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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 30, 2022
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                       to       
               
cmcsa-20220630_g1.jpg
Commission File Number
Exact Name of Registrant; State of
Incorporation; Address and Telephone
Number of Principal Executive Offices
I.R.S. Employer Identification No.
001-32871
COMCAST CORPORATION
27-0000798
Pennsylvania
One Comcast Center
Philadelphia, PA 19103-2838
(215286-1700

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.01 par valueCMCSAThe Nasdaq Stock Market LLC
0.000% Notes due 2026CMCS26The Nasdaq Stock Market LLC
0.250% Notes due 2027CMCS27The Nasdaq Stock Market LLC
1.500% Notes due 2029CMCS29The Nasdaq Stock Market LLC
0.250% Notes due 2029CMCS29AThe Nasdaq Stock Market LLC
0.750% Notes due 2032CMCS32The Nasdaq Stock Market LLC
1.875% Notes due 2036CMCS36The Nasdaq Stock Market LLC
1.250% Notes due 2040CMCS40The Nasdaq Stock Market LLC
9.455% Guaranteed Notes due 2022CMCSA/22New York Stock Exchange
5.50% Notes due 2029CCGBP29New York Stock Exchange
2.0% Exchangeable Subordinated Debentures due 2029CCZNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
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 30, 2022, there were 4,403,793,980 shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stock outstanding.



TABLE OF CONTENTS
  
  
Page
Number
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.
 
Explanatory Note
This Quarterly Report on Form 10-Q is for the three and six months ended June 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



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,
(in millions, except per share data)2022202120222021
Revenue$30,016 $28,546 $61,026 $55,751 
Costs and Expenses:
Programming and production8,887 9,256 19,457 18,175 
Other operating and administrative9,098 8,549 18,358 16,818 
Advertising, marketing and promotion2,196 1,851 4,258 3,467 
Depreciation2,162 2,113 4,375 4,231 
Amortization1,306 1,270 2,641 2,514 
Total costs and expenses23,649 23,039 49,089 45,205 
Operating income6,367 5,507 11,936 10,546 
Interest expense(968)(1,093)(1,962)(2,112)
Investment and other income (loss), net(897)1,216 (709)1,607 
Income before income taxes4,502 5,630 9,266 10,042 
Income tax expense(1,261)(2,000)(2,548)(3,119)
Net income3,241 3,630 6,717 6,922 
Less: Net income (loss) attributable to noncontrolling interests(155)(108)(227)(145)
Net income attributable to Comcast Corporation$3,396 $3,738 $6,945 $7,067 
Basic earnings per common share attributable to Comcast Corporation shareholders$0.76 $0.81 $1.55 $1.54 
Diluted earnings per common share attributable to Comcast Corporation shareholders$0.76 $0.80 $1.54 $1.51 
See accompanying notes to condensed consolidated financial statements.
1


Comcast Corporation
Condensed Consolidated Statement of Comprehensive Income
(Unaudited) 
 Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions)2022202120222021
Net income$3,241 $3,630 $6,717 $6,922 
Currency translation adjustments, net of deferred taxes of $42, $(17), $289 and $(109)
(2,957)61 (3,873)26 
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $(1), $2, $(38) and $(17)
129 (14)294 105 
Realized (gains) losses reclassified to net income, net of deferred taxes of $(11), $, $(16) and $
(45)4 (62)4 
Employee benefit obligations and other, net of deferred taxes of $2, $3, $5 and $5
(12)(7)(21)(17)
Comprehensive income356 3,674 3,055 7,040 
Less: Net income (loss) attributable to noncontrolling interests(155)(108)(227)(145)
Less: Other comprehensive income (loss) attributable to noncontrolling interests(41)24 (13)10 
Comprehensive income attributable to Comcast Corporation$552 $3,758 $3,295 $7,175 
See accompanying notes to condensed consolidated financial statements.
2


Comcast Corporation
Condensed Consolidated Statement of Cash Flows
(Unaudited) 
 Six Months Ended
June 30,
(in millions)20222021
Operating Activities
Net income$6,717 $6,922 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization7,016 6,745 
Share-based compensation675 711 
Noncash interest expense (income), net165 210 
Net (gain) loss on investment activity and other864 (1,403)
Deferred income taxes(31)1,297 
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net(338)137 
Film and television costs, net651 837 
Accounts payable and accrued expenses related to trade creditors78 299 
Other operating assets and liabilities(2,214)(398)
Net cash provided by operating activities13,584 15,357 
Investing Activities
Capital expenditures(4,270)(4,003)
Cash paid for intangible assets(1,383)(1,283)
Construction of Universal Beijing Resort(168)(704)
Acquisitions, net of cash acquired (168)
Proceeds from sales of businesses and investments108 396 
Purchases of investments(1,164)(86)
Other86 217 
Net cash provided by (used in) investing activities(6,792)(5,631)
Financing Activities
Proceeds from borrowings166 383 
Repurchases and repayments of debt(254)(5,785)
Repurchases of common stock under repurchase program and employee plans(6,288)(957)
Dividends paid(2,377)(2,230)
Other116 (475)
Net cash provided by (used in) financing activities(8,636)(9,064)
Impact of foreign currency on cash, cash equivalents and restricted cash(76)(12)
Increase (decrease) in cash, cash equivalents and restricted cash(1,920)650 
Cash, cash equivalents and restricted cash, beginning of period8,778 11,768 
Cash, cash equivalents and restricted cash, end of period$6,859 $12,418 
See accompanying notes to condensed consolidated financial statements.
3


Comcast Corporation
Condensed Consolidated Balance Sheet
(Unaudited)
(in millions, except share data)June 30,
2022
December 31,
2021
Assets
Current Assets:
Cash and cash equivalents$6,822 $8,711 
Receivables, net11,956 12,008 
Other current assets5,415 4,088 
Total current assets24,192 24,807 
Film and television costs11,622 12,806 
Investments7,598 8,082 
Investment securing collateralized obligation642 605 
Property and equipment, net of accumulated depreciation of $56,537 and $55,611
53,508 54,047 
Goodwill66,486 70,189 
Franchise rights59,365 59,365 
Other intangible assets, net of accumulated amortization of $24,946 and $23,545
30,728 33,580 
Other noncurrent assets, net12,892 12,424 
Total assets$267,032 $275,905 
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors$12,304 $12,455 
Accrued participations and residuals1,749 1,822 
Deferred revenue2,787 3,040 
Accrued expenses and other current liabilities8,663 9,899 
Current portion of long-term debt2,083 2,132 
Total current liabilities27,585 29,348 
Long-term debt, less current portion91,459 92,718 
Collateralized obligation5,171 5,170 
Deferred income taxes29,491 30,041 
Other noncurrent liabilities20,254 20,620 
Commitments and contingencies
Redeemable noncontrolling interests513 519 
Equity:
Preferred stock—authorized, 20,000,000 shares; issued, zero
  
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 5,276,585,008 and 5,396,576,978; outstanding, 4,403,793,980 and 4,523,785,950
53 54 
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375
  
Additional paid-in capital39,852 40,173 
Retained earnings61,209 61,902 
Treasury stock, 872,791,028 Class A common shares
(7,517)(7,517)
Accumulated other comprehensive income (loss)(2,170)1,480 
Total Comcast Corporation shareholders’ equity91,426 96,092 
Noncontrolling interests1,132 1,398 
Total equity92,558 97,490 
Total liabilities and equity$267,032 $275,905 
See accompanying notes to condensed consolidated financial statements.
4


Comcast Corporation
Condensed Consolidated Statement of Changes in Equity
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions, except per share data)2022202120222021
Redeemable Noncontrolling Interests
Balance, beginning of period$513 $546 $519 $1,280 
Redemption of subsidiary preferred stock   (725)
Contributions from (distributions to) noncontrolling interests, net
(8)(13)(33)(40)
Other   (10)
Net income (loss)8 (3)27 24 
Balance, end of period$513 $530 $513 $530 
Class A Common Stock
Balance, beginning of period$53 $55 $54 $54 
Issuances (repurchases) of common stock under repurchase program and employee plans(1) (1)1 
Balance, end of period$53 $55 $53 $55 
Additional Paid-In Capital
Balance, beginning of period$39,926 $39,744 $40,173 $39,464 
Stock compensation plans235 274 521 570 
Repurchases of common stock under repurchase program and employee plans(481)(43)(1,076)(131)
Employee stock purchase plans83 76 150 139 
Other88 (5)83 5 
Balance, end of period$39,852 $40,046 $39,852 $40,046 
Retained Earnings
Balance, beginning of period$61,555 $58,321 $61,902 $56,438 
Repurchases of common stock under repurchase program and employee plans(2,540)(543)(5,210)(832)
Dividends declared(1,203)(1,156)(2,428)(2,317)
Other   4 
Net income (loss)3,396 3,738 6,945 7,067 
Balance, end of period$61,209 $60,359 $61,209 $60,359 
Treasury Stock at Cost
Balance, beginning of period$(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)
Balance, beginning of period$674 $1,972 $1,480 $1,884 
Other comprehensive income (loss)(2,844)20 (3,650)108 
Balance, end of period$(2,170)$1,992 $(2,170)$1,992 
Noncontrolling Interests
Balance, beginning of period$1,300 $1,525 $1,398 $1,415 
Other comprehensive income (loss)(41)24 (13)10 
Contributions from (distributions to) noncontrolling interests, net
35 135  324 
Other1 2 1 1 
Net income (loss)(163)(105)(254)(169)
Balance, end of period$1,132 $1,581 $1,132 $1,581 
Total equity$92,558 $96,516 $92,558 $96,516 
Cash dividends declared per common share$0.27 $0.25 $0.54 $0.50 
See accompanying notes to condensed consolidated financial statements.
5


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 Form 10-Q.
Note 2: Segment Information
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.
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 Europes leading entertainment companies, which primarily includes a direct-to-consumer business, providing video, broadband, voice and wireless phone services, and a content business, operating entertainment networks, the 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.
6


Comcast Corporation
 Three Months Ended June 30, 2022
(in millions)
Revenue(a)
Adjusted EBITDA(b)
Depreciation and AmortizationCapital
Expenditures
Cash Paid for Intangible Assets
Cable Communications$16,601 $7,448 $1,945 $1,776 $409 
NBCUniversal
Media5,332 1,337 251 22 43 
Studios2,966 1 11 1 4 
Theme Parks1,804 632 266 319 9 
Headquarters and Other8 (137)123 121 45 
Eliminations(a)
(664)23    
NBCUniversal9,445 1,856 651 463 100 
Sky4,501 863 809 130 169 
Corporate and Other164 (304)62 45 64 
Eliminations(a)
(696)(36)   
Comcast Consolidated$30,016 $9,827 $3,469 $2,414 $743 
Three Months Ended June 30, 2021
(in millions)
Revenue(a)
Adjusted EBITDA(b)
Depreciation and AmortizationCapital
Expenditures
Cash Paid for Intangible Assets
Cable Communications$16,002 $7,073 $1,950 $1,695 $337 
NBCUniversal
Media5,148 1,378 254 19 42 
Studios2,224 156 12 1 5 
Theme Parks1,095 221 195 100 8 
Headquarters and Other22 (186)125 62 30 
Eliminations(a)
(534)(15)   
NBCUniversal7,955 1,553 586 182 86 
Sky5,220 560 826 184 211 
Corporate and Other92 (261)21 83 37 
Eliminations(a)
(723)2    
Comcast Consolidated$28,546 $8,927 $3,383 $2,144 $671 
 Six Months Ended June 30, 2022
(in millions)
Revenue(a)
Adjusted EBITDA(b)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications$33,142 $14,720 $3,905 $3,143 $744 
NBCUniversal
Media12,196 2,496 500 34 88 
Studios5,722 246 23 2 7 
Theme Parks3,364 1,082 548 540 14 
Headquarters and Other24 (329)242 194 75 
Eliminations(a)
(1,566)(39)   
NBCUniversal19,741 3,457 1,313 769 185 
Sky9,276 1,485 1,680 277 323 
Corporate and Other402 (566)118 82 131 
Eliminations(a)
(1,535)(119)   
Comcast Consolidated$61,026 $18,977 $7,016 $4,270 $1,383 
7


Comcast Corporation
 Six Months Ended June 30, 2021
(in millions)
Revenue(a)
Adjusted EBITDA(b)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications$31,807 $13,903 $3,880 $3,065 $652 
NBCUniversal
Media10,184 2,851 501 29 75 
Studios4,620 653 25 2 7 
Theme Parks1,714 159 402 226 15 
Headquarters and Other38 (395)241 98 57 
Eliminations(a)
(1,576)(225)   
NBCUniversal14,980 3,043 1,168 354 153 
Sky10,217 924 1,640 455 412 
Corporate and Other181 (541)57 128 65 
Eliminations(a)
(1,434)11    
Comcast Consolidated$55,751 $17,339 $6,745 $4,003 $1,283 
(a)Included in Eliminations are transactions that our segments enter into with one another. Our segments generally report transactions with one another as if they were stand-alone businesses in accordance with GAAP, and these transactions are eliminated in consolidation. When multiple segments enter into transactions to 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,
(in millions)2022202120222021
Cable Communications$61 $47 $117 $93 
NBCUniversal
Media522 543 1,192 1,082 
Studios731 589 1,670 1,678 
Theme Parks   1 
Headquarters and Other6 17 19 29 
Sky3 15 9 23 
Corporate and Other36 47 93 105 
Total intersegment revenue$1,360 $1,257 $3,101 $3,010 
(b)We use Adjusted EBITDA as the measure of profit or loss for our operating segments. From time to time we may report the impact of certain events, gains, losses or other charges related to our operating segments within Corporate and Other. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below.
 Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions)
2022202120222021
Adjusted EBITDA$9,827 $8,927 $18,977 $17,339 
Adjustments9 (36)(24)(48)
Depreciation(2,162)(2,113)(4,375)(4,231)
Amortization(1,306)(1,270)(2,641)(2,514)
Interest expense
(968)(1,093)(1,962)(2,112)
Investment and other income (loss), net(897)1,216 (709)1,607 
Income before income taxes$4,502 $5,630 $9,266 $10,042 
Adjustments represent the impact of 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.
8


Comcast Corporation
Note 3: Revenue
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions)2022202120222021
Residential:
Broadband$6,107 $5,717 $12,158 $11,317 
Video5,423 5,554 10,959 11,177 
Voice763 870 1,549 1,741 
Wireless722 556 1,399 1,069 
Business services2,424 2,202 4,820 4,369 
Advertising748 679 1,419