Comcast 10-Q 2024-06-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended June 30, 2024

Or

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

For the transition period from to

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

Pennsylvania

One Comcast Center

Philadelphia, PA 19103-2838

(215) 286-1700

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

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

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

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the 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 July 15, 2024, there were 3,863,057,248 shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stock outstanding.

TABLE OF CONTENTS

						Page Number
PART I. FINANCIAL INFORMATION
Item 1.			Financial Statements			1
			Condensed Consolidated Statements of Income (Unaudited)			1
			Condensed Consolidated Statements of Comprehensive Income (Unaudited)			2
			Condensed Consolidated Statements of Cash Flows (Unaudited)			3
			Condensed Consolidated Balance Sheets (Unaudited)			4
			Condensed Consolidated Statements of Changes in Equity (Unaudited)			5
			Notes to Condensed Consolidated Financial Statements (Unaudited)			6
			Note 1: Condensed Consolidated Financial Statements			6
			Note 2: Segment Information			7
			Note 3: Revenue			9
			Note 4: Programming and Production Costs			10
			Note 5: Debt			10
			Note 6: Investments and Variable Interest Entities			11
			Note 7: Equity and Share-Based Compensation			12
			Note 8: Supplemental Financial Information			13
			Note 9: Commitments and Contingencies			13
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			14
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			30
Item 4.			Controls and Procedures			30
PART II. OTHER INFORMATION
Item 1.			Legal Proceedings			31
Item 1A.			Risk Factors			31
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			31
Item 6.			Exhibits			31
SIGNATURES						32

Explanatory Note

This Quarterly Report on Form 10-Q is for the three and six months ended June 30, 2024. This Quarterly Report on Form 10-Q modifies and supersedes documents filed before it. The U.S. Securities and Exchange Commission (“SEC”) allows us to “incorporate by reference” information that we file with it, which means that we can disclose important information to you by referring you directly to those documents. Information incorporated by reference is considered to be part of this Quarterly Report on Form 10-Q. In addition, information that we file with the SEC in the future will automatically update and supersede information contained in this Quarterly Report on Form 10-Q. Unless indicated otherwise, throughout this Quarterly Report on Form 10-Q, we refer to Comcast and its consolidated subsidiaries as “Comcast,” “we,” “us” and “our.”

Numerical information in this report is presented on a rounded basis using actual amounts. Minor differences in totals and percentage calculations may exist due to rounding.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q includes statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only our beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of our control. These may include estimates, projections and statements relating to our business plans, objectives and expected operating results, which are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. These forward-looking statements are generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “potential,” “strategy,” “future,” “opportunity,” “commit,” “plan,” “goal,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions. In evaluating forward-looking statements, you should consider various factors, including the risks and uncertainties we describe in the “Risk Factors” sections of our Forms 10-K and 10-Q and in other reports we file with the SEC.

Any of these factors could cause our actual results to differ materially from those expressed or implied by our forward-looking statements, which could adversely affect our businesses, results of operations or financial condition. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise.

Our businesses may be affected by, among other things, the following:

• our businesses operate in highly competitive and dynamic industries, and our businesses and results of operations could be adversely affected if we do not compete effectively

• changes in consumer behavior continue to adversely affect our businesses and challenge existing business models

• a decline in advertisers’ expenditures or changes in advertising markets could negatively impact our businesses

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

• programming expenses for our video services are increasing on a per subscriber basis, which could adversely affect our video businesses

• the loss of programming distribution agreements, or the renewal of these agreements on less favorable terms, could adversely affect our businesses

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

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

• our businesses depend on keeping pace with technological developments

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

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

• acquisitions and other strategic initiatives present many risks, and we may not realize the financial and strategic goals that we had contemplated

• we face risks relating to doing business internationally that could adversely affect our businesses

• natural disasters, severe weather and other uncontrollable events could adversely affect our business, reputation and results of operations

• the loss of key management personnel or popular on-air and creative talent could have an adverse effect on our businesses

• labor disputes, whether involving employees or sports organizations, may disrupt our operations and adversely affect 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

• our Class B common stock has substantial voting rights and separate approval rights over several potentially material transactions, and our Chairman and CEO has considerable influence over our company through his beneficial ownership of our Class B common stock

Table of Contents

PART I: FINANCIAL INFORMATION

Comcast Corporation

Condensed Consolidated Statements of Income

(Unaudited)

			Three Months Ended June 30,												Six Months Ended June 30,
(in millions, except per share data)			2024						2023						2024						2023
Revenue			$	29,688					$	30,513					$	59,746					$	60,205
Costs and Expenses:
Programming and production			7,961						8,849						16,784						17,853
Marketing and promotion			1,922						2,100						3,940						4,063
Other operating and administrative			9,630						9,317						19,487						18,618
Depreciation			2,153						2,195						4,328						4,459
Amortization			1,387						1,343						2,762						2,856
Total costs and expenses			23,053						23,804						47,301						47,849
Operating income			6,635						6,709						12,445						12,355
Interest expense			(1,026)						(998)						(2,028)						(2,007)
Investment and other income (loss), net			(434)						15						(137)						622
Income before income taxes			5,175						5,726						10,280						10,970
Income tax expense			(1,336)						(1,537)						(2,663)						(3,013)
Net income			3,839						4,189						7,616						7,957
Less: Net income (loss) attributable to noncontrolling interests			(89)						(59)						(169)						(126)
Net income attributable to Comcast Corporation			$	3,929					$	4,248					$	7,785					$	8,082
Basic earnings per common share attributable to Comcast Corporation shareholders			$	1.01					$	1.02					$	1.98					$	1.93
Diluted earnings per common share attributable to Comcast Corporation shareholders			$	1.00					$	1.02					$	1.97					$	1.92

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

			Three Months Ended June 30,												Six Months Ended June 30,
(in millions)			2024						2023						2024						2023
Net income			$	3,839					$	4,189					$	7,616					$	7,957
Other comprehensive income (loss), net of tax (expense) benefit:
Currency translation adjustments, net of deferred taxes of $(22), $(20), $(43) and $(22)			(130)						490						(567)						1,268
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $0, $14, $(2), and $23			6						(7)						25						(22)
Realized (gains) losses reclassified to net income, net of deferred taxes of $1, $8, $0 and $16			(5)						(50)						(4)						(97)
Employee benefit obligations and other, net of deferred taxes of $3, $1, $8 and $3			(12)						(4)						(36)						(10)
Other comprehensive income (loss)			(142)						429						(582)						1,139
Comprehensive income			3,698						4,619						7,034						9,096
Less: Net income (loss) attributable to noncontrolling interests			(89)						(59)						(169)						(126)
Less: Other comprehensive income (loss) attributable to noncontrolling interests			—						(36)						(13)						(39)
Comprehensive income attributable to Comcast Corporation			$	3,787					$	4,714					$	7,217					$	9,261

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statements of Cash Flows

(Unaudited)

			Six Months Ended June 30,
(in millions)			2024						2023
Operating Activities
Net income			$	7,616					$	7,957
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			7,091						7,315
Share-based compensation			689						668
Noncash interest expense (income), net			218						140
Net (gain) loss on investment activity and other			391						(354)
Deferred income taxes			240						296
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net			750						(92)
Film and television costs, net			23						58
Accounts payable and accrued expenses related to trade creditors			(648)						(718)
Other operating assets and liabilities			(3,798)						(843)
Net cash provided by operating activities			12,572						14,426
Investing Activities
Capital expenditures			(5,354)						(5,627)
Cash paid for intangible assets			(1,341)						(1,577)
Construction of Universal Beijing Resort			(109)						(104)
Proceeds from sales of businesses and investments			557						369
Purchases of investments			(706)						(593)
Other			73						6
Net cash provided by (used in) investing activities			(6,879)						(7,528)
Financing Activities
Proceeds from (repayments of) short-term borrowings, net			—						(660)
Proceeds from borrowings			3,266						6,044
Repurchases and repayments of debt			(1,911)						(3,001)
Repurchases of common stock under repurchase program and employee plans			(4,930)						(4,227)
Dividends paid			(2,418)						(2,387)
Other			175						(260)
Net cash provided by (used in) financing activities			(5,817)						(4,492)
Impact of foreign currency on cash, cash equivalents and restricted cash			(17)						14
Increase (decrease) in cash, cash equivalents and restricted cash			(141)						2,420
Cash, cash equivalents and restricted cash, beginning of period			6,282						4,782
Cash, cash equivalents and restricted cash, end of period			$	6,141					$	7,202

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions, except share data)			June 30, 2024						December 31, 2023
Assets
Current Assets:
Cash and cash equivalents			$	6,065					$	6,215
Receivables, net			13,167						13,813
Other current assets			4,220						3,959
Total current assets			23,452						23,987
Film and television costs			12,853						12,920
Investments			9,171						9,385
Property and equipment, net of accumulated depreciation of $59,470 and $58,701			60,507						59,686
Goodwill			58,376						59,268
Franchise rights			59,365						59,365
Other intangible assets, net of accumulated amortization of $32,240 and $30,290			26,363						27,867
Other noncurrent assets, net			12,468						12,333
Total assets			$	262,555					$	264,811
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors			$	11,736					$	12,437
Accrued participations and residuals			1,520						1,671
Deferred revenue			3,943						3,242
Accrued expenses and other current liabilities			7,955						11,613
Current portion of debt			1,021						2,069
Advance on sale of investment			9,167						9,167
Total current liabilities			35,342						40,198
Noncurrent portion of debt			97,107						95,021
Deferred income taxes			26,252						26,003
Other noncurrent liabilities			19,914						20,122
Commitments and contingencies
Redeemable noncontrolling interests			236						241
Equity:
Preferred stock—authorized, 20,000,000 shares; issued, zero			—						—
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 4,744,910,918 and 4,842,108,959; outstanding, 3,872,119,890 and 3,969,317,931			47						48
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375			—						—
Additional paid-in capital			38,203						38,533
Retained earnings			54,308						52,892
Treasury stock, 872,791,028 Class A common shares			(7,517)						(7,517)
Accumulated other comprehensive income (loss)			(1,822)						(1,253)
Total Comcast Corporation shareholders’ equity			83,219						82,703
Noncontrolling interests			485						523
Total equity			83,704						83,226
Total liabilities and equity			$	262,555					$	264,811

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

			Three Months Ended June 30,									Six Months Ended June 30,
(in millions, except per share data)			2024			2023						2024			2023
Redeemable Noncontrolling Interests
Balance, beginning of period			$	243		$	422					$	241		$	411
Contributions from (distributions to) noncontrolling interests, net			2			(8)						(8)			(15)
Other			—			(171)						—			(171)
Net income (loss)			(9)			(3)						3			14
Balance, end of period			$	236		$	239					$	236		$	239
Class A Common Stock
Balance, beginning of period			$	48		$	50					$	48		$	51
Repurchases of common stock under repurchase program and employee plans			(1)			—						(1)			(1)
Balance, end of period			$	47		$	50					$	47		$	50
Additional Paid-In Capital
Balance, beginning of period			$	38,274		$	39,262					$	38,533		$	39,412
Share-based compensation			287			250						610			543
Repurchases of common stock under repurchase program and employee plans			(428)			(386)						(1,074)			(907)
Issuances of common stock under employee plans			70			82						132			158
Other			—			(89)						1			(87)
Balance, end of period			$	38,203		$	39,118					$	38,203		$	39,118
Retained Earnings
Balance, beginning of period			$	53,425		$	52,524					$	52,892		$	51,609
Repurchases of common stock under repurchase program and employee plans			(1,825)			(1,664)						(3,906)			(3,352)
Dividends declared			(1,222)			(1,208)						(2,465)			(2,439)
Net income			3,929			4,248						7,785			8,082
Balance, end of period			$	54,308		$	53,900					$	54,308		$	53,900
Treasury Stock at Cost
Balance, beginning and end of period			$	(7,517)		$	(7,517)					$	(7,517)		$	(7,517)
Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period			$	(1,680)		$	(1,898)					$	(1,253)		$	(2,611)
Other comprehensive income (loss)			(142)			466						(569)			1,179
Balance, end of period			$	(1,822)		$	(1,432)					$	(1,822)		$	(1,432)
Noncontrolling Interests
Balance, beginning of period			$	500		$	612					$	523		$	684
Other comprehensive income (loss)			—			(36)						(13)			(39)
Contributions from (distributions to) noncontrolling interests, net			66			41						147			56
Other			—			(2)						—			(2)
Net income (loss)			(81)			(55)						(172)			(139)
Balance, end of period			$	485		$	559					$	485		$	559
Total equity			$	83,704		$	84,679					$	83,704		$	84,679
Cash dividends declared per common share			$	0.31		$	0.29					$	0.62		$	0.58

See accompanying notes to condensed consolidated financial statements.

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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 2023 Annual Report on Form 10-K.

Recent Accounting Pronouncements

Segment Disclosures

In November 2023, the Financial Accounting Standards Board (“FASB”) issued updated accounting guidance related to annual and interim segment disclosures. The updated accounting guidance, among other things, requires disclosure of certain significant segment expenses. We will adopt the updated accounting guidance in our Annual Report on Form 10-K for the year ended December 31, 2024.

Income Tax Disclosures

In December 2023, the FASB issued updated accounting guidance related to income tax disclosures. The updated accounting guidance, among other things, requires additional disclosure primarily related to the income tax rate reconciliation and income taxes paid. We will adopt the updated accounting guidance in our Annual Report on Form 10-K for the year ended December 31, 2025.

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Comcast Corporation

Note 2: Segment Information

We are a global media and technology company with five segments: Residential Connectivity & Platforms, Business Services Connectivity, Media, Studios and Theme Parks.

Our financial data by segment is presented in the tables below. We do not present asset information for our segments as this information is not used to allocate resources.

			Three Months Ended June 30, 2024
(in millions)			Residential Connectivity & Platforms			Business Services Connectivity			Media			Studios			Theme Parks			Total
Revenue from external customers			$	17,794		$	2,416		$	5,190		$	1,657		$	1,974		$	29,030
Intersegment revenue(a)			30			6			1,134			597			1			1,768
			17,824			2,421			6,324			2,253			1,975			30,798
Reconciliation of Revenue
Other revenue(b)																		715
Eliminations(a)																		(1,825)
Total consolidated revenue																		$	29,688
Segment Adjusted EBITDA(c)			$	7,103		$	1,380		$	1,356		$	124		$	632		$	10,594
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(d)																		(198)
Corporate and other(b)(c)																		(257)
Eliminations																		36
Depreciation																		(2,153)
Amortization																		(1,387)
Interest expense																		(1,026)
Investment and other income (loss), net																		(434)
Income before income taxes																		$	5,175

			Three Months Ended June 30, 2023
(in millions)			Residential Connectivity & Platforms			Business Services Connectivity			Media			Studios			Theme Parks			Total
Revenue from external customers			$	18,025		$	2,281		$	5,030		$	2,341		$	2,209		$	29,886
Intersegment revenue(a)			43			11			1,164			747			—			1,965
			18,068			2,292			6,195			3,087			2,209			31,851
Reconciliation of Revenue
Other revenue(b)																		665
Eliminations(a)																		(2,003)
Total consolidated revenue																		$	30,513
Segment Adjusted EBITDA(c)			$	7,024		$	1,322		$	1,244		$	255		$	833		$	10,677
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(d)																		(200)
Corporate and other(b)(c)																		(300)
Eliminations																		70
Depreciation																		(2,195)
Amortization																		(1,343)
Interest expense																		(998)
Investment and other income (loss), net																		15
Income before income taxes																		$	5,726

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Comcast Corporation

			Six Months Ended June 30, 2024
(in millions)			Residential Connectivity & Platforms			Business Services Connectivity			Media			Studios			Theme Parks			Total
Revenue from external customers			$	35,624		$	4,817		$	10,412		$	3,561		$	3,953		$	58,368
Intersegment revenue(a)			68			12			2,283			1,435			1			3,798
			35,692			4,829			12,695			4,996			3,954			62,166
Reconciliation of Revenue
Other revenue(b)																		1,494
Eliminations(a)																		(3,914)
Total consolidated revenue																		$	59,746
Segment Adjusted EBITDA(c)			$	13,955		$	2,746		$	2,182		$	367		$	1,264		$	20,514
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(d)																		(442)
Corporate and other(b)(c)																		(580)
Eliminations																		43
Depreciation																		(4,328)
Amortization																		(2,762)
Interest expense																		(2,028)
Investment and other income (loss), net																		(137)
Income before income taxes																		$	10,280

			Six Months Ended June 30, 2023
(in millions)			Residential Connectivity & Platforms			Business Services Connectivity			Media			Studios			Theme Parks			Total
Revenue from external customers			$	35,842		$	4,564		$	10,015		$	4,334		$	4,158		$	58,913
Intersegment revenue(a)			96			11			2,332			1,709			—			4,147
			35,937			4,575			12,347			6,043			4,158			63,060
Reconciliation of Revenue
Other revenue(b)																		1,391
Eliminations(a)																		(4,247)
Total consolidated revenue																		$	60,205
Segment Adjusted EBITDA(c)			$	13,785		$	2,654		$	2,124		$	532		$	1,490		$	20,585
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(d)																		(432)
Corporate and other(b)(c)																		(581)
Eliminations																		98
Depreciation																		(4,459)
Amortization																		(2,856)
Interest expense																		(2,007)
Investment and other income (loss), net																		622
Income before income taxes																		$	10,970

(a)Our most significant intersegment revenue transactions include distribution revenue in Media related to fees from Residential Connectivity & Platforms for the rights to distribute television programming, and content licensing revenue in Studios for licenses of owned content to Media.

(b)Includes the operations of our Sky-branded video services and television networks in Germany; Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania; and Xumo, our consolidated streaming platform joint venture with Charter Communications. Corporate and other also includes overhead and personnel costs for Corporate.

(c)We use Adjusted EBITDA as the measure of profit or loss for our segments. From time to time we may report the impact of certain events, gains, losses or other charges related to our segments within Corporate and other.

(d)Includes overhead, personnel costs and costs associated with corporate initiatives for our Media, Studios and Theme Park segments.

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Note 3: Revenue

			Three Months Ended June 30,												Six Months Ended June 30,
(in millions)			2024						2023						2024						2023
Domestic broadband			$	6,569					$	6,377					$	13,160					$	12,720
Domestic wireless			1,019						869						1,991						1,727
International connectivity			1,148						1,002						2,264						1,900
Total residential connectivity			8,736						8,248						17,415						16,346
Video			6,781						7,358						13,658						14,741
Advertising			993						993						1,944						1,900
Other			1,313						1,469						2,675						2,950
Total Residential Connectivity & Platforms Segment			17,824						18,068						35,692						35,937
Total Business Services Connectivity Segment			2,421						2,292						4,829						4,575
Domestic advertising			1,991						2,027						4,016						4,051
Domestic distribution			2,764						2,615						5,670						5,325
International networks			1,102						1,035						2,123						2,043
Other			467						518						887						928
Total Media Segment			6,324						6,195						12,695						12,347
Content licensing			1,714						1,821						3,815						4,165
Theatrical			237						913						567						1,232
Other			302						354						614						646
Total Studios Segment			2,253						3,087						4,996						6,043
Total Theme Parks Segment			1,975						2,209						3,954						4,158
Other revenue			715						665						1,494						1,391
Eliminations(a)			(1,825)						(2,003)						(3,914)						(4,247)
Total revenue			$	29,688					$	30,513					$	59,746					$	60,205

(a)See Note 2 for additional information on intersegment revenue transactions.

Condensed Consolidated Balance Sheets

(in millions)			June 30, 2024						December 31, 2023
Receivables, gross			$	13,903					$	14,511
Less: Allowance for credit losses			736						698
Receivables, net			$	13,167					$	13,813

The following table summarizes our other balances that are not separately presented in our condensed consolidated balance sheets that relate to the recognition of revenue and collection of the related cash.

(in millions)			June 30, 2024						December 31, 2023
Noncurrent receivables, net (included in other noncurrent assets, net)			$	1,767					$	1,914
Noncurrent deferred revenue (included in other noncurrent liabilities)			$	703					$	618

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

(in millions)			June 30, 2024						December 31, 2023
Receivables, net			$	1,718					$	1,695
Noncurrent receivables, net (included in other noncurrent assets, net)			1,161						1,223
Total			$	2,879					$	2,918

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Note 4: Programming and Production Costs

			Three Months Ended June 30,												Six Months Ended June 30,
(in millions)			2024						2023						2024						2023
Video distribution programming			$	2,879					$	3,191					$	5,899					$	6,381
Film and television content:
Owned(a)			2,215						2,804						4,776						5,539
Licensed, including sports rights			2,570						2,461						5,494						5,193
Other			298						393						615						740
Total programming and production costs			$	7,961					$	8,849					$	16,784					$	17,853

(a) Amount includes amortization of owned content of $1.8 billion and $4.0 billion for the three and six months ended June 30, 2024, respectively, and $2.0 billion and $4.3 billion for the three and six months ended June 30,2023, respectively, as well as participations and residuals expenses.

Capitalized Film and Television Costs

(in millions)			June 30, 2024						December 31, 2023
Owned:
In production and in development			$	3,474					$	2,893
Completed, not released			241						317
Released, less amortization			4,035						4,340
			7,751						7,551
Licensed, including sports advances			5,102						5,369
Film and television costs			$	12,853					$	12,920

Note 5: Debt

As of June 30, 2024, our debt had a carrying value of $98.1 billion and an estimated fair value of $89.5 billion. As of December 31, 2023, our debt had a carrying value of $97.1 billion and an estimated fair value of $92.2 billion. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market value for the debt. The estimated fair value of debt for which there are no quoted market prices was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.

In May 2024, we entered into a new $11.8 billion revolving credit facility with a syndicate of banks, due May 17, 2029, that may be used for general corporate purposes. We may increase the commitments under the facility up to a total of $14.8 billion, as well as extend the expiration date to no later than May 17, 2031, subject to the approval of the lenders. The interest rate consists of a benchmark rate plus a borrowing margin that is determined based on Comcast’s credit rating. As of June 30, 2024, the borrowing margin for borrowings based on the Adjusted Term SOFR Rate, as defined in the agreement, was 0.875%. The facility requires that we maintain a certain financial ratio based on debt and EBITDA, as defined in the agreement. In connection with our entry into the new credit facility, we terminated our prior credit facility dated as of March 30, 2021, and as of June 30, 2024 and December 31, 2023, we had no borrowings outstanding under the new and prior credit facility, respectively. As of June 30, 2024, amounts available under our new credit facility, net of amounts outstanding under our commercial paper program and outstanding letters of credit and bank guarantees, totaled $11.8 billion.

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Note 6: Investments and Variable Interest Entities

Investment and Other Income (Loss), Net

			Three Months Ended June 30,												Six Months Ended June 30,
(in millions)			2024						2023						2024						2023
Equity in net income (losses) of investees, net			$	(444)					$	(80)					$	(286)					$	405
Realized and unrealized gains (losses) on equity securities, net			(89)						(38)						(141)						(44)
Other income (loss), net			99						133						290						261
Investment and other income (loss), net			$	(434)					$	15					$	(137)					$	622

The amount of unrealized gains (losses), net recognized in the three months ended June 30, 2024 and 2023 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(70) million and $(41) million, respectively. The amount of unrealized gains (losses), net recognized in the six months ended June 30, 2024 and 2023 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(141) million and $(66) million, respectively.

Investments

(in millions)			June 30, 2024						December 31, 2023
Equity method			$	7,478					$	7,615
Marketable equity securities			15						39
Nonmarketable equity securities			1,402						1,482
Other investments			422						559
Total investments			9,318						9,694
Less: Current investments			146						310
Noncurrent investments			$	9,171					$	9,385

Equity Me****thod Investments

The amount of cash distributions received from equity method investments presented within operating activities in the condensed consolidated statements of cash flows in the six months ended June 30, 2024 and 2023 was $66 million and $142 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 six months ended June 30, 2024 and 2023, we made cash capital contributions to Atairos totaling $26 million and $28 million, respectively. As of June 30, 2024 and December 31, 2023, our investment in Atairos, inclusive of certain distributions retained by Atairos on our behalf and classified as advances within other investments, was $5.3 billion and $5.5 billion, respectively. As of June 30, 2024, our remaining unfunded capital commitment was $1.4 billion.

Other Investments

Other investments also includes investments in certain short-term instruments, which totaled $117 million and $254 million as of June 30, 2024 and December 31, 2023, respectively. The carrying amounts of these investments approximate their fair values, which are primarily based on Level 2 inputs that use interest rates for instruments with similar terms and remaining maturities. Proceeds from short-term instruments for the six months ended June 30, 2024 and 2023 were $514 million and $304 million, respectively. Purchases of short-term instruments for the six months ended June 30, 2024 and 2023 were $373 million and $162 million, respectively.

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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”). Universal Beijing Resort is a consolidated VIE with the remaining interest owned by a consortium of Chinese state-owned companies. The construction was funded through a combination of debt financing and equity contributions from the partners in accordance with their equity interests. As of June 30, 2024, Universal Beijing Resort had $3.4 billion of debt outstanding, including $3.1 billion principal amount of a term loan outstanding under the debt financing agreement. As of December 31, 2023, Universal Beijing Resort had $3.5 billion of debt outstanding, including $3.1 billion principal amount of a term loan outstanding under the debt financing agreement.

As of June 30, 2024, our condensed consolidated balance sheets included assets and liabilities of Universal Beijing Resort totaling $7.4 billion and $7.0 billion, respectively. As of December 31, 2023, our condensed consolidated balance sheets included assets and liabilities of Universal Beijing Resort totaling $7.8 billion and $7.2 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt.

Note 7: Equity and Share-Based Compensation

Weighted-Average Common Shares Outstanding

			Three Months Ended June 30,									Six Months Ended June 30,
(in millions)			2024						2023						2024						2023
Weighted-average number of common shares outstanding – basic			3,905						4,165						3,932						4,186
Effect of dilutive securities			15						18						24						19
Weighted-average number of common shares outstanding – diluted			3,920						4,183						3,956						4,205
Antidilutive securities			228						230						195						216

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

Accumulated Other Comprehensive Income (Loss)

(in millions)			June 30, 2024						December 31, 2023
Cumulative translation adjustments			$	(2,149)					$	(1,596)
Deferred gains (losses) on cash flow hedges			70						49
Unrecognized gains (losses) on employee benefit obligations and other			257						293
Accumulated other comprehensive income (loss), net of deferred taxes			$	(1,822)					$	(1,253)

Share-Based Compensation

Our share-based compensation plans consist primarily of awards of restricted share units (“RSUs”) and stock options to certain employees and directors as part of our approach to long-term incentive compensation. Additionally, through our employee stock purchase plans, employees are able to purchase shares of our common stock at a discount through payroll deductions.

In March 2024, we granted 31 million RSUs and 3 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $42.62 per RSU and $9.49 per stock option. During the three months ended June 30, 2024 and 2023, share-based compensation expense recognized in our condensed consolidated statements of income was $261 million and $252 million, respectively. During the six months ended June 30, 2024 and 2023, share-based compensation expense recognized in our condensed consolidated statements of income was $564 million and $547 million, respectively. As of June 30, 2024, we had unrecognized pretax compensation expense of $2.6 billion related to nonvested RSUs and nonvested stock options.

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Note 8: Supplemental Financial Information

Cash Payments for Interest and Income Taxes

			Six Months Ended June 30,
(in millions)			2024						2023
Interest			$	1,813					$	1,823
Income taxes			$	4,568					$	2,384

Noncash Activities

During the six months ended June 30, 2024:

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

• we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.31 per common share paid in July 2024

During the six months ended June 30, 2023:

• we acquired $2.2 billion of property and equipment and intangible assets that were accrued but unpaid

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

Cash, Cash Equivalents and Restricted Cash

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

(in millions)			June 30, 2024						December 31, 2023
Cash and cash equivalents			$	6,065					$	6,215
Restricted cash included in other current assets and other noncurrent assets, net			77						67
Cash, cash equivalents and restricted cash, end of period			$	6,141					$	6,282

Note 9: Commitments and Contingencies

Contingencies

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

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