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, 2021March 31, 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-20220331_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.
001-32871COMCAST CORPORATION27-0000798
Pennsylvania
One Comcast Center
Philadelphia, PA 19103-2838
(215) 286-1700

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.01 par valueCMCSANASDAQ Global SelectThe Nasdaq Stock Market LLC
0.000% Notes due 2026CMCS26The Nasdaq Stock Market LLC
0.250% Notes due 2027CMCS27NASDAQ GlobalThe Nasdaq Stock Market LLC
1.500% Notes due 2029CMCS29NASDAQ GlobalThe Nasdaq Stock Market LLC
0.250% Notes due 2029CMCS29AThe Nasdaq Stock Market LLC
0.750% Notes due 2032CMCS32NASDAQ GlobalThe Nasdaq Stock Market LLC
1.875% Notes due 2036CMCS36NASDAQ GlobalThe Nasdaq Stock Market LLC
1.250% Notes due 2040CMCS40NASDAQ GlobalThe 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 filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging 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, 2021,March 31, 2022, there were 4,580,292,8544,471,872,439 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, 2021.March 31, 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 will likelymay 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 driven by online video distribution platforms for viewing content 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
our businesses depend on keeping pace with technological developments
we rely on network and information systemsnatural disasters, severe weather and other technologies, as well as key properties,uncontrollable events could adversely affect our business, reputation and a disruption, cyber attack, failure or destructionresults of such networks, systems, technologies or properties may disrupt our businessesoperations
the loss of key management personnel or popular on-air and creative talent could have an adverse effect on our businesses
we are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on our businesses
unfavorable litigation or governmental investigation results could require us to pay significant amounts or lead to onerous operating procedures
labor disputes, whether involving employees or sports organizations, may disrupt our operations and adversely affect our businesses
our Class B common stock has substantial voting rights and separate approval rights over several potentially material transactions, and our Chairman and CEO has considerable influence over our company through his beneficial ownership of our Class B common stock



Table of Contents
PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
Comcast Corporation
Condensed Consolidated Statement of Income
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
Three Months Ended
March 31,
(in millions, except per share data)(in millions, except per share data)2021202020212020(in millions, except per share data)20222021
RevenueRevenue$28,546 $23,715 $55,751 $50,324 Revenue$31,010 $27,205 
Costs and Expenses:Costs and Expenses:Costs and Expenses:
Programming and productionProgramming and production9,256 6,817 18,175 15,118 Programming and production10,570 8,919 
Other operating and administrativeOther operating and administrative8,549 7,646 16,818 15,900 Other operating and administrative9,260 8,269 
Advertising, marketing and promotionAdvertising, marketing and promotion1,851 1,341 3,467 3,279 Advertising, marketing and promotion2,062 1,616 
DepreciationDepreciation2,113 2,099 4,231 4,206 Depreciation2,213 2,117 
AmortizationAmortization1,270 1,165 2,514 2,322 Amortization1,335 1,245 
Total costs and expensesTotal costs and expenses23,039 19,068 45,205 40,825 Total costs and expenses25,440 22,166 
Operating incomeOperating income5,507 4,647 10,546 9,499 Operating income5,569 5,039 
Interest expenseInterest expense(1,093)(1,112)(2,112)(2,324)Interest expense(993)(1,018)
Investment and other income (loss), netInvestment and other income (loss), net1,216 420 1,607 (296)Investment and other income (loss), net188 390 
Income before income taxesIncome before income taxes5,630 3,955 10,042 6,879 Income before income taxes4,764 4,411 
Income tax expenseIncome tax expense(2,000)(946)(3,119)(1,646)Income tax expense(1,288)(1,119)
Net incomeNet income3,630 3,009 6,922 5,233 Net income3,476 3,292 
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock(108)21 (145)98 
Less: Net income (loss) attributable to noncontrolling interestsLess: Net income (loss) attributable to noncontrolling interests(73)(37)
Net income attributable to Comcast CorporationNet income attributable to Comcast Corporation$3,738 $2,988 $7,067 $5,135 Net income attributable to Comcast Corporation$3,549 $3,329 
Basic earnings per common share attributable to Comcast Corporation shareholdersBasic earnings per common share attributable to Comcast Corporation shareholders$0.81 $0.65 $1.54 $1.12 Basic earnings per common share attributable to Comcast Corporation shareholders$0.79 $0.73 
Diluted earnings per common share attributable to Comcast Corporation shareholdersDiluted earnings per common share attributable to Comcast Corporation shareholders$0.80 $0.65 $1.51 $1.11 Diluted earnings per common share attributable to Comcast Corporation shareholders$0.78 $0.71 
See accompanying notes to condensed consolidated financial statements.
1

Table of Contents

Comcast Corporation
Condensed Consolidated Statement of Comprehensive Income
(Unaudited) 
 Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions)2021202020212020
Net income$3,630 $3,009 $6,922 $5,233 
Currency translation adjustments, net of deferred taxes of $(17), $(9), $(109) and $(16)61 (74)26 (2,231)
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $2, $7, $(17) and $17(14)(27)105 27 
Realized (gains) losses reclassified to net income, net of deferred taxes of $0, $4, $0 and $21(21)(127)
Employee benefit obligations and other, net of deferred taxes of $3, $3, $5 and $6(7)(11)(17)(18)
Comprehensive income3,674 2,876 7,040 2,884 
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock(108)21 (145)98 
Less: Other comprehensive income (loss) attributable to noncontrolling interests24 10 (23)
Comprehensive income (loss) attributable to Comcast Corporation$3,758 $2,853 $7,175 $2,809 
 Three Months Ended
March 31,
(in millions)20222021
Net income$3,476 $3,292 
Currency translation adjustments, net of deferred taxes of $247 and $(92)(916)(35)
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $(37) and $(19)165 119 
Realized (gains) losses reclassified to net income, net of deferred taxes of $(5) and $—(17)— 
Employee benefit obligations and other, net of deferred taxes of $3 and $2(9)(10)
Comprehensive income2,699 3,366 
Less: Net income (loss) attributable to noncontrolling interests(73)(37)
Less: Other comprehensive income (loss) attributable to noncontrolling interests28 (14)
Comprehensive income attributable to Comcast Corporation$2,744 $3,417 
See accompanying notes to condensed consolidated financial statements.
2

Table of Contents

Comcast Corporation
Condensed Consolidated Statement of Cash Flows
(Unaudited) 
Six Months Ended
June 30,
Three Months Ended
March 31,
(in millions)(in millions)20212020(in millions)20222021
Operating ActivitiesOperating ActivitiesOperating Activities
Net incomeNet income$6,922 $5,233 Net income$3,476 $3,292 
Adjustments to reconcile net income to net cash provided by operating activities:Adjustments to reconcile net income to net cash provided by operating activities:Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortizationDepreciation and amortization6,745 6,528 Depreciation and amortization3,548 3,362 
Share-based compensationShare-based compensation711 621 Share-based compensation376 373 
Noncash interest expense (income), netNoncash interest expense (income), net210 352 Noncash interest expense (income), net93 62 
Net (gain) loss on investment activity and otherNet (gain) loss on investment activity and other(1,403)399 Net (gain) loss on investment activity and other(113)(239)
Deferred income taxesDeferred income taxes1,297 (84)Deferred income taxes106 28 
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, netCurrent and noncurrent receivables, net137 900 Current and noncurrent receivables, net(527)554 
Film and television costs, netFilm and television costs, net837 573 Film and television costs, net363 393 
Accounts payable and accrued expenses related to trade creditorsAccounts payable and accrued expenses related to trade creditors299 (879)Accounts payable and accrued expenses related to trade creditors314 (198)
Other operating assets and liabilitiesOther operating assets and liabilities(398)824 Other operating assets and liabilities(379)124 
Net cash provided by operating activitiesNet cash provided by operating activities15,357 14,467 Net cash provided by operating activities7,257 7,751 
Investing ActivitiesInvesting ActivitiesInvesting Activities
Capital expendituresCapital expenditures(4,003)(3,957)Capital expenditures(1,856)(1,859)
Cash paid for intangible assetsCash paid for intangible assets(1,283)(1,219)Cash paid for intangible assets(641)(612)
Construction of Universal Beijing ResortConstruction of Universal Beijing Resort(704)(708)Construction of Universal Beijing Resort(147)(428)
Acquisitions, net of cash acquiredAcquisitions, net of cash acquired(168)(198)Acquisitions, net of cash acquired— (147)
Proceeds from sales of businesses and investmentsProceeds from sales of businesses and investments396 2,042 Proceeds from sales of businesses and investments69 388 
Purchases of investmentsPurchases of investments(86)(471)Purchases of investments(66)(52)
OtherOther217 33 Other44 98 
Net cash provided by (used in) investing activitiesNet cash provided by (used in) investing activities(5,631)(4,478)Net cash provided by (used in) investing activities(2,597)(2,612)
Financing ActivitiesFinancing ActivitiesFinancing Activities
Proceeds from borrowingsProceeds from borrowings383 13,612 Proceeds from borrowings117 192 
Repurchases and repayments of debtRepurchases and repayments of debt(5,785)(10,712)Repurchases and repayments of debt(104)(124)
Repurchases of common stock under repurchase program and employee plansRepurchases of common stock under repurchase program and employee plans(957)(269)Repurchases of common stock under repurchase program and employee plans(3,223)(309)
Dividends paidDividends paid(2,230)(2,028)Dividends paid(1,166)(1,080)
OtherOther(475)(2,128)Other(114)(577)
Net cash provided by (used in) financing activitiesNet cash provided by (used in) financing activities(9,064)(1,525)Net cash provided by (used in) financing activities(4,490)(1,898)
Impact of foreign currency on cash, cash equivalents and restricted cashImpact of foreign currency on cash, cash equivalents and restricted cash(12)(77)Impact of foreign currency on cash, cash equivalents and restricted cash(35)(33)
Increase (decrease) in cash, cash equivalents and restricted cashIncrease (decrease) in cash, cash equivalents and restricted cash650 8,387 Increase (decrease) in cash, cash equivalents and restricted cash135 3,208 
Cash, cash equivalents and restricted cash, beginning of periodCash, cash equivalents and restricted cash, beginning of period11,768 5,589 Cash, cash equivalents and restricted cash, beginning of period8,778 11,768 
Cash, cash equivalents and restricted cash, end of periodCash, cash equivalents and restricted cash, end of period$12,418 $13,976 Cash, cash equivalents and restricted cash, end of period$8,914 $14,976 
See accompanying notes to condensed consolidated financial statements.
3

Table of Contents

Comcast Corporation
Condensed Consolidated Balance Sheet
(Unaudited)
(in millions, except share data)(in millions, except share data)June 30,
2021
December 31,
2020
(in millions, except share data)March 31,
2022
December 31,
2021
AssetsAssetsAssets
Current Assets:Current Assets:Current Assets:
Cash and cash equivalentsCash and cash equivalents$12,378 $11,740 Cash and cash equivalents$8,880 $8,711 
Receivables, netReceivables, net11,110 11,466 Receivables, net12,300 12,008 
Other current assetsOther current assets3,558 3,535 Other current assets4,201 4,088 
Total current assetsTotal current assets27,046 26,741 Total current assets25,381 24,807 
Film and television costsFilm and television costs12,372 13,340 Film and television costs12,360 12,806 
InvestmentsInvestments8,903 7,820 Investments8,287 8,082 
Investment securing collateralized obligationInvestment securing collateralized obligation564 447 Investment securing collateralized obligation646 605 
Property and equipment, net of accumulated depreciation of $55,217 and $54,38852,769 51,995 
Property and equipment, net of accumulated depreciation of $56,274 and $55,611Property and equipment, net of accumulated depreciation of $56,274 and $55,61153,820 54,047 
GoodwillGoodwill70,429 70,669 Goodwill69,052 70,189 
Franchise rightsFranchise rights59,365 59,365 Franchise rights59,365 59,365 
Other intangible assets, net of accumulated amortization of $21,976 and $19,82534,321 35,389 
Other intangible assets, net of accumulated amortization of $24,525 and $23,545Other intangible assets, net of accumulated amortization of $24,525 and $23,54532,468 33,580 
Other noncurrent assets, netOther noncurrent assets, net11,235 8,103 Other noncurrent assets, net12,694 12,424 
Total assetsTotal assets$277,004 $273,869 Total assets$274,074 $275,905 
Liabilities and EquityLiabilities and EquityLiabilities and Equity
Current Liabilities:Current Liabilities:Current Liabilities:
Accounts payable and accrued expenses related to trade creditorsAccounts payable and accrued expenses related to trade creditors$11,672 $11,364 Accounts payable and accrued expenses related to trade creditors$12,707 $12,455 
Accrued participations and residualsAccrued participations and residuals1,713 1,706 Accrued participations and residuals1,744 1,822 
Deferred revenueDeferred revenue3,566 2,963 Deferred revenue3,018 3,040 
Accrued expenses and other current liabilitiesAccrued expenses and other current liabilities8,956 9,617 Accrued expenses and other current liabilities10,071 9,899 
Current portion of long-term debtCurrent portion of long-term debt3,407 3,146 Current portion of long-term debt2,117 2,132 
Total current liabilitiesTotal current liabilities29,314 28,796 Total current liabilities29,657 29,348 
Long-term debt, less current portionLong-term debt, less current portion95,175 100,614 Long-term debt, less current portion92,443 92,718 
Collateralized obligationCollateralized obligation5,169 5,168 Collateralized obligation5,171 5,170 
Deferred income taxesDeferred income taxes29,525 28,051 Deferred income taxes29,857 30,041 
Other noncurrent liabilitiesOther noncurrent liabilities20,775 18,222 Other noncurrent liabilities20,441 20,620 
Commitments and contingenciesCommitments and contingencies00Commitments and contingencies00
Redeemable noncontrolling interests and redeemable subsidiary preferred stock530 1,280 
Redeemable noncontrolling interestsRedeemable noncontrolling interests513 519 
Equity:Equity:Equity:
Preferred stock—authorized, 20,000,000 shares; issued, 0
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 5,453,083,882 and 5,444,002,825; outstanding, 4,580,292,854 and 4,571,211,79755 54 
Preferred stock—authorized, 20,000,000 shares; issued, zeroPreferred stock—authorized, 20,000,000 shares; issued, zero— — 
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 5,344,663,467 and 5,396,576,978; outstanding, 4,471,872,439 and 4,523,785,950Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 5,344,663,467 and 5,396,576,978; outstanding, 4,471,872,439 and 4,523,785,95053 54 
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375— — 
Additional paid-in capitalAdditional paid-in capital40,046 39,464 Additional paid-in capital39,926 40,173 
Retained earningsRetained earnings60,359 56,438 Retained earnings61,555 61,902 
Treasury stock, 872,791,028 Class A common sharesTreasury stock, 872,791,028 Class A common shares(7,517)(7,517)Treasury stock, 872,791,028 Class A common shares(7,517)(7,517)
Accumulated other comprehensive income (loss)Accumulated other comprehensive income (loss)1,992 1,884 Accumulated other comprehensive income (loss)674 1,480 
Total Comcast Corporation shareholders’ equityTotal Comcast Corporation shareholders’ equity94,935 90,323 Total Comcast Corporation shareholders’ equity94,693 96,092 
Noncontrolling interestsNoncontrolling interests1,581 1,415 Noncontrolling interests1,300 1,398 
Total equityTotal equity96,516 91,738 Total equity95,992 97,490 
Total liabilities and equityTotal liabilities and equity$277,004 $273,869 Total liabilities and equity$274,074 $275,905 
See accompanying notes to condensed consolidated financial statements.
4

Table of Contents

Comcast Corporation
Condensed Consolidated Statement of Changes in Equity
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
Three Months Ended
March 31,
(in millions, except per share data)(in millions, except per share data)2021202020212020(in millions, except per share data)20222021
Redeemable Noncontrolling Interests and Redeemable Subsidiary Preferred Stock
Redeemable Noncontrolling InterestsRedeemable Noncontrolling Interests
Balance, beginning of periodBalance, beginning of period$546 $1,259 $1,280 $1,372 Balance, beginning of period$519 $1,280 
Redemption of subsidiary preferred stockRedemption of subsidiary preferred stock(725)Redemption of subsidiary preferred stock— (725)
Contributions from (distributions to) noncontrolling interests, netContributions from (distributions to) noncontrolling interests, net(13)(10)(40)(37)Contributions from (distributions to) noncontrolling interests, net(25)(27)
OtherOther(12)(10)(165)Other— (10)
Net income (loss)Net income (loss)(3)19 24 86 Net income (loss)18 28 
Balance, end of periodBalance, end of period$530 $1,256 $530 $1,256 Balance, end of period$513 $546 
Class A Common StockClass A Common StockClass A Common Stock
Balance, beginning of periodBalance, beginning of period$55 $54 $54 $54 Balance, beginning of period$54 $54 
Issuances of common stock under employee plans
Issuances (repurchases) of common stock under repurchase program and employee plansIssuances (repurchases) of common stock under repurchase program and employee plans(1)
Balance, end of periodBalance, end of period$55 $54 $55 $54 Balance, end of period$53 $55 
Additional Paid-In CapitalAdditional Paid-In CapitalAdditional Paid-In Capital
Balance, beginning of periodBalance, beginning of period$39,744 $38,597 $39,464 $38,447 Balance, beginning of period$40,173 $39,464 
Stock compensation plansStock compensation plans274 261 570 473 Stock compensation plans286 296 
Repurchases of common stock under repurchase program and employee plansRepurchases of common stock under repurchase program and employee plans(43)(10)(131)(103)Repurchases of common stock under repurchase program and employee plans(595)(88)
Employee stock purchase plansEmployee stock purchase plans76 79 139 133 Employee stock purchase plans67 62 
OtherOther(5)(14)Other(5)10 
Balance, end of periodBalance, end of period$40,046 $38,936 $40,046 $38,936 Balance, end of period$39,926 $39,744 
Retained EarningsRetained EarningsRetained Earnings
Balance, beginning of periodBalance, beginning of period$58,321 $51,516 $56,438 $50,695 Balance, beginning of period$61,902 $56,438 
Cumulative effects of adoption of accounting standards(124)
Repurchases of common stock under repurchase program and employee plansRepurchases of common stock under repurchase program and employee plans(543)(26)(832)(168)Repurchases of common stock under repurchase program and employee plans(2,670)(289)
Dividends declaredDividends declared(1,156)(1,061)(2,317)(2,125)Dividends declared(1,225)(1,161)
OtherOtherOther— 
Net income (loss)Net income (loss)3,738 2,988 7,067 5,135 Net income (loss)3,549 3,329 
Balance, end of periodBalance, end of period$60,359 $53,420 $60,359 $53,420 Balance, end of period$61,555 $58,321 
Treasury Stock at CostTreasury Stock at CostTreasury Stock at Cost
Balance, beginning of periodBalance, beginning of period$(7,517)$(7,517)$(7,517)$(7,517)Balance, beginning of period$(7,517)$(7,517)
Balance, end of periodBalance, end of period$(7,517)$(7,517)$(7,517)$(7,517)Balance, end of period$(7,517)$(7,517)
Accumulated Other Comprehensive Income (Loss)Accumulated Other Comprehensive Income (Loss)Accumulated Other Comprehensive Income (Loss)
Balance, beginning of periodBalance, beginning of period$1,972 $(1,144)$1,884 $1,047 Balance, beginning of period$1,480 $1,884 
Other comprehensive income (loss)Other comprehensive income (loss)20 (135)108 (2,326)Other comprehensive income (loss)(806)88 
Balance, end of periodBalance, end of period$1,992 $(1,279)$1,992 $(1,279)Balance, end of period$674 $1,972 
Noncontrolling InterestsNoncontrolling InterestsNoncontrolling Interests
Balance, beginning of periodBalance, beginning of period$1,525 $1,277 $1,415 $1,148 Balance, beginning of period$1,398 $1,415 
Other comprehensive income (loss)Other comprehensive income (loss)24 10 (12)Other comprehensive income (loss)28 (14)
Contributions from (distributions to) noncontrolling interests, netContributions from (distributions to) noncontrolling interests, net135 (105)324 15 Contributions from (distributions to) noncontrolling interests, net(35)189 
Other14 
Net income (loss)Net income (loss)(105)(169)12 Net income (loss)(91)(65)
Balance, end of periodBalance, end of period$1,581 $1,177 $1,581 $1,177 Balance, end of period$1,300 $1,525 
Total equityTotal equity$96,516 $84,791 $96,516 $84,791 Total equity$95,992 $94,100 
Cash dividends declared per common shareCash dividends declared per common share$0.25 $0.23 $0.50 $0.46 Cash dividends declared per common share$0.27 $0.25 
See accompanying notes to condensed consolidated financial statements.
5

Table of Contents

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 20202021 Annual Report on Form 10-K and the notes within this 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 2021. See Note 2 for a discussion of the changes in our presentation of segment operating results.
Note 2: Segment Information
In the first quarter of 2021, we changed our presentation of segment operating results. We now present our operations in 5 reportable business segments: (1) Comcast Cable in 1 reportable business segment, referred to as Cable Communications; (2) NBCUniversal in 3 reportable business segments: Media, Studios and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in 1 reportable business segment. The changes reflect a reorganized operating structure in NBCUniversal’s television and streaming businesses and primarily include: (i) the combination of NBCUniversal’s television networks (previously reported in Cable Networks and Broadcast Television) with the operations of Peacock (previously reported in Corporate and Other) in the Media segment, and (ii) the presentation of NBCUniversal’s television studio production operations (previously reported in Cable Networks and Broadcast Television) with the studio operations of Filmed Entertainment in the Studios segment. Prior periods have been adjusted to reflect this presentation.
Cable Communications is a leading provider of broadband, video, voice, wireless, and security and automationother services to residential customers in the United States under the Xfinity brand; webrand. We also provide these and other services to business customers and sell advertising. Revenue is generated primarily from residential and business customers that subscribe to our services, which are marketed individually and as bundled services, and from the sale of 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; and various digital properties. Revenue is generated primarily from the sale of advertising on our television networks, Peacock and digital properties; and the fees received from the distribution of our television network programming to traditional and virtual multichannel video providers and from NBC-affiliated and Telemundo-affiliated local broadcast television stations. Media also generates other revenue from various digital properties.service.
Studios consists primarily of NBCUniversal’s film and television studio production and distribution operations. Revenue is generated primarily from the licensing of our owned film and television content to broadcast, cable and premium networks, and to direct-to-consumer streaming service providers, as well as through video on demand and pay-per-view services provided by multichannel video providers and over-the-top service providers; from the worldwide distribution of our produced and acquired films for exhibition in movie theaters; and from the sale of owned content on DVDs, Blu-ray discs and through digital distribution services.
Theme Parks consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; Osaka, Japan; and Osaka, Japan. In addition, we are developing a theme park in Beijing, China along with a consortium of Chinese state-owned companies, and an additional theme park in Orlando, Florida. Revenue is generated primarily from guest spending at our Universal theme parks.China.
Sky is one of Europe’sEuropes 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. Revenue is generated primarily from residential and business customers that
6

Table of Contents

Comcast Corporation
subscribe to our services; from the distribution of Sky’s owned television networks on third-party platforms and the licensing of owned and acquired programming to third-party video providers; and from the sale of advertising.
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.initiatives, including Sky Glass and XClass TV smart televisions.
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.
 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 
Theme Parks1,095 221 195 100 
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)
Comcast Consolidated$28,546 $8,927 $3,383 $2,144 $671 
 Three Months Ended June 30, 2020
(in millions)
Revenue(a)
Adjusted EBITDA(b)
Depreciation and AmortizationCapital
Expenditures
Cash Paid for Intangible Assets
Cable Communications$14,428 $6,176 $1,937 $1,452 $326 
NBCUniversal
Media4,096 1,636 244 29 49 
Studios2,052 323 15 
Theme Parks136 (393)191 295 16 
Headquarters and Other11 (82)129 54 37 
Eliminations(a)
(580)(104)
NBCUniversal5,715 1,380 579 380 104 
Sky4,079 749 720 215 170 
Corporate and Other40 (389)28 29 
Eliminations(a)
(547)11 
Comcast Consolidated$23,715 $7,927 $3,264 $2,076 $601 
76

Table of Contents

Comcast Corporation
Six Months Ended June 30, 2021 Three Months Ended March 31, 2022
(in millions)(in millions)
Revenue(a)
Adjusted EBITDA(b)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets(in millions)
Revenue(a)
Adjusted EBITDA(b)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable CommunicationsCable Communications$31,807 $13,903 $3,880 $3,065 $652 Cable Communications$16,540 $7,272 $1,960 $1,367 $334 
NBCUniversalNBCUniversalNBCUniversal
MediaMedia10,184 2,851 501 29 75 Media6,865 1,159 250 12 46 
StudiosStudios4,620 653 25 Studios2,757 245 11 
Theme ParksTheme Parks1,714 159 402 226 15 Theme Parks1,560 451 282 220 
Headquarters and OtherHeadquarters and Other38 (395)241 98 57 Headquarters and Other16 (191)118 72 31 
Eliminations(a)
Eliminations(a)
(1,576)(225)
Eliminations(a)
(901)(62)— — — 
NBCUniversalNBCUniversal14,980 3,043 1,168 354 153 NBCUniversal10,296 1,601 662 306 85 
SkySky10,217 924 1,640 455 412 Sky4,775 622 870 147 154 
Corporate and OtherCorporate and Other181 (541)57 128 65 Corporate and Other238 (262)56 37 67 
Eliminations(a)
Eliminations(a)
(1,434)11 
Eliminations(a)
(840)(82)— — — 
Comcast ConsolidatedComcast Consolidated$55,751 $17,339 $6,745 $4,003 $1,283 Comcast Consolidated$31,010 $9,150 $3,548 $1,856 $641 
Six Months Ended June 30, 2020 Three Months Ended March 31, 2021
(in millions)(in millions)
Revenue(a)
Adjusted EBITDA(b)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets(in millions)
Revenue(a)
Adjusted EBITDA(b)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable CommunicationsCable Communications$29,346 $12,252 $3,883 $2,721 $682 Cable Communications$15,805 $6,830 $1,929 $1,370 $315 
NBCUniversalNBCUniversalNBCUniversal
MediaMedia8,974 3,165 487 60 87 Media5,036 1,473 247 10 32 
StudiosStudios4,461 623 32 Studios2,396 497 12 
Theme ParksTheme Parks1,061 (306)381 591 31 Theme Parks619 (61)207 126 
Headquarters and OtherHeadquarters and Other20 (303)245 100 78 Headquarters and Other16 (209)117 35 28 
Eliminations(a)
Eliminations(a)
(1,072)(110)
Eliminations(a)
(1,043)(210)— — — 
NBCUniversalNBCUniversal13,444 3,069 1,145 757 199 NBCUniversal7,024 1,490 583 172 68 
SkySky8,596 1,300 1,438 412 336 Sky4,997 364 814 271 201 
Corporate and OtherCorporate and Other160 (582)62 67 Corporate and Other89 (281)36 46 28 
Eliminations(a)
Eliminations(a)
(1,222)18 
Eliminations(a)
(710)10 — — — 
Comcast ConsolidatedComcast Consolidated$50,324 $16,057 $6,528 $3,957 $1,219 Comcast Consolidated$27,205 $8,413 $3,362 $1,859 $612 
87

Table of Contents

Comcast Corporation
(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 atin Media for fees received from Cable Communications for the sale of cable network programming and under retransmission consent agreements; content licensing revenue at Studios for licenses of owned content to Media and Sky; and advertising revenue atin 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 atin 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. Under the previous segment structure, revenue for licenses of content between our previous NBCUniversal segments was recognized over time to correspond with the amortization of the costs of licensed content over the license period.
A summary of revenue for each of our segments resulting from transactions with other segments and eliminated in consolidation is presented in the table below.
Three Months Ended
June 30,
Six Months Ended
June 30,
Three Months Ended
March 31,
(in millions)(in millions)2021202020212020(in millions)20222021
Cable CommunicationsCable Communications$47 $41 $93 $82 Cable Communications$56 $45 
NBCUniversalNBCUniversalNBCUniversal
MediaMedia543 426 1,082 967 Media669 540 
StudiosStudios589 625 1,678 1,165 Studios939 1,089 
Theme ParksTheme ParksTheme Parks— 
Headquarters and OtherHeadquarters and Other17 29 Headquarters and Other12 12 
SkySky15 23 Sky
Corporate and OtherCorporate and Other47 24 105 64 Corporate and Other58 58 
Total intersegment revenueTotal intersegment revenue$1,257 $1,127 $3,010 $2,294 Total intersegment revenue$1,741 $1,753 
(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 (such as certain costs incurred in response to COVID-19, including severance charges), within Corporate and Other. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below.
Three Months Ended
June 30,
Six Months Ended
June 30,
Three Months Ended
March 31,
(in millions)(in millions)2021202020212020(in millions)20222021
Adjusted EBITDAAdjusted EBITDA$8,927 $7,927 $17,339 $16,057 Adjusted EBITDA$9,150 $8,413 
AdjustmentsAdjustments(36)(16)(48)(30)Adjustments(33)(12)
DepreciationDepreciation(2,113)(2,099)(4,231)(4,206)Depreciation(2,213)(2,117)
AmortizationAmortization(1,270)(1,165)(2,514)(2,322)Amortization(1,335)(1,245)
Interest expenseInterest expense(1,093)(1,112)(2,112)(2,324)Interest expense(993)(1,018)
Investment and other income (loss), netInvestment and other income (loss), net1,216 420 1,607 (296)Investment and other income (loss), net188 390 
Income before income taxesIncome before income taxes$5,630 $3,955 $10,042 $6,879 Income before income taxes$4,764 $4,411 
Adjustments represent the impactsimpact of certain events, gains, losses or other charges that are excluded from Adjusted EBITDA, including Sky transaction-related costs and costs related to our investment portfolio.
Goodwill by Segment
The changesportfolio, and Sky transaction-related costs in the carrying amount of goodwill by segment for the six months ended June 30, 2021 are as follows:
  NBCUniversal  
(in billions)Cable
Communications
Cable
Networks
Broadcast
Television
Filmed
Entertainment
MediaStudiosTheme
Parks
SkyCorporate
and Other
Total
Balance, December 31, 2020$15.3 $14.0 $1.1 $3.3 $$$7.0 $30.0 $$70.7 
Segment change(14.0)(1.1)(3.3)14.7 3.7 
Foreign currency translation and other0.1 (0.4)0.1 (0.2)
Balance, June 30, 2021$15.4 $0 $0 $0 $14.7 $3.7 $6.6 $30.0 $0 $70.4 

2021.
98

Table of Contents

Comcast Corporation
Note 3: Revenue
Three Months Ended
June 30,
Six Months Ended
June 30,
Three Months Ended
March 31,
(in millions)(in millions)2021202020212020(in millions)20222021
Residential:Residential:Residential:
BroadbandBroadband$5,717 $5,000 $11,317 $10,001 Broadband$6,050 $5,600 
VideoVideo5,554 5,415 11,177 11,047 Video5,536 5,623 
VoiceVoice870 877 1,741 1,776 Voice786 871 
WirelessWireless556 326 1,069 669 Wireless677 513 
Business servicesBusiness services2,202 2,004 4,369 4,047 Business services2,396 2,167 
AdvertisingAdvertising679 428 1,296 985 Advertising671 618 
OtherOther425 378 838 821 Other424 413 
Total Cable CommunicationsTotal Cable Communications16,002 14,428 31,807 29,346 Total Cable Communications16,540 15,805 
AdvertisingAdvertising2,189 1,648 4,282 3,815 Advertising3,332 2,094 
DistributionDistribution2,452 2,060 4,947 4,347 Distribution3,033 2,495 
OtherOther507 388 955 812 Other499 447 
Total MediaTotal Media5,148 4,096 10,184 8,974 Total Media6,865 5,036 
Content licensingContent licensing1,781 1,746 3,855 3,565 Content licensing2,279 2,075 
TheatricalTheatrical198 237 323 Theatrical168 39 
Home entertainment and otherHome entertainment and other245 299 527 573 Home entertainment and other310 282 
Total StudiosTotal Studios2,224 2,052 4,620 4,461 Total Studios2,757 2,396 
Total Theme ParksTotal Theme Parks1,095 136 1,714 1,061 Total Theme Parks1,560 619 
Headquarters and OtherHeadquarters and Other22 11 38 20 Headquarters and Other16 16 
Eliminations(a)
Eliminations(a)
(534)(580)(1,576)(1,072)
Eliminations(a)
(901)(1,043)
Total NBCUniversalTotal NBCUniversal7,955 5,715 14,980 13,444 Total NBCUniversal10,296 7,024 
Direct-to-consumerDirect-to-consumer4,222 3,524 8,288 7,203 Direct-to-consumer3,884 4,065 
ContentContent355 234 713 559 Content295 358 
AdvertisingAdvertising643 321 1,216 834 Advertising596 574 
Total SkyTotal Sky5,220 4,079 10,217 8,596 Total Sky4,775 4,997 
Corporate and OtherCorporate and Other92 40 181 160 Corporate and Other238 89 
Eliminations(a)
Eliminations(a)
(723)(547)(1,434)(1,222)
Eliminations(a)
(840)(710)
Total revenueTotal revenue$28,546 $23,715 $55,751 $50,324 Total revenue$31,010 $27,205 
(a)Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions.
We operate primarily in the United States but also in select international markets. The table below summarizes revenue by geographic location.
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions)2021202020212020
United States$22,182 $18,656 $43,338 $39,346 
Europe5,683 4,621 11,035 9,654 
Other681 438 1,378 1,324 
Total revenue$28,546 $23,715 $55,751 $50,324 
10

Table of Contents

Comcast Corporation
Condensed Consolidated Balance Sheet
The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheet that relate to the recognition of revenue and collection of the related cash, as well as the deferred costs associated with our contracts with customers.
(in millions)(in millions)June 30,
2021
December 31,
2020
(in millions)March 31,
2022
December 31,
2021
Receivables, grossReceivables, gross$11,841 $12,273 Receivables, gross$13,026 $12,666 
Less: Allowance for doubtful accountsLess: Allowance for doubtful accounts730 807 Less: Allowance for doubtful accounts726 658 
Receivables, netReceivables, net$11,110 $11,466 Receivables, net$12,300 $12,008 
(in millions)(in millions)June 30,
2021
December 31,
2020
(in millions)March 31,
2022
December 31,
2021
Noncurrent receivables, net (included in other noncurrent assets, net)Noncurrent receivables, net (included in other noncurrent assets, net)$1,091 $1,091 Noncurrent receivables, net (included in other noncurrent assets, net)$1,775 $1,632 
Contract acquisition and fulfillment costs (included in other noncurrent assets, net)Contract acquisition and fulfillment costs (included in other noncurrent assets, net)$1,022 $1,060 Contract acquisition and fulfillment costs (included in other noncurrent assets, net)$1,089 $1,094 
Noncurrent deferred revenue (included in other noncurrent liabilities)Noncurrent deferred revenue (included in other noncurrent liabilities)$719 $750 Noncurrent deferred revenue (included in other noncurrent liabilities)$682 $695 
9

Table of Contents

Comcast Corporation
Note 4: Programming and Production Costs
Three Months Ended
June 30,
Six Months Ended
June 30,
Three Months Ended
March 31,
(in millions)(in millions)2021202020212020(in millions)20222021
Video distribution programmingVideo distribution programming$3,414 $3,046 $6,930 $6,261 Video distribution programming$3,426 $3,515 
Film and television content:Film and television content:Film and television content:
Owned(a)
Owned(a)
2,227 1,936 4,191 4,063
Owned(a)
2,508 1,964
Licensed, including sports rights Licensed, including sports rights3,318 1,584 6,492 4,248 Licensed, including sports rights4,325 3,175
OtherOther297 251 562 547Other311 265
Total programming and production costsTotal programming and production costs$9,256 $6,817 $18,175 $15,118 Total programming and production costs$10,570 $8,919 
(a) Amount includes amortization of owned content of $1.8$2.0 billion and $3.5$1.6 billion for the three and six months ended June 30,March 31, 2022 and 2021, respectively, and $1.5 billion and $3.3 billion for the three and six months ended June 30, 2020, respectively, as well as participations and residuals expenses.
Capitalized Film and Television Costs
(in millions)(in millions)June 30,
2021
December 31,
2020
(in millions)March 31,
2022
December 31,
2021
Owned:Owned:Owned:
Released, less amortizationReleased, less amortization$4,094 $3,815 Released, less amortization$3,900 $3,726 
Completed, not releasedCompleted, not released421 139 Completed, not released597 536 
In production and in developmentIn production and in development2,423 2,755 In production and in development2,706 2,732 
6,937 6,709 7,202 6,994 
Licensed, including sports advancesLicensed, including sports advances5,435 6,631 Licensed, including sports advances5,158 5,811 
Film and television costsFilm and television costs$12,372 $13,340 Film and television costs$12,360 $12,806 
Note 5: Long-Term Debt
As of June 30,March 31, 2022, our debt had a carrying value of $94.6 billion and an estimated fair value of $99.8 billion. As of December 31, 2021, our debt had a carrying value of $98.6$94.8 billion and an estimated fair value of $114.7 billion. As of December 31, 2020, our debt had a carrying value of $103.8 billion and an estimated fair value of $125.6$109.3 billion. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market value for the debt. The estimated fair value of debt for which there are no quoted market prices was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.
In March 2021, we entered into a new $11 billion revolving credit facility due March 30, 2026 with a syndicate of banks that may be used for general corporate purposes. We may increase the commitments under the revolving credit facility up to a total of $14 billion, as well as extend the expiration date to no later than March 30, 2028, subject to approval of the lenders. The interest rate on the revolving credit facility consists of a base rate plus a borrowing margin that is determined based on Comcast’s credit rating. As of June 30, 2021, the borrowing margin for borrowings based on the London Interbank Offered Rate was 1.00%. Our revolving credit facility requires that we maintain certain financial ratios based on debt and EBITDA, as defined in the revolving credit facility. We were in compliance with all financial covenants for all periods presented. The new
11

Table of Contents

Comcast Corporation
revolving credit facility replaced an aggregate $9.2 billion of existing revolving credit facilities due May 26, 2022, which were terminated. Our revolving credit facilities were undrawn as of both June 30, 2021 and December 31, 2020.
Note 6: Significant Transactions
Universal Beijing ResortAcquisitions
In October 2021, we acquired Masergy, a provider of software-defined networking and cloud platforms for global enterprises, for total cash consideration of $1.2 billion. The acquisition accelerates our growth in serving large and mid-sized companies, particularly U.S.-based organizations with multi-site global enterprises. Masergy’s results of operations are included in our consolidated results of operations since the acquisition date and are reported in our Cable Communications segment. We entered into an agreement withhave recorded a consortiumpreliminary estimate of Chinese state-owned companies to build and operate a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”). We own a 30% interest in Universal Beijing Resort and the construction is being funded through a combination of debt financing and equity contributions from the investors in accordance with their equity interests. As of June 30, 2021, Universal Beijing Resort had $3.3 billion of debt outstanding, including $2.9 billion principal amount of a term loan under the debt financing agreement.
As of June 30, 2021, our condensed consolidated balance sheet includedMasergy’s assets and liabilities with approximately $850 million recorded to goodwill and the remainder primarily attributed to software and customer relationship intangible assets. These estimates are not yet final and are subject to change. The acquisition was not material to our consolidated results of Universal Beijing Resort, totaling $8.9 billion and $7.1 billion, respectively. The assets and liabilitiesoperations.
10

Table of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt.Contents

Comcast Corporation
Note 7: Investments and Variable Interest Entities
Investment and Other Income (Loss), Net
Three Months Ended
June 30,
Six Months Ended
June 30,
Three Months Ended
March 31,
(in millions)(in millions)2021202020212020(in millions)20222021
Equity in net income (losses) of investees, netEquity in net income (losses) of investees, net$959 $300 $1,095 $(368)Equity in net income (losses) of investees, net$133 $136 
Realized and unrealized gains (losses) on equity securities, netRealized and unrealized gains (losses) on equity securities, net189 426 (53)Realized and unrealized gains (losses) on equity securities, net117 237 
Other income (loss), netOther income (loss), net69 115 87 125 Other income (loss), net(62)17 
Investment and other income (loss), netInvestment and other income (loss), net$1,216 $420 $1,607 $(296)Investment and other income (loss), net$188 $390 
The amount of unrealized gains (losses), net recognized in the three months ended June 30,March 31, 2022 and 2021 and 2020 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period were gains of $153was $90 million and losses of $79 million, respectively. The amount of unrealized gains (losses) recognized in the six months ended June 30, 2021 and 2020 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period were gains of $264 million and losses of $120$98 million, respectively.
Investments
(in millions)(in millions)June 30,
2021
December 31,
2020
(in millions)March 31,
2022
December 31,
2021
Equity methodEquity method$6,921 $6,006 Equity method$5,852 $6,111 
Marketable equity securitiesMarketable equity securities338 460 Marketable equity securities323 406 
Nonmarketable equity securitiesNonmarketable equity securities2,116 1,950 Nonmarketable equity securities1,897 1,735 
Other investmentsOther investments131 143 Other investments1,166 803 
Total investmentsTotal investments9,506 8,559 Total investments9,238 9,055 
Less: Current investmentsLess: Current investments39 292 Less: Current investments306 368 
Less: Investment securing collateralized obligationLess: Investment securing collateralized obligation564 447 Less: Investment securing collateralized obligation646 605 
Noncurrent investmentsNoncurrent investments$8,903 $7,820 Noncurrent investments$8,287 $8,082 
Equity MethodMethod Investments
The amount of cash distributions received from equity method investments presented within operating activities in the condensed consolidated statement of cash flows in the three months ended March 31, 2022 and 2021 was $32 million and $115 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 sixthree months ended June 30,March 31, 2022 and 2021, and 2020, we made cash capital contributions to Atairos totaling $24$13 million and $172$12 million, respectively. As of June 30, 2021March 31, 2022 and December 31, 2020,2021, 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 $3.9$4.7 billion, respectively. As of March 31, 2022, our remaining unfunded capital commitment was $1.5 billion.
Hulu and Collateralized Obligation
In 2019, we borrowed $5.2 billion under a term loan facility due March 2024 which is fully collateralized by the minimum guaranteed proceeds of the put/call option related to our investment in Hulu. As of June 30, 2021March 31, 2022 and December 31, 2020,2021, the
12

Table of Contents

Comcast Corporation
carrying value and estimated fair value of our collateralized obligation were $5.2 billion. The estimated fair value was based on Level 2 inputs that use interest rates for debt with similar terms and remaining maturities. We present our investment in Hulu and the term loan separately in our condensed consolidated balance sheet in the captions “investment securing collateralized obligation” and “collateralized obligation,” respectively. The recorded value of our investment reflects our historical cost in applying the equity method, and as a result, is less than its fair value.
Other InvestmentsConsolidated Variable Interest Entity
AirTouchUniversal Beijing Resort
In April 2020, Verizon Americas, Inc., formerly known as AirTouch Communications, Inc.We own a 30% interest in a Universal theme park and resort in Beijing, China (“AirTouch”Universal Beijing Resort”), redeemedwhich opened in September 2021. Universal Beijing Resort is a consolidated VIE with the 2 seriesremaining interest owned by a consortium of preferred stockChinese state-owned companies. The construction was funded through a combination of debt financing and we received cash paymentsequity contributions from
11

Table of Contents

Comcast Corporation
the partners in accordance with their equity interests. As of March 31, 2022, Universal Beijing Resort had $3.7 billion of debt outstanding, including $3.3 billion principal amount of a term loan outstanding under the debt financing agreement.
As of March 31, 2022, our condensed consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $1.7 billion. Subsequently, we redeemed$9.6 billion and repurchased the 3 series$8.1 billion, respectively. The assets and liabilities of preferred shares issued by oneUniversal Beijing Resort primarily consist of our consolidated subsidiariesproperty and made cash payments totaling $1.8 billion.equipment, operating lease assets and liabilities, and debt.
Note 8: Equity and Share-Based Compensation
Weighted-Average Common Shares Outstanding
Three Months Ended
June 30,
Six Months Ended
June 30,
Three Months Ended
March 31,
(in millions)(in millions)2021202020212020(in millions)20222021
Weighted-average number of common shares outstanding – basicWeighted-average number of common shares outstanding – basic4,601 4,570 4,596 4,566 Weighted-average number of common shares outstanding – basic4,512 4,591 
Effect of dilutive securitiesEffect of dilutive securities72 37 73 45 Effect of dilutive securities46 74 
Weighted-average number of common shares outstanding – dilutedWeighted-average number of common shares outstanding – diluted4,673 4,607 4,669 4,611 Weighted-average number of common shares outstanding – diluted4,558 4,665 
Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. The amount of potential common shares related to our share-based compensation plans that were excluded from diluted EPS because their effect would have been antidilutive was not material in any of the periods presented.
Accumulated Other Comprehensive Income (Loss)
(in millions)(in millions)June 30,
2021
December 31,
2020
(in millions)March 31,
2022
December 31,
2021
Cumulative translation adjustmentsCumulative translation adjustments$1,806 $1,790 Cumulative translation adjustments$174 $1,119 
Deferred gains (losses) on cash flow hedgesDeferred gains (losses) on cash flow hedges(109)Deferred gains (losses) on cash flow hedges252 104 
Unrecognized gains (losses) on employee benefit obligations and otherUnrecognized gains (losses) on employee benefit obligations and other186 203 Unrecognized gains (losses) on employee benefit obligations and other248 257 
Accumulated other comprehensive income (loss), net of deferred taxesAccumulated other comprehensive income (loss), net of deferred taxes$1,992 $1,884 Accumulated other comprehensive income (loss), net of deferred taxes$674 $1,480 
Share-Based Compensation
Our share-based compensation plans consist primarily of awards of RSUs and stock options to certain employees and directors as part of our approach to long-term incentive compensation. Additionally, through our employee stock purchase plans, employees are able to purchase shares of our common stock at a discount through payroll deductions.
In March 2021,2022, we granted 12.816 million RSUs and 42.351 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $54.62$46.46 per RSU and $9.64$8.81 per stock option.
Recognized Share-Based Compensation Expense
Three Months Ended
June 30,
Six Months Ended
June 30,
Three Months Ended
March 31,
(in millions)(in millions)2021202020212020(in millions)20222021
Restricted share unitsRestricted share units$185 $179 $391 $320 Restricted share units$197 $206 
Stock optionsStock options89 83 178 154 Stock options91 90 
Employee stock purchase plansEmployee stock purchase plans20 21 Employee stock purchase plans12 11 
TotalTotal$282 $271 $589 $495 Total$300 $307 
As of June 30, 2021,March 31, 2022, we had unrecognized pretax compensation expense of $1.4$1.7 billion and $726$868 million related to nonvested RSUs and nonvested stock options, respectively.
1312

Table of Contents

Comcast Corporation
Note 9: Supplemental Financial Information
Income Taxes
In the second quarter of 2021, tax law changes were enacted in the United Kingdom that, among other provisions, will increase the corporate tax rate to 25% from 19% effective April 1, 2023. The rate change resulted in an increase to our net deferred tax liabilities of $498 million and a corresponding increase to income tax expense in the second quarter of 2021. Our income tax expense in the United Kingdom will be based on the new rate beginning in 2023.
Cash Payments for Interest and Income Taxes
Six Months Ended
June 30,
Three Months Ended
March 31,
(in millions)(in millions)20212020(in millions)20222021
InterestInterest$1,909 $1,936 Interest$747 $911 
Income taxesIncome taxes$1,832 $333 Income taxes$90 $87 
Noncash Activities
During the sixthree months ended June 30,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
During the three months ended March 31, 2021:
we recognized operating lease assets and liabilities of $2.8 billion related to Universal Beijing Resort with lease terms of 33 years and using a weighted average discount rate of 4.4%
we acquired $1.5$1.6 billion of property and equipment and intangible assets that were accrued but unpaid
we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.25 per common share paid in JulyApril 2021
During the six months ended June 30, 2020:
we acquired $1.8 billion of property and equipment and intangible assets that were accrued but unpaid
we recorded a liability of $1.1 billion for a quarterly cash dividend of $0.23 per common share paid in July 2020
Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the amounts reported in our condensed consolidated statement of cash flows.
(in millions)(in millions)June 30,
2021
December 31,
2020
(in millions)March 31,
2022
December 31,
2021
Cash and cash equivalentsCash and cash equivalents$12,378 $11,740 Cash and cash equivalents$8,880 $8,711 
Restricted cash included in other current assetsRestricted cash included in other current assets26 14 Restricted cash included in other current assets21 56 
Restricted cash included in other noncurrent assets, netRestricted cash included in other noncurrent assets, net14 14 Restricted cash included in other noncurrent assets, net12 12 
Cash, cash equivalents and restricted cash, end of periodCash, cash equivalents and restricted cash, end of period$12,418 $11,768 Cash, cash equivalents and restricted cash, end of period$8,914 $8,778 
Note 10: Commitments and Contingencies
Redeemable Subsidiary Preferred Stock
In the first quarter of 2021, we redeemed all of the NBCUniversal Enterprise, Inc. preferred stock and made cash payments equal to the aggregate liquidation preference of $725 million. As of December 31, 2020, theThe redeemable subsidiary preferred stock had a carrying value equal to its liquidation preference and was presented in redeemable noncontrolling interests and redeemable subsidiary preferred stock.interests.
Contingencies
We are subject to legal proceedings and claims that arise in the ordinary course of our business. While the amount of ultimate liability with respect to such actions is not expected to materially affect our results of operations, cash flows or financial position, any litigation resulting from any such legal proceedings or claims could be time-consuming and injure our reputation.
1413

Table of Contents
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 20202021 Annual Report on Form 10-K.
Overview
We are a global media and technology company with three primary businesses: Comcast Cable, NBCUniversal and Sky. We present our operations forin 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. Refer to Note 2 for information on our reportable segments, including a description of the segment change implemented in the first quarter of 2021. All amounts are presented on a consistent basis under the new segment structure.
Impacts of COVID-19
The novel coronavirus disease 2019 (“COVID-19”)COVID-19 and measures taken to prevent its spread across the globe have impacted our businesses in a number of ways.ways, affecting the comparability of periods included in this report. The most significant continuing impacts to our businesses from COVID-19 has had material negative impacts on NBCUniversal and Sky results of operations primarily due to thehave resulted from temporary restrictions and closures at our international theme parks and the impacts of professional sports, respectively.parks. We expect the effects of the COVID-19 pandemic will continue to adversely impact our consolidated results of operations over the near to medium term, although the extent of such impact will depend on restrictive governmental measures, U.S. and global economic conditions, expanded availability and acceptance of vaccines and consumer behavior in response to COVID-19. The most significant effects of COVID-19 began in the latter part of the first quarter of 2020, affecting the comparability of periods included in this report. The following summary provides a discussion of current and potential future effects of the pandemic with direct impacts to our businesses.
Cable Communications
Beginning in March 2020, new qualifying customers for Internet Essentials, our low-income internet adoption program, receive 60 days of free broadband services. Our customer metrics do not include customers in the free Internet Essentials offer or certain high-risk customers who continued to receive service following nonpayment as a result of COVID-19 programs. The number of customers excluded from our customer metrics has continued to decrease as some of these customers either began paying for service, resulting in customer net additions, or disconnected and no longer receive service, and we expect this to continue in future periods. We have experienced improvement in customer collections; however, we believe there continues to be a risk associated with collections on our outstanding receivables as a result of COVID-19.
NBCUniversal
Our theme parks in Orlando and Hollywood were operating without capacity restrictions as of the end of the second quarter of 2021, following periods with capacity restrictions in place. Our theme park in Japan was temporarily closed for a period in the second quarter of 2021, but was reopened and operating with capacity restrictions as of the end of the quarter. The capacity restrictions and temporary closures of our theme parks had a significant impact on our revenue and Adjusted EBITDA for the three and six months ended June 30, 2021 on a consolidated basis. We expect the results of operations at our theme parks will continue to be negatively impacted and we cannot predict if our parks will remain open or be subject to capacity restrictions, or the level of attendance at our reopened parks. We currently expect that Universal Beijing Resort will open later in 2021. The development of the Epic Universe theme park in Orlando resumed in the first quarter of 2021.
Delays to the start of seasons for certain professional sports leagues, including the 2020-2021 NHL and NBA seasons, resulted in the shift of additional events into the first and second quarters of 2021 compared to a normal year, which impacted the timing of revenue and expense recognition, because both advertising revenue and costs associated with broadcasting these programs are recognized when events are broadcast. We expect the timing of sports seasons to generally return to a normal calendar beginning in the third quarter of 2021. In addition, the 2020 Tokyo Olympics were postponed from the third quarter of 2020 to the third quarter of 2021, resulting in a corresponding delay of the associated revenue and costs.
Our studio production operations have generally returned to full capacity. With the temporary closure and limited capacity operation of many movie theaters worldwide, we have delayed or altered the theatrical distribution strategy for certain of our films, both domestically and internationally. Delays in theatrical releases affect both current and future periods as a result of corresponding delays in subsequent content licensing windows. We expect results of
15

Table of Contents
operations in our Studios segment to continue to be negatively impacted over the near to medium term as a result of COVID-19.
Sky
Direct-to-consumer revenue has been negatively impacted, and future periods may be negatively impacted, as a result of lower sports subscription revenue due to the closures and extent of reopening of our commercial customers locations. In addition, delays to the start of the 2020-2021 seasons for certain sports, including European football, resulted in the shift of additional events and the significant costs associated with broadcasting these programs into the first and second quarters of 2021 compared to a normal year. We expect the timing of sports seasons to generally return to a normal calendar beginning in the third quarter of 2021.
In 2020, our businesses implemented separate cost savings initiatives, with the most significant relating to severance at NBCUniversal in connection with the realignment of the operating structure in our television businesses as well as overall reductions in the cost base. The costs of these initiatives were presented in Corporate and Other. Payments related to NBCUniversal employee severance are expected to be completed in 2021 and the related costs savings will be realized in operating costs and expenses primarily beginning in 2021. A portion of these cost savings may be reallocated to investments in content and other strategic initiatives.behavior.
Consolidated Operating Results
 Three Months Ended
June 30,
Increase/
(Decrease)
Six Months Ended
June 30,
Increase/
(Decrease)
(in millions, except per share data)20212020%20212020%
Revenue$28,546 $23,715 20.4 %$55,751 $50,324 10.8 %
Costs and Expenses:
Programming and production9,256 6,817 35.8 18,175 15,118 20.2 
Other operating and administrative8,549 7,646 11.8 16,818 15,900 5.8 
Advertising, marketing and promotion1,851 1,341 38.0 3,467 3,279 5.7 
Depreciation2,113 2,099 0.7 4,231 4,206 0.6 
Amortization1,270 1,165 8.9 2,514 2,322 8.3 
Operating income5,507 4,647 18.5 10,546 9,499 11.0 
Interest expense(1,093)(1,112)(1.7)(2,112)(2,324)(9.1)
Investment and other income (loss), net1,216 420 189.8 1,607 (296)NM
Income before income taxes5,630 3,955 42.4 10,042 6,879 46.0 
Income tax expense(2,000)(946)111.4 (3,119)(1,646)89.5 
Net income3,630 3,009 20.7 6,922 5,233 32.3 
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock(108)21 NM(145)98 NM
Net income attributable to Comcast Corporation$3,738 $2,988 25.1 %$7,067 $5,135 37.6 %
Basic earnings per common share attributable to Comcast Corporation shareholders$0.81 $0.65 24.6 %$1.54 $1.12 37.5 %
Diluted earnings per common share attributable to Comcast Corporation shareholders$0.80 $0.65 23.1 %$1.51 $1.11 36.0 %
Adjusted EBITDA(a)
$8,927 $7,927 12.6 %$17,339 $16,057 8.0 %
Percentage changes that are considered not meaningful are denoted with NM.
 Three Months Ended
March 31,
Increase/
(Decrease)
(in millions, except per share data)20222021%
Revenue$31,010 $27,205 14.0 %
Costs and Expenses:
Programming and production10,570 8,919 18.5 
Other operating and administrative9,260 8,269 12.0 
Advertising, marketing and promotion2,062 1,616 27.6 
Depreciation2,213 2,117 4.5 
Amortization1,335 1,245 7.3 
Total costs and expenses25,440 22,166 14.8 
Operating income5,569 5,039 10.5 
Interest expense(993)(1,018)(2.4)
Investment and other income (loss), net188 390 (52.0)
Income before income taxes4,764 4,411 8.0 
Income tax expense(1,288)(1,119)15.1 
Net income3,476 3,292 5.6 
Less: Net income (loss) attributable to noncontrolling interests(73)(37)97.4 
Net income attributable to Comcast Corporation$3,549 $3,329 6.6 %
Basic earnings per common share attributable to Comcast Corporation shareholders$0.79 $0.73 8.2 %
Diluted earnings per common share attributable to Comcast Corporation shareholders$0.78 $0.71 9.9 %
Adjusted EBITDA(a)
$9,150 $8,413 8.8 %
(a)Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 2624 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA.
16

Table of Contents
Consolidated Revenue
Cable Communications, Sky,Consolidated revenue increased for the three months ended March 31, 2022, driven by Media, Theme Parks, Cable Communications and Studios, drove increasespartially offset by decreases in consolidated revenue for the three and six months ended June 30, 2021.in Sky.
Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”
14

Table of Contents
Consolidated Costs and Expenses
Sky, Media, Cable Communications, Theme Parks and Studios drove increases in consolidatedConsolidated operating costs and expenses, which is comprised of total costs and expenses excluding depreciation and amortization expense, increased for the three and six months ended June 30, 2021.March 31, 2022, driven by Media, Studios, Theme Parks and Cable Communications, partially offset by decreases in operating costs and expenses in Sky.
Operating costs and expenses for our segments and our corporate operations, businesses development initiatives and other businesses are discussed separately below under the heading “Segment Operating Results.”
Consolidated Depreciation and Amortization Expense
Three Months Ended
June 30,
Increase/
(Decrease)
Six Months Ended
June 30,
Increase/
(Decrease)
Three Months Ended
March 31,
Increase/
(Decrease)
(in millions)(in millions)20212020%20212020%(in millions)20222021%
Cable CommunicationsCable Communications$1,950 $1,937 0.7 %$3,880 $3,883 (0.1)%Cable Communications$1,960 $1,929 1.6 %
NBCUniversalNBCUniversal586 579 1.0 1,168 1,145 2.0 NBCUniversal662 583 13.6 
SkySky826 720 14.7 1,640 1,438 14.0 Sky870 814 7.0 
Corporate and OtherCorporate and Other21 28 (23.3)57 62 (7.0)Corporate and Other56 36 55.2 
Comcast ConsolidatedComcast Consolidated$3,383 $3,264 3.6 %$6,745 $6,528 3.3 %Comcast Consolidated$3,548 $3,362 5.5 %
Consolidated depreciation and amortization expense increased for the three and six months ended June 30, 2021March 31, 2022 compared to the same periodsperiod in 20202021 primarily due to increased depreciation at NBCUniversal driven by the opening of Universal Beijing Resort and increased amortization at Sky driven by increased amortization expense at Sky due to the impact of foreign currencysoftware.
Amortization expense from acquisition-related intangible assets totaled $586$592 million and $1.2 billion for both the three and six months ended June 30, 2021, respectively. Amortization expense from acquisition-related intangible assets totaled $565 millionMarch 31, 2022 and $1.1 billion for the three and six months ended June 30, 2020, respectively.2021. Amounts primarily relate to customer relationship intangible assets recorded in connection with the Sky transaction in the fourth quarter of 2018 and the NBCUniversal transaction in 2011.
Consolidated Interest Expense
Interest expense decreased for the three months ended June 30, 2021March 31, 2022 compared to the same period in 20202021 primarily due to a decrease in average debt outstanding partially offset by a $78 million charge recorded in the current period related to the early redemption of senior notes due 2024. Interest expense decreased for the six months ended June 30, 2021 compared to the same period in 2020 primarily due to a $140 million charge recorded in the prior year period related to the early redemption of senior notes, as well as a decrease in average debt outstanding, partially offset by a $78 million charge recorded in the current period related to the early redemption of senior notes due 2024.period.
Consolidated Investment and Other Income (Loss), Net
Three Months Ended
June 30,
Increase/
(Decrease)
Six Months Ended
June 30,
Increase/
(Decrease)
Three Months Ended
March 31,
Increase/
(Decrease)
(in millions)(in millions)20212020%20212020%(in millions)20222021%
Equity in net income (losses) of investees, netEquity in net income (losses) of investees, net$959 $300 NM$1,095 $(368)NMEquity in net income (losses) of investees, net$133 $136 (2.2)%
Realized and unrealized gains (losses) on equity securities, netRealized and unrealized gains (losses) on equity securities, net189 NM426 (53)NMRealized and unrealized gains (losses) on equity securities, net117 237 (50.7)
Other income (loss), netOther income (loss), net69 115 (40.1)87 125 (30.8)Other income (loss), net(62)17 NM
Total investment and other income (loss), netTotal investment and other income (loss), net$1,216 $420 189.8 %$1,607 $(296)NMTotal investment and other income (loss), net$188 $390 (52.0)%
Percentage changes that are considered not meaningful are denoted with NM.
The change in investment and other income (loss), net for the three and six months ended June 30, 2021March 31, 2022 compared to the same periodsperiod in 20202021 was primarily due to equity in net income (losses) of investees, net related to our investment in Atairos Group, Inc. and realized and unrealized gains (losses) on equity securities, net relatedand other income (loss), net. The change in realized and unrealized gains (losses) on equity securities, net for the three months ended March 31, 2022 compared to the same period in 2021 primarily resulted from losses on marketable securities in the current year period compared to gains in the prior year period, partially offset by increased gains from fair value adjustments for nonmarketable equity securities.securities in the current year period. The change in other income (loss), net for the three months ended March 31, 2022 compared to the same period in 2021 primarily resulted from losses on insurance contracts and net losses on foreign exchange remeasurement in the current year period. Equity in net income (losses) atof investees, net was consistent with the prior year period and included income for our investment in Atairos were driven by fair value adjustments on its underlying investments with income of $883$78 million and $960$77 million for the three and six months ended June 30, 2021, respectively,March 31, 2022 and income of $446 million and losses of $135 million for the three and six months ended June 30, 2020,2021, respectively.
17

Table of Contents
Consolidated Income Tax Expense
Income tax expense for the three and six months ended June 30,March 31, 2022 and 2021 and 2020 reflects an effective income tax rate that differs from the federal statutory rate primarily due to state and foreign income taxes and adjustments associated with uncertain tax positions. The increasesincrease in income tax expense for the three and six months ended June 30, 2021March 31, 2022 compared to the same periodsperiod in 2020 were2021 was primarily due todriven by tax benefits recognized on share-based compensation plans and higher income before income taxes. We also recognized
15

Table of Contents
Consolidated Net Income (Loss) Attributable to Noncontrolling Interests
The changes in net income tax expense of $498 million related(loss) attributable to an increasenoncontrolling interests for the three months ended March 31, 2022 compared to the same period in our net deferred tax liability as a result2021 was primarily due to decreased losses at Universal Beijing Resort due to operations in the current year period compared to pre-opening costs in the prior year period in advance of the enactment of tax law changesparks opening in the United Kingdom in the second quarter of 2021. Refer toSeptember 2021 (see Note 9 for further discussion.7).
Segment Operating Results
Our segment operating results are presented based on how we assess operating performance and internally report financial information. We use Adjusted EBITDA as the measure of profit or loss for our operating segments.
See Note 2 for our definition of Adjusted EBITDA and a reconciliation from the aggregate amount of Adjusted EBITDA for our reportable business segments to consolidated income before income taxes.
Cable Communications Segment Results of Operations
Three Months Ended
June 30,
Increase/
(Decrease)
Six Months Ended
June 30,
Increase/
(Decrease)
Three Months Ended
March 31,
Increase/
(Decrease)
(in millions)(in millions)20212020%20212020%(in millions)20222021%
RevenueRevenueRevenue
Residential:Residential:Residential:
BroadbandBroadband$5,717 $5,000 14.3 %$11,317 $10,001 13.2 %Broadband$6,050 $5,600 8.0 %
VideoVideo5,554 5,415 2.6 11,177 11,047 1.2 Video5,536 5,623 (1.5)
VoiceVoice870 877 (0.8)1,741 1,776 (2.0)Voice786 871 (9.8)
WirelessWireless556 326 70.4 1,069 669 59.8 Wireless677 513 32.0 
Business servicesBusiness services2,202 2,004 9.9 4,369 4,047 8.0 Business services2,396 2,167 10.6 
AdvertisingAdvertising679 428 58.6 1,296 985 31.6 Advertising671 618 8.6 
OtherOther425 378 12.4 838 821 2.1 Other424 413 2.7 
Total revenueTotal revenue16,002 14,428 10.9 31,807 29,346 8.4 Total revenue16,540 15,805 4.7 
Operating costs and expensesOperating costs and expensesOperating costs and expenses
ProgrammingProgramming3,593 3,203 12.1 7,263 6,682 8.7 Programming3,628 3,670 (1.1)
Technical and product supportTechnical and product support2,075 1,933 7.3 4,096 3,945 3.8 Technical and product support2,228 2,021 10.3 
Customer serviceCustomer service582 601 (3.2)1,184 1,238 (4.4)Customer service581 602 (3.6)
Advertising, marketing and promotionAdvertising, marketing and promotion971 834 16.5 1,876 1,788 4.9 Advertising, marketing and promotion1,012 905 11.9 
Franchise and other regulatory feesFranchise and other regulatory fees449 398 12.8 950 804 18.1 Franchise and other regulatory fees421 501 (16.0)
OtherOther1,260 1,283 (1.8)2,536 2,637 (3.8)Other1,399 1,276 9.7 
Total operating costs and expensesTotal operating costs and expenses8,929 8,252 8.2 17,904 17,094 4.7 Total operating costs and expenses9,269 8,975 3.3 
Adjusted EBITDAAdjusted EBITDA$7,073 $6,176 14.5 %$13,903 $12,252 13.5 %Adjusted EBITDA$7,272 $6,830 6.5 %
1816

Table of Contents
Customer Metrics
Net Additions / (Losses) Net Additions / (Losses)
June 30,Three Months Ended
June 30,
Six Months Ended
June 30,
March 31,Three Months Ended
March 31,
(in thousands)(in thousands)202120202021202020212020(in thousands)2022202120222021
Customer relationshipsCustomer relationshipsCustomer relationships
Residential customer relationshipsResidential customer relationships31,339 29,724 277 241 647 601 Residential customer relationships31,913 31,062 185 370 
Business services customer relationshipsBusiness services customer relationships2,454 2,384 17 (24)28 (12)Business services customer relationships2,498 2,437 11 
Total customer relationshipsTotal customer relationships33,793 32,108 294 217 675 589 Total customer relationships34,412 33,499 194 380 
Residential customer relationships mixResidential customer relationships mixResidential customer relationships mix
One product customersOne product customers13,477 11,306 480 531 1,069 1,085 One product customers14,816 12,997 486 589 
Two product customersTwo product customers8,562 8,742 (83)(107)(173)(181)Two product customers8,364 8,645 (43)(89)
Three or more product customersThree or more product customers9,299 9,676 (120)(184)(250)(303)Three or more product customers8,733 9,420 (259)(130)
BroadbandBroadbandBroadband
Residential customersResidential customers29,108 27,194 334 340 782 806 Residential customers29,836 28,774 253 448 
Business services customersBusiness services customers2,280 2,209 20 (17)32 (6)Business services customers2,327 2,261 12 
Total broadband customersTotal broadband customers31,388 29,403 354 323 814 800 Total broadband customers32,163 31,034 262 461 
VideoVideoVideo
Residential customersResidential customers18,225 19,473 (364)(427)(768)(814)Residential customers17,011 18,590 (484)(404)
Business services customersBusiness services customers731 894 (34)(51)(121)(72)Business services customers654 765 (27)(87)
Total video customersTotal video customers18,956 20,367 (399)(477)(889)(887)Total video customers17,664 19,355 (512)(491)
VoiceVoiceVoice
Residential customersResidential customers9,412 9,698 (121)(142)(233)(236)Residential customers8,781 9,533 (282)(112)
Business services customersBusiness services customers1,376 1,331 13 (16)19 (12)Business services customers1,391 1,363 (1)
Total voice customersTotal voice customers10,788 11,029 (108)(158)(214)(248)Total voice customers10,171 10,896 (282)(106)
WirelessWirelessWireless
Wireless linesWireless lines3,383 2,393 280 126 558 342 Wireless lines4,298 3,103 318 278 
Customer metrics are presented based on actual amounts. Minor differences may exist due to rounding. Customer relationships represent the number of residential and business customers that subscribe to at least one of our services. One product, two product, and three or more product customers represent residential customers that subscribe to one, two, or three or more of our services, respectively. For multiple dwelling units (“MDUs”), including buildings located on college campuses, whose residents have the ability to receive additional services, such as additional programming choices or our high-definition video (“HD”) or digital video recorder (“DVR”) services, we count and report customers based on the number of potential billable relationships within each MDU. For MDUs whose residents are not able to receive additional services, the MDU is counted as a single customer. Residential broadband and video customer metrics include certain customers that have prepaid for services. Business customers are generallygenerally counted based on the number of locations receiving services within our distribution system, with certain offerings such as Ethernet network services counted as individual customer relationships. Wireless lines represent the number of activated, eligible wireless devices on customers’ accounts. Individual customer relationships may have multiple wireless lines. Customer metrics forin 2021 and 2020 dodid not include customers in the free Internet Essentials offer or certain high-riskpandemic-related programs through which portions of our customers who continued to receive service following nonpayment (refer to “Impacts of COVID-19”temporarily received our services for further discussion). Total residential customer relationships and broadband customers were updatedfree. These programs ended in the first quarter ofDecember 2021, due to a conforming change to methodology, resulting in a reduction of approximately 26,000 customers. There was no impactone-time benefit to net additions and information for all periods presented have been recast on a comparable basis.in the three months ended March 31, 2022.
Three Months Ended
June 30,
Increase/(Decrease)Six Months Ended
June 30,
Increase/(Decrease)Three Months Ended
March 31,
Increase/(Decrease)
20212020%20212020%20222021%
Average monthly total revenue per customer relationshipAverage monthly total revenue per customer relationship$158.53 $150.29 5.5 %$158.45 $153.74 3.1 %Average monthly total revenue per customer relationship$160.67 $158.17 1.6 %
Average monthly Adjusted EBITDA per customer relationshipAverage monthly Adjusted EBITDA per customer relationship$70.07 $64.33 8.9 %$69.26 $64.18 7.9 %Average monthly Adjusted EBITDA per customer relationship$70.64 $68.35 3.3 %
Average monthly total revenue per customer relationship is impacted by rate adjustments and changes in the types and levels of services received by our residential and business services customers, as well as changes in advertising revenue. While revenue from our residential broadband, video and voice services is also impacted by changes in the allocation of revenue among services sold in a bundle, the allocation does not impact average monthly total revenue per customer relationship.
Each of our services has a different contribution to operating margin and we alsomargin. We use average monthly Adjusted EBITDA per customer relationship to evaluate the profitability of our customer base across our service offerings. We believe theseboth metrics are useful to understand the trends in our business, and average monthly Adjusted EBITDA per customer relationship is useful particularly as we continue to focus on growing our higher-margin businesses, including residential broadband and business services.
19

Table of Contents
businesses.
Cable Communications Segment – Revenue
Broadband
Revenue increased for the three and six months ended June 30, 2021March 31, 2022 compared to the same periodsperiod in 20202021 due to increasesan increase in the number of residential broadband customers and increasesan increase in average rates. Average rates in the second quarter
17

Table of 2020 were negatively impacted by waived fees due to COVID-19 and the impacts of customer adjustments. Refer to “Video” below for further information.Contents
Video
Revenue increaseddecreased for the three and six months ended June 30, 2021March 31, 2022 compared to the same periodsperiod in 20202021 primarily due to increases in average rates, partially offset by declinesa decline in the number of residential video customers. Average ratescustomers, partially offset by an increase in the second quarter of 2020 were negatively impacted by customer adjustments accrued as a result of provisions in our programming distribution agreements with regional sports networks related to canceled sporting events. For customers receiving bundled services, the revenue reduction was allocated across each of the services in the bundle. average rates. We expect that the number of residential video customers will continue to decline, negatively impacting video revenue as a result of the competitive environment and shifting video consumption patterns.
Voice
Revenue decreased for the three and six months ended June 30, 2021March 31, 2022 compared to the same periodsperiod in 20202021 primarily due to declinesa decline in the number of residential voice customers, partially offset by increases in average rates.customers. We expect that the number of residential voice customers and voice revenue will continue to decline.
Wireless
Revenue increasedincreased for the three and six months ended June 30, 2021March 31, 2022 compared to the same periodsperiod in 20202021 primarily due to increasesan increase in the number of customer lines and sales of devices.lines.
Business Services
Revenue increased for the three and six months ended June 30, 2021March 31, 2022 compared to the same periodsperiod in 20202021 primarily due to increases in average rates and customer relationships compared to the prior year periods, which were negatively impacted by COVID-19,period and increasesdue to the acquisition of Masergy in the number of customers receiving our services.October 2021.
Advertising
Revenue increased for the three and six months ended June 30, 2021March 31, 2022 compared to the same periodsperiod in 2020 reflecting an overall market recovery2021 primarily due to increases in the current year periodspolitical advertising, advertising at our Xumo streaming service and reduced spendingrevenue from advertisers in the prior year periods as a result of COVID-19.our advanced advertising businesses.
Other
Revenue increased for the three months ended June 30, 2021March 31, 2022 compared to the same period in 20202021 due to increases in revenue from licensing of our technology platforms and from our security and automation services and from the licensing of our technology platforms. Revenue increased for the six months ended June 30, 2021 compared to the same period in 2020 due to an increase in the licensing of our technology platforms.services.
Cable Communications Segment – Operating Costs and Expenses
Programming expenses increaseddecreased for the three and six months ended June 30, 2021March 31, 2022 compared to the same periodsperiod in 2020. The prior year periods include the impacts of adjustment provisions in our programming distribution agreements with regional sports networks related to canceled sporting events as a result of COVID-19. Excluding these adjustments, programming expenses increased2021 primarily due to increases in retransmission consent and sports programming rates, partially offset by declinesa decline in the number of video subscribers. We anticipate that our programming expenses will be impacted by rate increases to a greater extent in 2021 compared to 2020 due to the timing of contract renewals,subscribers, partially offset by expected declines in the number of residential video customers.contractual rate increases.
Technical and product support expenses increased for the three and six months ended June 30, 2021March 31, 2022 compared to the same periodsperiod in 20202021 primarily due to increasedan increase in costs associated with our wireless phone service partially offset by lower personnel costs.resulting from increases in the number of customers receiving the service and device sales, and the acquisition of Masergy.
Customer service expenses decreased for the three and six months ended June 30, 2021March 31, 2022 compared to the same periodsperiod in 20202021 primarily due to lower labor costs as a result of cost savings initiatives and reduced call volumes.
Advertising, marketing and promotion expenses increased for the three and six months ended June 30, 2021March 31, 2022 compared to the same periodsperiod in 20202021 primarily due to decreasedincreased spending as a result of COVID-19 inassociated with attracting new customers and promoting our service offerings, including advertising expenses associated with the prior year periods.Beijing Olympics.
20

Table of Contents
Franchise and other regulatory fees increaseddecreased for the three and six months ended June 30, 2021 March 31, 2022 compared to the same periodsperiod in 20202021 primarily due to increasesa decrease in regulatory costs.
Other operating costs and expenses decreasedincreased for the three and six months ended June 30, 2021March 31, 2022 compared to the same periodsperiod in 20202021 primarily due to decreaseslower levels of bad debt expense in bad debt expense, partially offset bythe prior year period, and higher third-party advertisingpersonnel and other overhead costs.
Cable Communications Segment – Operating Margin
Our operating margin is Adjusted EBITDAEBITDA as a percentage of revenue. We believe this metric is useful particularly as we continue to focus on growing our higher-margin businesses including residential broadband and business services, and on improving overall operating cost management.
Our operating margin for the three and six months ended June 30,March 31, 2022 and 2021 was 44.0% and 44.2% and 43.7%43.2%, respectively. Our operating margin for the three and six months ended June 30, 2020 was 42.8% and 41.7%, respectively. While the accrued adjustments for regional sports networks did not impact Adjusted EBITDA, they resulted in an increase to operating margins in the prior year periods. The most significant operating costs and expenses are the programming expenses we incur to provide content to our video customers, which increased 12.1% and 8.7% for the three and six months ended June 30, 2021, respectively, compared to the same periods in 2020.
18

Table of Contents
NBCUniversal Segments Results of Operations
Three Months Ended
June 30,
Increase/
(Decrease)
Six Months Ended
June 30,
Increase/
(Decrease)
Three Months Ended
March 31,
Increase/
(Decrease)
(in millions)(in millions)20212020%20212020%(in millions)20222021%
RevenueRevenueRevenue
MediaMedia$5,148 $4,096 25.7 %$10,184 $8,974 13.5 %Media$6,865 $5,036 36.3 %
StudiosStudios2,224 2,052 8.4 4,620 4,461 3.6 Studios2,757 2,396 15.1 
Theme ParksTheme Parks1,095 136 NM1,714 1,061 61.5 Theme Parks1,560 619 151.9 
Headquarters and OtherHeadquarters and Other22 11 97.4 38 20 92.3 Headquarters and Other16 16 1.9 
EliminationsEliminations(534)(580)7.8 (1,576)(1,072)(47.1)Eliminations(901)(1,043)13.5 
Total revenueTotal revenue$7,955 $5,715 39.2 %$14,980 $13,444 11.4 %Total revenue$10,296 $7,024 46.6 %
Adjusted EBITDAAdjusted EBITDAAdjusted EBITDA
MediaMedia$1,378 $1,636 (15.8)%$2,851 $3,165 (9.9)%Media$1,159 $1,473 (21.3)%
StudiosStudios156 323 (51.7)653 623 4.8 Studios245 497 (50.7)
Theme ParksTheme Parks221 (393)NM159 (306)NMTheme Parks451 (61)NM
Headquarters and OtherHeadquarters and Other(186)(82)(127.3)(395)(303)(30.3)Headquarters and Other(191)(209)8.3 
EliminationsEliminations(15)(104)85.6 (225)(110)(103.0)Eliminations(62)(210)70.4
Total Adjusted EBITDATotal Adjusted EBITDA$1,553 $1,380 12.5 %$3,043 $3,069 (0.8)%Total Adjusted EBITDA$1,601 $1,490 7.4 %

Percentage changes that are considered not meaningful are denoted with NM.
Media Segment Results of Operations
 Three Months Ended
June 30,
Increase/
(Decrease)
Six Months Ended
June 30,
Increase/
(Decrease)
(in millions)20212020%20212020%
Revenue
Advertising$2,189 $1,648 32.8 %$4,282 $3,815 12.3 %
Distribution2,452 2,060 19.0 4,947 4,347 13.8 
Other507 388 31.1 955 812 17.6 
Total revenue5,148 4,096 25.7 10,184 8,974 13.5 
Operating costs and expenses
Programming and production2,679 1,589 68.6 5,201 3,857 34.8 
Other operating and administrative854 755 13.0 1,673 1,595 4.8 
Advertising, marketing and promotion238 116 106.2 460 357 29.0 
Total operating costs and expenses3,770 2,460 53.3 7,334 5,809 26.2 
Adjusted EBITDA$1,378 $1,636 (15.8)%$2,851 $3,165 (9.9)%
21

Table of Contents
 Three Months Ended
March 31,
Increase/
(Decrease)
(in millions)20222021%
Revenue
Advertising$3,332 $2,094 59.2 %
Distribution3,033 2,495 21.6 
Other499 447 11.6 
Total revenue6,865 5,036 36.3 
Operating costs and expenses
Programming and production4,351 2,522 72.5 
Other operating and administrative929 819 13.5 
Advertising, marketing and promotion426 222 91.8 
Total operating costs and expenses5,706 3,563 60.1 
Adjusted EBITDA$1,159 $1,473 (21.3)%
Media Segment – Revenue
Revenue increased for the three and six months ended June 30, 2021March 31, 2022 compared to the same periodsperiod in 20202021 primarily due to increases in advertising revenue,and distribution revenue, and other revenue. included revenue from our broadcasts of the Beijing Olympics and Super Bowl in the first quarter of 2022. Excluding $1.0 billion and $0.5 billion of incremental revenue associated with our broadcasts of the Beijing Olympics and Super Bowl, respectively, Media revenue increased 6.9% for the three months ended March 31, 2022 compared to the same period in 2021.
Three Months Ended
March 31,
Increase/
(Decrease)
(in millions)20222021%
Advertising$3,332 $2,094 59.2 %
Advertising, excluding Beijing Olympics and Super Bowl2,178 2,094 4.0 
Advertising revenue increased for the three months ended March 31, 2022 compared to the same period in 2021 primarily due to anour broadcasts of the Beijing Olympics and Super Bowl. Excluding $1.2 billion of incremental revenue associated with our broadcasts of the Beijing Olympics and Super Bowl, for the three months ended March 31, 2022, advertising revenue increased number of sporting events anddue to higher pricing at our networks in the current year periods, reduced spending from advertisers in the prior year periods as a result of COVID-19period and increased advertising revenue at Peacock. These increases were partially offset by continued audience ratings declines at our networks. networks and increased revenue related to other sporting events in the prior year period due to COVID-19 timing impacts.
19

Table of Contents
Three Months Ended
March 31,
Increase/
(Decrease)
(in millions)20222021%
Distribution$3,033 $2,495 21.6 %
Distribution, excluding Beijing Olympics2,706 2,495 8.5 
Distribution revenue increased for the three months ended March 31, 2022 compared to the same period in 2021, primarily due to our broadcast of the Beijing Olympics. Excluding $327 million of incremental revenue associated with our broadcast of the Beijing Olympics, for the three months ended March 31, 2022, distribution revenue increased due to an increase in distribution revenue at Peacock, as well as an increase at our networks due to contractual rate increases, in the current year periods and credits accrued in the prior year periods at some of our regional sports networks resulting from the reduced number of games played by professional sports leagues due to COVID-19, partially offset by declinesa decline in the number of subscribers at our networks. Other revenue increased primarily due to increased revenue from our digital properties.subscribers.
We expect the number of subscribers and audience ratings at our networks will continue to decline as a result of the competitive environment and shifting video consumption patterns. Revenue included $122$472 million and $213$91 million related to Peacock for the three and six months ended June 30,March 31, 2022 and 2021, respectively. Revenue included $6 millionrespectively, including amounts related to Peacock for both the threeBeijing Olympics and six months ended June 30, 2020.Super Bowl.
Media Segment – Operating Costs and Expenses
Operating costs and expenses increased for the three and six months ended June 30, 2021March 31, 2022 compared to the same periodsperiod in 20202021 due to increases in programming and production costs,costs; advertising, marketing and promotion costscosts; and other operating and administrative costs. Programming and production costs increased for the three months ended March 31, 2022 primarily due to costs associated with our broadcasts of the Beijing Olympics and Super Bowl and higher sports programming costs driven by increases in the number of sporting events as a result of the postponement and cancellation of events in the prior year as a result of COVID-19 and higher amortization expenses in the current year periods related to programming at Peacock. Advertising, marketing and promotion costs increased primarily due to higher marketing costs related to Peacock which was partially offset by lower spendand higher spending related to our networks in the six month period.networks. Other operating and administrative costs increased primarily due to increased costs related to Peacock, partially offset by cost savings initiatives in the six month period.Peacock.
Operating costs and expenses included $485$928 million and $853$368 million related to Peacock for the three and six months ended June 30,March 31, 2022 and 2021, respectively. Operating costs and expenses included $123 million and $182 millionrespectively, including amounts related to Peacock for the threeBeijing Olympics and six months ended June 30, 2020, respectively.Super Bowl. We expect to continue to incur significant costs related to additional content and marketingmarketing as we invest in the platform and attract new customers.
Studios Segment Results of Operations
Three Months Ended
June 30,
Increase/
(Decrease)
Six Months Ended
June 30,
Increase/
(Decrease)
Three Months Ended
March 31,
Increase/
(Decrease)
(in millions)(in millions)20212020%20212020%(in millions)20222021%
RevenueRevenueRevenue
Content licensingContent licensing$1,781 $1,746 2.0 %$3,855 $3,565 8.1 %Content licensing$2,279 $2,075 9.8 %
TheatricalTheatrical198 NM237 323 (26.6)Theatrical168 39 NM
Home entertainment and otherHome entertainment and other245 299 (17.6)527 573 (7.8)Home entertainment and other310 282 9.8 
Total revenueTotal revenue2,224 2,052 8.4 4,620 4,461 3.6 Total revenue2,757 2,396 15.1 
Operating costs and expensesOperating costs and expensesOperating costs and expenses
Programming and productionProgramming and production1,603 1,398 14.8 3,217 2,911 10.5 Programming and production1,974 1,614 22.3 
Other operating and administrativeOther operating and administrative169 167 1.4 329 380 (13.2)Other operating and administrative210 161 31.1 
Advertising, marketing and promotionAdvertising, marketing and promotion296 164 80.4 420 547 (23.2)Advertising, marketing and promotion327 124 163.0 
Total operating costs and expensesTotal operating costs and expenses2,068 1,729 19.7 3,967 3,838 3.4 Total operating costs and expenses2,511 1,899 32.3 
Adjusted EBITDAAdjusted EBITDA$156 $323 (51.7)%$653 $623 4.8 %Adjusted EBITDA$245 $497 (50.7)%
Percentage changes that are considered not meaningful are denoted with NM.
2220

Table of Contents
Studios SegmentSegment – Revenue
Revenue increased for the three months ended June 30, 2021March 31, 2022 compared to the same period in 20202021 due to increases in theatrical revenue and content licensing revenue offset by a decrease in home entertainment and other revenue. Theatrical revenue increased primarily due to releases in the current year period, including F9, and the impact of theater closures in the prior year period. Content licensing revenue increased primarily due to the timing of when content was made available by our television studios under licensing agreements, partially offset by decreases at our film studios as a result of COVID-19 and the impacts of initial licenses of content associated with the launch of Peacock in the prior year period. Home entertainment and other revenue decreased primarily due to a reduced number of releases in the current year period due to COVID-19.
Revenue increased for the six months ended June 30, 2021 compared to the same period in 2020 due to an increase in content licensing revenue, offset by decreases in theatrical revenue and home entertainment and other revenue. Content licensing revenue increased primarily due to the timing of when content was made available by our film and television studios under licensing agreements, including additional sales of content as production levels returned to normal, partially offset by the impact of a new licensing agreement for content that became exclusively available for streaming on Peacock duringin the first quarter of 2021.prior year period. Theatrical revenue decreasedincreased primarily due to recent releases, including Sing 2,and the impactsimpact of theater closures and theaters operating at reduced capacity as a result of COVID-19 on the operation of movie theaters. Home entertainment and other revenue decreased primarily due to a reduced number of releases in the currentprior year period due to COVID-19..
Studios Segment – Operating Costs and Expenses
Operating costs and expenses increased for the three months ended June 30, 2021March 31, 2022 compared to the same period in 20202021 primarily due to increases in programming and production costs and advertising, marketing and promotion costs. Programming and production costs increased primarily due to higher amortizationcosts associated with content licensing sales and theatrical releases in the current year period, as well as the impact from the updated accounting guidance related to episodic television series, which was adopted and had a favorable impact on programming and production expense in the prior year period. Advertising, marketing and promotion costs increased due to higher spending on theatrical releases in the current year period.
Operating costs and expenses increased for the six months ended June 30, 2021 compared to the same period in 2020 due to increases in programming and production costs, partially offset by decreases in advertising, marketing and promotion costs and other operating and administrative costs. Programming and production costs increased primarily due to higher amortization associated with content licensing sales, including the new licensing agreement for content that became exclusively available for streaming on Peacock during the first quarter of 2021, as well as the impact from the updated accounting guidance related to episodic television series in the prior year period. These increases were partially offset by a decrease in amortization associated with theatrical releases in the current year period. Advertising, marketing and promotion costs decreased due to lower spending on theatrical film releases in the current year period. Other operating and administrative costs decreased due to cost savings initiatives.
Theme Parks Segment Results of Operations
Three Months Ended
June 30,
Increase/
(Decrease)
Six Months Ended
June 30,
Increase/
(Decrease)
Three Months Ended
March 31,
Increase/
(Decrease)
(in millions)(in millions)20212020%20212020%(in millions)20222021%
RevenueRevenue$1,095 $136 NM$1,714 $1,061 61.5 %Revenue$1,560 $619 151.9 %
Operating costs and expensesOperating costs and expenses874 529 65.4 1,555 1,367 13.7 Operating costs and expenses1,109 680 63.0 
Adjusted EBITDAAdjusted EBITDA$221 $(393)NM$159 $(306)NMAdjusted EBITDA$451 $(61)NM
ThemePercentage changes that are considered not meaningful are denoted with NM.
Theme Parks Segment – Revenue
Revenue increased for the three and six months ended June 30, 2021March 31, 2022 primarily due to improved operating conditions compared to the same periodsperiod in 2020 primarily due to the operation2021, when each of our theme parks in the current year periods compared to temporary closures andwas either operating at a limited capacity restrictionsor closed as a result of COVID-19, and from the operations of Universal Beijing Resort, which opened in the prior year periods. All ofSeptember 2021. In 2022, our theme parks temporarily closed beginning in mid to late firstOrlando and Hollywood operated without capacity restrictions and the requirement for proof of vaccination or a negative COVID-19 test previously put in place in the fourth quarter of 2020. Our2021 was lifted for our theme park in Orlando reopened with capacity restrictions in the second quarter of 2020 and was operating without capacity restrictions as of the end of the second quarter of 2021. Our theme park in Hollywood reopened with capacity restrictions early in the second quarter of 2021 and was operating without capacity restrictions as of the end of the quarter.Hollywood. Our theme park in Japan reopened withtemporarily reinstated capacity restrictions induring the secondfirst quarter of 2020, was temporarily closed for a period in the second quarter of 2021 and has reopened, with capacity restrictions as of2022, which were lifted by the end of the quarter.period. Our newest theme park in Beijing continues to be impacted by COVID-19 and related travel restrictions.
Theme Parks Segment – Operating Costs and Expenses
Operating costs and expensesExpenses increased for the three and six months ended June 30, 2021March 31, 2022 compared to the same periodsperiod in 20202021 primarily due to the operation ofincreased operating costs at our theme parks, in the current year periodsas compared to decreased operating costs during the temporary closures and capacity
23

Table of Contents
restrictions in the prior year periods, as well as increased pre-openingperiod, and due to operating costs associated with Universal Beijing Resort. We expect to incur additionalResort in the current year period, which were higher than pre-opening costs ahead ofin the expected opening of Universal Beijing Resort later in 2021.prior year period.
NBCUniversal Headquarters, Other and Eliminations
Headquarters and Other Results of Operations
Three Months Ended
June 30,
Increase/
(Decrease)
Six Months Ended
June 30,
Increase/
(Decrease)
Three Months Ended
March 31,
Increase/
(Decrease)
(in millions)(in millions)20212020%20212020%(in millions)20222021%
RevenueRevenue$22 $11 97.4 %$38 $20 92.3 %Revenue$16 $16 1.9 %
Operating costs and expensesOperating costs and expenses208 93 123.7 433 323 34.0 Operating costs and expenses208 225 (7.6)
Adjusted EBITDAAdjusted EBITDA$(186)$(82)(127.3)%$(395)$(303)(30.3)%Adjusted EBITDA$(191)$(209)8.3 %
Operating costs and expensesExpenses include overhead, personnel costs and costs associated with corporate initiatives.
21

Table of Contents
Eliminations
Three Months Ended
June 30,
Increase/
(Decrease)
Six Months Ended
June 30,
Increase/
(Decrease)
Three Months Ended
March 31,
Increase/
(Decrease)
(in millions)(in millions)20212020%20212020%(in millions)20222021%
RevenueRevenue$(534)$(580)(7.8)%$(1,576)$(1,072)47.1 %Revenue$(901)$(1,043)(13.5)%
Operating costs and expensesOperating costs and expenses(518)(476)9.5 (1,351)(962)40.6 Operating costs and expenses(839)(833)0.8 
Adjusted EBITDAAdjusted EBITDA$(15)$(104)(85.6)%$(225)$(110)103.0%Adjusted EBITDA$(62)$(210)(70.4)%
Amounts representrepresent eliminations of transactions between our NBCUniversal segments, which are affected by the timing of recognition of content licenses between our Studios and Media segments. CurrentPrior year amounts include the impact of a new licensing agreement for content that became exclusively available for streaming on Peacock during the first quarter of 2021, and prior year amounts include the impacts2021. Results of initial licenses ofoperations for NBCUniversal may be impacted as we continue to use content associated with the launch of Peacock.on our platforms, including Peacock, rather than licensing it to third parties.
For the three and six months ended June 30, 2021,March 31, 2022 and 2021, approximately 33%41% and 44%, respectively, of Studios segment content licensing revenue resulted from transactions with other segments, primarily with the Media segment. For the three and six months ended June 30, 2020, approximately 36% and 33%52%, respectively, of Studios segment content licensing revenue resulted from transactions with other segments, primarily with the Media segment. Eliminations will increase or decrease to the extent that additional content is made available to our other segments. Refer to Note 2 for further discussion of transactions between our segments.
Sky Segment Results of Operations
Three Months Ended
June 30,
Increase/
(Decrease)
Constant Currency Growth(a)
Six Months Ended
June 30,
Increase/
(Decrease)
Constant Currency Growth(a)
(in millions)20212020%%20212020%%
Revenue
Direct-to-consumer$4,222 $3,524 19.9 %7.7 %$8,288 $7,203 15.1 %4.7 %
Content355 234 51.6 36.1 713 559 27.6 16.3 
Advertising643 321 99.8 78.8 1,216 834 45.8 33.0 
Total revenue5,220 4,079 28.0 14.9 10,217 8,596 18.9 8.2 
Operating costs and expenses
Programming and production2,447 1,543 58.5 42.6 4,931 3,607 36.7 24.7 
Direct network costs625 498 25.4 11.4 1,256 955 31.5 19.2 
Other1,589 1,289 23.4 10.6 3,107 2,734 13.7 3.5 
Total operating costs and expenses4,660 3,330 40.0 25.5 9,294 7,296 27.4 16.0 
Adjusted EBITDA$560 $749 (25.3)%(32.4)%$924 $1,300 (29.0)%(35.4)%
All percentages are calculated based on actual amounts. Minor differences may exist due to rounding.
Three Months Ended
March 31,
Increase/
(Decrease)
Constant Currency Change(a)
(in millions)20222021%%
Revenue
Direct-to-consumer$3,884 $4,065 (4.5)%(0.4)%
Content295 358 (17.5)(14.3)
Advertising596 574 3.8 7.9 
Total revenue4,775 4,997 (4.5)(0.5)
Operating costs and expenses
Programming and production1,948 2,485 (21.6)(17.6)
Direct network costs672 631 6.5 9.7 
Other1,532 1,517 1.0 5.2 
Total operating costs and expenses4,153 4,633 (10.4)(6.3)
Adjusted EBITDA$622 $364 71.0 %71.2 %
(a)Constant currency growth is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 2624 for additional information, including our definition and our use of constant currency, and for a reconciliation of Sky’s constant currency growth rates.
24

Table of Contents
Customer Metrics
Net Additions / (Losses)Net Additions / (Losses)
June 30,Three Months Ended
June 30,
Six Months Ended
June 30,
March 31,Three Months Ended
March 31,
(in thousands)(in thousands)202120202021202020212020(in thousands)2022202120222021
Total customer relationshipsTotal customer relationships23,198 23,002 (248)(214)(26)(278)Total customer relationships22,921 23,446 (106)221 
Customer metrics are presented based on actual amounts. Minor differences may exist due to rounding. Customer relationships represent the number of residential customers that subscribe to at least one of Sky’s four primary services of video, broadband, voice and wireless phone service. Sky reports commercialbusiness customers, including hotels, bars, workplaces and restaurants, generally based on the number of locations receiving our services. In the first quarter of 2021, we implemented conforming changes to our methodology for counting commercial customers in Italy and Germany, which are now counted as described above, consistent with customers in the United Kingdom. Previously these customers were counted based on a residential equivalent unit in Italy and the number of active venues or rooms in Germany. This change resulted in a reduction in Sky’s total customer relationships of 714,000 as of December 31, 2020. The impact of the change in methodology to customer relationship net additions for any period was not material. For comparative purposes, we have updated Sky’s historical total customer relationships and average monthly direct-to-consumer revenue per customer relationship to reflect this adjustment.
Three Months Ended
June 30,
Increase/
(Decrease)
Constant
Currency
Growth(a)
Six Months Ended
June 30,
Increase/
(Decrease)
Constant
Currency
Growth(a)
20212020%%20212020%%
Average monthly direct-to-consumer revenue per customer relationship$60.35 $50.82 18.8 %6.7 %$59.50 $51.87 14.7 %4.4 %
Three Months Ended
March 31,
Increase/
(Decrease)
Constant
Currency
Change(a)
20222021%%
Average monthly direct-to-consumer revenue per customer relationship$56.35 $58.06 (2.9)%1.1 %
(a)Constant currency growth is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 2624 for additional information, including our definition and our use of constant currency, and for a reconciliation of Sky’s constant currency growth rates.
22

Table of Contents
Average monthly direct-to-consumer revenue per customer relationship is impacted by rate adjustments and changes in the types and levels of services received by Sky’s customers. Each of Sky’s services has a different contribution to Adjusted EBITDA. We believe average monthly direct-to-consumer revenue per customer relationship is useful in understanding the trends in our business across all of our direct-to-consumer service offerings.
Sky Segment – Revenue
Direct-to-Consumer
Revenue decreased for the three months ended March 31, 2022 compared to the same period in 2021. Excluding the impact of foreign currency, revenue remained consistent with the prior year period primarily due to a decrease in customer relationships offset by an increase in average revenue per customer relationship. The decrease in customer relationships was driven by a decrease in Italy, partially offset by an increase in the United Kingdom. The increase in average revenue per customer relationship reflects the impacts of COVID-19 on business customers in the prior year period and the impact of rate increases in the United Kingdom, partially offset by declines in average rates in Italy. The decline in customer relationships and average revenue per customer relationship in Italy included the effects of the reduced broadcast rights for Serie A, which we had held through the end of the 2020-21 season. Beginning with the 2021-22 season in the third quarter of 2021 and through the 2023-24 season, we have nonexclusive broadcast rights to fewer matches, which has resulted and we expect will continue to result in declines in revenue in Italy in 2022.
Content
Revenue decreased for the three months ended March 31, 2022 compared to the same period in 2021. Excluding the impact of foreign currency, revenue decreased primarily due to lower sports programming licensing revenue driven by changes in licensing agreements in Italy and Germany.
Advertising
Revenue increased for the three and six months ended June 30, 2021March 31, 2022 compared to the same periodsperiod in 2020.2021. Excluding the impact of foreign currency, revenue increased primarily due to increases in average revenue per customer relationship and customer relationships. The increases in average revenue per customer relationship were primarily due to the impacts of the postponement of sporting events in the prior year periods as a result of COVID-19 and rate increasesan overall market improvement in the United Kingdom.
Content
Revenue increased for the three and six months ended June 30, 2021Kingdom compared to the same periods in 2020. Excluding the impact of foreign currency, revenue increased primarily due to higher revenue from sports programming licensing arrangements and from the distribution of Sky’s sports programming on third-party platforms, both reflecting the postponement of sporting events in the prior year periods as a result of COVID-19.
Advertising
Revenue increased for the three and six months ended June 30, 2021 compared to the same periods in 2020. Excluding the impact of foreign currency,period, partially offset by decreased advertising revenue increased primarily reflecting an overall market recovery and an increased number of sporting events in the current year periods, and reduced spending from advertisers in the prior year periods, as a result of COVID-19.associated with Serie A.
Sky Segment – Operating Costs and Expenses
Programming and production costs increaseddecreased for the three and six months ended June 30, 2021March 31, 2022 compared to the same periodsperiod in 2020.2021. Excluding the impact of foreign currency, programming and production costs increaseddecreased for the three months ended March 31, 2022 primarily due to increasesreflecting lower costs associated with Serie A in Italy as a result of the number of sporting eventsreduced broadcast rights and lower costs associated with other sports contracts in Germany in the current year periods dueperiod, as well as the timing of recognition of costs related to COVID-19, including the impacts of the delayed starts of the 2020-2021 European football seasons and the disrupted seasons in the first and second quarters of 2020. We held the Italian broadcast rights to Lega Nazionale Professionisti Serie A through the end of the 2020-2021 season. Beginning with the 2021-2022 season and through the 2023-2024 season, we will have nonexclusive broadcast rights to a reduced number of matches, which will result in a reduction in programming and production costs and we expect will result in declines in revenue and customer relationships in Italy.sporting events.
Direct network costs increased for the three and six months ended June 30, 2021March 31, 2022 compared to the same periodsperiod in 2020.2021. Excluding the impact of foreign currency, direct network costs increased primarily due to increasesan increase in costs associated with
25

SkyTable of Contents
Sky’ss broadband and wireless phone and broadband servicesservices as a result of increases in the sale of handsets and the number of customers receiving these services.services and wireless device sales.
Other expenses increased for the three and six months ended June 30, 2021March 31, 2022 compared to the same periodsperiod in 2020.2021. Excluding the impact of foreign currency, other expenses increased primarily due to higher administrative costs and higher fees paid to third-party channels related to advertising sales and higher marketing costs, both reflecting the impact of COVID-19 in the prior year periods, partially offset by lower personnel costs.sales.
Corporate, Other and Eliminations
Corporate and Other Results of Operations
Three Months Ended
June 30,
Increase/
(Decrease)
Six Months Ended
June 30,
Increase/
(Decrease)
Three Months Ended
March 31,
Increase/
(Decrease)
(in millions)(in millions)20212020%20212020%(in millions)20222021%
RevenueRevenue$92 $40 128.4 %$181 $160 12.9 %Revenue$238 $89 168.8 %
Operating costs and expensesOperating costs and expenses353 429 (17.7)722 742 (2.6)Operating costs and expenses500 370 35.4 
Adjusted EBITDAAdjusted EBITDA$(261)$(389)32.9 %$(541)$(582)6.9 %Adjusted EBITDA$(262)$(281)6.7 %
Corporate and Other – Revenue
Revenueother primarily relates toincludes overhead and personnel costs, the results of other business initiatives and Comcast Spectacor, which owns the PhiladelphiaPhiladelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania.
Corporate and Other – Operating Costs and Expenses
Operating costs and expenses primarily include overhead, personnel costs, the costs of other business initiatives and operatinginclude costs and expenses associated with Comcast Spectacor.Sky Glass and the related hardware sales, as well as costs associated with XClass TV.
Expenses decreased
23

Table of Contents
Revenue increased for the three and six months ended June 30, 2021 comparedMarch 31, 2022 primarily due to increases at Comcast Spectacor as a result of the same periodsimpacts of COVID-19 in 2020the prior year period and sales of Sky Glass smart televisions.
Expenses increased for the three months ended March 31, 2022 primarily due to costs incurred in the prior year periods in response to COVID-19, including severance charges related to our businesses.Sky Glass and XClass TV. We expect to continue to incur increased costs in 2022 related to the launch of Sky Glass and XClass TV.
Eliminations
Three Months Ended
June 30,
Increase/
(Decrease)
Six Months Ended
June 30,
Increase/
(Decrease)
Three Months Ended
March 31,
Increase/
(Decrease)
(in millions)(in millions)20212020%20212020%(in millions)20222021%
RevenueRevenue$(723)$(547)32.3 %$(1,434)$(1,222)17.4 %Revenue$(840)$(710)18.2 %
Operating costs and expensesOperating costs and expenses(725)(558)30.1 (1,445)(1,240)16.6 Operating costs and expenses(757)(720)5.2 
Adjusted EBITDAAdjusted EBITDA$2 $11 (83.2)%$11 $18 (38.0)%Adjusted EBITDA$(82)$10 NM
Percentage changes that are considered not meaningful are denoted with NM.
Amounts represent eliminations of transactions between Cable Communications, NBCUniversal, Sky and other businesses. Eliminations of transactions between NBCUniversal segments are presented separately. Current year amounts reflect an increase in eliminations associated with the Beijing Olympics. Refer to Note 2 for a description of transactions between our segments.
Non-GAAP Financial Measures
Consolidated Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure and is the primary basis used to measure the operational strength and performance of our businesses as well as to assist in the evaluation of underlying trends in our businesses. This measure eliminates the significant level of noncash depreciation and amortization expense that results from the capital-intensive nature of certain of our businesses and from intangible assets recognized in business combinations. It is also unaffected by our capital and tax structures, and by our investment activities, including the results of entities that we do not consolidate, as our management excludes these results when evaluating our operating performance. Our management and Board of Directors use this financial measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. Additionally, we believe that Adjusted EBITDA is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure of Adjusted EBITDA may not be directly comparable to similar measures used by other companies.
26

Table of Contents
We define Adjusted EBITDA as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests, and redeemable subsidiary preferred stock, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance.
We reconcile consolidated Adjusted EBITDA to net income attributable to Comcast Corporation. This measure should not be considered a substitute for operating income (loss), net income (loss), net income (loss) attributable to Comcast Corporation, or net cash provided by operating activities that we have reported in accordance with GAAP.
24

Table of Contents
Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA
Three Months Ended
June 30,
Six Months Ended
June 30,
Three Months Ended
March 31,
(in millions)(in millions)2021202020212020(in millions)20222021
Net income attributable to Comcast CorporationNet income attributable to Comcast Corporation$3,738 $2,988 $7,067 $5,135 Net income attributable to Comcast Corporation$3,549 $3,329 
Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock(108)21 (145)98 
Net income (loss) attributable to noncontrolling interestsNet income (loss) attributable to noncontrolling interests(73)(37)
Income tax expenseIncome tax expense2,000 946 3,119 1,646 Income tax expense1,288 1,119 
Investment and other (income) loss, netInvestment and other (income) loss, net(1,216)(420)(1,607)296 Investment and other (income) loss, net(188)(390)
Interest expenseInterest expense1,093 1,112 2,112 2,324 Interest expense993 1,018 
DepreciationDepreciation2,113 2,099 4,231 4,206 Depreciation2,213 2,117 
AmortizationAmortization1,270 1,165 2,514 2,322 Amortization1,335 1,245 
Adjustments(a)
Adjustments(a)
36 16 48 30 
Adjustments(a)
33 12 
Adjusted EBITDAAdjusted EBITDA$8,927 $7,927 $17,339 $16,057 Adjusted EBITDA$9,150 $8,413 
(a)Amounts represent the impactsimpact of certain events, gains, losses or other charges that are excluded from Adjusted EBITDA, including Sky transaction-related costs and costs related to our investment portfolio.portfolio, and Sky transaction-related costs in 2021.
Constant Currency
Constant currency and constant currency growth rates are non-GAAP financial measures that present our results of operations excluding the estimated effects of foreign currency exchange rate fluctuations. Certain of our businesses, including Sky, have operations outside the United States that are conducted in local currencies. As a result, the comparability of the financial results reported in U.S. dollars is affected by changes in foreign currency exchange rates. In our Sky segment, we use constant currency and constant currency growth rates to evaluate the underlying performance of the business, and we believe it is helpful for investors to present operating results on a comparable basis period over period to evaluate its underlying performance.
Constant currency and constant currency growth rates are calculated by comparing the comparative period results in the prior year adjusted to reflect the average exchange rates from the current year period rather than the actual exchange rates in effect during the respective prior year periods.
Reconciliation of Sky Constant Currency Growth Rates
Three Months Ended
March 31,
ActualConstant CurrencyConstant Currency Change
(in millions, except per customer data)20222021%
Revenue
Direct-to-consumer$3,884 $3,901 (0.4)%
Content295 345 (14.3)
Advertising596 552 7.9 
Total revenue4,775 4,797 (0.5)
Operating costs and expenses
Programming and production1,948 2,365 (17.6)
Direct network costs672 613 9.7 
Other1,532 1,457 5.2 
Total operating costs and expenses4,153 4,434 (6.3)
Adjusted EBITDA$622 $363 71.2 %
Average monthly direct-to-consumer revenue per customer relationship$56.35 $55.72 1.1 %
27
25

Table of Contents
Reconciliation of Sky Constant Currency Growth Rates
Three Months Ended
June 30,
Six Months Ended
June 30,
ActualConstant CurrencyConstant Currency GrowthActualConstant CurrencyConstant Currency Growth
(in millions, except per customer data)20212020%20212020%
Revenue
Direct-to-consumer$4,222 $3,921 7.7 %$8,288 $7,914 4.7 %
Content355 261 36.1 713 613 16.3 
Advertising643 359 78.8 1,216 914 33.0 
Total revenue5,220 4,541 14.9 10,217 9,441 8.2 
Operating costs and expenses
Programming and production2,447 1,716 42.6 4,931 3,956 24.7 
Direct network costs625 561 11.4 1,256 1,054 19.2 
Other1,589 1,437 10.6 3,107 3,002 3.5 
Total operating costs and expenses4,660 3,714 25.5 9,294 8,012 16.0 
Adjusted EBITDA$560 $828 (32.4)%$924 $1,429 (35.4)%
Average monthly direct-to-consumer revenue per customer relationship$60.35 $56.56 6.7 %$59.50 $57.00 4.4 %
Liquidity and Capital Resources
Three Months Ended
March 31,
(in millions)20222021
Cash provided by operating activities$7,257 $7,751 
Cash used in investing activities$(2,597)$(2,612)
Cash used in financing activities$(4,490)$(1,898)
(in millions)March 31, 2022December 31, 2021
Cash and cash equivalents$8,880 $8,711 
Short-term and long-term debt$94,561 $94,850 
Our businesses generate significant cash flows from operating activities. We believe that we will be able to continue to meet our current and long-term liquidity and capital requirements, including fixed charges, through our cash flows from operating activities; existing cash, cashcash equivalents and investments; available borrowings under our existing credit facility; and our ability to obtain future external financing. We anticipate that we will continue to use a substantial portion of our cash flows from operating activities in repaying our debt obligations, funding our capital expenditures and cash paid for intangible assets, investing in business opportunities, and returning capital to shareholders.
We maintain significant availability under our revolving credit facility and our commercial paper program to meet our short-term liquidity requirements. Our commercial paper program provides a lower-cost source of borrowing to fund our short-term working capital requirements. As of June 30, 2021,March 31, 2022, amounts available under our revolving credit facility, net of amounts outstanding under our commercial paper program and outstanding letters of credit and bank guarantees, totaled $11.0 billion. We entered into a new revolving credit facility in March 2021 (see Note 5).
We are subject to customary covenants and restrictions set forth in agreements related to debt issued at Comcast and certain of our subsidiaries, including the indentures governing our public debt securities and the credit agreements governing the Comcast revolving credit facility. Our credit facility contains a financial covenant pertaining to leverage, which is the ratio of debt to EBITDA, as defined in the credit facility. Compliance with this financial covenant is tested on a quarterly basis under the terms of the credit facility. As of June 30, 2021, we met this financial covenant by a significant margin and we would expect to remain in compliance with this financial covenant and other covenants related to our debt. The covenants and restrictions in our revolving credit facility do not apply to certain entities, including Sky and our international theme parks.
Operating ActivitiesActivities
Components of Net Cash Provided by Operating Activities
Six Months Ended
June 30,
Three Months Ended
March 31,
(in millions)(in millions)20212020(in millions)20222021
Operating incomeOperating income$10,546 $9,499 Operating income$5,569 $5,039 
Depreciation and amortizationDepreciation and amortization6,745 6,528 Depreciation and amortization3,548 3,362 
Noncash share-based compensationNoncash share-based compensation711 621 Noncash share-based compensation376 373 
Changes in operating assets and liabilitiesChanges in operating assets and liabilities892 (15)Changes in operating assets and liabilities(1,475)(176)
Payments of interestPayments of interest(1,909)(1,936)Payments of interest(747)(911)
Payments of income taxesPayments of income taxes(1,832)(333)Payments of income taxes(90)(87)
Other204 103 
Proceeds from investments and otherProceeds from investments and other75 151 
Net cash provided by operating activitiesNet cash provided by operating activities$15,357 $14,467 Net cash provided by operating activities$7,257 $7,751 
The variance in changes in operating assets and liabilities for the sixthree months ended June 30, 2021March 31, 2022 compared to the same period in 20202021 was primarily duerelated to increases in accounts receivable and decreases in deferred revenue, which included the impacts of our broadcasts of the Beijing Olympics and Super Bowl, and the timing of amortization and related payments for our film and television costs, including increased production spending, partially offset by the timing of sporting events.
The decrease in payments of interest for the three months ended March 31, 2022 compared to the same period in 2021 was primarily due to the timing of interest payments following the debt exchange in August 2021 and a decrease in average debt outstanding in the current year period.
The decrease in proceeds from investments and other for the three months ended March 31, 2022 compared to the same period in 2021 was primarily due to decreased cash distributions received from equity method investments.
2826

Table of Contents
timing of sporting events partially offset by increased production spend, as well as increasesInvesting Activities
Net cash used in deferred revenue and accounts receivable.
In March 2021, we entered into an agreement with the NFL extending our rights for an additional 11 years through the 2033-2034 season. The new agreement includes exhibition rights for three additional Super Bowls and certain other rights, including streaming rights and additional exclusive games on Peacock.
The increase in income tax paymentsinvesting activities remained consistent for the sixthree months ended June 30, 2021March 31, 2022 compared to the same period in 2020 was2021, primarily due to the extension of due dates for estimated second quarter 2020 federal income tax payments to the third quarter of 2020.
Investing Activities
Net cash used in investing activities for both the six months ended June 30, 2021 and 2020 consisted primarily of capital expenditures,reflecting decreased cash paid for intangible assets andrelated to the construction of Universal Beijing Resort which were partiallyin the current year period and cash paid for the acquisition of a business in the prior year period, offset by decreased proceeds from sales of businessesbusiness and investments.investments in the current year period. Capital expenditures, increasedwhich is our most significant recurring investing activity, remained consistent for the sixthree months ended June 30, 2021March 31, 2022 compared to the same period in 20202021, primarily reflecting increased spending at Theme Parks related to the development of the Epic Universe theme park in Orlando, offset by decreased spending at Sky primarily related to customer premise equipment. Capital expenditures at Cable Communications were consistent with the prior period.
In 2022, we formed the SkyShowtime joint venture with Paramount Global. The new direct-to-consumer streaming service is expected to be made available in select European markets starting in 2022, and the partners have committed to a multiyear funding plan that is expected to begin in 2022.
Financing Activities
Net cash used in financing activities increased for the three months ended March 31, 2022 primarily due to increased spending atincreases in repurchases of common stock under our Cable Communications segment related to scalable infrastructure, customer premise equipmentshare repurchase program and line extensions. NBCUniversal capital expenditures decreased as a resultemployee plans. Net cash used in financing activities in both periods included dividend payments and repayments of reduced spending at our Theme Parks. Proceedsdebt, partially offset by proceeds from sales of businessesborrowings, and investments decreased for the six months ended June 30, 2021 compared to the same period in 2020 primarily due to the sale of our investment in AirTouch in the prior year period.
Financing Activities
Netnet cash used in financing activities for the sixthree months ended June 30,March 31, 2021 consisted primarily of repayments of debt, dividend payments, repurchases of common stock under our share repurchase program and employee plans andincluded payments related to the redemption of NBCUniversal Enterprise redeemable subsidiary preferred stock presented in other financing activities. Net cash used in financing activities for the six months ended June 30, 2020 consisted primarily of repayments of debt, dividend payments and payments related to the redemption and repayment of subsidiary preferred shares presented in other financing activities, which were partially offset by proceeds from borrowings.
For the six months ended June 30, 2021, we made debt repayments totaling $5.8 billion, including $4.0 billion of optional repayments of term loans due 2022 to 2023 and the early redemption of $1.3 billion of senior notes maturing in 2024.
As of June 30, 2021, we had no commercial paper outstanding and there were no amounts outstanding under our revolving credit facility.
We have made, and may from time to time in the future make, optional repayments on our debt obligations, which may include repurchases or exchanges of our outstanding public notes and debentures, depending on various factors, such as market conditions. Any such repurchases may be effected through privately negotiated transactions, market transactions, tender offers, redemptions or otherwise. See Notes 5 and 67 for additional information on our financing activities.
Share Repurchases and Dividends
In the second quarter of 2021, we restarted our share repurchase program. Effective May 25, 2021,program, which had been paused since the beginning of 2019. In January 2022, our Board of Directors increased our share repurchase program authorization to $10 billion, which does not have an expiration date.billion. During the sixthree months ended June 30, 2021,March 31, 2022, we repurchased a total of 8.862.5 million shares of our Class A common stock for $500 million.$3.0 billion. Under the authorization,authorization, which does not have an expiration date, we expect to repurchase additional shares during the remainder of 2021,2022, which may be in the open market or in private transactions.
In addition, we paid $459$223 million for the sixthree months ended June 30, 2021March 31, 2022 related to employee taxes associated with the administration of our share-based compensation plans.
In January 2021,2022, we paid dividends of $1.2 billion, and our Board of Directors approved a 9%an 8% increase in our dividend to $1.00$1.08 per share on an annualized basis. On April 28, 2021, we paid dividends of $1.2 billion. In May 2021, our Board of Directorsbasis and approved our secondfirst quarter dividend of $0.25$0.27 per share, which was paid in July 2021.April 2022. We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors.
Guarantee Structure
Our debt is primarily issued at Comcast, although we also have debt at certain of our subsidiaries as a result of acquisitions and other issuances. A substantial amount of this debt is subject to guarantees by Comcast and by certain subsidiaries that we have put in place to simplify our capital structure. We believe this guarantee structure provides liquidity benefits to debt investors and helps to simplify credit analysis with respect to relative value considerations of guaranteed subsidiary debt.
2927

Table of Contents
Debt and Guarantee Structure
(in billions)(in billions)June 30, 2021December 31, 2020(in billions)March 31, 2022December 31, 2021
Debt subject to cross-guarantees
Debt Subject to Cross-GuaranteesDebt Subject to Cross-Guarantees
ComcastComcast$81.6 $85.7 Comcast$85.6 $85.9 
Comcast Cable(a)
Comcast Cable(a)
2.1 2.1 
NBCUniversal(a)
NBCUniversal(a)
2.8 2.8 
NBCUniversal(a)
1.6 1.6 
Comcast Cable(a)
2.1 2.1 
86.5 90.6 89.4 89.6 
Debt subject to one-way guarantees
Debt Subject to One-Way GuaranteesDebt Subject to One-Way Guarantees
SkySky8.3 8.4 Sky6.2 6.3 
Other(a)
Other(a)
1.0 2.8 
Other(a)
0.1 0.1 
9.3 11.2 6.4 6.5 
Debt not guaranteed
Debt Not GuaranteedDebt Not Guaranteed
Universal Beijing Resort(b)
Universal Beijing Resort(b)
3.3 2.5 
Universal Beijing Resort(b)
3.7 3.6 
OtherOther1.1 1.1 Other1.2 1.2 
4.4 3.6 4.9 4.7 
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, netDebt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net(1.6)(1.6)Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net(6.1)(6.0)
Total debtTotal debt$98.6 $103.8 Total debt$94.6 $94.8 
(a)NBCUniversal, Comcast Cable and Comcast Holdings (included within other debt subject to one-way guarantees) are each consolidated subsidiaries subject to the periodic reporting requirements of the SEC. The guarantee structures and related disclosures in this section, together with Exhibit 22, satisfy these reporting obligations.
(b)Universal Beijing Resort debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the investors. See Note 67 for additional information.
Cross-guaranteesCross-Guarantees
Comcast, NBCUniversal and Comcast Cable (the “Guarantors”) fully and unconditionally, jointly and severally, guarantee each other’s debt securities. NBCUniversal and Comcast Cable also guarantee other borrowings of Comcast, including its revolving credit facility. These guarantees rank equally with all other general unsecured and unsubordinated obligations of the respective Guarantors. However, the obligations of the Guarantors under the guarantees are structurally subordinated to the indebtedness and other liabilities of their respective non-guarantor subsidiaries. The obligations of each Guarantor are limited to the maximum amount that would not render such Guarantor’s obligations subject to avoidance under applicable fraudulent conveyance provisions of U.S. and non-U.S. law. Each Guarantor’s obligations will remain in effect until all amounts payable with respect to the guaranteed securities have been paid in full. However, a guarantee by NBCUniversal or Comcast Cable of Comcast’s debt securities, or by NBCUniversal of Comcast Cable’s debt securities, will terminate upon a disposition of such Guarantor entity or all or substantially all of its assets.
The Guarantors are each holding companies that principally hold investments in, borrow from and lend to non-guarantor subsidiary operating companies; issue and service third-party debt obligations; repurchase shares and pay dividends; and engage in certain corporate and headquarters activities. The Guarantors are generally dependent on non-guarantor subsidiary operating companies to fund these activities.
As of June 30, 2021March 31, 2022 and December 31, 2020,2021, the combined Guarantors have noncurrent notes payable to non-guarantor subsidiaries of $125$126 billion and $124 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $28 billion and $26 billion, respectively.$30 billion. This financial information is that of the Guarantors presented on a combined basis with intercompany balances between the Guarantors eliminated. The combined financial information excludes financial information of non-guarantor subsidiaries. The underlying net assets of the non-guarantor subsidiaries are significantly in excess of the Guarantor obligations. Excluding investments in non-guarantor subsidiaries, external debt and the noncurrent notes payable and receivable with non-guarantor subsidiaries, the Guarantors do not have material assets, liabilities or results of operations.
One-wayOne-Way Guarantees
Comcast provides full and unconditional guarantees of certain debt issued by Sky and other consolidated subsidiaries not subject to the periodic reporting requirements of the SEC.
28

Table of Contents
Comcast also provides a full and unconditional guarantee of $138 million principal amount of subordinated debt issued by Comcast Holdings. Comcast’s obligations under this guarantee are subordinated and subject, in right of payment, to the prior payment in full of all of Comcast’s senior indebtedness, including debt guaranteed by Comcast on a senior basis;basis, and are
30

Table of Contents
structurally subordinated to the indebtedness and other liabilities of its non-guarantor subsidiaries (for purposes of this Comcast Holdings discussion, Comcast Cable and NBCUniversal are included within the non-guarantor subsidiary group). Comcast’s obligations as guarantor will remain in effect until all amounts payable with respect to the guaranteed debt have been paid in full. However, the guarantee will terminate upon a disposition of Comcast Holdings or all or substantially all of its assets. Comcast Holdings is a consolidated subsidiary holding company that directly or indirectly holds 100% and approximately 37% of our equity interests in Comcast Cable and NBCUniversal, respectively.
As of June 30, 2021March 31, 2022 and December 31, 2020,2021, Comcast and Comcast Holdings, the combined issuer and guarantor of the guaranteed subordinated debt, have noncurrent senior notes payable to non-guarantor subsidiaries of $97 billion and $94$96 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $25 billion and $23 billion, respectively.$29 billion. This financial information is that of Comcast and Comcast Holdings presented on a combined basis with intercompany balances between Comcast and Comcast Holdings eliminated. The combined financial information excludes financial information of non-guarantor subsidiaries of Comcast and Comcast Holdings. The underlying net assets of the non-guarantor subsidiaries of Comcast and Comcast Holdings are significantly in excess of the obligations of Comcast and Comcast Holdings. Excluding investments in non-guarantor subsidiaries, external debt, and the noncurrent notes payable and receivable with non-guarantor subsidiaries, Comcast and Comcast Holdings do not have material assets, liabilities or results of operations.
Critical Accounting Judgments and Estimates
The preparation of our condensed consolidated financial statements requires us to make estimates that affect the reported amounts of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and contingent liabilities. We base our judgments on our historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making estimates about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
Following the change in presentation of our segment operating results in the first quarter of 2021, we reassessed the reporting units related to goodwill in our NBCUniversal segments and concluded that our reporting units are the same as our reportable segments. See Note 2 for additional information.
For a more complete discussion of the accounting judgments and estimates that we have identified as critical in the preparation of our condensed consolidated financial statements, please refer to our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 20202021 Annual Report on Form 10-K.
ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We have evaluated the information required under this item that was disclosed in our 20202021 Annual Report on Form 10-K and there have been no significant changes to this information.
ITEM 4: CONTROLS AND PROCEDURES
Conclusions regarding disclosure controls and procedures
Our principal executive and principal financial officers, after evaluating the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this report, have concluded that, based on the evaluation of these controls and procedures required by paragraph (b) of Exchange Act Rules 13a-15 or 15d-15, such disclosure controls and procedures were effective.
Changes in internal control over financial reporting
There were no changes in internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

3129

Table of Contents
PART II: OTHER INFORMATION
ITEM 1: LEGAL PROCEEDINGS
See Note 10 included in this Quarterly Report on Form 10-Q for a discussion of legal proceedings.
ITEM 1A: RISK FACTORS
There have been no material changes from the risk factors previously disclosed in Item 1A of our 20202021 Annual Report on Form 10-K.
ITEM 2: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The table below summarizes Comcast's common stock repurchases during the three months ended June 30, 2021.March 31, 2022.
Purchases of Equity Securities 
PeriodTotal
Number of
Shares
Purchased
Average
Price
Per
Share
Total Number of
Shares Purchased
as Part of Publicly
Announced Authorization
Total Dollar
Amount
Purchased
Under the Publicly Announced
Authorization
Maximum Dollar
Value of Shares That
May Yet Be
Purchased Under the Publicly Announced
Authorization
(a)
April 1-30, 2021— $— — $— $— 
May 1-31, 2021986,784 

$57.25 986,784 $56,498,065 $9,943,501,935 
June 1-30, 20217,798,365 $56.87 7,798,365 $443,501,870 $9,500,000,065 
Total8,785,149 $56.91 8,785,149 $499,999,935 $9,500,000,065 
PeriodTotal
Number of
Shares
Purchased
Average
Price
Per
Share
Total Number of
Shares Purchased
as Part of Publicly
Announced Authorization
Total Dollar
Amount
Purchased
Under the Publicly Announced
Authorization
Maximum Dollar
Value of Shares That
May Yet Be
Purchased Under the Publicly Announced
Authorization
(a)
January 1-31, 202216,430,614 $49.91 16,430,614 $819,999,896 $9,180,000,104 
February 1-28, 202231,571,308 

$47.51 31,571,308 $1,499,986,778 $7,680,013,327 
March 1-31, 202214,526,731 $46.81 14,526,731 $680,013,306 $7,000,000,020 
Total62,528,653 $47.98 62,528,653 $2,999,999,980 $7,000,000,020 
(a)Effective May 25, 2021,January 1, 2022, our Board of Directors increased our share repurchase program authorization to $10 billion,billion. Under the authorization, which does not have an expiration date. Under this authorization,date, we expect to repurchase additional shares, which may repurchase sharesbe in the open market or in private transactions.
The total number of shares purchased during the three months ended June 30, 2021March 31, 2022 does not include any shares received in the administration of employee share-based compensation plans.plans as there were none received during the period.
ITEM 6: EXHIBITS
Exhibit
No.
Description
Employment Agreement between Comcast Corporation and Thomas J. Reid, dated asList of April 15, 2019
Employment Agreement between Comcast Corporation and Jeff Shell, dated as of February 19, 2020subsidiaries.
Subsidiary guarantors and issuers of guaranteed securities and affiliates whose securities collateralize securities of the registrant (incorporated by reference to Exhibit 22.122 to Comcast’sComcast's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020)September 30, 2021).
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 20022002.
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 20022002.
101The following financial statements from Comcast Corporation’s Quarterly Report on Form 10-Q for the sixthree months ended June 30, 2021,March 31, 2022, filed with the Securities and Exchange Commission on July 29, 2021,April 28, 2022, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Condensed Consolidated Statement of Income; (ii) the Condensed Consolidated Statement of Comprehensive Income; (iii) the Condensed Consolidated Statement of Cash Flows; (iv) the Condensed Consolidated Balance Sheet; (v) the Condensed Consolidated Statement of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements.
104Cover Page Interactive Data File (embedded within the iXBRL document).
*Constitutes a management contract or compensatory plan or arrangement.
3230

Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
COMCAST CORPORATION
By:/s/ DANIEL C. MURDOCK
Daniel C. Murdock
Executive Vice President, Chief Accounting Officer and Controller
(Principal Accounting Officer)
Date: July 29, 2021April 28, 2022

3331