Item 1. FINANCIAL STATEMENTS

Comcast Corporation

Condensed Consolidated Statement of Income

(Unaudited)

									Three Months Ended March 31,
(in millions, except per share data)															2022						2021
Revenue															$	31,010					$	27,205
Costs and Expenses:
Programming and production															10,570						8,919
Other operating and administrative															9,260						8,269
Advertising, marketing and promotion															2,062						1,616
Depreciation															2,213						2,117
Amortization															1,335						1,245
Total costs and expenses															25,440						22,166
Operating income															5,569						5,039
Interest expense															(993)						(1,018)
Investment and other income (loss), net															188						390
Income before income taxes															4,764						4,411
Income tax expense															(1,288)						(1,119)
Net income															3,476						3,292
Less: Net income (loss) attributable to noncontrolling interests															(73)						(37)
Net income attributable to Comcast Corporation															$	3,549					$	3,329
Basic earnings per common share attributable to Comcast Corporation shareholders															$	0.79					$	0.73
Diluted earnings per common share attributable to Comcast Corporation shareholders															$	0.78					$	0.71

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statement of Comprehensive Income

(Unaudited)

									Three Months Ended March 31,
(in millions)															2022						2021
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 income															2,699						3,366
Less: Net income (loss) attributable to noncontrolling interests															(73)						(37)
Less: Other comprehensive income (loss) attributable to noncontrolling interests															28						(14)
Comprehensive income attributable to Comcast Corporation															$	2,744					$	3,417

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statement of Cash Flows

(Unaudited)

			Three Months Ended March 31,
(in millions)			2022						2021
Operating Activities
Net income			$	3,476					$	3,292
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			3,548						3,362
Share-based compensation			376						373
Noncash interest expense (income), net			93						62
Net (gain) loss on investment activity and other			(113)						(239)
Deferred income taxes			106						28
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net			(527)						554
Film and television costs, net			363						393
Accounts payable and accrued expenses related to trade creditors			314						(198)
Other operating assets and liabilities			(379)						124
Net cash provided by operating activities			7,257						7,751
Investing Activities
Capital expenditures			(1,856)						(1,859)
Cash paid for intangible assets			(641)						(612)
Construction of Universal Beijing Resort			(147)						(428)
Acquisitions, net of cash acquired			—						(147)
Proceeds from sales of businesses and investments			69						388
Purchases of investments			(66)						(52)
Other			44						98
Net cash provided by (used in) investing activities			(2,597)						(2,612)
Financing Activities
Proceeds from borrowings			117						192
Repurchases and repayments of debt			(104)						(124)
Repurchases of common stock under repurchase program and employee plans			(3,223)						(309)
Dividends paid			(1,166)						(1,080)
Other			(114)						(577)
Net cash provided by (used in) financing activities			(4,490)						(1,898)
Impact of foreign currency on cash, cash equivalents and restricted cash			(35)						(33)
Increase (decrease) in cash, cash equivalents and restricted cash			135						3,208
Cash, cash equivalents and restricted cash, beginning of period			8,778						11,768
Cash, cash equivalents and restricted cash, end of period			$	8,914					$	14,976

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Balance Sheet

(Unaudited)

(in millions, except share data)			March 31, 2022						December 31, 2021
Assets
Current Assets:
Cash and cash equivalents			$	8,880					$	8,711
Receivables, net			12,300						12,008
Other current assets			4,201						4,088
Total current assets			25,381						24,807
Film and television costs			12,360						12,806
Investments			8,287						8,082
Investment securing collateralized obligation			646						605
Property and equipment, net of accumulated depreciation of $56,274 and $55,611			53,820						54,047
Goodwill			69,052						70,189
Franchise rights			59,365						59,365
Other intangible assets, net of accumulated amortization of $24,525 and $23,545			32,468						33,580
Other noncurrent assets, net			12,694						12,424
Total assets			$	274,074					$	275,905
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors			$	12,707					$	12,455
Accrued participations and residuals			1,744						1,822
Deferred revenue			3,018						3,040
Accrued expenses and other current liabilities			10,071						9,899
Current portion of long-term debt			2,117						2,132
Total current liabilities			29,657						29,348
Long-term debt, less current portion			92,443						92,718
Collateralized obligation			5,171						5,170
Deferred income taxes			29,857						30,041
Other noncurrent liabilities			20,441						20,620
Commitments and contingencies
Redeemable noncontrolling interests			513						519
Equity:
Preferred stock—authorized, 20,000,000 shares; issued, zero			—						—
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 5,344,663,467 and 5,396,576,978; outstanding, 4,471,872,439 and 4,523,785,950			53						54
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375			—						—
Additional paid-in capital			39,926						40,173
Retained earnings			61,555						61,902
Treasury stock, 872,791,028 Class A common shares			(7,517)						(7,517)
Accumulated other comprehensive income (loss)			674						1,480
Total Comcast Corporation shareholders’ equity			94,693						96,092
Noncontrolling interests			1,300						1,398
Total equity			95,992						97,490
Total liabilities and equity			$	274,074					$	275,905

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statement of Changes in Equity

(Unaudited)

									Three Months Ended March 31,
(in millions, except per share data)												2022			2021
Redeemable Noncontrolling Interests
Balance, beginning of period												$	519		$	1,280
Redemption of subsidiary preferred stock												—			(725)
Contributions from (distributions to) noncontrolling interests, net												(25)			(27)
Other												—			(10)
Net income (loss)												18			28
Balance, end of period												$	513		$	546
Class A Common Stock
Balance, beginning of period												$	54		$	54
Issuances (repurchases) of common stock under repurchase program and employee plans												(1)			1
Balance, end of period												$	53		$	55
Additional Paid-In Capital
Balance, beginning of period												$	40,173		$	39,464
Stock compensation plans												286			296
Repurchases of common stock under repurchase program and employee plans												(595)			(88)
Employee stock purchase plans												67			62
Other												(5)			10
Balance, end of period												$	39,926		$	39,744
Retained Earnings
Balance, beginning of period												$	61,902		$	56,438
Repurchases of common stock under repurchase program and employee plans												(2,670)			(289)
Dividends declared												(1,225)			(1,161)
Other												—			4
Net income (loss)												3,549			3,329
Balance, end of period												$	61,555		$	58,321
Treasury Stock at Cost
Balance, beginning of period												$	(7,517)		$	(7,517)
Balance, end of period												$	(7,517)		$	(7,517)
Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period												$	1,480		$	1,884
Other comprehensive income (loss)												(806)			88
Balance, end of period												$	674		$	1,972
Noncontrolling Interests
Balance, beginning of period												$	1,398		$	1,415
Other comprehensive income (loss)												28			(14)
Contributions from (distributions to) noncontrolling interests, net												(35)			189
Net income (loss)												(91)			(65)
Balance, end of period												$	1,300		$	1,525
Total equity												$	95,992		$	94,100
Cash dividends declared per common share												$	0.27		$	0.25

See accompanying notes to condensed consolidated financial statements.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1: Condensed Consolidated Financial Statements

Basis of Presentation

We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.

The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2021 Annual Report on Form 10-K and the notes within this Form 10-Q.

Note 2: Segment Information

We present our operations in five reportable business segments: (1) Comcast Cable in one reportable business segment, referred to as Cable Communications; (2) NBCUniversal in three reportable business segments: Media, Studios and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in one reportable business segment.

Cable Communications is a leading provider of broadband, video, voice, wireless, and other services to residential customers in the United States under the Xfinity brand. We also provide these and other services to business customers and sell advertising.

Media consists primarily of NBCUniversal’s television and streaming platforms, including national, regional and international cable networks; the NBC and Telemundo broadcast networks; NBC and Telemundo owned local broadcast television stations; and Peacock, our direct-to-consumer streaming service.

Studios consists primarily of NBCUniversal’s film and television studio production and distribution operations.

Theme Parks consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; Osaka, Japan; and Beijing, China.

Sky is one of 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.

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, 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.

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			Three Months Ended March 31, 2022
(in millions)			Revenue(a)			Adjusted EBITDA(b)			Depreciation and Amortization			Capital Expenditures			Cash Paid for Intangible Assets
Cable Communications			$	16,540		$	7,272		$	1,960		$	1,367		$	334
NBCUniversal
Media			6,865			1,159			250			12			46
Studios			2,757			245			11			1			3
Theme Parks			1,560			451			282			220			5
Headquarters and Other			16			(191)			118			72			31
Eliminations(a)			(901)			(62)			—			—			—
NBCUniversal			10,296			1,601			662			306			85
Sky			4,775			622			870			147			154
Corporate and Other			238			(262)			56			37			67
Eliminations(a)			(840)			(82)			—			—			—
Comcast Consolidated			$	31,010		$	9,150		$	3,548		$	1,856		$	641

			Three Months Ended March 31, 2021
(in millions)			Revenue(a)			Adjusted EBITDA(b)			Depreciation and Amortization			Capital Expenditures			Cash Paid for Intangible Assets
Cable Communications			$	15,805		$	6,830		$	1,929		$	1,370		$	315
NBCUniversal
Media			5,036			1,473			247			10			32
Studios			2,396			497			12			1			2
Theme Parks			619			(61)			207			126			6
Headquarters and Other			16			(209)			117			35			28
Eliminations(a)			(1,043)			(210)			—			—			—
NBCUniversal			7,024			1,490			583			172			68
Sky			4,997			364			814			271			201
Corporate and Other			89			(281)			36			46			28
Eliminations(a)			(710)			10			—			—			—
Comcast Consolidated			$	27,205		$	8,413		$	3,362		$	1,859		$	612

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(a)Included in Eliminations are transactions that our segments enter into with one another. Our segments generally report transactions with one another as if they were stand-alone businesses in accordance with GAAP, and these transactions are eliminated in consolidation. When multiple segments enter into transactions to provide products and services to third parties, revenue is generally allocated to our segments based on relative value. The most significant transactions between our segments include content licensing revenue in Studios for licenses of owned content to Media and Sky; distribution revenue in Media for fees received from Cable Communications for the sale of cable network programming and under retransmission consent agreements; and advertising revenue in Media and Cable Communications. Revenue for licenses of content from Studios to Media and Sky is generally recognized at a point in time, consistent with the recognition of transactions with third parties, when the content is delivered and made available for use. The costs of these licenses in Media and Sky are recognized as the content is used over the license period. The difference in timing of recognition between segments results in an Adjusted EBITDA impact in eliminations, as the profits (losses) on these transactions are deferred in our consolidated results and recognized as the content is used over the license period.

A summary of revenue for each of our segments resulting from transactions with other segments and eliminated in consolidation is presented in the table below.

									Three Months Ended March 31,
(in millions)															2022						2021
Cable Communications															$	56					$	45
NBCUniversal
Media															669						540
Studios															939						1,089
Theme Parks															—						1
Headquarters and Other															12						12
Sky															5						8
Corporate and Other															58						58
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 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 March 31,
(in millions)															2022						2021
Adjusted EBITDA															$	9,150					$	8,413
Adjustments															(33)						(12)
Depreciation															(2,213)						(2,117)
Amortization															(1,335)						(1,245)
Interest expense															(993)						(1,018)
Investment and other income (loss), net															188						390
Income before income taxes															$	4,764					$	4,411

Adjustments represent the impact of certain events, gains, losses or other charges that are excluded from Adjusted EBITDA, including costs related to our investment portfolio, and Sky transaction-related costs in 2021.

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Note 3: Revenue

									Three Months Ended March 31,
(in millions)															2022						2021
Residential:
Broadband															$	6,050					$	5,600
Video															5,536						5,623
Voice															786						871
Wireless															677						513
Business services															2,396						2,167
Advertising															671						618
Other															424						413
Total Cable Communications															16,540						15,805
Advertising															3,332						2,094
Distribution															3,033						2,495
Other															499						447
Total Media															6,865						5,036
Content licensing															2,279						2,075
Theatrical															168						39
Home entertainment and other															310						282
Total Studios															2,757						2,396
Total Theme Parks															1,560						619
Headquarters and Other															16						16
Eliminations(a)															(901)						(1,043)
Total NBCUniversal															10,296						7,024
Direct-to-consumer															3,884						4,065
Content															295						358
Advertising															596						574
Total Sky															4,775						4,997
Corporate and Other															238						89
Eliminations(a)															(840)						(710)
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.

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)			March 31, 2022						December 31, 2021
Receivables, gross			$	13,026					$	12,666
Less: Allowance for doubtful accounts			726						658
Receivables, net			$	12,300					$	12,008

(in millions)			March 31, 2022						December 31, 2021
Noncurrent receivables, net (included in other noncurrent assets, net)			$	1,775					$	1,632
Contract acquisition and fulfillment costs (included in other noncurrent assets, net)			$	1,089					$	1,094
Noncurrent deferred revenue (included in other noncurrent liabilities)			$	682					$	695

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Note 4: Programming and Production Costs

									Three Months Ended March 31,
(in millions)															2022						2021
Video distribution programming															$	3,426					$	3,515
Film and television content:
Owned(a)															2,508						1,964
Licensed, including sports rights															4,325						3,175
Other															311						265
Total programming and production costs															$	10,570					$	8,919

(a) Amount includes amortization of owned content of $2.0 billion and $1.6 billion for the three months ended March 31, 2022 and 2021, respectively, as well as participations and residuals expenses.

Capitalized Film and Television Costs

(in millions)			March 31, 2022						December 31, 2021
Owned:
Released, less amortization			$	3,900					$	3,726
Completed, not released			597						536
In production and in development			2,706						2,732
			7,202						6,994
Licensed, including sports advances			5,158						5,811
Film and television costs			$	12,360					$	12,806

Note 5: Long-Term Debt

As of 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 $94.8 billion and an estimated fair value of $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.

Note 6: Significant Transactions

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. 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 have recorded a preliminary estimate of Masergy’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 operations.

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Note 7: Investments and Variable Interest Entities

Investment and Other Income (Loss), Net

									Three Months Ended March 31,
(in millions)															2022						2021
Equity in net income (losses) of investees, net															$	133					$	136
Realized and unrealized gains (losses) on equity securities, net															117						237
Other income (loss), net															(62)						17
Investment and other income (loss), net															$	188					$	390

The amount of unrealized gains (losses), net recognized in the three months ended March 31, 2022 and 2021 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $90 million and $98 million, respectively.

Investments

(in millions)			March 31, 2022						December 31, 2021
Equity method			$	5,852					$	6,111
Marketable equity securities			323						406
Nonmarketable equity securities			1,897						1,735
Other investments			1,166						803
Total investments			9,238						9,055
Less: Current investments			306						368
Less: Investment securing collateralized obligation			646						605
Noncurrent investments			$	8,287					$	8,082

Equity Me****thod 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 three months ended March 31, 2022 and 2021, we made cash capital contributions to Atairos totaling $13 million and $12 million, respectively. As of March 31, 2022 and December 31, 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 $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 March 31, 2022 and December 31, 2021, the 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.

Consolidated Variable Interest Entity

Universal Beijing Resort

We own a 30% interest in a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”), which opened in September 2021. Universal Beijing Resort is a consolidated VIE with the remaining interest owned by a consortium of Chinese state-owned companies. The construction was funded through a combination of debt financing and equity contributions from

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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 $9.6 billion and $8.1 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt.

Note 8: Equity and Share-Based Compensation

Weighted-Average Common Shares Outstanding

						Three Months Ended March 31,
(in millions)												2022						2021
Weighted-average number of common shares outstanding – basic												4,512						4,591
Effect of dilutive securities												46						74
Weighted-average number of common shares outstanding – diluted												4,558						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)			March 31, 2022						December 31, 2021
Cumulative translation adjustments			$	174					$	1,119
Deferred gains (losses) on cash flow hedges			252						104
Unrecognized gains (losses) on employee benefit obligations and other			248						257
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 2022, we granted 16 million RSUs and 51 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $46.46 per RSU and $8.81 per stock option.

Recognized Share-Based Compensation Expense

									Three Months Ended March 31,
(in millions)															2022						2021
Restricted share units															$	197					$	206
Stock options															91						90
Employee stock purchase plans															12						11
Total															$	300					$	307

As of March 31, 2022, we had unrecognized pretax compensation expense of $1.7 billion and $868 million related to nonvested RSUs and nonvested stock options, respectively.

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Note 9: Supplemental Financial Information

Cash Payments for Interest and Income Taxes

			Three Months Ended March 31,
(in millions)			2022						2021
Interest			$	747					$	911
Income taxes			$	90					$	87

Noncash Activities

During the three months ended March 31, 2022:

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

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

During the three months ended March 31, 2021:

• we recognized operating lease assets and liabilities of $2.8 billion related to Universal Beijing Resort

• 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 April 2021

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)			March 31, 2022						December 31, 2021
Cash and cash equivalents			$	8,880					$	8,711
Restricted cash included in other current assets			21						56
Restricted cash included in other noncurrent assets, net			12						12
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. The redeemable subsidiary preferred stock was presented in redeemable noncontrolling 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.

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