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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 September 30, 2023
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                       to       
               
comcastmcolorblk165a05.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
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 October 15, 2023, there were 4,015,635,374 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.
10
10
11
13
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 nine months ended September 30, 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



Table of Contents
PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
Comcast Corporation
Condensed Consolidated Statements of Income
(Unaudited)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions, except per share data)2023202220232022
Revenue$30,115 $29,849 $90,319 $90,874 
Costs and Expenses:
Programming and production8,652 8,949 26,506 28,406 
Marketing and promotion1,866 2,066 5,929 6,324 
Other operating and administrative9,629 9,344 28,247 27,701 
Depreciation2,203 2,150 6,662 6,525 
Amortization1,290 1,183 4,146 3,824 
Goodwill and long-lived asset impairments 8,583  8,583 
Total costs and expenses23,640 32,274 71,489 81,363 
Operating income (loss)6,475 (2,425)18,830 9,511 
Interest expense(1,060)(960)(3,068)(2,922)
Investment and other income (loss), net50 (266)672 (975)
Income (loss) before income taxes5,465 (3,652)16,434 5,614 
Income tax expense(1,468)(1,014)(4,481)(3,562)
Net income (loss)3,997 (4,665)11,954 2,052 
Less: Net income (loss) attributable to noncontrolling interests(49)(68)(175)(295)
Net income (loss) attributable to Comcast Corporation$4,046 $(4,598)$12,128 $2,347 
Basic earnings (loss) per common share attributable to Comcast Corporation shareholders
$0.98 $(1.05)$2.92 $0.53 
Diluted earnings (loss) per common share attributable to Comcast Corporation shareholders
$0.98 $(1.05)$2.90 $0.52 
See accompanying notes to condensed consolidated financial statements.
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Condensed Consolidated Statements of Comprehensive Income
(Unaudited) 
 Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2023202220232022
Net income (loss)$3,997 $(4,665)$11,954 $2,052 
Currency translation adjustments, net of deferred taxes of $(20), $15, $(42) and $304
(1,154)(2,464)114 (6,337)
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $(19), $4, $4 and $(34)
62 108 41 401 
Realized (gains) losses reclassified to net income, net of deferred taxes of $2, $(10), $18 and $(26)
13 (56)(84)(118)
Employee benefit obligations and other, net of deferred taxes of $2, $9, $5 and $14
(7)(29)(17)(50)
Comprehensive income (loss)2,911 (7,106)12,007 (4,053)
Less: Net income (loss) attributable to noncontrolling interests(49)(68)(175)(295)
Less: Other comprehensive income (loss) attributable to noncontrolling interests7 (56)(32)(68)
Comprehensive income (loss) attributable to Comcast Corporation$2,953 $(6,983)$12,214 $(3,689)
See accompanying notes to condensed consolidated financial statements.
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Condensed Consolidated Statements of Cash Flows
(Unaudited) 
 Nine Months Ended
September 30,
(in millions)20232022
Operating Activities
Net income$11,954 $2,052 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization10,807 10,349 
Goodwill and long-lived asset impairments 8,583 
Share-based compensation955 989 
Noncash interest expense (income), net235 234 
Net (gain) loss on investment activity and other(266)1,172 
Deferred income taxes394 (326)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net(26)(574)
Film and television costs, net(531)(753)
Accounts payable and accrued expenses related to trade creditors(518)152 
Other operating assets and liabilities(425)(1,347)
Net cash provided by operating activities22,579 20,530 
Investing Activities
Capital expenditures(8,922)(7,062)
Cash paid for intangible assets(2,405)(2,152)
Construction of Universal Beijing Resort(119)(221)
Proceeds from sales of businesses and investments410 1,197 
Purchases of investments(949)(2,089)
Other267 169 
Net cash provided by (used in) investing activities(11,718)(10,158)
Financing Activities
Proceeds from (repayments of) short-term borrowings, net(660) 
Proceeds from borrowings6,046 166 
Repurchases and repayments of debt(3,041)(301)
Repurchases of common stock under repurchase program and employee plans(7,770)(9,813)
Dividends paid(3,586)(3,571)
Other(126)219 
Net cash provided by (used in) financing activities(9,136)(13,299)
Impact of foreign currency on cash, cash equivalents and restricted cash(18)(122)
Increase (decrease) in cash, cash equivalents and restricted cash1,707 (3,049)
Cash, cash equivalents and restricted cash, beginning of period4,782 8,778 
Cash, cash equivalents and restricted cash, end of period$6,489 $5,729 
See accompanying notes to condensed consolidated financial statements.
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Condensed Consolidated Balance Sheets
(Unaudited)
(in millions, except share data)September 30,
2023
December 31,
2022
Assets
Current Assets:
Cash and cash equivalents$6,435 $4,749 
Receivables, net12,835 12,672 
Other current assets4,870 4,406 
Total current assets24,141 21,826 
Film and television costs13,067 12,560 
Investments8,041 7,250 
Investment securing collateralized obligation319 490 
Property and equipment, net of accumulated depreciation of $58,316 and $56,939
58,165 55,485 
Goodwill58,069 58,494 
Franchise rights59,365 59,365 
Other intangible assets, net of accumulated amortization of $29,103 and $25,860
27,870 29,308 
Other noncurrent assets, net12,036 12,497 
Total assets$261,072 $257,275 
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors$12,214 $12,544 
Accrued participations and residuals1,653 1,770 
Deferred revenue3,566 2,380 
Accrued expenses and other current liabilities8,883 9,450 
Current portion of long-term debt2,978 1,743 
Collateralized obligation5,174  
Total current liabilities34,468 27,887 
Long-term debt, less current portion94,351 93,068 
Collateralized obligation 5,172 
Deferred income taxes29,092 28,714 
Other noncurrent liabilities19,768 20,395 
Commitments and contingencies
Redeemable noncontrolling interests230 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, 4,921,853,673 and 5,083,466,045; outstanding, 4,049,062,645 and 4,210,675,017
49 51 
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375
  
Additional paid-in capital38,866 39,412 
Retained earnings53,751 51,609 
Treasury stock, 872,791,028 Class A common shares
(7,517)(7,517)
Accumulated other comprehensive income (loss)(2,525)(2,611)
Total Comcast Corporation shareholders’ equity82,625 80,943 
Noncontrolling interests538 684 
Total equity83,163 81,627 
Total liabilities and equity$261,072 $257,275 
See accompanying notes to condensed consolidated financial statements.
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Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions, except per share data)2023202220232022
Redeemable Noncontrolling Interests
Balance, beginning of period$239 $513 $411 $519 
Contributions from (distributions to) noncontrolling interests, net
(5)(31)(20)(64)
Other (80)(171)(80)
Net income (loss)(5)7 9 34 
Balance, end of period$230 $409 $230 $409 
Class A Common Stock
Balance, beginning of period$50 $53 $51 $54 
Repurchases of common stock under repurchase program and employee plans
(1)(1)(2)(2)
Balance, end of period$49 $52 $49 $52 
Additional Paid-In Capital
Balance, beginning of period$39,118 $39,852 $39,412 $40,173 
Share-based compensation258 245 801 767 
Repurchases of common stock under repurchase program and employee plans(579)(637)(1,486)(1,713)
Issuances of common stock under employee plans65 63 223 213 
Other4 252 (83)335 
Balance, end of period$38,866 $39,775 $38,866 $39,775 
Retained Earnings
Balance, beginning of period$53,900 $61,209 $51,609 $61,902 
Repurchases of common stock under repurchase program and employee plans(3,005)(2,890)(6,357)(8,100)
Dividends declared(1,190)(1,179)(3,628)(3,607)
Other (2)(1)(1)
Net income (loss)
4,046 (4,598)12,128 2,347 
Balance, end of period$53,751 $52,541 $53,751 $52,541 
Treasury Stock at Cost
Balance, beginning of period$(7,517)$(7,517)$(7,517)$(7,517)
Balance, end of period$(7,517)$(7,517)$(7,517)$(7,517)
Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period$(1,432)$(2,170)$(2,611)$1,480 
Other comprehensive income (loss)(1,093)(2,385)86 (6,035)
Balance, end of period$(2,525)$(4,555)$(2,525)$(4,555)
Noncontrolling Interests
Balance, beginning of period$559 $1,132 $684 $1,398 
Other comprehensive income (loss)7 (56)(32)(68)
Contributions from (distributions to) noncontrolling interests, net
16 (86)72 (86)
Other (278)(2)(277)
Net income (loss)(44)(75)(183)(329)
Balance, end of period$538 $637 $538 $637 
Total equity$83,163 $80,933 $83,163 $80,933 
Cash dividends declared per common share$0.29 $0.27 $0.87 $0.81 
See accompanying notes to condensed consolidated financial statements.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1: Condensed Consolidated Financial Statements
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.
Reclassifications
Reclassifications have been made to our notes to condensed consolidated financial statements for the prior year periods 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 NBCUniversals 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.
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.
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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 Skys 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 September 30,
20232022
(in millions)
Revenue(a)
Adjusted EBITDA(b)
Revenue(a)
Adjusted EBITDA(b)
Connectivity & Platforms
Residential Connectivity & Platforms$17,951 $6,886 $17,833 $6,695 
Business Services Connectivity2,320 1,335 2,215 1,288 
Connectivity & Platforms20,271 8,221 20,048 7,983 
Content & Experiences
Media6,029 723 6,005 679 
Studios2,518 429 3,296 551 
Theme Parks2,418 983 2,064 819 
Headquarters and Other13 (178)22 (199)
Eliminations(a)
(419)17 (909)(59)
Content & Experiences10,559 1,973 10,477 1,791 
Corporate and Other643 (249)601 (318)
Eliminations(a)
(1,358)16 (1,277)26 
Comcast Consolidated$30,115 $9,962 $29,849 $9,482 
Nine Months Ended September 30,
 20232022
(in millions)
Revenue(a)
Adjusted EBITDA(b)
Revenue(a)
Adjusted EBITDA(b)
Connectivity & Platforms
Residential Connectivity & Platforms$53,888 $20,672 $54,305 $20,039 
Business Services Connectivity6,894 3,988 6,589 3,784 
Connectivity & Platforms60,783 24,660 60,894 23,822 
Content & Experiences
Media18,376 2,847 19,951 3,380 
Studios8,561 961 9,319 793 
Theme Parks6,576 2,473 5,428 1,902 
Headquarters and Other45 (610)46 (528)
Eliminations(a)
(1,867)97 (2,474)(98)
Content & Experiences31,690 5,768 32,270 5,449 
Corporate and Other2,004 (841)1,931 (720)
Eliminations(a)
(4,157)34 (4,220)(93)
Comcast Consolidated$90,319 $29,621 $90,874 $28,459 
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(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.
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
September 30,
Nine Months Ended
September 30,
(in millions)2023202220232022
Connectivity & Platforms
Residential Connectivity & Platforms$50 $50 $146 $157 
Business Services Connectivity 6 4 17 15 
Content & Experiences
Media1,160 1,073 3,492 3,493 
Studios524 1009 2,233 2,867 
Theme Parks(1)1 (1)1 
Headquarters and Other5 16 18 34 
Corporate and Other33 33 120 127 
Total intersegment revenue$1,777 $2,186 $6,025 $6,695 
(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
September 30,
Nine Months Ended
September 30,
(in millions)
2023202220232022
Adjusted EBITDA$9,962 $9,482 $29,621 $28,459 
Adjustments6 9 16 (15)
Depreciation(2,203)(2,150)(6,662)(6,525)
Amortization(1,290)(1,183)(4,146)(3,824)
Goodwill and long-lived asset impairments
 (8,583) (8,583)
Interest expense
(1,060)(960)(3,068)(2,922)
Investment and other income (loss), net50 (266)672 (975)
Income (loss) before income taxes$5,465 $(3,652)$16,434 $5,614 
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. Refer to Note 7 for a discussion of impairment charges in 2022 related to goodwill and long-lived assets.



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Note 3: Revenue
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2023202220232022
Domestic broadband$6,366 $6,135 $19,086 $18,292 
Domestic wireless917 789 2,644 2,188 
International connectivity1,109 842 3,009 2,473 
Total residential connectivity8,393 7,766 24,739 22,953 
Video7,154 7,428 21,895 23,223 
Advertising960 1,079 2,860 3,263 
Other1,444 1,561 4,394 4,866 
Total Residential Connectivity & Platforms17,951 17,833 53,888 54,305 
Total Business Services Connectivity2,320 2,215 6,894 6,589 
Total Connectivity & Platforms20,271 20,048 60,783 60,894 
Domestic advertising1,913 2,089 5,965 7,530 
Domestic distribution2,591 2,497 7,916 7,993 
International networks1,019 872 3,062 2,837 
Other506 547 1,433 1,591 
Total Media6,029 6,005 18,376 19,951 
Content licensing1,691 2,267 5,856 6,965 
Theatrical504 673 1,735 1,391 
Other324 356 970 963 
Total Studios2,518 3,296 8,561 9,319 
Total Theme Parks2,418 2,064 6,576 5,428 
Headquarters and Other13 22 45 46 
Eliminations(a)
(419)(909)(1,867)(2,474)
Total Content & Experiences10,559 10,477 31,690 32,270 
Corporate and Other643 601 2,004 1,931 
Eliminations(a)
(1,358)(1,277)(4,157)(4,220)
Total revenue$30,115 $29,849 $90,319 $90,874 
(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 Sheets
The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheets that relate to the recognition of revenue and collection of the related cash.
(in millions)September 30,
2023
December 31,
2022
Receivables, gross$13,520 $13,407 
Less: Allowance for credit losses684 736 
Receivables, net$12,835 $12,672 
(in millions)September 30,
2023
December 31,
2022
Noncurrent receivables, net (included in other noncurrent assets, net)$1,776 $1,887 
Noncurrent deferred revenue (included in other noncurrent liabilities)$627 $735 
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Our accounts receivables include amounts not yet billed related to equipment installment plans, as summarized in the table below.
(in millions)September 30,
2023
December 31,
2022
Receivables, net$1,539 $1,388 
Noncurrent receivables, net (included in other noncurrent assets, net)1,057 1,023 
Total$2,596 $2,411 
Note 4: Programming and Production Costs
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2023202220232022
Video distribution programming$3,084 $3,242 $9,465 $9,955 
Film and television content:
Owned(a)
2,083 2,538 7,622 7,965
   Licensed, including sports rights3,048 2,867 8,241 9,569
Other438 303 1,178 918
Total programming and production costs$8,652 $8,949 $26,506 $28,406 
(a) Amount includes amortization of owned content of $1.6 billion and $5.9 billion for the three and nine months ended September 30, 2023, respectively, and $2.0 billion and $6.3 billion for the three and nine months ended September 30, 2022, respectively, as well as participations and residuals expenses.
Capitalized Film and Television Costs
(in millions)September 30,
2023
December 31,
2022
Owned:
In production and in development$3,116 $3,210 
Completed, not released466 130 
Released, less amortization4,063 4,634 
7,645 7,974 
Licensed, including sports advances5,422 4,586 
Film and television costs$13,067 $12,560 
Note 5: Long-Term Debt
As of September 30, 2023, our debt had a carrying value of $97.3 billion and an estimated fair value of $85.5 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.
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Note 6: Investments and Variable Interest Entities
Investment and Other Income (Loss), Net
 Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2023202220232022
Equity in net income (losses) of investees, net$49 $(242)$454 $(523)
Realized and unrealized gains (losses) on equity securities, net
(87)(2)(130)(207)
Other income (loss), net88 (21)349 (245)
Investment and other income (loss), net$50 $(266)$672 $(975)
The amount of unrealized gains (losses), net recognized in the three months ended September 30, 2023 and 2022 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(82) million and $(43) million, respectively. The amount of unrealized gains (losses), net recognized in the nine months ended September 30, 2023 and 2022 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(145) million and $(283) million, respectively.
Investments
(in millions)September 30,
2023
December 31,
2022
Equity method$6,775 $5,421 
Marketable equity securities57 96 
Nonmarketable equity securities1,461 1,653 
Other investments388 972 
Total investments8,681 8,142 
Less: Current investments321 402 
Less: Investment securing collateralized obligation319 490 
Noncurrent investments$8,041 $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 nine months ended September 30, 2023 and 2022 was $185 million and $114 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 nine months ended September 30, 2023 and 2022, we made cash capital contributions to Atairos totaling $132 million and $39 million, respectively. As of September 30, 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 $5.1 billion and $4.3 billion, respectively. As of September 30, 2023, our remaining unfunded capital commitment was $1.4 billion.
Hulu and Collateralized Obligation
In the third quarter of 2023, we amended our agreements with The Walt Disney Company and certain of its subsidiaries regarding our ownership interest in Hulu and the related put and call provisions. As part of the amendments, among other things, we agreed that the put/call provisions regarding our interest may now be exercised in November 2023 (in addition to subsequent periods).
In 2019, we borrowed $5.2 billion under a term loan facility, which is fully collateralized by the minimum guaranteed proceeds of the put/call option related to our investment in Hulu. The term loan is due at the earlier of March 2024 or upon receipt of proceeds under the put/call provisions. As of both September 30, 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.
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We present our investment in Hulu and the term loan separately in our condensed consolidated balance sheets 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 also includes investments in certain short-term instruments with maturities over three months when purchased, such as commercial paper, certificates of deposit and U.S. government obligations, which are generally accounted for at amortized cost. These short-term instruments totaled $253 million and $304 million as of September 30, 2023 and December 31, 2022, respectively. 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. Proceeds from short-term instruments for the nine months ended September 30, 2023 and 2022 were $339 million and $874 million, respectively. Purchases of short-term instruments for the nine months ended September 30, 2023 and 2022 were $286 million and $1.8 billion, respectively.
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 September 30, 2023, Universal Beijing Resort had $3.4 billion of debt outstanding, including $3.0 billion principal amount of a term loan outstanding under the debt financing agreement.
As of September 30, 2023, our condensed consolidated balance sheets included assets and liabilities of Universal Beijing Resort totaling $7.8 billion and $7.1 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt.
Note 7: Goodwill and Intangible Assets
Goodwill
  Connectivity & PlatformsContent & Experiences  
(in billions)Cable
Communications
Residential Connectivity & PlatformsBusiness Services ConnectivityMediaStudiosTheme
Parks
SkyCorporate
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 $ $58.5 
Segment change(16.2)27.4 2.2 4.7   (18.1)  
Foreign currency translation and other 0.1    (0.6)  (0.4)
Balance, September 30, 2023
Goodwill$ $33.6 $2.2 $21.6 $3.7 $5.2 $ $ $66.2 
Accumulated impairment losses(a)
 (6.0) (2.1)    (8.2)
$ $27.5 $2.2 $19.4 $3.7 $5.2 $ $ $58.1 
(a) Amounts relate to the 2022 impairment related to Sky, with the 2023 amounts allocated to our new segments on a consistent basis with goodwill. Amounts are impacted by foreign currency translation each period.
In the third quarter of 2022, we recorded a goodwill impairment of $8.1 billion in our Sky reporting unit. The fair value of the reporting unit was estimated using a discounted cash flow analysis. When performing this analysis, we also considered multiples of earnings from comparable public companies and recent market transactions. The decline in fair value primarily resulted from an increased discount rate and reduced estimated future cash flows as a result of macroeconomic conditions in the Sky territories. In connection with this assessment, in the third quarter of 2022, we also recorded impairments of intangible assets related to Sky, which primarily related to customer relationship assets. These impairments totaled $485 million and are presented in goodwill and long-lived asset impairments in the consolidated statement of income.
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Comcast Corporation
Note 8: Equity and Share-Based Compensation
Weighted-Average Common Shares Outstanding
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2023202220232022
Weighted-average number of common shares outstanding – basic4,109 4,377 4,160 4,449 
Effect of dilutive securities33  23 29 
Weighted-average number of common shares outstanding – diluted4,141 4,377 4,184 4,477 
Antidilutive securities86 288 172 156 
Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. There were no potentially dilutive shares included for the three months ended September 30, 2022 because their effect would be antidilutive as a result of the loss for the period. Antidilutive securities represent the number of potential common shares related to share-based compensation awards that were excluded from diluted EPS because their effect would have been antidilutive.
Accumulated Other Comprehensive Income (Loss)
(in millions)September 30,
2023
December 31,
2022
Cumulative translation adjustments$(2,947)$(3,093)
Deferred gains (losses) on cash flow hedges149 193 
Unrecognized gains (losses) on employee benefit obligations and other273 290 
Accumulated other comprehensive income (loss), net of deferred taxes$(2,525)$(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 September 30, 2023 and 2022, share-based compensation expense recognized in our condensed consolidated statements of income was $238 million and $256 million, respectively. During the nine months ended September 30, 2023 and 2022, share-based compensation expense recognized in our condensed consolidated statements of income was $786 million and $802 million, respectively. As of September 30, 2023, we had unrecognized pretax compensation expense of $2.2 billion related to nonvested RSUs and nonvested stock options.
Note 9: Supplemental Financial Information
Income Taxes
In the third quarter of 2022, a state tax law change was enacted that resulted in a decrease to our net deferred tax liabilities of $286 million, with a corresponding decrease in income tax expense. The goodwill impairment in the third quarter of 2022 (see Note 7) was primarily not deductible for tax purposes.
Cash Payments for Interest and Income Taxes
 Nine Months Ended
September 30,
(in millions)20232022
Interest$2,566 $2,341 
Income taxes$3,823 $4,022 
Noncash Activities
During the nine months ended September 30, 2023:
we acquired $2.2 billion of property and equipment and intangible assets that were accrued but unpaid
we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.29 per common share paid in October 2023
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During the nine months ended September 30, 2022:
we acquired $2.2 billion of property and equipment and intangible assets that were accrued but unpaid
we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.27 per common share paid in October 2022
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 sheets to the total of the amounts reported in our condensed consolidated statements of cash flows.
(in millions)September 30,
2023
December 31,
2022
Cash and cash equivalents$6,435 $4,749 
Restricted cash included in other current assets and other noncurrent assets, net53 33 
Cash, cash equivalents and restricted cash, end of period$6,489 $4,782 
Note 10: 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 proceedings and claims is not expected to materially affect our results of operations, cash flows or financial position, any litigation resulting from any such legal proceedings or claims could be time-consuming and injure our reputation.
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ITEM 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion is provided as a supplement to, and should be read in conjunction with, the condensed consolidated financial statements and related notes included in this Quarterly Report on Form 10-Q and our 2022 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 reportable business segments: Residential Connectivity & Platforms and Business Services Connectivity and (2) our Content & Experiences business in three reportable business segments: Media, Studios and Theme Parks. Refer to Note 2 for information on our reportable business segments, including a description of the segment change implemented in the first quarter of 2023. All amounts are presented under the new segment structure.
Consolidated Operating Results
 Three Months Ended
September 30,
ChangeNine Months Ended
September 30,
Change
(in millions, except per share data)20232022%20232022%
Revenue$30,115 $29,849 0.9 %$90,319 $90,874 (0.6)%
Costs and Expenses: