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 March 31, 2023

Or

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

For the transition period from                       to       

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

Pennsylvania

One Comcast Center

Philadelphia, PA 19103-2838

(215) 286-1700

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, $0.01 par value	CMCSA	The Nasdaq Stock Market LLC
0.000% Notes due 2026	CMCS26	The Nasdaq Stock Market LLC
0.250% Notes due 2027	CMCS27	The Nasdaq Stock Market LLC
1.500% Notes due 2029	CMCS29	The Nasdaq Stock Market LLC
0.250% Notes due 2029	CMCS29A	The Nasdaq Stock Market LLC
0.750% Notes due 2032	CMCS32	The Nasdaq Stock Market LLC
1.875% Notes due 2036	CMCS36	The Nasdaq Stock Market LLC
1.250% Notes due 2040	CMCS40	The Nasdaq Stock Market LLC
5.50% Notes due 2029	CCGBP29	New York Stock Exchange
2.0% Exchangeable Subordinated Debentures due 2029	CCZ	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

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

As of April 15, 2023, there were 4,159,383,013 shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stock outstanding.

TABLE OF CONTENTS

		Page Number
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Condensed Consolidated Statements of Income (Unaudited)	1
	Condensed Consolidated Statements of Comprehensive Income (Unaudited)	2
	Condensed Consolidated Statements of Cash Flows (Unaudited)	3
	Condensed Consolidated Balance Sheets (Unaudited)	4
	Condensed Consolidated Statements of Changes in Equity (Unaudited)	5
	Notes to Condensed Consolidated Financial Statements (Unaudited)	6
	Note 1: Condensed Consolidated Financial Statements	6
	Note 2: Segment Information	6
	Note 3: Revenue	9
	Note 4: Programming and Production Costs	10
	Note 5: Long-Term Debt	10
	Note 6: Investments and Variable Interest Entities	10
	Note 7: Equity and Share-Based Compensation	12
	Note 8: Supplemental Financial Information	12
	Note 9: Commitments and Contingencies	13
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31
Item 4.	Controls and Procedures	31
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	32
Item 1A.	Risk Factors	32
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32
Item 6.	Exhibits	32
SIGNATURES		33

Explanatory Note

This Quarterly Report on Form 10-Q is for the three months ended March 31, 2023. 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.”

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. 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:

•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 on a per subscriber basis, which could adversely affect our video businesses

•the success of our businesses depends on consumer acceptance of our content, and our businesses may be adversely affected if their content fails to achieve sufficient consumer acceptance

•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 international transmission access agreements with satellite or telecommunications providers or the renewal of these agreements on less favorable terms could adversely affect our businesses

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

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

•our businesses depend on keeping pace with technological developments

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

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

•acquisitions and other strategic initiatives 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 Statements of Income

(Unaudited)

	Three Months Ended March 31,
(in millions, except per share data)	2023		2022
Revenue	$	29,691	$	31,010
Costs and Expenses:
Programming and production	9,004		10,570
Marketing and promotion	1,963		2,062
Other operating and administrative	9,301		9,260
Depreciation	2,264		2,213
Amortization	1,513		1,335
Total costs and expenses	24,045		25,440
Operating income	5,646		5,569
Interest expense	(1,010)		(993)
Investment and other income (loss), net	607		188
Income before income taxes	5,243		4,764
Income tax expense	(1,476)		(1,288)
Net income	3,767		3,476
Less: Net income (loss) attributable to noncontrolling interests	(67)		(73)
Net income attributable to Comcast Corporation	$	3,834	$	3,549
Basic earnings per common share attributable to Comcast Corporation shareholders	$	0.91	$	0.79
Diluted earnings per common share attributable to Comcast Corporation shareholders	$	0.91	$	0.78

See accompanying notes to condensed consolidated financial statements.

1

Comcast Corporation

Condensed Consolidated Statements of Comprehensive Income

(Unaudited) 

	Three Months Ended March 31,
(in millions)	2023		2022
Net income	$	3,767	$	3,476
Currency translation adjustments, net of deferred taxes of $(2) and $247	778		(916)
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $9 and $(37)	(14)		165
Realized (gains) losses reclassified to net income, net of deferred taxes of $8 and $(5)	(47)		(17)
Employee benefit obligations and other, net of deferred taxes of $1 and $3	(6)		(9)
Comprehensive income	4,478		2,699
Less: Net income (loss) attributable to noncontrolling interests	(67)		(73)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(3)		28
Comprehensive income attributable to Comcast Corporation	$	4,547	$	2,744

See accompanying notes to condensed consolidated financial statements.

2

Comcast Corporation

Condensed Consolidated Statements of Cash Flows

(Unaudited) 

	Three Months Ended March 31,
(in millions)	2023		2022
Operating Activities
Net income	$	3,767	$	3,476
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,777		3,548
Share-based compensation	359		376
Noncash interest expense (income), net	78		93
Net (gain) loss on investment activity and other	(517)		(113)
Deferred income taxes	82		106
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net	363		(527)
Film and television costs, net	13		363
Accounts payable and accrued expenses related to trade creditors	(651)		314
Other operating assets and liabilities	(43)		(379)
Net cash provided by operating activities	7,228		7,257
Investing Activities
Capital expenditures	(2,664)		(1,856)
Cash paid for intangible assets	(765)		(641)
Construction of Universal Beijing Resort	(87)		(147)
Proceeds from sales of businesses and investments	343		69
Purchases of investments	(149)		(66)
Other	(48)		44
Net cash provided by (used in) investing activities	(3,370)		(2,597)
Financing Activities
Proceeds from (repayments of) short-term borrowings, net	(660)		—
Proceeds from borrowings	1,059		117
Repurchases and repayments of debt	(49)		(104)
Repurchases of common stock under repurchase program and employee plans	(2,176)		(3,223)
Dividends paid	(1,174)		(1,166)
Other	(82)		(114)
Net cash provided by (used in) financing activities	(3,082)		(4,490)
Impact of foreign currency on cash, cash equivalents and restricted cash	20		(35)
Increase (decrease) in cash, cash equivalents and restricted cash	796		135
Cash, cash equivalents and restricted cash, beginning of period	4,782		8,778
Cash, cash equivalents and restricted cash, end of period	$	5,577	$	8,914

See accompanying notes to condensed consolidated financial statements.

3

Comcast Corporation

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions, except share data)	March 31, 2023		December 31, 2022
Assets
Current Assets:
Cash and cash equivalents	$	5,535	$	4,749
Receivables, net	12,287		12,672
Other current assets	4,555		4,406
Total current assets	22,377		21,826
Film and television costs	12,612		12,560
Investments	7,834		7,250
Investment securing collateralized obligation	464		490
Property and equipment, net of accumulated depreciation of $57,570 and $56,939	56,279		55,485
Goodwill	58,960		58,494
Franchise rights	59,365		59,365
Other intangible assets, net of accumulated amortization of $27,135 and $25,860	29,004		29,308
Other noncurrent assets, net	12,535		12,497
Total assets	$	259,429	$	257,275
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors	$	12,159	$	12,544
Accrued participations and residuals	1,641		1,770
Deferred revenue	2,663		2,380
Accrued expenses and other current liabilities	9,648		9,450
Current portion of long-term debt	1,130		1,743
Collateralized obligation	5,173		—
Total current liabilities	32,415		27,887
Long-term debt, less current portion	94,403		93,068
Collateralized obligation	—		5,172
Deferred income taxes	28,804		28,714
Other noncurrent liabilities	20,353		20,395
Commitments and contingencies
Redeemable noncontrolling interests	422		411
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, 5,042,734,421 and 5,083,466,045; outstanding, 4,169,943,393 and 4,210,675,017	50		51
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375	—		—
Additional paid-in capital	39,262		39,412
Retained earnings	52,524		51,609
Treasury stock, 872,791,028 Class A common shares	(7,517)		(7,517)
Accumulated other comprehensive income (loss)	(1,898)		(2,611)
Total Comcast Corporation shareholders’ equity	82,421		80,943
Noncontrolling interests	612		684
Total equity	83,033		81,627
Total liabilities and equity	$	259,429	$	257,275

See accompanying notes to condensed consolidated financial statements.

4

Comcast Corporation

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

	Three Months Ended March 31,
(in millions, except per share data)	2023		2022
Redeemable Noncontrolling Interests
Balance, beginning of period	$	411	$	519
Contributions from (distributions to) noncontrolling interests, net	(7)		(25)
Net income (loss)	17		18
Balance, end of period	$	422	$	513
Class A Common Stock
Balance, beginning of period	$	51	$	54
Issuances (repurchases) of common stock under repurchase program and employee plans	—		(1)
Balance, end of period	$	50	$	53
Additional Paid-In Capital
Balance, beginning of period	$	39,412	$	40,173
Share-based compensation	293		286
Repurchases of common stock under repurchase program and employee plans	(521)		(595)
Issuances of common stock under employee plans	76		67
Other	2		(5)
Balance, end of period	$	39,262	$	39,926
Retained Earnings
Balance, beginning of period	$	51,609	$	61,902
Repurchases of common stock under repurchase program and employee plans	(1,688)		(2,670)
Dividends declared	(1,231)		(1,225)
Net income (loss)	3,834		3,549
Balance, end of period	$	52,524	$	61,555
Treasury Stock at Cost
Balance, beginning of period	$	(7,517)	$	(7,517)
Balance, end of period	$	(7,517)	$	(7,517)
Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period	$	(2,611)	$	1,480
Other comprehensive income (loss)	713		(806)
Balance, end of period	$	(1,898)	$	674
Noncontrolling Interests
Balance, beginning of period	$	684	$	1,398
Other comprehensive income (loss)	(3)		28
Contributions from (distributions to) noncontrolling interests, net	15		(35)
Net income (loss)	(84)		(91)
Balance, end of period	$	612	$	1,300
Total equity	$	83,033	$	95,992
Cash dividends declared per common share	$	0.29	$	0.27

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 2022 Annual Report on Form 10-K and the notes within this Quarterly Report on Form 10-Q.

Reclassifications

Reclassifications have been made to our notes to condensed consolidated financial statements for the prior year period to conform to classifications used in 2023. See Note 2 for a discussion of the changes in our presentation of segment operating results.

Note 2: Segment Information

Beginning in the first quarter of 2023, we changed our presentation of segment operating results around our two primary businesses: Connectivity & Platforms and Content & Experiences.

Connectivity & Platforms: Contains our broadband and wireless connectivity businesses operated under the Xfinity and Comcast brands in the United States and under the Sky brand in certain territories in Europe (the “Connectivity & Platforms markets”). Also includes our video services businesses and the operations of our Sky-branded entertainment television channels in the Connectivity & Platforms markets. Our Connectivity & Platforms business is reported in two reportable business segments:

•Residential Connectivity & Platforms Segment: Includes our residential broadband and wireless connectivity services, residential and business video services, advertising sales and Sky channels. Revenue is generated primarily from customers that subscribe to our services and from the sale of advertising and wireless devices.

•Business Services Connectivity Segment: Includes our connectivity services for small business locations in the United States, which include broadband, voice and wireless services, as well as our solutions for medium-sized customers and larger enterprises, and our small business connectivity service offerings for international locations. Revenue is generated primarily from customers that subscribe to our services.

Content & Experiences: Contains our media and entertainment businesses that develop, produce, and distribute entertainment, news and information, sports, and other content for global audiences and that own and operate theme parks in the United States and Asia. Our Content & Experiences business is reported in three reportable business segments:

•Media Segment: Includes primarily NBCUniversal’s television and streaming business, including national and regional cable networks; the NBC and Telemundo broadcast networks; NBC and Telemundo owned local broadcast television stations; and Peacock, our direct-to-consumer streaming service. Also includes international networks, including most of the Sky Sports channels, and other digital properties. Revenue is generated primarily from the distribution of our television and streaming programming and from the sale of advertising on our television networks, Peacock and other digital properties.

6

Comcast Corporation

•Studios Segment: Includes primarily our NBCUniversal and Sky film and television studio production and distribution operations. Revenue is generated primarily from licensing our owned film and television content in the United States and internationally; and from the worldwide distribution of our produced and acquired films for exhibition in movie theaters.

•Theme Parks Segment: Includes primarily the operations of our Universal theme parks in Orlando, Florida; Hollywood, California; Osaka, Japan; and Beijing, China. Revenue is generated primarily from guest spending at our theme parks.

Our other business interests consist primarily of Sky operations outside of the Connectivity & Platforms markets, the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania, and the operations of Xumo, our consolidated streaming platform joint venture with Charter Communications formed in June 2022.

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. Transactions between our Connectivity & Platforms and Content & Experiences businesses, and between segments within the Content & Experiences business, generally include intercompany profit consistent with third-party transactions. The segments within our Connectivity & Platforms business use certain shared infrastructure, including the cable distribution network in the United States, and each segment is presented with its direct costs and an allocation of shared costs, as well as revenue from its customers.

Our financial data by reportable business segment is presented in the tables below and has been updated to reflect our new segment presentation, including: (1) presentation of Cable Communications results in the Residential Connectivity & Platforms and Business Services Connectivity segments and (2) presentation of Sky’s results across the segments within the Connectivity & Platforms and Content & Experiences businesses, and Corporate and Other. We do not present asset information for our reportable business segments as this information is not used to allocate resources and capital.

	Three Months Ended March 31,
	2023				2022
(in millions)	Revenue(a)		Adjusted EBITDA(b)		Revenue(a)		Adjusted EBITDA(b)
Connectivity & Platforms
Residential Connectivity & Platforms	$	17,869	$	6,762	$	18,340	$	6,611
Business Services Connectivity	2,283		1,332		2,172		1,233
Connectivity & Platforms	20,153		8,093		20,512		7,844
Content & Experiences
Media	6,152		880		7,758		1,181
Studios	2,956		277		2,907		245
Theme Parks	1,949		658		1,560		451
Headquarters and Other	19		(232)		16		(191)
Eliminations(a)	(817)		24		(901)		(62)
Content & Experiences	10,259		1,607		11,339		1,623
Corporate and Other	707		(288)		713		(235)
Eliminations(a)	(1,427)		3		(1,554)		(82)
Comcast Consolidated	$	29,691	$	9,415	$	31,010	$	9,150

(a)Included in Eliminations are transactions that our segments enter into with one another. The most significant of these 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. Revenue for licenses of content from Studios to Media 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 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.

7

Comcast Corporation

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 March 31,
(in millions)	2023		2022
Connectivity & Platforms
Residential Connectivity & Platforms	$	53	$	56
Business Services Connectivity	—		—
Content & Experiences
Media	1,167		1,305
Studios	962		1,024
Theme Parks	—		—
Headquarters and Other	8		12
Corporate and Other	54		58
Total intersegment revenue	$	2,244	$	2,455

(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 segments to consolidated income before income taxes is presented in the table below.

	Three Months Ended March 31,
(in millions)	2023		2022
Adjusted EBITDA	$	9,415	$	9,150
Adjustments	8		(33)
Depreciation	(2,264)		(2,213)
Amortization	(1,513)		(1,335)
Interest expense	(1,010)		(993)
Investment and other income (loss), net	607		188
Income (loss) before income taxes	$	5,243	$	4,764

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.

Goodwill by Segment

The changes in the carrying amount of goodwill by segment for the three months ended March 31, 2023 are presented in the table below.

			Connectivity & Platforms				Content & Experiences
(in billions)	Cable Communications		Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Sky		Corporate and Other		Total
Balance, December 31, 2022
Goodwill	$	16.2	$	—	$	—	$	14.7	$	3.7	$	5.8	$	26.0	$	—	$	66.4
Accumulated impairment losses(a)	—		—		—		—		—		—		(7.9)		—		(7.9)
	$	16.2	$	—	$	—	$	14.7	$	3.7	$	5.8	$	18.1	$	—	$	58.5
Segment change	(16.2)		27.4		2.2		4.7		—		—		(18.1)		—		—
Foreign currency translation and other	—		0.4		—		0.1		—		(0.1)		—		—		0.5
Balance, March 31, 2023
Goodwill	$	—	$	33.9	$	2.2	$	21.7	$	3.7	$	5.7	$	—	$	—	$	67.3
Accumulated impairment losses(a)	—		(6.1)		—		(2.2)		—		—		—		—		(8.3)
	$	—	$	27.8	$	2.2	$	19.5	$	3.7	$	5.7	$	—	$	—	$	59.0

(a) Amounts relate to 2022 impairment related to Sky allocated to the new segments on a consistent basis with goodwill. Amounts are impacted by foreign currency translation each period.

8

Comcast Corporation

Note 3: Revenue

	Three Months Ended March 31,
(in millions)	2023		2022
Domestic broadband	$	6,343	$	6,050
Domestic wireless	858		677
International connectivity	897		840
Total residential connectivity	8,099		7,568
Video	7,382		8,002
Advertising	907		1,073
Other	1,482		1,698
Total Residential Connectivity & Platforms	17,869		18,340
Total Business Services Connectivity	2,283		2,172
Total Connectivity & Platforms	20,153		20,512
Domestic advertising	2,025		3,310
Domestic distribution	2,709		2,938
International networks	1,008		995
Other	410		515
Total Media	6,152		7,758
Content licensing	2,344		2,429
Theatrical	319		168
Other	292		310
Total Studios	2,956		2,907
Total Theme Parks	1,949		1,560
Headquarters and Other	19		16
Eliminations(a)	(817)		(901)
Total Content & Experiences	10,259		11,339
Corporate and Other	707		713
Eliminations(a)	(1,427)		(1,554)
Total revenue	$	29,691	$	31,010

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

Condensed Consolidated Balance Sheet

The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheet that relate to the recognition of revenue and collection of the related cash.

(in millions)	March 31, 2023		December 31, 2022
Receivables, gross	$	12,993	$	13,407
Less: Allowance for credit losses	706		736
Receivables, net	$	12,287	$	12,672

(in millions)	March 31, 2023		December 31, 2022
Noncurrent receivables, net (included in other noncurrent assets, net)	$	1,983	$	1,887
Noncurrent deferred revenue (included in other noncurrent liabilities)	$	804	$	735

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Comcast Corporation

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

(in millions)	March 31, 2023		December 31, 2022
Receivables, net	$	1,407	$	1,388
Noncurrent receivables, net (included in other noncurrent assets, net)	1,051		1,023
Total	$	2,458	$	2,411

Note 4: Programming and Production Costs

	Three Months Ended March 31,
(in millions)	2023		2022
Video distribution programming	$	3,191	$	3,426
Film and television content:
Owned(a)	2,734		2,508
Licensed, including sports rights	2,732		4,325
Other	347		311
Total programming and production costs	$	9,004	$	10,570

(a) Amount includes amortization of owned content of $2.2 billion and $2.0 billion for the three months ended March 31, 2023 and 2022, respectively, as well as participations and residuals expenses.

Capitalized Film and Television Costs

(in millions)	March 31, 2023		December 31, 2022
Owned:
In production and in development	$	3,350	$	3,210
Completed, not released	396		130
Released, less amortization	4,390		4,634
	8,136		7,974
Licensed, including sports advances	4,476		4,586
Film and television costs	$	12,612	$	12,560

Note 5: Long-Term Debt

As of March 31, 2023, our debt had a carrying value of $95.5 billion and an estimated fair value of $89.9 billion. As of December 31, 2022, our debt had a carrying value of $94.8 billion and an estimated fair value of $86.9 billion. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market value for the debt. The estimated fair value of debt for which there are no quoted market prices was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.

Note 6: Investments and Variable Interest Entities

Investment and Other Income (Loss), Net

	Three Months Ended March 31,
(in millions)	2023		2022
Equity in net income (losses) of investees, net	$	485	$	133
Realized and unrealized gains (losses) on equity securities, net	(6)		117
Other income (loss), net	128		(62)
Investment and other income (loss), net	$	607	$	188

The amount of unrealized gains (losses), net recognized in the three months ended March 31, 2023 and 2022 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(24) million and $90 million, respectively.

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Comcast Corporation

Investments

(in millions)	March 31, 2023		December 31, 2022
Equity method	$	6,211	$	5,421
Marketable equity securities	91		96
Nonmarketable equity securities	1,623		1,653
Other investments	471		972
Total investments	8,396		8,142
Less: Current investments	98		402
Less: Investment securing collateralized obligation	464		490
Noncurrent investments	$	7,834	$	7,250

Equity Method Investments

The amount of cash distributions received from equity method investments presented within operating activities in the condensed consolidated statements of cash flows in the three months ended March 31, 2023 and 2022 was $20 million and $32 million, respectively.

Atairos

Atairos is a variable interest entity (“VIE”) that follows investment company accounting and records its investments at their fair values each reporting period with the net gains or losses reflected in its statement of operations. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. For the three months ended March 31, 2023 and 2022, we made cash capital contributions to Atairos totaling $14 million and $13 million, respectively. As of March 31, 2023 and December 31, 2022, our investment in Atairos, inclusive of certain distributions retained by Atairos on our behalf and classified as advances within other investments, was $4.8 billion and $4.3 billion, respectively. As of March 31, 2023, our remaining unfunded capital commitment was $1.5 billion.

Hulu and Collateralized Obligation

In 2019, we borrowed $5.2 billion under a term loan facility due March 2024 which is fully collateralized by the minimum guaranteed proceeds of the put/call option related to our investment in Hulu. As of both March 31, 2023 and December 31, 2022, the carrying value and estimated fair value of our collateralized obligation were each $5.2 billion. The estimated fair values were based on Level 2 inputs that use interest rates for debt with similar terms and remaining maturities. We present our investment in Hulu and the term loan separately in our condensed consolidated balance sheet in the captions “investment securing collateralized obligation” and “collateralized obligation,” respectively. The recorded value of our investment reflects our historical cost in applying the equity method and, as a result, is less than its fair value.

Other Investments

Other investments include investments in certain short-term instruments with maturities over three months when purchased, such as commercial paper, certificates of deposit and U.S. government obligations, which are generally accounted for at amortized cost. There were no such investments as of March 31, 2023. These short-term instruments totaled $304 million as of December 31, 2022. The carrying amounts of these investments approximate their fair values, which are primarily based on Level 2 inputs that use interest rates for instruments with similar terms and remaining maturities.

Consolidated Variable Interest Entity

Universal Beijing Resort

We own a 30% interest in a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”), which opened in September 2021. Universal Beijing Resort is a consolidated VIE with the remaining interest owned by a consortium of Chinese state-owned companies. The construction was funded through a combination of debt financing and equity contributions from the partners in accordance with their equity interests. As of March 31, 2023, Universal Beijing Resort had $3.6 billion of debt outstanding, including $3.2 billion principal amount of a term loan outstanding under the debt financing agreement.

As of March 31, 2023, our condensed consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $8.3 billion and $7.4 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt.

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Comcast Corporation

Note 7: Equity and Share-Based Compensation

Weighted-Average Common Shares Outstanding

	Three Months Ended March 31,
(in millions)	2023	2022
Weighted-average number of common shares outstanding – basic	4,208	4,512
Effect of dilutive securities	19	46
Weighted-average number of common shares outstanding – diluted	4,227	4,558
Antidilutive securities	202	70

Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. Antidilutive securities represent the number of potential common shares related to share-based compensation awards that were excluded from diluted EPS because their effect would have been antidilutive.

Accumulated Other Comprehensive Income (Loss)

(in millions)	March 31, 2023		December 31, 2022
Cumulative translation adjustments	$	(2,313)	$	(3,093)
Deferred gains (losses) on cash flow hedges	131		193
Unrecognized gains (losses) on employee benefit obligations and other	284		290
Accumulated other comprehensive income (loss), net of deferred taxes	$	(1,898)	$	(2,611)

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 2023, we granted 22 million RSUs and 57 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $36.62 per RSU and $8.33 per stock option.

During the three months ended March 31, 2023 and 2022, share-based compensation expense recognized in our condensed consolidated statements of income was $295 million and $300 million, respectively. As of March 31, 2023, we had unrecognized pretax compensation expense of $2.7 billion related to nonvested RSUs and nonvested stock options.

Note 8: Supplemental Financial Information

Cash Payments for Interest and Income Taxes

	Three Months Ended March 31,
(in millions)	2023		2022
Interest	$	766	$	747
Income taxes	$	148	$	90

Noncash Activities

During the three months ended March 31, 2023:

•we acquired $2.1 billion of property and equipment and intangible assets that were accrued but unpaid

•we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.29 per common share paid in April 2023

During the three months ended March 31, 2022:

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

•we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.27 per common share paid in April 2022

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Comcast Corporation

Cash, Cash Equivalents and Restricted Cash

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

(in millions)	March 31, 2023		December 31, 2022
Cash and cash equivalents	$	5,535	$	4,749
Restricted cash included in other current assets and other noncurrent assets, net	42		33
Cash, cash equivalents and restricted cash, end of period	$	5,577	$	4,782

Note 9: Commitments and Contingencies

Contingencies

We are subject to legal proceedings and claims that arise in the ordinary course of our business. While the amount of ultimate liability with respect to such actions is not expected to materially affect our results of operations, cash flows or financial position, any litigation resulting from any such legal proceedings or claims could be time-consuming and injure our reputation.

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