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 ~~June~~September 30, 2022


☐			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

The Nasdaq Stock Market LLC

0.000% Notes due 2026

CMCS26

The Nasdaq Stock Market LLC

0.250% Notes due 2027

CMCS27

The Nasdaq Stock Market LLC

1.500% Notes due 2029

CMCS29

The Nasdaq Stock Market LLC

0.250% Notes due 2029

CMCS29A

The Nasdaq Stock Market LLC

0.750% Notes due 2032

CMCS32

The Nasdaq Stock Market LLC

1.875% Notes due 2036

CMCS36

The Nasdaq Stock Market LLC

1.250% Notes due 2040

CMCS40

The Nasdaq Stock Market LLC

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 ~~June~~September 30, 2022, there were ~~4,403,793,980~~4,313,964,319 shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stock outstanding.

TABLE OF CONTENTS


		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	1415
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	3034
Item 4.	Controls and Procedures	3034
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	3135
Item 1A.	Risk Factors	3135
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	3135
Item 5.	Other Information	35
Item 6.	Exhibits	3135
SIGNATURES		3236

Explanatory Note

This Quarterly Report on Form 10-Q is for the three and ~~six~~nine months ended ~~June~~September 30, 2022. This Quarterly Report on Form 10-Q modifies and supersedes documents filed before it. The U.S. Securities and Exchange Commission (“SEC”) allows us to “incorporate by reference” information that we file with it, which means that we can disclose important information to you by referring you directly to those documents. Information incorporated by reference is considered to be part of this Quarterly Report on Form 10-Q. In addition, information that we file with the SEC in the future will automatically update and supersede information contained in this Quarterly Report on Form 10-Q.

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 Media, LLC and its consolidated subsidiaries as “NBCUniversal;” and Sky Limited and its consolidated subsidiaries as “Sky.”

Numerical information in this report is presented on a rounded basis using actual amounts. Minor differences in totals and percentage calculations may exist due to rounding.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q includes statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only our beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of our 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 “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “potential,” “strategy,” “future,” “opportunity,” “commit,” “plan,” “goal,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions.

In evaluating forward-looking statements, you should consider various factors, including the risks 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. 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 to differ materially from our forward-looking statements, 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, whether because of new information, future events or otherwise.

Our businesses may be affected by, among other things, the following:

•the COVID-19 pandemic has had, and may continue to have, a material adverse effect on our businesses 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 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

•programming expenses for our video services are increasing, which could adversely affect Cable Communications’ 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

•our businesses depend on using and protecting certain intellectual property rights and on not infringing the intellectual property rights of others

•we may be unable to obtain necessary hardware, software and operational support

•our businesses depend on keeping pace with technological developments

•a cyber attack, information or security breach, or technology disruption or failure may negatively impact our ability to conduct our business or result in the misuse of confidential information, all of which could adversely affect our business, reputation and results of operations

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

•acquisitions and other strategic initiatives 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

•natural disasters, severe weather and other uncontrollable events could adversely affect our business, reputation and results of operations

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

•we 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

•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 June 30,				Six Months Ended June 30,					Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share data)	(in millions, except per share data)	2022		2021		2022		2021		(in millions, except per share data)	2022		2021		2022		2021
Revenue	Revenue	$	30,016	$	28,546	$	61,026	$	55,751	Revenue	$	29,849	$	30,298	$	90,874	$	86,049
Costs and Expenses:	Costs and Expenses:									Costs and Expenses:
Programming and production	Programming and production	8,887		9,256		19,457		18,175		Programming and production	8,949		10,395		28,406		28,570
Other operating and administrative	Other operating and administrative	9,098		8,549		18,358		16,818		Other operating and administrative	9,344		8,981		27,701		25,799
Advertising, marketing and promotion	Advertising, marketing and promotion	2,196		1,851		4,258		3,467		Advertising, marketing and promotion	2,066		1,995		6,324		5,462
Depreciation	Depreciation	2,162		2,113		4,375		4,231		Depreciation	2,150		2,177		6,525		6,407
Amortization	Amortization	1,306		1,270		2,641		2,514		Amortization	1,183		1,301		3,824		3,815
Goodwill and long-lived asset impairments										Goodwill and long-lived asset impairments	8,583		—		8,583		—

Total costs and expenses	Total costs and expenses	23,649		23,039		49,089		45,205		Total costs and expenses	32,274		24,848		81,363		70,053
Operating income		6,367		5,507		11,936		10,546
Operating income (loss)										Operating income (loss)	(2,425)		5,450		9,511		15,996
Interest expense	Interest expense	(968)		(1,093)		(1,962)		(2,112)		Interest expense	(960)		(1,050)		(2,922)		(3,161)
Investment and other income (loss), net	Investment and other income (loss), net	(897)		1,216		(709)		1,607		Investment and other income (loss), net	(266)		766		(975)		2,374
Income before income taxes		4,502		5,630		9,266		10,042
Income (loss) before income taxes										Income (loss) before income taxes	(3,652)		5,166		5,614		15,208
Income tax expense	Income tax expense	(1,261)		(2,000)		(2,548)		(3,119)		Income tax expense	(1,014)		(1,235)		(3,562)		(4,354)
Net income		3,241		3,630		6,717		6,922
Net income (loss)										Net income (loss)	(4,665)		3,931		2,052		10,854
Less: Net income (loss) attributable to noncontrolling interests	Less: Net income (loss) attributable to noncontrolling interests	(155)		(108)		(227)		(145)		Less: Net income (loss) attributable to noncontrolling interests	(68)		(104)		(295)		(249)
Net income attributable to Comcast Corporation		$	3,396	$	3,738	$	6,945	$	7,067
Basic earnings per common share attributable to Comcast Corporation shareholders		$	0.76	$	0.81	$	1.55	$	1.54
Diluted earnings per common share attributable to Comcast Corporation shareholders		$	0.76	$	0.80	$	1.54	$	1.51
Net income (loss) attributable to Comcast Corporation										Net income (loss) attributable to Comcast Corporation	$	(4,598)	$	4,035	$	2,347	$	11,102
Basic earnings (loss) per common share attributable to Comcast Corporation shareholders										Basic earnings (loss) per common share attributable to Comcast Corporation shareholders	$	(1.05)	$	0.88	$	0.53	$	2.42
Diluted earnings (loss) per common share attributable to Comcast Corporation shareholders										Diluted earnings (loss) per common share attributable to Comcast Corporation shareholders	$	(1.05)	$	0.86	$	0.52	$	2.38

See accompanying notes to condensed consolidated financial statements.

Table of Contents

Comcast Corporation

Condensed Consolidated Statement of Comprehensive Income

(Unaudited)

Three Months Ended
June 30, Six Months Ended
June 30,
(in millions) 2022 2021 2022 2021
Net income $ 3,241 $ 3,630 $ 6,717 $ 6,922
Currency translation adjustments, net of deferred taxes of $42, $(17), $289 and $(109) (2,957) 61 (3,873) 26
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $(1), $2, $(38) and $(17) 129 (14) 294 105
Realized (gains) losses reclassified to net income, net of deferred taxes of $(11), $—, $(16) and $— (45) 4 (62) 4
Employee benefit obligations and other, net of deferred taxes of $2, $3, $5 and $5 (12) (7) (21) (17)
Comprehensive income 356 3,674 3,055 7,040
Less: Net income (loss) attributable to noncontrolling interests (155) (108) (227) (145)
Less: Other comprehensive income (loss) attributable to noncontrolling interests (41) 24 (13) 10
Comprehensive income attributable to Comcast Corporation $ 552 $ 3,758 $ 3,295 $ 7,175


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2022		2021		2022		2021
Net income (loss)	$	(4,665)	$	3,931	$	2,052	$	10,854
Currency translation adjustments, net of deferred taxes of $15, $231, $304 and $122	(2,464)		(692)		(6,337)		(666)

Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $4, $1, $(34) and $(16)	108		46		401		151



Realized (gains) losses reclassified to net income, net of deferred taxes of $(10), $(7), $(26) and $(7)	(56)		(9)		(118)		(5)
Employee benefit obligations and other, net of deferred taxes of $9, $2, $14 and $7	(29)		(8)		(50)		(25)

Comprehensive income (loss)	(7,106)		3,268		(4,053)		10,309
Less: Net income (loss) attributable to noncontrolling interests	(68)		(104)		(295)		(249)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(56)		2		(68)		11
Comprehensive income (loss) attributable to Comcast Corporation	$	(6,983)	$	3,370	$	(3,689)	$	10,546

See accompanying notes to condensed consolidated financial statements.

Table of Contents

Comcast Corporation

Condensed Consolidated Statement of Cash Flows

(Unaudited)


		Six Months Ended June 30,					Nine Months Ended September 30,
(in millions)	(in millions)	2022		2021		(in millions)	2022		2021
Operating Activities	Operating Activities					Operating Activities
Net income	Net income	$	6,717	$	6,922	Net income	$	2,052	$	10,854
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	7,016		6,745		Depreciation and amortization	10,349		10,222
Goodwill and long-lived asset impairments						Goodwill and long-lived asset impairments	8,583		—
Share-based compensation	Share-based compensation	675		711		Share-based compensation	989		1,019
Noncash interest expense (income), net	Noncash interest expense (income), net	165		210		Noncash interest expense (income), net	234		287
Net (gain) loss on investment activity and other	Net (gain) loss on investment activity and other	864		(1,403)		Net (gain) loss on investment activity and other	1,172		(1,953)
Deferred income taxes	Deferred income taxes	(31)		1,297		Deferred income taxes	(326)		2,087
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	(338)		137		Current and noncurrent receivables, net	(574)		(720)
Film and television costs, net	Film and television costs, net	651		837		Film and television costs, net	(753)		(541)
Accounts payable and accrued expenses related to trade creditors	Accounts payable and accrued expenses related to trade creditors	78		299		Accounts payable and accrued expenses related to trade creditors	152		667
Other operating assets and liabilities	Other operating assets and liabilities	(2,214)		(398)		Other operating assets and liabilities	(1,347)		(465)
Net cash provided by operating activities	Net cash provided by operating activities	13,584		15,357		Net cash provided by operating activities	20,530		21,457
Investing Activities	Investing Activities					Investing Activities
Capital expenditures	Capital expenditures	(4,270)		(4,003)		Capital expenditures	(7,062)		(6,146)
Cash paid for intangible assets	Cash paid for intangible assets	(1,383)		(1,283)		Cash paid for intangible assets	(2,152)		(2,006)

Construction of Universal Beijing Resort	Construction of Universal Beijing Resort	(168)		(704)		Construction of Universal Beijing Resort	(221)		(825)

Acquisitions, net of cash acquired	Acquisitions, net of cash acquired	—		(168)		Acquisitions, net of cash acquired	(1)		(167)
Proceeds from sales of businesses and investments	Proceeds from sales of businesses and investments	108		396		Proceeds from sales of businesses and investments	1,197		500
Purchases of investments	Purchases of investments	(1,164)		(86)		Purchases of investments	(2,089)		(122)

Other	Other	86		217		Other	170		359
Net cash provided by (used in) investing activities	Net cash provided by (used in) investing activities	(6,792)		(5,631)		Net cash provided by (used in) investing activities	(10,158)		(8,406)
Financing Activities	Financing Activities					Financing Activities

Proceeds from borrowings	Proceeds from borrowings	166		383		Proceeds from borrowings	166		2,515

Repurchases and repayments of debt	Repurchases and repayments of debt	(254)		(5,785)		Repurchases and repayments of debt	(301)		(9,041)
Repurchases of common stock under repurchase program and employee plans	Repurchases of common stock under repurchase program and employee plans	(6,288)		(957)		Repurchases of common stock under repurchase program and employee plans	(9,813)		(2,617)
Dividends paid	Dividends paid	(2,377)		(2,230)		Dividends paid	(3,571)		(3,387)

Other	Other	116		(475)		Other	219		(416)
Net cash provided by (used in) financing activities	Net cash provided by (used in) financing activities	(8,636)		(9,064)		Net cash provided by (used in) financing activities	(13,299)		(12,946)
Impact of foreign currency on cash, cash equivalents and restricted cash	Impact of foreign currency on cash, cash equivalents and restricted cash	(76)		(12)		Impact of foreign currency on cash, cash equivalents and restricted cash	(122)		(15)
Increase (decrease) in cash, cash equivalents and restricted cash	Increase (decrease) in cash, cash equivalents and restricted cash	(1,920)		650		Increase (decrease) in cash, cash equivalents and restricted cash	(3,049)		90
Cash, cash equivalents and restricted cash, beginning of period	Cash, cash equivalents and restricted cash, beginning of period	8,778		11,768		Cash, cash equivalents and restricted cash, beginning of period	8,778		11,768
Cash, cash equivalents and restricted cash, end of period	Cash, cash equivalents and restricted cash, end of period	$	6,859	$	12,418	Cash, cash equivalents and restricted cash, end of period	$	5,729	$	11,858

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)	June 30, 2022		December 31, 2021		(in millions, except share data)	September 30, 2022		December 31, 2021
Assets	Assets					Assets
Current Assets:	Current Assets:					Current Assets:
Cash and cash equivalents	Cash and cash equivalents	$	6,822	$	8,711	Cash and cash equivalents	$	5,695	$	8,711
Receivables, net	Receivables, net	11,956		12,008		Receivables, net	11,918		12,008
Other current assets	Other current assets	5,415		4,088		Other current assets	5,803		4,088
Total current assets	Total current assets	24,192		24,807		Total current assets	23,416		24,807
Film and television costs	Film and television costs	11,622		12,806		Film and television costs	12,685		12,806
Investments	Investments	7,598		8,082		Investments	7,318		8,082
Investment securing collateralized obligation	Investment securing collateralized obligation	642		605		Investment securing collateralized obligation	539		605
Property and equipment, net of accumulated depreciation of $56,537 and $55,611		53,508		54,047
Property and equipment, net of accumulated depreciation of $56,638 and $55,611						Property and equipment, net of accumulated depreciation of $56,638 and $55,611	53,555		54,047
Goodwill	Goodwill	66,486		70,189		Goodwill	56,414		70,189
Franchise rights	Franchise rights	59,365		59,365		Franchise rights	59,365		59,365
Other intangible assets, net of accumulated amortization of $24,946 and $23,545		30,728		33,580
Other intangible assets, net of accumulated amortization of $25,446 and $23,545						Other intangible assets, net of accumulated amortization of $25,446 and $23,545	28,604		33,580
Other noncurrent assets, net	Other noncurrent assets, net	12,892		12,424		Other noncurrent assets, net	12,411		12,424
Total assets	Total assets	$	267,032	$	275,905	Total assets	$	254,308	$	275,905
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	$	12,304	$	12,455	Accounts payable and accrued expenses related to trade creditors	$	12,241	$	12,455
Accrued participations and residuals	Accrued participations and residuals	1,749		1,822		Accrued participations and residuals	1,725		1,822
Deferred revenue	Deferred revenue	2,787		3,040		Deferred revenue	2,757		3,040
Accrued expenses and other current liabilities	Accrued expenses and other current liabilities	8,663		9,899		Accrued expenses and other current liabilities	9,229		9,899
Current portion of long-term debt	Current portion of long-term debt	2,083		2,132		Current portion of long-term debt	2,047		2,132
Total current liabilities	Total current liabilities	27,585		29,348		Total current liabilities	27,999		29,348
Long-term debt, less current portion	Long-term debt, less current portion	91,459		92,718		Long-term debt, less current portion	90,404		92,718
Collateralized obligation	Collateralized obligation	5,171		5,170		Collateralized obligation	5,172		5,170
Deferred income taxes	Deferred income taxes	29,491		30,041		Deferred income taxes	29,102		30,041
Other noncurrent liabilities	Other noncurrent liabilities	20,254		20,620		Other noncurrent liabilities	20,288		20,620
Commitments and contingencies	Commitments and contingencies	0		0		Commitments and contingencies
Redeemable noncontrolling interests	Redeemable noncontrolling interests	513		519		Redeemable noncontrolling interests	409		519
Equity:	Equity:					Equity:
Preferred stock—authorized, 20,000,000 shares; issued, zero	Preferred stock—authorized, 20,000,000 shares; issued, zero	—		—		Preferred stock—authorized, 20,000,000 shares; issued, zero	—		—
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 5,276,585,008 and 5,396,576,978; outstanding, 4,403,793,980 and 4,523,785,950		53		54
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 5,186,755,347 and 5,396,576,978; outstanding, 4,313,964,319 and 4,523,785,950						Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 5,186,755,347 and 5,396,576,978; outstanding, 4,313,964,319 and 4,523,785,950	52		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	—		—		Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375	—		—
Additional paid-in capital	Additional paid-in capital	39,852		40,173		Additional paid-in capital	39,775		40,173
Retained earnings	Retained earnings	61,209		61,902		Retained earnings	52,541		61,902
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)	(2,170)		1,480		Accumulated other comprehensive income (loss)	(4,555)		1,480
Total Comcast Corporation shareholders’ equity	Total Comcast Corporation shareholders’ equity	91,426		96,092		Total Comcast Corporation shareholders’ equity	80,296		96,092
Noncontrolling interests	Noncontrolling interests	1,132		1,398		Noncontrolling interests	637		1,398
Total equity	Total equity	92,558		97,490		Total equity	80,933		97,490
Total liabilities and equity	Total liabilities and equity	$	267,032	$	275,905	Total liabilities and equity	$	254,308	$	275,905

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statement of Changes in Equity

(Unaudited)


		Three Months Ended June 30,				Six Months Ended June 30,					Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share data)	(in millions, except per share data)	2022		2021		2022		2021		(in millions, except per share data)	2022		2021		2022		2021
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests									Redeemable Noncontrolling Interests
Balance, beginning of period	Balance, beginning of period	$	513	$	546	$	519	$	1,280	Balance, beginning of period	$	513	$	530	$	519	$	1,280
Redemption of subsidiary preferred stock	Redemption of subsidiary preferred stock	—		—		—		(725)		Redemption of subsidiary preferred stock	—		—		—		(725)
Contributions from (distributions to) noncontrolling interests, net	Contributions from (distributions to) noncontrolling interests, net	(8)		(13)		(33)		(40)		Contributions from (distributions to) noncontrolling interests, net	(31)		(19)		(64)		(59)
Other	Other	—		—		—		(10)		Other	(80)		—		(80)		(10)
Net income (loss)	Net income (loss)	8		(3)		27		24		Net income (loss)	7		9		34		33
Balance, end of period	Balance, end of period	$	513	$	530	$	513	$	530	Balance, end of period	$	409	$	520	$	409	$	520

Class A Common Stock	Class A Common Stock									Class A Common Stock
Balance, beginning of period	Balance, beginning of period	$	53	$	55	$	54	$	54	Balance, beginning of period	$	53	$	55	$	54	$	54
Issuances (repurchases) of common stock under repurchase program and employee plans	Issuances (repurchases) of common stock under repurchase program and employee plans	(1)		—		(1)		1		Issuances (repurchases) of common stock under repurchase program and employee plans	(1)		—		(2)		—

Balance, end of period	Balance, end of period	$	53	$	55	$	53	$	55	Balance, end of period	$	52	$	54	$	52	$	54

Additional Paid-In Capital	Additional Paid-In Capital									Additional Paid-In Capital
Balance, beginning of period	Balance, beginning of period	$	39,926	$	39,744	$	40,173	$	39,464	Balance, beginning of period	$	39,852	$	40,046	$	40,173	$	39,464

Stock compensation plans	Stock compensation plans	235		274		521		570		Stock compensation plans	245		233		767		802
Repurchases of common stock under repurchase program and employee plans	Repurchases of common stock under repurchase program and employee plans	(481)		(43)		(1,076)		(131)		Repurchases of common stock under repurchase program and employee plans	(637)		(209)		(1,713)		(340)
Employee stock purchase plans	Employee stock purchase plans	83		76		150		139		Employee stock purchase plans	63		62		213		201
Other	Other	88		(5)		83		5		Other	252		2		335		7
Balance, end of period	Balance, end of period	$	39,852	$	40,046	$	39,852	$	40,046	Balance, end of period	$	39,775	$	40,134	$	39,775	$	40,134

Retained Earnings	Retained Earnings									Retained Earnings
Balance, beginning of period	Balance, beginning of period	$	61,555	$	58,321	$	61,902	$	56,438	Balance, beginning of period	$	61,209	$	60,359	$	61,902	$	56,438

Repurchases of common stock under repurchase program and employee plans	Repurchases of common stock under repurchase program and employee plans	(2,540)		(543)		(5,210)		(832)		Repurchases of common stock under repurchase program and employee plans	(2,890)		(1,458)		(8,100)		(2,290)
Dividends declared	Dividends declared	(1,203)		(1,156)		(2,428)		(2,317)		Dividends declared	(1,179)		(1,153)		(3,607)		(3,470)
Other	Other	—		—		—		4		Other	(2)		—		(1)		4
Net income (loss)	Net income (loss)	3,396		3,738		6,945		7,067		Net income (loss)	(4,598)		4,035		2,347		11,102
Balance, end of period	Balance, end of period	$	61,209	$	60,359	$	61,209	$	60,359	Balance, end of period	$	52,541	$	61,783	$	52,541	$	61,783

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)	$	(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)	$	(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	$	674	$	1,972	$	1,480	$	1,884	Balance, beginning of period	$	(2,170)	$	1,992	$	1,480	$	1,884

Other comprehensive income (loss)	Other comprehensive income (loss)	(2,844)		20		(3,650)		108		Other comprehensive income (loss)	(2,385)		(664)		(6,035)		(556)
Balance, end of period	Balance, end of period	$	(2,170)	$	1,992	$	(2,170)	$	1,992	Balance, end of period	$	(4,555)	$	1,328	$	(4,555)	$	1,328

Noncontrolling Interests	Noncontrolling Interests									Noncontrolling Interests
Balance, beginning of period	Balance, beginning of period	$	1,300	$	1,525	$	1,398	$	1,415	Balance, beginning of period	$	1,132	$	1,581	$	1,398	$	1,415
Other comprehensive income (loss)	Other comprehensive income (loss)	(41)		24		(13)		10		Other comprehensive income (loss)	(56)		2		(68)		11
Contributions from (distributions to) noncontrolling interests, net	Contributions from (distributions to) noncontrolling interests, net	35		135		—		324		Contributions from (distributions to) noncontrolling interests, net	(86)		55		(86)		379
Other	Other	1		2		1		1		Other	(278)		(2)		(277)		—
Net income (loss)	Net income (loss)	(163)		(105)		(254)		(169)		Net income (loss)	(75)		(112)		(329)		(282)
Balance, end of period	Balance, end of period	$	1,132	$	1,581	$	1,132	$	1,581	Balance, end of period	$	637	$	1,524	$	637	$	1,524

Total equity	Total equity	$	92,558	$	96,516	$	92,558	$	96,516	Total equity	$	80,933	$	97,306	$	80,933	$	97,306

Cash dividends declared per common share	Cash dividends declared per common share	$	0.27	$	0.25	$	0.54	$	0.50	Cash dividends declared per common share	$	0.27	$	0.25	$	0.81	$	0.75

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1: Condensed Consolidated Financial Statements

Basis of Presentation

We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition 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 2021 Annual Report on Form 10-K and the notes within this Quarterly Report on Form 10-Q.

Note 2: Segment Information

We present our operations in 5five reportable business segments: (1) Comcast Cable in 1one reportable business segment, referred to as Cable Communications; (2) NBCUniversal in 3three reportable business segments: Media, Studios and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in 1one reportable business segment.

Cable Communications is a leading provider of broadband, video, voice, wireless, and other services to residential customers in the United States under the Xfinity brand. We also provide these and other services to business customers and sell advertising.

Media consists primarily of NBCUniversal’s television and streaming platforms, including national, regional and international cable networks; the NBC and Telemundo broadcast networks; NBC and Telemundo owned local broadcast television stations; and Peacock, our direct-to-consumer streaming service.

Studios consists primarily of NBCUniversal’s film and television studio production and distribution operations.

Theme Parks consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; Osaka, Japan; and Beijing, China.

Sky is one of Europe’s leading entertainment companies, which primarily includes a direct-to-consumer business, providing video, broadband, voice and wireless phone services, and a content business, operating entertainment networks, the Sky News broadcast network and Sky Sports networks.

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.

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 reportable segment is presented in the tables below.

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Comcast Corporation


		Three Months Ended June 30, 2022											Three Months Ended September 30, 2022
(in millions)	(in millions)	Revenue(a)		Adjusted EBITDA(b)		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	$	16,601	$	7,448	$	1,945	$	1,776	$	409	Cable Communications	$	16,539	$	7,452	$	1,945	$	2,021	$	369
NBCUniversal	NBCUniversal											NBCUniversal
Media	Media	5,332		1,337		251		22		43		Media	5,230		583		198		25		63
Studios	Studios	2,966		1		11		1		4		Studios	3,163		537		11		1		4
Theme Parks	Theme Parks	1,804		632		266		319		9		Theme Parks	2,064		819		266		450		15
Headquarters and Other	Headquarters and Other	8		(137)		123		121		45		Headquarters and Other	22		(199)		121		137		46
Eliminations(a)	Eliminations(a)	(664)		23		—		—		—		Eliminations(a)	(909)		(59)		—		—		—
NBCUniversal	NBCUniversal	9,445		1,856		651		463		100		NBCUniversal	9,570		1,681		596		614		129
Sky(c)	Sky(c)	4,501		863		809		130		169		Sky(c)	4,253		701		722		96		183
Corporate and Other	Corporate and Other	164		(304)		62		45		64		Corporate and Other	147		(378)		70		59		87
Eliminations(a)	Eliminations(a)	(696)		(36)		—		—		—		Eliminations(a)	(660)		26		—		—		—
Comcast Consolidated	Comcast Consolidated	$	30,016	$	9,827	$	3,469	$	2,414	$	743	Comcast Consolidated	$	29,849	$	9,482	$	3,333	$	2,791	$	769


		Three Months Ended June 30, 2021											Three Months Ended September 30, 2021
(in millions)	(in millions)	Revenue(a)		Adjusted EBITDA(b)		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	$	16,002	$	7,073	$	1,950	$	1,695	$	337	Cable Communications	$	16,115	$	7,069	$	1,965	$	1,673	$	370
NBCUniversal	NBCUniversal											NBCUniversal
Media	Media	5,148		1,378		254		19		42		Media	6,770		997		248		20		38
Studios	Studios	2,224		156		12		1		5		Studios	2,407		179		14		1		3
Theme Parks	Theme Parks	1,095		221		195		100		8		Theme Parks	1,449		434		213		122		8
Headquarters and Other	Headquarters and Other	22		(186)		125		62		30		Headquarters and Other	28		(248)		115		87		36
Eliminations(a)	Eliminations(a)	(534)		(15)		—		—		—		Eliminations(a)	(654)		(12)		—		—		—
NBCUniversal	NBCUniversal	7,955		1,553		586		182		86		NBCUniversal	10,001		1,349		591		229		85
Sky	Sky	5,220		560		826		184		211		Sky	4,988		971		884		160		221
Corporate and Other	Corporate and Other	92		(261)		21		83		37		Corporate and Other	65		(335)		38		80		48
Eliminations(a)	Eliminations(a)	(723)		2		—		—		—		Eliminations(a)	(871)		(98)		—		—		—
Comcast Consolidated	Comcast Consolidated	$	28,546	$	8,927	$	3,383	$	2,144	$	671	Comcast Consolidated	$	30,298	$	8,957	$	3,477	$	2,142	$	723


		Six Months Ended June 30, 2022											Nine Months Ended September 30, 2022
(in millions)	(in millions)	Revenue(a)		Adjusted EBITDA(b)		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	$	33,142	$	14,720	$	3,905	$	3,143	$	744	Cable Communications	$	49,680	$	22,172	$	5,850	$	5,164	$	1,113
NBCUniversal	NBCUniversal											NBCUniversal
Media	Media	12,196		2,496		500		34		88		Media	17,427		3,080		698		59		152
Studios	Studios	5,722		246		23		2		7		Studios	8,885		783		34		3		12
Theme Parks	Theme Parks	3,364		1,082		548		540		14		Theme Parks	5,428		1,902		814		990		30
Headquarters and Other	Headquarters and Other	24		(329)		242		194		75		Headquarters and Other	46		(528)		363		331		122
Eliminations(a)	Eliminations(a)	(1,566)		(39)		—		—		—		Eliminations(a)	(2,474)		(98)		—		—		—
NBCUniversal	NBCUniversal	19,741		3,457		1,313		769		185		NBCUniversal	29,311		5,138		1,909		1,383		315
Sky(c)	Sky(c)	9,276		1,485		1,680		277		323		Sky(c)	13,529		2,185		2,402		373		506
Corporate and Other	Corporate and Other	402		(566)		118		82		131		Corporate and Other	549		(944)		188		141		219
Eliminations(a)	Eliminations(a)	(1,535)		(119)		—		—		—		Eliminations(a)	(2,196)		(93)		—		—		—
Comcast Consolidated	Comcast Consolidated	$	61,026	$	18,977	$	7,016	$	4,270	$	1,383	Comcast Consolidated	$	90,874	$	28,459	$	10,349	$	7,062	$	2,152

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Comcast Corporation


		Six Months Ended June 30, 2021											Nine Months Ended September 30, 2021
(in millions)	(in millions)	Revenue(a)		Adjusted EBITDA(b)		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	$	31,807	$	13,903	$	3,880	$	3,065	$	652	Cable Communications	$	47,922	$	20,972	$	5,845	$	4,739	$	1,022
NBCUniversal	NBCUniversal											NBCUniversal
Media	Media	10,184		2,851		501		29		75		Media	16,955		3,847		749		49		112
Studios	Studios	4,620		653		25		2		7		Studios	7,027		833		39		2		9
Theme Parks	Theme Parks	1,714		159		402		226		15		Theme Parks	3,163		593		615		348		23
Headquarters and Other	Headquarters and Other	38		(395)		241		98		57		Headquarters and Other	65		(643)		356		184		93
Eliminations(a)	Eliminations(a)	(1,576)		(225)		—		—		—		Eliminations(a)	(2,230)		(238)		—		—		—
NBCUniversal	NBCUniversal	14,980		3,043		1,168		354		153		NBCUniversal	24,981		4,392		1,759		584		238
Sky	Sky	10,217		924		1,640		455		412		Sky	15,205		1,895		2,524		615		633
Corporate and Other	Corporate and Other	181		(541)		57		128		65		Corporate and Other	246		(876)		95		208		113
Eliminations(a)	Eliminations(a)	(1,434)		11		—		—		—		Eliminations(a)	(2,304)		(87)		—		—		—
Comcast Consolidated	Comcast Consolidated	$	55,751	$	17,339	$	6,745	$	4,003	$	1,283	Comcast Consolidated	$	86,049	$	26,297	$	10,222	$	6,146	$	2,006

(a)Included in Eliminations are transactions that our segments enter into with one another. Our segments generally report transactions with one another as if they were stand-alone businesses in accordance with GAAP, and these transactions are eliminated in consolidation. When multiple segments enter into transactions to 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 content licensing revenue in Studios for licenses of owned content to Media and Sky; distribution revenue in Media for fees received from Cable Communications for the sale of cable network programming and under retransmission consent agreements; and advertising revenue in Media and Cable Communications. Revenue for licenses of content from Studios to Media and Sky is generally recognized at a point in time, consistent with the recognition of transactions with third parties, when the content is delivered and made available for use. The costs of these licenses in Media and Sky are recognized as the content is used over the license period. The difference in timing of recognition between segments results in an Adjusted EBITDA impact in eliminations, as the profits (losses) on these transactions are deferred in our consolidated results and recognized as the content is used over the license period.

A summary of revenue for each of our segments resulting from transactions with other segments and eliminated in consolidation is presented in the table below.


		Three Months Ended June 30,				Six Months Ended June 30,					Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	(in millions)	2022		2021		2022		2021		(in millions)	2022		2021		2022		2021
Cable Communications	Cable Communications	$	61	$	47	$	117	$	93	Cable Communications	$	55	$	69	$	172	$	162
NBCUniversal	NBCUniversal									NBCUniversal
Media	Media	522		543		1,192		1,082		Media	514		714		1,705		1,799
Studios	Studios	731		589		1,670		1,678		Studios	946		682		2,617		2,357
Theme Parks	Theme Parks	—		—		—		1		Theme Parks	—		—		1		1
Headquarters and Other	Headquarters and Other	6		17		19		29		Headquarters and Other	16		23		34		52
Sky	Sky	3		15		9		23		Sky	5		3		13		26
Corporate and Other	Corporate and Other	36		47		93		105		Corporate and Other	34		32		127		137
Total intersegment revenue	Total intersegment revenue	$	1,360	$	1,257	$	3,101	$	3,010	Total intersegment revenue	$	1,569	$	1,525	$	4,670	$	4,535

(b)We use Adjusted EBITDA as the measure of profit or loss for our operating segments. From time to time we may report the impact of certain events, gains, losses or other charges related to our operating segments within Corporate and Other. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below.


		Three Months Ended June 30,				Six Months Ended June 30,					Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	(in millions)	2022		2021		2022		2021		(in millions)	2022		2021		2022		2021
Adjusted EBITDA	Adjusted EBITDA	$	9,827	$	8,927	$	18,977	$	17,339	Adjusted EBITDA	$	9,482	$	8,957	$	28,459	$	26,297

Adjustments	Adjustments	9		(36)		(24)		(48)		Adjustments	9		(30)		(15)		(79)
Depreciation	Depreciation	(2,162)		(2,113)		(4,375)		(4,231)		Depreciation	(2,150)		(2,177)		(6,525)		(6,407)
Amortization	Amortization	(1,306)		(1,270)		(2,641)		(2,514)		Amortization	(1,183)		(1,301)		(3,824)		(3,815)
Goodwill and long-lived asset impairments										Goodwill and long-lived asset impairments	(8,583)		—		(8,583)		—

Interest expense	Interest expense	(968)		(1,093)		(1,962)		(2,112)		Interest expense	(960)		(1,050)		(2,922)		(3,161)
Investment and other income (loss), net	Investment and other income (loss), net	(897)		1,216		(709)		1,607		Investment and other income (loss), net	(266)		766		(975)		2,374

Income before income taxes		$	4,502	$	5,630	$	9,266	$	10,042
Income (loss) before income taxes										Income (loss) before income taxes	$	(3,652)	$	5,166	$	5,614	$	15,208

Adjustments represent the impact of certain events, gains, losses or other charges that are excluded from Adjusted EBITDA, including costs related to our investment portfolio, and Sky transaction-related costs in 2021.

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Comcast Corporation

Note 3: Revenue


		Three Months Ended June 30,				Six Months Ended June 30,					Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	(in millions)	2022		2021		2022		2021		(in millions)	2022		2021		2022		2021
Residential:	Residential:									Residential:
Broadband	Broadband	$	6,107	$	5,717	$	12,158	$	11,317	Broadband	$	6,135	$	5,801	$	18,292	$	17,118
Video	Video	5,423		5,554		10,959		11,177		Video	5,255		5,499		16,214		16,676
Voice	Voice	763		870		1,549		1,741		Voice	745		851		2,293		2,592
Wireless	Wireless	722		556		1,399		1,069		Wireless	789		603		2,188		1,672
Business services	Business services	2,424		2,202		4,820		4,369		Business services	2,436		2,227		7,256		6,597
Advertising	Advertising	748		679		1,419		1,296		Advertising	756		705		2,174		2,002
Other	Other	415		425		839		838		Other	423		427		1,263		1,265
Total Cable Communications	Total Cable Communications	16,601		16,002		33,142		31,807		Total Cable Communications	16,539		16,115		49,680		47,922

Advertising	Advertising	2,159		2,189		5,492		4,282		Advertising	2,111		3,255		7,603		7,537
Distribution	Distribution	2,659		2,452		5,692		4,947		Distribution	2,578		2,987		8,270		7,934
Other	Other	514		507		1,013		955		Other	541		528		1,554		1,483
Total Media	Total Media	5,332		5,148		12,196		10,184		Total Media	5,230		6,770		17,427		16,955

Content licensing	Content licensing	2,118		1,781		4,397		3,855		Content licensing	2,134		1,827		6,531		5,683
Theatrical	Theatrical	550		198		718		237		Theatrical	673		307		1,391		544
Home entertainment and other	Home entertainment and other	298		245		607		527		Home entertainment and other	356		273		963		801
Total Studios	Total Studios	2,966		2,224		5,722		4,620		Total Studios	3,163		2,407		8,885		7,027

Total Theme Parks	Total Theme Parks	1,804		1,095		3,364		1,714		Total Theme Parks	2,064		1,449		5,428		3,163
Headquarters and Other	Headquarters and Other	8		22		24		38		Headquarters and Other	22		28		46		65
Eliminations(a)	Eliminations(a)	(664)		(534)		(1,566)		(1,576)		Eliminations(a)	(909)		(654)		(2,474)		(2,230)
Total NBCUniversal	Total NBCUniversal	9,445		7,955		19,741		14,980		Total NBCUniversal	9,570		10,001		29,311		24,981

Direct-to-consumer	Direct-to-consumer	3,680		4,222		7,564		8,288		Direct-to-consumer	3,510		4,127		11,073		12,415
Content	Content	265		355		561		713		Content	273		300		833		1,013
Advertising	Advertising	556		643		1,152		1,216		Advertising	471		561		1,623		1,777
Total Sky	Total Sky	4,501		5,220		9,276		10,217		Total Sky	4,253		4,988		13,529		15,205

Corporate and Other	Corporate and Other	164		92		402		181		Corporate and Other	147		65		549		246
Eliminations(a)	Eliminations(a)	(696)		(723)		(1,535)		(1,434)		Eliminations(a)	(660)		(871)		(2,196)		(2,304)
Total revenue	Total revenue	$	30,016	$	28,546	$	61,026	$	55,751	Total revenue	$	29,849	$	30,298	$	90,874	$	86,049

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

Condensed Consolidated Balance Sheet

The 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)	June 30, 2022		December 31, 2021		(in millions)	September 30, 2022		December 31, 2021
Receivables, gross	Receivables, gross	$	12,678	$	12,666	Receivables, gross	$	12,609	$	12,666
Less: Allowance for doubtful accounts	Less: Allowance for doubtful accounts	723		658		Less: Allowance for doubtful accounts	691		658
Receivables, net	Receivables, net	$	11,956	$	12,008	Receivables, net	$	11,918	$	12,008


(in millions)	(in millions)	June 30, 2022		December 31, 2021		(in millions)	September 30, 2022		December 31, 2021
Noncurrent receivables, net (included in other noncurrent assets, net)	Noncurrent receivables, net (included in other noncurrent assets, net)	$	1,735	$	1,632	Noncurrent receivables, net (included in other noncurrent assets, net)	$	1,750	$	1,632
Contract acquisition and fulfillment costs (included in other noncurrent assets, net)	Contract acquisition and fulfillment costs (included in other noncurrent assets, net)	$	1,066	$	1,094	Contract acquisition and fulfillment costs (included in other noncurrent assets, net)	$	1,054	$	1,094
Noncurrent deferred revenue (included in other noncurrent liabilities)	Noncurrent deferred revenue (included in other noncurrent liabilities)	$	665	$	695	Noncurrent deferred revenue (included in other noncurrent liabilities)	$	701	$	695

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Note 4: Programming and Production Costs


		Three Months Ended June 30,				Six Months Ended June 30,					Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	(in millions)	2022		2021		2022		2021		(in millions)	2022		2021		2022		2021
Video distribution programming	Video distribution programming	$	3,288	$	3,414	$	6,713	$	6,930	Video distribution programming	$	3,242	$	3,337	$	9,955	$	10,267
Film and television content:	Film and television content:									Film and television content:
Owned(a)	Owned(a)	2,919		2,227		5,426		4,191		Owned(a)	2,538		2,215		7,965		6,406
Licensed, including sports rights	Licensed, including sports rights	2,377		3,318		6,702		6,492		Licensed, including sports rights	2,867		4,536		9,569		11,028
Other	Other	304		297		616		562		Other	303		307		918		868
Total programming and production costs	Total programming and production costs	$	8,887	$	9,256	$	19,457	$	18,175	Total programming and production costs	$	8,949	$	10,395	$	28,406	$	28,570

(a) Amount includes amortization of owned content of ~~$2.4~~$2.0 billion and ~~$4.4~~$6.3 billion for the three and ~~six~~nine months ended ~~June~~September 30, 2022, respectively, and ~~$1.8~~$1.9 billion and ~~$3.5~~$5.3 billion for the three and ~~six~~nine months ended ~~June~~September 30, 2021, respectively, as well as participations and residuals expenses.

Capitalized Film and Television Costs


(in millions)	(in millions)	June 30, 2022		December 31, 2021		(in millions)	September 30, 2022		December 31, 2021
Owned:	Owned:					Owned:
Released, less amortization	Released, less amortization	$	3,837	$	3,726	Released, less amortization	$	4,209	$	3,726
Completed, not released	Completed, not released	88		536		Completed, not released	195		536
In production and in development	In production and in development	3,284		2,732		In production and in development	3,234		2,732
		7,209		6,994			7,638		6,994
Licensed, including sports advances	Licensed, including sports advances	4,413		5,811		Licensed, including sports advances	5,048		5,811

Film and television costs	Film and television costs	$	11,622	$	12,806	Film and television costs	$	12,685	$	12,806

Note 5: Long-Term Debt

As of ~~June~~September 30, 2022, our debt had a carrying value of ~~$93.5~~$92.5 billion and an estimated fair value of ~~$90.4~~$82.1 billion. As of December 31, 2021, our debt had a carrying value of $94.8 billion and an estimated fair value of $109.3 billion. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market value for the debt. The estimated fair value of debt for which there are no quoted market prices was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.

Note 6: Significant Transactions

Acquisitions

In October 2021, we acquired Masergy, a provider of software-defined networking and cloud platforms for global enterprises, for total cash consideration of $1.2 billion. The acquisition accelerates our growth in serving large and mid-sized companies, particularly U.S.-based organizations with multi-site global enterprises. Masergy’s results of operations are included in our consolidated results of operations since the acquisition date and are reported in our Cable Communications segment. We have recorded ~~a preliminary estimate of~~ Masergy’s assets and liabilities at their estimated fair values with ~~approximately $850~~$845 million recorded to goodwill and the remainder primarily attributed to software and customer relationship intangible assets. ~~These estimates are not yet final and are subject to change.~~ The acquisition was not material to our consolidated results of operations.

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Note 7: Investments and Variable Interest Entities

Investment and Other Income (Loss), Net


		Three Months Ended June 30,				Six Months Ended June 30,					Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	(in millions)	2022		2021		2022		2021		(in millions)	2022		2021		2022		2021
Equity in net income (losses) of investees, net	Equity in net income (losses) of investees, net	$	(413)	$	959	$	(280)	$	1,095	Equity in net income (losses) of investees, net	$	(242)	$	602	$	(523)	$	1,696
Realized and unrealized gains (losses) on equity securities, net	Realized and unrealized gains (losses) on equity securities, net	(321)		189		(205)		426		Realized and unrealized gains (losses) on equity securities, net	(2)		106		(207)		532
Other income (loss), net	Other income (loss), net	(162)		69		(224)		87		Other income (loss), net	(21)		59		(245)		146
Investment and other income (loss), net	Investment and other income (loss), net	$	(897)	$	1,216	$	(709)	$	1,607	Investment and other income (loss), net	$	(266)	$	766	$	(975)	$	2,374

The amount of unrealized gains (losses), net recognized in the three months ended ~~June~~September 30, 2022 and 2021 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period ~~was $(333)~~were $(43) million and ~~$153~~$(165) million, respectively. The amount of unrealized gains (losses), net recognized in the ~~six~~nine months ended ~~June~~September 30, 2022 and 2021 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period ~~was $(251)~~were $(283) million and ~~$264~~$91 million, respectively.

Investments


(in millions)	(in millions)	June 30, 2022		December 31, 2021		(in millions)	September 30, 2022		December 31, 2021
Equity method	Equity method	$	5,824	$	6,111	Equity method	$	5,487	$	6,111
Marketable equity securities	Marketable equity securities	130		406		Marketable equity securities	143		406
Nonmarketable equity securities	Nonmarketable equity securities	1,753		1,735		Nonmarketable equity securities	1,704		1,735
Other investments	Other investments	1,658		803		Other investments	1,645		803
Total investments	Total investments	9,364		9,055		Total investments	8,979		9,055
Less: Current investments	Less: Current investments	1,124		368		Less: Current investments	1,122		368
Less: Investment securing collateralized obligation	Less: Investment securing collateralized obligation	642		605		Less: Investment securing collateralized obligation	539		605
Noncurrent investments	Noncurrent investments	$	7,598	$	8,082	Noncurrent investments	$	7,318	$	8,082

Equity Method Investments

The amount of cash distributions received from equity method investments presented within operating activities in the condensed consolidated statement of cash flows in the ~~six~~nine months ended ~~June~~September 30, 2022 and 2021 was ~~$67~~$114 million and ~~$130~~$298 million, respectively.

Atairos

Atairos is a variable interest entity (“VIE”) that follows investment company accounting and records its investments at their fair values each reporting period with the net gains or losses reflected in its statement of operations. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. For the ~~six~~nine months ended ~~June~~September 30, 2022 and 2021, we made cash capital contributions to Atairos totaling ~~$26~~$39 million and ~~$24~~$36 million, respectively. As of ~~June~~September 30, 2022 and December 31, 2021, our investment in Atairos, inclusive of certain distributions retained by Atairos on our behalf and classified as advances within other investments, was ~~$4.4~~$4.3 billion and $4.7 billion, respectively. As of ~~June~~September 30, 2022, our remaining unfunded capital commitment was $1.5 billion.

Hulu and Collateralized Obligation

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 ~~June~~September 30, 2022 and December 31, 2021, the carrying value and estimated fair value of our collateralized obligation were $5.2 billion. The estimated fair value was based on Level 2 inputs that use interest rates for debt with similar terms and remaining maturities. We present our investment in Hulu and the term loan separately in our condensed consolidated balance sheet in the captions “investment securing collateralized obligation” and “collateralized obligation,” respectively. The recorded value of our investment reflects our historical cost in applying the equity method, and as a result, is less than its fair value.

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Other Investments

Other investments also includes investments in certain short-term instruments with maturities over three months when purchased, such as commercial paper, certificates of deposit and U.S. government obligations, which are generally accounted for at amortized cost. These short-term instruments totaled ~~$1.0 billion~~$977 million as of ~~June~~September 30, 2022 and there were no such investments

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as of December 31, 2021. The carrying amounts of these investments approximate their fair values, which are primarily based on Level 2 inputs that use interest rates for instruments with similar terms and remaining maturities.

Consolidated Variable Interest Entity

Universal Beijing Resort

We own a 30% interest in a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”), which opened in September 2021. Universal Beijing Resort is a consolidated VIE with the remaining interest owned by a consortium of Chinese state-owned companies. The construction was funded through a combination of debt financing and equity contributions from the partners in accordance with their equity interests. As of ~~June~~September 30, 2022, Universal Beijing Resort had ~~$3.5~~$3.3 billion of debt outstanding, including ~~$3.1~~$3.0 billion principal amount of a term loan outstanding under the debt financing agreement.

As of ~~June~~September 30, 2022, our condensed consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling ~~$8.8~~$8.1 billion and ~~$7.7~~$7.2 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: Goodwill and Intangible Assets

Goodwill by Segment


			NBCUniversal
(in millions)	Cable Communications		Media		Studios		Theme Parks		Sky		Corporate and Other		Total





Balance, December 31, 2021	$	16,192	$	14,700	$	3,672	$	6,429	$	29,196	$	—	$	70,189



Impairment	—		—		—		—		(8,098)		—		(8,098)
Foreign currency translation and other	(146)		(93)		(11)		(1,116)		(4,341)		30		(5,677)
Balance, September 30, 2022	$	16,046	$	14,607	$	3,661	$	5,313	$	16,757	$	30	$	56,414

We assess the recoverability of our goodwill annually as of July 1, and as a result, in the third quarter of 2022, we recorded a goodwill impairment of $8.1 billion in our Sky reporting unit. The fair value of the reporting unit was estimated using a discounted cash flow analysis. When performing this analysis, we also considered multiples of earnings from comparable public companies and recent market transactions. The decline in fair value primarily resulted from an increased discount rate and reduced estimated future cash flows as a result of macroeconomic conditions in the Sky territories. In connection with this assessment, in the third quarter of 2022, we also recorded impairments of intangible assets related to our Sky segment, which primarily related to customer relationship assets. These impairments totaled $485 million and are presented in goodwill and long-lived asset impairments in the consolidated statement of income.

Note 8:9: Equity and Share-Based Compensation

Weighted-Average Common Shares Outstanding


		Three Months Ended June 30,		Six Months Ended June 30,			Three Months Ended September 30,		Nine Months Ended September 30,
(in millions)	(in millions)	2022	2021	2022	2021	(in millions)	2022	2021	2022	2021
Weighted-average number of common shares outstanding – basic	Weighted-average number of common shares outstanding – basic	4,457	4,601	4,485	4,596	Weighted-average number of common shares outstanding – basic	4,377	4,588	4,449	4,593
Effect of dilutive securities	Effect of dilutive securities	25	72	35	73	Effect of dilutive securities	—	77	29	75
Weighted-average number of common shares outstanding – diluted	Weighted-average number of common shares outstanding – diluted	4,482	4,673	4,520	4,669	Weighted-average number of common shares outstanding – diluted	4,377	4,665	4,477	4,668
Antidilutive securities						Antidilutive securities	288	37	156	33

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~~There are no potentially dilutive shares included for the three months ended September 30, 2022 because their effect would be antidilutive as a result of the loss for the period. Antidilutive securities represent the number of potential common shares related to ~~our~~ share-based compensation ~~plans~~awards that were excluded from diluted EPS because their effect would have been ~~antidilutive was not material in any~~antidilutive.

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Comcast Corporation

Accumulated Other Comprehensive Income (Loss)


(in millions)	(in millions)	June 30, 2022		December 31, 2021		(in millions)	September 30, 2022		December 31, 2021
Cumulative translation adjustments	Cumulative translation adjustments	$	(2,741)	$	1,119	Cumulative translation adjustments	$	(5,149)	$	1,119

Deferred gains (losses) on cash flow hedges	Deferred gains (losses) on cash flow hedges	335		104		Deferred gains (losses) on cash flow hedges	387		104
Unrecognized gains (losses) on employee benefit obligations and other	Unrecognized gains (losses) on employee benefit obligations and other	236		257		Unrecognized gains (losses) on employee benefit obligations and other	207		257

Accumulated other comprehensive income (loss), net of deferred taxes	Accumulated other comprehensive income (loss), net of deferred taxes	$	(2,170)	$	1,480	Accumulated other comprehensive income (loss), net of deferred taxes	$	(4,555)	$	1,480

Share-Based Compensation

Our share-based compensation plans consist primarily of awards of RSUs and stock options to certain employees and directors as part of our approach to long-term incentive compensation. Additionally, through our employee stock purchase plans, employees are able to purchase shares of our common stock at a discount through payroll deductions.

In March 2022, we granted 16 million RSUs and 51 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $46.46 per RSU and $8.81 per stock option.

Recognized Share-Based Compensation Expense


		Three Months Ended June 30,				Six Months Ended June 30,					Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	(in millions)	2022		2021		2022		2021		(in millions)	2022		2021		2022		2021
Restricted share units	Restricted share units	$	162	$	185	$	359	$	391	Restricted share units	$	172	$	167	$	531	$	560
Stock options	Stock options	75		89		166		178		Stock options	74		70		240		248
Employee stock purchase plans	Employee stock purchase plans	9		9		21		20		Employee stock purchase plans	10		9		31		29
Total	Total	$	246	$	282	$	546	$	589	Total	$	256	$	246	$	802	$	837

As of ~~June~~September 30, 2022, we had unrecognized pretax compensation expense of ~~$1.6~~$1.5 billion and ~~$771~~$691 million related to nonvested RSUs and nonvested stock options, respectively.

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Note 9:10: Supplemental Financial Information

Income Taxes

In the third quarter of 2022, a state tax law change was enacted that resulted in a decrease to our net deferred tax liabilities of $286 million, with a corresponding decrease in income tax expense. In the second quarter of 2021, tax law changes were enacted in the United Kingdom that resulted in an increase to our net deferred tax liabilities of $498 million, with a corresponding increase in income tax expense. The goodwill impairment in the third quarter of 2022 (see Note 8) was primarily not deductible for tax purposes.

Cash Payments for Interest and Income Taxes


		Six Months Ended June 30,					Nine Months Ended September 30,
(in millions)	(in millions)	2022		2021		(in millions)	2022		2021
Interest	Interest	$	1,644	$	1,909	Interest	$	2,341	$	2,943
Income taxes	Income taxes	$	2,841	$	1,832	Income taxes	$	4,022	$	2,201

Noncash Activities

During the ~~six~~nine months ended ~~June~~September 30, 2022:

•we acquired ~~$1.9~~$2.2 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 $0.27 per common share paid in ~~July~~October 2022

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During the ~~six~~nine months ended ~~June~~September 30, 2021:

•we recognized operating lease assets and liabilities of $2.8 billion related to Universal Beijing Resort

•we acquired ~~$1.5~~$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 ~~July~~October 2021

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the amounts reported in our condensed consolidated statement of cash flows.


(in millions)	(in millions)	June 30, 2022		December 31, 2021		(in millions)	September 30, 2022		December 31, 2021
Cash and cash equivalents	Cash and cash equivalents	$	6,822	$	8,711	Cash and cash equivalents	$	5,695	$	8,711
Restricted cash included in other current assets	Restricted cash included in other current assets	25		56		Restricted cash included in other current assets	22		56
Restricted cash included in other noncurrent assets, net	Restricted cash included in other noncurrent assets, net	12		12		Restricted cash included in other noncurrent assets, net	13		12
Cash, cash equivalents and restricted cash, end of period	Cash, cash equivalents and restricted cash, end of period	$	6,859	$	8,778	Cash, cash equivalents and restricted cash, end of period	$	5,729	$	8,778

Note ~~10:~~11: Commitments and Contingencies

Redeemable Subsidiary Preferred Stock

In the first quarter of 2021, we redeemed all of the NBCUniversal Enterprise, Inc. preferred stock and made cash payments equal to the aggregate liquidation preference of $725 million. The redeemable subsidiary preferred stock was presented in redeemable noncontrolling interests.

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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ITEM 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion is provided as a supplement to, and should be read in conjunction with, the condensed consolidated financial statements and related notes included in this Quarterly Report on Form 10-Q and our 2021 Annual Report on Form 10-K.

Overview

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

COVID-19 has impacted our businesses in a number of ways, affecting the comparability of periods included in this report. The most significant continuing impacts have resulted from temporary restrictions and closures at our international theme parks. The continuing effects of COVID-19, in addition to worsening U.S., European and global economic conditions and consumer sentiment, may adversely impact demand for our products and services, including advertising, and our results of operations over the near to medium term. In addition, changes in foreign currency exchange rates have impacted our results of operations in our Sky and Theme Parks segments as a result of the strengthening of the U.S. dollar.

Consolidated Operating Results


		Three Months Ended June 30,				Increase/ (Decrease)		Six Months Ended June 30,				Increase/ (Decrease)			Three Months Ended September 30,				Increase/ (Decrease)		Nine Months Ended September 30,				Increase/ (Decrease)
(in millions, except per share data)	(in millions, except per share data)	2022		2021		%		2022		2021		%		(in millions, except per share data)	2022		2021		%		2022		2021		%
Revenue	Revenue	$	30,016	$	28,546	5.1%		$	61,026	$	55,751	9.5	%	Revenue	$	29,849	$	30,298	(1.5)%		$	90,874	$	86,049	5.6	%
Costs and Expenses:	Costs and Expenses:													Costs and Expenses:
Programming and production	Programming and production	8,887		9,256		(4.0)		19,457		18,175		7.1		Programming and production	8,949		10,395		(13.9)		28,406		28,570		(0.6)
Other operating and administrative	Other operating and administrative	9,098		8,549		6.4		18,358		16,818		9.2		Other operating and administrative	9,344		8,981		4.0		27,701		25,799		7.4
Advertising, marketing and promotion	Advertising, marketing and promotion	2,196		1,851		18.6		4,258		3,467		22.8		Advertising, marketing and promotion	2,066		1,995		3.5		6,324		5,462		15.8
Depreciation	Depreciation	2,162		2,113		2.3		4,375		4,231		3.4		Depreciation	2,150		2,177		(1.2)		6,525		6,407		1.8
Amortization	Amortization	1,306		1,270		2.9		2,641		2,514		5.1		Amortization	1,183		1,301		(9.1)		3,824		3,815		0.2
Goodwill and long-lived asset impairments														Goodwill and long-lived asset impairments	8,583		—		NM		8,583		—		NM

Total costs and expenses	Total costs and expenses	23,649		23,039		2.6		49,089		45,205		8.6		Total costs and expenses	32,274		24,848		29.9		81,363		70,053		16.1
Operating income		6,367		5,507		15.6		11,936		10,546		13.2
Operating income (loss)														Operating income (loss)	(2,425)		5,450		NM		9,511		15,996		(40.5)
Interest expense	Interest expense	(968)		(1,093)		(11.4)		(1,962)		(2,112)		(7.1)		Interest expense	(960)		(1,050)		(8.5)		(2,922)		(3,161)		(7.6)
Investment and other income (loss), net	Investment and other income (loss), net	(897)		1,216		NM		(709)		1,607		NM		Investment and other income (loss), net	(266)		766		NM		(975)		2,374		NM
Income before income taxes		4,502		5,630		(20.0)		9,266		10,042		(7.7)
Income (loss) before income taxes														Income (loss) before income taxes	(3,652)		5,166		NM		5,614		15,208		(63.1)
Income tax expense	Income tax expense	(1,261)		(2,000)		(37.0)		(2,548)		(3,119)		(18.3)		Income tax expense	(1,014)		(1,235)		(17.9)		(3,562)		(4,354)		(18.2)
Net income		3,241		3,630		(10.7)		6,717		6,922		(3.0)
Net income (loss)														Net income (loss)	(4,665)		3,931		NM		2,052		10,854		(81.1)
Less: Net income (loss) attributable to noncontrolling interests	Less: Net income (loss) attributable to noncontrolling interests	(155)		(108)		(43.3)%		(227)		(145)		(57.1)		Less: Net income (loss) attributable to noncontrolling interests	(68)		(104)		(34.7)		(295)		(249)		18.8
Net income attributable to Comcast Corporation		$	3,396	$	3,738	(9.2)%		$	6,945	$	7,067	(1.7)	%
Basic earnings per common share attributable to Comcast Corporation shareholders		$	0.76	$	0.81	(6.2)	%	$	1.55	$	1.54	0.6	%
Diluted earnings per common share attributable to Comcast Corporation shareholders		$	0.76	$	0.80	(5.0)	%	$	1.54	$	1.51	2.0	%
Net income (loss) attributable to Comcast Corporation														Net income (loss) attributable to Comcast Corporation	$	(4,598)	$	4,035	NM		$	2,347	$	11,102	(78.9)	%
Basic earnings (loss) per common share attributable to Comcast Corporation shareholders														Basic earnings (loss) per common share attributable to Comcast Corporation shareholders	$	(1.05)	$	0.88	NM		$	0.53	$	2.42	(78.1)	%
Diluted earnings (loss) per common share attributable to Comcast Corporation shareholders														Diluted earnings (loss) per common share attributable to Comcast Corporation shareholders	$	(1.05)	$	0.86	NM		$	0.52	$	2.38	(78.2)	%

Adjusted EBITDA(a)	Adjusted EBITDA(a)	$	9,827	$	8,927	10.1	%	$	18,977	$	17,339	9.4	%	Adjusted EBITDA(a)	$	9,482	$	8,957	5.9	%	$	28,459	$	26,297	8.2	%

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 2527 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.

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Consolidated Revenue

Consolidated revenue decreased for the three months ended September 30, 2022, driven by Media and Sky, partially offset by increases in revenue in Studios, Theme Parks and Cable Communications. Consolidated revenue increased for the ~~three~~nine months ended ~~June~~September 30, 2022, driven by ~~Studios,~~ Theme Parks, Studios, Cable Communications and Media, ~~partially offset by decreases in revenue in Sky. Consolidated revenue increased for the six months ended June 30, 2022, driven by Media, Theme Parks, Cable Communications and Studios,~~ partially offset by decreases in revenue in Sky.

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

Consolidated Costs and Expenses

Consolidated operating costs and expenses, which is comprised of total costs and expenses excluding depreciation ~~and~~expense, amortization expense ~~increased~~and goodwill and long-lived assets impairments, decreased for the three months ended ~~June~~September 30, 2022, driven by Media ~~Studios, Theme Parks~~ and ~~Cable Communications,~~Sky, partially offset by ~~decreases~~increases in operating costs and expenses in ~~Sky.~~Studios, Theme Parks and Cable Communications. Consolidated operating costs and expenses ~~which is comprised of total costs and expenses excluding depreciation and amortization expense,~~ increased for the ~~six~~nine months ended ~~June~~September 30, 2022, driven by Studios, Media, ~~Studios,~~ Theme Parks and Cable Communications, partially offset by decreases in operating costs and expenses in Sky.

Operating costs and expenses for our segments and our corporate operations, ~~businesses~~business development initiatives and other businesses are discussed separately below under the heading “Segment Operating Results.”

Consolidated Depreciation and Amortization Expense


		Three Months Ended June 30,				Increase/ (Decrease)		Six Months Ended June 30,				Increase/ (Decrease)			Three Months Ended September 30,				Increase/ (Decrease)		Nine Months Ended September 30,				Increase/ (Decrease)
(in millions)	(in millions)	2022		2021		%		2022		2021		%		(in millions)	2022		2021		%		2022		2021		%
Cable Communications	Cable Communications	$	1,945	$	1,950	(0.3)	%	$	3,905	$	3,880	0.7	%	Cable Communications	$	1,945	$	1,965	(1.0)	%	$	5,850	$	5,845	0.1	%
NBCUniversal	NBCUniversal	651		586		11.2		1,313		1,168		12.4		NBCUniversal	596		591		0.8		1,909		1,759		8.5
Sky	Sky	809		826		(2.0)		1,680		1,640		2.4		Sky	722		884		(18.3)		2,402		2,524		(4.8)
Corporate and Other	Corporate and Other	62		21		191.5		118		57		106.0		Corporate and Other	70		38		85.4		188		95		97.8
Comcast Consolidated	Comcast Consolidated	$	3,469	$	3,383	2.5	%	$	7,016	$	6,745	4.0	%	Comcast Consolidated	$	3,333	$	3,477	(4.2)	%	$	10,349	$	10,222	1.2	%

~~Consolidated depreciation~~Depreciation and amortization expense decreased for the three months ended September 30, 2022 compared to the same period in 2021 primarily due to the impact of foreign currency at Sky. Depreciation and amortization expense increased for the ~~three and six~~nine months ended ~~June~~September 30, 2022 compared to the same ~~periods~~period in 2021 primarily due to increased depreciation at NBCUniversal driven by the opening of Universal Beijing Resort, ~~and~~ increased amortization of software at Sky and increased depreciation and amortization related to other business initiatives, partially offset by the ~~impacts~~impact of foreign currency. at Sky.

Amortization expense from acquisition-related intangible assets totaled ~~$568~~$517 million and ~~$1.2~~$1.7 billion for the three and ~~six~~nine months ended ~~June~~September 30, 2022, respectively. Amortization expense from acquisition-related intangible assets totaled ~~$586~~$603 million and ~~$1.2~~$1.8 billion for the three and ~~six~~nine months ended ~~June~~September 30, 2021, 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 Goodwill and Long-lived Asset Impairments

Goodwill and long-lived asset impairments included charges related to our Sky segment totaling $8.6 billion for the three and nine months ended September 30, 2022 recognized in connection with our annual impairment assessment. The impairments primarily reflected an increased discount rate and reduced estimated future cash flows as a result of macroeconomic conditions in Sky’s territories. See “Critical Accounting Judgments and Estimates” and Note 8 for further discussion.

Consolidated Interest Expense

Interest expense decreased for the three ~~and six~~ months ended ~~June~~September 30, 2022 compared to the same ~~periods~~period in 2021 primarily due to a decrease in average debt outstanding in the current year ~~periods~~period. Interest expense decreased for the nine months ended September 30, 2022 compared to the same period in 2021 primarily due to a decrease in average debt outstanding in the current year period and a $78 million charge recorded in the prior year ~~periods~~period related to the early redemption of senior notes due 2024.

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Consolidated Investment and Other Income (Loss), Net


		Three Months Ended June 30,				Six Months Ended June 30,					Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	(in millions)	2022		2021		2022		2021		(in millions)	2022		2021		2022		2021
Equity in net income (losses) of investees, net	Equity in net income (losses) of investees, net	$	(413)	$	959	$	(280)	$	1,095	Equity in net income (losses) of investees, net	$	(242)	$	602	$	(523)	$	1,696
Realized and unrealized gains (losses) on equity securities, net	Realized and unrealized gains (losses) on equity securities, net	(321)		189		(205)		426		Realized and unrealized gains (losses) on equity securities, net	(2)		106		(207)		532
Other income (loss), net	Other income (loss), net	(162)		69		(224)		87		Other income (loss), net	(21)		59		(245)		146
Total investment and other income (loss), net	Total investment and other income (loss), net	$	(897)	$	1,216	$	(709)	$	1,607	Total investment and other income (loss), net	$	(266)	$	766	$	(975)	$	2,374

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

The ~~change~~change in investment and other income (loss), net for the three and ~~six~~nine months ended ~~June~~September 30, 2022 compared to the same periods in 2021 was due to equity in net income (losses) of investees, net primarily related to our investment in Atairos Group, Inc., realized and unrealized gains (losses) on equity securities, net and other income (loss), net. The income (losses) at Atairos were driven by fair value adjustments on its underlying investments with income (loss) of ~~$(454)~~$(97) million and ~~$(376)~~$(473) million for the three and ~~six~~nine months ended ~~June~~September 30, 2022, respectively, and ~~$883~~$555 million and ~~$960 million~~$1.5 billion for the three and ~~six~~nine months ended

~~Table of Contents~~

~~June~~ September 30, 2021, respectively. The changes in realized and unrealized gains (losses) on equity securities, net for the three and ~~six~~nine months ended ~~June~~September 30, 2022 compared to the same periods in 2021 primarily resulted from fair value adjustments on marketable and nonmarketable equity securities. The change in other income (loss), net for the three and ~~six~~nine months ended ~~June~~September 30, 2022 compared to the ~~same~~same periods in 2021 primarily resulted from ~~losses on insurance contracts, an impairment of an equity method investment and~~ net losses on foreign exchange remeasurement in the current year ~~period.~~period, losses on insurance contracts and an impairment of an equity method investment.

Consolidated Income Tax Expense

Income tax expense for the three and ~~six~~nine months ended ~~June~~September 30, 2022 and 2021 reflects an effective income tax rate that differs from the federal statutory rate ~~primarily~~ due to state and foreign income taxes and adjustments associated with uncertain tax positions. ~~The decrease in~~In addition, income tax expense ~~for the three and six months ended June 30, 2022 compared to the same periods in 2021~~ was ~~primarily driven~~affected by ~~$498 million of income tax expense recognized in the second quarter of 2021 related to an increase~~changes in our net deferred tax ~~liability~~liabilities as a result of the enactment of tax law changes, including $286 million of benefit for the three and nine months ended September 30, 2022 related to state taxes and $498 million of expense for the nine months ended September 30, 2021 in the United Kingdom (see Note 10). Our effective income tax rate for the three and ~~lower income before income taxes in~~nine months ended September 30, 2022 was also impacted by the ~~current year periods, partially offset by lower~~goodwill impairment, which was primarily not deductible for tax ~~benefits recognized on share-based compensation plans.~~purposes (see Note 10).

Consolidated Net Income (Loss) Attributable to Noncontrolling Interests

The ~~changes~~change in net income (loss) attributable to noncontrolling interests for the three ~~and six~~ months ended ~~June~~September 30, 2022 compared to the same ~~periods~~period in 2021 was primarily due to decreased losses at Universal Beijing Resort due to operations in the current year period, partially offset by operations of the streaming platform joint venture with Charter Communications in the current year period. The change in net income (loss) attributable to noncontrolling interests for the nine months ended September 30, 2022 compared to the same period in 2021 was primarily due to increased losses at Universal Beijing Resort due to operations in the current year period compared to pre-opening costs in the prior year period in advance of the park’s opening in September 2021 ~~(see Note 7).~~and operations of the streaming platform joint venture with Charter Communications in the current year period.

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.

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Cable Communications Segment Results of Operations


		Three Months Ended June 30,				Increase/ (Decrease)		Six Months Ended June 30,				Increase/ (Decrease)			Three Months Ended September 30,				Increase/ (Decrease)		Nine Months Ended September 30,				Increase/ (Decrease)
(in millions)	(in millions)	2022		2021		%		2022		2021		%		(in millions)	2022		2021		%		2022		2021		%
Revenue	Revenue													Revenue
Residential:	Residential:													Residential:
Broadband	Broadband	$	6,107	$	5,717	6.8	%	$	12,158	$	11,317	7.4	%	Broadband	$	6,135	$	5,801	5.7	%	$	18,292	$	17,118	6.9	%
Video	Video	5,423		5,554		(2.4)		10,959		11,177		(2.0)		Video	5,255		5,499		(4.4)		16,214		16,676		(2.8)
Voice	Voice	763		870		(12.3)		1,549		1,741		(11.0)		Voice	745		851		(12.5)		2,293		2,592		(11.5)
Wireless	Wireless	722		556		29.8		1,399		1,069		30.9		Wireless	789		603		30.8		2,188		1,672		30.9
Business services	Business services	2,424		2,202		10.1		4,820		4,369		10.3		Business services	2,436		2,227		9.4		7,256		6,597		10.0
Advertising	Advertising	748		679		10.2		1,419		1,296		9.4		Advertising	756		705		7.2		2,174		2,002		8.6
Other	Other	415		425		(2.3)		839		838		0.1		Other	423		427		(0.9)		1,263		1,265		(0.2)
Total revenue	Total revenue	16,601		16,002		3.7		33,142		31,807		4.2		Total revenue	16,539		16,115		2.6		49,680		47,922		3.7
Operating costs and expenses	Operating costs and expenses													Operating costs and expenses
Programming	Programming	3,537		3,593		(1.6)		7,165		7,263		(1.3)		Programming	3,446		3,546		(2.8)		10,611		10,809		(1.8)
Technical and product support	Technical and product support	2,236		2,075		7.8		4,464		4,096		9.0		Technical and product support	2,284		2,169		5.3		6,749		6,265		7.7
Customer service	Customer service	572		582		(1.7)		1,153		1,184		(2.6)		Customer service	574		581		(1.1)		1,727		1,765		(2.2)
Advertising, marketing and promotion	Advertising, marketing and promotion	971		971		—		1,983		1,876		5.7		Advertising, marketing and promotion	943		1,012		(6.8)		2,926		2,887		1.3
Franchise and other regulatory fees	Franchise and other regulatory fees	408		449		(9.0)		829		950		(12.7)		Franchise and other regulatory fees	408		432		(5.7)		1,237		1,382		(10.5)
Other	Other	1,429		1,260		13.4		2,828		2,536		11.5		Other	1,430		1,305		9.6		4,258		3,841		10.9
Total operating costs and expenses	Total operating costs and expenses	9,153		8,929		2.5		18,422		17,904		2.9		Total operating costs and expenses	9,086		9,045		0.5		27,508		26,949		2.1
Adjusted EBITDA	Adjusted EBITDA	$	7,448	$	7,073	5.3	%	$	14,720	$	13,903	5.9	%	Adjusted EBITDA	$	7,452	$	7,069	5.4	%	$	22,172	$	20,972	5.7	%

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Customer Metrics

Net Additions / (Losses)
June 30, Three Months Ended
June 30, Six Months Ended
June 30,
(in thousands) 2022 2021 2022 2021 2022 2021
Customer relationships
Residential customer relationships 31,875 31,339 (38) 277 147 647
Business services customer relationships 2,508 2,454 10 17 19 28
Total customer relationships 34,384 33,793 (28) 294 166 675
Residential customer relationships mix
One product customers 15,123 13,477 307 480 793 1,069
Two product customers 8,282 8,562 (82) (83) (125) (173)
Three or more product customers 8,471 9,299 (263) (120) (521) (250)
Broadband
Residential customers 29,826 29,108 (10) 334 243 782
Business services customers 2,337 2,280 10 20 19 32
Total broadband customers 32,163 31,388 — 354 262 814
Video
Residential customers 16,513 18,225 (497) (364) (982) (768)
Business services customers 631 731 (23) (34) (50) (121)
Total video customers 17,144 18,956 (521) (399) (1,032) (889)
Voice
Residential customers 8,497 9,412 (284) (121) (566) (233)
Business services customers 1,389 1,376 (1) 13 (2) 19
Total voice customers 9,886 10,788 (286) (108) (568) (214)
Wireless
Wireless lines 4,615 3,383 317 280 635 558
Our customer relationships net additions were lower in the three and nine months ended September 30, 2022 as compared to prior periods primarily due to decreased growth in our broadband net additions and also reflected accelerated net losses in our video and voice customers. In a reversal from pandemic trends, our broadband net addition growth has slowed primarily reflecting continued low household move levels and an increasingly competitive environment, which is continuing in the fourth quarter of 2022.


			Net Additions / (Losses)
	September 30,		Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2022	2021	2022	2021	2022	2021
Customer relationships
Residential customer relationships	31,849	31,576	(26)	237	121	884
Business services customer relationships	2,514	2,473	5	18	25	46
Total customer relationships	34,363	34,048	(21)	255	145	930
Residential customer relationships mix
One product customers	15,463	13,959	340	481	1,133	1,551
Two product customers	8,204	8,473	(77)	(89)	(202)	(261)
Three or more product customers	8,182	9,144	(289)	(156)	(810)	(406)
Broadband
Residential customers	29,835	29,389	10	281	253	1,063
Business services customers	2,342	2,300	5	19	24	52
Total broadband customers	32,177	31,688	14	300	277	1,115
Video
Residential customers	15,973	17,844	(540)	(382)	(1,522)	(1,149)
Business services customers	609	705	(21)	(26)	(72)	(147)
Total video customers	16,582	18,549	(561)	(408)	(1,594)	(1,297)
Voice
Residential customers	8,190	9,245	(307)	(167)	(872)	(400)
Business services customers	1,380	1,384	(9)	9	(11)	28
Total voice customers	9,570	10,630	(316)	(158)	(884)	(372)


Wireless
Wireless lines	4,948	3,668	333	285	968	842

Customer metrics are presented based on actual amounts. 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 broadband and video customer metrics include certain customers that have prepaid for services. Business customers are generally counted based on the number of locations receiving services within our distribution system, with certain offerings such as Ethernet network services counted as individual customer relationships. Wireless lines represent the number of activated, eligible wireless devices on customers’ accounts. Individual customer relationships may have multiple wireless lines. Customer metrics in 2021 did not include customers in certain pandemic-related programs through which portions of our customers temporarily received our services for free. These programs ended in December 2021, resulting in a one-time benefit to net additions in the three months ended March 31, 2022.


		Three Months Ended June 30,				Increase/(Decrease)		Six Months Ended June 30,				Increase/(Decrease)			Three Months Ended September 30,				Increase/(Decrease)		Nine Months Ended September 30,				Increase/(Decrease)
		2022		2021		%		2022		2021		%			2022		2021		%		2022		2021		%
Average monthly total revenue per customer relationship	Average monthly total revenue per customer relationship	$	160.88	$	158.53	1.5	%	$	161.03	$	158.45	1.6	%	Average monthly total revenue per customer relationship	$	160.38	$	158.36	1.3	%	$	160.98	$	158.55	1.5	%
Average monthly Adjusted EBITDA per customer relationship	Average monthly Adjusted EBITDA per customer relationship	$	72.18	$	70.07	3.0	%	$	71.52	$	69.26	3.3	%	Average monthly Adjusted EBITDA per customer relationship	$	72.27	$	69.47	4.0	%	$	71.84	$	69.39	3.5	%

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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 broadband, video, voice and ~~voice~~wireless services is also impacted by changes in the allocation of revenue among services sold in a bundle, the allocation does not impact average monthly total revenue per customer relationship. Each of our services has a different contribution to operating margin. We use average monthly Adjusted EBITDA per customer relationship to evaluate the profitability of our customer base across our service offerings. We believe both metrics are useful to understand the trends in our business, and average monthly Adjusted EBITDA per customer relationship is useful particularly as we continue to focus on growing our higher-margin businesses.

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Cable Communications Segment – Revenue

Broadband

Revenue increased for the three and ~~six~~nine months ended ~~June~~September 30, 2022 compared to the same periods in 2021 due to increases in average rates and increases in the number of residential broadband customers.

Video

Revenue decreased for the three and ~~six~~nine months ended ~~June~~September 30, 2022 compared to the same periods in 2021 due to declines in the number of residential video customers, partially offset by increases in average rates. We expect that the number of residential video customers will continue to decline, negatively impacting video revenue as a result of the competitive environment and shifting video consumption patterns.

Voice

Revenue decreased for the three and ~~six~~nine months ended ~~June~~September 30, 2022 compared to the same periods in 2021 primarily due to declines in 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 ~~six~~nine months ended ~~June~~September 30, 2022 compared to the same periods in 2021 ~~primarily~~ due to increases in the number of customer ~~lines.~~lines and device sales.

Business Services

Revenue increased for the three and ~~six~~nine months ended ~~June~~September 30, 2022 compared to the same periods in 2021 due to increases in average rates and customer relationships compared to the prior year periods and due to the acquisition of Masergy in October 2021.

Advertising

Revenue increased for the three and ~~six~~nine months ended ~~June~~September 30, 2022 compared to the same periods in 2021 primarily due to increases in political advertising and revenue from our advanced advertising businesses, ~~and~~partially offset by advertising revenue at our Xumo streaming ~~service.~~service, which is a part of our streaming platform joint venture with Charter Communications, having been reported in Corporate and Other since June 2022, and by lower local and national advertising revenue.

Cable Communications Segment – Operating Costs and Expenses

Programming expenses decreased for the three and ~~six~~nine months ended ~~June~~September 30, 2022 compared to the same periods in 2021 primarily due to declines in the number of video subscribers, partially offset by contractual rate increases.

Technical and product support expenses increased for the three and ~~six~~nine months ended ~~June~~September 30, 2022 compared to the same periods in 2021 primarily due to increases in costs associated with our wireless phone service resulting from increases in device sales and the number of customers receiving the service, and the acquisition of Masergy.

Customer service expenses decreased for the three and ~~six~~nine months ended ~~June~~September 30, 2022 compared to the same periods in 2021 primarily due to lower labor ~~costs as a result of reduced call volumes.~~costs.

Advertising, marketing and promotion expenses ~~were consistent~~decreased for the three months ended ~~June 30, 2022 and increased for the six months ended June~~September 30, 2022 compared to the same ~~periods~~period in 2021 primarily due to higher advertising expenses associated with the Tokyo Olympics in the prior year period. Advertising, marketing and promotion expenses increased for the nine months ended September 30, 2022 compared to the same period in 2021 primarily due to increased spending associated with attracting new customers and promoting our service offerings.

Franchise and other regulatory fees decreased for the three and ~~six~~nine months ended ~~June~~September 30, 2022 compared to the same periods in 2021 primarily due to a decrease in the revenue to which the fees apply. The nine months ended September 30, 2022 was also impacted by decreases in ~~regulatory costs.~~the related rates of these fees.

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Other operating costs and expenses increased for the three and ~~six~~nine months ended ~~June~~September 30, 2022 compared to the same periods in 2021 primarily due to lower levels of bad debt expense in the prior year periods.

Cable Communications Segment – Operating Margin

Our operating margin is Adjusted EBITDA as a percentage of revenue. We believe this metric is useful particularly as we continue to focus on growing our higher-margin businesses and improving overall operating cost management.

Our operating margin for the three and ~~six~~nine months ended ~~June~~September 30, 2022 was ~~44.9%~~45.1% and ~~44.4%~~44.6%, respectively. Our operating margin for the three and ~~six~~nine months ended ~~June~~September 30, 2021 was ~~44.2%~~43.9% and ~~43.7%~~43.8%, respectively.

~~Table of Contents~~

NBCUniversal Segments Results of Operations


		Three Months Ended June 30,				Increase/ (Decrease)		Six Months Ended June 30,				Increase/ (Decrease)			Three Months Ended September 30,				Increase/ (Decrease)		Nine Months Ended September 30,				Increase/ (Decrease)
(in millions)	(in millions)	2022		2021		%		2022		2021		%		(in millions)	2022		2021		%		2022		2021		%
Revenue	Revenue													Revenue
Media	Media	$	5,332	$	5,148	3.6	%	$	12,196	$	10,184	19.8	%	Media	$	5,230	$	6,770	(22.7)	%	$	17,427	$	16,955	2.8	%
Studios	Studios	2,966		2,224		33.3		5,722		4,620		23.9		Studios	3,163		2,407		31.4		8,885		7,027		26.4
Theme Parks	Theme Parks	1,804		1,095		64.8		3,364		1,714		96.3		Theme Parks	2,064		1,449		42.4		5,428		3,163		71.6
Headquarters and Other	Headquarters and Other	8		22		(63.9)		24		38		(35.9)		Headquarters and Other	22		28		(22.1)		46		65		(30.1)
Eliminations	Eliminations	(664)		(534)		(24.5)		(1,566)		(1,576)		0.7		Eliminations	(909)		(654)		(38.9)		(2,474)		(2,230)		(10.9)
Total revenue	Total revenue	$	9,445	$	7,955	18.7	%	$	19,741	$	14,980	31.8	%	Total revenue	$	9,570	$	10,001	(4.3)	%	$	29,311	$	24,981	17.3	%
Adjusted EBITDA	Adjusted EBITDA													Adjusted EBITDA
Media	Media	$	1,337	$	1,378	(2.9)	%	$	2,496	$	2,851	(12.4)	%	Media	$	583	$	997	(41.5)	%	$	3,080	$	3,847	(20.0)	%
Studios	Studios	1		156		(99.5)		246		653		(62.4)		Studios	537		179		199.6		783		833		(6.0)
Theme Parks	Theme Parks	632		221		186.5		1,082		159		NM		Theme Parks	819		434		88.6		1,902		593		NM
Headquarters and Other	Headquarters and Other	(137)		(186)		26.3		(329)		(395)		16.8		Headquarters and Other	(199)		(248)		19.8		(528)		(643)		18.0
Eliminations	Eliminations	23		(15)		NM		(39)		(225)		82.7		Eliminations	(59)		(12)		NM		(98)		(238)		58.6
Total Adjusted EBITDA	Total Adjusted EBITDA	$	1,856	$	1,553	19.5	%	$	3,457	$	3,043	13.6	%	Total Adjusted EBITDA	$	1,681	$	1,349	24.6	%	$	5,138	$	4,392	17.0	%

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

Media Segment Results of Operations


		Three Months Ended June 30,				Increase/ (Decrease)		Six Months Ended June 30,				Increase/ (Decrease)			Three Months Ended September 30,				Increase/ (Decrease)		Nine Months Ended September 30,				Increase/ (Decrease)
(in millions)	(in millions)	2022		2021		%		2022		2021		%		(in millions)	2022		2021		%		2022		2021		%
Revenue	Revenue													Revenue
Advertising	Advertising	$	2,159	$	2,189	(1.3)	%	$	5,492	$	4,282	28.2	%	Advertising	$	2,111	$	3,255	(35.1)	%	$	7,603	$	7,537	0.9	%
Distribution	Distribution	2,659		2,452		8.4		5,692		4,947		15.0		Distribution	2,578		2,987		(13.7)		8,270		7,934		4.2
Other	Other	514		507		1.3		1,013		955		6.1		Other	541		528		2.4		1,554		1,483		4.8
Total revenue	Total revenue	5,332		5,148		3.6		12,196		10,184		19.8		Total revenue	5,230		6,770		(22.7)		17,427		16,955		2.8
Operating costs and expenses	Operating costs and expenses													Operating costs and expenses
Programming and production	Programming and production	2,731		2,679		2.0		7,082		5,201		36.2		Programming and production	3,240		4,475		(27.6)		10,322		9,676		6.7
Other operating and administrative	Other operating and administrative	972		854		13.8		1,901		1,673		13.7		Other operating and administrative	1,042		917		13.7		2,943		2,590		13.7
Advertising, marketing and promotion	Advertising, marketing and promotion	291		238		22.4		717		460		55.9		Advertising, marketing and promotion	365		382		(4.5)		1,082		842		28.5
Total operating costs and expenses	Total operating costs and expenses	3,994		3,770		5.9		9,700		7,334		32.3		Total operating costs and expenses	4,647		5,774		(19.5)		14,347		13,107		9.5
Adjusted EBITDA	Adjusted EBITDA	$	1,337	$	1,378	(2.9)	%	$	2,496	$	2,851	(12.4)	%	Adjusted EBITDA	$	583	$	997	(41.5)	%	$	3,080	$	3,847	(20.0)	%

Table of Contents

Media Segment – Revenue

Revenue ~~increased~~decreased for the three months ended ~~June~~September 30, 2022 compared to the same period in 2021 primarily due to ~~an increase~~our broadcast of the Tokyo Olympics in the third quarter of 2021. ~~distribution revenue, partially offset by lower advertising revenue.~~ Revenue increased for the ~~six~~nine months ended ~~June~~September 30, 2022 compared to the same period in 2021 primarily due to increases in advertising and distribution revenue, and included revenue from our broadcasts of the Beijing Olympics and Super Bowl in the first quarter of 2022. Excluding $1.0 billion and $0.5 billion of incremental revenue associated with our broadcasts of the Beijing Olympics and Super Bowl in the first quarter of 2022 and increased revenue at Peacock, partially offset by our broadcast of the Tokyo Olympics in 2021. Excluding $1.5 billion and $1.8 billion of incremental revenue associated with the broadcasts of the Beijing Olympics and Super Bowl in the first quarter of 2022 and the Tokyo Olympics in the third quarter of 2021, respectively, Media revenue increased ~~5.2%~~4.4% and 4.9% for the ~~six~~three and nine months ended ~~June~~September 30, 2022 compared to the same ~~period~~periods in 2021.

Three Months Ended
June 30, Increase/
(Decrease) Six Months Ended
June 30, Increase/(Decrease)
(in millions) 2022 2021 % 2022 2021 %
Advertising $ 2,159 $ 2,189 (1.3) % $ 5,492 $ 4,282 28.2 %
Advertising, excluding Beijing Olympics and Super Bowl 2,159 2,189 (1.3) 4,338 4,282 1.3

~~Table of Contents~~


	Three Months Ended September 30,				Increase/ (Decrease)		Nine Months Ended September 30,				Increase/(Decrease)
(in millions)	2022		2021		%		2022		2021		%
Advertising	$	2,111	$	3,255	(35.1)	%	$	7,603	$	7,537	0.9	%
Advertising, excluding Olympics and Super Bowl	2,111		2,017		4.7		6,449		6,300		2.4

Advertising revenue decreased for the three months ended ~~June~~September 30, 2022 compared to the same period in 2021 primarily due to ~~declines~~our broadcast of the Tokyo Olympics in the prior year period. Advertising revenue increased for the nine months ended September 30, 2022 compared to the same period in 2021 and included our broadcasts of the Beijing Olympics and Super Bowl in the current year period, offset by our broadcast of the Tokyo Olympics in the prior year period. Excluding $1.2 billion of incremental revenue associated with our broadcasts of these events in the first quarter of 2022 and third quarter of 2021, advertising revenue increased for the three and nine months ended September 30, 2022 compared to the same periods in 2021, primarily due to increased revenue at Peacock, partially offset by decreases in revenue at our ~~networks, partially offset by increased revenue at Peacock.~~networks. The decreases at our networks were primarily due to continued audience ratings declines and the ~~impacts~~impact of additional sporting events in the prior year period, partially offset by higher pricing in the current year period. Advertising revenue increased for the six months ended June 30, 2022 compared to the same period in 2021 primarily due to our broadcasts of the Beijing Olympics and Super Bowl. Excluding $1.2 billion of incremental revenue associated with our broadcasts of the Beijing Olympics and Super Bowl in the first quarter of 2022, advertising revenue increased for the six months ended June 30, 2022 due to increased revenue at Peacock, partially offset by declines in revenue at our networks.


		Three Months Ended June 30,				Increase/ (Decrease)		Six Months Ended June 30,				Increase/(Decrease)			Three Months Ended September 30,				Increase/ (Decrease)		Nine Months Ended September 30,				Increase/(Decrease)
(in millions)	(in millions)	2022		2021		%		2021		2020		%		(in millions)	2022		2021		%		2022		2021		%
Distribution	Distribution	$	2,659	$	2,452	8.4	%	$	5,692	$	4,947	15.0	%	Distribution	$	2,578	$	2,987	(13.7)	%	$	8,270	$	7,934	4.2	%
Distribution, excluding Beijing Olympics		2,659		2,452		8.4		5,365		4,947		8.4
Distribution, excluding Olympics														Distribution, excluding Olympics	2,578		2,465		4.6		7,943		7,413		7.1

Distribution revenue ~~increased~~decreased for the three months ended June 30, 2022 compared to the same period in 2021 primarily due to an increase in revenue at Peacock, as well as an increase at our networks due to contractual rate increases, partially offset by a decline in the number of subscribers. Distribution revenue increased for the six months ended JuneSeptember 30, 2022 compared to the same period in 2021 primarily due to our broadcast of the ~~Beijing Olympics. Excluding $327 million of incremental~~Tokyo Olympics in the prior year period. Distribution revenue ~~associated with~~increased for the nine months ended September 30, 2022 compared to the same period in 2021 and included our broadcast of the Beijing Olympics in the current year period, offset by our broadcast of the Tokyo Olympics in the prior year period. Excluding $327 million and $522 million of incremental revenue associated with our broadcasts of the Beijing and Tokyo Olympics in the first quarter of 2022 and third quarter of 2021, respectively, distribution revenue increased for the ~~six~~three and nine months ended ~~June~~September 30, 2022 primarily due to ~~an increase in~~increased revenue at ~~Peacock, as well as an increase~~Peacock. Revenue at our networks decreased for the three months ended September 30, 2022 compared to the same period in 2021 due to a decline in the number of subscribers, partially offset by contractual rate increases. Revenue at our networks increased for the nine months ended September 30, 2022 compared to the same period in 2021 due to contractual rate increases, partially offset by a decline in the number of subscribers.

We expect the number of subscribers and audience ratings at our networks will continue to decline as a result of the competitive environment and shifting video consumption patterns. Revenue included ~~$444~~$506 million and ~~$916 million~~$1.4 billion related to Peacock for the three and ~~six~~nine months ended ~~June~~September 30, 2022, respectively, with the nine months including amounts related to the Beijing Olympics and Super Bowl in the first quarter of 2022. Revenue included ~~$122~~$230 million and ~~$213~~$443 million related to Peacock for the three and ~~six~~nine months ended ~~June~~September 30, 2021, respectively.

Media Segment – Operating Costs and Expenses

Operating costs and expenses ~~increased~~decreased for the three months ended ~~June~~September 30, 2022 compared to the same period in 2021 due to decreases in programming and production costs and in advertising, marketing and promotion costs, partially offset by increases in other operating and administrative ~~costs;~~costs. The decreases in programming and production costs and in advertising, marketing and promotion ~~costs; and~~costs were primarily due to costs associated with our broadcast of the Tokyo Olympics in the prior year period, with the decrease in programming and production ~~costs. These increases were~~costs partially offset by higher costs related to Peacock. Other operating and administrative costs increased primarily due to higher costs related to Peacock. ~~The increase in programming and production costs was partially offset by lower sports programming costs in the current year period.~~

Table of Contents

Operating costs and expenses increased for the ~~six~~nine months ended ~~June~~September 30, 2022 compared to the same period in 2021 due to increases in programming and production costs; in other operating and administrative costs; and in advertising, marketing and promotion ~~costs; and other operating and administrative~~ costs. Programming and production costs increased primarily due to costs associated with our broadcasts of the Beijing Olympics and Super Bowl and higher programming costs at Peacock, partially offset by costs associated with our broadcast of the Tokyo Olympics in the prior year period and lower costs for other sports ~~programming.~~programming in the current year. Advertising, marketing and promotion costs and other operating and administrative costs increased primarily due to higher costs related to Peacock.

Operating costs and expenses included ~~$912 million~~$1.1 billion and ~~$1.8~~$3.0 billion related to Peacock for the three and ~~six~~nine months ended ~~June~~September 30, 2022, ~~respectively, including amounts related to the Beijing Olympics and Super Bowl in the first quarter of 2022.~~respectively. Operating costs and expenses included ~~$485~~$750 million and ~~$853 million~~$1.6 billion related to Peacock for the three and ~~six~~nine months ended ~~June~~September 30, 2021, respectively. We expect to continue to incur significant costs related to additional content and marketing as we invest in the platform and attract new customers.

~~Table of Contents~~

Studios Segment Results of Operations

Three Months Ended
June 30, Increase/
(Decrease) Six Months Ended
June 30, Increase/
(Decrease)
(in millions) 2022 2021 % 2022 2021 %
Revenue
Content licensing $ 2,118 $ 1,781 19.0 % $ 4,397 $ 3,855 14.0 %
Theatrical 550 198 177.2 718 237 202.6
Home entertainment and other 298 245 21.3 607 527 15.2
Total revenue 2,966 2,224 33.3 5,722 4,620 23.9
Operating costs and expenses
Programming and production 2,241 1,603 39.8 4,215 3,217 31.0
Other operating and administrative 193 169 13.8 403 329 22.3
Advertising, marketing and promotion 531 296 79.7 858 420 104.4
Total operating costs and expenses 2,965 2,068 43.4 5,476 3,967 38.1
Adjusted EBITDA $ 1 $ 156 (99.5) % $ 246 $ 653 (62.4) %

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


	Three Months Ended September 30,				Increase/ (Decrease)		Nine Months Ended September 30,				Increase/ (Decrease)
(in millions)	2022		2021		%		2022		2021		%
Revenue
Content licensing	$	2,134	$	1,827	16.8	%	$	6,531	$	5,683	14.9	%
Theatrical	673		307		119.1		1,391		544		155.5
Home entertainment and other	356		273		30.2		963		801		20.3
Total revenue	3,163		2,407		31.4		8,885		7,027		26.4
Operating costs and expenses
Programming and production	2,036		1,744		16.8		6,252		4,961		26.0
Other operating and administrative	201		146		38.3		604		475		27.2
Advertising, marketing and promotion	388		339		14.6		1,247		759		64.3
Total operating costs and expenses	2,626		2,228		17.9		8,102		6,195		30.8
Adjusted EBITDA	$	537	$	179	199.6	%	$	783	$	833	(6.0)	%

Studios Segment – Revenue

Revenue increased for the three and ~~six~~nine months ended ~~June~~September 30, 2022 compared to the same periods in 2021 due to increases in theatrical and content licensing revenue. Theatrical revenue increased primarily due to ~~an increase in~~ the ~~number~~strong performances of ~~theatrical~~ releases in ~~the current year period,~~our 2022 slate, including Jurassic World: Dominion~~. The prior year periods included the release of~~ F9 and ~~were impacted by theater closures and theaters operating at reduced capacity as a result~~Minions: The Rise of ~~COVID-19.~~Gru. Content licensing revenue increased primarily due to the timing of when content was made available by our television and film studios under licensing agreements, including additional sales of content as production levels returned to normal. For the ~~six~~nine months ended ~~June~~September 30, 2022, this increase was partially offset by the impact of a new licensing agreement for content that became exclusively available for streaming on Peacock in the prior year period.

Studios Segment – Operating Costs and Expenses

Operating costs and expenses increased for the three and ~~six~~nine months ended ~~June~~September 30, 2022 compared to the same periods in 2021 primarily due to increases in programming and production costs and in advertising, marketing and promotion costs. Programming and production costs increased primarily due to higher costs associated with content licensing sales and theatrical releases in the current year periods. Advertising, marketing and promotion costs increased due to higher spending on current period and upcoming theatrical releases.

Theme Parks Segment Results of Operations


		Three Months Ended June 30,				Increase/ (Decrease)		Six Months Ended June 30,				Increase/ (Decrease)			Three Months Ended September 30,				Increase/ (Decrease)		Nine Months Ended September 30,				Increase/ (Decrease)
(in millions)	(in millions)	2022		2021		%		2022		2021		%		(in millions)	2022		2021		%		2022		2021		%
Revenue	Revenue	$	1,804	$	1,095	64.8	%	$	3,364	$	1,714	96.3	%	Revenue	$	2,064	$	1,449	42.4	%	$	5,428	$	3,163	71.6	%
Operating costs and expenses	Operating costs and expenses	1,173		874		34.1		2,282		1,555		46.8		Operating costs and expenses	1,244		1,015		22.6		3,526		2,570		37.2
Adjusted EBITDA	Adjusted EBITDA	$	632	$	221	186.5%		$	1,082	$	159	NM		Adjusted EBITDA	$	819	$	434	88.6	%	$	1,902	$	593	NM

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

Table of Contents

Theme Parks Segment – Revenue

Revenue increased for the three ~~and six~~ months ended ~~June~~September 30, 2022 due to increases at our theme parks in Orlando and Hollywood driven by increased attendance and guest spending, an increase at our theme park in Japan, which was operating with capacity restrictions in the prior year period, and an increase from the operations of Universal Beijing Resort, which opened in September 2021. Results at our international theme parks have been negatively impacted by fluctuations in foreign currency exchange rates.

Revenue increased for the nine months ended September 30, 2022 primarily due to improved operating conditions compared to the same ~~periods~~period in 2021, when ~~each of~~ our theme parks ~~either operated at limited capacity or was closed~~in Orlando, Hollywood and Japan were impacted by COVID-19 restrictions, as ~~a result of COVID-19, and from~~well as the operations of Universal Beijing Resort, which opened in September 2021. In 2022, our theme parks in Orlando and Hollywood operated without capacity restrictions, and the requirement for proof of vaccination or a negative COVID-19 test previously put in place in the fourth quarter of 2021 was lifted for our theme park in Hollywood in the first quarter of 2022. Our theme park in Japan temporarily reinstated capacity restrictions during the first quarter of 2022, which were lifted by the end of that period. Our newest theme park in Beijing continues to be impacted by COVID-19 and related travel restrictions and temporarily closed in May through the end of June of 2022 when it reopened at limited capacity.

~~Table of Contents~~

Theme Parks Segment – Operating Costs and Expenses

Expenses increased for the three and ~~six~~nine months ended ~~June~~September 30, 2022 compared to the same periods in 2021 primarily ~~due to increased operating costs at our theme parks, as compared to decreased operating costs during the temporary closures and capacity restrictions in the prior year periods, and~~ due to operating costs associated with Universal Beijing Resort in the current year periods, which were higher than pre-opening costs in the prior year ~~periods.~~periods, and as a result of decreased operating costs in the prior year periods due to COVID-19 restrictions at our theme parks.

NBCUniversal Headquarters, Other and Eliminations

Headquarters and Other Results of Operations


		Three Months Ended June 30,				Increase/ (Decrease)		Six Months Ended June 30,				Increase/ (Decrease)			Three Months Ended September 30,				Increase/ (Decrease)		Nine Months Ended September 30,				Increase/ (Decrease)
(in millions)	(in millions)	2022		2021		%		2022		2021		%		(in millions)	2022		2021		%		2022		2021		%
Revenue	Revenue	$	8	$	22	(63.9)	%	$	24	$	38	(35.9)	%	Revenue	$	22	$	28	(22.1)	%	$	46	$	65	(30.1)	%
Operating costs and expenses	Operating costs and expenses	145		208		(30.2)		353		433		(18.5)		Operating costs and expenses	221		276		(20.0)		574		709		(19.1)
Adjusted EBITDA	Adjusted EBITDA	$	(137)	$	(186)	26.3	%	$	(329)	$	(395)	16.8	%	Adjusted EBITDA	$	(199)	$	(248)	19.8	%	$	(528)	$	(643)	18.0	%

Expenses include overhead, personnel costs and costs associated with corporate initiatives.

Eliminations


		Three Months Ended June 30,				Increase/ (Decrease)		Six Months Ended June 30,				Increase/ (Decrease)			Three Months Ended September 30,				Increase/ (Decrease)		Nine Months Ended September 30,				Increase/ (Decrease)
(in millions)	(in millions)	2022		2021		%		2022		2021		%		(in millions)	2022		2021		%		2022		2021		%
Revenue	Revenue	$	(664)	$	(534)	24.5	%	$	(1,566)	$	(1,576)	(0.7)	%	Revenue	$	(909)	$	(654)	38.9	%	$	(2,474)	$	(2,230)	10.9	%
Operating costs and expenses	Operating costs and expenses	(688)		(518)		32.6		(1,527)		(1,351)		13.0		Operating costs and expenses	(849)		(642)		32.4		(2,376)		(1,992)		19.2
Adjusted EBITDA	Adjusted EBITDA	$	23	$	(15)	NM		$	(39)	$	(225)	(82.7)	%	Adjusted EBITDA	$	(59)	$	(12)	NM		$	(98)	$	(238)	(58.6)	%

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

Amounts represent eliminations of transactions between our NBCUniversal segments, which are affected by the timing of recognition of content licenses between our Studios and Media segments. Prior year amounts include the impact of a new licensing agreement for content that became exclusively available for streaming on Peacock during the first quarter of 2021. Results of operations for NBCUniversal may be impacted as we continue to use content on our platforms, including Peacock, rather than licensing it to third parties.

For the three and ~~six~~nine months ended ~~June~~September 30, 2022, approximately ~~35%~~44% and ~~38%~~40%, respectively, of Studios segment content licensing revenue resulted from transactions with other segments, primarily with the Media segment. For the three and ~~six~~nine months ended ~~June~~September 30, 2021, approximately ~~33%~~37% and ~~44%~~41%, respectively, of Studios segment content licensing revenue resulted from transactions with other segments, primarily with the Media segment. Eliminations increase or decrease to the extent that additional content is made available to our other segments. Refer to Note 2 for further discussion of transactions between our segments.

Table of Contents

Sky Segment Results of Operations


		Three Months Ended June 30,				Increase/ (Decrease)		Constant Currency Change(a)		Six Months Ended June 30,				Increase/ (Decrease)		Constant Currency Change(a)			Three Months Ended September 30,				Increase/ (Decrease)		Constant Currency Change(a)		Nine Months Ended September 30,				Increase/ (Decrease)		Constant Currency Change(a)
(in millions)	(in millions)	2022		2021		%		%		2022		2021		%		%		(in millions)	2022		2021		%		%		2022		2021		%		%
Revenue	Revenue																	Revenue
Direct-to-consumer	Direct-to-consumer	$	3,680	$	4,222	(12.8)	%	(2.4)	%	$	7,564	$	8,288	(8.7)	%	(1.4)	%	Direct-to-consumer	$	3,510	$	4,127	(15.0)	%	(0.4)	%	$	11,073	$	12,415	(10.8)	%	(1.1)	%
Content	Content	265		355		(25.3)		(16.4)		561		713		(21.4)		(15.4)		Content	273		300		(9.1)		6.4		833		1,013		(17.8)		(9.3)
Advertising	Advertising	556		643		(13.5)		(3.1)		1,152		1,216		(5.3)		2.3		Advertising	471		561		(15.9)		(1.6)		1,623		1,777		(8.7)		1.1
Total revenue	Total revenue	4,501		5,220		(13.8)		(3.5)		9,276		10,217		(9.2)		(1.9)		Total revenue	4,253		4,988		(14.7)		(0.2)		13,529		15,205		(11.0)		(1.4)
Operating costs and expenses	Operating costs and expenses																	Operating costs and expenses
Programming and production	Programming and production	1,562		2,447		(36.2)		(28.3)		3,510		4,931		(28.8)		(22.7)		Programming and production	1,570		1,779		(11.7)		3.3		5,080		6,710		(24.3)		(16.2)
Direct network costs	Direct network costs	638		625		2.0		13.8		1,310		1,256		4.3		11.6		Direct network costs	635		647		(1.9)		14.8		1,944		1,903		2.2		12.7
Other	Other	1,439		1,589		(9.4)		1.5		2,972		3,107		(4.3)		3.4		Other	1,348		1,591		(15.2)		(0.8)		4,320		4,697		(8.0)		2.0
Total operating costs and expenses	Total operating costs and expenses	3,639		4,660		(21.9)		(12.5)		7,791		9,294		(16.2)		(9.3)		Total operating costs and expenses	3,553		4,016		(11.5)		3.5		11,344		13,310		(14.8)		(5.6)
Adjusted EBITDA	Adjusted EBITDA	$	863	$	560	54.1	%	70.7	%	$	1,485	$	924	60.8	%	70.9	%	Adjusted EBITDA	$	701	$	971	(27.9)	%	(15.5)	%	$	2,185	$	1,895	15.3	%	28.7	%

(a)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 2527 for additional information, including our definition and our use of constant currency, and for a reconciliation of Sky’s constant currency growth rates.

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Customer Metrics


				Net Additions / (Losses)								Net Additions / (Losses)
		June 30,		Three Months Ended June 30,		Six Months Ended June 30,		September 30,				Three Months Ended September 30,		Nine Months Ended September 30,

(in thousands)	(in thousands)	2022	2021	2022	2021	2022	2021		(in thousands)	2022	2021		2022	2021	2022	2021
Total customer relationships	Total customer relationships	22,666	23,198	(255)	(248)	(361)	(26)		Total customer relationships	22,986	22,966		320	(233)	(41)	(259)

Customer metrics are presented based on actual amounts. Customer relationships represent the number of residential customers that subscribe to at least one of Sky’s four primary services of video, broadband, voice and wireless phone service. Sky reports business customers, including hotels, bars, workplaces and restaurants, generally based on the number of locations receiving our services.

Three Months Ended
June 30, Increase/
(Decrease)
Constant
Currency
Change(a)
Six Months Ended
June 30,
Increase/
(Decrease)
Constant
Currency
Change(a)
2022 2021 % % 2022 2021 % %
Average monthly direct-to-consumer revenue per customer relationship $ 53.81 $ 60.35 (10.8) % (0.1) % $ 55.18 $ 59.50 (7.3) % 0.2 %



	Three Months Ended September 30,				Increase/ (Decrease)		Constant Currency Change(a)		Nine Months Ended September 30,				Increase/ (Decrease)		Constant Currency Change(a)
	2022		2021		%		%		2022		2021		%		%
Average monthly direct-to-consumer revenue per customer relationship	$	51.25	$	59.60	(14.0)	%	0.7	%	$	53.48	$	59.72	(10.4)	%	(0.7)	%

Average monthly direct-to-consumer revenue per customer relationship is impacted by rate adjustments and changes in the types and levels of services received by Sky’s customers. Each of Sky’s services has a different contribution to Adjusted EBITDA. We believe average monthly direct-to-consumer revenue per customer relationship is useful in understanding the trends in our business across all of our direct-to-consumer service offerings.

Sky Segment – Revenue

Direct-to-Consumer

Revenue decreased for the three ~~and six~~ months ended ~~June~~September 30, 2022 compared to the same ~~periods~~period in 2021. Excluding the impact of foreign currency, revenue remained consistent for the three months ended September 30, 2022 compared with the prior year period primarily due to a lower number of customer relationships during the current year period, offset by an increase in average revenue per customer relationship. The lower number of customer relationships was driven by declines in Italy, partially offset by increases in Germany and the United Kingdom compared to the prior year period. The increase in average revenue per customer relationship reflected an increase in average rates in Italy and the United Kingdom, partially offset by a decline in average rates in Germany. Sky results have been affected by worsening macroeconomic conditions in the United Kingdom and continental Europe.

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Revenue decreased for the nine months ended September 30, 2022 compared to the same period in 2021. Excluding the impact of foreign currency, revenue decreased for the ~~three and~~ ~~six~~nine months ended ~~June~~September 30, 2022 compared with the prior year ~~periods~~period primarily due to ~~decreases in~~a lower number of customer relationships ~~while~~during the current year period and a decrease in average revenue per customer ~~relationship was consistent.~~relationship. The ~~decreases in~~lower number of customer relationships ~~were primarily~~was driven by declines in Italy, partially offset by increases in the United Kingdom and Germany compared to the prior year period. ~~Average~~The decrease in average revenue per customer relationship ~~for the three~~reflected declines in average rates in Italy and ~~six months ended June 30, 2022 compared to the same periods in 2021 reflected~~Germany, partially offset by the impacts of COVID-19 on business customers in the United Kingdom in the prior year ~~periods, partially offset by~~ ~~declines~~period and the impact of rate increases in ~~average rates in Italy and Germany.~~the United Kingdom. The decline in customer relationships and average revenue per customer relationship in Italy included the effects of the reduced broadcast rights for Serie A, which we had held through the end of the 2020-21 season. Beginning with the 2021-22 season in the third quarter of 2021 and through the 2023-24 season, we have nonexclusive broadcast rights to fewer matches, which has resulted ~~and we expect will continue to result~~ in declines in revenue in Italy in 2022.

Content

Revenue decreased for the three and ~~six~~nine months ended ~~June~~September 30, 2022 compared to the same periods in 2021. Excluding the impact of foreign currency, revenue increased for the three months ended September 30, 2022 compared with the prior year period primarily due to the timing of licensing of owned content to other platforms. Excluding the impact of foreign currency, revenue decreased for the nine months ended September 30, 2022 compared with the prior year period primarily due to lower sports programming licensing revenue driven by changes in licensing agreements in Italy and Germany.

Advertising

Revenue decreased for the three and nine months ended September 30, 2022 compared to the same periods in 2021. Excluding the impact of foreign currency, revenue decreased ~~primarily due to lower sports programming licensing revenue driven by changes in licensing agreements in Italy and Germany.~~

~~Advertising~~

~~Revenue decreased~~ for the three months ended ~~June~~September 30, 2022 compared towith the ~~same~~prior year period ~~in 2021. Excluding the impact of foreign currency, revenue decreased~~ primarily as a result of decreased advertising revenue ~~associated with Serie A, partially offset by an increase~~ in ~~advertising revenue in the United Kingdom.~~

~~Revenue decreased for the six months ended June 30, 2022 compared to the same period in 2021.~~Italy. Excluding the impact of foreign currency, revenue increased for the nine months ended September 30, 2022 compared with the prior year periodprimarily as a result of an overall advertising market improvement in the United Kingdom in the first half of the year compared to the prior year ~~periods,~~period, partially offset by decreased advertising revenue associated with Serie A.

Sky Segment – Operating Costs and Expenses

Programming and production costs decreased for the three and ~~six~~nine months ended ~~June~~September 30, 2022 compared to the same ~~periods~~period in 2021.Excluding the impact of foreign currency, programming and production costs increased for the three months ended September 30, 2022 primarily due to the timing of recognition of costs related to sporting events, including a shift of certain football matches to the third quarter in advance of the 2022 FIFA World Cup, which will occur in the fourth quarter of 2022. The timing of this event will also result in lower sports programming expenses in the fourth quarter of 2022, as well as an increase in the first half of 2023. This increase was partially offset by lower entertainment programming costs in the current year period. Excluding the impact of foreign currency, programming and production costs decreased for the ~~three and six~~nine months ended ~~June~~September 30, 2022 primarily reflecting lower costs associated with Serie A in Italy as a result of the reduced broadcast rights and lower costs associated with other sports contracts in Germany in the current year period, ~~as well as~~partially offset by the timing of recognition of costs related to sporting events.

~~Table of Contents~~

Direct network costs decreased for the three months ended September 30, 2022 and increased for the ~~three and six~~nine months ended ~~June~~September 30, 2022 compared to the same periods in 2021. Excluding the impact of foreign currency, direct network costs increased for the three and nine months ended September 30, 2022 primarily due to ~~an increase~~increases in costs associated with Sky’s broadband and wireless phone services as a result of increases in the number of customers receiving these ~~services.~~services and increases in the sales of handsets.

Other expenses decreased for the three and ~~six~~nine months ended ~~June~~September 30, 2022 compared to the same periods in 2021. Excluding the impact of foreign currency, other expenses remained consistent for the three months ended September 30, 2022 compared to the prior year. Excluding the impact of foreign currency, other expenses increased for the ~~three and six~~nine months ended ~~June~~September 30, 2022 primarily due to higher administrative costs.

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Corporate, Other and Eliminations

Corporate and Other Results of Operations


		Three Months Ended June 30,				Increase/ (Decrease)		Six Months Ended June 30,				Increase/ (Decrease)			Three Months Ended September 30,				Increase/ (Decrease)		Nine Months Ended September 30,				Increase/ (Decrease)
(in millions)	(in millions)	2022		2021		%		2022		2021		%		(in millions)	2022		2021		%		2022		2021		%
Revenue	Revenue	$	164	$	92	77.4	%	$	402	$	181	122.1	%	Revenue	$	147	$	65	126.3	%	$	549	$	246	123.2	%
Operating costs and expenses	Operating costs and expenses	468		353		32.5		968		722		34.0		Operating costs and expenses	525		400		31.3		1,493		1,122		33.0

Adjusted EBITDA	Adjusted EBITDA	$	(304)	$	(261)	(16.6)	%	$	(566)	$	(541)	(4.5)	%	Adjusted EBITDA	$	(378)	$	(335)	(12.8)	%	$	(944)	$	(876)	(7.7)	%

Corporate and other primarily includes overhead and personnel costs, the results of other business initiatives and Comcast Spectacor, ~~which~~which owns the Ph~~iladelphia~~Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, ~~Pennsylvania~~.Pennsylvania. Other business initiatives primarily include costs associated with Sky Glass smart televisions and the related hardware sales and, beginning in the end of the second quarter of 2022, the operations of our streaming platform joint venture with Charter Communications. This consolidated joint venture, which was formed in June 2022, is focused on developing and offering a streaming platform on a variety of devices, including XClass TV smart televisions, and also operates the Xumo streaming service.

Revenue increased for the three ~~and six~~ months ended ~~June~~September 30, 2022 compared to the same period in 2021 primarily due to revenue at our streaming platform joint venture related to Xumo and sales of Sky Glass smart televisions. Revenue increased for the nine months ended September 30, 2022 compared to the same period in 2021 primarily due to sales of Sky Glass smart ~~televisions. The increase for the six months ended June 30, 2022 also included~~televisions, increases at Comcast Spectacor as a result of the impacts of COVID-19 in the prior year ~~periods.~~period and revenue at our streaming platform joint venture related to Xumo.

Expenses increased for the three and ~~six~~nine months ended ~~June~~September 30, 2022 compared to the same periods in 2021 primarily due to costs related to Sky Glass.s and our streaming platform joint venture. We expect to continue to incur increased costs in 2022 related to the launches of Sky Glass and our streaming platform joint venture.

Eliminations


		Three Months Ended June 30,				Increase/ (Decrease)		Six Months Ended June 30,				Increase/ (Decrease)			Three Months Ended September 30,				Increase/ (Decrease)		Nine Months Ended September 30,				Increase/ (Decrease)
(in millions)	(in millions)	2022		2021		%		2022		2021		%		(in millions)	2022		2021		%		2022		2021		%
Revenue	Revenue	$	(696)	$	(723)	(3.8)	%	$	(1,535)	$	(1,434)	7.1	%	Revenue	$	(660)	$	(871)	(24.1)	%	$	(2,196)	$	(2,304)	(4.7)	%
Operating costs and expenses	Operating costs and expenses	(659)		(725)		(9.1)		(1,417)		(1,445)		(1.9)		Operating costs and expenses	(686)		(773)		(11.2)		(2,103)		(2,218)		(5.2)
Adjusted EBITDA	Adjusted EBITDA	$	(36)	$	2	NM		$	(119)	$	11	NM		Adjusted EBITDA	$	26	$	(98)	NM		$	(93)	$	(87)	7.0	%

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

Amounts represent eliminations of transactions between Cable Communications, NBCUniversal, Sky and other businesses. Eliminations of transactions between NBCUniversal segments are presented separately. Amounts ~~for the~~ ~~six~~ ~~months ended~~ ~~June 30, 2022~~reflect ~~an increase~~increases in eliminations associated with the Beijing ~~Olympics.~~and Tokyo Olympics in the first quarter of 2022 and third quarter of 2021, respectively. Refer to Note 2 for a description of transactions between our segments.

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Non-GAAP Financial Measures

Consolidated Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure and is the primary basis used to measure the operational strength and performance of our businesses as well as to assist in the evaluation of underlying trends in our 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.

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We define Adjusted EBITDA as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance.

We reconcile consolidated Adjusted EBITDA to net income attributable to Comcast Corporation. This measure should not be considered a substitute for operating income (loss), net income (loss), net income (loss) attributable to Comcast Corporation, or net cash provided by operating activities that we have reported in accordance with GAAP.

Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA


		Three Months Ended June 30,				Six Months Ended June 30,					Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	(in millions)	2022		2021		2022		2021		(in millions)	2022		2021		2022		2021
Net income attributable to Comcast Corporation		$	3,396	$	3,738	$	6,945	$	7,067
Net income (loss) attributable to Comcast Corporation										Net income (loss) attributable to Comcast Corporation	$	(4,598)	$	4,035	$	2,347	$	11,102
Net income (loss) attributable to noncontrolling interests	Net income (loss) attributable to noncontrolling interests	(155)		(108)		(227)		(145)		Net income (loss) attributable to noncontrolling interests	(68)		(104)		(295)		(249)
Income tax expense	Income tax expense	1,261		2,000		2,548		3,119		Income tax expense	1,014		1,235		3,562		4,354
Investment and other (income) loss, net	Investment and other (income) loss, net	897		(1,216)		709		(1,607)		Investment and other (income) loss, net	266		(766)		975		(2,374)
Interest expense	Interest expense	968		1,093		1,962		2,112		Interest expense	960		1,050		2,922		3,161
Depreciation	Depreciation	2,162		2,113		4,375		4,231		Depreciation	2,150		2,177		6,525		6,407
Amortization	Amortization	1,306		1,270		2,641		2,514		Amortization	1,183		1,301		3,824		3,815
Goodwill and long-lived asset impairments										Goodwill and long-lived asset impairments	8,583		—		8,583		—

Adjustments(a)	Adjustments(a)	(9)		36		24		48		Adjustments(a)	(9)		30		15		79

Adjusted EBITDA	Adjusted EBITDA	$	9,827	$	8,927	$	18,977	$	17,339	Adjusted EBITDA	$	9,482	$	8,957	$	28,459	$	26,297

(a)Amounts represent the impact of certain events, gains, losses or other charges that are excluded from Adjusted EBITDA, including costs related to our investment portfolio, and Sky transaction-related costs in 2021.

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.

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Reconciliation of Sky Constant Currency Growth Rates


		Three Months Ended June 30,						Six Months Ended June 30,							Three Months Ended September 30,						Nine Months Ended September 30,
		Actual		Constant Currency		Constant Currency Change		Actual		Constant Currency		Constant Currency Change			Actual		Constant Currency		Constant Currency Change		Actual		Constant Currency		Constant Currency Change
(in millions, except per customer data)	(in millions, except per customer data)	2022		2021		%		2022		2021		%		(in millions, except per customer data)	2022		2021		%		2022		2021		%
Revenue	Revenue													Revenue
Direct-to-consumer	Direct-to-consumer	$	3,680	$	3,771	(2.4)	%	$	7,564	$	7,672	(1.4)	%	Direct-to-consumer	$	3,510	$	3,525	(0.4)	%	$	11,073	$	11,197	(1.1)	%
Content	Content	265		318		(16.4)		561		662		(15.4)		Content	273		256		6.4		833		919		(9.3)
Advertising	Advertising	556		574		(3.1)		1,152		1,126		2.3		Advertising	471		479		(1.6)		1,623		1,605		1.1
Total revenue	Total revenue	4,501		4,662		(3.5)		9,276		9,460		(1.9)		Total revenue	4,253		4,260		(0.2)		13,529		13,720		(1.4)
Operating costs and expenses	Operating costs and expenses													Operating costs and expenses
Programming and production	Programming and production	1,562		2,178		(28.3)		3,510		4,543		(22.7)		Programming and production	1,570		1,520		3.3		5,080		6,062		(16.2)
Direct network costs	Direct network costs	638		561		13.8		1,310		1,173		11.6		Direct network costs	635		553		14.8		1,944		1,726		12.7
Other	Other	1,439		1,418		1.5		2,972		2,875		3.4		Other	1,348		1,359		(0.8)		4,320		4,234		2.0
Total operating costs and expenses	Total operating costs and expenses	3,639		4,157		(12.5)		7,791		8,591		(9.3)		Total operating costs and expenses	3,553		3,431		3.5		11,344		12,022		(5.6)
Adjusted EBITDA	Adjusted EBITDA	$	863	$	505	70.7	%	$	1,485	$	869	70.9	%	Adjusted EBITDA	$	701	$	829	(15.5)	%	$	2,185	$	1,698	28.7	%
Average monthly direct-to-consumer revenue per customer relationship	Average monthly direct-to-consumer revenue per customer relationship	$	53.81	$	53.89	(0.1)	%	$	55.18	$	55.08	0.2	%	Average monthly direct-to-consumer revenue per customer relationship	$	51.25	$	50.91	0.7	%	$	53.48	$	53.87	(0.7)	%

Other Adjustments

From time to time, we present adjusted information, such as revenue, to exclude the impact of certain events, gains, losses or other charges. This adjusted information is a non-GAAP financial measure. We believe, among other things, that the adjusted information may help investors evaluate our ongoing operations and can assist in making meaningful period-over-period comparisons.

Liquidity and Capital Resources


		Six Months Ended June 30,					Nine Months Ended September 30,
(in millions)	(in millions)	2022		2021		(in millions)	2022		2021
Cash provided by operating activities	Cash provided by operating activities	$	13,584	$	15,357	Cash provided by operating activities	$	20,530	$	21,457
Cash used in investing activities	Cash used in investing activities	$	(6,792)	$	(5,631)	Cash used in investing activities	$	(10,158)	$	(8,406)
Cash used in financing activities	Cash used in financing activities	$	(8,636)	$	(9,064)	Cash used in financing activities	$	(13,299)	$	(12,946)


(in millions)	(in millions)	June 30, 2022		December 31, 2021		(in millions)	September 30, 2022		December 31, 2021
Cash and cash equivalents	Cash and cash equivalents	$	6,822	$	8,711	Cash and cash equivalents	$	5,695	$	8,711
Short-term and long-term debt	Short-term and long-term debt	$	93,542	$	94,850	Short-term and long-term debt	$	92,452	$	94,850

Our businesses generate significant cash flows from operating activities. We believe that we will be able to continue to meet our current and long-term liquidity and capital requirements, including fixed charges, through our cash flows from operating activities; existing cash, cash equivalents and investments; available borrowings under our existing credit facility; and our ability to obtain future external financing. We anticipate that we will continue to use a substantial portion of our cash flows from operating activities in repaying our debt obligations, funding our capital expenditures and cash paid for intangible assets, investing in business opportunities, and returning capital to shareholders.

We maintain significant availability under our revolving credit facility and our commercial paper program to meet our short-term liquidity requirements. Our commercial paper program provides a lower-cost source of borrowing to fund our short-term working capital requirements. As of ~~June~~September 30, 2022, amounts available under our revolving credit facility, net of amounts outstanding under our commercial paper program and outstanding letters of credit and bank guarantees, totaled $11.0 billion.

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Operating Activities

Components of Net Cash Provided by Operating Activities


		Six Months Ended June 30,					Nine Months Ended September 30,
(in millions)	(in millions)	2022		2021		(in millions)	2022		2021
Operating income	Operating income	$	11,936	$	10,546	Operating income	$	9,511	$	15,996
Depreciation and amortization	Depreciation and amortization	7,016		6,745		Depreciation and amortization	10,349		10,222
Goodwill and long-lived asset impairments						Goodwill and long-lived asset impairments	8,583		—
Noncash share-based compensation	Noncash share-based compensation	675		711		Noncash share-based compensation	989		1,019
Changes in operating assets and liabilities	Changes in operating assets and liabilities	(1,715)		892		Changes in operating assets and liabilities	(2,736)		(1,057)
Payments of interest	Payments of interest	(1,644)		(1,909)		Payments of interest	(2,341)		(2,943)
Payments of income taxes	Payments of income taxes	(2,841)		(1,832)		Payments of income taxes	(4,022)		(2,201)
Proceeds from investments and other	Proceeds from investments and other	155		204		Proceeds from investments and other	197		420
Net cash provided by operating activities	Net cash provided by operating activities	$	13,584	$	15,357	Net cash provided by operating activities	$	20,530	$	21,457

The variance in changes in operating assets and liabilities for the ~~six~~nine months ended ~~June~~September 30, 2022 compared to the same period in 2021 was primarily related to the timing of amortization and related payments for our film and television costs, including the return to normal production levels and the timing of sporting events, and decreases in ~~deferred revenue,~~accounts receivable, which included the ~~impacts~~impact of our broadcast of the ~~Beijing~~Tokyo Olympics ~~increases~~ in ~~accounts receivable, and~~ the ~~timing of administrative costs.~~prior year period.

The decrease in payments of interest for the ~~six~~nine months ended ~~June~~September 30, 2022 compared to the same period in 2021 was primarily due to the timing of interest payments following the debt exchange in August 2021, a decrease in average debt outstanding in the current year period and cash proceeds from the settlement of interest rate swaps related to the collateralized obligation.

The increase in payments of income taxes for the ~~six~~nine months ended ~~June~~September 30, 2022 compared to the same period in 2021 was primarily due to a tax benefit from our senior notes exchange in 2021, which reduced payments by $0.7 billion in the prior year, higher taxable income in the current year period and payments made in 2022 related to the preceding tax year.

The decrease in proceeds from investments and other for the ~~six~~nine months ended ~~June~~September 30, 2022 compared to the same period in 2021 was primarily due to decreased cash distributions received from equity method investments.

Investing Activities

Net cash used in investing activities increased for the ~~six~~nine months ended ~~June~~September 30, 2022 compared to the same period in 2021, primarily reflecting purchases of short-term investments in the current year period (see Note 7) and increased capital expenditures and cash paid for intangible assets related to software development. These increases were partially offset by proceeds from the maturity of short-term investments and the sale of a business in the current year period, decreased cash paid related to the construction of Universal Beijing Resort in the current year period and cash paid for the acquisition of a business in the prior year period. Capital expenditures, which isare our most significant recurring investing activity, increased for the ~~six~~nine months ended ~~June~~September 30, 2022 compared to the same period in 2021, primarily reflecting increased spending at Theme Parks primarily related to the development of the Epic Universe theme park in Orlando, and at Cable Communications due to increased spending on line extensions, ~~and~~ scalable infrastructure, ~~partially offset by decreased spendi~~support capital and ~~ng on~~ customer premise ~~equipment and support capital.~~equipment. These increases were partially offset by decreased spending at Sky primarily related to customer premise equipment.

In 2022, we formed the SkyShowtime joint venture with Paramount Global. The new direct-to-consumer streaming service ~~is expected to be~~was made available in select European markets ~~starting~~ in September 2022, and the partners have committed to a multiyear funding plan that began in 2022.

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Financing Activities

Net cash used in financing activities ~~decreased~~increased for the ~~six~~nine months ended ~~June~~September 30, 2022 compared to the same period in 2021 primarily due to ~~repurchases and repayments of debt in the prior year period partially offset by~~ increases in repurchases of common stock under our share repurchase program and employee plans in the current ~~year.~~year and higher proceeds from borrowings in the prior year period, partially offset by higher repurchases and repayments of debt in the prior year period. Other financing activities included initial contributions related to our streaming platform joint venture with Charter Communications received in the current year period

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under a multiyear funding plan and payments related to the redemption of NBCUniversal Enterprise redeemable subsidiary preferred stock ~~presented~~ in the prior year period.

We have made, and may from time to time in the future make, optional repayments on our debt obligations, which may include repurchases or exchanges of our ~~outstanding~~outstanding public notes and debentures, depending on various factors, such as market conditions. Any such repurchases may be effected through privately negotiated transactions, market transactions, tender offers, redemptions or otherwise. See Notes 5 and 7 for additional information on our financing activities.

Share Repurchases and Dividends

In the second quarter of 2021, we restarted our share repurchase program, which had been paused since the beginning of 2019. In ~~January~~September 2022, our Board of Directors ~~increased our~~approved a new share repurchase program authorization ~~to $10 billion.~~of $20 billion, effective September 13, 2022. During the ~~six~~nine months ended ~~June~~September 30, 2022, we repurchased a total of ~~133.4~~225.7 million shares of our ~~Class~~Class A common stock for ~~$6.0~~$9.5 billion. Under the new authorization, which does not have an expiration date, we expect to repurchase additional shares during the remainder of 2022, which may be in the open market or in private transactions.

In addition, we paid ~~$288~~$307 million for the ~~six~~nine months ended ~~June~~September 30, 2022 related to employee taxes associated with the administration of our share-based compensation plans.

In January 2022, our Board of Directors approved an 8% increase in our dividend to $1.08 per share on an annualized basis. On ~~April~~July 27, 2022, we paid dividends of $1.2 billion. In ~~May~~July 2022, our Board of Directors approved our ~~second~~third quarter dividend of $0.27 per share, which was paid in ~~July~~October 2022. We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors.

Guarantee Structure

Our debt is primarily issued at Comcast, although we also have debt at certain of our subsidiaries as a result of acquisitions and other issuances. A substantial amount of this debt is subject to guarantees by Comcast and by certain subsidiaries that we have put in place to simplify our capital structure. We believe this guarantee structure provides liquidity benefits to debt investors and helps to simplify credit analysis with respect to relative value considerations of guaranteed subsidiary debt.

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Debt and Guarantee Structure


(in billions)	(in billions)	June 30, 2022		December 31, 2021		(in billions)	September 30, 2022		December 31, 2021
Debt Subject to Cross-Guarantees	Debt Subject to Cross-Guarantees					Debt Subject to Cross-Guarantees
Comcast	Comcast	$	85.1	$	85.9	Comcast	$	84.6	$	85.9
Comcast Cable(a)	Comcast Cable(a)	2.0		2.1		Comcast Cable(a)	2.0		2.1
NBCUniversal(a)	NBCUniversal(a)	1.6		1.6		NBCUniversal(a)	1.6		1.6
		88.7		89.6			88.2		89.6
Debt Subject to One-Way Guarantees	Debt Subject to One-Way Guarantees					Debt Subject to One-Way Guarantees
Sky	Sky	6.0		6.3		Sky	5.8		6.3
Other(a)	Other(a)	0.1		0.1		Other(a)	0.1		0.1
		6.1		6.5			5.9		6.5
Debt Not Guaranteed	Debt Not Guaranteed					Debt Not Guaranteed
Universal Beijing Resort(b)	Universal Beijing Resort(b)	3.5		3.6		Universal Beijing Resort(b)	3.3		3.6
Other	Other	1.3		1.2		Other	1.2		1.2
		4.8		4.7			4.5		4.7
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	(6.1)		(6.0)		Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net	(6.2)		(6.0)
Total debt	Total debt	$	93.5	$	94.8	Total debt	$	92.5	$	94.8

(a)NBCUniversal, Comcast Cable and Comcast Holdings (included within other debt subject to one-way guarantees) are each consolidated subsidiaries subject to the periodic reporting requirements of the SEC. The guarantee structures and related disclosures in this section, together with Exhibit 22, satisfy these reporting obligations.

(b)Universal Beijing Resort debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the investors. See Note 7 for additional information.

Cross-Guarantees

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

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credit facility. These guarantees rank equally with all other general unsecured and unsubordinated obligations of the respective Guarantors. However, the obligations of the Guarantors under the guarantees are structurally subordinated to the indebtedness and other liabilities of their respective non-guarantor subsidiaries. The obligations of each Guarantor are limited to the maximum amount that would not render such Guarantor’s obligations subject to avoidance under applicable fraudulent conveyance provisions of U.S. and non-U.S. law. Each Guarantor’s obligations will remain in effect until all amounts payable with respect to the guaranteed securities have been paid in full. However, a guarantee by NBCUniversal or Comcast Cable of Comcast’s debt securities, or by NBCUniversal of Comcast Cable’s debt securities, will terminate upon a disposition of such Guarantor entity or all or substantially all of its assets.

The Guarantors are each holding companies that principally hold investments in, borrow from and lend to non-guarantor subsidiary operating companies; issue and service third-party debt obligations; repurchase shares and pay dividends; and engage in certain corporate and headquarters activities. The Guarantors are generally dependent on non-guarantor subsidiary operating companies to fund these activities.

As of ~~June~~September 30, 2022 and December 31, 2021, the combined Guarantors have noncurrent notes payable to non-guarantor subsidiaries of $127 billion and $126 billion, ~~for both periods~~respectively, and noncurrent notes receivable from non-guarantor subsidiaries of ~~$28~~$27 billion and $30 billion, respectively. This financial information is that of the Guarantors presented on a combined basis with intercompany balances between the Guarantors eliminated. The combined financial information excludes financial information of non-guarantor subsidiaries. The underlying net assets of the non-guarantor subsidiaries are significantly in excess of the Guarantor obligations. Excluding investments in non-guarantor subsidiaries, external debt and the noncurrent notes payable and receivable with non-guarantor subsidiaries, the Guarantors do not have material assets, liabilities or results of operations.

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One-Way Guarantees

Comcast provides full and unconditional guarantees of certain debt issued by Sky and other consolidated subsidiaries not subject to the periodic reporting requirements of the SEC.

Comcast also provides a full and unconditional guarantee of $138 million principal amount of subordinated debt issued by Comcast Holdings. Comcast’s obligations under this guarantee are subordinated and subject, in right of payment, to the prior payment in full of all of Comcast’s senior indebtedness, including debt guaranteed by Comcast on a senior basis, and are structurally subordinated to the indebtedness and other liabilities of its non-guarantor subsidiaries (for purposes of this Comcast Holdings discussion, Comcast Cable and NBCUniversal are included within the non-guarantor subsidiary group). Comcast’s obligations as guarantor will remain in effect until all amounts payable with respect to the guaranteed debt have been paid in full. However, the guarantee will terminate upon a disposition of Comcast Holdings or all or substantially all of its assets. Comcast Holdings is a consolidated subsidiary holding company that directly or indirectly holds 100% and approximately 37% of our equity interests in Comcast Cable and NBCUniversal, respectively.

As of ~~June~~September 30, 2022 and December 31, 2021, Comcast and Comcast Holdings, the combined issuer and guarantor of the guaranteed subordinated debt, have noncurrent senior notes payable to non-guarantor subsidiaries of ~~$97~~$98 billion and $96 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of ~~$27~~$26 billion and $29 billion, respectively. This financial information is that of Comcast and Comcast Holdings presented on a combined basis with intercompany balances between Comcast and Comcast Holdings eliminated. The combined financial information excludes financial information of non-guarantor subsidiaries of Comcast and Comcast Holdings. The underlying net assets of the non-guarantor subsidiaries of Comcast and Comcast Holdings are significantly in excess of the obligations of Comcast and Comcast Holdings. Excluding investments in non-guarantor subsidiaries, external debt, and the noncurrent notes payable and receivable with non-guarantor subsidiaries, Comcast and Comcast Holdings do not have material assets, liabilities or results of operations.

Critical Accounting Judgments and Estimates

The preparation of our condensed consolidated financial statements requires us to make estimates that affect the reported amounts of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and contingent liabilities. We base our judgments on our historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making estimates about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

We believe our judgments and related estimates associated with the valuation and impairment testing of goodwill and cable franchise rights are critical in the preparation of our condensed consolidated financial statements. We performed our annual impairment testing of goodwill and cable franchise rights as of July 1, 2022. In connection with our impairment assessment process, in order to support our qualitative assessments, we typically perform quantitative assessments of our reporting units approximately once every four years. Pursuant to this practice, our current year impairment testing for our cable franchise rights and goodwill in our Cable Communications and NBCUniversal segments was based on quantitative assessments, and no impairment was required.

The goodwill in our Sky segment resulted from our acquisition of Sky in the fourth quarter of 2018, and given this was a recent transaction, the fair value of the Sky reporting unit has been in close proximity to its carrying value. We performed a quantitative assessment for goodwill in our Sky reporting unit and determined that the fair value had declined, resulting in an impairment of $8.1 billion (see Note 8). In preparing the quantitative assessment, we estimated the fair value of the Sky reporting unit using a discounted cash flow analysis. This analysis involved significant judgment, including market participant estimates of future cash flows expected to be generated by the business, including the estimated impacts of macroeconomic conditions in the Sky territories, as well as the selection of the discount rate, which increased by 125 basis points compared to the analysis in 2021. When analyzing the fair value indicated under the discounted cash flow model, we also considered multiples of earnings from comparable public companies and recent market transactions.

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.

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 2021 Annual Report on Form 10-K.

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ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We have evaluated the information required under this item that was disclosed in our 2021 Annual Report on Form 10-K and there have been no material changes to this information.

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 1011 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 2021 Annual Report on Form 10-K.

ITEM 2: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The table below summarizes Comcast's common stock repurchases during the three months ended ~~June~~September 30, 2022.

Purchases of Equity Securities

Period Total
Number of
Shares
Purchased Average
Price
Per
Share Total Number of
Shares Purchased
as Part of Publicly
Announced Authorization Total Dollar
Amount
Purchased
Under the Publicly Announced
Authorization
Maximum Dollar
Value of Shares That
May Yet Be
Purchased Under the Publicly Announced
Authorization(a)
April 1-30, 2022 23,345,987 $ 45.76 23,345,987 $ 1,068,203,112 $ 5,931,796,908
May 1-31, 2022 16,756,313

$ 40.70 16,756,313 $ 681,909,013 $ 5,249,887,895
June 1-30, 2022 30,744,187 $ 40.65 30,744,187 $ 1,249,888,060 $ 3,999,999,835
Total 70,846,487 $ 42.35 70,846,487 $ 3,000,000,186 $ 3,999,999,835


Period	Total Number of Shares Purchased	Average Price Per Share		Total Number of Shares Purchased as Part of Publicly Announced Authorization	Total Dollar Amount Purchased Under the Publicly Announced Authorization		Maximum Dollar Value of Shares That May Yet Be Purchased Under the Publicly Announced Authorization(a)
July 1-31, 2022	27,188,922	$	40.53	27,188,922	$	1,102,067,683	$	2,897,932,152
August 1-31, 2022	43,390,465	$	38.07	43,390,465	$	1,651,757,358	$	1,246,174,794
September 1-30, 2022	21,764,292	$	34.28	21,764,292	$	746,174,717	$	19,500,000,217
Total	92,343,679	$	37.90	92,343,679	$	3,499,999,758	$	19,500,000,217

(a)Effective ~~January 1,~~September 13, 2022, our Board of Directors ~~increased our~~approved a new share repurchase program authorization ~~to $10~~of $20 billion. Under the new authorization, which does not have an expiration date, we expect to repurchase additional shares, which may be in the open market or in private transactions.

The total number of shares purchased during the three months ended ~~June~~September 30, 2022 does not include any shares received in the administration of employee share-based compensation plans as there were none received during the period.

ITEM 5: OTHER INFORMATION

On October 25, 2022, the Company entered into a new employment agreement with David N. Watson. Mr. Watson's prior employment agreement would have expired on December 31, 2022, in accordance with its terms. The employment agreement secures Mr. Watson's employment though December 31, 2025, and increases his annual base salary to $2.5 million effective March 1, 2023. The remaining terms and conditions of Mr. Watson's new employment agreement are generally unchanged from his prior agreement.

ITEM 6: EXHIBITS


Exhibit No.						Description

10.1*						Employment Agreement between Comcast Corporation and ~~Dana Strong,~~David N. Watson, dated as of ~~January 1, 2021.~~October 25, 2022.
22						Subsidiary guarantors and issuers of guaranteed securities and affiliates whose securities collateralize securities of the registrant (incorporated by reference to Exhibit 22 to Comcast's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021).
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 ~~six~~nine months ended ~~June~~September 30, 2022, filed with the Securities and Exchange Commission on ~~July 28,~~October 27, 2022, 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.

*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: ~~July 28,~~October 27, 2022

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