repurchases of common stock under employee plans		(289)		(142)
Dividends declared	Dividends declared	(1,062)		(965)		(3,187)		(2,893)		Dividends declared		(1,161)		(1,064)
Other	Other	(10)		(6)		(3)		(9)		Other		4		4
Net income (loss)	Net income (loss)	2,019		3,217		7,154		9,895		Net income (loss)		3,329		2,147
Balance, end of period	Balance, end of period	$	54,254	$	48,570	$	54,254	$	48,570	Balance, end of period		$	58,321	$	51,516

Treasury Stock at Cost	Treasury Stock at Cost									Treasury Stock at Cost
Balance, beginning of period	Balance, beginning of period	$	(7,517)	$	(7,517)	$	(7,517)	$	(7,517)	Balance, beginning of period		$	(7,517)	$	(7,517)
Balance, end of period	Balance, end of period	$	(7,517)	$	(7,517)	$	(7,517)	$	(7,517)	Balance, end of period		$	(7,517)	$	(7,517)

Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss)									Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period	Balance, beginning of period	$	(1,279)	$	(62)	$	1,047	$	(368)	Balance, beginning of period		$	1,884	$	1,047

Other comprehensive income (loss)	Other comprehensive income (loss)	1,491		(1,097)		(835)		(791)		Other comprehensive income (loss)		88		(2,191)
Balance, end of period	Balance, end of period	$	212	$	(1,159)	$	212	$	(1,159)	Balance, end of period		$	1,972	$	(1,144)

Noncontrolling Interests	Noncontrolling Interests									Noncontrolling Interests
Balance, beginning of period	Balance, beginning of period	$	1,177	$	980	$	1,148	$	889	Balance, beginning of period		$	1,415	$	1,148
Other comprehensive income (loss)	Other comprehensive income (loss)	38		(22)		14		(24)		Other comprehensive income (loss)		(14)		(14)
Contributions from (distributions to) noncontrolling interests, net	Contributions from (distributions to) noncontrolling interests, net	185		50		200		66		Contributions from (distributions to) noncontrolling interests, net		189		120
Other	Other	(1)		(3)		25		(14)		Other		0		13
Net income (loss)	Net income (loss)	(4)		11		8		99		Net income (loss)		(65)		10
Balance, end of period	Balance, end of period	$	1,395	$	1,016	$	1,395	$	1,016	Balance, end of period		$	1,525	$	1,277

Total equity	Total equity	$	87,571	$	79,160	$	87,571	$	79,160	Total equity		$	94,100	$	82,783

Cash dividends declared per common share	Cash dividends declared per common share	$	0.23	$	0.21	$	0.69	$	0.63	Cash dividends declared per common share		$	0.25	$	0.23

See accompanying notes to condensed consolidated financial statements.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1: Condensed Consolidated Financial Statements

~~Business and~~ 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 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 ~~2019~~2020 Annual Report on Form 10-K and the notes within this Form 10-Q.

Reclassifications

Reclassifications have been made to our notes to condensed consolidated financial statements for the prior year period to conform to classifications used in 2021. See Note 2 for a discussion of the changes in our presentation of segment operating results.

Note 2: Segment Information

In the first quarter of 2021, we changed our presentation of segment operating results. We now present our operations in 65 reportable business segments: (1) Comcast Cable in ~~one~~1 reportable business segment, referred to as Cable Communications; (2) NBCUniversal in ~~four~~3 reportable business segments: ~~Cable Networks, Broadcast Television, Filmed Entertainment~~Media, Studios and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in ~~one~~1 reportable business segment. The changes reflect a reorganized operating structure in NBCUniversal’s television and streaming businesses and primarily include: (i) the combination of NBCUniversal’s television networks (previously reported in Cable Networks and Broadcast Television) with the operations of Peacock (previously reported in Corporate and Other) in the Media segment, and (ii) the presentation of NBCUniversal’s television studio production operations (previously reported in Cable Networks and Broadcast Television) with the studio operations of Filmed Entertainment in the Studios segment. Prior periods have been adjusted to reflect this presentation.

Cable Communications is a leading provider of ~~high-speed internet,~~broadband, video, voice, wireless, 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. Revenue is generated primarily from residential and business customers that subscribe to our services, which are marketed individually and as bundled services, and from the sale of advertising.

~~Cable Networks~~Media consists primarily of ~~our~~NBCUniversal’s television and streaming platforms, including national, ~~cable networks that provide a variety of entertainment, news~~regional and ~~information, and sports content; our regional sports and news networks; our~~ international cable networks; ~~our cable television studio production operations; and various digital properties.~~

~~Broadcast Television consists primarily of~~ the NBC and Telemundo broadcast ~~networks, our~~networks; NBC and Telemundo owned local broadcast television ~~stations,~~stations; Peacock, our direct-to-consumer streaming service; and various digital properties. Revenue is generated primarily from the ~~NBC Universo national cable~~sale of advertising on our television networks, Peacock and digital properties; and the fees received from the distribution of our television network ~~our~~programming to traditional and virtual multichannel video providers and from NBC-affiliated and Telemundo-affiliated local broadcast television stations. Media also generates other revenue from various digital properties.

Studios consists primarily of NBCUniversal’s film and television studio production ~~operations,~~ and ~~various~~distribution operations. Revenue is generated primarily from the licensing of our owned film and television content to broadcast, cable and premium networks, and to direct-to-consumer streaming service providers, as well as through video on demand and pay-per-view services provided by multichannel video providers and over-the-top service providers; from the worldwide distribution of our produced and acquired films for exhibition in movie theaters; and from the sale of owned content on DVDs, Blu-ray discs and through digital ~~properties.~~

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, DreamWorks Animation and Focus Features names.distribution services.

Theme Parks consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan. In addition, we are developing a theme park in Beijing, China along with a consortium of Chinese state-owned companies, and an additional theme park in Orlando, Florida. Revenue is generated primarily from guest spending at our Universal theme parks.

Sky is one of Europe’s leading entertainment companies, which primarily includes a direct-to-consumer business, providing video, ~~high-speed internet,~~broadband, voice and wireless phone services, and a content business, operating entertainment networks, the Sky News broadcast network and Sky Sports networks. Revenue is generated primarily from residential and business customers that

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Comcast Corporation

subscribe to our services; from the distribution of Sky’s owned television networks on third-party platforms and the licensing of owned and acquired programming to third-party video providers; and from the sale of advertising.

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 other business ~~initiatives, such as Peacock, our new direct-to-consumer streaming service that primarily features NBCUniversal content.~~initiatives.

We use Adjusted EBITDA to evaluate the profitability of our operating segments and the components of net income attributable to Comcast Corporation excluded from Adjusted EBITDA are not separately evaluated. Our financial data by business segment is presented in the tables below.

~~Table of Contents~~


	Three Months Ended March 31, 2021
(in millions)	Revenue(a)		Adjusted EBITDA(b)		Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	15,805	$	6,830	$	1,929	$	1,370	$	315
NBCUniversal
Media	5,036		1,473		247		10		32
Studios	2,396		497		12		1		2
Theme Parks	619		(61)		207		126		6
Headquarters and Other	16		(209)		117		35		28
Eliminations(a)	(1,043)		(210)		0		0		0
NBCUniversal	7,024		1,490		583		172		68
Sky	4,997		364		814		271		201
Corporate and Other	89		(281)		36		46		28
Eliminations(a)	(710)		10		0		0		0
Comcast Consolidated	$	27,205	$	8,413	$	3,362	$	1,859	$	612

~~Comcast Corporation~~

Three Months Ended September 30, 2020
(in millions) Revenue
Adjusted EBITDA(d)
Depreciation and Amortization Capital
Expenditures Cash Paid for Intangible Assets
Cable Communications $ 15,000 $ 6,411 $ 1,952 $ 1,770 $ 296
NBCUniversal
Cable Networks 2,736 870 191 6 3
Broadcast Television 2,414 436 38 13 7
Filmed Entertainment 1,280 300 26 2 4
Theme Parks 311 (203) 208 306 11
Headquarters and Other(a)
32 (121) 113 30 28
Eliminations(b)
(49) (1) 0 0 0
NBCUniversal 6,724 1,281 576 357 53
Sky 4,793 515 750 237 176
Corporate and Other(c)
84 (496) 42 23 27
Eliminations(b)
(1,069) (128) 0 0 0
Comcast Consolidated $ 25,532 $ 7,583 $ 3,320 $ 2,387 $ 552

Three Months Ended September 30, 2019
(in millions) Revenue
Adjusted EBITDA(d)
Depreciation and Amortization Capital
Expenditures Cash Paid for Intangible Assets
Cable Communications $ 14,584 $ 5,801 $ 1,967 $ 1,814 $ 336
NBCUniversal
Cable Networks 2,771 955 184 9 4
Broadcast Television 2,230 338 36 36 3
Filmed Entertainment 1,706 195 21 5 5
Theme Parks 1,631 731 182 400 8
Headquarters and Other(a)
21 (130) 114 55 43
Eliminations(b)
(64) 2 0 0 0
NBCUniversal 8,295 2,091 537 505 63
Sky 4,554 899 644 104 188
Corporate and Other(c)
42 (237) 32 88 21
Eliminations(b)
(648) (1) 0 0 0
Comcast Consolidated $ 26,827 $ 8,553 $ 3,180 $ 2,511 $ 608


		Nine Months Ended September 30, 2020											Three Months Ended March 31, 2020
(in millions)	(in millions)	Revenue		Adjusted EBITDA(d)		Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets		(in millions)	Revenue(a)		Adjusted EBITDA(b)		Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	Cable Communications	$	44,346	$	18,663	$	5,835	$	4,491	$	978	Cable Communications	$	14,918	$	6,076	$	1,946	$	1,269	$	356
NBCUniversal	NBCUniversal											NBCUniversal
Cable Networks		8,110		3,361		576		16		11
Broadcast Television		7,462		1,578		120		58		12
Filmed Entertainment		3,844		634		71		9		14
Media												Media	4,878		1,529		243		31		38
Studios												Studios	2,409		300		17		4		1
Theme Parks	Theme Parks	1,267		(526)		590		897		42		Theme Parks	925		87		190		296		15
Headquarters and Other(a)		79		(381)		358		129		107
Eliminations(b)		(180)		0		0		0		0
Headquarters and Other												Headquarters and Other	9		(221)		116		46		41
Eliminations(a)												Eliminations(a)	(492)		(6)		0		0		0
NBCUniversal	NBCUniversal	20,582		4,666		1,715		1,109		186		NBCUniversal	7,729		1,689		566		377		95
Sky	Sky	13,389		1,815		2,188		649		512		Sky	4,517		551		718		197		166
Corporate and Other(c)		250		(1,254)		110		95		95
Eliminations(b)		(2,711)		(250)		0		0		0
Corporate and Other												Corporate and Other	120		(193)		34		38		1
Eliminations(a)												Eliminations(a)	(675)		7		0		0		0
Comcast Consolidated	Comcast Consolidated	$	75,856	$	23,640	$	9,848	$	6,344	$	1,771	Comcast Consolidated	$	26,609	$	8,130	$	3,264	$	1,881	$	618

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Nine Months Ended September 30, 2019
(in millions) Revenue
Adjusted EBITDA(d)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications $ 43,314 $ 17,383 $ 6,038 $ 4,771 $ 962
NBCUniversal
Cable Networks 8,586 3,418 549 21 10
Broadcast Television 7,099 1,259 115 86 9
Filmed Entertainment 4,931 742 60 13 16
Theme Parks 4,371 1,819 514 1,172 44
Headquarters and Other(a)
60 (486) 341 139 120
Eliminations(b)
(233) 0 0 0 0
NBCUniversal 24,814 6,752 1,579 1,431 199
Sky 14,179 2,334 2,058 540 491
Corporate and Other(c)
206 (637) 101 124 34
Eliminations(b)
(1,969) (10) 0 0 0
Comcast Consolidated $ 80,544 $ 25,822 $ 9,776 $ 6,866 $ 1,686

(a)~~NBCUniversal 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. 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 provide products and services to third parties, revenue is generally allocated to our segments based on relative value.

The most significant transactions between our segments include distribution revenue at Media for fees received from Cable ~~Networks~~Communications for the sale of cable network programming ~~to Cable Communications;~~and under retransmission consent agreements; content licensing revenue ~~in our NBCUniversal segments (Broadcast Television, Filmed Entertainment and Cable Networks) for the license of owned content to Peacock and Sky, and~~at Studios for licenses of owned content to ~~other NBCUniversal segments;~~Media and Sky; and advertising revenue at ~~Cable Communications, Cable Networks~~Media and ~~Broadcast Television; and distribution revenue at Broadcast Television for fees received under retransmission consent agreements from~~ Cable Communications. ~~For segment reporting purposes, we account for intercompany content licenses as follows:~~

•Revenue for licenses of content from ~~NBCUniversal segments~~Studios to ~~Peacock~~Media and Sky ~~are~~is generally recognized at a point in time, consistent with the recognition of transactions with third parties, when the content is delivered and made available for use. The costs of these licenses at ~~Peacock~~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 results and recognized as the content is used over the license period.

•~~Revenue~~ Under the previous segment structure, revenue for licenses of content between our previous NBCUniversal segments iswas recognized over time to correspond with the amortization of the ~~programming rights asset for the~~costs of licensed content ~~as the content is used~~ over the license period.

~~(c)Corporate~~A summary of revenue for each of our segments resulting from transactions with other segments and ~~Other activities include costs associated with overhead and personnel, revenue and expenses associated with our other business interests, including Peacock.~~eliminated in consolidation is presented in the table below.


	Three Months Ended March 31,
(in millions)	2021		2020
Cable Communications	$	45	$	42
NBCUniversal
Media	540		544
Studios	1,089		540
Theme Parks	1		0
Headquarters and Other	12		2
Sky	8		2
Corporate and Other	58		37
Total intersegment revenue	$	1,753	$	1,167

~~(d)~~(b)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, 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~~report the impact of certain events, gains, losses or other charges related to our operating segments (such as ~~significant legal settlements) that affect the period-to-period comparability of our operating performance.~~certain costs incurred in response to COVID-19, including severance charges), within Corporate and Other. 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,					Three Months Ended March 31,
(in millions)	(in millions)	2020		2019		2020		2019		(in millions)		2021		2020
Adjusted EBITDA	Adjusted EBITDA	$	7,583	$	8,553	$	23,640	$	25,822	Adjusted EBITDA		$	8,413	$	8,130
Adjustment for potential legal settlement		(177)		0		(177)		0

Adjustment for Sky transaction-related costs	Adjustment for Sky transaction-related costs	(10)		(33)		(40)		(168)		Adjustment for Sky transaction-related costs		(12)		(14)
Depreciation	Depreciation	(2,122)		(2,124)		(6,328)		(6,561)		Depreciation		(2,117)		(2,107)
Amortization	Amortization	(1,198)		(1,056)		(3,520)		(3,215)		Amortization		(1,245)		(1,157)

Interest expense	Interest expense	(1,220)		(1,167)		(3,544)		(3,454)		Interest expense		(1,018)		(1,212)
Investment and other income (loss), net	Investment and other income (loss), net	(86)		(110)		(382)		511		Investment and other income (loss), net		390		(716)

Income before income taxes	Income before income taxes	$	2,770	$	4,063	$	9,649	$	12,935	Income before income taxes		$	4,411	$	2,924

Goodwill by Segment

The changes in the carrying amount of goodwill by segment for the quarter ended March 31, 2021 are as follows:


			NBCUniversal
(in billions)	Cable Communications		Cable Networks		Broadcast Television		Filmed Entertainment		Media		Studios		Theme Parks		Sky		Corporate and Other		Total





Balance, December 31, 2020	$	15.3	$	14.0	$	1.1	$	3.3	$	0	$	0	$	7.0	$	30.0	$	0	$	70.7
Segment change	0		(14.0)		(1.1)		(3.3)		14.7		3.7		0		0		0		0



Foreign currency translation and other	0.1		0		0		0		0		0		(0.4)		(0.3)		0		(0.6)
Balance, March 31, 2021	$	15.4	$	0	$	0	$	0	$	14.7	$	3.7	$	6.6	$	29.7	$	0	$	70.1

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Note 3: Revenue


		Three Months Ended September 30,				Nine Months Ended September 30,					Three Months Ended March 31,
(in millions)	(in millions)	2020		2019		2020		2019		(in millions)		2021		2020
Residential:	Residential:									Residential:
High-speed internet		$	5,198	$	4,721	$	15,199	$	13,961
Broadband										Broadband		$	5,600	$	5,001
Video	Video	5,421		5,541		16,468		16,763		Video		5,623		5,632
Voice	Voice	876		963		2,652		2,935		Voice		871		899
Wireless	Wireless	400		326		1,069		795		Wireless		513		343
Business services	Business services	2,049		1,971		6,096		5,795		Business services		2,167		2,043
Advertising	Advertising	674		603		1,659		1,766		Advertising		618		557
Other	Other	382		459		1,203		1,299		Other		413		443
Total Cable Communications~~(a)~~	Total Cable Communications~~(a)~~	15,000		14,584		44,346		43,314		Total Cable Communications~~(a)~~		15,805		14,918

Advertising										Advertising		2,094		2,167
Distribution	Distribution	1,617		1,681		4,780		5,123		Distribution		2,495		2,287
Advertising		793		809		2,306		2,592
Content licensing and other		326		281		1,024		871
Total Cable Networks		2,736		2,771		8,110		8,586
Other										Other		447		424
Total Media										Total Media		5,036		4,878

Advertising		1,054		1,191		3,331		3,837
Content licensing	Content licensing	740		447		2,224		1,479		Content licensing		2,075		1,819
Distribution and other		620		592		1,907		1,783
Total Broadcast Television		2,414		2,230		7,462		7,099
Theatrical										Theatrical		39		316

Theatrical		29		549		354		1,246
Content licensing		844		737		2,385		2,266
Home entertainment		278		185		678		681
Other		129		235		427		738
Total Filmed Entertainment		1,280		1,706		3,844		4,931
Home entertainment and other										Home entertainment and other		282		274
Total Studios										Total Studios		2,396		2,409

Total Theme Parks	Total Theme Parks	311		1,631		1,267		4,371		Total Theme Parks		619		925
Headquarters and Other	Headquarters and Other	32		21		79		60		Headquarters and Other		16		9
Eliminations(b)		(49)		(64)		(180)		(233)
Eliminations(a)										Eliminations(a)		(1,043)		(492)
Total NBCUniversal	Total NBCUniversal	6,724		8,295		20,582		24,814		Total NBCUniversal		7,024		7,729

Direct-to-consumer	Direct-to-consumer	3,943		3,793		11,146		11,516		Direct-to-consumer		4,065		3,679
Content	Content	388		315		947		1,061		Content		358		325
Advertising	Advertising	462		446		1,296		1,602		Advertising		574		513
Total Sky	Total Sky	4,793		4,554		13,389		14,179		Total Sky		4,997		4,517

Corporate and Other	Corporate and Other	84		42		250		206		Corporate and Other		89		120
Eliminations(b)		(1,069)		(648)		(2,711)		(1,969)
Eliminations(a)										Eliminations(a)		(710)		(675)
Total revenue	Total revenue	$	25,532	$	26,827	$	75,856	$	80,544	Total revenue		$	27,205	$	26,609

(a)~~For both the three and nine months ended September 30, 2020 and 2019, 2.6% of Cable Communications segment revenue was derived from franchise and other regulatory fees.~~

~~(b)~~Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions.

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We operate primarily in the United States but also in select international markets. The table below summarizes revenue by geographic location.


		Three Months Ended September 30,				Nine Months Ended September 30,					Three Months Ended March 31,
(in millions)	(in millions)	2020		2019		2020		2019		(in millions)		2021		2020
United States	United States	$	19,680	$	20,398	$	59,026	$	61,394	United States		$	21,156	$	20,690
Europe	Europe	5,196		5,211		14,850		15,878		Europe		5,352		5,033
Other	Other	656		1,218		1,980		3,272		Other		697		886
Total revenue	Total revenue	$	25,532	$	26,827	$	75,856	$	80,544	Total revenue		$	27,205	$	26,609

~~No single customer accounted for a significant amount~~

Table of ~~revenue in any period presented.~~Contents

Comcast Corporation

Condensed Consolidated Balance Sheet

The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheet that relate to the recognition of revenue and collection of the related cash, as well as the deferred costs associated with our contracts with customers.


(in millions)	(in millions)	September 30, 2020		December 31, 2019		(in millions)	March 31, 2021		December 31, 2020
Receivables, gross	Receivables, gross	$	11,110	$	11,711	Receivables, gross	$	11,764	$	12,273
Less: Allowance for doubtful accounts	Less: Allowance for doubtful accounts	800		419		Less: Allowance for doubtful accounts	778		807
Receivables, net	Receivables, net	$	10,310	$	11,292	Receivables, net	$	10,986	$	11,466


(in millions)	(in millions)	September 30, 2020		December 31, 2019		(in millions)	March 31, 2021		December 31, 2020
Noncurrent receivables, net (included in other noncurrent assets, net)	Noncurrent receivables, net (included in other noncurrent assets, net)	$	1,138	$	1,337	Noncurrent receivables, net (included in other noncurrent assets, net)	$	1,061	$	1,091
Contract acquisition and fulfillment costs (included in other noncurrent assets, net)	Contract acquisition and fulfillment costs (included in other noncurrent assets, net)	$	1,043	$	1,083	Contract acquisition and fulfillment costs (included in other noncurrent assets, net)	$	1,048	$	1,060
Noncurrent deferred revenue (included in other noncurrent liabilities)	Noncurrent deferred revenue (included in other noncurrent liabilities)	$	698	$	618	Noncurrent deferred revenue (included in other noncurrent liabilities)	$	726	$	750

Note 4: Programming and Production Costs

~~Film and Television Costs~~


	Three Months Ended March 31,
(in millions)		2021		2020
Video distribution programming		$	3,515	$	3,215
Film and television content:
Owned(a)		1,964		2,127
Licensed, including sports rights		3,175		2,664
Other		265		295
Total programming and production costs		$	8,919	$	8,301

~~Cable Networks, Broadcast Television, Filmed Entertainment and Sky produce~~(a) Amount includes amortization of owned content ~~or acquire the rights to programming from third parties, which are described as owned film~~of $1.6 billion and television costs and programming rights, respectively. We adopted new accounting guidance related to film and television costs in the first quarter of 2020 (see Note 8), and accordingly amounts presented below for periods in 2020 and the policy discussion reflect the updated accounting guidance, and amounts presented for 2019 reflect the accounting guidance in effect at that time. Under the new accounting guidance, we have determined that the predominant monetization strategy$1.8 billion for the ~~substantial majority of our content is on an individual basis.~~

~~Amortization of Film~~three months ended March 31, 2021 and ~~Television Costs~~

(in millions) Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020
Owned film and television costs $ 1,556 $ 4,883
Programming rights $ 3,526 $ 7,774

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2020, respectively, as well as participations and residuals expenses.

Capitalized Film and Television Costs

September 30, 2020 December 31, 2019
(in millions) Film and Television Costs Film Costs Television Costs Total
Owned film and television costs:
Released, less amortization $ 3,578 $ 1,551 $ 2,810 $ 4,361
Completed, not released 147 187 0 187
In production and in development 2,608 1,314 1,162 2,476
6,333 3,052 3,972 7,024
Programming rights, less amortization 6,408 5,786
12,741 12,810
Less: Current portion of programming rights 0 3,877
Film and television costs $ 12,741 $ 8,933

~~The table below summarizes estimated future amortization expense for the capitalized film and television costs recorded in our condensed consolidated balance sheet as of September 30, 2020.~~

(in millions) Owned Film and Television Costs Programming Rights
Completed, not released:
Remaining three months of 2020 $ 20
Released and programming rights:
Remaining three months of 2020 $ 440 $ 1,739
2021 $ 901 $ 2,846
2022 $ 463 $ 760

~~Capitalization and Recognition of Film and Television Costs~~

We capitalize costs for owned film and television content, including direct costs, production overhead, print costs, development costs and interest, as well as acquired libraries. Amortization for content predominantly monetized on an individual basis and accrued costs associated with participations and residual payments are recorded using the individual film forecast computation method, which recognizes the costs in the same ratio as the associated ultimate revenue. Estimates of ultimate revenue and total costs are based on anticipated release patterns, public acceptance and historical results for similar productions. Amortization for content predominantly monetized with other owned or licensed content is recorded based on estimated usage. In determining the method of amortization and estimated life of an acquired film or television library, we generally use the method and the life that most closely follow the undiscounted cash flows over the estimated life of the asset. We do not capitalize costs related to the distribution of a film in movie theaters or the licensing or sale of a film or television production, which primarily include costs associated with marketing and distribution.

We may enter into cofinancing arrangements with third parties to jointly finance or distribute certain of our film productions. Cofinancing arrangements can take various forms, but in most cases involve the grant of an economic interest in a film to an investor who owns an undivided copyright interest in the film. The number of investors and the terms of these arrangements can vary, although investors generally assume the full risks and rewards for the portion of the film acquired in these arrangements. We account for the proceeds received from the investor under these arrangements as a reduction of our capitalized film costs and the investor’s interest in the profit or loss of the film is recorded as either a charge or a benefit, respectively, in programming and production costs. The investor’s interest in the profit or loss of a film is recorded each period using the individual film forecast computation method.

We capitalize the costs of programming rights for content that we license but do not own when the license period begins, the content is made available for use and the costs of programming licenses are known. Programming rights are amortized as the associated programs are broadcast.

Owned film and television costs and programming rights are presented as noncurrent assets in film and television costs. We present amortization of film and television costs and accrued costs associated with participation and residual payments in programming and production costs.

When an event or a change in circumstance occurs that was known or knowable as of the balance sheet date and that indicates the fair value of either owned film and television content or programming rights is less than the unamortized costs in the

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balance sheet, we determine the fair value and record an impairment charge to the extent the unamortized costs exceed the fair value. Owned film and television costs are assessed either individually or in identified film groups, for content predominantly monetized on an individual basis or with other content, respectively. The substantial majority of our owned film and television costs are evaluated for impairment on an individual title basis. Programming rights that are not part of a film group are generally assessed in packages, channels, or dayparts. A daypart is an aggregation of programs broadcast during a particular time of day or programs of a similar type. Programming rights licensed by Cable Networks are primarily tested on a channel basis for impairment, whereas programming rights licensed by Broadcast Television are tested on a daypart basis. Estimated fair values of owned film and television costs or programming rights are generally based on level 3 inputs including analysis of market participant estimates of future cash flows. We record charges related to impairments or content that is substantively abandoned to programming and production costs. Impairments of capitalized film and television costs were not material in any of the periods presented.

~~Sports Programming Rights~~

We recognize the costs of multiyear, live-event sports programming rights as the rights are utilized over the contract term based on estimated relative value. Estimated relative value is generally based on the ratio of the current period revenue to the estimated ultimate revenue or the terms of the contract. When cash payments, including advanced payments, exceed the relative value of the programming delivered, we recognize an asset in programming rights. Production costs incurred in advance of airing are also presented in programming rights.


(in millions)	March 31, 2021		December 31, 2020
Owned:
Released, less amortization	$	3,885	$	3,815
Completed, not released	626		139
In production and in development	2,369		2,755
	6,880		6,709
Licensed, including sports advances	6,103		6,631


Film and television costs	$	12,983	$	13,340

Note 5: ~~Earnings Per Share~~

~~Computation of Diluted EPS~~

Three Months Ended September 30,
2020 2019
(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
$ 2,019 4,577 $ 0.44 $ 3,217 4,551 $ 0.71
Effect of dilutive securities:
Assumed exercise or issuance of shares relating to stock plans 51 68
Diluted EPS attributable to
      Comcast Corporation
      shareholders
$ 2,019 4,628 $ 0.44 $ 3,217 4,619 $ 0.70

Nine Months Ended September 30,
2020 2019
(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
$ 7,154 4,571 $ 1.57 $ 9,895 4,544 $ 2.18
Effect of dilutive securities:
Assumed exercise or issuance of shares relating to stock plans 45 62
Diluted EPS attributable to
      Comcast Corporation
      shareholders
$ 7,154 4,616 $ 1.55 $ 9,895 4,606 $ 2.15

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”). Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the combination of the option exercise price and the associated unrecognized compensation expense is greater than the average market price of our common stock. The amount of potential common shares related to our share-based compensation plans that were excluded from diluted EPS because their effect would

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~~have been antidilutive was not material for the three and nine months ended September 30, 2020 or 2019.~~

~~Note 6:~~ Long-Term Debt

As of ~~September 30,~~March 31, 2021, our debt had a carrying value of $103.7 billion and an estimated fair value of $117.8 billion. As of December 31, 2020, our debt had a carrying value of ~~$104.4~~$103.8 billion and an estimated fair value of ~~$124.2~~$125.6 billion. The estimated fair value of our publicly traded debt was primarily based on ~~level~~Level 1 inputs that use quoted market value for the debt. The estimated fair value of debt for which there are no quoted market prices was based on ~~level~~Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.

In March 2021, we entered into a new $11 billion revolving credit facility due March 30, 2026 with a syndicate of banks that may be used for general corporate purposes. We may increase the commitments under the revolving credit facility up to a total of $14 billion, as well as extend the expiration date to no later than March 30, 2028, subject to approval of the lenders. The interest rate on the revolving credit facility consists of a base rate plus a borrowing margin that is determined based on Comcast’s credit rating. As of March 31, 2021, the borrowing margin for borrowings based on the London Interbank Offered Rate was 1.00%. Our revolving credit facility requires that we maintain certain financial ratios based on debt and EBITDA, as defined in the revolving credit facility. We were in compliance with all financial covenants for all periods presented. The new

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revolving credit facility replaced an aggregate $9.2 billion of existing revolving credit facilities due May 26, 2022, which were terminated. Our revolving credit facilities were undrawn as of both March 31, 2021 and December 31, 2020.

Note 7:6: Significant Transactions

Universal Beijing Resort

We entered into an agreement with a consortium of Chinese state-owned companies to build and operate a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”). We own a 30% interest in Universal Beijing Resort and the construction is being funded through a combination of debt financing and equity contributions from the investors in accordance with their equity interests. As of ~~September 30, 2020,~~March 31, 2021, Universal Beijing Resort had ~~$2.1~~$3.0 billion of debt outstanding, including $2.7 billion principal amount of a term loan ~~outstanding~~ under the debt financing agreement.

As of ~~September 30, 2020,~~March 31, 2021, our condensed consolidated balance sheet included assets ~~primarily property and equipment,~~ and liabilities ~~including the term loan,~~ of Universal Beijing Resort, totaling ~~$4.5~~$8.5 billion and ~~$3.0~~$6.8 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt.

Note ~~8: Recent Accounting Pronouncements~~

~~Film and Television Costs~~

In March 2019, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to film and television costs. The updated guidance aligned the accounting for production costs of episodic television series with those of films, allowing for costs to be capitalized in excess of amounts of revenue contracted for each episode. The guidance also updated certain presentation and disclosure requirements for capitalized film and television costs, and when content is predominantly monetized with other owned or licensed content the guidance requires impairment testing for capitalized film and television costs to be performed at a film group level and amortization to be based on usage. We adopted the updated guidance on January 1, 2020 on a prospective basis and as a result, prior period amounts were not adjusted.

Following the adoption, we now present all film and television costs, including acquired programming rights previously classified as current, as noncurrent in the condensed consolidated balance sheet. The adoption of the updated accounting guidance did not have a material impact on our consolidated results of operations or financial position. See Note 4 for further information.

~~Credit Losses~~

In June 2016, the FASB updated the accounting guidance related to the measurement of credit losses on financial instruments, including trade receivables and loans. The updated guidance requires the recognition of credit losses on financial instruments based on an estimate of expected losses, replacing the incurred loss model in the prior guidance. We adopted the updated guidance on January 1, 2020 on a prospective basis, recording $124 million, net of tax, as a cumulative effect adjustment to retained earnings and as a result, prior period amounts were not adjusted. The adoption of the updated accounting guidance did not have a material impact on our consolidated results of operations or financial position for any periods presented.

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~~Note 9:~~7: Investments

Investment and Other Income (Loss), Net


		Three Months Ended September 30,				Nine Months Ended September 30,					Three Months Ended March 31,
(in millions)	(in millions)	2020		2019		2020		2019		(in millions)		2021		2020
Equity in net income (losses) of investees, net	Equity in net income (losses) of investees, net	$	(266)	$	(355)	$	(634)	$	(295)	Equity in net income (losses) of investees, net		$	136	$	(668)
Realized and unrealized gains (losses) on equity securities, net	Realized and unrealized gains (losses) on equity securities, net	118		174		65		582		Realized and unrealized gains (losses) on equity securities, net		237		(58)
Other income (loss), net	Other income (loss), net	62		71		187		224		Other income (loss), net		17		10
Investment and other income (loss), net	Investment and other income (loss), net	$	(86)	$	(110)	$	(382)	$	511	Investment and other income (loss), net		$	390	$	(716)

(in millions) September 30,
2020 December 31,
2019
Equity method $ 5,097 $ 5,347
Marketable equity securities 141 353
Nonmarketable equity securities 1,833 1,896
Other investments 138 1,796
Total investments 7,209 9,392
Less: Current investments 78 1,709
Less: Investment securing collateralized obligation 429 694
Noncurrent investments $ 6,702 $ 6,989
The amount of unrealized gains (losses) recognized in the three months ended March 31, 2021 and 2020 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period were gains of $98 million and losses of $59 million, respectively.


(in millions)	March 31, 2021		December 31, 2020
Equity method	$	6,048	$	6,006
Marketable equity securities	260		460
Nonmarketable equity securities	2,021		1,950
Other investments	130		143
Total investments	8,459		8,559
Less: Current investments	83		292
Less: Investment securing collateralized obligation	487		447
Noncurrent investments	$	7,889	$	7,820

Equity Method

Atairos

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 operations. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. For both the three ~~and nine~~ months ended ~~September 30,~~March 31, 2021 and 2020, we recognized losses of $107 million and $242 million, respectively. For the three and nine months ended September 30, 2019, we recognized a loss of $262 million and income of $6 million, respectively. For the nine months ended September 30, 2020 and 2019, we made cash capital contributions to Atairos totaling ~~$184 million and $475 million, respectively.~~$12 million. As of ~~September 30, 2020~~both March 31, 2021 and December 31, ~~2019,~~2020, our investment in Atairos was ~~$3.3 billion and $3.2 billion, respectively.~~$3.9 billion.

Hulu and Collateralized Obligation

For the three and nine months ended September 30, 2020, we recognized losses of $104 million and $265 million, respectively, in equity in net income (losses) of investees, net. For the three and nine months ended September 30, 2019, we recognized losses of $101 million and $351 million, respectively, in equity in net income (losses) of investees, net and in the first quarter of 2019, we recognized a previously deferred dilution gain of $159 million in other income (loss), net. For the nine months ended September 30, 2019, we made cash capital contributions totaling $903 million to Hulu, inclusive of the funding to acquire our proportionate share of AT&T’s previously held 10% interest. There were 0 cash capital contributions made during the nine months ended September 30, 2020. As of September 30, 2020 and December 31, 2019, our investment was $429 million and $694 million, respectively.

In 2019, we borrowed $5.2 billion under 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 ~~September 30,~~March 31, 2021 and December 31, 2020, ~~both~~ the carrying value and fair value of our collateralized obligation ~~was~~were $5.2 billion. The estimated fair value was based on ~~level~~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”

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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.

~~Marketable~~

Note 8: Equity ~~Securities~~and Share-Based Compensation

~~Peloton~~Weighted-Average Common Shares Outstanding

Following Peloton’s initial public offering in September 2019, we recognized unrealized gains of $150 million in realized and unrealized gains (losses) on equity securities, net and presented our investment in Peloton in marketable equity securities, which was previously presented in nonmarketable equity securities. In the second quarter of 2020, we sold our investment in Peloton


	Three Months Ended March 31,
(in millions)		2021	2020
Weighted-average number of common shares outstanding – basic		4,591	4,562
Effect of dilutive securities		74	55
Weighted-average number of common shares outstanding – diluted		4,665	4,617

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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)	March 31, 2021		December 31, 2020
Cumulative translation adjustments	$	1,769	$	1,790

Deferred gains (losses) on cash flow hedges	10		(109)
Unrecognized gains (losses) on employee benefit obligations and other	193		203

Accumulated other comprehensive income (loss), net of deferred taxes	$	1,972	$	1,884

Share-Based Compensation

Our share-based compensation plans consist primarily of awards of RSUs and ~~recognized gains~~stock options to certain employees and directors as part of ~~$67 million in realized and unrealized gains (losses) on equity securities, net. As~~our approach to long-term incentive compensation. Additionally, through our employee stock purchase plans, employees are able to purchase shares of ~~December 31, 2019,~~ our ~~investment in Peloton was $294 million.~~

~~Snap~~common stock at a discount through payroll deductions.

In ~~the fourth quarter of 2019,~~March 2021, we ~~sold~~granted 12.8 million RSUs and 42.3 million stock options related to our ~~investment in Snap. For the three~~annual management awards. The weighted-average fair values associated with these grants were $54.62 per RSU and ~~nine months ended September 30, 2019, we recognized unrealized gains of $45 million and $303 million, respectively, in realized and unrealized gains (losses) on equity securities, net.~~$9.64 per stock option.

~~Other Investments~~Recognized Share-Based Compensation Expense

~~AirTouch~~

In April 2020, Verizon Americas, Inc., formerly known as AirTouch Communications, Inc. (“AirTouch”), redeemed the 2 series of preferred stock and we received cash payments totaling $1.7 billion. Subsequently, we redeemed and repurchased the 3 series of preferred shares issued by one of our consolidated subsidiaries and made cash payments totaling $1.8 billion.


	Three Months Ended March 31,
(in millions)		2021		2020
Restricted share units		$	206	$	141
Stock options		90		71
Employee stock purchase plans		11		12
Total		$	307	$	224

As of ~~December~~March 31, ~~2019, our AirTouch investment was~~2021, we had unrecognized pretax compensation expense of $1.6 billion and ~~the associated liability~~$821 million related to ~~redeemable subsidiary preferred shares was $1.7 billion.~~nonvested RSUs and nonvested stock options, respectively.

~~Note 10: Intangible Assets~~

September 30, 2020 December 31, 2019
(in millions) Weighted-Average
Original Useful Life
as of September 30, 2020
Gross
Carrying
Amount
Accumulated
Amortization
Gross
Carrying
Amount
Accumulated
Amortization
Indefinite-Lived Intangible Assets:
Franchise rights N/A $ 59,365 $ 59,365
Trade names N/A 0 8,809
FCC licenses N/A 2,345 2,337
Finite-Lived Intangible Assets:
Customer relationships 14 years 21,665 $ (8,363) 22,884 $ (8,295)
Software 5 years 16,770 (8,786) 15,357 (7,287)
Other agreements and rights 28 years 12,110 (1,256) 3,958 (1,635)
Total $ 112,255 $ (18,405) $ 112,710 $ (17,217)

~~Estimated Amortization Expense of Finite-Lived Intangible Assets~~

(in millions)

Remaining three months of 2020 $ 1,190
2021 $ 4,443
2022 $ 3,868
2023 $ 3,209
2024 $ 2,524

Note ~~11:~~9: Supplemental Financial Information

~~Share-Based Compensation~~Cash Payments for Interest and Income Taxes

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 2020, we granted 15.8 million RSUs and 59.9 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $42.47 per RSU and $6.53 per stock option.


	Three Months Ended March 31,
(in millions)	2021		2020
Interest	$	911	$	991
Income taxes	$	87	$	281

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~~Recognized Share-Based Compensation Expense~~

Three Months Ended
September 30, Nine Months Ended
September 30,
(in millions) 2020 2019 2020 2019
Restricted share units $ 164 $ 143 $ 484 $ 437
Stock options 72 57 226 176
Employee stock purchase plans 9 8 30 23
Total $ 245 $ 208 $ 740 $ 636

~~As of September 30, 2020, we had unrecognized pretax compensation expense of $1.3 billion and $615 million related to nonvested RSUs and nonvested stock options, respectively.~~

~~Cash Payments for Interest and Income Taxes~~

Nine Months Ended
September 30,
(in millions) 2020 2019
Interest $ 2,845 $ 3,167
Income taxes $ 2,298 $ 2,490

Noncash Activities

During the ~~nine~~three months ended ~~September 30,~~March 31, 2021:

•we recognized operating lease assets and liabilities of $2.7 billion related to Universal Beijing Resort with lease terms of 33 years and using a weighted average discount rate of 4.4%

•we acquired $1.6 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 April 2021

During the three months ended March 31, 2020:

•we acquired ~~$1.9~~$1.6 billion of property and equipment and intangible assets that were accrued but unpaid

•we recorded a liability of $1.1 billion for a quarterly cash dividend of $0.23 per common share paid in ~~October~~April 2020

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) September 30,
2020 December 31,
2019
Cash and cash equivalents $ 13,707 $ 5,500
Restricted cash included in other current assets 11 42
Restricted cash included in other noncurrent assets, net 19 47
Cash, cash equivalents and restricted cash, end of period $ 13,737 $ 5,589

~~Accumulated Other Comprehensive Income (Loss)~~

(in millions) September 30,
2020 September 30,
2019
Unrealized gains (losses) on marketable securities $ 5 $ 7
Deferred gains (losses) on cash flow hedges (68) 162
Unrecognized gains (losses) on employee benefit obligations 241 301
Cumulative translation adjustments 34 (1,629)
Accumulated other comprehensive income (loss), net of deferred taxes $ 212 $ (1,159)


(in millions)	March 31, 2021		December 31, 2020
Cash and cash equivalents	$	14,950	$	11,740
Restricted cash included in other current assets	12		14
Restricted cash included in other noncurrent assets, net	14		14
Cash, cash equivalents and restricted cash, end of period	$	14,976	$	11,768

Note ~~12:~~10: Commitments and Contingencies

Redeemable Subsidiary Preferred Stock

AsIn the first quarter of ~~September 30, 2020, the fair value~~2021, we redeemed all of the NBCUniversal Enterprise, Inc. preferred stock and made cash payments equal to the aggregate liquidation preference of $725 million. As of December 31, 2020, the preferred stock had a carrying value equal to its liquidation preference and was presented in redeemable noncontrolling interests and redeemable subsidiary preferred stock was $731 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.stock.

Contingencies

We are subject to 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.

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Table of ~~Contents~~Conten ts

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 2020 Annual Report on Form 10-K.

Overview

We are a global media and technology company with three primary businesses: Comcast Cable, NBCUniversal, and Sky. We present our operations for (1) Comcast Cable in one reportable business segment, referred to as Cable Communications; (2) NBCUniversal in ~~four~~three reportable business segments: ~~Cable Networks, Broadcast Television, Filmed Entertainment~~Media, Studios and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in one reportable business segment.

~~Cable Communications Segment~~

~~Cable Communications is~~ Refer to Note 2 for information on our reportable segments, including a ~~leading provider~~description of ~~high-speed internet, video, voice, wireless, and security and automation services to residential customers~~the segment change implemented in the first quarter of 2021. All amounts are presented on a consistent basis under the Xfinity brand; we also provide these and other services to business customers and sell advertising. As of September 30, 2020, our cable systems had 32.7 million total customer relationships, including 30.3 million residential and 2.4 million business customer relationships, and passed more than 59 million homes and businesses. Revenue is generated primarily from residential and business customers that subscribe to our services, which are marketed individually and as bundled services, and from the sale of advertising.

~~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~~

Cable Networks consists primarily 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 various digital properties. Revenue is generated 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 digital 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 content on standard-definition DVDs and Blu-ray discs (together, “DVDs”) and through digital distribution services such as iTunes.

~~Broadcast Television~~

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, our broadcast television studio production operations, and various digital properties. Revenue is generated primarily from the sale of advertising on our networks and digital properties, from the licensing of programming, 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 and Telemundo-affiliated local broadcast television stations; and from the sale of our owned programming on DVDs and through digital distribution services.

~~Filmed Entertainment~~

Filmed Entertainment primarily produces, acquires, markets and distributes filmed entertainment worldwide. Our films are produced primarily under the Universal Pictures, Illumination, DreamWorks Animation and Focus Features names. Revenue is generated 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. Filmed Entertainment also generates revenue from Fandango, a movie ticketing and entertainment business, consumer products, the production and licensing of live stage plays, and the distribution of filmed entertainment produced by third parties.

~~Theme Parks~~

~~Table of Contents~~

~~Sky Segment~~

Sky is one of Europe’s leading entertainment companies, which primarily includes a direct-to-consumer business, providing video, high-speed internet, voice and wireless phone services, and a content business, operating entertainment networks, the Sky News broadcast network and Sky Sports networks. As of September 30, 2020, Sky had 23.7 million retail customer relationships.

~~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 other business initiatives, such as Peacock, which was made available to Comcast customers in April 2020 and launched nationally in July 2020.new segment structure.

Impacts of COVID-19

The novel coronavirus disease 2019 (“COVID-19”) and measures taken to prevent its spread across the globe ~~continue to impact~~have impacted our businesses in a number of ways. ~~Our Cable Communications results of operations were strong in the nine months ended September 30, 2020, despite having been affected by the significant deterioration in domestic economic conditions~~COVID-19 has had, and ~~by the costs associated with our support of customer connectivity as people continued~~we expect will continue to ~~work and learn remotely from home. COVID-19 had~~have, material negative impacts on NBCUniversal and Sky results of operations ~~during the second and third quarters of 2020~~ primarily due to the temporary ~~closure of~~restrictions and closures at our theme parks and the ~~postponement and cancellation~~impacts of many sporting events. We continue to implement and evaluate cost initiatives across our businesses that have impacted and will continue to impact our results of operations; certain costs incurred by our businesses in response to COVID-19, including severance and restructuring charges, are presented in Corporate and Other.professional sports, respectively. We expect the impacts of the COVID-19 pandemic will continue to have a material adverse impact on our consolidated results of operations over the near to medium ~~term.~~

~~Cable Communications~~

•~~Our distribution network~~term, although the extent of such impact will depend on restrictive governmental measures, further deterioration of the global economy, widespread availability and acceptance of vaccines and consumer behavior in response to ~~date has performed well under~~COVID-19. The most significant effects of COVID-19 began in the ~~stress of increased traffic and peak usage driven by increased video streaming, gaming and videoconferencing as more customers work and learn remotely from home.~~

•~~We incurred costs in 2020 associated with compensating personnel in roles affected by COVID-19, primarily during the first~~second half of the ~~year. These costs included additional compensation for frontline personnel who worked to keep our customers connected~~first quarter of 2020. The following summary provides a discussion of current and potential future effects of the pandemic with direct impacts to our ~~services and compensation for certain personnel who were unable to work due to the closing or suspension of operations.~~businesses.

Cable Communications

•Beginning in March 2020 and continuing through ~~the end of December 2020,~~June 2021, new qualifying customers for Internet Essentials, our low-income internet adoption program, ~~will~~ receive 60 days of free ~~internet~~broadband services. We also implemented programs, primarily during the second quarter of 2020, under which we elected to waive certain fees and to not disconnect internet, voice or wireless services for customers for nonpayment, and we are now providing customers a variety of flexible and extended payment options. As a result of these programs, ourOur customer metrics ~~for 2020~~ do not include customers in the free Internet Essentials offer or certain high-risk customers who continued to receive service following ~~nonpayment.~~nonpayment as a result of COVID-19 programs. The number of customers excluded from our customer metrics ~~was highest as of June 30, 2020 and these customers were excluded from second quarter net additions. The number of such customers decreased in the third quarter~~has continued to decrease as some of these customers either began paying for service, resulting in customer net additions, or disconnected and no longer receive ~~service. We~~service, and we expect ~~the number of excluded customers~~this to continue ~~to decrease~~ in ~~the fourth quarter.~~

•Professional sports leagues have generally resumed, some with a reduced schedule for the remainder of the interrupted seasons. Certain of our programming distribution agreements with regional sports networks include contractual adjustment provisions if a minimum number of sporting events does not occur. In the second and third quarters of 2020, our programming expenses were reduced as a result of these provisions, and our revenue was negatively impacted in similar amounts as a result of adjustments that we have begun passing through to our customers in the fourth quarter of 2020.

•The deterioration of economic conditions and increased economic uncertainty resulting from COVID-19 have resulted in reduced demand for certain of our residential and business services and reduced spending from advertisers, which have had, and likely will continue to have, negative impacts on our revenue over the near to medium term. In addition, wefuture periods. We also believe there ~~is increased~~continues to be a risk associated with collections on ~~our outstanding receivables, and we have incurred, and expect to continue to incur, increases in our bad debt expense compared to the prior year periods.~~customer accounts.

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NBCUniversal

•In the first quarter of 2021, our theme parks in Orlando and Japan were open with limited capacity while our park in Hollywood remained closed. In April 2021, our theme park in Hollywood reopened with limited capacity, but our theme park in Japan has temporarily closed. The ~~temporary~~limited capacity and closure ~~of all~~ of our theme parks had ~~the most~~a significant impact on our revenue and Adjusted EBITDA for the ~~nine~~three months ended ~~September 30, 2020~~March 31, 2021 on a consolidated basis. ~~Our parks in Orlando and Japan reopened with limited capacity in June 2020, while our park in Hollywood remains closed.~~ We expect the results of operations at our theme parks will continue to be negatively impacted ~~in the near to medium term,~~ and we cannot predict ~~when the Hollywood park will reopen,~~ if any ~~reopened~~ parks will remain open or the level of attendance at ~~any~~our reopened parks. ~~In addition, although we~~We currently expect that Universal Beijing Resort will open induring summer 2021 and we have ~~delayed certain construction projects, including~~resumed the development of the Epic Universe theme park in ~~Orlando.~~Orlando in the first quarter of 2021.

•~~The deterioration~~Delays to the start of ~~economic conditions caused by COVID-19~~current seasons for certain professional sports leagues, including the NHL and NBA, resulted in ~~significant reductions in advertising spend by our customers in~~ the ~~Cable Networks and Broadcast Television segments in the second and third quarters~~shift of ~~2020, and we expect this trend to continue over the near to medium term. These conditions have also resulted, and may continue to result, in an acceleration of subscriber losses at our networks.~~

•~~We incurred costs in 2020 associated with compensating personnel who were unable to work due to the closing or suspension of operations, primarily during~~additional events into the first ~~half~~quarter of 2021, which impacted the ~~year, including at our theme parks~~timing of revenue and ~~at our production studios.~~

•~~The postponement and cancellation of many sporting events and professional sports seasons impacted our first and second quarter 2020 results of operations,~~expense recognition, since both advertising ~~revenues~~revenue and costs associated with broadcasting these programs ~~were not recognized. Professional sports leagues have generally resumed in the third quarter of 2020, some with reduced numbers of~~are recognized when events for the remainder of the interrupted seasons. Certain of our sports programming rights agreements and distribution agreements with multichannel video providers include contractual provisions if a minimum number ofare broadcast. We also expect additional events ~~does not occur. Our distribution revenue~~ in the second ~~and third quarters~~quarter of ~~2020 was negatively impacted as a result of credits accrued relating~~2021 compared to ~~these provisions; and~~ the ~~programming costs that we recognize as the remaining events occur, which were primarily~~same period in the ~~third quarter~~prior year. We cannot predict the ultimate timing of ~~2020, will also be impacted. When,~~when, or the extent to which, sporting events will occur ~~for the remainder of 2020 and into 2021 will impact the timing, and potentially the amount, of revenue and expense recognition.~~in future periods. In addition, the 2020 Tokyo Olympics have been postponed from the third quarter of 2020 to the third quarter of 2021, ~~which will result~~resulting in a corresponding delay of the associated revenue and costs.

•~~The creation and availability of our film and television programming in the United States and globally have been disrupted, including from the suspension of~~Our studio production operations ~~in the first half of 2020. In the third quarter of 2020, our studio production operations~~have resumed, with some at a limited capacity. Additionally, with the temporary closure and limited-capacity operation of many movie theaters worldwide, we have delayed or altered the theatrical distribution strategy for certain of our films, both domestically and internationally. Delays in theatrical releases will affect both current and future periods as a result of corresponding delays in subsequent content licensing windows. We expect results of operations in our ~~Filmed Entertainment~~Studios segment to continue to be negatively impacted over the near to medium term as a result of COVID-19.

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Sky

•Many sporting events and professional sports seasons were postponed beginning in the second half of the first quarter of 2020, with certain sports, including European soccer, resuming in May and June 2020, which resulted in significant impacts on Sky’s results of operations in the first, second and third quarters of 2020. Direct-to-consumer revenue has been negatively impacted, and future periods may be negatively impacted, as a result of lower sports subscription revenue ~~and we expect continued negative impacts as a result of the impacts of COVID-19 on the reopening plans and~~due to the extent of reopening of our commercial customers. ~~Additionally,~~In addition, delays to the start of the current seasons for certain sports, including European football, resulted in the shift of additional events and the significant costs associated with broadcasting these programs ~~were not recognized as a result of the sporting events not occurring in~~into the first quarter ~~and for most~~ of 2021. We also expect additional events in the second ~~quarter. These costs were generally recognized~~quarter of 2021 compared to the same period in the ~~third quarter of 2020; and although sporting events have resumed, COVID-19 continues to result in uncertainty in~~prior year. We cannot predict the ultimate timing of when, or the extent to which, sporting events will occur ~~for~~in future periods.

In 2020, our businesses implemented separate cost savings initiatives, with the ~~remainder~~most significant relating to severance at NBCUniversal in connection with the realignment of ~~2020; their broadcast is~~the operating structure in our television businesses as well as overall reductions in the cost base. The costs of these initiatives were presented in Corporate and Other. Payments related to NBCUniversal employee severance are expected to ~~impact~~be completed in 2021 and the ~~timing, and potentially the amount, of revenue and expense recognition.~~

•We temporarily suspended certain sales channels due to COVID-19, which negatively impacted net customer additions and revenue in the first and second quarters of 2020. Our sales channels generally resumed operations in June.

•COVID-19 has resulted in the deterioration of economic conditions and increased economic uncertainty in the U.K. and Europe, intensifying what was an already deteriorating economic and advertising environment. These conditions negatively impacted revenue in the nine months ended September 30, 2020, and we expect will continue to reduce advertising spend and consumer demand for our services for the remainder of 2020. In addition, there is increased risk associated with collections on our outstanding receivables, and we have incurred and expect to continue to incur increases in our bad debt expense.

~~Table of Contents~~

Global financial markets have been volatile and domestic and global economic conditions continue to show signs of material weakness. At this point, it is impossible to predict the extent and duration of these and any other impacts of COVID-19 to our businesses, or the degree to which demand for our products and services, or supply of key inputs to those products and services,related costs savings will be ~~affected. This uncertainty makes it challenging for management to estimate with precision the future performance of our businesses.~~

~~As of September 30, 2020, we evaluated whether the facts and circumstances and available information resulted~~realized in the need for an impairment assessment for any of our long-lived assets and concluded no assessment was required. Refer to the Critical Accounting Judgments and Estimates section for discussion of our impairment testing of goodwill and cable franchise rights. We will continue to evaluate the impacts of COVID-19 to our businesses, including the impacts of overall economic conditions, which could result in the recognition of an impairment charge in the future. Our results for the nine months ended September 30, 2020 were impacted by significant losses and gains as a result of the volatility in the market values for publicly traded equity securities underlying our investments.

~~Liquidity~~

Although negatively impacted by the effects of COVID-19, we expect that our businesses will continue to generate significant cash flow from operating activities and we believe that these cash flows, together with our existing cash, cash equivalents and investments, available borrowings under our existing credit facilities, and our ability to obtain future external financing, will be sufficient for us to meet our current and long-term liquidity and capital requirements. However, we expect the timing of certain priorities to be impacted, such as the pace of our debt reduction efforts and return to share repurchases, and the delay of certain capital projects.

~~Competition~~

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. Technological changes are further intensifying and complicating the competitive landscape and challenging existing business models. In particular, consumers are increasingly turning to online sources for viewing and purchasing content, which has and likely will continue to reduce the number of our video customers and subscribers to our cable networks even as it makes our high-speed internet services more valuable to consumers. In addition, the increasing number of entertainment choices available to consumers has intensified audience fragmentation and disaggregated the way that content traditionally has been viewed by consumers. This increase has caused and likely will continue to cause audience ratings declines at our programming channels.

For additional information on the competition our businesses face, see our 2019 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 operate in highly competitive and dynamic industries, and our businesses and results of operations could be adversely affected if we do not compete effectively” and “Changes in consumer behavior driven by online video distribution platforms for viewing content continue to adversely affect our businesses and challenge existing business models.”

~~Seasonality and Cyclicality~~

Each of our businesses is typically subject to seasonal and cyclical variations. Cable Communications’ results are impacted by the seasonal nature of residential customers receiving our services in college and vacation markets. This generally results in fewer net customer relationship additions in the second quarter of each year.

~~Revenue and~~ operating costs and expenses ~~(comprised~~primarily beginning in 2021. A portion of ~~total costs and expenses, excluding depreciation and amortization expense~~these cost savings may be reallocated to investments in content and other operating gains) are cyclical as a result of our periodic broadcasts of major sporting events, such as the Olympic Games, which affect Cable Networks and Broadcast Television, and the Super Bowl, which affects Broadcast Television. In particular, advertising revenue increases due to increased demand for advertising time for these events and distribution revenue increases in the period of broadcasts of the Olympic Games. Operating costs and expenses also increase as a result of our production costs for these broadcasts and the amortization of the related rights fees.strategic initiatives.

Revenue in Cable Communications, Cable Networks, Broadcast Television and Sky is also 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 and in even-numbered years due to increases in consumer advertising in the spring and in the period leading up to and including the holiday season and advertising related to candidates running for political office and issue-oriented advertising, respectively. Revenue in Cable Networks and Broadcast Television 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.

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Revenue at Sky has seasonally higher audience levels in winter months and increased competition during major sporting events where public service broadcasters lease the rights, such as the Olympic Games and the FIFA World CupTM.

Revenue in Filmed Entertainment fluctuates due to the timing, nature and number of films released 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. Content licensing 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 Theme Parks 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. Theme Parks generally experiences peak attendance during the spring holiday period, the summer months when schools are closed and the Christmas holiday season.

Sky’s results are impacted by the seasonal nature of residential customers receiving direct-to-home (“DTH”) and over the top (“OTT”) video services, including the start of the new soccer seasons and the Christmas holiday. This generally results in greater net customer relationship additions and higher subscriber acquisition costs in the second half of each year due to higher marketing expenses.

Exclusive sports rights play a key role within Sky’s wider content strategy. In Europe, broadcasting rights for major sports are usually tendered through a competitive auction process, with the winning bidder or bidders acquiring rights over a three to five-year period. This creates some level of cyclicality for Sky, although the staggered timing of major sports rights auctions usually gives Sky time to react to any material changes in the competitive dynamics of the prevailing market. Certain of Sky’s significant sports rights agreements require payments at the start of each season, resulting in increases in sports rights payments in the third and fourth quarter of each year.

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Consolidated Operating Results


		Three Months Ended September 30,				Increase/ (Decrease)		Nine Months Ended September 30,				Increase/ (Decrease)			Three Months Ended March 31,			Increase/ (Decrease)
(in millions, except per share data)	(in millions, except per share data)	2020		2019		%		2020		2019		%		(in millions, except per share data)		2021		2020		%
Revenue	Revenue	$	25,532	$	26,827	(4.8)	%	$	75,856	$	80,544	(5.8)	%	Revenue		$	27,205	$	26,609	2.2	%
Costs and Expenses:	Costs and Expenses:													Costs and Expenses:
Programming and production	Programming and production	8,565		8,316		3.0		23,683		25,140		(5.8)		Programming and production		8,919		8,301		7.5
Other operating and administrative	Other operating and administrative	8,059		8,090		(0.4)		23,959		24,076		(0.5)		Other operating and administrative		8,269		8,254		0.2
Advertising, marketing and promotion	Advertising, marketing and promotion	1,512		1,901		(20.5)		4,791		5,674		(15.6)		Advertising, marketing and promotion		1,616		1,938		(16.6)
Depreciation	Depreciation	2,122		2,124		(0.1)		6,328		6,561		(3.6)		Depreciation		2,117		2,107		0.5
Amortization	Amortization	1,198		1,056		13.4		3,520		3,215		9.5		Amortization		1,245		1,157		7.6

Operating income	Operating income	4,076		5,340		(23.7)		13,575		15,878		(14.5)		Operating income		5,039		4,852		3.8
Interest expense	Interest expense	(1,220)		(1,167)		4.5		(3,544)		(3,454)		2.6		Interest expense		(1,018)		(1,212)		(16.0)
Investment and other income (loss), net	Investment and other income (loss), net	(86)		(110)		(21.9)		(382)		511		(174.6)		Investment and other income (loss), net		390		(716)		154.6
Income before income taxes	Income before income taxes	2,770		4,063		(31.8)		9,649		12,935		(25.4)		Income before income taxes		4,411		2,924		50.9
Income tax expense	Income tax expense	(739)		(775)		(4.6)		(2,385)		(2,812)		(15.2)		Income tax expense		(1,119)		(700)		59.9
Net income	Net income	2,031		3,288		(38.2)		7,264		10,123		(28.2)		Net income		3,292		2,224		48.0
Less: Net income attributable to noncontrolling interests and redeemable subsidiary preferred stock		12		71		(83.6)		110		228		(51.9)
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock														Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock		(37)		77		(147.8)
Net income attributable to Comcast Corporation	Net income attributable to Comcast Corporation	$	2,019	$	3,217	(37.2)	%	$	7,154	$	9,895	(27.7)	%	Net income attributable to Comcast Corporation		$	3,329	$	2,147	55.1	%
Basic earnings per common share attributable to Comcast Corporation shareholders	Basic earnings per common share attributable to Comcast Corporation shareholders	$	0.44	$	0.71	(38.0)	%	$	1.57	$	2.18	(28.0)	%	Basic earnings per common share attributable to Comcast Corporation shareholders		$	0.73	$	0.47	55.3	%
Diluted earnings per common share attributable to Comcast Corporation shareholders	Diluted earnings per common share attributable to Comcast Corporation shareholders	$	0.44	$	0.70	(37.1)	%	$	1.55	$	2.15	(27.9)	%	Diluted earnings per common share attributable to Comcast Corporation shareholders		$	0.71	$	0.46	54.3	%

Adjusted EBITDA(a)	Adjusted EBITDA(a)	$	7,583	$	8,553	(11.3)	%	$	23,640	$	25,822	(8.5)	%	Adjusted EBITDA(a)		$	8,413	$	8,130	3.5	%

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.

(a)Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 3624 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA.

Consolidated Revenue

~~Theme Parks, Filmed Entertainment~~Cable Communications, Sky and ~~Cable Networks~~Media drove ~~decreases~~increases in consolidated revenue for the three months ended ~~September 30, 2020,~~March 31, 2021, which were partially offset by ~~increases~~decreases in revenue in ~~Cable Communications, Sky and Broadcast Television.~~

Theme Parks ~~Filmed Entertainment, Sky~~ and Cable Networks drove decreases in consolidated revenue for the nine months ended September 30, 2020, which were partially offset by increases in revenue in Cable Communications and Broadcast Television.Studios.

Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”

Consolidated Costs and Expenses

~~Filmed Entertainment, Theme Parks~~Sky, Media and Cable Communications drove ~~decreases~~increases in consolidated operating costs and expenses for the three months ended ~~September 30, 2020,~~March 31, 2021, which were partially offset by ~~increases~~decreases in operating costs and expenses in ~~Sky, Broadcast Television~~Studios and ~~Cable Networks.~~

~~Filmed Entertainment,~~ Theme Parks, Cable Networks, Sky and Cable Communications drove decreases in consolidated operating costs and expenses for the nine months ended September 30, 2020, which were partially offset by increases in operating costs and expenses in Broadcast Television.

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Parks.

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.”

Table of Conten ts

Consolidated Depreciation and Amortization Expense


		Three Months Ended September 30,				Increase/ (Decrease)		Nine Months Ended September 30,				Increase/ (Decrease)			Three Months Ended March 31,			Increase/ (Decrease)
(in millions)	(in millions)	2020		2019		%		2020		2019		%		(in millions)		2021		2020		%
Cable Communications	Cable Communications	$	1,952	$	1,967	(0.7)	%	$	5,835	$	6,038	(3.4)	%	Cable Communications		$	1,929	$	1,946	(0.9)	%
NBCUniversal	NBCUniversal	576		537		7.3		1,715		1,579		8.6		NBCUniversal		583		566		3.0
Sky	Sky	750		644		16.5		2,188		2,058		6.3		Sky		814		718		13.3
Corporate and Other	Corporate and Other	42		32		26.7		110		101		6.9		Corporate and Other		36		34		6.4
Comcast Consolidated	Comcast Consolidated	$	3,320	$	3,180	4.4	%	$	9,848	$	9,776	0.7	%	Comcast Consolidated		$	3,362	$	3,264	3.0	%

Consolidated depreciation and amortization expense increased for the three ~~and nine~~ months ended ~~September 30, 2020 compared to the same periods in 2019~~March 31, 2021 primarily due to ~~an increase in the~~ increased amortization ~~of certain trade names beginning in the first quarter of 2020, which were previously accounted for as indefinite-lived intangible assets (see Note 10), partially offset by a decrease in depreciation~~expense at ~~Cable Communications related to a reduction in capital expenditures on customer premise equipment. During the first quarter of 2019, we recorded adjustments~~Sky due to the ~~purchase price allocation~~impact of Sky, primarily related to intangible assets and property and equipment. This change resulted in an adjustment recorded in the first quarter of 2019 related to the fourth quarter of 2018 that increased depreciation and amortization expense by $53 million.foreign currency.

Amortization expense from acquisition-related intangible assets totaled ~~$574~~$592 million and ~~$1.7 billion~~$575 million for the three ~~and nine~~ months ended ~~September 30,~~March 31, 2021 and 2020, ~~respectively. Amortization expense from acquisition-related intangible assets totaled $486 million and $1.5 billion for the three and nine months ended September 30, 2019,~~ 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 ~~increased~~decreased for the three months ended ~~September 30, 2020~~March 31, 2021 compared to the same period in ~~2019~~2020 primarily due to a ~~$220~~$140 million charge recorded in the ~~third quarter of 2020~~prior year period related to the early redemption of senior notes, ~~due 2022 and 2023, partially offset by~~as well as lower ~~weighted average~~weighted-average interest rates in the current year period. Interest expense increased for the nine months ended September 30, 2020 compared to the same period in 2019 primarily due to $360 million of charges recorded in the first and third quarters of 2020 related to the early redemption of senior notes due 2021 to 2023, partially offset by decreases in our debt outstanding.

Consolidated Investment and Other Income (Loss), Net

Three Months Ended
September 30, Nine Months Ended
September 30,
(in millions) 2020 2019 2020 2019
Equity in net income (losses) of investees, net $ (266) $ (355) $ (634) $ (295)
Realized and unrealized gains (losses) on equity securities, net 118 174 65 582
Other income (loss), net 62 71 187 224
Total investment and other income (loss), net $ (86) $ (110) $ (382) $ 511

~~Equity in Net Income (Losses) of Investees, Net~~


	Three Months Ended March 31,
(in millions)		2021		2020
Equity in net income (losses) of investees, net		$	136	$	(668)
Realized and unrealized gains (losses) on equity securities, net		237		(58)
Other income (loss), net		17		10
Total investment and other income (loss), net		$	390	$	(716)

The change in investment and other income (loss) net for the three months ended March 31, 2021 compared to the same period in 2020 was primarily due to equity in net income (losses) of investees, net ~~for the three and nine months ended September 30, 2020 compared to the same periods in 2019 were primarily due~~related to our ~~equity method investments~~investment in Atairos Group, Inc. and ~~Hulu.~~realized and unrealized gains (losses) on equity securities, net related to fair value adjustments for nonmarketable equity securities. The income (losses) at Atairos were driven by fair value adjustments on its underlying ~~investments. The equity in net~~investments with income ~~(losses)~~ of ~~Atairos and Hulu for the three and nine months ended September 30, 2020 and 2019 are presented in the table below.~~

Three Months Ended
September 30, Nine Months Ended
September 30,
(in millions) 2020 2019 2020 2019
Atairos $ (107) $ (262) $ (242) $ 6
Hulu $ (104) $ (101) $ (265) $ (351)

~~Table of Contents~~

~~Realized and Unrealized Gains (Losses) on Equity Securities, Net~~

The changes in realized and unrealized gains (losses) on equity securities, net for the three and nine months ended September 30, 2020 compared to the same periods in 2019 were primarily due to gains related to our investment in Peloton and gains$77 million and losses ~~related to other investments in the current year compared to gains related to our investments in Snap and Peloton in the prior year. See Note 9.~~

~~Other Income (Loss), Net~~

~~The decrease in other income (loss), net~~of $581 million for the three months ended ~~September 30,~~March 31, 2021 and 2020, compared to the same period in 2019 primarily relates to higher foreign exchange remeasurement gains in 2020, more than offset by a gain of $60 million recorded in the prior year period related to the dilution of our Hulu ownership. The decrease in other income (loss), net for the nine months ended September 30, 2020 compared to the same period in 2019 primarily relates to gains of $219 million recorded in the first and third quarters of 2019 related to the dilution of our Hulu ownership, partially offset by $90 million of losses due to equity method investment impairments recorded in the second and third quarters of 2019 and higher foreign exchange remeasurement gains in 2020. See Note 9.respectively.

Consolidated Income Tax Expense

Income tax expense for the three ~~and nine~~ months ended ~~September 30,~~March 31, 2021 and 2020 ~~and 2019~~ 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~~increase in income tax expense for the three ~~and nine~~ months ended ~~September 30, 2020~~March 31, 2021 compared to the same ~~periods~~period in ~~2019~~2020 was primarily due to ~~lower~~higher income before income ~~taxes in 2020, partially offset by the impact of tax law changes in the third quarter of 2020 and a benefit from state tax adjustments recognized in the third quarter of 2019.~~taxes.

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 and a reconciliation from the aggregate amount of Adjusted EBITDA for our reportable business segments to consolidated income before income taxes.

Table of Conten ts

Cable Communications Segment Results of Operations


		Three Months Ended September 30,				Increase/ (Decrease)					Three Months Ended March 31,				Increase/ (Decrease)
(in millions)	(in millions)	2020		2019		$		%		(in millions)	2021		2020		$		%
Revenue	Revenue									Revenue
Residential:	Residential:									Residential:
High-speed internet		$	5,198	$	4,721	$	477	10.1	%
Broadband										Broadband	$	5,600	$	5,001	$	599	12.0	%
Video	Video	5,421		5,541		(120)		(2.1)		Video	5,623		5,632		(9)		(0.2)
Voice	Voice	876		963		(87)		(9.0)		Voice	871		899		(28)		(3.1)
Wireless	Wireless	400		326		74		22.8		Wireless	513		343		170		49.7
Business services	Business services	2,049		1,971		78		4.0		Business services	2,167		2,043		124		6.1
Advertising	Advertising	674		603		71		11.8		Advertising	618		557		61		10.8
Other	Other	382		459		(77)		(17.2)		Other	413		443		(30)		(6.7)
Total revenue	Total revenue	15,000		14,584		416		2.9		Total revenue	15,805		14,918		887		5.9
Operating costs and expenses	Operating costs and expenses									Operating costs and expenses
Programming	Programming	3,296		3,315		(19)		(0.6)		Programming	3,670		3,479		191		5.5
Technical and product support	Technical and product support	1,980		2,066		(86)		(4.2)		Technical and product support	2,021		2,012		9		0.4
Customer service	Customer service	598		628		(30)		(4.8)		Customer service	602		637		(35)		(5.5)
Advertising, marketing and promotion	Advertising, marketing and promotion	929		1,024		(95)		(9.2)		Advertising, marketing and promotion	905		954		(49)		(5.2)
Franchise and other regulatory fees	Franchise and other regulatory fees	421		408		13		3.3		Franchise and other regulatory fees	501		406		95		23.4
Other	Other	1,365		1,342		23		1.6		Other	1,276		1,354		(78)		(5.8)
Total operating costs and expenses	Total operating costs and expenses	8,589		8,783		(194)		(2.2)		Total operating costs and expenses	8,975		8,842		133		1.5
Adjusted EBITDA	Adjusted EBITDA	$	6,411	$	5,801	$	610	10.5	%	Adjusted EBITDA	$	6,830	$	6,076	$	754	12.4	%

2417

Table of ~~Contents~~Conten

Nine Months Ended
September 30,
Increase/
(Decrease)
(in millions) 2020 2019 $ %
Revenue
Residential:
High-speed internet $ 15,199 $ 13,961 $ 1,238 8.9 %
Video 16,468 16,763 (295) (1.8)
Voice 2,652 2,935 (283) (9.6)
Wireless 1,069 795 274 34.5
Business services 6,096 5,795 301 5.2
Advertising 1,659 1,766 (107) (6.1)
Other 1,203 1,299 (96) (7.5)
Total revenue 44,346 43,314 1,032 2.4
Operating costs and expenses
Programming 9,978 10,106 (128) (1.3)
Technical and product support 5,925 5,844 81 1.4
Customer service 1,836 1,877 (41) (2.2)
Advertising, marketing and promotion 2,717 3,000 (283) (9.4)
Franchise and other regulatory fees 1,225 1,189 36 3.0
Other 4,002 3,915 87 2.2
Total operating costs and expenses 25,683 25,931 (248) (1.0)
Adjusted EBITDA $ 18,663 $ 17,383 $ 1,280 7.4 %

~~Table of Contents~~ts

Customer Metrics


				Net Additions								Net Additions
		September 30,		Three Months Ended September 30,		Nine Months Ended September 30,			March 31,		Three Months Ended March 31,
(in thousands)	(in thousands)	2020	2019	2020	2019	2020	2019	(in thousands)	2021	2020		2021	2020
Customer relationships	Customer relationships							Customer relationships
Residential customer relationships	Residential customer relationships	30,289	28,797	539	288	1,140	688	Residential customer relationships	31,062	29,483		370	360
Business services customer relationships	Business services customer relationships	2,401	2,377	17	21	5	74	Business services customer relationships	2,437	2,408		11	11
Total customer relationships	Total customer relationships	32,690	31,173	556	309	1,144	762	Total customer relationships	33,499	31,891		380	371
Residential customer relationships mix	Residential customer relationships mix							Residential customer relationships mix
One product customers	One product customers	11,957	9,905	625	379	1,710	890	One product customers	12,997	10,775		589	554
Two product customers	Two product customers	8,732	8,915	(9)	(38)	(191)	(78)	Two product customers	8,645	8,848		(89)	(75)
Three or more product customers	Three or more product customers	9,600	9,977	(77)	(53)	(379)	(125)	Three or more product customers	9,420	9,860		(130)	(119)
High-speed internet
Broadband								Broadband
Residential customers	Residential customers	27,837	25,990	617	359	1,423	893	Residential customers	28,774	26,854		448	466
Business services customers	Business services customers	2,225	2,197	16	20	10	71	Business services customers	2,261	2,226		12	11
Total high-speed internet customers		30,062	28,186	633	379	1,433	964
Total broadband customers								Total broadband customers	31,034	29,080		461	477
Video	Video							Video
Residential customers	Residential customers	19,220	20,421	(253)	(222)	(1,068)	(539)	Residential customers	18,590	19,900		(404)	(388)
Business services customers	Business services customers	874	983	(20)	(16)	(92)	(45)	Business services customers	765	944		(87)	(22)
Total video customers	Total video customers	20,094	21,403	(273)	(238)	(1,160)	(583)	Total video customers	19,355	20,845		(491)	(409)
Voice	Voice							Voice
Residential customers	Residential customers	9,684	9,945	(14)	(63)	(250)	(208)	Residential customers	9,533	9,840		(112)	(94)
Business services customers	Business services customers	1,341	1,334	11	10	(1)	37	Business services customers	1,363	1,347		6	5
Total voice customers	Total voice customers	11,025	11,278	(3)	(53)	(251)	(171)	Total voice customers	10,896	11,187		(106)	(89)

Wireless	Wireless							Wireless
Wireless lines	Wireless lines	2,580	1,791	187	204	528	555	Wireless lines	3,103	2,267		278	216

Customer metrics are presented based on actual amounts. Minor differences may exist due to rounding. Customer relationships represent the number of residential and business customers that subscribe to at least one of our services. One product, two product, and three or more product customers represent residential customers that subscribe to one, two, or three or more of our services, respectively. For 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 ~~high-speed internet~~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 ~~of September 30, 2020 included prepaid customers totaling approximately 299,000 and 9,000, respectively.~~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 for 2021 and 2020 do not include customers in the free Internet Essentials offer or certain high-risk customers who continued to receive service following nonpayment (refer to “Impacts of COVID-19” for further discussion). Total residential customer relationships and broadband customers were updated in the first quarter of 2021 due to a conforming change to methodology, resulting in a reduction of approximately 26,000 customers. There was no impact to net additions and information for all periods presented have been recast on a comparable basis.


		Three Months Ended September 30,				Nine Months Ended September 30,					Three Months Ended March 31,			Increase/(Decrease)
		2020		2019		2020		2019				2021			2020		%
Average monthly total revenue per customer relationship	Average monthly total revenue per customer relationship	$	154.27	$	156.72	$	153.42	$	156.29	Average monthly total revenue per customer relationship		$	158.17		$	156.84	0.8	%
Average monthly Adjusted EBITDA per customer relationship	Average monthly Adjusted EBITDA per customer relationship	$	65.94	$	62.34	$	64.57	$	62.72	Average monthly Adjusted EBITDA per customer relationship		$	68.35		$	63.88	7.0	%

Average monthly total revenue per customer relationship is impacted by rate adjustments and changes in the types and levels of services received by our residential and business services customers, as well as changes in advertising revenue. While revenue from our residential ~~high-speed internet,~~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 and we also use average monthly Adjusted EBITDA per customer relationship to evaluate the profitability of our customer base across our service offerings. We believe these 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, including residential ~~high-speed internet~~broadband and business services.

2618

Table of ~~Contents~~Conten ts

Cable Communications Segment – Revenue

~~High-Speed Internet~~Broadband

Revenue increased for the three ~~and nine~~ months ended ~~September 30, 2020~~March 31, 2021 compared to the same ~~periods~~period in ~~2019~~2020 due to ~~increases~~an increase in the number of residential ~~high-speed internet~~broadband customers and ~~increases~~an increase in average rates. ~~Average rates in the second and third quarters of 2020 were negatively impacted by customer adjustments and waived fees due to COVID-19. Refer to video description for further information.~~

Video

Revenue ~~decreased~~was flat for the three ~~and nine~~ months ended ~~September 30, 2020~~March 31, 2021 compared to the same ~~periods~~period in ~~2019~~2020 due to ~~declines~~a decline in the number of residential video customers, ~~partially~~ offset by ~~increases~~an increase in average rates. Average rates in the second and third quarters of 2020 were negatively impacted by customer adjustments accrued as a result of provisions in our programming distribution agreements with regional sports networks related to canceled sporting events. For customers receiving bundled services, the revenue reduction was allocated across each of the services in the bundle.

We ~~have experienced, and~~ expect that ~~we will continue to experience, declines in~~ the number of residential video customers ~~due to competitive pressures, and we expect that our video revenue~~ will continue to decline, negatively impacting video revenue as a result of the ~~economic and~~ competitive environment and shifting video consumption patterns. We believe our X1 platform helps us compete more effectively against this competition, and have also continued to employ sales and marketing programs, such as promotions, bundled service offerings and service offerings targeted at specific market segments.

Voice

Revenue decreased for the three ~~and nine~~ months ended ~~September 30, 2020~~March 31, 2021 compared to the same ~~periods~~period in ~~2019~~2020 primarily due to ~~decreases~~a decrease in ~~average rates and~~ the number of residential voice customers. We expect that the number of residential voice customers and voice revenue will continue to decline.

Wireless

Revenue increased for the three ~~and nine~~ months ended ~~September 30, 2020~~March 31, 2021 compared to the same ~~periods~~period in ~~2019~~2020 primarily due to increases in the number of customer ~~lines.~~lines and sales of devices.

Business Services

Revenue increased for the three ~~and nine~~ months ended ~~September 30, 2020~~March 31, 2021 compared to the same ~~periods~~period in ~~2019~~2020 primarily due to ~~increases~~an increase in average rates and ~~increases~~an increase in the number of customers receiving our services. ~~The rates of growth in the second and third quarters of 2020 were reduced due to the negative impacts of COVID-19 on small businesses.~~

Advertising

Revenue increased for the three months ended ~~September 30, 2020~~March 31, 2021 compared to the same period in ~~2019~~2020 primarily due to an increase in political advertising, partially offset by reduced spending from advertisers due to COVID-19. Revenue decreased for the nine months ended September 30, 2020 compared to the same period in 2019 due to reduced spending from advertisers due to COVID-19, partially offset by an increase in political advertising.

~~For both the three and nine months ended September 30, 2020, 5% of our advertising~~ revenue ~~was generated~~ from our ~~NBCUniversal segments. For the three~~advanced advertising business and ~~nine months ended September 30, 2019, 8% and 6%, respectively, of our 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.~~recent acquisitions.

Other

Revenue decreased for the three months ended ~~September 30, 2020~~March 31, 2021 compared to the same period in ~~2019~~2020 due to decreases in certain ~~waived~~ billing and collection fees ~~due to COVID-19~~ and a decrease in revenue from our security and automation services. Revenue decreased for the nine months ended September 30, 2020 compared to the same period in 2019 due to certain waived billing and collection fees due to COVID-19, partially offset by an increase in the licensing of our technology platforms to other multichannel video providers.business.

Cable Communications Segment – Operating Costs and Expenses

Programming expenses ~~decreased~~increased for the three ~~and nine~~ months ended ~~September 30, 2020~~March 31, 2021 compared to the same ~~periods~~period in ~~2019~~2020 primarily due to adjustments recorded for provisions in our programming distribution agreements with regional sports networks related to canceled sporting events as a result of COVID-19. Excluding these adjustments, programming expenses increased due to increasesan increase in retransmission consent ~~and sports programming~~ fees, partially offset by ~~declines~~a decline in the number of video customers. We anticipate that our programming expenses ~~in the fourth quarter of 2020~~ will be impacted by ~~higher~~ rate increases to a greater extent in 2021 compared to ~~those experienced in 2019~~2020 due to the timing of contract renewals, ~~in 2020,~~ partially offset by an expected ~~decline~~declines in the number of residential video customers.

~~Table of Contents~~

Technical and product support expenses ~~decreased~~were flat for the three months ended ~~September 30, 2020~~March 31, 2021 compared to the same period in 2019 due to lower personnel costs and cost savings initiatives as well as a reduction in activity in certain aspects of our business related to COVID-19, partially offset by increased costs associated with our wireless phone service. Technical and product support expenses increased for the nine months ended September 30, 2020 ~~compared to the same period in 2019~~ due to increased costs associated with our wireless phone service, ~~and increased costs related to COVID-19, including additional compensation costs for certain personnel, partially~~ offset by ~~cost savings initiatives and a reduction in activity in certain aspects of our business.~~lower personnel costs.

Customer service expenses decreased for the three months ended ~~September 30, 2020~~March 31, 2021 compared to the same period in ~~2019~~2020 primarily due to lower labor costs as a result of cost savings initiatives and reduced call volumes. Customer service expenses decreased for the nine months ended September 30, 2020 compared to the same period in 2019 due to lower labor costs as a result of reduced call volumes and cost savings initiatives, partially offset by increases in costs as a result of additional Xfinity stores.

Advertising, marketing and promotion expenses decreased for the three ~~and nine~~ months ended ~~September 30, 2020~~March 31, 2021 compared to the same ~~periods~~period in ~~2019~~2020 primarily due to ~~decreases~~a decrease in ~~spending.~~the costs associated with attracting new customers and promoting our service offerings.

Franchise and other regulatory fees increased for the three ~~and nine~~ months ended ~~September 30, 2020~~March 31, 2021 compared to the same ~~periods~~period in ~~2019~~2020 primarily due to ~~increases~~an increase in ~~the related rates of these fees.~~regulatory costs.

Other operating costs and expenses ~~increased slightly~~decreased for the three months ended ~~September 30, 2020~~March 31, 2021 compared to the same period in ~~2019. Other operating costs and expenses increased for the nine months ended September 30,~~ 2020 ~~compared to the same period in 2019~~primarily due to ~~increases~~a decrease in bad debt ~~expense as a result of COVID-19 and personnel-related costs, partially offset by lower third-party advertising costs.~~expense.

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, including residential ~~high-speed internet~~broadband and business services, and on ~~reducing losses related to our wireless phone service and~~ improving overall operating cost management.

Table of Conten ts

Our operating margin for the three ~~and nine~~ months ended ~~September 30,~~March 31, 2021 and 2020 was ~~42.7%~~43.2% and 42.1%, respectively. While the accrued adjustments for regional sports networks did not impact Adjusted EBITDA for the three and nine months ended September 30, 2020, they resulted in increases to operating margins. Our operating margin for the three and nine months ended September 30, 2019 was 39.8% and 40.1%40.7%, respectively. The most significant operating costs and expenses are the programming expenses we incur to provide content to our video customers, which ~~were flat~~increased 5.5% for the three months ended ~~September 30, 2020~~March 31, 2021 compared to the same period in ~~2019, and decreased 1.3%~~2020.

NBCUniversal Segments Results of Operations


	Three Months Ended March 31,				Increase/ (Decrease)
(in millions)	2021		2020		$		%
Revenue
Media	$	5,036	$	4,878	$	158	3.2	%
Studios	2,396		2,409		(13)		(0.6)
Theme Parks	619		925		(306)		(33.1)
Headquarters and Other	16		9		7		85.9
Eliminations	(1,043)		(492)		(551)		(111.5)
Total revenue	$	7,024	$	7,729	$	(705)	(9.1)	%
Adjusted EBITDA
Media	$	1,473	$	1,529	$	(56)	(3.7)	%
Studios	497		300		197		65.7
Theme Parks	(61)		87		(148)		(170.9)
Headquarters and Other	(209)		(221)		12		5.7
Eliminations	(210)		(6)		(204)		NM
Total Adjusted EBITDA	$	1,490	$	1,689	$	(199)	(11.8)	%

Media Segment Results of Operations


	Three Months Ended March 31,				Increase/ (Decrease)
(in millions)	2021		2020		$		%
Revenue
Advertising	$	2,094	$	2,167	$	(73)	(3.4)	%
Distribution	2,495		2,287		208		9.1
Other	447		424		23		5.3
Total revenue	5,036		4,878		158		3.2
Operating costs and expenses
Programming and production	2,522		2,268		254		11.2
Other operating and administrative	819		840		(21)		(2.5)
Advertising, marketing and promotion	222		241		(19)		(7.9)
Total operating costs and expenses	3,563		3,349		214		6.4
Adjusted EBITDA	$	1,473	$	1,529	$	(56)	(3.7)	%

Media Segment – Revenue

Revenue increased for the ~~nine~~three months ended ~~September 30, 2020~~March 31, 2021 compared to the same period in ~~2019. Losses from our wireless phone service were $50 million and $146 million for the three and nine months ended September 30,~~ 2020 ~~respectively, compared to losses of $94 million and $285 million for the three and nine months ended September 30, 2019, respectively.~~

~~NBCUniversal Segments Results of Operations~~

Three Months Ended
September 30, Increase/
(Decrease)
(in millions) 2020 2019 $ %
Revenue
Cable Networks $ 2,736 $ 2,771 $ (35) (1.3) %
Broadcast Television 2,414 2,230 184 8.3
Filmed Entertainment 1,280 1,706 (426) (25.0)
Theme Parks 311 1,631 (1,320) (80.9)
Headquarters, other and eliminations (17) (43) 26 NM
Total revenue $ 6,724 $ 8,295 $ (1,571) (18.9) %
Adjusted EBITDA
Cable Networks $ 870 $ 955 $ (85) (8.9) %
Broadcast Television 436 338 98 28.7
Filmed Entertainment 300 195 105 53.4
Theme Parks (203) 731 (934) (127.7)
Headquarters, other and eliminations (122) (128) 6 NM
Total Adjusted EBITDA $ 1,281 $ 2,091 $ (810) (38.7) %

~~Table of Contents~~

Nine Months Ended
September 30, Increase/
(Decrease)
(in millions) 2020 2019 $ %
Revenue
Cable Networks $ 8,110 $ 8,586 $ (476) (5.5) %
Broadcast Television 7,462 7,099 363 5.1
Filmed Entertainment 3,844 4,931 (1,087) (22.0)
Theme Parks 1,267 4,371 (3,104) (71.0)
Headquarters, other and eliminations (101) (173) 72 NM
Total revenue $ 20,582 $ 24,814 $ (4,232) (17.1) %
Adjusted EBITDA
Cable Networks $ 3,361 $ 3,418 $ (57) (1.7) %
Broadcast Television 1,578 1,259 319 25.3
Filmed Entertainment 634 742 (108) (14.6)
Theme Parks (526) 1,819 (2,345) (128.9)
Headquarters, other and eliminations (381) (486) 105 NM
Total Adjusted EBITDA $ 4,666 $ 6,752 $ (2,086) (30.9) %

~~Cable Networks Segment Results of Operations~~

Three Months Ended
September 30, Increase/
(Decrease)
(in millions) 2020 2019 $ %
Revenue
Distribution $ 1,617 $ 1,681 $ (64) (3.8) %
Advertising 793 809 (16) (2.1)
Content licensing and other 326 281 45 16.6
Total revenue 2,736 2,771 (35) (1.3)
Operating costs and expenses
Programming and production 1,432 1,323 109 8.2
Other operating and administrative 359 375 (16) (4.0)
Advertising, marketing and promotion 75 118 (43) (36.9)
Total operating costs and expenses 1,866 1,816 50 2.8
Adjusted EBITDA $ 870 $ 955 $ (85) (8.9) %

Nine Months Ended
September 30, Increase/
(Decrease)
(in millions) 2020 2019 $ %
Revenue
Distribution $ 4,780 $ 5,123 $ (343) (6.7) %
Advertising 2,306 2,592 (286) (11.0)
Content licensing and other 1,024 871 153 17.7
Total revenue 8,110 8,586 (476) (5.5)
Operating costs and expenses
Programming and production 3,431 3,740 (309) (8.3)
Other operating and administrative 1,078 1,104 (26) (2.2)
Advertising, marketing and promotion 240 324 (84) (26.1)
Total operating costs and expenses 4,749 5,168 (419) (8.1)
Adjusted EBITDA $ 3,361 $ 3,418 $ (57) (1.7) %

~~Table of Contents~~

~~Cable Networks Segment – Revenue~~

~~Cable Networks revenue decreased for the three and nine months ended September 30, 2020 compared to the same periods in 2019~~ due to ~~decreases~~increases in distribution revenue and ~~advertising~~other revenue, ~~which were~~partially offset by ~~increases~~a decrease in ~~content licensing and other~~advertising revenue. Distribution revenue ~~decreased primarily~~increased due to ~~credits accrued at some of our regional sports networks resulting from the reduced number of games played~~contractual rate increases, partially offset by professional sports leagues due to COVID-19. Certain of our distribution agreements with multichannel video providers require contractual adjustments if a minimum number of sporting events does not occur. Excluding these credits, distribution revenue decreased due to increased declines in the number of subscribers at our ~~cable networks, partially offset by increases~~networks. Other revenue increased primarily due to an increase in ~~the contractual rates charged under distribution agreements.~~revenue from our digital properties. Advertising revenue decreased ~~for the three months ended September 30, 2020 compared to the same period in 2019~~ primarily due to continued audience ratings declines at our networks, partially offset by spending from advertisers on our sports networks as a result of professional sports leagues resuming postponed seasons due to COVID-19. Advertising revenue decreased for the nine months ended September 30, 2020 compared to the same period in 2019 primarily due to continued audience ratings declines at our networks and reduced spending from advertisers as a result of COVID-19, partially offset by higher prices for advertising units ~~sold. Content licensing and other revenue increased primarily due to the timing of content provided under our licensing agreements, which included transactions with Peacock beginning~~sold, an increase in the ~~second quarter~~number of ~~2020.~~

~~For~~units sold related to sports and an increase in advertising revenue at Peacock. We expect the number of subscribers and audience ratings at our networks to continue to decline as a result of the competitive environment and shifting video consumption patterns. Revenue included $91 million related to Peacock for the three ~~and nine~~ months ended September 30, 2020, 15% and 14%, respectively, of our Cable Networks segment revenue was generated from our Cable Communications segment. For the three and nine months ended September 30, 2019, 16% and 15%, respectively, 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.March 31, 2021.

~~Cable Networks~~Media Segment – Operating Costs and Expenses

Operating costs and expenses increased for the three months ended ~~September 30, 2020~~March 31, 2021 compared to the same period in 2019 due to increases in programming and production costs, which were offset by decreases in advertising, marketing and promotion costs and other operating and administrative costs. The increase in programming and production costs was primarily2020 due to an increase in sports programming costs as professional sports leagues resumed seasons following postponements as a result of COVID-19, partially offset by decreases in other programming costs at our networks and studio production costs. The decrease in advertising, marketing and promotion costs was due to lower spending on marketing related to our cable networks. The decrease in other operating and administrative costs was primarily due to lower employee-related and other overhead costs as a result of cost savings initiatives.

Operating costs and expenses decreased for the nine months ended September 30, 2020 compared to the same period in 2019 primarily due to decreases in programming and production costs and advertising, marketing and promotion costs. The decrease in programming and production costs was primarily due to decreases in sports programming costs recognized resulting from the reduced number of events as a result of COVID-19, partially offset by increases in studio production costs. The decrease in advertising, marketing and promotion costs was due to lower spending on marketing related to our cable networks. The decrease in other operating and administrative costs was primarily due to lower employee-related and other overhead costs as a result of cost savings initiatives.

~~Broadcast Television Segment Results of Operations~~

Three Months Ended
September 30, Increase/
(Decrease)
(in millions) 2020 2019 $ %
Revenue
Advertising $ 1,054 $ 1,191 $ (137) (11.5) %
Content licensing 740 447 293 65.6
Distribution and other 620 592 28 4.9
Total revenue 2,414 2,230 184 8.3
Operating costs and expenses
Programming and production 1,589 1,398 191 13.7
Other operating and administrative 335 373 (38) (9.8)
Advertising, marketing and promotion 54 121 (67) (55.4)
Total operating costs and expenses 1,978 1,892 86 4.6
Adjusted EBITDA $ 436 $ 338 $ 98 28.7 %

~~Table of Contents~~

Nine Months Ended
September 30, Increase/
(Decrease)
(in millions) 2020 2019 $ %
Revenue
Advertising $ 3,331 $ 3,837 $ (506) (13.2) %
Content licensing 2,224 1,479 745 50.3
Distribution and other 1,907 1,783 124 7.0
Total revenue 7,462 7,099 363 5.1
Operating costs and expenses
Programming and production 4,564 4,344 220 5.1
Other operating and administrative 1,103 1,150 (47) (4.0)
Advertising, marketing and promotion 217 346 (129) (37.3)
Total operating costs and expenses 5,884 5,840 44 0.8
Adjusted EBITDA $ 1,578 $ 1,259 $ 319 25.3 %

~~Broadcast Television Segment – Revenue~~

Broadcast Television revenue increased for the three and nine months ended September 30, 2020 compared to the same periods in 2019 due to increases in content licensing revenue and distribution and other revenue, partially offset by decreases in advertising revenue. The increases in content licensing revenue were primarily due to the timing of content provided under our licensing agreements, which included transactions with Peacock beginning in the second quarter of 2020. The increases in distribution and other revenue were primarily due to increases in fees recognized under our retransmission consent agreements. Advertising revenue decreased for the three months ended September 30, 2020 compared to the same period in 2019 primarily due to continued declines in audience ratings. The decrease in advertising revenue for the nine months ended September 30, 2020 compared to the same period in 2019 was primarily due to continued declines in audience ratings and reduced spending from advertisers as a result of COVID-19, partially offset by higher prices for advertising units sold.

~~Broadcast Television Segment – Operating Costs and Expenses~~

~~Operating costs and expenses increased for the three and nine months ended September 30, 2020 compared to the same periods in 2019 due to increases~~ in programming and production costs, partially offset by decreases in other operating and administrative costs and advertising, marketing and promotion costs. Programming and production costs increased primarily due to higher amortization expense related to programming at Peacock. Programming and ~~other~~production costs at our television networks increased slightly, reflecting higher sports programming costs driven by an increase in the number of sporting events offset by a decrease in

Table of Conten ts

entertainment programming costs from delays in production due to COVID-19. Other operating and administrative ~~costs. The increases in programming~~costs decreased due to cost savings initiatives, partially offset by increased costs related to Peacock. Advertising, marketing and ~~production~~promotion costs decreased due to lower spending on marketing related to our networks, partially offset by higher marketing related to Peacock. Operating costs and expenses included $368 million and $59 million related to Peacock for the three ~~and nine~~ months ended ~~September 30,~~March 31, 2021 and 2020, ~~compared~~respectively, and we expect to ~~the same periods in 2019 were primarily due~~continue to ~~amortization associated with~~incur significant costs related to additional content ~~licensing sales, partially offset by the impact of the updated accounting guidance, which removed certain limitations on the amounts capitalized for episodic television series~~ and ~~had a favorable impact on programming and production expense in the current year (see Note 8). The increase in programming and production costs~~marketing for the ~~nine~~new platform.

Studios Segment Results of Operations


	Three Months Ended March 31,				Increase/ (Decrease)
(in millions)	2021		2020		$		%
Revenue
Content licensing	$	2,075	$	1,819	$	256	14.1	%
Theatrical	39		316		(277)		(87.7)

Home entertainment and other	282		274		8		2.8
Total revenue	2,396		2,409		(13)		(0.6)
Operating costs and expenses
Programming and production	1,614		1,513		101		6.6
Other operating and administrative	161		213		(52)		(24.7)
Advertising, marketing and promotion	124		383		(259)		(67.6)
Total operating costs and expenses	1,899		2,109		(210)		(10.0)
Adjusted EBITDA	$	497	$	300	$	197	65.7	%

Studios Segment – Revenue

Revenue decreased for the three months ended ~~September 30, 2020~~March 31, 2021 compared to the same period in ~~2019 was also partially offset by decreases in sports programming costs recognized~~2020 due to ~~the reduced number of events as~~ a result of COVID-19. The decreases in advertising, marketing and promotion costs were primarily due to reduced spending on marketing related to our programming. The decreases in other operating and administrative costs were due to decreased overhead costs as part of cost savings initiatives and lower employee-related costs.

~~Filmed Entertainment Segment Results of Operations~~

Three Months Ended
September 30, Increase/
(Decrease)
(in millions) 2020 2019 $ %
Revenue
Theatrical $ 29 $ 549 $ (520) (94.7) %
Content licensing 844 737 107 14.5
Home entertainment 278 185 93 49.1
Other 129 235 (106) (44.8)
Total revenue 1,280 1,706 (426) (25.0)
Operating costs and expenses
Programming and production 639 867 (228) (26.4)
Other operating and administrative 248 277 (29) (9.7)
Advertising, marketing and promotion 93 367 (274) (74.8)
Total operating costs and expenses 980 1,511 (531) (35.1)
Adjusted EBITDA $ 300 $ 195 $ 105 53.4 %

~~Table of Contents~~

Nine Months Ended
September 30, Increase/
(Decrease)
(in millions) 2020 2019 $ %
Revenue
Theatrical $ 354 $ 1,246 $ (892) (71.6) %
Content licensing 2,385 2,266 119 5.3
Home entertainment 678 681 (3) (0.6)
Other 427 738 (311) (42.1)
Total revenue 3,844 4,931 (1,087) (22.0)
Operating costs and expenses
Programming and production 1,841 2,201 (360) (16.4)
Other operating and administrative 718 832 (114) (13.6)
Advertising, marketing and promotion 651 1,156 (505) (43.7)
Total operating costs and expenses 3,210 4,189 (979) (23.4)
Adjusted EBITDA $ 634 $ 742 $ (108) (14.6) %

~~Filmed Entertainment Segment – Revenue~~

Filmed Entertainment revenue decreased for the three months ended September 30, 2020 compared to the same period in 2019 due to decreases in theatrical revenue and other revenue, partially offset by increases in content licensing revenue and home entertainment revenue. The decrease in theatrical revenue, ~~was primarily due to theater closures as a result of COVID-19~~. ~~The decrease in other revenue was primarily due to decreases in revenue from our movie ticketing and entertainment business and live stage plays, which were impacted~~offset by ~~theater and entertainment venue closures as a result of COVID-19. The~~an increase in content licensing revenue. Theatrical revenue ~~was~~decreased primarily due to the deferral of theatrical releases due to the temporary closure and limited-capacity operation of many movie theaters due to COVID-19. Content licensing revenue increased primarily due to the timing of when content was made available under licensing agreements, ~~increased sales of titles made~~including a new licensing agreement for content that became exclusively available for streaming on ~~demand, including certain 2020 releases after theater closures due to COVID-19, and transactions with~~ Peacock ~~beginning in~~during the ~~second quarter of 2020. The increase in home entertainment revenue was primarily due to higher sales of 2020 releases, including~~ ~~Trolls World Tour.~~quarter.

Filmed Entertainment revenue decreased for the nine months ended September 30, 2020 compared to the same period in 2019 primarily due to decreases in theatrical revenue and other revenue, partially offset by an increase in content licensing revenue. The decreases in theatrical and other revenue were primarily due to theater and entertainment venue closures as a result of COVID-19. The increase in content licensing revenue was primarily due to the timing of when content was made available under licensing agreements, increased sales of titles made available on demand, including certain 2020 releases after theater closures due to COVID-19, and transactions with Peacock beginning in the second quarter of 2020.

~~Filmed Entertainment~~Studios Segment – Operating Costs and Expenses

Operating costs and expenses decreased for the three ~~and nine~~ months ended ~~September 30, 2020~~March 31, 2021 compared to the same ~~periods~~period in ~~2019~~2020 due to decreases in advertising, marketing and promotion costs ~~programming and production costs,~~ and other operating and administrative costs, partially offset by an increase in programming and production costs. ~~The decreases in advertising,~~Advertising, marketing and promotion costs ~~were~~decreased due to lower spending on theatrical film releases in the current ~~period releases as a result of COVID-19. The decreases in programming~~year period. Other operating and administrative costs decreased due to cost savings initiatives. Programming and production costs ~~were~~increased primarily due to higher amortization ~~of film~~associated with content licensing sales, including the new licensing agreement for content that became exclusively available for streaming on Peacock during the quarter, as well as the impact from the updated accounting guidance related to episodic television series, which was adopted and had a favorable impact on programming and production ~~costs~~expense in the prior year period. ~~The decreases~~These increases were partially offset by a decrease in ~~other operating and administrative costs were due to lower costs~~amortization associated with ~~our movie ticketing and entertainment business and live stage plays, which were impacted by theater and entertainment venue closures as a result of COVID-19, and overall efforts of~~theatrical film releases in the ~~business to reduce costs.~~current year period.

Theme Parks Segment Results of Operations

Three Months Ended
September 30, Increase/
(Decrease)
(in millions) 2020 2019 $ %
Revenue $ 311 $ 1,631 $ (1,320) (80.9) %
Operating costs and expenses 514 900 (386) (42.9)
Adjusted EBITDA $ (203) $ 731 $ (934) (127.7) %

Nine Months Ended
September 30, Increase/
(Decrease)
(in millions) 2020 2019 $ %
Revenue $ 1,267 $ 4,371 $ (3,104) (71.0) %
Operating costs and expenses 1,793 2,552 (759) (29.8)
Adjusted EBITDA $ (526) $ 1,819 $ (2,345) (128.9) %

~~Table of Contents~~


	Three Months Ended March 31,				Increase/ (Decrease)
(in millions)	2021		2020		$		%
Revenue	$	619	$	925	$	(306)	(33.1)	%
Operating costs and expenses	680		838		(158)		(18.8)
Adjusted EBITDA	$	(61)	$	87	$	(148)	(170.9)	%

Theme Parks Segment – Revenue

~~Theme Parks revenue~~Revenue decreased for the three ~~and nine~~ months ended ~~September 30, 2020~~March 31, 2021 compared to the same ~~periods~~period in ~~2019~~2020 due to the temporary limited-capacity operation and closures of our theme parks as a result of ~~COVID-19,~~COVID-19. Our theme parks closed beginning in late February 2020 in Japan and mid-March ~~for our theme parks~~2020 in Orlando and Hollywood. Our theme parks in Orlando and Japan reopened with ~~limited capacity~~

Table of Conten ts

limited-capacity in June 2020, while our theme park in Hollywood ~~remains~~remained closed through the first quarter of 2021. In April 2021, our theme park in Hollywood reopened with limited capacity, but our theme park in Japan has temporarily closed.

Theme Parks Segment – Operating Costs and Expenses

~~Theme Parks operating~~Operating costs and expenses decreased for the three ~~and nine~~ months ended ~~September 30, 2020~~March 31, 2021 compared to the same ~~periods~~period in ~~2019~~2020 primarily due to decreases in costs related to park operations due to the ~~park~~temporary limited-capacity operation and closures and lower marketing-related costs, partially offset by increased pre-opening costs associated with Universal Beijing Resort. We expect to incur significant additional pre-opening costs ahead of the expected opening of Universal Beijing Resort later in 2021.

NBCUniversal Headquarters, Other and Eliminations

Headquarters and Other Results of Operations


	Three Months Ended March 31,				Increase/ (Decrease)
(in millions)	2021		2020		$		%
Revenue	$	16	$	9	$	7	85.9	%
Operating costs and expenses	225		230		(5)		(2.2)
Adjusted EBITDA	$	(209)	$	(221)	$	12	5.7	%

Operating costs and expenses include overhead, personnel costs and costs associated with corporate initiatives.

Eliminations


	Three Months Ended March 31,				Increase/ (Decrease)
(in millions)	2021		2020		$		%
Revenue	$	(1,043)	$	(492)	$	551	111.5	%
Operating costs and expenses	(833)		(486)		347		70.9
Adjusted EBITDA	$	(210)	$	(6)	$	204	NM

Amounts represent eliminations of transactions between our NBCUniversal segments. For the three months ended March 31, 2021, eliminations of revenue and operating costs and expenses increased as a result of licensing of content between our Studios and Media segments, including transactions with Peacock. For the three months ended March 31, 2021 and 2020, approximately 52% and 30% of Studios segment content licensing revenue resulted from transactions with other segments, primarily with the Media segment. Eliminations will increase or decrease to the extent that additional content is made available to our other segments. Refer to Note 2 for further description of transactions between our segments.

Sky Segment Results of Operations

Three Months Ended
September 30,
Increase/
(Decrease)
Constant Currency Growth(a)
(in millions) 2020 2019 $ % %
Revenue
Direct-to-consumer $ 3,943 $ 3,793 $ 150 3.9 % (1.0) %
Content 388 315 73 23.3 17.5
Advertising 462 446 16 3.7 (1.2)
Total revenue 4,793 4,554 239 5.2 0.3
Operating costs and expenses
Programming and production 2,350 2,003 347 17.3 11.8
Direct network costs 530 419 111 26.3 20.5
Other 1,398 1,233 165 13.5 8.2
Total operating costs and expenses 4,278 3,655 623 17.0 11.5
Adjusted EBITDA $ 515 $ 899 $ (384) (42.8) % (45.4) %


		Nine Months Ended September 30,				Increase/ (Decrease)				Constant Currency Growth(a)			Three Months Ended March 31,				Increase/ (Decrease)				Constant Currency Growth(a)
(in millions)	(in millions)	2020		2019		$		%		%		(in millions)	2021		2020		$		%		%
Revenue	Revenue											Revenue
Direct-to-consumer	Direct-to-consumer	$	11,146	$	11,516	$	(370)	(3.2)	%	(3.1)	%	Direct-to-consumer	$	4,065	$	3,679	$	386	10.5	%	1.8	%
Content	Content	947		1,061		(114)		(10.7)		(10.4)		Content	358		325		33		10.3		1.7
Advertising	Advertising	1,296		1,602		(306)		(19.1)		(18.7)		Advertising	574		513		61		11.9		3.4
Total revenue	Total revenue	13,389		14,179		(790)		(5.6)		(5.4)		Total revenue	4,997		4,517		480		10.6		2.0
Operating costs and expenses	Operating costs and expenses											Operating costs and expenses
Programming and production	Programming and production	5,957		6,543		(586)		(9.0)		(8.7)		Programming and production	2,485		2,064		421		20.4		10.9
Direct network costs	Direct network costs	1,485		1,218		267		21.9		22.0		Direct network costs	631		457		174		38.1		28.1
Other	Other	4,132		4,084		48		1.2		1.5		Other	1,517		1,445		72		5.0		(3.1)
Total operating costs and expenses	Total operating costs and expenses	11,574		11,845		(271)		(2.3)		(2.0)		Total operating costs and expenses	4,633		3,966		667		16.8		7.8
Adjusted EBITDA	Adjusted EBITDA	$	1,815	$	2,334	$	(519)	(22.3)	%	(22.5)	%	Adjusted EBITDA	$	364	$	551	$	(187)	(33.9)	%	(39.6)	%

All percentages are calculated based on actual amounts. Minor differences may exist due to rounding.

(a)Constant currency growth is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 3624 for additional information, including our definition and our use of constant currency, and for a reconciliation of Sky’s constant currency growth rates.

3322

Table of ~~Contents~~Conten ts

Customer Metrics


				Net Additions									Net Additions
		September 30,		Three Months Ended September 30,		Nine Months Ended September 30,		March 31,				Three Months Ended March 31,

(in thousands)	(in thousands)	2020	2019		2020	2019	2020		2019	(in thousands)	2021	2020		2021	2020
Total customer relationships	Total customer relationships	23,695	23,918		(21)	(99)	(299)		317	Total customer relationships	23,446	23,216		221	(65)

~~Sky customer~~Customer metrics are presented based on actual amounts. Minor differences may exist due to rounding. Customer relationships represent the number of residential ~~retail~~ customers that subscribe to at least one of Sky’s four primary services of video, ~~high-speed internet,~~broadband, voice and wireless phone service. ~~Commercial retail~~Sky reports commercial customers, ~~include~~including hotels, bars, workplaces and restaurants, ~~with an active subscription for the purpose of providing Sky services to customers. Sky reports commercial customers~~generally based on the number of locations receiving our services. In the first quarter of 2021, we implemented conforming changes to our methodology for counting commercial ~~agreements per venue~~customers in Italy and Germany, which are now counted as described above, consistent with customers in the ~~U.K., and generally~~United Kingdom. Previously these customers were counted based on a residential equivalent unit ~~using the multiple of residential customer revenue~~ in Italy and the number of active venues ~~(bars and restaurants)~~ or rooms ~~(hotels~~in Germany. This change resulted in a reduction in Sky’s total customer relationships of 714,000 as of December 31, 2020. The impact of the change in methodology to customer relationship net additions for any period was not material. For comparative purposes, we have updated Sky’s historical total customer relationships and ~~clinics) in Germany.~~average monthly direct-to-consumer revenue per customer relationship to reflect this adjustment.

Three Months Ended
September 30,
Increase/
(Decrease)
Constant
Currency
Growth(a)
Nine Months Ended
September 30,
Increase/
(Decrease)
Constant
Currency
Growth(a)
2020 2019 % % 2020 2019 % %
Average monthly direct-to-consumer revenue per customer relationship $ 55.44 $ 52.77 5.1 % 0.1 % $ 51.94 $ 53.86 (3.6) % (3.5) %



	Three Months Ended March 31,			Increase/ (Decrease)		Constant Currency Growth(a)
		2021		2020			%		%
Average monthly direct-to-consumer revenue per customer relationship		$	58.06	$	52.76		10.0	%	1.4	%

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

Content

Revenue increased for the three months ended ~~September 30, 2020 and decreased for the nine months ended September 30, 2020~~March 31, 2021 compared to the same ~~periods~~period in ~~2019.~~2020. Excluding the impact of foreign currency, revenue increased ~~for the three months ended September 30, 2020~~ primarily due to higher revenue from sports programming wholesaling arrangements as European soccer leagues resumed sporting events that were previously postponed due to COVID-19. Excluding the impact of foreign currency, revenue decreased for the nine months ended September 30, 2020 primarily due to a decrease in revenue from the distribution of Sky’s sports programming on third-party platforms, ~~due to postponed sporting events as a result~~reflecting the negative impact of ~~COVID-19.~~COVID-19 in the prior year period.

Advertising

Revenue increased for the three months ended ~~September 30, 2020 and decreased for the nine months ended September 30, 2020~~March 31, 2021 compared to the same ~~periods~~period in ~~2019.~~2020. Excluding the impact of foreign currency, revenue ~~decreased for the three months ended September 30, 2020~~increased primarily due to ~~overall market weakness, partially offset by additional sporting events~~higher advanced advertising revenue in the current quarter that were previously postponed. Excluding the impact of foreign currency, revenue decreased for the nine months ended September 30, 2020 primarily due to overall market weakness, which has worsened due to COVID-19, and the impact of changes in legislation related to gambling advertisements in the U.K. and Italy that occurred in the third quarter of 2019.United Kingdom.

Sky Segment – Operating Costs and Expenses

Programming and production costs increased for the three months ended ~~September 30, 2020 and decreased for the nine months ended September 30, 2020~~March 31, 2021 compared to the same ~~periods~~period in ~~2019.~~2020. Excluding the impact of foreign currency, programming and production costs increased ~~for the three months ended September 30, 2020~~ primarily due to an increase in the ~~recognition~~number of ~~sports programming costs due to rescheduled~~ sporting events ~~that were previously postponed~~in the current year period due to COVID-19, ~~partially offset by~~including the impact of the delayed starts of new seasons. Excluding the impact of foreign currency, programming and production costs decreased for the nine months ended September 30, 2020 primarily due to the impactimpacts of the delayed starts of the ~~new~~current European ~~soccer seasons.~~

~~Table~~football seasons and the disrupted seasons in the first quarter of ~~Contents~~

2020. We currently hold Italian broadcast rights to Lega Nazionale Professionisti Serie A through the end of the 2020-2021 season. It is uncertain whether we will retain any broadcast or other rights related to future seasons, which would result in a reduction in programming and production costs and may result in a decline in customer relationships in Italy.

Direct network costs increased for the three ~~and nine~~ months ended ~~September 30, 2020~~March 31, 2021 compared to the same ~~periods~~period in ~~2019.~~2020. Excluding the impact of foreign currency, direct network costs increased primarily due to ~~increases~~an increase in costs associated with Sky’s ~~high-speed internet~~wireless phone and ~~wireless phone~~broadband services as a result of increases in the sale of handsets and the number of customers receiving these services.

Other expenses increased for the three ~~and nine~~ months ended ~~September 30, 2020~~March 31, 2021 compared to the same ~~periods~~period in ~~2019.~~2020. Excluding the impact of foreign currency, other expenses ~~increased~~decreased primarily due to ~~higher marketing costs and a favorable settlement in the prior year periods. The increase in other expenses for the nine months ended September, 30, 2020 was partially offset by~~ lower ~~costs relating to advertising sales resulting from the impact~~personnel costs.

Table of ~~COVID-19.~~Conten ts

Corporate, Other and Eliminations

Corporate and Other Results of Operations

Three Months Ended
September 30, Increase/
(Decrease)
(in millions) 2020 2019 $ %
Revenue $ 84 $ 42 $ 42 97.7 %
Operating costs and expenses 767 312 455 145.7
Adjustment for potential legal settlement (177) — (177) NM
Adjustment for Sky transaction-related costs (10) (33) 23 NM
Adjusted EBITDA $ (496) $ (237) $ (259) (109.6) %


		Nine Months Ended September 30,				Increase/ (Decrease)					Three Months Ended March 31,				Increase/ (Decrease)
(in millions)	(in millions)	2020		2019		$		%		(in millions)	2021		2020		$		%
Revenue	Revenue	$	250	$	206	$	44	21.1	%	Revenue	$	89	$	120	$	(31)	(26.1)	%
Operating costs and expenses	Operating costs and expenses	1,721		1,011		710		70.1		Operating costs and expenses	382		327		55		16.6
Adjustment for potential legal settlement		(177)		—		(177)		NM

Adjustment for Sky transaction-related costs	Adjustment for Sky transaction-related costs	(40)		(168)		128		NM		Adjustment for Sky transaction-related costs	(12)		(14)		2		NM
Adjusted EBITDA	Adjusted EBITDA	$	(1,254)	$	(637)	$	(617)	(96.8)	%	Adjusted EBITDA	$	(281)	$	(193)	$	(88)	(45.3)	%

Percentage changes that are considered not meaningful are denoted with NM.

Corporate and Other – Revenue

Revenue primarily relates to Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, ~~Pennsylvania, and, beginning~~Pennsylvania. Revenue decreased for the three months ended March 31, 2021 compared to the same period in ~~the second quarter~~2020 as a result of ~~2020, revenues at Peacock.~~COVID-19.

Corporate and Other – Operating Costs and Expenses

~~Expenses~~Operating costs and expenses primarily include overhead, personnel costs, the costs of other business initiatives, ~~such as Peacock,~~ and operating costs and expenses associated with Comcast Spectacor.

Expenses increased for the three ~~and nine~~ months ended ~~September 30, 2020~~March 31, 2021 compared to the same ~~periods~~period in ~~2019~~2020 primarily due to ~~costs associated with Peacock, certain costs incurred in response to COVID-19, including severance and restructuring charges~~increases related to ~~our NBCUniversal segments,~~corporate activities and a potential legal settlement, which were partially offset by a reduction in costs related to the Sky transaction. Beginning in the second quarter of 2020, Peacock costs include amortization of film and television costs and we expect to continue to incur significant costs related to additional content and marketing for the new platform.other business initiatives.

Corporate and Other Adjusted EBITDA excludes ~~a potential legal settlement and~~the Sky transaction-related costs.

Eliminations


	Three Months Ended March 31,				Increase/ (Decrease)
(in millions)	2021		2020		$		%
Revenue	$	(710)	$	(675)	$	35	5.3	%
Operating costs and expenses	(720)		(682)		38		5.6
Adjusted EBITDA	$	10	$	7	$	(3)	(29.0)	%

~~Table~~Amounts represent eliminations of ~~Contents~~

~~Eliminations~~

Three Months Ended
September 30, Increase/
(Decrease)
(in millions) 2020 2019 $ %
Revenue $ (1,069) $ (648) $ 421 64.9 %
Operating costs and expenses (941) (647) 294 45.2
Adjusted EBITDA $ (128) $ (1) $ 127 NM

Nine Months Ended
September 30, Increase/
(Decrease)
(in millions) 2020 2019 $ %
Revenue $ (2,711) $ (1,969) $ 742 37.6 %
Operating costs and expenses (2,461) (1,959) 502 25.5
Adjusted EBITDA $ (250) $ (10) $ 240 NM

~~Percentage changes that are considered not meaningful are denoted with NM.~~

~~For the three~~transactions between Cable Communications, NBCUniversal, Sky and ~~nine months ended September 30, 2020, revenue and operating costs and expenses eliminations increased as a result~~other businesses. Eliminations of ~~the licensing of content~~transactions between ~~our~~ NBCUniversal segments ~~and Peacock.~~are presented separately. Refer to Note 2 for ~~further~~a description of transactions between our segments.

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 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.

Table of Conten ts

We define Adjusted EBITDA as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock, 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 operating income, net income (loss), net income attributable to Comcast Corporation, or net cash provided by operating activities that we have reported in accordance with GAAP.

~~Table of Contents~~

Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA


		Three Months Ended September 30,			Nine Months Ended September 30,							Three Months Ended March 31,
(in millions)	(in millions)		2020		2019		2020		2019		(in millions)		2021		2020
Net income attributable to Comcast Corporation	Net income attributable to Comcast Corporation		$	2,019	$	3,217	$	7,154	$	9,895	Net income attributable to Comcast Corporation		$	3,329	$	2,147
Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock		12		71		110		228		Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock		(37)		77
Income tax expense	Income tax expense		739		775		2,385		2,812		Income tax expense		1,119		700
Investment and other (income) loss, net	Investment and other (income) loss, net		86		110		382		(511)		Investment and other (income) loss, net		(390)		716
Interest expense	Interest expense		1,220		1,167		3,544		3,454		Interest expense		1,018		1,212
Depreciation	Depreciation		2,122		2,124		6,328		6,561		Depreciation		2,117		2,107
Amortization	Amortization		1,198		1,056		3,520		3,215		Amortization		1,245		1,157

Adjustment for potential legal settlement			177		—		177		—
Adjustment for Sky transaction-related costs	Adjustment for Sky transaction-related costs		10		33		40		168		Adjustment for Sky transaction-related costs		12		14

Adjusted EBITDA	Adjusted EBITDA		$	7,583	$	8,553	$	23,640	$	25,822	Adjusted EBITDA		$	8,413	$	8,130

Constant Currency

Constant currency and constant 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 constant 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 underlying performance.

Constant currency and constant currency growth rates are calculated by comparing the comparative period results in the prior year adjusted to reflect the average exchange rates from the current year period rather than the actual exchange rates in effect during the respective prior year periods.

Reconciliation of Sky Constant Currency Growth Rates


		Three Months Ended September 30,						Nine Months Ended September 30,							Three Months Ended March 31,
		Actual		Constant Currency		Constant Currency Growth		Actual		Constant Currency		Constant Currency Growth				Actual		Constant Currency		Constant Currency Growth
(in millions, except per customer data)	(in millions, except per customer data)	2020		2019		%		2020		2019		%		(in millions, except per customer data)		2021		2020		%
Revenue	Revenue													Revenue
Direct-to-consumer	Direct-to-consumer	$	3,943	$	3,981	(1.0)	%	$	11,146	$	11,504	(3.1)	%	Direct-to-consumer		$	4,065	$	3,993	1.8	%
Content	Content	388		330		17.5		947		1,057		(10.4)		Content		358		352		1.7
Advertising	Advertising	462		468		(1.2)		1,296		1,595		(18.7)		Advertising		574		555		3.4
Total revenue	Total revenue	4,793		4,779		0.3		13,389		14,156		(5.4)		Total revenue		4,997		4,900		2.0
Operating costs and expenses	Operating costs and expenses													Operating costs and expenses
Programming and production	Programming and production	2,350		2,102		11.8		5,957		6,525		(8.7)		Programming and production		2,485		2,240		10.9
Direct network costs	Direct network costs	530		440		20.5		1,485		1,217		22.0		Direct network costs		631		493		28.1
Other	Other	1,398		1,294		8.2		4,132		4,073		1.5		Other		1,517		1,565		(3.1)
Total operating costs and expenses	Total operating costs and expenses	4,278		3,836		11.5		11,574		11,815		(2.0)		Total operating costs and expenses		4,633		4,298		7.8
Adjusted EBITDA	Adjusted EBITDA	$	515	$	943	(45.4)	%	$	1,815	$	2,341	(22.5)	%	Adjusted EBITDA		$	364	$	602	(39.6)	%
Average monthly direct-to-consumer revenue per customer relationship	Average monthly direct-to-consumer revenue per customer relationship	$	55.44	$	55.36	0.1	%	$	51.94	$	53.80	(3.5)	%	Average monthly direct-to-consumer revenue per customer relationship		$	58.06	$	57.25	1.4	%

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Liquidity and Capital Resources

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, cash equivalents and investments; available borrowings under our existing credit ~~facilities;~~facility; and our ability to obtain future external financing. ~~Refer to “Impacts of COVID-19” for additional discussion.~~

We maintain significant availability under our revolving credit ~~facilities~~facility and commercial paper ~~programs~~program to meet our short-term liquidity requirements. As of ~~September 30, 2020,~~March 31, 2021, amounts available under our revolving credit ~~facilities,~~facility, net of amounts outstanding under our commercial paper ~~programs~~program and outstanding letters of credit and bank guarantees, totaled ~~$9.2~~$11.0 billion. We entered into a new revolving credit facility in March 2021 (see Note 5).

We are subject to customary covenants and restrictions set forth in agreements related to debt issued at Comcast and certain of our subsidiaries, including the indentures governing our public debt securities and the credit agreements governing the Comcast revolving credit facility. Our credit facility contains a financial covenant pertaining to leverage, which is the ratio of debt to EBITDA, as defined in the credit facility. Compliance with this financial covenant is tested on a quarterly basis under the terms of the credit facility. As of March 31, 2021, we met this financial covenant by a significant margin and we would expect to remain in compliance with this financial covenant and other covenants related to our debt. The covenants and restrictions in our revolving credit facility do not apply to certain entities, including Sky and our international theme parks.

Operating Activities

Components of Net Cash Provided by Operating Activities


		Nine Months Ended September 30,					Three Months Ended March 31,
(in millions)	(in millions)	2020		2019		(in millions)	2021		2020
Operating income	Operating income	$	13,575	$	15,878	Operating income	$	5,039	$	4,852
Depreciation and amortization	Depreciation and amortization	9,848		9,776		Depreciation and amortization	3,362		3,264
Noncash share-based compensation	Noncash share-based compensation	922		790		Noncash share-based compensation	373		298
Changes in operating assets and liabilities	Changes in operating assets and liabilities	361		(1,670)		Changes in operating assets and liabilities	(176)		(1,393)
Payments of interest	Payments of interest	(2,845)		(3,167)		Payments of interest	(911)		(991)
Payments of income taxes	Payments of income taxes	(2,298)		(2,490)		Payments of income taxes	(87)		(281)
Other	Other	132		345		Other	151		75
Net cash provided by operating activities	Net cash provided by operating activities	$	19,695	$	19,462	Net cash provided by operating activities	$	7,751	$	5,824

The variance in changes in operating assets and liabilities for the ~~nine~~three months ended ~~September 30, 2020~~March 31, 2021 compared to the same period in ~~2019~~2020 was primarily due to ~~the impact of COVID-19 on~~ the timing of amortization and related payments for our film and television costs, including the ~~suspension~~timing of ~~studio production operations, as well as~~sporting events, and collections ~~on our~~of accounts ~~receivable.~~receivables and increases in deferred revenue.

The decrease in payments of income taxes for the nine months ended September 30, 2020 compared to the same period in 2019 was primarily due to lower taxable income from operations in 2020, partially offset by the taxable gain associatedIn March 2021, we entered into an agreement with the ~~AirTouch redemption which approximated~~NFL extending our rights for an additional 11 years through the ~~proceeds received.~~2033-2034 season. The new agreement includes exhibition rights for three additional Super Bowls and certain other rights, including streaming rights and additional exclusive games on Peacock.

Investing Activities

Net cash used in investing activities for the ~~nine~~three months ended ~~September 30, 2020~~March 31, 2021 consisted primarily of capital expenditures, cash paid for intangible assets and the construction of Universal Beijing Resort, which were partially offset by proceeds from sales of businesses and investments. Net cash used in investing activities for the ~~nine~~three months ended ~~September 30, 2019~~March 31, 2020 consisted primarily of capital expenditures, ~~purchases of investments and~~ cash paid for intangible ~~assets.~~assets and the construction of Universal Beijing Resort. Capital expenditures decreased for the ~~nine~~three months ended ~~September 30, 2020~~March 31, 2021 compared to the same period in ~~2019~~2020 primarily due to ~~decreases~~a decrease in spending byin our ~~Cable Communications and~~ Theme Parks ~~segments. We anticipate further declines~~segment, partially offset by an increase in spending ~~across our segments as a result of COVID-19, even as we continue~~related to ~~invest in~~ scalable infrastructure ~~to increase network capacity~~ in our Cable Communications ~~segment.~~segment to increase network capacity. Proceeds from sales of businesses and investments increased for the ~~nine~~three months ended ~~September 30, 2020~~March 31, 2021 compared to the same period in ~~2019~~2020 primarily due to ~~$1.7 billion of proceeds received from~~ the sale of ~~our investment in AirTouch in the second quarter of 2020. See Note 9.~~

On September 2, 2020, the FCC announced the results of its spectrum auction. In the auction, we were awarded the rights to $459 million of spectrum, the majority of which will be paid in the fourth quarter of 2020.marketable equity securities.

Financing Activities

Net cash used in financing activities for the ~~nine~~three months ended ~~September 30, 2020~~March 31, 2021 consisted primarily of ~~repayments~~dividend payments, payments related to the redemption of ~~debt and the related early redemption payments~~NBCUniversal Enterprise redeemable subsidiary preferred stock presented in other financing activities ~~dividend payments~~ and ~~payments related to the redemption and repayment~~repurchases of subsidiary preferred shares in the second quarter of 2020 presented in other financing activities (see Note 9), which were partially offset by proceeds from borrowings and proceeds from the settlement of cross currency swaps related tocommon stock under our ~~debt presented in other financing activities.~~employee plans. Net cash ~~used in~~provided by financing activities for the ~~nine~~three months ended ~~September 30, 2019~~March 31, 2020 consisted primarily of ~~repayments of debt and dividend payments, partially offset by~~ proceeds from ~~a collateralized obligation.~~borrowings, including the issuance of senior

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~~In the first quarter~~notes, partially offset by repayments of 2020, we issued $4.0 billion of fixed rate senior notes maturing between 2025 and 2040, $3.2 billion (using exchange rates on the date of issuance) of fixed rate Euro senior notes maturing between 2027 and 2040 and $1.8 billion (using exchange rates on the date of issuance) of fixed rate Sterling senior notes maturing between 2029 and 2036. In the second quarter of 2020, we issued $4.0 billion of fixed rate senior notes maturing between 2031 and 2051. In August 2020, we issued $4.5 billion of fixed rate senior notes maturing between 2031 and 2062.

~~For the nine months ended September 30, 2020, we made~~ debt, ~~repayments totaling $16.8 billion,~~ including the early redemption ~~and purchase of $14.9 billion~~ of senior notes, ~~maturing between 2020~~dividend payments and ~~2047.~~repurchases of common stock under our employee plans.

As of ~~September 30, 2020,~~March 31, 2021, we had no commercial paper outstanding and there were no amounts outstanding under our revolving credit ~~facilities.~~facility.

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. See Notes 65 and 76 for additional information on our financing activities.

~~Share Repurchases and~~ Dividends

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 the authorization, we may repurchase shares in the open market or in private transactions. We have paused our share repurchase program in order to accelerate the reduction of indebtedness we incurred in connection with the acquisition of Sky, and no common shares were repurchased under the authorization for the nine months ended September 30, 2020.

~~We paid $429 million for the nine months ended September 30, 2020 related to employee taxes associated with the administration of our share-based compensation plans.~~

In January ~~2020,~~2021, our Board of Directors approved a ~~10%~~9% increase in our dividend to ~~$0.92~~$1.00 per share on an annualized basis. In ~~July 2020,~~January 2021, our Board of Directors approved our ~~third~~first quarter dividend of ~~$0.23~~$0.25 per share, which was paid in ~~October 2020.~~April 2021. We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors. On ~~July 22, 2020,~~January 27, 2021, we paid dividends of $1.1 billion.

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.

~~Table of Contents~~

Debt and Guarantee Structure


(in billions)	(in billions)	September 30, 2020		December 31, 2019		(in billions)	March 31, 2021		December 31, 2020
Debt subject to cross-guarantees	Debt subject to cross-guarantees					Debt subject to cross-guarantees
Comcast	Comcast	$	86.5	$	80.4	Comcast	$	85.6	$	85.7
NBCUniversal(a)	NBCUniversal(a)	2.8		5.8		NBCUniversal(a)	2.8		2.8
Comcast Cable(a)	Comcast Cable(a)	2.1		2.1		Comcast Cable(a)	2.1		2.1
		91.4		88.3			90.5		90.6
Debt subject to one-way guarantees	Debt subject to one-way guarantees					Debt subject to one-way guarantees
Sky	Sky	8.7		9.2		Sky	8.2		8.4
Other(a)	Other(a)	2.8		4.1		Other(a)	2.5		2.8
		11.5		13.3			10.7		11.2
Debt not guaranteed	Debt not guaranteed					Debt not guaranteed
Universal Beijing Resort(b)	Universal Beijing Resort(b)	2.1		1.3		Universal Beijing Resort(b)	3.0		2.5
Other	Other	1.1		1.0		Other	1.2		1.1
		3.2		2.3			4.2		3.6
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net	Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net	(1.7)		(1.7)		Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net	(1.7)		(1.6)
Total debt	Total debt	$	104.4	$	102.2	Total debt	$	103.7	$	103.8

(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 76 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 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.

Table of Conten ts

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 ~~September 30, 2020~~March 31, 2021 and December 31, ~~2019,~~2020, the combined Guarantors have noncurrent notes payable to non-guarantor subsidiaries of ~~$124~~$125 billion and ~~$122~~$124 billion, respectively, and for both periods have noncurrent notes receivable from non-guarantor subsidiaries of ~~$23 billion and $21 billion, respectively.~~$26 billion. 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.

~~Table of Contents~~

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 ~~$185~~$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 ~~September 30, 2020~~March 31, 2021 and December 31, ~~2019,~~2020, Comcast and Comcast Holdings, the combined issuer and guarantor of the guaranteed subordinated debt, have noncurrent senior notes payable to non-guarantor subsidiaries of ~~$93~~$95 billion and ~~$92~~$94 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of ~~$21~~$24 billion and ~~$18~~$23 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~~Following the change in presentation of our ~~judgments and related estimates associated with the valuation and impairment testing of goodwill and cable franchise rights and the accounting for film and television costs are critical~~segment operating results in the ~~preparation~~first quarter of our condensed consolidated financial statements. We performed our annual impairment testing of goodwill and cable franchise rights as of July 1, 2020 and no impairment was required. Our impairment testing consisted of qualitative assessments for our cable franchise rights and2021, we reassessed the reporting units related to goodwill in our ~~Cable Communications and~~ NBCUniversal segments and ~~a quantitative assessment~~concluded that our reporting units are the same as our reportable segments. See Note 2 for goodwill in our Sky segment. The goodwill in our Sky segment resulted from our acquisition of Sky in the fourth quarter of 2018. Given this was a recent transaction, the fair value is in close proximity to the carrying value of the Sky reporting unit.

Changes in market conditions, laws and regulations, and key assumptions made in future quantitative assessments, including expected cash flows, competitive factors and discount rates, could negatively impact the results of future impairment testing and could result in the recognition of an impairment charge.additional information.

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 ~~2019~~2020 Annual Report on Form 10-K.

~~Recent Accounting Pronouncements~~

~~See Note 8 for additional information related to recent accounting pronouncements.~~

ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We have evaluated the information required under this item that was disclosed in our ~~2019~~2020 Annual Report on Form 10-K and there have been no significant changes to this information.

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ITEM 4: CONTROLS AND PROCEDURES

Conclusions regarding disclosure controls and procedures

Our principal executive and principal financial officers, after evaluating the effectiveness of our 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, such disclosure controls and procedures were effective.

Changes in internal control over financial reporting

There were no changes in 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 the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II: OTHER INFORMATION

ITEM 1: LEGAL PROCEEDINGS

See Note 1210 included in this Quarterly Report on Form 10-Q for a discussion of legal proceedings.

ITEM 1A: RISK FACTORS

There have been no material changes from the risk factors previously disclosed in Item 1A of our ~~2019~~2020 Annual Report on Form ~~10-K and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020.~~10-K.

ITEM 6: EXHIBITS


Exhibit No.						Description



10.1*						~~Comcast Corporation 2005 Deferred Compensation Plan, as amended and restated, effective October 22, 2020~~
10.2*						~~Comcast Corporation 2002 Non-Employee Director Compensation Plan, as amended and restated, effective July 31, 2020~~
10.3*						Comcast Corporation 2002 Restricted Stock Plan, as amended and restated effective ~~October 22, 2020~~March 1, 2021
10.2*						Comcast Corporation 2002 Deferred Compensation Plan, as amended and restated effective March 1, 2021
10.3*						Comcast Corporation 2005 Deferred Compensation Plan, as amended and restated effective March 1, 2021
10.4						Credit Agreement dated as of March 30, 2021, among Comcast Corporation, the financial institutions party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Citibank, N.A., as syndication agent, Bank of America, N.A., Mizuho Bank, Ltd., Morgan Stanley MUFG Partners, LLC and Wells Fargo Bank, National Association, as co-documentation agents (incorporated by reference to Exhibit 10.1 to Comcast’s Current Report on Form 8-K filed on March 31, 2021)
22						Subsidiary guarantors and issuers of guaranteed securities and affiliates whose securities collateralize securities of the registrant (incorporated by reference to Exhibit 22.1 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020)
31						Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32						Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101						The following financial statements from Comcast Corporation’s Quarterly Report on Form 10-Q for the three ~~and nine~~ months ended ~~September 30, 2020,~~March 31, 2021, filed with the Securities and Exchange Commission on ~~October~~April 29, ~~2020,~~2021, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Condensed Consolidated Statement of Income; (ii) the Condensed Consolidated Statement of Comprehensive Income; (iii) the Condensed Consolidated Statement of Cash Flows; (iv) the Condensed Consolidated Balance Sheet; (v) the Condensed Consolidated Statement of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements.
104						Cover Page Interactive Data File (embedded within the iXBRL document)
*						Constitutes a management contract or compensatory plan or arrangement.

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SIGNATURES

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

By:						/s/ DANIEL C. MURDOCK
						Daniel C. Murdock Executive Vice President, Chief Accounting Officer and Controller (Principal Accounting Officer)

Date: ~~October~~April 29, ~~2020~~2021

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		Page Number
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Condensed Consolidated Statement of Income (Unaudited)	1
	Condensed Consolidated Statement of Comprehensive Income (Unaudited)	2
	Condensed Consolidated Statement of Cash Flows (Unaudited)	3
	Condensed Consolidated Balance Sheet (Unaudited)	4
	Condensed Consolidated Statement of Changes in Equity (Unaudited)	5
	Notes to Condensed Consolidated Financial Statements (Unaudited)	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	1714
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	4128
Item 4.	Controls and Procedures	4229
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	4330
Item 1A.	Risk Factors	4330


Item 6.	Exhibits	4330
SIGNATURES		4431


	Three Months Ended September 30, 2020
(in millions)	Revenue		Adjusted EBITDA(d)		Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	15,000	$	6,411	$	1,952	$	1,770	$	296
NBCUniversal
Cable Networks	2,736		870		191		6		3
Broadcast Television	2,414		436		38		13		7
Filmed Entertainment	1,280		300		26		2		4
Theme Parks	311		(203)		208		306		11
Headquarters and Other(a)	32		(121)		113		30		28
Eliminations(b)	(49)		(1)		0		0		0
NBCUniversal	6,724		1,281		576		357		53
Sky	4,793		515		750		237		176
Corporate and Other(c)	84		(496)		42		23		27
Eliminations(b)	(1,069)		(128)		0		0		0
Comcast Consolidated	$	25,532	$	7,583	$	3,320	$	2,387	$	552


	Three Months Ended September 30, 2019
(in millions)	Revenue		Adjusted EBITDA(d)		Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	14,584	$	5,801	$	1,967	$	1,814	$	336
NBCUniversal
Cable Networks	2,771		955		184		9		4
Broadcast Television	2,230		338		36		36		3
Filmed Entertainment	1,706		195		21		5		5
Theme Parks	1,631		731		182		400		8
Headquarters and Other(a)	21		(130)		114		55		43
Eliminations(b)	(64)		2		0		0		0
NBCUniversal	8,295		2,091		537		505		63
Sky	4,554		899		644		104		188
Corporate and Other(c)	42		(237)		32		88		21
Eliminations(b)	(648)		(1)		0		0		0
Comcast Consolidated	$	26,827	$	8,553	$	3,180	$	2,511	$	608


	Nine Months Ended September 30, 2019
(in millions)	Revenue		Adjusted EBITDA(d)		Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	43,314	$	17,383	$	6,038	$	4,771	$	962
NBCUniversal
Cable Networks	8,586		3,418		549		21		10
Broadcast Television	7,099		1,259		115		86		9
Filmed Entertainment	4,931		742		60		13		16
Theme Parks	4,371		1,819		514		1,172		44
Headquarters and Other(a)	60		(486)		341		139		120
Eliminations(b)	(233)		0		0		0		0
NBCUniversal	24,814		6,752		1,579		1,431		199
Sky	14,179		2,334		2,058		540		491
Corporate and Other(c)	206		(637)		101		124		34
Eliminations(b)	(1,969)		(10)		0		0		0
Comcast Consolidated	$	80,544	$	25,822	$	9,776	$	6,866	$	1,686


(in millions)	Owned Film and Television Costs		Programming Rights
Completed, not released:
Remaining three months of 2020	$	20

Released and programming rights:
Remaining three months of 2020	$	440	$	1,739
2021	$	901	$	2,846
2022	$	463	$	760


	Three Months Ended September 30,
	2020					2019
(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	$	2,019	4,577	$	0.44	$	3,217	4,551	$	0.71
Effect of dilutive securities:
Assumed exercise or issuance of shares relating to stock plans			51					68
Diluted EPS attributable to Comcast Corporation shareholders	$	2,019	4,628	$	0.44	$	3,217	4,619	$	0.70


	Nine Months Ended September 30,
	2020					2019
(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	$	7,154	4,571	$	1.57	$	9,895	4,544	$	2.18
Effect of dilutive securities:
Assumed exercise or issuance of shares relating to stock plans			45					62
Diluted EPS attributable to Comcast Corporation shareholders	$	7,154	4,616	$	1.55	$	9,895	4,606	$	2.15


(in millions)
Remaining three months of 2020	$	1,190
2021	$	4,443
2022	$	3,868
2023	$	3,209
2024	$	2,524


(in millions)	September 30, 2020		September 30, 2019
Unrealized gains (losses) on marketable securities	$	5	$	7
Deferred gains (losses) on cash flow hedges	(68)		162
Unrecognized gains (losses) on employee benefit obligations	241		301
Cumulative translation adjustments	34		(1,629)
Accumulated other comprehensive income (loss), net of deferred taxes	$	212	$	(1,159)