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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                       to       
               
CMCSA-20210930_G1.JPG
Commission File Number
Exact Name of Registrant; State of
Incorporation; Address and Telephone
Number of Principal Executive Offices
I.R.S. Employer Identification No.
001-32871
COMCAST CORPORATION
27-0000798
Pennsylvania
One Comcast Center
Philadelphia, PA 19103-2838
(215) 286-1700

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Class A Common Stock, $0.01 par value CMCSA NASDAQ Global Select Market
0.000% Notes due 2026 CMCS26 NASDAQ Global Market
0.250% Notes due 2027 CMCS27 NASDAQ Global Market
1.500% Notes due 2029 CMCS29 NASDAQ Global Market
0.250% Notes due 2029 CMCS29A NASDAQ Global Market
0.750% Notes due 2032 CMCS32 NASDAQ Global Market
1.875% Notes due 2036 CMCS36 NASDAQ Global Market
1.250% Notes due 2040 CMCS40 NASDAQ Global Market
9.455% Guaranteed Notes due 2022 CMCSA/22 New York Stock Exchange
5.50% Notes due 2029 CCGBP29 New York Stock Exchange
2.0% Exchangeable Subordinated Debentures due 2029 CCZ New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
As of September 30, 2021, there were 4,559,478,670 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.
1
1
2
3
4
5
6
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.
 
Explanatory Note
This Quarterly Report on Form 10-Q is for the three and nine months ended September 30, 2021. 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,” “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 likely 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
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 systems and other technologies, as well as key properties, and a disruption, cyber attack, failure or destruction of such networks, systems, technologies or properties may disrupt our businesses
the loss of key management personnel or popular on-air and creative talent could have an adverse effect on our businesses
we are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on our businesses
unfavorable litigation or governmental investigation results could require us to pay significant amounts or lead to onerous operating procedures
labor disputes, whether involving employees or sports organizations, may disrupt our operations and adversely affect our businesses
our Class B common stock has substantial voting rights and separate approval rights over several potentially material transactions, and our Chairman and CEO has considerable influence over our company through his beneficial ownership of our Class B common stock



PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
Comcast Corporation
Condensed Consolidated Statement of Income
(Unaudited)
  Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions, except per share data) 2021 2020 2021 2020
Revenue $ 30,298  $ 25,532  $ 86,049  $ 75,856 
Costs and Expenses:
Programming and production 10,395  8,565  28,570  23,683 
Other operating and administrative 8,981  8,059  25,799  23,959 
Advertising, marketing and promotion 1,995  1,512  5,462  4,791 
Depreciation 2,177  2,122  6,407  6,328 
Amortization 1,301  1,198  3,815  3,520 
Total costs and expenses 24,848  21,456  70,053  62,281 
Operating income 5,450  4,076  15,996  13,575 
Interest expense (1,050) (1,220) (3,161) (3,544)
Investment and other income (loss), net 766  (86) 2,374  (382)
Income before income taxes 5,166  2,770  15,208  9,649 
Income tax expense (1,235) (739) (4,354) (2,385)
Net income 3,931  2,031  10,854  7,264 
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock (104) 12  (249) 110 
Net income attributable to Comcast Corporation $ 4,035  $ 2,019  $ 11,102  $ 7,154 
Basic earnings per common share attributable to Comcast Corporation shareholders $ 0.88  $ 0.44  $ 2.42  $ 1.57 
Diluted earnings per common share attributable to Comcast Corporation shareholders $ 0.86  $ 0.44  $ 2.38  $ 1.55 
See accompanying notes to condensed consolidated financial statements.
1


Comcast Corporation
Condensed Consolidated Statement of Comprehensive Income
(Unaudited) 
  Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions) 2021 2020 2021 2020
Net income $ 3,931  $ 2,031  $ 10,854  $ 7,264 
Currency translation adjustments, net of deferred taxes of $231, $40, $122 and $24
(692) 1,642  (666) (589)
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $1, $6, $(16) and $23
46  (99) 151  (72)
Realized (gains) losses reclassified to net income, net of deferred taxes of $(7), $8, $(7) and $29
(9) (8) (5) (135)
Employee benefit obligations and other, net of deferred taxes of $2, $2, $7 and $8
(8) (7) (25) (25)
Comprehensive income 3,268  3,559  10,309  6,443 
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock (104) 12  (249) 110 
Less: Other comprehensive income (loss) attributable to noncontrolling interests 37  11  14 
Comprehensive income attributable to Comcast Corporation $ 3,370  $ 3,510  $ 10,546  $ 6,319 
See accompanying notes to condensed consolidated financial statements.
2


Comcast Corporation
Condensed Consolidated Statement of Cash Flows
(Unaudited) 
  Nine Months Ended
September 30,
(in millions) 2021 2020
Operating Activities
Net income $ 10,854  $ 7,264 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 10,222  9,848 
Share-based compensation 1,019  922 
Noncash interest expense (income), net 287  606 
Net (gain) loss on investment activity and other (1,953) 514 
Deferred income taxes 2,087  (224)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net (720) 982 
Film and television costs, net (541) 163 
Accounts payable and accrued expenses related to trade creditors 667  (545)
Other operating assets and liabilities (465) 165 
Net cash provided by operating activities 21,457  19,695 
Investing Activities
Capital expenditures (6,146) (6,344)
Cash paid for intangible assets (2,006) (1,771)
Construction of Universal Beijing Resort (825) (1,118)
Acquisitions, net of cash acquired (167) (225)
Proceeds from sales of businesses and investments 500  2,131 
Purchases of investments (122) (545)
Other 359  (101)
Net cash provided by (used in) investing activities (8,406) (7,973)
Financing Activities
Proceeds from borrowings 2,515  18,339 
Repurchases and repayments of debt (9,041) (16,771)
Repurchases of common stock under repurchase program and employee plans (2,617) (429)
Dividends paid (3,387) (3,086)
Other (416) (1,644)
Net cash provided by (used in) financing activities (12,946) (3,591)
Impact of foreign currency on cash, cash equivalents and restricted cash (15) 17 
Increase (decrease) in cash, cash equivalents and restricted cash 90  8,148 
Cash, cash equivalents and restricted cash, beginning of period 11,768  5,589 
Cash, cash equivalents and restricted cash, end of period $ 11,858  $ 13,737 
See accompanying notes to condensed consolidated financial statements.
3


Comcast Corporation
Condensed Consolidated Balance Sheet
(Unaudited)
(in millions, except share data) September 30,
2021
December 31,
2020
Assets
Current Assets:
Cash and cash equivalents $ 11,806  $ 11,740 
Receivables, net 11,974  11,466 
Other current assets 3,646  3,535 
Total current assets 27,427  26,741 
Film and television costs 12,645  13,340 
Investments 9,163  7,820 
Investment securing collateralized obligation 563  447 
Property and equipment, net of accumulated depreciation of $55,484 and $54,388
52,809  51,995 
Goodwill 69,626  70,669 
Franchise rights 59,365  59,365 
Other intangible assets, net of accumulated amortization of $22,902 and $19,825
33,393  35,389 
Other noncurrent assets, net 12,070  8,103 
Total assets $ 277,061  $ 273,869 
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors $ 12,020  $ 11,364 
Accrued participations and residuals 1,683  1,706 
Deferred revenue 3,091  2,963 
Accrued expenses and other current liabilities 9,250  9,617 
Current portion of long-term debt 695  3,146 
Total current liabilities 26,738  28,796 
Long-term debt, less current portion 96,522  100,614 
Collateralized obligation 5,169  5,168 
Deferred income taxes 30,050  28,051 
Other noncurrent liabilities 20,756  18,222 
Commitments and contingencies
Redeemable noncontrolling interests and redeemable subsidiary preferred stock 520  1,280 
Equity:
Preferred stock—authorized, 20,000,000 shares; issued, zero
—  — 
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 5,432,269,698 and 5,444,002,825; outstanding, 4,559,478,670 and 4,571,211,797
54  54 
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375
—  — 
Additional paid-in capital 40,134  39,464 
Retained earnings 61,783  56,438 
Treasury stock, 872,791,028 Class A common shares
(7,517) (7,517)
Accumulated other comprehensive income (loss) 1,328  1,884 
Total Comcast Corporation shareholders’ equity 95,782  90,323 
Noncontrolling interests 1,524  1,415 
Total equity 97,306  91,738 
Total liabilities and equity $ 277,061  $ 273,869 
See accompanying notes to condensed consolidated financial statements.
4


Comcast Corporation
Condensed Consolidated Statement of Changes in Equity
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions, except per share data) 2021 2020 2021 2020
Redeemable Noncontrolling Interests and Redeemable Subsidiary Preferred Stock
Balance, beginning of period $ 530  $ 1,256  $ 1,280  $ 1,372 
Redemption of subsidiary preferred stock —  —  (725) — 
Contributions from (distributions to) noncontrolling interests, net
(19) (9) (59) (46)
Other —  (9) (10) (174)
Net income (loss) 16  33  102 
Balance, end of period $ 520  $ 1,254  $ 520  $ 1,254 
Class A Common Stock
Balance, beginning of period $ 55  $ 54  $ 54  $ 54 
Issuances of common stock under employee plans —  —  —  — 
Balance, end of period $ 54  $ 54  $ 54  $ 54 
Additional Paid-In Capital
Balance, beginning of period $ 40,046  $ 38,936  $ 39,464  $ 38,447 
Stock compensation plans 233  240  802  713 
Repurchases of common stock under repurchase program and employee plans (209) (61) (340) (164)
Employee stock purchase plans 62  60  201  193 
Other (2) (16)
Balance, end of period $ 40,134  $ 39,173  $ 40,134  $ 39,173 
Retained Earnings
Balance, beginning of period $ 60,359  $ 53,420  $ 56,438  $ 50,695 
Cumulative effects of adoption of accounting standards
—  —  —  (124)
Repurchases of common stock under repurchase program and employee plans (1,458) (113) (2,290) (281)
Dividends declared (1,153) (1,062) (3,470) (3,187)
Other —  (10) (3)
Net income (loss) 4,035  2,019  11,102  7,154 
Balance, end of period $ 61,783  $ 54,254  $ 61,783  $ 54,254 
Treasury Stock at Cost
Balance, beginning of period $ (7,517) $ (7,517) $ (7,517) $ (7,517)
Balance, end of period $ (7,517) $ (7,517) $ (7,517) $ (7,517)
Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period $ 1,992  $ (1,279) $ 1,884  $ 1,047 
Other comprehensive income (loss) (664) 1,491  (556) (835)
Balance, end of period $ 1,328  $ 212  $ 1,328  $ 212 
Noncontrolling Interests
Balance, beginning of period $ 1,581  $ 1,177  $ 1,415  $ 1,148 
Other comprehensive income (loss) 38  11  14 
Contributions from (distributions to) noncontrolling interests, net
55  185  379  200 
Other (2) (1) —  25 
Net income (loss) (112) (4) (282)
Balance, end of period $ 1,524  $ 1,395  $ 1,524  $ 1,395 
Total equity $ 97,306  $ 87,571  $ 97,306  $ 87,571 
Cash dividends declared per common share $ 0.25  $ 0.23  $ 0.75  $ 0.69 
See accompanying notes to condensed consolidated financial statements.
5


Comcast Corporation
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1: Condensed Consolidated Financial Statements
Basis of Presentation
We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.
The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2020 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 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. 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 automation services to residential customers under the Xfinity brand; 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; 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 content licensing and various digital properties.
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 Beijing, China. We are developing an additional theme park in Orlando, Florida. Revenue is generated primarily from guest spending at our Universal theme parks.
6


Comcast Corporation
Sky is one of Europe’s 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 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.
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 September 30, 2021
(in millions)
Revenue(a)
Adjusted EBITDA(b)
Depreciation and Amortization Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications $ 16,115  $ 7,069  $ 1,965  $ 1,673  $ 370 
NBCUniversal
Media 6,770  997  248  20  38 
Studios 2,407  179  14 
Theme Parks 1,449  434  213  122 
Headquarters and Other 28  (248) 115  87  36 
Eliminations(a)
(654) (12) —  —  — 
NBCUniversal 10,001  1,349  591  229  85 
Sky 4,988  971  884  160  221 
Corporate and Other 65  (335) 38  80  48 
Eliminations(a)
(871) (98) —  —  — 
Comcast Consolidated $ 30,298  $ 8,957  $ 3,477  $ 2,142  $ 723 
  Three Months Ended September 30, 2020
(in millions)
Revenue(a)
Adjusted EBITDA(b)
Depreciation and Amortization Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications $ 15,000  $ 6,411  $ 1,952  $ 1,770  $ 296 
NBCUniversal
Media 4,589  985  245  19  39 
Studios 1,898  340  17 
Theme Parks 385  (174) 209  306  11 
Headquarters and Other 12  (127) 112  29  28 
Eliminations(a)
(551) (114) —  —  — 
NBCUniversal 6,333  910  583  357  79 
Sky 4,793  515  750  237  176 
Corporate and Other 44  (264) 35  23 
Eliminations(a)
(638) 11  —  —  — 
Comcast Consolidated $ 25,532  $ 7,583  $ 3,320  $ 2,387  $ 552 
7


Comcast Corporation
  Nine Months Ended September 30, 2021
(in millions)
Revenue(a)
Adjusted EBITDA(b)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications $ 47,922  $ 20,972  $ 5,845  $ 4,739  $ 1,022 
NBCUniversal
Media 16,955  3,847  749  49  112 
Studios 7,027  833  39 
Theme Parks 3,163  593  615  348  23 
Headquarters and Other 65  (643) 356  184  93 
Eliminations(a)
(2,230) (238) —  —  — 
NBCUniversal 24,981  4,392  1,759  584  238 
Sky 15,205  1,895  2,524  615  633 
Corporate and Other 246  (876) 95  208  113 
Eliminations(a)
(2,304) (87) —  —  — 
Comcast Consolidated $ 86,049  $ 26,297  $ 10,222  $ 6,146  $ 2,006 
  Nine Months Ended September 30, 2020
(in millions)
Revenue(a)
Adjusted EBITDA(b)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications $ 44,346  $ 18,663  $ 5,835  $ 4,491  $ 978 
NBCUniversal
Media 13,563  4,150  732  79  126 
Studios 6,359  963  49 
Theme Parks 1,446  (480) 590  897  42 
Headquarters and Other 32  (430) 357  129  106 
Eliminations(a)
(1,623) (224) —  —  — 
NBCUniversal 19,777  3,979  1,728  1,114  278 
Sky 13,389  1,815  2,188  649  512 
Corporate and Other 204  (846) 97  90 
Eliminations(a)
(1,860) 29  —  —  — 
Comcast Consolidated $ 75,856  $ 23,640  $ 9,848  $ 6,344  $ 1,771 
8


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 distribution revenue at 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 at 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 at 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
September 30,
Nine Months Ended
September 30,
(in millions) 2021 2020 2021 2020
Cable Communications $ 69  $ 56  $ 162  $ 139 
NBCUniversal
Media 714  478  1,799  1450 
Studios 682  615  2,357  1,780 
Theme Parks —  —  — 
Headquarters and Other 23  52  15 
Sky 26  15 
Corporate and Other 32  24  137  84 
Total intersegment revenue $ 1,525  $ 1,189  $ 4,535  $ 3,483 
(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
September 30,
Nine Months Ended
September 30,
(in millions)
2021 2020 2021 2020
Adjusted EBITDA $ 8,957  $ 7,583  $ 26,297  $ 23,640 
Adjustments (30) (187) (79) (217)
Depreciation (2,177) (2,122) (6,407) (6,328)
Amortization (1,301) (1,198) (3,815) (3,520)
Interest expense
(1,050) (1,220) (3,161) (3,544)
Investment and other income (loss), net 766  (86) 2,374  (382)
Income before income taxes $ 5,166  $ 2,770  $ 15,208  $ 9,649 
Adjustments represent the impacts 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. Adjustments for the three and nine months ended September 30, 2020 also include $177 million related to a legal settlement.
Goodwill by Segment
The changes in the carrying amount of goodwill by segment for the nine months ended September 30, 2021 are as follows:
    NBCUniversal    
(in billions) Cable
Communications
Cable
Networks
Broadcast
Television
Filmed
Entertainment
Media Studios Theme
Parks
Sky Corporate
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 other 0.1  —  —  —  —  —  (0.4) (0.6) —  (1.0)
Balance, September 30, 2021 $ 15.3  $   $   $   $ 14.7  $ 3.7  $ 6.6  $ 29.3  $   $ 69.6 
9


Comcast Corporation
Note 3: Revenue
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions) 2021 2020 2021 2020
Residential:
Broadband $ 5,801  $ 5,198  $ 17,118  $ 15,199 
Video 5,499  5,421  16,676  16,468 
Voice 851  876  2,592  2,652 
Wireless 603  400  1,672  1,069 
Business services 2,227  2,049  6,597  6,096 
Advertising 705  674  2,002  1,659 
Other 427  382  1,265  1,203 
Total Cable Communications 16,115  15,000  47,922  44,346 
Advertising 3,255  1,881  7,537  5,696 
Distribution 2,987  2,194  7,934  6,541 
Other 528  514  1,483  1,326 
Total Media 6,770  4,589  16,955  13,563 
Content licensing 1,827  1,584  5,683  5,149 
Theatrical 307  28  544  351 
Home entertainment and other 273  286  801  859 
Total Studios 2,407  1,898  7,027  6,359 
Total Theme Parks 1,449  385  3,163  1,446 
Headquarters and Other 28  12  65  32 
Eliminations(a)
(654) (551) (2,230) (1,623)
Total NBCUniversal 10,001  6,333  24,981  19,777 
Direct-to-consumer 4,127  3,943  12,415  11,146 
Content 300  388  1,013  947 
Advertising 561  462  1,777  1,296 
Total Sky 4,988  4,793  15,205  13,389 
Corporate and Other 65  44  246  204 
Eliminations(a)
(871) (638) (2,304) (1,860)
Total revenue $ 30,298  $ 25,532  $ 86,049  $ 75,856 
(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
September 30,
Nine Months Ended
September 30,
(in millions) 2021 2020 2021 2020
United States $ 23,978  $ 19,680  $ 67,317  $ 59,026 
Europe 5,517  5,196  16,552  14,850 
Other 802  656  2,180  1,980 
Total revenue $ 30,298  $ 25,532  $ 86,049  $ 75,856 
10


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) September 30,
2021
December 31,
2020
Receivables, gross $ 12,729  $ 12,273 
Less: Allowance for doubtful accounts 754  807 
Receivables, net $ 11,974  $ 11,466 
(in millions) September 30,
2021
December 31,
2020
Noncurrent receivables, net (included in other noncurrent assets, net) $ 1,024  $ 1,091 
Contract acquisition and fulfillment costs (included in other noncurrent assets, net) $ 1,000  $ 1,060 
Noncurrent deferred revenue (included in other noncurrent liabilities) $ 732  $ 750 
Note 4: Programming and Production Costs
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions) 2021 2020 2021 2020
Video distribution programming $ 3,337  $ 3,089  $ 10,267  $ 9,351 
Film and television content:
Owned(a)
2,215  1,674  6,406  5,737
   Licensed, including sports rights 4,536  3,526  11,028  7,774
Other 307  276  868  822
Total programming and production costs $ 10,395  $ 8,565  $ 28,570  $ 23,683 
(a) Amount includes amortization of owned content of $1.9 billion and $5.3 billion for the three and nine months ended September 30, 2021, respectively, and $1.6 billion and $4.9 billion for the three and nine months ended September 30, 2020, respectively, as well as participations and residuals expenses.
Capitalized Film and Television Costs
(in millions) September 30,
2021
December 31,
2020
Owned:
Released, less amortization $ 3,586  $ 3,815 
Completed, not released 373  139 
In production and in development 2,598  2,755 
6,557  6,709 
Licensed, including sports advances 6,088  6,631 
Film and television costs $ 12,645  $ 13,340 
Note 5: Long-Term Debt
As of September 30, 2021, our debt had a carrying value of $97.2 billion and an estimated fair value of $112.4 billion. As of December 31, 2020, our debt had a carrying value of $103.8 billion and an estimated fair value of $125.6 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.
11


Comcast Corporation
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 September 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 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 September 30, 2021 and December 31, 2020.
Note 6: Significant Transactions
Universal Beijing Resort
We entered into an agreement with a consortium of Chinese state-owned companies to build and operate a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”), which opened in September 2021. We own a 30% interest in Universal Beijing Resort and the construction was funded through a combination of debt financing and equity contributions from the investors in accordance with their equity interests. In the third quarter of 2021, the maximum borrowing limit under the debt financing agreement was increased to ¥29.7 billion RMB (approximately $4.6 billion) from ¥26.6 billion RMB (approximately $4.1 billion). As of September 30, 2021, Universal Beijing Resort had $3.4 billion of debt outstanding, including $3.0 billion principal amount of a term loan under the debt financing agreement.
As of September 30, 2021, our condensed consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $9.1 billion and $7.5 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt.
Acquisitions
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. We will apply acquisition accounting to Masergy and its results of operations will be included in our consolidated results of operations following the date of acquisition and be reported in our Cable Communications segment. The assets and liabilities acquired as a result of the transaction will be recorded at their estimated fair values, however, due to the limited time since the acquisition date, the initial acquisition accounting is incomplete.
Note 7: Investments
Investment and Other Income (Loss), Net
  Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions) 2021 2020 2021 2020
Equity in net income (losses) of investees, net $ 602  $ (266) $ 1,696  $ (634)
Realized and unrealized gains (losses) on equity securities, net
106  118  532  65 
Other income (loss), net 59  62  146  187 
Investment and other income (loss), net $ 766  $ (86) $ 2,374  $ (382)
The amount of unrealized gains (losses) recognized in the three months ended September 30, 2021 and 2020 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period were losses of $165 million and gains of $79 million, respectively. The amount of unrealized gains (losses) recognized in the nine months ended September 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 $91 million and losses of $2 million, respectively.
12


Comcast Corporation
Investments
(in millions) September 30,
2021
December 31,
2020
Equity method $ 7,044  $ 6,006 
Marketable equity securities 368  460 
Nonmarketable equity securities 2,092  1,950 
Other investments 345  143 
Total investments 9,849  8,559 
Less: Current investments 123  292 
Less: Investment securing collateralized obligation 563  447 
Noncurrent investments $ 9,163  $ 7,820 
Equity Method
Atairos
Atairos follows investment company accounting and records its investments at their fair values each reporting period with the net gains or losses reflected in its statement of operations. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. For the nine months ended September 30, 2021 and 2020, we made cash capital contributions to Atairos totaling $36 million and $184 million, respectively. As of September 30, 2021 and December 31, 2020, our investment in Atairos, inclusive of certain distributions retained by Atairos on our behalf and classified as advances within other investments, was $5.2 billion and $3.9 billion, respectively. As of September 30, 2021, 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 September 30, 2021 and December 31, 2020, the carrying value and 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 Investments
AirTouch
In April 2020, Verizon Americas, Inc., formerly known as AirTouch Communications, Inc. (“AirTouch”), redeemed the two series of preferred stock and we received cash payments totaling $1.7 billion. Subsequently, we redeemed and repurchased the three series of preferred shares issued by one of our consolidated subsidiaries and made cash payments totaling $1.8 billion.
Note 8: Equity and Share-Based Compensation
Weighted-Average Common Shares Outstanding
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions) 2021 2020 2021 2020
Weighted-average number of common shares outstanding – basic 4,588  4,577  4,593  4,571 
Effect of dilutive securities 77  51  75  45 
Weighted-average number of common shares outstanding – diluted 4,665  4,628  4,668  4,616 
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.
13


Comcast Corporation
Accumulated Other Comprehensive Income (Loss)
(in millions) September 30,
2021
December 31,
2020
Cumulative translation adjustments $ 1,113  $ 1,790 
Deferred gains (losses) on cash flow hedges 37  (109)
Unrecognized gains (losses) on employee benefit obligations and other 178  203 
Accumulated other comprehensive income (loss), net of deferred taxes $ 1,328  $ 1,884 
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, we granted 12.8 million RSUs and 42.3 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $54.62 per RSU and $9.64 per stock option.
Recognized Share-Based Compensation Expense
  Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions) 2021 2020 2021 2020
Restricted share units $ 167  $ 164  $ 560  $ 484 
Stock options 70  72  248  226 
Employee stock purchase plans 29  30 
Total $ 246  $ 245  $ 837  $ 740 
As of September 30, 2021, we had unrecognized pretax compensation expense of $1.3 billion and $649 million related to nonvested RSUs and nonvested stock options, respectively.
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
  Nine Months Ended
September 30,
(in millions) 2021 2020
Interest $ 2,943  $ 2,845 
Income taxes $ 2,201  $ 2,298 
Noncash Activities
During the nine months ended September 30, 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 $1.6 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 October 2021
14


Comcast Corporation
During the nine months ended September 30, 2020:
we acquired $1.9 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 October 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) September 30,
2021
December 31,
2020
Cash and cash equivalents $ 11,806  $ 11,740 
Restricted cash included in other current assets 39  14 
Restricted cash included in other noncurrent assets, net 12  14 
Cash, cash equivalents and restricted cash, end of period $ 11,858  $ 11,768 
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, the preferred stock had a carrying value equal to its liquidation preference and was presented in redeemable noncontrolling interests and redeemable subsidiary preferred stock.
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.
15

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 2020 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 for (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”) and measures taken to prevent its spread across the globe have impacted our businesses in a number of ways. COVID-19 has had material negative impacts on NBCUniversal and Sky results of operations primarily due to the temporary restrictions and closures at our theme parks and the impacts on professional sports, respectively. 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 operated without capacity restrictions in the third quarter of 2021, following periods with capacity restrictions in place that ended in the second quarter of 2021. Our theme park in Hollywood began requiring proof of vaccination or a negative COVID-19 test result for park entry in accordance with local requirements in the fourth quarter of 2021. Our theme park in Japan has been operating with capacity restrictions and our newest theme park, Universal Beijing Resort, opened in September 2021 with capacity restrictions. The capacity restrictions and temporary closures of our theme parks at various times in 2020 and 2021 have had a significant impact on our revenue and Adjusted EBITDA for the three and nine months ended September 30, 2021 on a consolidated basis. The results of operations at our theme parks may continue to be negatively impacted and we cannot predict if some or all of our parks will remain open or continue to be subject to capacity restrictions, or the level of attendance at our reopened parks. 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 half of 2021 compared to a normal year. The delays 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. The timing of sports seasons generally returned to a normal calendar beginning in the third quarter of 2021. In addition, the Tokyo Olympics were postponed from the third quarter of 2020 and took place in the third quarter of 2021, resulting in a corresponding delay of the associated revenue and costs.
16

Our studio production operations have generally returned to full capacity. With the temporary closure or 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. Results of operations in our Studios segment may 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. The timing of sports seasons generally returned 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 substantially complete 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.
17

Consolidated Operating Results
  Three Months Ended
September 30,
Increase/
(Decrease)
Nine Months Ended
September 30,
Increase/
(Decrease)
(in millions, except per share data) 2021 2020 % 2021 2020 %
Revenue $ 30,298  $ 25,532  18.7% $ 86,049  $ 75,856  13.4  %
Costs and Expenses:
Programming and production 10,395  8,565  21.4 28,570  23,683  20.6 
Other operating and administrative
8,981  8,059  11.4 25,799  23,959  7.7 
Advertising, marketing and promotion
1,995  1,512  32.0 5,462  4,791  14.0 
Depreciation 2,177  2,122  2.6 6,407  6,328  1.3 
Amortization
1,301  1,198  8.6 3,815  3,520  8.4 
Operating income 5,450  4,076  33.7 15,996  13,575  17.8 
Interest expense (1,050) (1,220) (14.0) (3,161) (3,544) (10.8)
Investment and other income (loss), net
766  (86) NM 2,374  (382) NM
Income before income taxes 5,166  2,770  86.5 15,208  9,649  57.6 
Income tax expense
(1,235) (739) 67.1 (4,354) (2,385) 82.5 
Net income 3,931  2,031  93.5 10,854  7,264  49.4 
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock (104) 12  NM (249) 110  NM
Net income attributable to Comcast Corporation
$ 4,035  $ 2,019  99.8% $ 11,102  $ 7,154  55.2  %
Basic earnings per common share attributable to Comcast Corporation shareholders
$ 0.88  $ 0.44  100.0  % $ 2.42  $ 1.57  54.1  %
Diluted earnings per common share attributable to Comcast Corporation shareholders
$ 0.86  $ 0.44  95.5  % $ 2.38  $ 1.55  53.5  %
Adjusted EBITDA(a)
$ 8,957  $ 7,583  18.1  % $ 26,297  $ 23,640  11.2  %
Percentage changes that are considered not meaningful are denoted with NM.
(a)Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 30 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.
Consolidated Revenue
Media, Cable Communications, Theme Parks, Studios and Sky drove increases in consolidated revenue for the three months ended September 30, 2021. Cable Communications, Media, Sky, Theme Parks and Studios drove increases in consolidated revenue for the nine months ended September 30, 2021.
Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”
Consolidated Costs and Expenses
Media, Studios, Cable Communications and Theme Parks drove increases in consolidated operating costs and expenses for the three months ended September 30, 2021, which were partially offset by decreases in operating costs and expenses in Sky. Media, Sky, Cable Communications, Studios and Theme Parks drove increases in consolidated operating costs and expenses for the nine months ended September 30, 2021.
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 costs and expenses for the three and nine months ended September 30, 2020 also include $177 million related to a legal settlement that was excluded from Adjusted EBITDA and our segment operating results.
18

Consolidated Depreciation and Amortization Expense
  Three Months Ended
September 30,
Increase/
(Decrease)
Nine Months Ended
September 30,
Increase/
(Decrease)
(in millions) 2021 2020 % 2021 2020 %
Cable Communications $ 1,965  $ 1,952  0.6  % $ 5,845  $ 5,835  0.2  %
NBCUniversal 591  583  1.3  1,759  1,728  1.8 
Sky 884  750  17.9  2,524  2,188  15.3 
Corporate and Other 38  35  11.6  95  97  (0.4)
Comcast Consolidated $ 3,477  $ 3,320  4.8  % $ 10,222  $ 9,848  3.8  %
Consolidated depreciation and amortization expense increased for the three and nine months ended September 30, 2021 compared to the same periods in 2020 primarily due to increases at Sky, which include the impacts of foreign currency.
Amortization expense from acquisition-related intangible assets totaled $603 million and $1.8 billion for the three and nine months ended September 30, 2021, respectively. Amortization expense from acquisition-related intangible assets totaled $574 million and $1.7 billion for the three and nine months ended September 30, 2020, respectively. 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 September 30, 2021 compared to the same period in 2020 primarily due to a $220 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. Interest expense decreased for the nine months ended September 30, 2021 compared to the same period in 2020 primarily due to a $360 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 and lower weighted-average interest rates, partially offset by a $78 million charge recorded in the current year period related to the early redemption of senior notes.
Consolidated Investment and Other Income (Loss), Net
  Three Months Ended
September 30,
Increase/
(Decrease)
Nine Months Ended
September 30,
Increase/
(Decrease)
(in millions) 2021 2020 % 2021 2020 %
Equity in net income (losses) of investees, net $ 602  $ (266) NM $ 1,696  $ (634) NM
Realized and unrealized gains (losses) on equity securities, net
106  118  (10.9) 532  65  NM
Other income (loss), net 59  62  (5.3) 146  187  (22.4)
Total investment and other income (loss), net $ 766  $ (86) NM $ 2,374  $ (382) NM
The change in investment and other income (loss) net for the three and nine months ended September 30, 2021 compared to the same periods in 2020 was primarily due to equity in net income (losses) of investees, net related to our investment in Atairos Group, Inc. The income (losses) at Atairos were driven by fair value adjustments on its underlying investments with income of $555 million and $1.5 billion for the three and nine months ended September 30, 2021, respectively, and losses of $107 million and $242 million for the three and nine months ended September 30, 2020, respectively. The changes in realized and unrealized gains (losses) on equity securities, net for the three and nine months ended September 30, 2021 compared to the same periods in 2020 include gains from fair value adjustments on nonmarketable equity securities in the current year periods and losses on marketable securities in the current year periods compared to gains in the prior year periods.
Consolidated Income Tax Expense
Income tax expense for the three and nine months ended September 30, 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 increases in income tax expense for the three and nine months ended September 30, 2021 compared to the same periods in 2020 were primarily due to higher income before income taxes. We also recognized income tax expense of $498 million in the second quarter of 2021 related to an increase in our net deferred tax liability as a result of the enactment of tax law changes in the United Kingdom (see Note 9) and income tax expense in the third quarter 2020 as a result of adjustments due to other tax law changes.
19

Consolidated Net Income (Loss) Attributable to Noncontrolling Interests and Redeemable Subsidiary Preferred Stock
The changes in net income (loss) attributable to noncontrolling interest and redeemable subsidiary preferred stock for the three and nine months ended September 30, 2021 compared to the same periods in 2020 were primarily due to losses at Universal Beijing Resort, which increased due to pre-opening costs prior to its opening in September 2021 (see Note 6).
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
September 30,
Increase/
(Decrease)
Nine Months Ended
September 30,
Increase/
(Decrease)
(in millions) 2021 2020 % 2021 2020 %
Revenue
Residential:
Broadband $ 5,801  $ 5,198  11.6  % $ 17,118  $ 15,199  12.6  %
Video 5,499  5,421  1.4  16,676  16,468  1.3 
Voice 851  876  (2.9) 2,592  2,652  (2.3)
Wireless 603  400  50.7  1,672  1,069  56.4 
Business services 2,227  2,049  8.7  6,597  6,096  8.2 
Advertising 705  674  4.6  2,002  1,659  20.6 
Other 427  382  12.4  1,265  1,203  5.3 
Total revenue 16,115  15,000  7.4  47,922  44,346  8.1 
Operating costs and expenses
Programming 3,546  3,296  7.6  10,809  9,978  8.3 
Technical and product support 2,169  1,980  9.6  6,265  5,925  5.7 
Customer service 581  598  (2.7) 1,765  1,836  (3.8)
Advertising, marketing and promotion 1,012  929  8.8  2,887  2,717  6.3 
Franchise and other regulatory fees 432  421  2.5  1,382  1,225  12.8 
Other 1,305  1,365  (4.3) 3,841  4,002  (4.0)
Total operating costs and expenses 9,045  8,589  5.3  26,949  25,683  4.9 
Adjusted EBITDA
$ 7,069  $ 6,411  10.3  % $ 20,972  $ 18,663  12.4  %
    
20

Customer Metrics
  Net Additions / (Losses)
  September 30, Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands) 2021 2020 2021 2020 2021 2020
Customer relationships
Residential customer relationships
31,576  30,263  237  539  884  1,140 
Business services customer relationships
2,473  2,401  18  17  46 
Total customer relationships 34,048  32,664  255  556  930  1,144 
Residential customer relationships mix
One product customers
13,959  11,931  481  625  1,551  1,710 
Two product customers
8,473  8,732  (89) (9) (261) (191)
Three or more product customers
9,144  9,600  (156) (77) (406) (379)
Broadband
Residential customers
29,389  27,811  281  617  1,063  1,423 
Business services customers
2,300  2,225  19  16  52  10 
Total broadband customers 31,688  30,036  300  633  1,115  1,433 
Video
Residential customers
17,844  19,220  (382) (253) (1,149) (1,068)
Business services customers
705  874  (26) (20) (147) (92)
Total video customers 18,549  20,094  (408) (273) (1,297) (1,160)
Voice
Residential customers
9,245  9,684  (167) (14) (400) (250)
Business services customers
1,384  1,341  11  28  (1)
Total voice customers 10,630  11,025  (158) (3) (372) (251)
Wireless
Wireless lines 3,668  2,580  285  187  842  528 
    
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 generally 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 for 2021 and 2020 do not include customers in the free Internet Essentials offer or certain high-risk customers who continued to receive service following nonpayment (refer to “Impacts of COVID-19” for further discussion). Total residential customer relationships and broadband customers were updated in the first quarter of 2021 due to a conforming change to methodology, resulting in a reduction of approximately 26,000 customers. There was no impact to net additions and information for all periods presented has been recast on a comparable basis.
Three Months Ended
September 30,
Increase/(Decrease) Nine Months Ended
September 30,
Increase/(Decrease)
2021 2020 % 2021 2020 %
Average monthly total revenue per customer relationship $ 158.36  $ 154.39  2.6  % $ 158.55  $ 153.54  3.3  %
Average monthly Adjusted EBITDA per customer relationship $ 69.47  $ 65.99  5.3  % $ 69.39  $ 64.62  7.4  %
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 also use average monthly Adjusted EBITDA per customer relationship to evaluate the profitability of our customer base across our service offerings. We believe these 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.
21

Cable Communications Segment – Revenue
Broadband
Revenue increased for the three and nine months ended September 30, 2021 compared to the same periods in 2020 due to increases in the number of residential broadband customers and increases in average rates. Average rates in the second and third quarter of 2020 were negatively impacted by customer adjustments and waived fees due to COVID-19. Refer to “Video” below for additional information.
Video
Revenue increased for the three and nine months ended September 30, 2021 compared to the same periods in 2020 due to increases in average rates, partially offset by declines in the number of residential video customers. Average rates in the second and third quarters 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. 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 nine months ended September 30, 2021 compared to the same periods in 2020 primarily due to declines in the number of residential voice customers, partially offset by increases in average rates. We expect that the number of residential voice customers and voice revenue will continue to decline.
Wireless
Revenue increased for the three and nine months ended September 30, 2021 compared to the same periods in 2020 primarily due to increases in the number of customer lines and devices sales.
Business Services
Revenue increased for the three and nine months ended September 30, 2021 compared to the same periods in 2020 primarily due to increases in average rates compared to the prior year periods and increases in the number of customers receiving our services, which were negatively impacted by COVID-19.
Advertising
Revenue increased for the three and nine months ended September 30, 2021 compared to the same periods in 2020 reflecting an overall market recovery in the current year periods and increases in revenue from our advanced advertising business, partially offset by decreases in political advertising compared to the prior year periods.
Other
Revenue increased for the three and nine months ended September 30, 2021 compared to the same periods in 2020 due to increases in revenue from our security and automation services and from licensing of our technology platforms.
Cable Communications Segment – Operating Costs and Expenses
Programming expenses increased for the three and nine months ended September 30, 2021 compared to the same periods 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 increased due to increases in retransmission consent and sports programming rates, partially offset by declines in the number of video subscribers.
Technical and product support expenses increased for the three and nine months ended September 30, 2021 compared to the same periods in 2020 primarily due to increased costs associated with our wireless phone service from increases in the sale of devices and the number of customers receiving this service.
Customer service expenses decreased for the three and nine months ended September 30, 2021 compared to the same periods in 2020 primarily due to lower labor costs as a result of reduced call volumes.
Advertising, marketing and promotion expenses increased for the three and nine months ended September 30, 2021 compared to the same periods in 2020 primarily due to increased spending associated with attracting new customers and promoting our service offerings, including advertising expenses associated with the Tokyo Olympics as well as decreased spending as a result of COVID-19 in the prior year periods.
Franchise and other regulatory fees increased for the three and nine months ended September 30, 2021 compared to the same periods in 2020 primarily due to increases in regulatory costs.
22

Other operating costs and expenses decreased for the three and nine months ended September 30, 2021 compared to the same periods in 2020 primarily due to decreases in bad debt expense, partially offset by higher third-party advertising costs for the nine month period.
Cable Communications Segment – Operating Margin
Our operating margin is Adjusted EBITDA as a percentage of revenue. We believe this metric is useful particularly as we continue to focus on growing our higher-margin businesses and improving overall operating cost management.
Our operating margin for the three and nine months ended September 30, 2021 was 43.9% and 43.8%, respectively. Our operating margin for the three and nine months ended September 30, 2020 was 42.7% and 42.1%, 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 7.6% and 8.3% for the three and nine months ended September 30, 2021, respectively, compared to the same periods in 2020.
NBCUniversal Segments Results of Operations
  Three Months Ended
September 30,
Increase/
(Decrease)
Nine Months Ended
September 30,
Increase/
(Decrease)
(in millions) 2021 2020 % 2021 2020 %
Revenue
Media $ 6,770  $ 4,589  47.5  % $ 16,955  $ 13,563  25.0  %
Studios 2,407  1,898  26.8  7,027  6,359  10.5 
Theme Parks 1,449  385  NM 3,163  1,446  118.8 
Headquarters and Other 28  12  121.4  65  32  103.7 
Eliminations (654) (551) (18.4) (2,230) (1,623) (37.3)
Total revenue $ 10,001  $ 6,333  57.9  % $ 24,981  $ 19,777  26.3  %
Adjusted EBITDA
Media $ 997  $ 985  1.2  % $ 3,847  $ 4,150  (7.3) %
Studios 179  340  (47.3) 833  963  (13.6)
Theme Parks 434  (174) NM 593  (480) NM
Headquarters and Other (248) (127) (95.1) (643) (430) (49.4)
Eliminations (12) (114) 88.9  (238) (224) (6.7)
Total Adjusted EBITDA
$ 1,349  $ 910  48.2  % $ 4,392  $ 3,979  10.4  %

Media Segment Results of Operations
  Three Months Ended
September 30,
Increase/
(Decrease)
Nine Months Ended
September 30,
Increase/
(Decrease)
(in millions) 2021 2020 % 2021 2020 %
Revenue
Advertising $ 3,255  $ 1,881  73.0  % $ 7,537  $ 5,696  32.3  %
Distribution 2,987  2,194  36.2  7,934  6,541