COMCAST CORP - Quarter Report: 2024 June (Form 10-Q)

Proceeds from sales of businesses and investments Purchases of investments()()Other Net cash provided by (used in) investing activities()()Financing ActivitiesProceeds from (repayments of) short-term borrowings, net ()Proceeds from borrowings Repurchases and repayments of debt()()Repurchases of common stock under repurchase program and employee plans()()Dividends paid()()Other ()Net cash provided by (used in) financing activities()()Impact of foreign currency on cash, cash equivalents and restricted cash() Increase (decrease) in cash, cash equivalents and restricted cash() Cash, cash equivalents and restricted cash, beginning of period Cash, cash equivalents and restricted cash, end of period$ $

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions, except share data)

June 30,
2024

December 31,
2023

Assets

Current Assets:

Cash and cash equivalents

Receivables, net

Other current assets

Total current assets

Film and television costs

Investments

Property and equipment, net of accumulated depreciation of $ and $

Goodwill

Franchise rights

Other intangible assets, net of accumulated amortization of $ and $

Other noncurrent assets, net

Total assets

Liabilities and Equity

Current Liabilities:

Accounts payable and accrued expenses related to trade creditors

Accrued participations and residuals

Deferred revenue

Accrued expenses and other current liabilities

Current portion of debt

Advance on sale of investment

Total current liabilities

Noncurrent portion of debt

Deferred income taxes

Other noncurrent liabilities

Commitments and contingencies

Equity:

Preferred stock—authorized, shares; issued,

Class A common stock, $ par value—authorized, shares; issued, and ; outstanding, and

Class B common stock, $ par value—authorized, shares; issued and outstanding,

Additional paid-in capital

Retained earnings

Treasury stock, Class A common shares

()

Accumulated other comprehensive income (loss)

()

Total Comcast Corporation shareholders’ equity

Noncontrolling interests

Total equity

Total liabilities and equity

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statements of Changes in Equity

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share data)	2024		2023		2024		2023
Redeemable Noncontrolling Interests
Balance, beginning of period	$		$		$		$

Contributions from (distributions to) noncontrolling interests, net			()		()		()
Other	—		()		—		()
Net income (loss)	()		()
Balance, end of period	$		$		$		$

Class A Common Stock
Balance, beginning of period	$		$		$		$
Repurchases of common stock under repurchase program and employee plans	()		—		()		()

Balance, end of period	$		$		$		$

Additional Paid-In Capital
Balance, beginning of period	$		$		$		$

Share-based compensation
Repurchases of common stock under repurchase program and employee plans	()		()		()		()
Issuances of common stock under employee plans
Other	—		()				()
Balance, end of period	$		$		$		$

Retained Earnings
Balance, beginning of period	$		$		$		$

Repurchases of common stock under repurchase program and employee plans	()		()		()		()
Dividends declared	()		()		()		()

Net income
Balance, end of period	$		$		$		$

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


Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period	$	()	$	()	$	()	$	()

Other comprehensive income (loss)	()				()
Balance, end of period	$	()	$	()	$	()	$	()

Noncontrolling Interests
Balance, beginning of period	$		$		$		$
Other comprehensive income (loss)	—		()		()		()
Contributions from (distributions to) noncontrolling interests, net
Other	—		()		—		()
Net income (loss)	()		()		()		()
Balance, end of period	$		$		$		$

Total equity	$		$		$		$

Cash dividends declared per common share	$		$		$		$

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1:

Recent Accounting Pronouncements

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Comcast Corporation

Note 2:

segments: Residential Connectivity & Platforms, Business Services Connectivity, Media, Studios and Theme Parks. $ $ $ $ $

Intersegment revenue(a)

Reconciliation of Revenue

Other revenue(b)

Eliminations(a)

()Total consolidated revenue$

Segment Adjusted EBITDA(c)

$ $ $ $ $ $

Reconciliation of total segment Adjusted EBITDA

Media, Studios and Theme Parks headquarters and other(d)

()

Corporate and other(b)(c)

()

Eliminations

Depreciation()Amortization()Interest expense()Investment and other income (loss), net()

Income before income taxes

Three Months Ended June 30, 2023

(in millions)

Residential Connectivity & Platforms

Business Services Connectivity

Media

Studios

Theme Parks

Total

Revenue from external customers

Intersegment revenue(a)

Reconciliation of Revenue

Other revenue(b)

Eliminations(a)

()

Total consolidated revenue

Segment Adjusted EBITDA(c)

Reconciliation of total segment Adjusted EBITDA

Media, Studios and Theme Parks headquarters and other(d)

()

Corporate and other(b)(c)

()

Eliminations

Depreciation

()

Amortization

()

Interest expense

()

Investment and other income (loss), net

Income before income taxes

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Comcast Corporation

$ $ $ $ $

Intersegment revenue(a)

Reconciliation of Revenue

Other revenue(b)

Eliminations(a)

()Total consolidated revenue$

Segment Adjusted EBITDA(c)

$ $ $ $ $ $

Reconciliation of total segment Adjusted EBITDA

Media, Studios and Theme Parks headquarters and other(d)

()

Corporate and other(b)(c)

()

Eliminations

Depreciation()Amortization()Interest expense()Investment and other income (loss), net()

Income before income taxes

Six Months Ended June 30, 2023

(in millions)

Residential Connectivity & Platforms

Business Services Connectivity

Media

Studios

Theme Parks

Total

Revenue from external customers

Intersegment revenue(a)

Reconciliation of Revenue

Other revenue(b)

Eliminations(a)

()

Total consolidated revenue

Segment Adjusted EBITDA(c)

Reconciliation of total segment Adjusted EBITDA

Media, Studios and Theme Parks headquarters and other(d)

()

Corporate and other(b)(c)

()

Eliminations

Depreciation

()

Amortization

()

Interest expense

()

Investment and other income (loss), net

Income before income taxes

(a)Our most significant intersegment revenue transactions include distribution revenue in Media related to fees from Residential Connectivity & Platforms for the rights to distribute television programming, and content licensing revenue in Studios for licenses of owned content to Media.

(b)Includes the operations of our Sky-branded video services and television networks in Germany; Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania; and Xumo, our consolidated streaming platform joint venture with Charter Communications. Corporate and other also includes overhead and personnel costs for Corporate.

(c)We use Adjusted EBITDA as the measure of profit or loss for our segments. From time to time we may report the impact of certain events, gains, losses or other charges related to our segments within Corporate and other.

(d)Includes overhead, personnel costs and costs associated with corporate initiatives for our Media, Studios and Theme Park segments.

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Comcast Corporation

Note 3:

$ $ $ Domestic wireless International connectivity Total residential connectivity Video Advertising Other Total Residential Connectivity & Platforms Segment Total Business Services Connectivity Segment Domestic advertising Domestic distribution International networks Other Total Media Segment Content licensing Theatrical Other Total Studios Segment Total Theme Parks Segment

Other revenue

Eliminations(a)

()()()()Total revenue$ $ $ $

(a)See Note 2 for additional information on intersegment revenue transactions.

$ Less: Allowance for credit losses Receivables, net$ $ $ Noncurrent deferred revenue (included in other noncurrent liabilities)$ $

Our accounts receivables include amounts not yet billed related to equipment installment plans, as summarized in the table below.


(in millions)	June 30, 2024	December 31, 2023
Receivables, net	$	$
Noncurrent receivables, net (included in other noncurrent assets, net)
Total	$	$

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Comcast Corporation

Note 4:

$ $ $ Film and television content:

Owned(a)

Licensed, including sports rights Other Total programming and production costs$ $ $ $

(a) Amount includes amortization of owned content of $ billion and $ billion for the three and six months ended June 30, 2024, respectively, and $ billion and $ billion for the three and six months ended June 30,2023, respectively, as well as participations and residuals expenses.

$ Completed, not released Released, less amortization Licensed, including sports advances )$()Deferred gains (losses) on cash flow hedges Unrecognized gains (losses) on employee benefit obligations and other Accumulated other comprehensive income (loss), net of deferred taxes$()$()

Share-Based Compensation

Our share-based compensation plans consist primarily of awards of restricted share units (“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 2024, we granted million RSUs and million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $ per RSU and $ per stock option. During the three months ended June 30, 2024 and 2023, share-based compensation expense recognized in our condensed consolidated statements of income was $ million and $ million, respectively. During the six months ended June 30, 2024 and 2023, share-based compensation expense recognized in our condensed consolidated statements of income was $ million and $ million, respectively. As of June 30, 2024, we had unrecognized pretax compensation expense of $ billion related to nonvested RSUs and nonvested stock options.

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Comcast Corporation

Note 8:

$ Income taxes$ $

Noncash Activities

During the six months ended June 30, 2024:

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

•we recorded a liability of $ billion for a quarterly cash dividend of $ per common share paid in July 2024

During the six months ended June 30, 2023:

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

•we recorded a liability of $ billion for a quarterly cash dividend of $ per common share paid in July 2023

Cash, Cash Equivalents and Restricted Cash

$ Restricted cash included in other current assets and other noncurrent assets, net Cash, cash equivalents and restricted cash, end of period$ $

Note 9:

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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 (“Notes”) included in this Quarterly Report on Form 10-Q and our 2023 Annual Report on Form 10-K.

Overview

We are a global media and technology company with two primary businesses: Connectivity & Platforms and Content & Experiences. We present the operations of (1) our Connectivity & Platforms business in two segments: Residential Connectivity & Platforms and Business Services Connectivity; and (2) our Content & Experiences business in three segments: Media, Studios and Theme Parks.

Consolidated Operating Results


	Three Months Ended June 30,				Change		Six Months Ended June 30,				Change
(in millions, except per share data)	2024		2023		%		2024		2023		%
Revenue	$	29,688	$	30,513	(2.7)	%	$	59,746	$	60,205	(0.8)	%
Costs and Expenses:
Programming and production	7,961		8,849		(10.0)		16,784		17,853		(6.0)
Marketing and promotion	1,922		2,100		(8.5)		3,940		4,063		(3.0)
Other operating and administrative	9,630		9,317		3.4		19,487		18,618		4.7
Depreciation	2,153		2,195		(1.9)		4,328		4,459		(2.9)
Amortization	1,387		1,343		3.2		2,762		2,856		(3.3)
Total costs and expenses	23,053		23,804		(3.2)		47,301		47,849		(1.1)
Operating income	6,635		6,709		(1.1)		12,445		12,355		0.7
Interest expense	(1,026)		(998)		2.9		(2,028)		(2,007)		1.1
Investment and other income (loss), net	(434)		15		NM		(137)		622		NM
Income before income taxes	5,175		5,726		(9.6)		10,280		10,970		(6.3)
Income tax expense	(1,336)		(1,537)		(13.1)		(2,663)		(3,013)		(11.6)
Net income	3,839		4,189		(8.4)		7,616		7,957		(4.3)
Less: Net income (loss) attributable to noncontrolling interests	(89)		(59)		51.7		(169)		(126)		34.3
Net income attributable to Comcast Corporation	$	3,929	$	4,248	(7.5)	%	$	7,785	$	8,082	(3.7)	%
Basic earnings per common share attributable to Comcast Corporation shareholders	$	1.01	$	1.02	(1.4)	%	$	1.98	$	1.93	2.6	%
Diluted earnings per common share attributable to Comcast Corporation shareholders	$	1.00	$	1.02	(1.3)	%	$	1.97	$	1.92	2.4	%
Weighted-average number of common shares outstanding – basic	3,905		4,165		(6.2)	%	3,932		4,186		(6.1)	%
Weighted-average number of common shares outstanding – diluted	3,920		4,183		(6.3)	%	3,956		4,205		(5.9)	%

Adjusted EBITDA(a)	$	10,171	$	10,244	(0.7)	%	$	19,526	$	19,659	(0.7)	%

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 24 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 decreased for the three months ended June 30, 2024 compared to the same period in 2023 primarily driven by a decrease in the Content & Experiences business, partially offset by an increase in Corporate and Other. Consolidated revenue remained consistent with the prior year period for the six months ended June 30, 2024 driven by a decrease in the Content & Experiences business, offset by an increase in Corporate and Other. Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”

Consolidated costs and expenses, excluding depreciation and amortization expense, decreased for the three months ended June 30, 2024 primarily driven by decreases in the Content & Experiences and Connectivity & Platforms businesses, partially offset by an increase in Corporate and Other. Consolidated costs and expenses, excluding depreciation and amortization expense, remained consistent with the prior year period for the six months ended June 30, 2024, driven by decreases in the Content & Experiences and Connectivity & Platforms businesses, offset by an increase in Corporate and Other. Costs and expenses for our segments and our corporate operations and other businesses are discussed separately below under the heading “Segment Operating Results.”

Consolidated depreciation and amortization expense remained consistent with the prior year period for the three months ended June 30, 2024. Consolidated depreciation and amortization expense decreased for the six months ended June 30, 2024 primarily due to decreased depreciation of international property and equipment and decreased amortization of software.

Amortization expense from acquisition-related intangible assets totaled $563 million and $1.1 billion for the three and six months ended June 30, 2024, respectively, and $572 million and $1.1 billion for the three and six months ended June 30, 2023, respectively. Amounts primarily relate to customer relationship intangible assets recorded in connection with the Sky transaction in 2018 and the NBCUniversal transaction in 2011.

Consolidated interest expense increased for the three and six months ended June 30, 2024 primarily due to higher weighted-average interest rates and increases in average debt outstanding, partially offset by interest expense in the prior year periods associated with a collateralized obligation that was repaid in the fourth quarter of 2023.

Consolidated investment and other income (loss), net decreased for the three and six months ended June 30, 2024 compared to the same period in 2023.


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Equity in net income (losses) of investees, net	$	(444)	$	(80)	$	(286)	$	405
Realized and unrealized gains (losses) on equity securities, net	(89)		(38)		(141)		(44)
Other income (loss), net	99		133		290		261
Total investment and other income (loss), net	$	(434)	$	15	$	(137)	$	622

The change in equity in net income (losses) of investees, net was primarily due to our investment in Atairos. The income (losses) at Atairos were driven by fair value adjustments on its underlying investments with income (loss) of $(391) million and $(196) million for the three and six months ended June 30, 2024, respectively, and $(23) million and $501 million for the three and six months ended June 30, 2023, respectively.

The change in realized and unrealized gains (losses) on equity securities, net for the three months ended June 30, 2024 was primarily due to higher losses on nonmarketable and marketable securities in the current year period. The change in realized and unrealized gains (losses) on equity securities, net for the six months ended June 30, 2024 was primarily due to higher losses on nonmarketable securities in the current year period and losses on marketable securities in the current year period compared to gains in the prior year period.

The change in other income (loss), net for the three months ended June 30, 2024 primarily resulted from a gain related to an investment in the prior year period. The change in other income (loss), net for the six months ended June 30, 2024 primarily resulted from higher interest income in the current year period.

Consolidated income tax expense for the three and six months ended June 30, 2024 and 2023 reflects an effective income tax rate that differs from the federal statutory rate due to state and foreign income taxes and adjustments associated with uncertain tax positions. The decreases in income tax expense for the three and six months ended June 30, 2024 compared to the same periods in 2023 were primarily driven by lower domestic income before income taxes.

Consolidated net income (loss) attributable to noncontrolling interests changed for the three and six months ended June 30, 2024 compared with the same periods in 2023 primarily due to Universal Beijing Resort and our regional sports networks.

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Segment Operating Results

Our segment operating results are presented based on how we assess operating performance and internally report financial information. See Note 2 for additional information on our segments.

Connectivity & Platforms Results of Operations


	Three Months Ended June 30,						Change		Constant Currency Change(b)		Six Months Ended June 30,						Change		Constant Currency Change(b)
(in millions)	2024			2023			%		%		2024			2023			%		%
Revenue
Residential Connectivity & Platforms	$	17,824		$	18,068		(1.4)	%	(1.5)	%	$	35,692		$	35,937		(0.7)	%	(1.1)	%
Business Services Connectivity	2,421			2,292			5.7		5.7		4,829			4,575			5.6		5.5
Total Connectivity & Platforms revenue	$	20,245		$	20,360		(0.6)	%	(0.7)	%	$	40,521		$	40,512		—	%	(0.4)	%
Adjusted EBITDA
Residential Connectivity & Platforms	$	7,103		$	7,024		1.1	%	1.1	%	$	13,955		$	13,785		1.2	%	1.1	%
Business Services Connectivity	1,380			1,322			4.4		4.4		2,746			2,654			3.5		3.5
Total Connectivity & Platforms Adjusted EBITDA	$	8,483		$	8,346		1.6	%	1.6	%	$	16,701		$	16,439		1.6	%	1.4	%
Adjusted EBITDA Margin(a)
Residential Connectivity & Platforms	39.9		%	38.9		%	100 bps		100 bps		39.1		%	38.4		%	70 bps		80 bps
Business Services Connectivity	57.0			57.7			(70) bps		(70) bps		56.9			58.0			(110) bps		(110) bps
Total Connectivity & Platforms Adjusted EBITDA margin	41.9		%	41.0		%	90 bps		90 bps		41.2		%	40.6		%	60 bps		70 bps

(a)Our Adjusted EBITDA 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. The changes reflect the year-over-year basis point changes in the rounded Adjusted EBITDA margins.

(b)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 24 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.

We continue to focus on growing our higher-margin connectivity businesses while managing overall operating costs. We also continue to invest in our network to support higher-speed broadband offerings and to expand the number of homes and businesses passed. An increasingly competitive environment and continued low domestic household move levels have had negative impacts on our customer relationships additions/(losses). In addition, funding for the Affordable Connectivity Program, which provided a monthly discount towards broadband service for eligible low-income households, expired during the second quarter of 2024, which began to have, and may continue to have in the short term, a negative impact on our residential broadband customer relationships. We believe our residential connectivity revenue will increase as a result of growth in average domestic broadband revenue per customer, as well as increases in domestic wireless and international connectivity revenue. At the same time, we expect continued declines in video revenue as a result of domestic customer net losses due to shifting video consumption patterns and the competitive environment, although customer net losses typically mitigate the impact of continued rate increases on programming expenses. We also expect continued declines in other revenue related to declines in wireline voice revenue. We believe our Business Services Connectivity segment will continue to grow by offering competitive services, including to medium-sized and enterprise customers. Global economic conditions and consumer sentiment have in the past adversely impacted, and may continue to adversely impact, demand for our products and services and our results of operations.

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Connectivity & Platforms Customer Metrics


					Net Additions / (Losses)
	June 30,				Three Months Ended June 30,		Six Months Ended June 30,
(in thousands)	2024		2023		2024	2023	2024	2023
Customer Relationships
Domestic Residential Connectivity & Platforms customer relationships(a)	31,426		31,761		(128)	(65)	(222)	(100)
International Residential Connectivity & Platforms customer relationships(a)	17,638		17,884		(144)	(167)	(208)	(55)
Business Services Connectivity customer relationships(b)	2,632		2,635		(3)	5	(10)	10
Total Connectivity & Platforms customer relationships	51,696		52,280		(275)	(228)	(440)	(145)
Domestic Broadband
Residential customers	29,583		29,796		(110)	(20)	(165)	(17)
Business customers	2,485		2,509		(10)	1	(20)	3
Total domestic broadband customers	32,068		32,305		(120)	(19)	(185)	(14)
Domestic Wireless
Total domestic wireless lines(c)	7,199		5,984		322	316	611	671
Domestic Video
Total domestic video customers	13,199		14,985		(419)	(543)	(907)	(1,157)
Domestic homes and businesses passed(d)	63,031		61,838
Domestic broadband penetration of homes and businesses passed(e)	50.7	%	52.1	%

(a)Residential Connectivity & Platforms customer relationships generally represent the number of residential customer locations that subscribe to at least one of our services. International Residential Connectivity & Platforms customer relationships represent customers receiving Sky services in the United Kingdom and Italy. Because each of our services includes a variety of product tiers, which may change from time to time, net additions or losses in any one period will reflect a mix of customers at various tiers.

(b)Business Services Connectivity customer metrics are generally counted based on the number of locations receiving services, including locations within our network in the United States, as well as locations outside of our network both in the United States and internationally. Certain arrangements whereby third parties provide connectivity services leveraging our network are also generally counted based on the number of locations served.

(c)Domestic wireless lines represent the number of residential and business customers’ wireless devices. An individual customer relationship may have multiple wireless lines.

(d)Connectivity & Platforms domestic homes and businesses are considered passed if we can connect them to our network in the United States without further extending the transmission lines. Homes and businesses passed is an estimate based on the best available information.

(e)Penetration is calculated by dividing the number of domestic customers located within our network by the number of domestic homes and businesses passed.


	Three Months Ended June 30,				Change		Constant Currency Change(a)		Six Months Ended June 30,				Change		Constant Currency Change(a)
	2024		2023		%		%		2024		2023		%		%
Average monthly total Connectivity & Platforms revenue per customer relationship	$	130.20	$	129.53	0.5	%	0.4	%	$	130.08	$	128.97	0.9	%	0.5	%
Average monthly total Connectivity & Platforms Adjusted EBITDA per customer relationship	$	54.55	$	53.10	2.7	%	2.7	%	$	53.61	$	52.33	2.4	%	2.3	%

(a)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 24 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.

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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 customers, as well as changes in advertising and other revenue and in foreign currency exchange rates. While revenue from our individual service offerings 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 Adjusted EBITDA 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.

Connectivity & Platforms — Supplemental Costs and Expenses Information

Connectivity & Platforms supplemental costs and expenses information in the table below is presented on an aggregate basis across the Connectivity & Platforms segments as the segments use certain shared infrastructure, including our network in the United States. Costs and expenses information reported separately for the Residential Connectivity & Platforms and Business Services Connectivity segments include each segment’s direct costs and an allocation of shared costs.


	Three Months Ended June 30,				Change		Constant Currency Change(g)		Six Months Ended June 30,				Change		Constant Currency Change(g)
(in millions)	2024		2023		%		%		2024		2023		%		%
Costs and Expenses
Programming(a)	$	4,248	$	4,579	(7.2)	%	(7.3)	%	$	8,654	$	9,178	(5.7)	%	(6.2)	%
Technical and support(b)	1,845		1,828		0.9		0.9		3,804		3,658		4.0		3.7
Direct product costs(c)	1,515		1,408		7.6		7.2		3,029		2,809		7.8		6.5
Marketing and promotion(d)	1,140		1,213		(6.0)		(6.1)		2,313		2,415		(4.2)		(4.6)
Customer service(e)	682		696		(1.9)		(2.0)		1,392		1,405		(0.9)		(1.4)
Other(f)	2,331		2,290		1.8		1.7		4,628		4,608		0.4		(0.1)
Total Connectivity & Platforms costs and expenses	$	11,762	$	12,014	(2.1)	%	(2.2)	%	$	23,820	$	24,073	(1.1)	%	(1.6)	%

(a)Programming expenses, which represent our most significant operating expense, are the fees we incur to provide video services to our customers, and primarily include fees related to the distribution of television network programming and fees charged for retransmission of the signals from local broadcast television stations. These expenses also include the costs of content on the Sky-branded entertainment television networks, including amortization of licensed content.

(b)Technical and support expenses primarily include costs for labor to complete service call and installation activities; and costs for network operations and satellite transmission, product development, fulfillment and provisioning.

(c)Direct product costs primarily include access fees related to using wireless and broadband networks owned by third parties to deliver our services and costs of products sold, including wireless devices and Sky Glass smart televisions.

(d)Marketing and promotion expenses include the costs associated with attracting new customers and promoting our service offerings.

(e)Customer service expenses include the personnel and other costs associated with customer service and certain selling activities.

(f)Other expenses primarily include administrative personnel costs; franchise and other regulatory fees; fees paid to third parties where we represent the advertising sales efforts; other business support costs, including building and office expenses, taxes and billing costs; and bad debt.

(g)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 24 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.

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Residential Connectivity & Platforms Segment Results of Operations


	Three Months Ended June 30,				Change		Constant Currency Change(a)		Six Months Ended June 30,				Change		Constant Currency Change(a)
(in millions)	2024		2023		%		%		2024		2023		%		%
Revenue
Domestic broadband	$	6,569	$	6,377	3.0	%	3.0	%	$	13,160	$	12,720	3.5	%	3.5	%
Domestic wireless	1,019		869		17.3		17.3		1,991		1,727		15.3		15.3
International connectivity	1,148		1,002		14.6		13.7		2,264		1,900		19.2		16.4
Total residential connectivity	8,736		8,248		5.9		5.8		17,415		16,346		6.5		6.2
Video	6,781		7,358		(7.8)		(7.9)		13,658		14,741		(7.3)		(7.8)
Advertising	993		993		—		(0.2)		1,944		1,900		2.3		1.6
Other	1,313		1,469		(10.6)		(10.8)		2,675		2,950		(9.3)		(9.9)
Total revenue	17,824		18,068		(1.4)		(1.5)		35,692		35,937		(0.7)		(1.1)
Costs and Expenses
Programming	4,248		4,579		(7.2)		(7.3)		8,654		9,178		(5.7)		(6.2)
Other	6,472		6,465		0.1		(0.1)		13,083		12,973		0.8		0.2
Total costs and expenses	10,721		11,044		(2.9)		(3.1)		21,737		22,152		(1.9)		(2.4)
Adjusted EBITDA	$	7,103	$	7,024	1.1	%	1.1	%	$	13,955	$	13,785	1.2	%	1.1	%

Residential Connectivity & Platforms Segment – Revenue

Domestic broadband revenue increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 due to increases in average rates.

Domestic wireless revenue increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to increases in the number of customer lines.

International connectivity revenue increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 due to increases in broadband revenue resulting from an increase in average rates and in wireless revenue primarily resulting from increases in the sale of wireless services. The increase for the six months ended June 30, 2024 includes the positive impact of foreign currency.

Video revenue decreased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to declines in the overall number of residential video customers, partially offset by overall increases in average rates.

Advertising revenue remained consistent for the three months ended June 30, 2024 compared to the same period in 2023 primarily driven by lower domestic nonpolitical advertising, offset by an increase in domestic political advertising.

Advertising revenue increased for the six months ended June 30, 2024 compared to the same period in 2023 driven by an increase in domestic political advertising, increased revenue from our advanced advertising business and the positive impact of foreign currency, partially offset by lower domestic nonpolitical advertising.

Other revenue decreased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to decreases in residential wireline voice revenue driven by declines in the number of customers.

Residential Connectivity & Platforms Segment – Costs and Expenses

Programming expenses decreased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to declines in the number of domestic video subscribers, partially offset by rate increases under our domestic programming contracts.

Other expenses remained consistent for the three months ended June 30, 2024 compared to the same period in 2023 primarily due to increased direct product costs, offset by decreased spending on marketing and promotion.

Other expenses increased for the six months ended June 30, 2024 compared to the same period in 2023 primarily due to increased direct product costs, higher technical and support expenses and the impact of foreign currency, partially offset by decreased spending on marketing and promotion.

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Business Services Connectivity Segment Results of Operations


	Three Months Ended June 30,				Change		Six Months Ended June 30,				Change
(in millions)	2024		2023		%		2024		2023		%
Revenue	$	2,421	$	2,292	5.7	%	$	4,829	$	4,575	5.6	%
Costs and expenses	1,041		970		7.4		2,083		1,921		8.4
Adjusted EBITDA	$	1,380	$	1,322	4.4	%	$	2,746	$	2,654	3.5	%

Business services connectivity revenue increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 due to increases in revenue from medium-sized and enterprise customers and from higher average rates from small business customers.

Business services connectivity costs and expenses increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to increases in direct product costs and in technical and support expenses. The increase for the six months ended June 30, 2024 also includes increased spending on marketing and promotion.

Content & Experiences Results of Operations


	Three Months Ended June 30,				Change		Six Months Ended June 30,				Change
(in millions)	2024		2023		%		2024		2023		%
Revenue
Media	$	6,324	$	6,195	2.1	%	$	12,695	$	12,347	2.8	%
Studios	2,253		3,087		(27.0)		4,996		6,043		(17.3)
Theme Parks	1,975		2,209		(10.6)		3,954		4,158		(4.9)
Headquarters and Other	10		13		(23.3)		22		31		(31.4)
Eliminations	(505)		(631)		20.0		(1,236)		(1,448)		14.6
Total Content & Experiences revenue	$	10,057	$	10,873	(7.5)	%	$	20,431	$	21,131	(3.3)	%
Adjusted EBITDA
Media	$	1,356	$	1,244	9.0	%	$	2,182	$	2,124	2.8	%
Studios	124		255		(51.4)		367		532		(31.0)
Theme Parks	632		833		(24.1)		1,264		1,490		(15.2)
Headquarters and Other	(198)		(200)		0.7		(442)		(432)		(2.3)
Eliminations	36		56		(35.2)		70		81		(13.4)
Total Content & Experiences Adjusted EBITDA	$	1,949	$	2,187	(10.9)	%	$	3,442	$	3,795	(9.3)	%

We operate our Media segment as a combined television and streaming business. We expect that the number of subscribers and audience ratings at our linear television networks will continue to decline as a result of the competitive environment and shifting video consumption patterns, which we aim to mitigate over time by continued growth in paid subscribers and advertising revenue at Peacock. We expect to continue to incur significant costs related to content and marketing at Peacock. Revenue and programming expenses are also impacted by the timing of certain sporting events, including the Olympics in the third quarter of 2024. Global economic conditions and consumer sentiment have in the past adversely impacted, and may continue to adversely impact, demand for our products and services and our results of operations.

Our Studios segment generates revenue primarily from third parties and from licensing content to our Media segment. While results of operations for our Studios segment are not impacted, results for our total Content & Experiences business may be impacted as the Studios segment licenses content to the Media segment, including for Peacock, rather than licensing the content to third parties.

We continue to invest significantly in existing and new theme park attractions, hotels and infrastructure, including Epic Universe in Orlando, as well as in new destinations and experiences which we believe will have a positive impact on attendance and guest spending at our theme parks.

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Media Segment Results of Operations


	Three Months Ended June 30,				Change		Six Months Ended June 30,				Change
(in millions)	2024		2023		%		2024		2023		%
Revenue
Domestic advertising	$	1,991	$	2,027	(1.7)	%	$	4,016	$	4,051	(0.9)	%
Domestic distribution	2,764		2,615		5.7		5,670		5,325		6.5
International networks	1,102		1,035		6.5		2,123		2,043		3.9
Other	467		518		(9.9)		887		928		(4.4)
Total revenue	6,324		6,195		2.1		12,695		12,347		2.8
Costs and Expenses
Programming and production	3,595		3,634		(1.1)		7,735		7,624		1.5
Marketing and promotion	287		341		(15.9)		601		646		(7.0)
Other	1,087		976		11.4		2,177		1,953		11.4
Total costs and expenses	4,968		4,951		0.4		10,513		10,223		2.8
Adjusted EBITDA	$	1,356	$	1,244	9.0	%	$	2,182	$	2,124	2.8	%

Media Segment – Revenue

Domestic advertising revenue decreased for the three months ended June 30, 2024 compared to the same period in 2023 primarily due to a decrease in revenue at our linear television networks, partially offset by an increase in revenue at Peacock.

Domestic advertising revenue remained consistent for the six months ended June 30, 2024 compared to the same period in 2023 primarily due to a decrease in revenue at our linear television networks, offset by an increase in revenue at Peacock.

Domestic distribution revenue increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to increases in Peacock paid subscribers, partially offset by decreases in revenue at our linear television networks. The decreases at our networks were primarily due to declines in the number of subscribers, partially offset by contractual rate increases.

International networks revenue increased for the three months ended June 30, 2024 compared to the same period in 2023 primarily due to an increase in revenue associated with the distribution of sports networks.

International networks revenue increased for the six months ended June 30, 2024 compared to the same period in 2023 primarily due to an increase in revenue associated with the distribution of sports networks and the positive impact of foreign currency.

Other revenue decreased for the three months ended June 30, 2024 compared to the same period in 2023 primarily due to a decrease in revenue from the licensing of our technology.

* * *

Media segment total revenue included $1.0 billion and $2.1 billion related to Peacock for the three and six months ended June 30, 2024, respectively. Media segment total revenue included $820 million and $1.5 billion related to Peacock for the three and six months ended June 30, 2023, respectively. We had 33 million and 24 million paid subscribers of Peacock as of June 30, 2024 and 2023, respectively. Peacock paid subscribers represent customers from which Peacock receives a subscription fee on a retail or wholesale basis. Paid subscribers do not include certain customers that receive Peacock as part of bundled services where Peacock does not receive fees.

Media Segment – Costs and Expenses

Programming and production costs decreased for the three months ended June 30, 2024 compared to the same period in 2023 primarily due to a decrease at Peacock and a decrease in content costs for our entertainment television networks, partially offset by an increase in international sports programming costs, which included the timing of events.

Programming and production costs increased for the six months ended June 30, 2024 compared to the same period in 2023 primarily due to higher programming costs at Peacock and an increase in domestic sports programming costs for our television networks, partially offset by a decrease in content costs for our entertainment television networks.

Marketing and promotion expenses decreased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to lower costs related to marketing for Peacock.

Other expenses increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to increases in costs related to Peacock.

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* * *

Media segment total costs and expenses included $1.4 billion and $3.1 billion related to Peacock for the three and six months ended June 30, 2024, respectively. Media segment total costs and expenses included $1.5 billion and $2.9 billion related to Peacock for the three and six months ended June 30, 2023, respectively.

Studios Segment Results of Operations


	Three Months Ended June 30,				Change		Six Months Ended June 30,				Change
(in millions)	2024		2023		%		2024		2023		%
Revenue
Content licensing	$	1,714	$	1,821	(5.9)	%	$	3,815	$	4,165	(8.4)	%
Theatrical	237		913		(74.1)		567		1,232		(54.0)
Other	302		354		(14.6)		614		646		(5.0)
Total revenue	2,253		3,087		(27.0)		4,996		6,043		(17.3)
Costs and Expenses
Programming and production	1,499		2,196		(31.7)		3,358		4,297		(21.8)
Marketing and promotion	394		443		(11.1)		825		840		(1.8)
Other	236		194		21.8		445		374		19.2
Total costs and expenses	2,130		2,833		(24.8)		4,629		5,511		(16.0)
Adjusted EBITDA	$	124	$	255	(51.4)	%	$	367	$	532	(31.0)	%

Studios Segment – Revenue

Content licensing revenue decreased for the three months ended June 30, 2024 compared to the same period in 2023 primarily due to the timing of when content was made available by our television studios under licensing agreements.

Content licensing revenue decreased for the six months ended June 30, 2024 compared to the same period in 2023 primarily due to the timing of when content was made available by our film studios.

Theatrical revenue decreased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to higher revenue from releases in the prior year periods, including The Super Mario Bros. and Fast X, compared to revenue from recent releases, including Kung Fu Panda 4.

Other revenue decreased for the three months ended June 30, 2024 compared to the same period in 2023 primarily due to decreased sales of home entertainment products.

Studios Segment – Costs and Expenses

Programming and production costs decreased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to lower costs associated with theatrical releases and content licensing sales.

Marketing and promotion expenses decreased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to decreased spending on recent and upcoming theatrical film releases in the current year periods.

Theme Parks Segment Results of Operations


	Three Months Ended June 30,				Change		Six Months Ended June 30,				Change
(in millions)	2024		2023		%		2024		2023		%
Revenue	$	1,975	$	2,209	(10.6)	%	$	3,954	$	4,158	(4.9)	%
Costs and expenses	1,343		1,376		(2.4)		2,690		2,668		0.8
Adjusted EBITDA	$	632	$	833	(24.1)	%	$	1,264	$	1,490	(15.2)	%

Theme parks segment revenue decreased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to decreases at our domestic theme parks driven by decreased park attendance, as well as the negative impact from foreign currency at our international theme parks.

Theme parks segment costs and expenses decreased for the three months ended June 30, 2024 compared to the same period in 2023 primarily due to the impact of foreign currency.

Theme parks segment costs and expenses for the six months ended June 30, 2024 were consistent compared to the same period in 2023 primarily due to higher costs associated with park operations, offset by the impact of foreign currency.

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Content & Experiences Headquarters, Other and Eliminations

Headquarters and Other Results of Operations


	Three Months Ended June 30,				Change		Six Months Ended June 30,				Change
(in millions)	2024		2023		%		2024		2023		%
Revenue	$	10	$	13	(23.3)	%	$	22	$	31	(31.4)	%
Costs and expenses	208		212		(2.0)		463		463		—
Adjusted EBITDA	$	(198)	$	(200)	0.7	%	$	(442)	$	(432)	(2.3)	%

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

Eliminations


	Three Months Ended June 30,				Change		Six Months Ended June 30,				Change
(in millions)	2024		2023		%		2024		2023		%
Revenue	$	(505)	$	(631)	(20.0)	%	$	(1,236)	$	(1,448)	(14.6)	%
Costs and expenses	(541)		(687)		(21.3)		(1,306)		(1,528)		(14.6)
Adjusted EBITDA	$	36	$	56	35.2	%	$	70	$	81	13.4	%

Amounts represent eliminations of transactions between segments in our Content & Experiences business, the most significant being content licensing between the Studios and Media segments, which are affected by the timing of recognition of content licenses.

Eliminations increase or decrease to the extent that additional content is made available to our other segments within the Content & Experiences business. Refer to Note 2 for additional information on transactions between our segments.

Corporate, Other and Eliminations

Corporate and Other Results of Operations


	Three Months Ended June 30,				Change		Six Months Ended June 30,				Change
(in millions)	2024		2023		%		2024		2023		%
Revenue	$	706	$	654	8.0	%	$	1,473	$	1,360	8.3	%
Costs and expenses	966		957		1.0		2,062		1,952		5.7
Adjusted EBITDA	$	(260)	$	(303)	14.1	%	$	(590)	$	(591)	0.3	%

Corporate and Other primarily includes overhead and personnel costs; Sky branded video services and television networks in Germany; Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania; and Xumo, our consolidated streaming platform joint venture.

Corporate and Other revenue increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 driven by increases across our businesses.

Corporate and Other costs and expenses increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to increases related to corporate functions and Xumo. The increase for the three months ended June 30, 2024 was partially offset by lower costs related to Sky operations in Germany, including the impact of the timing of recognition of costs related to the 2022 FIFA World Cup in the prior year period.

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Eliminations


	Three Months Ended June 30,				Change		Six Months Ended June 30,				Change
(in millions)	2024		2023		%		2024		2023		%
Revenue	$	(1,320)	$	(1,373)	(3.8)	%	$	(2,678)	$	(2,799)	(4.3)	%
Costs and expenses	(1,320)		(1,386)		(4.8)		(2,651)		(2,816)		(5.9)
Adjusted EBITDA	$	(1)	$	14	NM		$	(27)	$	17	NM

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

Amounts represent eliminations of transactions between our Connectivity & Platforms, Content & Experiences and other businesses, the most significant being distribution of television network programming between the Media and Residential Connectivity & Platforms segments. Eliminations of transactions between segments within Content & Experiences are presented separately. Refer to Note 2 for additional information on transactions between our segments.

Non-GAAP Financial Measures

Consolidated Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure and is the primary basis used to measure the operational strength and performance of our businesses as well as to assist in the evaluation of underlying trends in our businesses. This measure eliminates the significant level of noncash depreciation and amortization expense that results from the capital-intensive nature of certain of our businesses and from intangible assets recognized in business combinations. It is also unaffected by our capital and tax structures, and by our investment activities, including the results of entities that we do not consolidate, as our management excludes these results when evaluating our operating performance. Our management and Board of Directors use this financial measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. Additionally, we believe that Adjusted EBITDA is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure of Adjusted EBITDA may not be directly comparable to similar measures used by other companies.

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.

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Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Net income attributable to Comcast Corporation	$	3,929	$	4,248	$	7,785	$	8,082
Net income (loss) attributable to noncontrolling interests	(89)		(59)		(169)		(126)
Income tax expense	1,336		1,537		2,663		3,013
Interest expense	1,026		998		2,028		2,007
Investment and other (income) loss, net	434		(15)		137		(622)
Depreciation	2,153		2,195		4,328		4,459
Amortization	1,387		1,343		2,762		2,856
Adjustments(a)	(3)		(3)		(9)		(11)
Adjusted EBITDA	$	10,171	$	10,244	$	19,526	$	19,659

(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.

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 Connectivity & Platforms, 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 Connectivity & Platforms business, we use constant currency and constant currency growth rates to evaluate the underlying performance of the businesses, and we believe they are helpful for investors because such measures present operating results on a comparable basis year over year to allow the evaluation of their underlying performance.

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

Reconciliation of Connectivity & Platforms Constant Currency


	Three Months Ended June 30, 2023								Six Months Ended June 30, 2023
(in millions)	As Reported			Effects of Foreign Currency		Constant Currency Amounts			As Reported			Effects of Foreign Currency		Constant Currency Amounts
Revenue
Residential Connectivity & Platforms	$	18,068		$	20	$	18,088		$	35,937		$	154	$	36,092
Business Services Connectivity	2,292			—		2,292			4,575			—		4,575
Total Connectivity & Platforms revenue	$	20,360		$	20	$	20,380		$	40,512		$	155	$	40,667
Adjusted EBITDA
Residential Connectivity & Platforms	$	7,024		$	5	$	7,029		$	13,785		$	23	$	13,809
Business Services Connectivity	1,322			—		1,322			2,654			—		2,654
Total Connectivity & Platforms Adjusted EBITDA	$	8,346		$	5	$	8,351		$	16,439		$	23	$	16,462
Adjusted EBITDA Margin
Residential Connectivity & Platforms	38.9		%	- bps		38.9		%	38.4		%	(10) bps		38.3		%
Business Services Connectivity	57.7			- bps		57.7			58.0			- bps		58.0
Total Connectivity & Platforms Adjusted EBITDA margin	41.0		%	- bps		41.0		%	40.6		%	(10) bps		40.5		%

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	Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
	As Reported		Effects of Foreign Currency		Constant Currency Amounts		As Reported		Effects of Foreign Currency		Constant Currency Amounts
Average monthly total Connectivity & Platforms revenue per customer relationship	$	129.53	$	0.13	$	129.66	$	128.97	$	0.49	$	129.47
Average monthly total Connectivity & Platforms Adjusted EBITDA per customer relationship	$	53.10	$	0.03	$	53.13	$	52.33	$	0.07	$	52.41


	Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
(in millions)	As Reported		Effects of Foreign Currency		Constant Currency Amounts		As Reported		Effects of Foreign Currency		Constant Currency Amounts
Costs and Expenses
Programming	$	4,579	$	4	$	4,582	$	9,178	$	46	$	9,224
Technical and support	1,828		1		1,829		3,658		12		3,670
Direct product costs	1,408		5		1,413		2,809		35		2,843
Marketing and promotion	1,213		1		1,214		2,415		10		2,426
Customer service	696		1		696		1,405		6		1,411
Other	2,290		3		2,293		4,608		23		4,631
Total Connectivity & Platforms costs and expenses	$	12,014	$	15	$	12,029	$	24,073	$	132	$	24,205

Reconciliation of Residential Connectivity & Platforms Constant Currency


	Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
(in millions)	As Reported		Effects of Foreign Currency		Constant Currency Amounts		As Reported		Effects of Foreign Currency		Constant Currency Amounts
Revenue
Domestic broadband	$	6,377	$	—	$	6,377	$	12,720	$	—	$	12,720
Domestic wireless	869		—		869		1,727		—		1,727
International connectivity	1,002		8		1,010		1,900		45		1,945
Total residential connectivity	8,248		8		8,255		16,346		45		16,392
Video	7,358		8		7,366		14,741		77		14,818
Advertising	993		2		995		1,900		14		1,914
Other	1,469		3		1,471		2,950		18		2,969
Total revenue	18,068		20		18,088		35,937		154		36,092
Costs and Expenses
Programming	4,579		3		4,582		9,178		46		9,224
Other	6,465		12		6,477		12,973		86		13,059
Total costs and expenses	11,044		15		11,059		22,152		131		22,283
Adjusted EBITDA	$	7,024	$	5	$	7,029	$	13,785	$	23	$	13,809

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.

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Liquidity and Capital Resources


	Six Months Ended June 30,
(in billions)	2024		2023
Cash provided by operating activities	$	12.6	$	14.4
Cash used in investing activities	$	(6.9)	$	(7.5)
Cash used in financing activities	$	(5.8)	$	(4.5)


(in billions)	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	6.1	$	6.2
Debt	$	98.1	$	97.1

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 generally provides a lower-cost source of borrowing to fund our short-term working capital requirements. As of June 30, 2024, 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 $11.8 billion.

We entered into a new revolving credit facility in May 2024 (see Note 5). Our new revolving credit facility contains a financial covenant pertaining to leverage, which is the ratio of debt to EBITDA, as defined in the agreement. Compliance with this financial covenant is tested on a quarterly basis. As of June 30, 2024, we met this financial covenant, and we expect to remain in compliance with this financial covenant.

Operating Activities

Components of Net Cash Provided by Operating Activities


	Six Months Ended June 30,
(in millions)	2024				2023
Operating income	$	12,445			$	12,355
Depreciation and amortization	7,091				7,315
(in billions)	June 30, 2024		December 31, 2023
Debt Subject to Cross-Guarantees
Comcast	$	93.1	$	91.9
NBCUniversal(a)	1.6		1.6
Comcast Cable(a)	0.9		0.9
	95.6		94.4
Debt Subject to One-Way Guarantees
Sky	3.6		3.6
Other(a)	0.1		0.1
	3.7		3.8
Debt Not Guaranteed
Universal Beijing Resort(b)	3.4		3.5
Other	1.4		1.5
	4.8		5.0
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net	(6.1)		(6.1)
Total debt	$	98.1	$	97.1

(a)NBCUniversal Media, LLC (“NBCUniversal”), Comcast Cable Communications, LLC (“Comcast Cable”) and Comcast Holdings Corporation (“Comcast Holdings”), which is 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 to our Annual Report on Form 10-K, 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 6 for additional information.

Cross-Guarantees

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

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

As of June 30, 2024 and December 31, 2023, the combined Guarantors have noncurrent notes payable to non-guarantor subsidiaries of $80 billion and $136 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $17 billion and $18 billion, respectively. This financial information is that of the Guarantors presented on a combined basis with intercompany balances between the Guarantors eliminated. The combined financial information excludes financial information of non-guarantor subsidiaries. The underlying net assets of the non-guarantor subsidiaries are significantly in excess of the Guarantor obligations. Excluding investments in non-guarantor subsidiaries, external debt and the noncurrent notes payable and receivable with non-guarantor subsidiaries, the Guarantors do not have material assets, liabilities or results of operations.

One-Way Guarantees

Comcast provides full and unconditional guarantees of certain debt issued by Sky Limited (“Sky”), including all of its senior notes, and other consolidated subsidiaries not subject to the periodic reporting requirements of the SEC.

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

As of June 30, 2024 and December 31, 2023, Comcast and Comcast Holdings, the combined issuer and guarantor of the guaranteed subordinated debt, have noncurrent senior notes payable to non-guarantor subsidiaries of $47 billion and $104 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $14 billion for both periods. 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 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.

For a more complete discussion of the accounting 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 2023 Annual Report on Form 10-K.

ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We have evaluated the information required under this item that was disclosed in our 2023 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 9 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 2023 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 30, 2024.


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, 2024	25,302,381	$	39.92	25,302,381	$	1,009,999,593	$	12,176,953,238
May 1-31, 2024	24,034,085	$	38.90	24,034,085	$	934,990,530	$	11,241,962,708
June 1-30, 2024	7,045,460	$	38.32	7,045,460	$	270,009,433	$	10,971,953,275
Total	56,381,926	$	39.29	56,381,926	$	2,214,999,556	$	10,971,953,275

(a)In September 2022, our Board of Directors approved a share repurchase program authorization of $20.0 billion. In January 2024, our Board of Directors terminated the existing program and approved a new share repurchase authorization of $15.0 billion, which has no expiration date. We expect to repurchase additional shares of our Class A common stock under this authorization, in the open market or in private transactions, subject to market and other conditions.

ITEM 6: EXHIBITS


Exhibit No.						Description
10.1						Credit Agreement dated as of May 17, 2024, among Comcast Corporation, the financial institutions party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Citibank, N.A., as syndication agent, and Bank of America, N.A., Barclays Bank PLC, Mizuho Bank, Ltd., Morgan Stanley MUFG Partners, LLC and Wells Fargo Bank, National Association, as co-documentation agents (incorporated by reference to Exhibit 10.1 to Comcast's Current Report on Form 8-K filed May 17, 2024).
10.2*						Employment Agreement between Comcast Corporation and Jennifer Khoury, dated as of December 31, 2022.
10.3*						Employment Agreement between Comcast Corporation and Thomas J. Reid, dated as of April 17, 2024.
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 months ended June 30, 2024, filed with the Securities and Exchange Commission on July 23, 2024, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Condensed Consolidated Statements of Income; (ii) the Condensed Consolidated Statements of Comprehensive Income; (iii) the Condensed Consolidated Statements of Cash Flows; (iv) the Condensed Consolidated Balance Sheets; (v) the Condensed Consolidated Statements of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements.
104						Cover Page Interactive Data File (embedded within the iXBRL document).
*						Constitutes a management contract or compensatory plan or arrangement.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


						COMCAST CORPORATION

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

Date: July 23, 2024

COMCAST CORP - Quarter Report: 2024 June (Form 10-Q)

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