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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 March 31, 2022
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                       to       
               
https://cdn.kscope.io/5965a7d1f2a445af9b79bc113ee5bf19-cmcsa-20220331_g1.jpg
Commission File Number
Exact Name of Registrant; State of
Incorporation; Address and Telephone
Number of Principal Executive Offices
I.R.S. Employer Identification No.
001-32871
COMCAST CORPORATION
27-0000798
Pennsylvania
One Comcast Center
Philadelphia, PA 19103-2838
(215286-1700

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.01 par valueCMCSAThe Nasdaq Stock Market LLC
0.000% Notes due 2026CMCS26The Nasdaq Stock Market LLC
0.250% Notes due 2027CMCS27The Nasdaq Stock Market LLC
1.500% Notes due 2029CMCS29The Nasdaq Stock Market LLC
0.250% Notes due 2029CMCS29AThe Nasdaq Stock Market LLC
0.750% Notes due 2032CMCS32The Nasdaq Stock Market LLC
1.875% Notes due 2036CMCS36The Nasdaq Stock Market LLC
1.250% Notes due 2040CMCS40The Nasdaq Stock Market LLC
9.455% Guaranteed Notes due 2022CMCSA/22New York Stock Exchange
5.50% Notes due 2029CCGBP29New York Stock Exchange
2.0% Exchangeable Subordinated Debentures due 2029CCZNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated 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 March 31, 2022, there were 4,471,872,439 shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stock outstanding.



TABLE OF CONTENTS
  
  
Page
Number
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.
 
Explanatory Note
This Quarterly Report on Form 10-Q is for the three months ended March 31, 2022. This Quarterly Report on Form 10-Q modifies and supersedes documents filed before it. The U.S. Securities and Exchange Commission (“SEC”) allows us to “incorporate by reference” information that we file with it, which means that we can disclose important information to you by referring you directly to those documents. Information incorporated by reference is considered to be part of this Quarterly Report on Form 10-Q. In addition, information that we file with the SEC in the future will automatically update and supersede information contained in this Quarterly Report on Form 10-Q.
Unless indicated otherwise, throughout this Quarterly Report on Form 10-Q, we refer to Comcast and its consolidated subsidiaries, as “Comcast,” “we,” “us” and “our;” Comcast Cable Communications, LLC and its consolidated subsidiaries as “Comcast Cable;” Comcast Holdings Corporation as “Comcast Holdings;” NBCUniversal Media, LLC and its consolidated subsidiaries as “NBCUniversal;” and Sky Limited and its consolidated subsidiaries as “Sky.”
Numerical information in this report is presented on a rounded basis using actual amounts. Minor differences in totals and percentage calculations may exist due to rounding.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q includes statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only our beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of our control. These may include estimates, projections and statements relating to our business plans, objectives and expected operating results, which are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. These forward-looking statements are generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “potential,” “strategy,” “future,” “opportunity,” “commit,” “plan,” “goal,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions.
In evaluating forward-looking statements, you should consider various factors, including the risks and uncertainties we describe in the “Risk Factors” sections of our Forms 10-K and 10-Q and other reports we file with the SEC. Additionally, we operate in a highly competitive, consumer-driven and rapidly changing environment. This environment is affected by government regulation; economic, strategic, political and social conditions; consumer response to new and existing products and services; technological developments; and the ability to develop and protect intellectual property rights. Any of these factors could cause



our actual results to differ materially from our forward-looking statements, which could adversely affect our businesses, results of operations or financial condition. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise.
Our businesses may be affected by, among other things, the following:
the COVID-19 pandemic has had, and may 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 continue to adversely affect our businesses and challenge existing business models
a decline in advertisers’ expenditures or changes in advertising markets could negatively impact our businesses
programming expenses for our video services are increasing, which could adversely affect Cable Communications’ video businesses
NBCUniversal’s and Sky’s success depends on consumer acceptance of their content, and their businesses may be adversely affected if their content fails to achieve sufficient consumer acceptance or the costs to create or acquire content increase
the loss of programming distribution and licensing agreements, or the renewal of these agreements on less favorable terms, could adversely affect our businesses
less favorable European telecommunications access regulations, the loss of Sky’s transmission access agreements with satellite or telecommunications providers or the renewal of these agreements on less favorable terms could adversely affect Sky’s businesses
our businesses depend on using and protecting certain intellectual property rights and on not infringing the intellectual property rights of others
we may be unable to obtain necessary hardware, software and operational support
our businesses depend on keeping pace with technological developments
a cyber attack, information or security breach, or technology disruption or failure may negatively impact our ability to conduct our business or result in the misuse of confidential information, all of which could adversely affect our business, reputation and results of operations
weak economic conditions may have a negative impact on our businesses
acquisitions and other strategic initiatives present many risks, and we may not realize the financial and strategic goals that we had contemplated
we face risks relating to doing business internationally that could adversely affect our businesses
natural disasters, severe weather and other uncontrollable events could adversely affect our business, reputation and results of operations
the loss of key management personnel or popular on-air and creative talent could have an adverse effect on our businesses
we are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on our businesses
unfavorable litigation or governmental investigation results could require us to pay significant amounts or lead to onerous operating procedures
labor disputes, whether involving employees or sports organizations, may disrupt our operations and adversely affect our businesses
our Class B common stock has substantial voting rights and separate approval rights over several potentially material transactions, and our Chairman and CEO has considerable influence over our company through his beneficial ownership of our Class B common stock



Table of Contents
PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
Comcast Corporation
Condensed Consolidated Statement of Income
(Unaudited)
 Three Months Ended
March 31,
(in millions, except per share data)20222021
Revenue$31,010 $27,205 
Costs and Expenses:
Programming and production10,570 8,919 
Other operating and administrative9,260 8,269 
Advertising, marketing and promotion2,062 1,616 
Depreciation2,213 2,117 
Amortization1,335 1,245 
Total costs and expenses25,440 22,166 
Operating income5,569 5,039 
Interest expense(993)(1,018)
Investment and other income (loss), net188 390 
Income before income taxes4,764 4,411 
Income tax expense(1,288)(1,119)
Net income3,476 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.
1

Table of Contents

Comcast Corporation
Condensed Consolidated Statement of Comprehensive Income
(Unaudited) 
 Three Months Ended
March 31,
(in millions)20222021
Net income$3,476 $3,292 
Currency translation adjustments, net of deferred taxes of $247 and $(92)
(916)(35)
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $(37) and $(19)
165 119 
Realized (gains) losses reclassified to net income, net of deferred taxes of $(5) and $
(17) 
Employee benefit obligations and other, net of deferred taxes of $3 and $2
(9)(10)
Comprehensive income2,699 3,366 
Less: Net income (loss) attributable to noncontrolling interests(73)(37)
Less: Other comprehensive income (loss) attributable to noncontrolling interests28 (14)
Comprehensive income attributable to Comcast Corporation$2,744 $3,417 
See accompanying notes to condensed consolidated financial statements.
2

Table of Contents

Comcast Corporation
Condensed Consolidated Statement of Cash Flows
(Unaudited) 
 Three Months Ended
March 31,
(in millions)20222021
Operating Activities
Net income$3,476 $3,292 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization3,548 3,362 
Share-based compensation376 373 
Noncash interest expense (income), net93 62 
Net (gain) loss on investment activity and other(113)(239)
Deferred income taxes106 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, net363 393 
Accounts payable and accrued expenses related to trade creditors314 (198)
Other operating assets and liabilities(379)124 
Net cash provided by operating activities7,257 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 investments69 388 
Purchases of investments(66)(52)
Other44 98 
Net cash provided by (used in) investing activities(2,597)(2,612)
Financing Activities
Proceeds from borrowings117 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 cash135 3,208 
Cash, cash equivalents and restricted cash, beginning of period8,778 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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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, net12,300 12,008 
Other current assets4,201 4,088 
Total current assets25,381 24,807 
Film and television costs12,360 12,806 
Investments8,287 8,082 
Investment securing collateralized obligation646 605 
Property and equipment, net of accumulated depreciation of $56,274 and $55,611
53,820 54,047 
Goodwill69,052 70,189 
Franchise rights59,365 59,365 
Other intangible assets, net of accumulated amortization of $24,525 and $23,545
32,468 33,580 
Other noncurrent assets, net12,694 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 residuals1,744 1,822 
Deferred revenue3,018 3,040 
Accrued expenses and other current liabilities10,071 9,899 
Current portion of long-term debt2,117 2,132 
Total current liabilities29,657 29,348 
Long-term debt, less current portion92,443 92,718 
Collateralized obligation5,171 5,170 
Deferred income taxes29,857 30,041 
Other noncurrent liabilities20,441 20,620 
Commitments and contingencies
Redeemable noncontrolling interests513 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 capital39,926 40,173 
Retained earnings61,555 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’ equity94,693 96,092 
Noncontrolling interests1,300 1,398 
Total equity95,992 97,490 
Total liabilities and equity$274,074 $275,905 
See accompanying notes to condensed consolidated financial statements.
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Condensed Consolidated Statement of Changes in Equity
(Unaudited)
Three Months Ended
March 31,
(in millions, except per share data)20222021
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 plans286 296 
Repurchases of common stock under repurchase program and employee plans(595)(88)
Employee stock purchase plans67 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 Europes 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
Media6,865 1,159 250 12 46 
Studios2,757 245 11 1 3 
Theme Parks1,560 451 282 220 5 
Headquarters and Other16 (191)118 72 31 
Eliminations(a)
(901)(62)   
NBCUniversal10,296 1,601 662 306 85 
Sky4,775 622 870 147 154 
Corporate and Other238 (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
Media5,036 1,473 247 10 32 
Studios2,396 497 12 1 2 
Theme Parks619 (61)207 126 6 
Headquarters and Other16 (209)117 35 28 
Eliminations(a)
(1,043)(210)   
NBCUniversal7,024 1,490 583 172 68 
Sky4,997 364 814 271 201 
Corporate and Other89 (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)20222021
Cable Communications$56 $45 
NBCUniversal
Media669 540 
Studios939 1,089 
Theme Parks 1 
Headquarters and Other12 12 
Sky5 8 
Corporate and Other58 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)
20222021
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), net188 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)20222021
Residential:
Broadband$6,050 $5,600 
Video5,536 5,623 
Voice786 871 
Wireless677 513 
Business services2,396 2,167 
Advertising671 618 
Other424 413 
Total Cable Communications16,540 15,805 
Advertising3,332 2,094 
Distribution3,033 2,495 
Other499 447 
Total Media6,865 5,036 
Content licensing2,279 2,075 
Theatrical168 39 
Home entertainment and other 310 282 
Total Studios2,757 2,396 
Total Theme Parks1,560 619 
Headquarters and Other16 16 
Eliminations(a)
(901)(1,043)
Total NBCUniversal10,296 7,024 
Direct-to-consumer3,884 4,065 
Content295 358 
Advertising596 574 
Total Sky4,775 4,997 
Corporate and Other238 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 accounts726 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)20222021
Video distribution programming$3,426 $3,515 
Film and television content:
Owned(a)
2,508 1,964
   Licensed, including sports rights4,325 3,175
Other311 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 released597 536 
In production and in development2,706 2,732 
7,202 6,994 
Licensed, including sports advances5,158 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)20222021
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 securities323 406 
Nonmarketable equity securities1,897 1,735 
Other investments1,166 803 
Total investments9,238 9,055 
Less: Current investments306 368 
Less: Investment securing collateralized obligation646 605 
Noncurrent investments$8,287 $8,082 
Equity Method 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)20222021
Weighted-average number of common shares outstanding – basic4,512 4,591 
Effect of dilutive securities46 74 
Weighted-average number of common shares outstanding – diluted4,558 4,665 
Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. The amount of potential common shares related to our share-based compensation plans that were excluded from diluted EPS because their effect would have been antidilutive was not material in any of the periods presented.
Accumulated Other Comprehensive Income (Loss)
(in millions)March 31,
2022
December 31,
2021
Cumulative translation adjustments$174 $1,119 
Deferred gains (losses) on cash flow hedges252 104 
Unrecognized gains (losses) on employee benefit obligations and other248 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)20222021
Restricted share units$197 $206 
Stock options91 90 
Employee stock purchase plans12 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)20222021
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 assets21 56 
Restricted cash included in other noncurrent assets, net12 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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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 2021 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 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.
Impacts of COVID-19
COVID-19 and measures taken to prevent its spread across the globe have impacted our businesses in a number of ways, affecting the comparability of periods included in this report. The most significant continuing impacts to our businesses from COVID-19 have resulted from temporary restrictions at our international theme parks. We expect the effects of the COVID-19 pandemic will continue to adversely impact our 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, and consumer behavior.
Consolidated Operating Results
 Three Months Ended
March 31,
Increase/
(Decrease)
(in millions, except per share data)20222021%
Revenue$31,010 $27,205 14.0 %
Costs and Expenses:
Programming and production10,570 8,919 18.5 
Other operating and administrative
9,260 8,269 12.0 
Advertising, marketing and promotion
2,062 1,616 27.6 
Depreciation2,213 2,117 4.5 
Amortization
1,335 1,245 7.3 
Total costs and expenses25,440 22,166 14.8 
Operating income5,569 5,039 10.5 
Interest expense (993)(1,018)(2.4)
Investment and other income (loss), net
188 390 (52.0)
Income before income taxes4,764 4,411 8.0 
Income tax expense
(1,288)(1,119)15.1 
Net income3,476 3,292 5.6 
Less: Net income (loss) attributable to noncontrolling interests (73)(37)97.4 
Net income attributable to Comcast Corporation
$3,549 $3,329 6.6 %
Basic earnings per common share attributable to Comcast Corporation shareholders
$0.79 $0.73 8.2 %
Diluted earnings per common share attributable to Comcast Corporation shareholders
$0.78 $0.71 9.9 %
Adjusted EBITDA(a)
$9,150 $8,413 8.8 %
(a)Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 24 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
Consolidated revenue increased for the three months ended March 31, 2022, driven by Media, Theme Parks, Cable Communications and Studios, partially offset by decreases in revenue in Sky.
Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”
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Consolidated Costs and Expenses
Consolidated operating costs and expenses, which is comprised of total costs and expenses excluding depreciation and amortization expense, increased for the three months ended March 31, 2022, driven by Media, Studios, Theme Parks and Cable Communications, partially offset by decreases in operating costs and expenses in Sky.
Operating costs and expenses for our segments and our corporate operations, businesses development initiatives and other businesses are discussed separately below under the heading “Segment Operating Results.”
Consolidated Depreciation and Amortization Expense
 Three Months Ended
March 31,
Increase/
(Decrease)
(in millions)20222021%
Cable Communications$1,960 $1,929 1.6 %
NBCUniversal662 583 13.6 
Sky870 814 7.0 
Corporate and Other56 36 55.2 
Comcast Consolidated$3,548 $3,362 5.5 %
Consolidated depreciation and amortization expense increased for the three months ended March 31, 2022 compared to the same period in 2021 primarily due to increased depreciation at NBCUniversal driven by the opening of Universal Beijing Resort and increased amortization at Sky driven by increased amortization of software.
Amortization expense from acquisition-related intangible assets totaled $592 million for both the three months ended March 31, 2022 and 2021. Amounts primarily relate to customer relationship intangible assets recorded in connection with the Sky transaction in the fourth quarter of 2018 and the NBCUniversal transaction in 2011.
Consolidated Interest Expense
Interest expense decreased for the three months ended March 31, 2022 compared to the same period in 2021 primarily due to a decrease in average debt outstanding in the current year period.
Consolidated Investment and Other Income (Loss), Net
 Three Months Ended
March 31,
Increase/
(Decrease)
(in millions)20222021%
Equity in net income (losses) of investees, net$133 $136 (2.2)%
Realized and unrealized gains (losses) on equity securities, net117 237 (50.7)
Other income (loss), net(62)17 NM
Total investment and other income (loss), net$188 $390 (52.0)%
Percentage changes that are considered not meaningful are denoted with NM.
The change in investment and other income (loss), net for the three months ended March 31, 2022 compared to the same period in 2021 was primarily due to realized and unrealized gains (losses) on equity securities, net and other income (loss), net. The change in realized and unrealized gains (losses) on equity securities, net for the three months ended March 31, 2022 compared to the same period in 2021 primarily resulted from losses on marketable securities in the current year period compared to gains in the prior year period, partially offset by increased gains from fair value adjustments for nonmarketable equity securities in the current year period. The change in other income (loss), net for the three months ended March 31, 2022 compared to the same period in 2021 primarily resulted from losses on insurance contracts and net losses on foreign exchange remeasurement in the current year period. Equity in net income (losses) of investees, net was consistent with the prior year period and included income for our investment in Atairos of $78 million and $77 million for the three months ended March 31, 2022 and 2021, respectively.
Consolidated Income Tax Expense
Income tax expense for the three months ended March 31, 2022 and 2021 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 increase in income tax expense for the three months ended March 31, 2022 compared to the same period in 2021 was primarily driven by tax benefits recognized on share-based compensation plans and higher income before income taxes.
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Consolidated Net Income (Loss) Attributable to Noncontrolling Interests
The changes in net income (loss) attributable to noncontrolling interests for the three months ended March 31, 2022 compared to the same period in 2021 was primarily due to decreased losses at Universal Beijing Resort due to operations in the current year period compared to pre-opening costs in the prior year period in advance of the parks opening in September 2021 (see Note 7).
Segment Operating Results
Our segment operating results are presented based on how we assess operating performance and internally report financial information. We use Adjusted EBITDA as the measure of profit or loss for our operating segments.
See Note 2 for our definition of Adjusted EBITDA and a reconciliation from the aggregate amount of Adjusted EBITDA for our reportable business segments to consolidated income before income taxes.
Cable Communications Segment Results of Operations
 Three Months Ended
March 31,
Increase/
(Decrease)
(in millions)20222021%
Revenue
Residential:
Broadband$6,050