|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
c
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
|
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
|
|
|
|
|
001-36438
|
NBCUNIVERSAL MEDIA, LLC
|
14-1682529
|
|
DELAWARE
30 Rockefeller Plaza
New York, NY 10112-0015
(212) 664-4444
|
|
|
Comcast Corporation
|
|
Yes
|
x
|
|
No
|
c
|
|
|
NBCUniversal Media, LLC
|
|
Yes
|
x
|
|
No
|
c
|
|
|
|
|
|
|
|
|
|
|
|
Comcast Corporation
|
|
Yes
|
x
|
|
No
|
c
|
|
|
NBCUniversal Media, LLC
|
|
Yes
|
x
|
|
No
|
c
|
|
Comcast Corporation
|
c
|
NBCUniversal Media, LLC
|
c
|
|
Comcast Corporation
|
|
Yes
|
c
|
|
No
|
x
|
|
|
NBCUniversal Media, LLC
|
|
Yes
|
c
|
|
No
|
x
|
|
|
|
|
Page
Number
|
Item 1.
|
||
|
||
|
||
|
||
|
||
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 1.
|
||
Item 1A.
|
||
Item 5.
|
||
Item 6.
|
||
•
|
our businesses currently face a wide range of competition, and our businesses and results of operations could be adversely affected if we do not compete effectively
|
•
|
changes in consumer behavior driven by online video distribution platforms for viewing content could 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 businesses depend on keeping pace with technological developments
|
•
|
we are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on our businesses
|
•
|
programming expenses for our video services are increasing, which could adversely affect Cable Communications’ and Sky’s 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 NBCUniversal’s programming distribution agreements, or the renewal of these agreements on less favorable terms, could adversely affect our businesses
|
•
|
less favorable regulation, the loss of Sky’s transmission agreements with satellite or telecommunications providers or the renewal of these agreements on less favorable terms, could adversely affect Sky’s businesses
|
•
|
the loss of Sky’s wholesale distribution agreements with traditional multichannel video providers could adversely affect Sky’s businesses
|
•
|
we rely on network and information systems and other technologies, as well as key properties, and a disruption, cyber attack, failure or destruction of such networks, systems, technologies or properties may disrupt our businesses
|
•
|
our businesses depend on using and protecting certain intellectual property rights and on not infringing the intellectual property rights of others
|
•
|
we may be unable to obtain necessary hardware, software and operational support
|
•
|
weak economic conditions may have a negative impact on our businesses
|
•
|
acquisitions, including our acquisition of Sky, and other strategic initiatives present many risks, and we may not realize the financial and strategic goals that we had contemplated
|
•
|
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
|
•
|
the loss of key management personnel or popular on-air and creative talent could have an adverse effect on our businesses
|
•
|
we face risks relating to doing business internationally that could 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
|
|
Three Months Ended
March 31 |
||||||
(in millions, except per share data)
|
2019
|
|
2018
|
||||
Revenue
|
$
|
26,859
|
|
|
$
|
22,791
|
|
Costs and Expenses:
|
|
|
|
||||
Programming and production
|
8,569
|
|
|
7,429
|
|
||
Other operating and administrative
|
7,900
|
|
|
6,514
|
|
||
Advertising, marketing and promotion
|
1,888
|
|
|
1,604
|
|
||
Depreciation
|
2,240
|
|
|
2,011
|
|
||
Amortization
|
1,080
|
|
|
588
|
|
||
Total costs and expenses
|
21,677
|
|
|
18,146
|
|
||
Operating income
|
5,182
|
|
|
4,645
|
|
||
Interest expense
|
(1,150
|
)
|
|
(777
|
)
|
||
Investment and other income (loss), net
|
676
|
|
|
126
|
|
||
Income before income taxes
|
4,708
|
|
|
3,994
|
|
||
Income tax expense
|
(1,076
|
)
|
|
(818
|
)
|
||
Net income
|
3,632
|
|
|
3,176
|
|
||
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock
|
79
|
|
|
58
|
|
||
Net income attributable to Comcast Corporation
|
$
|
3,553
|
|
|
$
|
3,118
|
|
Basic earnings per common share attributable to Comcast Corporation shareholders
|
$
|
0.78
|
|
|
$
|
0.67
|
|
Diluted earnings per common share attributable to Comcast Corporation shareholders
|
$
|
0.77
|
|
|
$
|
0.66
|
|
|
Three Months Ended
March 31 |
||||||
(in millions)
|
2019
|
|
2018
|
||||
Net income
|
$
|
3,632
|
|
|
$
|
3,176
|
|
Unrealized gains (losses) on marketable securities, net of deferred taxes of $— and $—
|
1
|
|
|
(1
|
)
|
||
Deferred gains (losses) on cash flow hedges, net of deferred taxes of $9 and $(9)
|
(59
|
)
|
|
29
|
|
||
Amounts reclassified to net income:
|
|
|
|
||||
Realized (gains) losses on cash flow hedges, net of deferred taxes of $(11) and $6
|
58
|
|
|
(20
|
)
|
||
Employee benefit obligations, net of deferred taxes of $3 and $2
|
(7
|
)
|
|
(8
|
)
|
||
Currency translation adjustments, net of deferred taxes of $(12) and $(47)
|
807
|
|
|
157
|
|
||
Comprehensive income
|
4,432
|
|
|
3,333
|
|
||
Less: Net income attributable to noncontrolling interests and redeemable subsidiary preferred stock
|
79
|
|
|
58
|
|
||
Less: Other comprehensive income (loss) attributable to noncontrolling interests
|
10
|
|
|
4
|
|
||
Comprehensive income attributable to Comcast Corporation
|
$
|
4,343
|
|
|
$
|
3,271
|
|
|
Three Months Ended
March 31 |
||||||
(in millions)
|
2019
|
|
2018
|
||||
Operating Activities
|
|
|
|
||||
Net income
|
$
|
3,632
|
|
|
$
|
3,176
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
3,320
|
|
|
2,599
|
|
||
Share-based compensation
|
245
|
|
|
199
|
|
||
Noncash interest expense (income), net
|
77
|
|
|
75
|
|
||
Net (gain) loss on investment activity and other
|
(498
|
)
|
|
(74
|
)
|
||
Deferred income taxes
|
271
|
|
|
389
|
|
||
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
|
|
|
|
||||
Current and noncurrent receivables, net
|
449
|
|
|
85
|
|
||
Film and television costs, net
|
559
|
|
|
(45
|
)
|
||
Accounts payable and accrued expenses related to trade creditors
|
(574
|
)
|
|
200
|
|
||
Other operating assets and liabilities
|
(250
|
)
|
|
(1,130
|
)
|
||
Net cash provided by operating activities
|
7,231
|
|
|
5,474
|
|
||
Investing Activities
|
|
|
|
||||
Capital expenditures
|
(2,092
|
)
|
|
(1,973
|
)
|
||
Cash paid for intangible assets
|
(547
|
)
|
|
(419
|
)
|
||
Acquisitions and construction of real estate properties
|
(16
|
)
|
|
(59
|
)
|
||
Construction of Universal Beijing Resort
|
(220
|
)
|
|
(42
|
)
|
||
Acquisitions, net of cash acquired
|
(48
|
)
|
|
(89
|
)
|
||
Proceeds from sales of investments
|
37
|
|
|
81
|
|
||
Purchases of investments
|
(439
|
)
|
|
(220
|
)
|
||
Other
|
99
|
|
|
429
|
|
||
Net cash provided by (used in) investing activities
|
(3,226
|
)
|
|
(2,292
|
)
|
||
Financing Activities
|
|
|
|
||||
Proceeds from (repayments of) short-term borrowings, net
|
(1,288
|
)
|
|
(902
|
)
|
||
Proceeds from borrowings
|
222
|
|
|
4,043
|
|
||
Repurchases and repayments of debt
|
(2,084
|
)
|
|
(1,265
|
)
|
||
Repurchases of common stock under repurchase program and employee plans
|
(247
|
)
|
|
(1,729
|
)
|
||
Dividends paid
|
(869
|
)
|
|
(738
|
)
|
||
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock
|
(85
|
)
|
|
(79
|
)
|
||
Other
|
26
|
|
|
94
|
|
||
Net cash provided by (used in) financing activities
|
(4,325
|
)
|
|
(576
|
)
|
||
Impact of foreign currency on cash, cash equivalents and restricted cash
|
8
|
|
|
—
|
|
||
Increase (decrease) in cash, cash equivalents and restricted cash
|
(312
|
)
|
|
2,606
|
|
||
Cash, cash equivalents and restricted cash, beginning of period
|
3,909
|
|
|
3,571
|
|
||
Cash, cash equivalents and restricted cash, end of period
|
$
|
3,597
|
|
|
$
|
6,177
|
|
(in millions, except share data)
|
March 31,
2019 |
|
December 31,
2018 |
||||
Assets
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
3,498
|
|
|
$
|
3,814
|
|
Receivables, net
|
10,736
|
|
|
11,104
|
|
||
Programming rights
|
2,942
|
|
|
3,746
|
|
||
Other current assets
|
3,097
|
|
|
3,184
|
|
||
Total current assets
|
20,273
|
|
|
21,848
|
|
||
Film and television costs
|
8,051
|
|
|
7,837
|
|
||
Investments
|
9,159
|
|
|
7,883
|
|
||
Property and equipment, net of accumulated depreciation of $51,932 and $51,306
|
45,721
|
|
|
44,437
|
|
||
Franchise rights
|
59,365
|
|
|
59,365
|
|
||
Goodwill
|
68,073
|
|
|
66,154
|
|
||
Other intangible assets, net of accumulated amortization of $15,042 and $14,194
|
36,902
|
|
|
38,358
|
|
||
Other noncurrent assets, net
|
8,645
|
|
|
5,802
|
|
||
Total assets
|
$
|
256,189
|
|
|
$
|
251,684
|
|
Liabilities and Equity
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Accounts payable and accrued expenses related to trade creditors
|
$
|
10,232
|
|
|
$
|
8,494
|
|
Accrued participations and residuals
|
1,739
|
|
|
1,808
|
|
||
Deferred revenue
|
2,485
|
|
|
2,182
|
|
||
Accrued expenses and other current liabilities
|
8,832
|
|
|
10,721
|
|
||
Current portion of long-term debt
|
4,629
|
|
|
4,398
|
|
||
Total current liabilities
|
27,917
|
|
|
27,603
|
|
||
Long-term debt, less current portion
|
104,464
|
|
|
107,345
|
|
||
Deferred income taxes
|
27,819
|
|
|
27,589
|
|
||
Other noncurrent liabilities
|
18,811
|
|
|
15,329
|
|
||
Commitments and contingencies (Note 11)
|
|
|
|
|
|
||
Redeemable noncontrolling interests and redeemable subsidiary preferred stock
|
1,316
|
|
|
1,316
|
|
||
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, 5,401,861,861 and 5,389,309,175; outstanding, 4,529,070,833 and 4,516,518,147
|
54
|
|
|
54
|
|
||
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375
|
—
|
|
|
—
|
|
||
Additional paid-in capital
|
37,621
|
|
|
37,461
|
|
||
Retained earnings
|
44,379
|
|
|
41,983
|
|
||
Treasury stock, 872,791,028 Class A common shares
|
(7,517
|
)
|
|
(7,517
|
)
|
||
Accumulated other comprehensive income (loss)
|
422
|
|
|
(368
|
)
|
||
Total Comcast Corporation shareholders’ equity
|
74,959
|
|
|
71,613
|
|
||
Noncontrolling interests
|
903
|
|
|
889
|
|
||
Total equity
|
75,862
|
|
|
72,502
|
|
||
Total liabilities and equity
|
$
|
256,189
|
|
|
$
|
251,684
|
|
|
Redeemable
Noncontrolling
Interests and
Redeemable
Subsidiary
Preferred Stock
|
Common Stock
|
Additional
Paid-In
Capital
|
Retained
Earnings
|
Treasury
Stock at
Cost
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Non-
controlling
Interests
|
Total
Equity
|
|||||||||||||||||||
(in millions, except per share data)
|
A
|
B
|
|||||||||||||||||||||||||
Balance, December 31, 2017
|
$
|
1,357
|
|
$
|
55
|
|
$
|
—
|
|
$
|
37,497
|
|
$
|
38,202
|
|
$
|
(7,517
|
)
|
$
|
379
|
|
$
|
843
|
|
$
|
69,459
|
|
Cumulative effects of adoption of accounting standards
|
|
|
|
|
(43
|
)
|
|
76
|
|
|
33
|
|
|||||||||||||||
Stock compensation plans
|
|
|
|
127
|
|
|
|
|
|
127
|
|
||||||||||||||||
Repurchases of common stock under repurchase program and employee plans
|
|
|
|
(294
|
)
|
(1,432
|
)
|
|
|
|
(1,726
|
)
|
|||||||||||||||
Employee stock purchase plans
|
|
|
|
48
|
|
|
|
|
|
48
|
|
||||||||||||||||
Dividends declared ($0.19 per common share)
|
|
|
|
|
(884
|
)
|
|
|
|
(884
|
)
|
||||||||||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
153
|
|
4
|
|
157
|
|
|||||||||||||||
Contributions from (distributions to) noncontrolling interests, net
|
(17
|
)
|
|
|
|
|
|
|
350
|
|
350
|
|
|||||||||||||||
Other
|
(10
|
)
|
|
|
(3
|
)
|
|
|
|
(3
|
)
|
(6
|
)
|
||||||||||||||
Net income (loss)
|
24
|
|
|
|
|
3,118
|
|
|
|
34
|
|
3,152
|
|
||||||||||||||
Balance, March 31, 2018
|
$
|
1,354
|
|
$
|
55
|
|
$
|
—
|
|
$
|
37,375
|
|
$
|
38,961
|
|
$
|
(7,517
|
)
|
$
|
608
|
|
$
|
1,228
|
|
$
|
70,710
|
|
Balance, December 31, 2018
|
$
|
1,316
|
|
$
|
54
|
|
$
|
—
|
|
$
|
37,461
|
|
$
|
41,983
|
|
$
|
(7,517
|
)
|
$
|
(368
|
)
|
$
|
889
|
|
$
|
72,502
|
|
Stock compensation plans
|
|
|
|
174
|
|
|
|
|
|
174
|
|
||||||||||||||||
Repurchases of common stock under repurchase program and employee plans
|
|
|
|
(62
|
)
|
(193
|
)
|
|
|
|
(255
|
)
|
|||||||||||||||
Employee stock purchase plans
|
|
|
|
48
|
|
|
|
|
|
48
|
|
||||||||||||||||
Dividends declared ($0.21 per common share)
|
|
|
|
|
(964
|
)
|
|
|
|
(964
|
)
|
||||||||||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
790
|
|
10
|
|
800
|
|
|||||||||||||||
Contributions from (distributions to) noncontrolling interests, net
|
(20
|
)
|
|
|
|
|
|
|
(46
|
)
|
(46
|
)
|
|||||||||||||||
Other
|
(8
|
)
|
|
|
|
|
|
|
(1
|
)
|
(1
|
)
|
|||||||||||||||
Net income (loss)
|
28
|
|
|
|
|
3,553
|
|
|
|
51
|
|
3,604
|
|
||||||||||||||
Balance, March 31, 2019
|
$
|
1,316
|
|
$
|
54
|
|
$
|
—
|
|
$
|
37,621
|
|
$
|
44,379
|
|
$
|
(7,517
|
)
|
$
|
422
|
|
$
|
903
|
|
$
|
75,862
|
|
|
Three Months Ended March 31, 2019
|
||||||||||||||
(in millions)
|
Revenue
|
Adjusted EBITDA
(d)
|
Depreciation and Amortization
|
Capital
Expenditures
|
Cash Paid for Intangible Assets
|
||||||||||
Cable Communications
|
$
|
14,280
|
|
$
|
5,728
|
|
$
|
2,035
|
|
$
|
1,363
|
|
$
|
323
|
|
NBCUniversal
|
|
|
|
|
|
||||||||||
Cable Networks
|
2,868
|
|
1,262
|
|
182
|
|
6
|
|
2
|
|
|||||
Broadcast Television
|
2,467
|
|
387
|
|
39
|
|
13
|
|
3
|
|
|||||
Filmed Entertainment
|
1,768
|
|
364
|
|
19
|
|
4
|
|
5
|
|
|||||
Theme Parks
|
1,276
|
|
498
|
|
162
|
|
394
|
|
19
|
|
|||||
Headquarters and Other
(a)
|
17
|
|
(174
|
)
|
113
|
|
36
|
|
42
|
|
|||||
Eliminations
(b)
|
(83
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||
NBCUniversal
|
8,313
|
|
2,337
|
|
515
|
|
453
|
|
71
|
|
|||||
Sky
|
4,797
|
|
663
|
|
741
|
|
259
|
|
151
|
|
|||||
Corporate and Other
(c)
|
108
|
|
(187
|
)
|
29
|
|
17
|
|
2
|
|
|||||
Eliminations
(b)
|
(639
|
)
|
12
|
|
—
|
|
—
|
|
—
|
|
|||||
Comcast Consolidated
|
$
|
26,859
|
|
$
|
8,553
|
|
$
|
3,320
|
|
$
|
2,092
|
|
$
|
547
|
|
|
Three Months Ended March 31, 2018
|
||||||||||||||
(in millions)
|
Revenue
|
Adjusted EBITDA
(d)
|
Depreciation and Amortization
|
Capital
Expenditures
|
Cash Paid for Intangible Assets
|
||||||||||
Cable Communications
|
$
|
13,703
|
|
$
|
5,217
|
|
$
|
2,061
|
|
$
|
1,691
|
|
$
|
287
|
|
NBCUniversal
|
|
|
|
|
|
||||||||||
Cable Networks
(e)
|
3,157
|
|
1,254
|
|
189
|
|
3
|
|
4
|
|
|||||
Broadcast Television
(e)
|
3,497
|
|
507
|
|
34
|
|
30
|
|
72
|
|
|||||
Filmed Entertainment
|
1,647
|
|
203
|
|
28
|
|
7
|
|
6
|
|
|||||
Theme Parks
|
1,281
|
|
495
|
|
155
|
|
182
|
|
16
|
|
|||||
Headquarters and Other
(a)
|
14
|
|
(188
|
)
|
104
|
|
47
|
|
32
|
|
|||||
Eliminations
(b)(e)
|
(99
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||
NBCUniversal
|
9,497
|
|
2,271
|
|
510
|
|
269
|
|
130
|
|
|||||
Corporate and Other
(c)
|
243
|
|
(185
|
)
|
28
|
|
13
|
|
2
|
|
|||||
Eliminations
(b)(e)
|
(652
|
)
|
(59
|
)
|
—
|
|
—
|
|
—
|
|
|||||
Comcast Consolidated
|
$
|
22,791
|
|
$
|
7,244
|
|
$
|
2,599
|
|
$
|
1,973
|
|
$
|
419
|
|
(a)
|
NBCUniversal
Headquarters and Other activities include costs associated with overhead, allocations, personnel costs and headquarter initiatives.
|
(b)
|
Included in Eliminations are transactions that our segments enter into with one another. The most common types of transactions are the following:
|
•
|
our Cable Networks segment generates revenue by selling programming to our Cable Communications segment, which represents a substantial majority of the revenue elimination amount
|
•
|
our Broadcast Television segment generates revenue from the fees received under retransmission consent agreements with our Cable Communications segment
|
•
|
our Cable Communications segment generates revenue by selling advertising and by selling the use of satellite feeds to our Cable Networks segment
|
•
|
our Cable Networks and Broadcast Television segments generate revenue by selling advertising to our Cable Communications segment
|
•
|
our Filmed Entertainment and Broadcast Television segments generate revenue by licensing content to our Cable Networks segment; for segment reporting, this revenue is recognized as the programming rights asset for the licensed content is amortized based on third party revenue
|
•
|
our Filmed Entertainment, Cable Networks and Broadcast Television segments generate revenue by licensing content to our Sky segment
|
(c)
|
Corporate and Other activities include costs associated with overhead and personnel, revenue and expenses associated with operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania, as well as other business development initiatives.
|
(d)
|
We use Adjusted EBITDA as the measure of profit or loss for our operating segments. Adjusted EBITDA is defined as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock,
income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related
|
|
Three Months Ended
March 31 |
||||||
(in millions)
|
2019
|
|
2018
|
||||
Adjusted EBITDA
|
$
|
8,553
|
|
|
$
|
7,244
|
|
Adjustment for Sky transaction-related costs
|
(51
|
)
|
|
—
|
|
||
Depreciation
|
(2,240
|
)
|
|
(2,011
|
)
|
||
Amortization
|
(1,080
|
)
|
|
(588
|
)
|
||
Interest expense
|
(1,150
|
)
|
|
(777
|
)
|
||
Investment and other income (loss), net
|
676
|
|
|
126
|
|
||
Income before income taxes
|
$
|
4,708
|
|
|
$
|
3,994
|
|
(e)
|
The revenue and operating costs and expenses associated with our broadcast of the 2018 PyeongChang Olympics were reported in our Cable Networks and Broadcast Television segments. The revenue and operating costs and expenses associated with our broadcast of the 2018 Super Bowl were reported in our Broadcast Television segment. Included in Eliminations are transactions relating to these events that our Broadcast Television and Cable Networks segments enter into with our other segments.
|
|
Three Months Ended
March 31 |
||||||
(in millions)
|
2019
|
|
2018
|
||||
Residential:
|
|
|
|
||||
High-speed internet
|
$
|
4,577
|
|
|
$
|
4,157
|
|
Video
|
5,628
|
|
|
5,659
|
|
||
Voice
|
990
|
|
|
1,006
|
|
||
Wireless
|
225
|
|
|
185
|
|
||
Business services
|
1,891
|
|
|
1,726
|
|
||
Advertising
|
556
|
|
|
582
|
|
||
Other
|
413
|
|
|
388
|
|
||
Total Cable Communications
(a)(b)
|
14,280
|
|
|
13,703
|
|
||
|
|
|
|
||||
Distribution
|
1,735
|
|
|
1,861
|
|
||
Advertising
|
852
|
|
|
977
|
|
||
Content licensing and other
|
281
|
|
|
319
|
|
||
Total Cable Networks
|
2,868
|
|
|
3,157
|
|
||
|
|
|
|
||||
Advertising
|
1,317
|
|
|
2,365
|
|
||
Content licensing
|
560
|
|
|
522
|
|
||
Distribution and other
|
590
|
|
|
610
|
|
||
Total Broadcast Television
|
2,467
|
|
|
3,497
|
|
||
|
|
|
|
||||
Theatrical
|
445
|
|
|
423
|
|
||
Content licensing
|
817
|
|
|
733
|
|
||
Home entertainment
|
267
|
|
|
248
|
|
||
Other
|
239
|
|
|
243
|
|
||
Total Filmed Entertainment
|
1,768
|
|
|
1,647
|
|
||
|
|
|
|
||||
Total Theme Parks
|
1,276
|
|
|
1,281
|
|
||
Headquarters and Other
|
17
|
|
|
14
|
|
||
Eliminations
(c)
|
(83
|
)
|
|
(99
|
)
|
||
Total NBCUniversal
|
8,313
|
|
|
9,497
|
|
||
|
|
|
|
||||
Direct-to-consumer
|
3,834
|
|
|
—
|
|
||
Content
|
370
|
|
|
—
|
|
||
Advertising
|
593
|
|
|
—
|
|
||
Total Sky
|
4,797
|
|
|
—
|
|
||
|
|
|
|
||||
Corporate and Other
(b)
|
108
|
|
|
243
|
|
||
Eliminations
(c)
|
(639
|
)
|
|
(652
|
)
|
||
Total revenue
|
$
|
26,859
|
|
|
$
|
22,791
|
|
(a)
|
For the
three months ended March 31, 2019
and
2018
,
2.6%
and
2.7%
, respectively, of Cable Communications segment revenue was derived from franchise and other regulatory fees.
|
(b)
|
Comcast Cable’s wireless phone service is now presented in the Cable Communications segment. Results were previously presented in Corporate and Other. We recognize revenue from our wireless phone service as the services are provided, similar to how we recognize revenue for other residential cable services. We recognize revenue from the sale of handsets at the point of sale.
|
(c)
|
Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions.
|
|
Three Months Ended
March 31 |
||||||
(in millions)
|
2019
|
|
2018
|
||||
United States
|
$
|
20,457
|
|
|
$
|
20,885
|
|
Europe
|
5,370
|
|
|
821
|
|
||
Other
|
1,032
|
|
|
1,085
|
|
||
Total revenue
|
$
|
26,859
|
|
|
$
|
22,791
|
|
(in millions)
|
March 31,
2019 |
|
December 31,
2018 |
||||
Receivables, gross
|
$
|
11,161
|
|
|
$
|
11,456
|
|
Less: Allowance for doubtful accounts
|
425
|
|
|
352
|
|
||
Receivables, net
|
$
|
10,736
|
|
|
$
|
11,104
|
|
(in millions)
|
March 31,
2019 |
|
December 31,
2018 |
||||
Noncurrent receivables, net (included in other noncurrent assets, net)
|
$
|
1,379
|
|
|
$
|
1,399
|
|
Contract acquisition and fulfillment costs (included in other noncurrent assets, net)
|
$
|
1,001
|
|
|
$
|
991
|
|
Noncurrent deferred revenue (included in other noncurrent liabilities)
|
$
|
786
|
|
|
$
|
650
|
|
|
Three Months Ended March 31
|
||||||||||||||||||||
|
2019
|
|
2018
|
||||||||||||||||||
(in millions, except per share data)
|
Net Income
Attributable to Comcast Corporation |
|
Shares
|
|
Per Share
Amount |
|
Net Income
Attributable to Comcast Corporation |
|
Shares
|
|
Per Share
Amount |
||||||||||
Basic EPS attributable to Comcast Corporation shareholders
|
$
|
3,553
|
|
|
4,534
|
|
|
$
|
0.78
|
|
|
$
|
3,118
|
|
|
4,633
|
|
|
$
|
0.67
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assumed exercise or issuance of shares relating to stock plans
|
|
|
60
|
|
|
|
|
|
|
72
|
|
|
|
||||||||
Diluted EPS attributable to Comcast Corporation shareholders
|
$
|
3,553
|
|
|
4,594
|
|
|
$
|
0.77
|
|
|
$
|
3,118
|
|
|
4,705
|
|
|
$
|
0.66
|
|
Allocation of Purchase Price
|
|
||
(in millions)
|
|
||
Consideration transferred
|
$
|
39,387
|
|
|
|
||
Allocation of purchase price
|
|
||
Cash
|
$
|
1,283
|
|
Accounts receivable and other current assets
|
2,359
|
|
|
Film and television costs
|
2,512
|
|
|
Property and equipment
|
4,127
|
|
|
Intangible assets
|
19,539
|
|
|
Accounts payable, accrued liabilities and other current liabilities
|
(5,885
|
)
|
|
Long-term debt
|
(11,468
|
)
|
|
Deferred tax assets (liabilities), net
|
(2,974
|
)
|
|
Other noncurrent assets and (liabilities), net
|
(1,398
|
)
|
|
Fair value of identifiable net assets acquired
|
8,095
|
|
|
Goodwill
|
$
|
31,292
|
|
(in millions, except per share data)
|
Three Months Ended
March 31, 2018 |
||
Revenue
|
$
|
27,762
|
|
Net income attributable to Comcast Corporation
|
$
|
2,983
|
|
Basic earnings per common share attributable to Comcast Corporation shareholders
|
$
|
0.64
|
|
Diluted earnings per common share attributable to Comcast Corporation shareholders
|
$
|
0.63
|
|
(in millions)
|
March 31,
2019 |
|
December 31,
2018 |
||||
Film Costs:
|
|
|
|
||||
Released, less amortization
|
$
|
1,544
|
|
|
$
|
1,600
|
|
Completed, not released
|
40
|
|
|
144
|
|
||
In production and in development
|
1,267
|
|
|
1,063
|
|
||
|
2,851
|
|
|
2,807
|
|
||
Television Costs:
|
|
|
|
||||
Released, less amortization
|
2,390
|
|
|
2,289
|
|
||
In production and in development
|
820
|
|
|
953
|
|
||
|
3,210
|
|
|
3,242
|
|
||
Programming rights, less amortization
|
4,932
|
|
|
5,534
|
|
||
|
10,993
|
|
|
11,583
|
|
||
Less: Current portion of programming rights
|
2,942
|
|
|
3,746
|
|
||
Film and television costs
|
$
|
8,051
|
|
|
$
|
7,837
|
|
|
Three Months Ended
March 31 |
||||||
(in millions)
|
2019
|
|
2018
|
||||
Equity in net income (losses) of investees, net
|
$
|
262
|
|
|
$
|
(49
|
)
|
Realized and unrealized gains (losses) on equity securities, net
|
214
|
|
|
28
|
|
||
Other income (loss), net
|
200
|
|
|
147
|
|
||
Investment and other income (loss), net
|
$
|
676
|
|
|
$
|
126
|
|
(in millions)
|
March 31,
2019 |
|
December 31,
2018 |
||||
Equity method
|
$
|
4,960
|
|
|
$
|
4,035
|
|
Marketable equity securities
|
538
|
|
|
341
|
|
||
Nonmarketable equity securities
|
1,942
|
|
|
1,805
|
|
||
Other investments
|
1,805
|
|
|
1,796
|
|
||
Total investments
|
9,245
|
|
|
7,977
|
|
||
Less: Current investments
|
86
|
|
|
94
|
|
||
Noncurrent investments
|
$
|
9,159
|
|
|
$
|
7,883
|
|
|
Three Months Ended
March 31 |
||||||
(in millions)
|
2019
|
|
2018
|
||||
Restricted share units
|
$
|
127
|
|
|
$
|
83
|
|
Stock options
|
47
|
|
|
44
|
|
||
Employee stock purchase plans
|
9
|
|
|
12
|
|
||
Total
|
$
|
183
|
|
|
$
|
139
|
|
•
|
we acquired
$1.6 billion
of property and equipment and intangible assets that were accrued but unpaid
|
•
|
we recorded a liability of
$953 million
for a quarterly cash dividend of
$0.21
per common share to be paid in
April
2019
|
(in millions)
|
March 31,
2019 |
|
December 31,
2018 |
||||
Cash and cash equivalents
|
$
|
3,498
|
|
|
$
|
3,814
|
|
Restricted cash included in other current assets
|
49
|
|
|
46
|
|
||
Restricted cash included in other noncurrent assets, net
|
50
|
|
|
49
|
|
||
Cash, cash equivalents and restricted cash, end of period
|
$
|
3,597
|
|
|
$
|
3,909
|
|
(in millions)
|
March 31,
2019 |
|
March 31,
2018 |
||||
Unrealized gains (losses) on marketable securities
|
$
|
4
|
|
|
$
|
1
|
|
Deferred gains (losses) on cash flow hedges
|
54
|
|
|
20
|
|
||
Unrecognized gains (losses) on employee benefit obligations
|
318
|
|
|
310
|
|
||
Cumulative translation adjustments
|
46
|
|
|
277
|
|
||
Accumulated other comprehensive income (loss), net of deferred taxes
|
$
|
422
|
|
|
$
|
608
|
|
(in millions)
|
March 31,
2019 |
||
Other noncurrent assets, net
|
$
|
4,100
|
|
Accrued expenses and other current liabilities
|
$
|
693
|
|
Other noncurrent liabilities
|
$
|
4,014
|
|
(in millions)
|
March 31,
2019 |
||
Remaining nine months of 2019
|
$
|
669
|
|
2020
|
832
|
|
|
2021
|
724
|
|
|
2022
|
592
|
|
|
2023
|
501
|
|
|
Thereafter
|
2,536
|
|
|
Total future minimum lease payments
|
5,854
|
|
|
Less: imputed interest
|
1,147
|
|
|
Total liability
|
$
|
4,707
|
|
(in millions)
|
December 31,
2018 |
||
2019
|
$
|
891
|
|
2020
|
$
|
824
|
|
2021
|
$
|
722
|
|
2022
|
$
|
592
|
|
2023
|
$
|
513
|
|
Thereafter
|
$
|
2,608
|
|
|
|
||
(in millions)
|
Three Months Ended
March 31, 2018 |
||
Rental expense
|
$
|
186
|
|
(in millions)
|
Comcast
Parent |
Comcast
Holdings |
CCCL
Parent |
NBCUniversal
Media Parent |
Non-
Guarantor Subsidiaries |
Elimination
and Consolidation Adjustments |
Consolidated
Comcast Corporation |
||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||||||||
Service revenue
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
26,859
|
|
$
|
—
|
|
$
|
26,859
|
|
Management fee revenue
|
305
|
|
—
|
|
299
|
|
—
|
|
—
|
|
(604
|
)
|
—
|
|
|||||||
Total revenue
|
305
|
|
—
|
|
299
|
|
—
|
|
26,859
|
|
(604
|
)
|
26,859
|
|
|||||||
Costs and Expenses:
|
|
|
|
|
|
|
|
||||||||||||||
Programming and production
|
—
|
|
—
|
|
—
|
|
—
|
|
8,569
|
|
—
|
|
8,569
|
|
|||||||
Other operating and administrative
|
188
|
|
—
|
|
299
|
|
271
|
|
7,746
|
|
(604
|
)
|
7,900
|
|
|||||||
Advertising, marketing and promotion
|
—
|
|
—
|
|
—
|
|
—
|
|
1,888
|
|
—
|
|
1,888
|
|
|||||||
Depreciation
|
14
|
|
—
|
|
—
|
|
—
|
|
2,226
|
|
—
|
|
2,240
|
|
|||||||
Amortization
|
1
|
|
—
|
|
—
|
|
—
|
|
1,079
|
|
—
|
|
1,080
|
|
|||||||
Total cost and expenses
|
203
|
|
—
|
|
299
|
|
271
|
|
21,508
|
|
(604
|
)
|
21,677
|
|
|||||||
Operating income (loss)
|
102
|
|
—
|
|
—
|
|
(271
|
)
|
5,351
|
|
—
|
|
5,182
|
|
|||||||
Interest expense
|
(896
|
)
|
(3
|
)
|
(49
|
)
|
(120
|
)
|
(82
|
)
|
—
|
|
(1,150
|
)
|
|||||||
Investment and other income (loss), net
|
4,215
|
|
4,143
|
|
3,314
|
|
2,181
|
|
2,238
|
|
(15,415
|
)
|
676
|
|
|||||||
Income (loss) before income taxes
|
3,421
|
|
4,140
|
|
3,265
|
|
1,790
|
|
7,507
|
|
(15,415
|
)
|
4,708
|
|
|||||||
Income tax (expense) benefit
|
132
|
|
(6
|
)
|
10
|
|
(6
|
)
|
(1,206
|
)
|
—
|
|
(1,076
|
)
|
|||||||
Net income (loss)
|
3,553
|
|
4,134
|
|
3,275
|
|
1,784
|
|
6,301
|
|
(15,415
|
)
|
3,632
|
|
|||||||
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock
|
—
|
|
—
|
|
—
|
|
—
|
|
79
|
|
—
|
|
79
|
|
|||||||
Net income (loss) attributable to Comcast Corporation
|
$
|
3,553
|
|
$
|
4,134
|
|
$
|
3,275
|
|
$
|
1,784
|
|
$
|
6,222
|
|
$
|
(15,415
|
)
|
$
|
3,553
|
|
Comprehensive income (loss) attributable to Comcast Corporation
|
$
|
4,343
|
|
$
|
4,122
|
|
$
|
3,275
|
|
$
|
1,752
|
|
$
|
7,160
|
|
$
|
(16,309
|
)
|
$
|
4,343
|
|
(in millions)
|
Comcast
Parent |
Comcast
Holdings |
CCCL
Parent |
NBCUniversal
Media Parent |
Non-
Guarantor Subsidiaries |
Elimination
and Consolidation Adjustments |
Consolidated
Comcast Corporation |
||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||||||||
Service revenue
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
22,791
|
|
$
|
—
|
|
$
|
22,791
|
|
Management fee revenue
|
292
|
|
—
|
|
286
|
|
—
|
|
—
|
|
(578
|
)
|
—
|
|
|||||||
Total revenue
|
292
|
|
—
|
|
286
|
|
—
|
|
22,791
|
|
(578
|
)
|
22,791
|
|
|||||||
Costs and Expenses:
|
|
|
|
|
|
|
|
||||||||||||||
Programming and production
|
—
|
|
—
|
|
—
|
|
—
|
|
7,429
|
|
—
|
|
7,429
|
|
|||||||
Other operating and administrative
|
228
|
|
—
|
|
286
|
|
318
|
|
6,260
|
|
(578
|
)
|
6,514
|
|
|||||||
Advertising, marketing and promotion
|
—
|
|
—
|
|
—
|
|
—
|
|
1,604
|
|
—
|
|
1,604
|
|
|||||||
Depreciation
|
11
|
|
—
|
|
—
|
|
—
|
|
2,000
|
|
—
|
|
2,011
|
|
|||||||
Amortization
|
1
|
|
—
|
|
—
|
|
—
|
|
587
|
|
—
|
|
588
|
|
|||||||
Total costs and expenses
|
240
|
|
—
|
|
286
|
|
318
|
|
17,880
|
|
(578
|
)
|
18,146
|
|
|||||||
Operating income (loss)
|
52
|
|
—
|
|
—
|
|
(318
|
)
|
4,911
|
|
—
|
|
4,645
|
|
|||||||
Interest expense
|
(561
|
)
|
(3
|
)
|
(47
|
)
|
(106
|
)
|
(60
|
)
|
—
|
|
(777
|
)
|
|||||||
Investment and other income (loss), net
|
3,520
|
|
3,319
|
|
2,826
|
|
1,942
|
|
1,588
|
|
(13,069
|
)
|
126
|
|
|||||||
Income (loss) before income taxes
|
3,011
|
|
3,316
|
|
2,779
|
|
1,518
|
|
6,439
|
|
(13,069
|
)
|
3,994
|
|
|||||||
Income tax (expense) benefit
|
107
|
|
—
|
|
9
|
|
(5
|
)
|
(929
|
)
|
—
|
|
(818
|
)
|
|||||||
Net income (loss)
|
3,118
|
|
3,316
|
|
2,788
|
|
1,513
|
|
5,510
|
|
(13,069
|
)
|
3,176
|
|
|||||||
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock
|
—
|
|
—
|
|
—
|
|
—
|
|
58
|
|
—
|
|
58
|
|
|||||||
Net income (loss) attributable to Comcast Corporation
|
$
|
3,118
|
|
$
|
3,316
|
|
$
|
2,788
|
|
$
|
1,513
|
|
$
|
5,452
|
|
$
|
(13,069
|
)
|
$
|
3,118
|
|
Comprehensive income (loss) attributable to Comcast Corporation
|
$
|
3,271
|
|
$
|
3,369
|
|
$
|
2,789
|
|
$
|
1,696
|
|
$
|
5,791
|
|
$
|
(13,645
|
)
|
$
|
3,271
|
|
(in millions)
|
Comcast
Parent |
Comcast
Holdings |
CCCL
Parent |
NBCUniversal
Media Parent |
Non-
Guarantor Subsidiaries |
Elimination
and Consolidation Adjustments |
Consolidated
Comcast Corporation |
||||||||||||||
Net cash provided by (used in) operating activities
|
$
|
(759
|
)
|
$
|
135
|
|
$
|
(119
|
)
|
$
|
(279
|
)
|
$
|
8,253
|
|
$
|
—
|
|
$
|
7,231
|
|
Investing Activities:
|
|
|
|
|
|
|
|
||||||||||||||
Net transactions with affiliates
|
3,908
|
|
(135
|
)
|
119
|
|
140
|
|
(4,032
|
)
|
—
|
|
—
|
|
|||||||
Capital expenditures
|
(2
|
)
|
—
|
|
—
|
|
—
|
|
(2,090
|
)
|
—
|
|
(2,092
|
)
|
|||||||
Cash paid for intangible assets
|
(1
|
)
|
—
|
|
—
|
|
—
|
|
(546
|
)
|
—
|
|
(547
|
)
|
|||||||
Acquisitions and construction of real estate properties
|
(13
|
)
|
—
|
|
—
|
|
—
|
|
(3
|
)
|
—
|
|
(16
|
)
|
|||||||
Construction of Universal Beijing Resort
|
—
|
|
—
|
|
—
|
|
—
|
|
(220
|
)
|
—
|
|
(220
|
)
|
|||||||
Acquisitions, net of cash acquired
|
—
|
|
—
|
|
—
|
|
—
|
|
(48
|
)
|
—
|
|
(48
|
)
|
|||||||
Proceeds from sales of investments
|
—
|
|
—
|
|
—
|
|
—
|
|
37
|
|
—
|
|
37
|
|
|||||||
Purchases of investments
|
(13
|
)
|
—
|
|
—
|
|
(58
|
)
|
(368
|
)
|
—
|
|
(439
|
)
|
|||||||
Other
|
—
|
|
—
|
|
—
|
|
—
|
|
99
|
|
—
|
|
99
|
|
|||||||
Net cash provided by (used in) investing activities
|
3,879
|
|
(135
|
)
|
119
|
|
82
|
|
(7,171
|
)
|
—
|
|
(3,226
|
)
|
|||||||
Financing Activities:
|
|
|
|
|
|
|
|
||||||||||||||
Proceeds from (repayments of) short-term borrowings, net
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,288
|
)
|
—
|
|
(1,288
|
)
|
|||||||
Proceeds from borrowings
|
—
|
|
—
|
|
—
|
|
—
|
|
222
|
|
—
|
|
222
|
|
|||||||
Repurchases and repayments of debt
|
(2,000
|
)
|
—
|
|
—
|
|
(5
|
)
|
(79
|
)
|
—
|
|
(2,084
|
)
|
|||||||
Repurchases of common stock under repurchase program and employee plans
|
(247
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(247
|
)
|
|||||||
Dividends paid
|
(869
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(869
|
)
|
|||||||
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock
|
—
|
|
—
|
|
—
|
|
—
|
|
(85
|
)
|
—
|
|
(85
|
)
|
|||||||
Other
|
(3
|
)
|
—
|
|
—
|
|
—
|
|
29
|
|
—
|
|
26
|
|
|||||||
Net cash provided by (used in) financing activities
|
(3,119
|
)
|
—
|
|
—
|
|
(5
|
)
|
(1,201
|
)
|
—
|
|
(4,325
|
)
|
|||||||
Impact of foreign currency on cash, cash equivalents and restricted cash
|
(1
|
)
|
—
|
|
—
|
|
—
|
|
9
|
|
—
|
|
8
|
|
|||||||
Increase (decrease) in cash, cash equivalents and restricted cash
|
—
|
|
—
|
|
—
|
|
(202
|
)
|
(110
|
)
|
—
|
|
(312
|
)
|
|||||||
Cash, cash equivalents and restricted cash, beginning of period
|
—
|
|
—
|
|
—
|
|
416
|
|
3,493
|
|
—
|
|
3,909
|
|
|||||||
Cash, cash equivalents and restricted cash, end of period
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
214
|
|
$
|
3,383
|
|
$
|
—
|
|
$
|
3,597
|
|
(in millions)
|
Comcast
Parent |
Comcast
Holdings |
CCCL
Parent |
NBCUniversal
Media Parent |
Non-
Guarantor Subsidiaries |
Elimination
and Consolidation Adjustments |
Consolidated
Comcast Corporation |
||||||||||||||
Net cash provided by (used in) operating activities
|
$
|
(270
|
)
|
$
|
453
|
|
$
|
(149
|
)
|
$
|
(382
|
)
|
$
|
5,822
|
|
$
|
—
|
|
$
|
5,474
|
|
Investing Activities:
|
|
|
|
|
|
|
|
||||||||||||||
Net transactions with affiliates
|
640
|
|
(897
|
)
|
149
|
|
347
|
|
(239
|
)
|
—
|
|
—
|
|
|||||||
Capital expenditures
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,973
|
)
|
—
|
|
(1,973
|
)
|
|||||||
Cash paid for intangible assets
|
(2
|
)
|
—
|
|
—
|
|
—
|
|
(417
|
)
|
—
|
|
(419
|
)
|
|||||||
Acquisitions and construction of real estate properties
|
(39
|
)
|
—
|
|
—
|
|
—
|
|
(20
|
)
|
—
|
|
(59
|
)
|
|||||||
Construction of Universal Beijing Resort
|
—
|
|
—
|
|
—
|
|
—
|
|
(42
|
)
|
—
|
|
(42
|
)
|
|||||||
Acquisitions, net of cash acquired
|
—
|
|
—
|
|
—
|
|
—
|
|
(89
|
)
|
—
|
|
(89
|
)
|
|||||||
Proceeds from sales of investments
|
—
|
|
—
|
|
—
|
|
57
|
|
24
|
|
—
|
|
81
|
|
|||||||
Purchases of investments
|
(11
|
)
|
—
|
|
—
|
|
(5
|
)
|
(204
|
)
|
—
|
|
(220
|
)
|
|||||||
Other
|
—
|
|
444
|
|
—
|
|
—
|
|
(15
|
)
|
—
|
|
429
|
|
|||||||
Net cash provided by (used in) investing activities
|
588
|
|
(453
|
)
|
149
|
|
399
|
|
(2,975
|
)
|
—
|
|
(2,292
|
)
|
|||||||
Financing Activities:
|
|
|
|
|
|
|
|
||||||||||||||
Proceeds from (repayments of) short-term borrowings, net
|
(902
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(902
|
)
|
|||||||
Proceeds from borrowings
|
3,973
|
|
—
|
|
—
|
|
—
|
|
70
|
|
—
|
|
4,043
|
|
|||||||
Repurchases and repayments of debt
|
(900
|
)
|
—
|
|
—
|
|
(3
|
)
|
(362
|
)
|
—
|
|
(1,265
|
)
|
|||||||
Repurchases of common stock under repurchase program and employee plans
|
(1,729
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,729
|
)
|
|||||||
Dividends paid
|
(738
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(738
|
)
|
|||||||
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock
|
—
|
|
—
|
|
—
|
|
—
|
|
(79
|
)
|
—
|
|
(79
|
)
|
|||||||
Other
|
(22
|
)
|
—
|
|
—
|
|
—
|
|
116
|
|
—
|
|
94
|
|
|||||||
Net cash provided by (used in) financing activities
|
(318
|
)
|
—
|
|
—
|
|
(3
|
)
|
(255
|
)
|
—
|
|
(576
|
)
|
|||||||
Increase (decrease) in cash, cash equivalents and restricted cash
|
—
|
|
—
|
|
—
|
|
14
|
|
2,592
|
|
—
|
|
2,606
|
|
|||||||
Cash, cash equivalents and restricted cash, beginning of period
|
—
|
|
—
|
|
—
|
|
496
|
|
3,075
|
|
—
|
|
3,571
|
|
|||||||
Cash, cash equivalents and restricted cash, end of period
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
510
|
|
$
|
5,667
|
|
$
|
—
|
|
$
|
6,177
|
|
(in millions)
|
Comcast
Parent |
Comcast
Holdings |
CCCL
Parent |
NBCUniversal
Media Parent |
Non-
Guarantor Subsidiaries |
Elimination
and Consolidation Adjustments |
Consolidated
Comcast Corporation |
||||||||||||||
Assets
|
|
|
|
|
|
|
|
||||||||||||||
Cash and cash equivalents
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
214
|
|
$
|
3,284
|
|
$
|
—
|
|
$
|
3,498
|
|
Receivables, net
|
—
|
|
—
|
|
—
|
|
—
|
|
10,736
|
|
—
|
|
10,736
|
|
|||||||
Programming rights
|
—
|
|
—
|
|
—
|
|
—
|
|
2,942
|
|
—
|
|
2,942
|
|
|||||||
Other current assets
|
72
|
|
25
|
|
—
|
|
26
|
|
2,974
|
|
—
|
|
3,097
|
|
|||||||
Total current assets
|
72
|
|
25
|
|
—
|
|
240
|
|
19,936
|
|
—
|
|
20,273
|
|
|||||||
Film and television costs
|
—
|
|
—
|
|
—
|
|
—
|
|
8,051
|
|
—
|
|
8,051
|
|
|||||||
Investments
|
280
|
|
11
|
|
147
|
|
895
|
|
7,826
|
|
—
|
|
9,159
|
|
|||||||
Investments in and amounts due from subsidiaries eliminated upon consolidation
|
158,868
|
|
147,534
|
|
129,829
|
|
56,005
|
|
98,613
|
|
(590,849
|
)
|
—
|
|
|||||||
Property and equipment, net
|
663
|
|
—
|
|
—
|
|
—
|
|
45,058
|
|
—
|
|
45,721
|
|
|||||||
Franchise rights
|
—
|
|
—
|
|
—
|
|
—
|
|
59,365
|
|
—
|
|
59,365
|
|
|||||||
Goodwill
|
—
|
|
—
|
|
—
|
|
—
|
|
68,073
|
|
—
|
|
68,073
|
|
|||||||
Other intangible assets, net
|
10
|
|
—
|
|
—
|
|
—
|
|
36,892
|
|
—
|
|
36,902
|
|
|||||||
Other noncurrent assets, net
|
1,163
|
|
233
|
|
—
|
|
93
|
|
7,642
|
|
(486
|
)
|
8,645
|
|
|||||||
Total assets
|
$
|
161,056
|
|
$
|
147,803
|
|
$
|
129,976
|
|
$
|
57,233
|
|
$
|
351,456
|
|
$
|
(591,335
|
)
|
$
|
256,189
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
||||||||||||||
Accounts payable and accrued expenses related to trade creditors
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
10,232
|
|
$
|
—
|
|
$
|
10,232
|
|
Accrued participations and residuals
|
—
|
|
—
|
|
—
|
|
—
|
|
1,739
|
|
—
|
|
1,739
|
|
|||||||
Deferred revenue
|
—
|
|
—
|
|
—
|
|
—
|
|
2,485
|
|
—
|
|
2,485
|
|
|||||||
Accrued expenses and other current liabilities
|
2,405
|
|
149
|
|
245
|
|
438
|
|
5,595
|
|
—
|
|
8,832
|
|
|||||||
Current portion of long-term debt
|
2,099
|
|
—
|
|
—
|
|
7
|
|
2,523
|
|
—
|
|
4,629
|
|
|||||||
Total current liabilities
|
4,504
|
|
149
|
|
245
|
|
445
|
|
22,574
|
|
—
|
|
27,917
|
|
|||||||
Long-term debt, less current portion
|
78,460
|
|
149
|
|
2,100
|
|
7,756
|
|
15,999
|
|
—
|
|
104,464
|
|
|||||||
Deferred income taxes
|
—
|
|
324
|
|
—
|
|
67
|
|
27,980
|
|
(552
|
)
|
27,819
|
|
|||||||
Other noncurrent liabilities
|
3,133
|
|
—
|
|
—
|
|
1,579
|
|
14,033
|
|
66
|
|
18,811
|
|
|||||||
Redeemable noncontrolling interests and redeemable subsidiary preferred stock
|
—
|
|
—
|
|
—
|
|
—
|
|
1,316
|
|
—
|
|
1,316
|
|
|||||||
Equity:
|
|
|
|
|
|
|
|
||||||||||||||
Common stock
|
54
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
54
|
|
|||||||
Other shareholders’ equity
|
74,905
|
|
147,181
|
|
127,631
|
|
47,386
|
|
268,651
|
|
(590,849
|
)
|
74,905
|
|
|||||||
Total Comcast Corporation shareholders’ equity
|
74,959
|
|
147,181
|
|
127,631
|
|
47,386
|
|
268,651
|
|
(590,849
|
)
|
74,959
|
|
|||||||
Noncontrolling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
903
|
|
—
|
|
903
|
|
|||||||
Total equity
|
74,959
|
|
147,181
|
|
127,631
|
|
47,386
|
|
269,554
|
|
(590,849
|
)
|
75,862
|
|
|||||||
Total liabilities and equity
|
$
|
161,056
|
|
$
|
147,803
|
|
$
|
129,976
|
|
$
|
57,233
|
|
$
|
351,456
|
|
$
|
(591,335
|
)
|
$
|
256,189
|
|
(in millions)
|
Comcast
Parent |
Comcast
Holdings |
CCCL
Parent |
NBCUniversal
Media Parent |
Non-
Guarantor Subsidiaries |
Elimination
and Consolidation Adjustments |
Consolidated
Comcast Corporation |
||||||||||||||
Assets
|
|
|
|
|
|
|
|
||||||||||||||
Cash and cash equivalents
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
416
|
|
$
|
3,398
|
|
$
|
—
|
|
$
|
3,814
|
|
Receivables, net
|
—
|
|
—
|
|
—
|
|
—
|
|
11,104
|
|
—
|
|
11,104
|
|
|||||||
Programming rights
|
—
|
|
—
|
|
—
|
|
—
|
|
3,746
|
|
—
|
|
3,746
|
|
|||||||
Other current assets
|
66
|
|
20
|
|
—
|
|
28
|
|
3,070
|
|
—
|
|
3,184
|
|
|||||||
Total current assets
|
66
|
|
20
|
|
—
|
|
444
|
|
21,318
|
|
—
|
|
21,848
|
|
|||||||
Film and television costs
|
—
|
|
—
|
|
—
|
|
—
|
|
7,837
|
|
—
|
|
7,837
|
|
|||||||
Investments
|
270
|
|
11
|
|
143
|
|
790
|
|
6,669
|
|
—
|
|
7,883
|
|
|||||||
Investments in and amounts due from subsidiaries eliminated upon consolidation
|
157,264
|
|
147,028
|
|
130,214
|
|
53,853
|
|
97,872
|
|
(586,231
|
)
|
—
|
|
|||||||
Property and equipment, net
|
670
|
|
—
|
|
—
|
|
—
|
|
43,767
|
|
—
|
|
44,437
|
|
|||||||
Franchise rights
|
—
|
|
—
|
|
—
|
|
—
|
|
59,365
|
|
—
|
|
59,365
|
|
|||||||
Goodwill
|
—
|
|
—
|
|
—
|
|
—
|
|
66,154
|
|
—
|
|
66,154
|
|
|||||||
Other intangible assets, net
|
11
|
|
—
|
|
—
|
|
—
|
|
38,347
|
|
—
|
|
38,358
|
|
|||||||
Other noncurrent assets, net
|
1,057
|
|
208
|
|
—
|
|
85
|
|
4,910
|
|
(458
|
)
|
5,802
|
|
|||||||
Total assets
|
$
|
159,338
|
|
$
|
147,267
|
|
$
|
130,357
|
|
$
|
55,172
|
|
$
|
346,239
|
|
$
|
(586,689
|
)
|
$
|
251,684
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
||||||||||||||
Accounts payable and accrued expenses related to trade creditors
|
$
|
2
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
8,492
|
|
$
|
—
|
|
$
|
8,494
|
|
Accrued participations and residuals
|
—
|
|
—
|
|
—
|
|
—
|
|
1,808
|
|
—
|
|
1,808
|
|
|||||||
Deferred revenue
|
—
|
|
—
|
|
—
|
|
—
|
|
2,182
|
|
—
|
|
2,182
|
|
|||||||
Accrued expenses and other current liabilities
|
2,357
|
|
150
|
|
360
|
|
282
|
|
7,572
|
|
—
|
|
10,721
|
|
|||||||
Current portion of long-term debt
|
699
|
|
—
|
|
—
|
|
4
|
|
3,695
|
|
—
|
|
4,398
|
|
|||||||
Total current liabilities
|
3,058
|
|
150
|
|
360
|
|
286
|
|
23,749
|
|
—
|
|
27,603
|
|
|||||||
Long-term debt, less current portion
|
81,661
|
|
146
|
|
2,100
|
|
7,748
|
|
15,690
|
|
—
|
|
107,345
|
|
|||||||
Deferred income taxes
|
—
|
|
314
|
|
—
|
|
65
|
|
27,734
|
|
(524
|
)
|
27,589
|
|
|||||||
Other noncurrent liabilities
|
3,006
|
|
—
|
|
—
|
|
1,201
|
|
11,056
|
|
66
|
|
15,329
|
|
|||||||
Redeemable noncontrolling interests and redeemable subsidiary preferred stock
|
—
|
|
—
|
|
—
|
|
—
|
|
1,316
|
|
—
|
|
1,316
|
|
|||||||
Equity:
|
|
|
|
|
|
|
|
||||||||||||||
Common stock
|
54
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
54
|
|
|||||||
Other shareholders’ equity
|
71,559
|
|
146,657
|
|
127,897
|
|
45,872
|
|
265,805
|
|
(586,231
|
)
|
71,559
|
|
|||||||
Total Comcast Corporation shareholders’ equity
|
71,613
|
|
146,657
|
|
127,897
|
|
45,872
|
|
265,805
|
|
(586,231
|
)
|
71,613
|
|
|||||||
Noncontrolling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
889
|
|
—
|
|
889
|
|
|||||||
Total equity
|
71,613
|
|
146,657
|
|
127,897
|
|
45,872
|
|
266,694
|
|
(586,231
|
)
|
72,502
|
|
|||||||
Total liabilities and equity
|
$
|
159,338
|
|
$
|
147,267
|
|
$
|
130,357
|
|
$
|
55,172
|
|
$
|
346,239
|
|
$
|
(586,689
|
)
|
$
|
251,684
|
|
|
Three Months Ended
March 31 |
|
Increase/
(Decrease)
|
|||||||
(in millions)
|
2019
|
|
2018
|
|
|
|
||||
Revenue
|
$
|
26,859
|
|
|
$
|
22,791
|
|
|
17.9
|
%
|
Costs and Expenses:
|
|
|
|
|
|
|||||
Programming and production
|
8,569
|
|
|
7,429
|
|
|
15.3
|
|
||
Other operating and administrative
|
7,900
|
|
|
6,514
|
|
|
21.3
|
|
||
Advertising, marketing and promotion
|
1,888
|
|
|
1,604
|
|
|
17.7
|
|
||
Depreciation
|
2,240
|
|
|
2,011
|
|
|
11.4
|
|
||
Amortization
|
1,080
|
|
|
588
|
|
|
84.0
|
|
||
Operating income
|
5,182
|
|
|
4,645
|
|
|
11.5
|
|
||
Interest expense
|
(1,150
|
)
|
|
(777
|
)
|
|
48.0
|
|
||
Investment and other income (loss), net
|
676
|
|
|
126
|
|
|
NM
|
|
||
Income before income taxes
|
4,708
|
|
|
3,994
|
|
|
17.9
|
|
||
Income tax expense
|
(1,076
|
)
|
|
(818
|
)
|
|
31.5
|
|
||
Net income
|
3,632
|
|
|
3,176
|
|
|
14.4
|
|
||
Less: Net income attributable to noncontrolling interests and redeemable subsidiary preferred stock
|
79
|
|
|
58
|
|
|
34.8
|
|
||
Net income attributable to Comcast Corporation
|
$
|
3,553
|
|
|
$
|
3,118
|
|
|
14.0
|
%
|
Basic earnings per common share attributable to Comcast Corporation shareholders
|
$
|
0.78
|
|
|
$
|
0.67
|
|
|
16.5
|
%
|
Diluted earnings per common share attributable to Comcast Corporation shareholders
|
$
|
0.77
|
|
|
$
|
0.66
|
|
|
16.7
|
%
|
|
|
|
|
|
|
|||||
Adjusted EBITDA
(a)
|
$
|
8,553
|
|
|
$
|
7,244
|
|
|
18.1
|
%
|
(a)
|
Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 37 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.
|
|
Three Months Ended
March 31 |
|
Increase/
(Decrease)
|
|||||||
(in millions)
|
2019
|
|
2018
|
|
|
|||||
Cable Communications
|
$
|
2,035
|
|
|
$
|
2,061
|
|
|
(1.3
|
)%
|
NBCUniversal
|
515
|
|
|
510
|
|
|
1.0
|
|
||
Sky
|
741
|
|
|
—
|
|
|
NM
|
|
||
Corporate and Other
|
29
|
|
|
28
|
|
|
3.6
|
|
||
Total
|
$
|
3,320
|
|
|
$
|
2,599
|
|
|
27.7
|
%
|
|
Three Months Ended
March 31 |
||||||
(in millions)
|
2019
|
|
2018
|
||||
Equity in net income (losses) of investees, net
|
$
|
262
|
|
|
$
|
(49
|
)
|
Realized and unrealized gains (losses) on equity securities, net
|
214
|
|
|
28
|
|
||
Other income (loss), net
|
200
|
|
|
147
|
|
||
Total
|
$
|
676
|
|
|
$
|
126
|
|
|
Three Months Ended
March 31 |
||||||
(in millions)
|
2019
|
|
2018
|
||||
Atairos
|
$
|
374
|
|
|
$
|
35
|
|
Hulu
|
$
|
(141
|
)
|
|
$
|
(131
|
)
|
|
Three Months Ended
March 31 |
|
Increase/
(Decrease)
|
|||||||||||
(in millions)
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Revenue
|
|
|
|
|
|
|
|
|||||||
Residential:
|
|
|
|
|
|
|
|
|||||||
High-speed internet
|
$
|
4,577
|
|
|
$
|
4,157
|
|
|
$
|
420
|
|
|
10.1
|
%
|
Video
|
5,628
|
|
|
5,659
|
|
|
(31
|
)
|
|
(0.5
|
)
|
|||
Voice
|
990
|
|
|
1,006
|
|
|
(16
|
)
|
|
(1.6
|
)
|
|||
Wireless
|
225
|
|
|
185
|
|
|
40
|
|
|
21.4
|
|
|||
Business services
|
1,891
|
|
|
1,726
|
|
|
165
|
|
|
9.5
|
|
|||
Advertising
|
556
|
|
|
582
|
|
|
(26
|
)
|
|
(4.5
|
)
|
|||
Other
|
413
|
|
|
388
|
|
|
25
|
|
|
7.0
|
|
|||
Total revenue
|
14,280
|
|
|
13,703
|
|
|
577
|
|
|
4.2
|
|
|||
Operating costs and expenses
|
|
|
|
|
|
|
|
|||||||
Programming
|
3,419
|
|
|
3,326
|
|
|
93
|
|
|
2.8
|
|
|||
Technical and product support
|
1,880
|
|
|
1,856
|
|
|
24
|
|
|
1.3
|
|
|||
Customer service
|
625
|
|
|
640
|
|
|
(15
|
)
|
|
(2.3
|
)
|
|||
Advertising, marketing and promotion
|
972
|
|
|
978
|
|
|
(6
|
)
|
|
(0.6
|
)
|
|||
Franchise and other regulatory fees
|
391
|
|
|
402
|
|
|
(11
|
)
|
|
(2.6
|
)
|
|||
Other
|
1,265
|
|
|
1,284
|
|
|
(19
|
)
|
|
(1.6
|
)
|
|||
Total operating costs and expenses
|
8,552
|
|
|
8,486
|
|
|
66
|
|
|
0.8
|
|
|||
Adjusted EBITDA
|
$
|
5,728
|
|
|
$
|
5,217
|
|
|
$
|
511
|
|
|
9.8
|
%
|
|
|
Net Additions
|
||||||
|
March 31
|
Three Months Ended
March 31 |
||||||
(in thousands)
|
2019
|
2018
|
2019
|
2018
|
||||
Customer relationships
|
|
|
|
|
||||
Residential customer relationships
|
28,385
|
|
27,436
|
|
276
|
|
252
|
|
Business services customer relationships
|
2,327
|
|
2,208
|
|
25
|
|
29
|
|
Total customer relationships
|
30,712
|
|
29,645
|
|
300
|
|
281
|
|
Residential customer relationships mix
|
|
|
|
|
||||
One product customers
|
9,295
|
|
8,390
|
|
280
|
|
215
|
|
Two product customers
|
9,009
|
|
9,060
|
|
17
|
|
42
|
|
Three or more product customers
|
10,081
|
|
9,987
|
|
(22
|
)
|
(6
|
)
|
High-speed internet
|
|
|
|
|
||||
Residential customers
|
25,449
|
|
24,214
|
|
352
|
|
351
|
|
Business services customers
|
2,148
|
|
2,034
|
|
23
|
|
29
|
|
Total high-speed internet customers
|
27,598
|
|
26,249
|
|
375
|
|
379
|
|
Video
|
|
|
|
|
||||
Residential customers
|
20,852
|
|
21,210
|
|
(107
|
)
|
(93
|
)
|
Business services customers
|
1,014
|
|
1,051
|
|
(14
|
)
|
(3
|
)
|
Total video customers
|
21,865
|
|
22,261
|
|
(121
|
)
|
(96
|
)
|
Voice
|
|
|
|
|
||||
Residential customers
|
10,089
|
|
10,245
|
|
(63
|
)
|
(70
|
)
|
Business services customers
|
1,307
|
|
1,253
|
|
10
|
|
16
|
|
Total voice customers
|
11,396
|
|
11,498
|
|
(53
|
)
|
(54
|
)
|
Security and automation
|
|
|
|
|
||||
Security and automation customers
|
1,333
|
|
1,176
|
|
17
|
|
46
|
|
Wireless
|
|
|
|
|
||||
Wireless lines
|
1,405
|
|
577
|
|
170
|
|
196
|
|
|
Three Months Ended
March 31 |
|
Increase/
(Decrease) |
||||||||||
(in millions)
|
2019
|
|
2018
|
|
$
|
%
|
|||||||
Revenue
|
|
|
|
|
|
|
|||||||
Cable Networks
|
$
|
2,868
|
|
|
$
|
3,157
|
|
|
$
|
(289
|
)
|
(9.2
|
)%
|
Broadcast Television
|
2,467
|
|
|
3,497
|
|
|
(1,030
|
)
|
(29.4
|
)
|
|||
Filmed Entertainment
|
1,768
|
|
|
1,647
|
|
|
121
|
|
7.4
|
|
|||
Theme Parks
|
1,276
|
|
|
1,281
|
|
|
(5
|
)
|
(0.4
|
)
|
|||
Headquarters, other and eliminations
|
(66
|
)
|
|
(85
|
)
|
|
19
|
|
NM
|
|
|||
Total revenue
|
$
|
8,313
|
|
|
$
|
9,497
|
|
|
$
|
(1,184
|
)
|
(12.5
|
)%
|
Adjusted EBITDA
|
|
|
|
|
|
|
|||||||
Cable Networks
|
$
|
1,262
|
|
|
$
|
1,254
|
|
|
$
|
8
|
|
0.7
|
%
|
Broadcast Television
|
387
|
|
|
507
|
|
|
(120
|
)
|
(23.7
|
)
|
|||
Filmed Entertainment
|
364
|
|
|
203
|
|
|
161
|
|
78.7
|
|
|||
Theme Parks
|
498
|
|
|
495
|
|
|
3
|
|
0.5
|
|
|||
Headquarters, other and eliminations
|
(174
|
)
|
|
(188
|
)
|
|
14
|
|
NM
|
|
|||
Total Adjusted EBITDA
|
$
|
2,337
|
|
|
$
|
2,271
|
|
|
$
|
66
|
|
2.9
|
%
|
|
Three Months Ended
March 31 |
|
Increase/
(Decrease) |
||||||||||
(in millions)
|
2019
|
|
2018
|
|
$
|
%
|
|||||||
Revenue
|
|
|
|
|
|
|
|||||||
Distribution
|
$
|
1,735
|
|
|
$
|
1,861
|
|
|
$
|
(126
|
)
|
(6.8
|
)%
|
Advertising
|
852
|
|
|
977
|
|
|
(125
|
)
|
(12.8
|
)
|
|||
Content licensing and other
|
281
|
|
|
319
|
|
|
(38
|
)
|
(12.0
|
)
|
|||
Total revenue
|
2,868
|
|
|
3,157
|
|
|
(289
|
)
|
(9.2
|
)
|
|||
Operating costs and expenses
|
|
|
|
|
|
|
|||||||
Programming and production
|
1,143
|
|
|
1,425
|
|
|
(282
|
)
|
(19.8
|
)
|
|||
Other operating and administrative
|
359
|
|
|
357
|
|
|
2
|
|
0.6
|
|
|||
Advertising, marketing and promotion
|
104
|
|
|
121
|
|
|
(17
|
)
|
(14.0
|
)
|
|||
Total operating costs and expenses
|
1,606
|
|
|
1,903
|
|
|
(297
|
)
|
(15.6
|
)
|
|||
Adjusted EBITDA
|
$
|
1,262
|
|
|
$
|
1,254
|
|
|
$
|
8
|
|
0.7
|
%
|
|
Three Months Ended
March 31 |
Increase/
(Decrease) |
||||||
(in millions)
|
2019
|
2018
|
%
|
|||||
Distribution
|
$
|
1,735
|
|
$
|
1,861
|
|
(6.8
|
)%
|
Distribution, excluding 2018 PyeongChang Olympics
|
1,735
|
|
1,625
|
|
6.8
|
|
|
Three Months Ended
March 31 |
Increase/
(Decrease) |
||||||
(in millions)
|
2019
|
2018
|
%
|
|||||
Advertising
|
$
|
852
|
|
$
|
977
|
|
(12.8
|
)%
|
Advertising, excluding 2018 PyeongChang Olympics
|
852
|
|
835
|
|
2.0
|
|
|
Three Months Ended
March 31 |
|
Increase/
(Decrease) |
||||||||||
(in millions)
|
2019
|
|
2018
|
|
$
|
%
|
|||||||
Revenue
|
|
|
|
|
|
|
|||||||
Advertising
|
$
|
1,317
|
|
|
$
|
2,365
|
|
|
$
|
(1,048
|
)
|
(44.3
|
)%
|
Content licensing
|
560
|
|
|
522
|
|
|
38
|
|
7.2
|
|
|||
Distribution and other
|
590
|
|
|
610
|
|
|
(20
|
)
|
(3.2
|
)
|
|||
Total revenue
|
2,467
|
|
|
3,497
|
|
|
(1,030
|
)
|
(29.4
|
)
|
|||
Operating costs and expenses
|
|
|
|
|
|
|
|||||||
Programming and production
|
1,577
|
|
|
2,476
|
|
|
(899
|
)
|
(36.3
|
)
|
|||
Other operating and administrative
|
382
|
|
|
381
|
|
|
1
|
|
0.4
|
|
|||
Advertising, marketing and promotion
|
121
|
|
|
133
|
|
|
(12
|
)
|
(8.9
|
)
|
|||
Total operating costs and expenses
|
2,080
|
|
|
2,990
|
|
|
(910
|
)
|
(30.4
|
)
|
|||
Adjusted EBITDA
|
$
|
387
|
|
|
$
|
507
|
|
|
$
|
(120
|
)
|
(23.7
|
)%
|
|
Three Months Ended
March 31 |
Increase/
(Decrease) |
||||||
(in millions)
|
2019
|
2018
|
%
|
|||||
Advertising
|
$
|
1,317
|
|
$
|
2,365
|
|
(44.3
|
)%
|
Advertising, excluding 2018 PyeongChang Olympics and Super Bowl
|
1,317
|
|
1,284
|
|
2.6
|
|
|
Three Months Ended
March 31 |
Increase/
(Decrease) |
||||||
(in millions)
|
2019
|
2018
|
%
|
|||||
Distribution and other
|
$
|
590
|
|
$
|
610
|
|
(3.2
|
)%
|
Distribution and other, excluding 2018 PyeongChang Olympics
|
590
|
|
498
|
|
18.6
|
|
|
Three Months Ended
March 31 |
|
Increase/
(Decrease) |
||||||||||
(in millions)
|
2019
|
|
2018
|
|
$
|
%
|
|||||||
Revenue
|
|
|
|
|
|
|
|||||||
Theatrical
|
$
|
445
|
|
|
$
|
423
|
|
|
$
|
22
|
|
5.1
|
%
|
Content licensing
|
817
|
|
|
733
|
|
|
84
|
|
11.5
|
|
|||
Home entertainment
|
267
|
|
|
248
|
|
|
19
|
|
7.4
|
|
|||
Other
|
239
|
|
|
243
|
|
|
(4
|
)
|
(1.0
|
)
|
|||
Total revenue
|
1,768
|
|
|
1,647
|
|
|
121
|
|
7.4
|
|
|||
Operating costs and expenses
|
|
|
|
|
|
|
|||||||
Programming and production
|
733
|
|
|
735
|
|
|
(2
|
)
|
(0.3
|
)
|
|||
Other operating and administrative
|
261
|
|
|
301
|
|
|
(40
|
)
|
(12.6
|
)
|
|||
Advertising, marketing and promotion
|
410
|
|
|
408
|
|
|
2
|
|
0.3
|
|
|||
Total operating costs and expenses
|
1,404
|
|
|
1,444
|
|
|
(40
|
)
|
(2.7
|
)
|
|||
Adjusted EBITDA
|
$
|
364
|
|
|
$
|
203
|
|
|
$
|
161
|
|
78.7
|
%
|
|
Three Months Ended
March 31 |
|
Increase/
(Decrease) |
||||||||||
(in millions)
|
2019
|
|
2018
|
|
$
|
%
|
|||||||
Revenue
|
$
|
1,276
|
|
|
$
|
1,281
|
|
|
$
|
(5
|
)
|
(0.4
|
)%
|
Operating costs and expenses
|
778
|
|
|
786
|
|
|
(8
|
)
|
(0.9
|
)
|
|||
Adjusted EBITDA
|
$
|
498
|
|
|
$
|
495
|
|
|
$
|
3
|
|
0.5
|
%
|
|
Three Months Ended
March 31 |
|
|
|
|
|
||||||||||
|
Actual
|
|
Pro Forma
|
|
Increase/
(Decrease)
|
|
Constant Currency Growth
(a)
|
|||||||||
(in millions)
|
2019
|
|
2018
|
|
$
|
%
|
|
%
|
||||||||
Revenue
|
|
|
|
|
|
|
|
|
||||||||
Direct-to-consumer
|
$
|
3,834
|
|
|
$
|
4,132
|
|
|
$
|
(298
|
)
|
(7.2
|
)%
|
|
(0.4
|
)%
|
Content
|
370
|
|
|
286
|
|
|
84
|
|
29.5
|
|
|
38.0
|
|
|||
Advertising
|
593
|
|
|
631
|
|
|
(38
|
)
|
(6.0
|
)
|
|
0.7
|
|
|||
Total revenue
|
4,797
|
|
|
5,049
|
|
|
(252
|
)
|
(5.0
|
)
|
|
1.9
|
|
|||
Operating costs and expenses
|
|
|
|
|
|
|
|
|
||||||||
Programming and production
|
2,301
|
|
|
2,261
|
|
|
40
|
|
1.8
|
|
|
9.3
|
|
|||
Direct network costs
|
385
|
|
|
401
|
|
|
(16
|
)
|
(3.9
|
)
|
|
2.6
|
|
|||
Other
|
1,448
|
|
|
1,588
|
|
|
(140
|
)
|
(8.8
|
)
|
|
(2.2
|
)
|
|||
Total operating costs and expenses
|
4,134
|
|
|
4,250
|
|
|
(116
|
)
|
(2.7
|
)
|
|
4.4
|
|
|||
Adjusted EBITDA
|
$
|
663
|
|
|
$
|
799
|
|
|
$
|
(136
|
)
|
(17.0
|
)%
|
|
(11.3
|
)%
|
(a)
|
Constant currency growth is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 37 for additional information, including our definition and our use of constant currency, and for a reconciliation of Sky’s constant currency growth rates.
|
|
|
|
Net Additions
|
|||||||
|
March 31
|
|
Three Months Ended
March 31 |
|||||||
|
Actual
|
|
Pro Forma
|
|
Actual
|
Pro Forma
|
||||
(in thousands)
|
2019
|
|
2018
|
|
2019
|
2018
|
||||
Total customer relationships
|
23,712
|
|
|
22,903
|
|
|
112
|
|
38
|
|
|
Three Months Ended
March 31 |
|
Increase/
(Decrease) |
||||||||||
(in millions)
|
2019
|
|
2018
|
|
$
|
%
|
|||||||
Revenue
|
$
|
108
|
|
|
$
|
243
|
|
|
$
|
(135
|
)
|
(55.3
|
)%
|
Operating costs and expenses
|
346
|
|
|
428
|
|
|
(82
|
)
|
(19.1
|
)
|
|||
Adjustment for Sky transaction-related costs
|
(51
|
)
|
|
—
|
|
|
(51
|
)
|
NM
|
|
|||
Adjusted EBITDA
|
$
|
(187
|
)
|
|
$
|
(185
|
)
|
|
$
|
(2
|
)
|
(1.0
|
)%
|
|
Three Months Ended
March 31 |
||||||
(in millions)
|
2019
|
|
2018
|
||||
Net income attributable to Comcast Corporation
|
$
|
3,553
|
|
|
$
|
3,118
|
|
Net income attributable to noncontrolling interests and redeemable subsidiary preferred stock
|
79
|
|
|
58
|
|
||
Income tax expense
|
1,076
|
|
|
818
|
|
||
Interest expense
|
1,150
|
|
|
777
|
|
||
Investment and other (income) loss, net
|
(676
|
)
|
|
(126
|
)
|
||
Depreciation
|
2,240
|
|
|
2,011
|
|
||
Amortization
|
1,080
|
|
|
588
|
|
||
Adjustment for Sky transaction-related costs
|
51
|
|
|
—
|
|
||
Adjusted EBITDA
|
$
|
8,553
|
|
|
$
|
7,244
|
|
|
Three Months Ended
March 31 |
|
|
|||||||
|
Actual
|
|
Constant Currency
|
|
Constant Currency Growth
|
|||||
(in millions)
|
2019
|
|
2018
|
|
%
|
|||||
Revenue
|
|
|
|
|
|
|||||
Direct-to-consumer
|
$
|
3,834
|
|
|
$
|
3,851
|
|
|
(0.4
|
)%
|
Content
|
370
|
|
|
268
|
|
|
38.0
|
|
||
Advertising
|
593
|
|
|
589
|
|
|
0.7
|
|
||
Total revenue
|
4,797
|
|
|
4,708
|
|
|
1.9
|
|
||
Operating costs and expenses
|
|
|
|
|
|
|||||
Programming and production
|
2,301
|
|
|
2,105
|
|
|
9.3
|
|
||
Direct network costs
|
385
|
|
|
375
|
|
|
2.6
|
|
||
Other
|
1,448
|
|
|
1,481
|
|
|
(2.2
|
)
|
||
Total operating costs and expenses
|
4,134
|
|
|
3,961
|
|
|
4.4
|
|
||
Adjusted EBITDA
|
$
|
663
|
|
|
$
|
747
|
|
|
(11.3
|
)%
|
|
Three Months Ended
March 31 |
||||||
(in millions)
|
2019
|
|
2018
|
||||
Operating income
|
$
|
5,182
|
|
|
$
|
4,645
|
|
Depreciation and amortization
|
3,320
|
|
|
2,599
|
|
||
Noncash share-based compensation
|
245
|
|
|
199
|
|
||
Changes in operating assets and liabilities
|
(535
|
)
|
|
(1,005
|
)
|
||
Payments of interest
|
(970
|
)
|
|
(854
|
)
|
||
Payments of income taxes
|
(189
|
)
|
|
(162
|
)
|
||
Other
|
178
|
|
|
52
|
|
||
Net cash provided by operating activities
|
$
|
7,231
|
|
|
$
|
5,474
|
|
•
|
Prior to our August 2016 acquisition of DreamWorks Animation, a non-U.S. subsidiary of DreamWorks Animation entered into a licensing agreement in January 2016 that licensed a prior season of a children’s animated television series for a three-year, non-cancelable term and for a one-time fee of $5,200 to a broadcasting company that is owned and controlled by the Government of Iran. The broadcasting company paid the license fee in the first quarter of 2016. We believe that DreamWorks Animation conducted its licensing activity in compliance with applicable laws and that the license is for the permissible exportation of informational materials pursuant to certain statutory and regulatory exemptions from U.S. sanctions.
|
•
|
Prior to our fourth quarter 2018 acquisition of Sky, a non-U.S. subsidiary of Sky entered into two licensing agreements that licensed some of Sky’s owned programming content to a broadcasting company that is owned and controlled by the Government of Iran. The first agreement was entered into in June 2012, and was amended in July 2016, to license 150 hours of programming content for various three-year license terms for a one-time fee of €86,250. The last remaining programming license under this agreement expired in January 2019. The second agreement was entered into in June 2015 to license 80 hours of programming content for various three-year license terms for a one-time fee of €45,700. To date, no programming content has been provided, and the license fee has not been paid, pursuant to the agreement. We believe that Sky conducted its licensing activity in compliance with applicable laws and that the licenses are for the permissible exportation of informational materials pursuant to certain statutory and regulatory exemptions from U.S. sanctions.
|
Exhibit
No.
|
|
Description
|
|
Form of Restricted Stock Unit Award and Long-Term Incentive Awards Summary Schedule under the Comcast Corporation 2002 Restricted Stock Plan.
|
|
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101
|
|
The following financial statements from Comcast Corporation’s Quarterly Report on Form 10-Q for the three months ended March 31, 2019, filed with the Securities and Exchange Commission on April 25, 2019, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statement of Income; (ii) the Condensed Consolidated Statement of Comprehensive Income; (iii) the Condensed Consolidated Statement of Cash Flows; (iv) the Condensed Consolidated Balance Sheet; (v) the Condensed Consolidated Statement of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements.
|
*
|
|
Constitutes a management contract or compensatory plan or arrangement.
|
Exhibit
No.
|
|
Description
|
|
Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101
|
|
The following financial statements from NBCUniversal Media, LLC’s Quarterly Report on Form 10-Q for the three months ended March 31, 2019, filed with the Securities and Exchange Commission on April 25, 2019, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statement of Income; (ii) the Condensed Consolidated Statement of Comprehensive Income; (iii) the Condensed Consolidated Statement of Cash Flows; (iv) the Condensed Consolidated Balance Sheet; (v) the Condensed Consolidated Statement of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements.
|
|
|
COMCAST CORPORATION
|
|
|
|
By:
|
|
/s/ DANIEL C. MURDOCK
|
|
|
Daniel C. Murdock
Senior Vice President, Chief Accounting Officer and Controller
(Principal Accounting Officer)
|
|
|
NBCUNIVERSAL MEDIA, LLC
|
|
|
|
By:
|
|
/s/ DANIEL C. MURDOCK
|
|
|
Daniel C. Murdock
Senior Vice President
(Principal Accounting Officer)
|
Index
|
Page
|
|
Three Months Ended
March 31 |
||||||
(in millions)
|
2019
|
|
2018
|
||||
Revenue
|
$
|
8,345
|
|
|
$
|
9,530
|
|
Costs and Expenses:
|
|
|
|
||||
Programming and production
|
3,434
|
|
|
4,573
|
|
||
Other operating and administrative
|
1,882
|
|
|
1,972
|
|
||
Advertising, marketing and promotion
|
682
|
|
|
700
|
|
||
Depreciation
|
243
|
|
|
242
|
|
||
Amortization
|
272
|
|
|
268
|
|
||
Total costs and expenses
|
6,513
|
|
|
7,755
|
|
||
Operating income
|
1,832
|
|
|
1,775
|
|
||
Interest expense
|
(131
|
)
|
|
(127
|
)
|
||
Investment and other income (loss), net
|
240
|
|
|
(4
|
)
|
||
Income before income taxes
|
1,941
|
|
|
1,644
|
|
||
Income tax expense
|
(103
|
)
|
|
(91
|
)
|
||
Net income
|
1,838
|
|
|
1,553
|
|
||
Less: Net income attributable to noncontrolling interests
|
54
|
|
|
40
|
|
||
Net income attributable to NBCUniversal
|
$
|
1,784
|
|
|
$
|
1,513
|
|
|
Three Months Ended
March 31 |
||||||
(in millions)
|
2019
|
|
2018
|
||||
Net income
|
$
|
1,838
|
|
|
$
|
1,553
|
|
Deferred gains (losses) on cash flow hedges, net
|
(1
|
)
|
|
(13
|
)
|
||
Employee benefit obligations, net
|
(2
|
)
|
|
(4
|
)
|
||
Currency translation adjustments, net
|
(19
|
)
|
|
204
|
|
||
Comprehensive income
|
1,816
|
|
|
1,740
|
|
||
Less: Net income attributable to noncontrolling interests
|
54
|
|
|
40
|
|
||
Less: Other comprehensive income (loss) attributable to noncontrolling interests
|
10
|
|
|
4
|
|
||
Comprehensive income attributable to NBCUniversal
|
$
|
1,752
|
|
|
$
|
1,696
|
|
|
Three Months Ended
March 31 |
||||||
(in millions)
|
2019
|
|
2018
|
||||
Operating Activities
|
|
|
|
||||
Net income
|
$
|
1,838
|
|
|
$
|
1,553
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
515
|
|
|
510
|
|
||
Net (gain) loss on investment activity and other
|
(164
|
)
|
|
24
|
|
||
Deferred income taxes
|
9
|
|
|
1
|
|
||
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
|
|
|
|
||||
Current and noncurrent receivables, net
|
25
|
|
|
(200
|
)
|
||
Film and television costs, net
|
17
|
|
|
(47
|
)
|
||
Accounts payable and accrued expenses related to trade creditors
|
(86
|
)
|
|
(24
|
)
|
||
Other operating assets and liabilities
|
(503
|
)
|
|
(551
|
)
|
||
Net cash provided by operating activities
|
1,651
|
|
|
1,266
|
|
||
Investing Activities
|
|
|
|
||||
Capital expenditures
|
(453
|
)
|
|
(269
|
)
|
||
Cash paid for intangible assets
|
(71
|
)
|
|
(130
|
)
|
||
Note receivable from Comcast
|
(870
|
)
|
|
—
|
|
||
Construction of Universal Beijing Resort
|
(220
|
)
|
|
(42
|
)
|
||
Purchases of investments
|
(323
|
)
|
|
(133
|
)
|
||
Other
|
28
|
|
|
(71
|
)
|
||
Net cash provided by (used in) investing activities
|
(1,909
|
)
|
|
(645
|
)
|
||
Financing Activities
|
|
|
|
||||
Proceeds from borrowings
|
285
|
|
|
10
|
|
||
Repurchases and repayments of debt
|
(56
|
)
|
|
(55
|
)
|
||
Proceeds from (repayments of) borrowings from Comcast, net
|
14
|
|
|
(547
|
)
|
||
Distributions to member
|
(238
|
)
|
|
(195
|
)
|
||
Distributions to noncontrolling interests
|
(69
|
)
|
|
(62
|
)
|
||
Other
|
(6
|
)
|
|
107
|
|
||
Net cash provided by (used in) financing activities
|
(70
|
)
|
|
(742
|
)
|
||
Increase (decrease) in cash, cash equivalents and restricted cash
|
(328
|
)
|
|
(121
|
)
|
||
Cash, cash equivalents and restricted cash, beginning of period
|
1,464
|
|
|
2,377
|
|
||
Cash, cash equivalents and restricted cash, end of period
|
$
|
1,136
|
|
|
$
|
2,256
|
|
(in millions)
|
March 31,
2019 |
|
December 31,
2018 |
||||
Assets
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,114
|
|
|
$
|
1,444
|
|
Receivables, net
|
7,270
|
|
|
7,293
|
|
||
Programming rights
|
1,303
|
|
|
1,323
|
|
||
Note receivable from Comcast
|
2,925
|
|
|
2,054
|
|
||
Other current assets
|
1,185
|
|
|
1,133
|
|
||
Total current assets
|
13,797
|
|
|
13,247
|
|
||
Film and television costs
|
7,302
|
|
|
7,292
|
|
||
Investments
|
2,067
|
|
|
1,680
|
|
||
Property and equipment, net of accumulated depreciation of $5,203 and $4,994
|
13,767
|
|
|
13,189
|
|
||
Goodwill
|
24,078
|
|
|
24,118
|
|
||
Intangible assets, net of accumulated amortization of $8,861 and $8,590
|
13,532
|
|
|
13,666
|
|
||
Other noncurrent assets, net
|
3,454
|
|
|
1,822
|
|
||
Total assets
|
$
|
77,997
|
|
|
$
|
75,014
|
|
Liabilities and Equity
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Accounts payable and accrued expenses related to trade creditors
|
$
|
1,954
|
|
|
$
|
1,933
|
|
Accrued participations and residuals
|
1,739
|
|
|
1,808
|
|
||
Program obligations
|
856
|
|
|
965
|
|
||
Deferred revenue
|
1,331
|
|
|
1,118
|
|
||
Accrued expenses and other current liabilities
|
1,925
|
|
|
2,195
|
|
||
Note payable to Comcast
|
68
|
|
|
54
|
|
||
Current portion of long-term debt
|
138
|
|
|
151
|
|
||
Total current liabilities
|
8,011
|
|
|
8,224
|
|
||
Long-term debt, less current portion
|
13,003
|
|
|
12,731
|
|
||
Accrued participations, residuals and program obligations
|
1,672
|
|
|
1,712
|
|
||
Other noncurrent liabilities
|
6,635
|
|
|
5,177
|
|
||
Commitments and contingencies
|
|
|
|
||||
Redeemable noncontrolling interests
|
382
|
|
|
389
|
|
||
Equity:
|
|
|
|
||||
Member’s capital
|
47,164
|
|
|
45,618
|
|
||
Accumulated other comprehensive income (loss)
|
222
|
|
|
254
|
|
||
Total NBCUniversal member’s equity
|
47,386
|
|
|
45,872
|
|
||
Noncontrolling interests
|
908
|
|
|
909
|
|
||
Total equity
|
48,294
|
|
|
46,781
|
|
||
Total liabilities and equity
|
$
|
77,997
|
|
|
$
|
75,014
|
|
(in millions)
|
Redeemable
Noncontrolling
Interests
|
|
Member’s
Capital
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Noncontrolling
Interests
|
|
Total Equity
|
||||||||||
Balance, December 31, 2017
|
$
|
409
|
|
|
$
|
42,148
|
|
|
$
|
(20
|
)
|
|
$
|
913
|
|
|
$
|
43,041
|
|
Cumulative effects of adoption of accounting standards
|
|
|
(232
|
)
|
|
232
|
|
|
|
|
—
|
|
|||||||
Dividends declared
|
|
|
(195
|
)
|
|
|
|
|
|
(195
|
)
|
||||||||
Contributions from (distributions to) noncontrolling interests, net
|
(17
|
)
|
|
|
|
|
|
346
|
|
|
346
|
|
|||||||
Other comprehensive income (loss)
|
|
|
|
|
184
|
|
|
4
|
|
|
188
|
|
|||||||
Other
|
|
|
(6
|
)
|
|
|
|
(4
|
)
|
|
(10
|
)
|
|||||||
Net income (loss)
|
13
|
|
|
1,513
|
|
|
|
|
27
|
|
|
1,540
|
|
||||||
Balance, March 31, 2018
|
$
|
405
|
|
|
$
|
43,228
|
|
|
$
|
396
|
|
|
$
|
1,286
|
|
|
$
|
44,910
|
|
Balance, December 31, 2018
|
$
|
389
|
|
|
$
|
45,618
|
|
|
$
|
254
|
|
|
$
|
909
|
|
|
$
|
46,781
|
|
Dividends declared
|
|
|
(238
|
)
|
|
|
|
|
|
(238
|
)
|
||||||||
Contributions from (distributions to) noncontrolling interests, net
|
(23
|
)
|
|
|
|
|
|
(46
|
)
|
|
(46
|
)
|
|||||||
Other comprehensive income (loss)
|
|
|
|
|
(32
|
)
|
|
10
|
|
|
(22
|
)
|
|||||||
Other
|
|
|
|
|
|
|
(3
|
)
|
|
(3
|
)
|
||||||||
Net income (loss)
|
16
|
|
|
1,784
|
|
|
|
|
38
|
|
|
1,822
|
|
||||||
Balance, March 31, 2019
|
$
|
382
|
|
|
$
|
47,164
|
|
|
$
|
222
|
|
|
$
|
908
|
|
|
$
|
48,294
|
|
|
Three Months Ended March 31, 2019
|
||||||||||||||
(in millions)
|
Revenue
|
Adjusted EBITDA
(c)
|
Depreciation and Amortization
|
Capital
Expenditures
|
Cash Paid for Intangible Assets
|
||||||||||
Cable Networks
|
$
|
2,868
|
|
$
|
1,262
|
|
$
|
182
|
|
$
|
6
|
|
$
|
2
|
|
Broadcast Television
|
2,467
|
|
387
|
|
39
|
|
13
|
|
3
|
|
|||||
Filmed Entertainment
|
1,768
|
|
364
|
|
19
|
|
4
|
|
5
|
|
|||||
Theme Parks
|
1,276
|
|
498
|
|
162
|
|
394
|
|
19
|
|
|||||
Headquarters and Other
(a)
|
51
|
|
(164
|
)
|
113
|
|
36
|
|
42
|
|
|||||
Eliminations
(b)
|
(85
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||
Total
|
$
|
8,345
|
|
$
|
2,347
|
|
$
|
515
|
|
$
|
453
|
|
$
|
71
|
|
|
Three Months Ended March 31, 2018
|
||||||||||||||
(in millions)
|
Revenue
|
Adjusted EBITDA
(c)
|
Depreciation and Amortization
|
Capital
Expenditures
|
Cash Paid for Intangible Assets
|
||||||||||
Cable Networks
(d)
|
$
|
3,157
|
|
$
|
1,254
|
|
$
|
189
|
|
$
|
3
|
|
$
|
4
|
|
Broadcast Television
(d)
|
3,497
|
|
507
|
|
34
|
|
30
|
|
72
|
|
|||||
Filmed Entertainment
|
1,647
|
|
203
|
|
28
|
|
7
|
|
6
|
|
|||||
Theme Parks
|
1,281
|
|
495
|
|
155
|
|
182
|
|
16
|
|
|||||
Headquarters and Other
(a)
|
51
|
|
(174
|
)
|
104
|
|
47
|
|
32
|
|
|||||
Eliminations
(b)(d)
|
(103
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||
Total
|
$
|
9,530
|
|
$
|
2,285
|
|
$
|
510
|
|
$
|
269
|
|
$
|
130
|
|
(a)
|
Headquarters and Other activities include costs associated with overhead, allocations, personnel costs and headquarter initiatives.
|
(b)
|
Included in Eliminations are transactions that our segments enter into with one another, which consisted primarily of the licensing of film and television content from our Filmed Entertainment and Broadcast Television segments to our Cable Networks segment; for segment reporting, this revenue is recognized as the programming rights asset for the licensed content is amortized based on third party revenue.
|
(c)
|
We use Adjusted EBITDA as the measure of profit or loss for our operating segments. Adjusted EBITDA is defined as net income attributable to NBCUniversal before net income (loss) attributable to noncontrolling interests,
income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance.
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)
|
2019
|
|
2018
|
||||
Adjusted EBITDA
|
$
|
2,347
|
|
|
$
|
2,285
|
|
Depreciation
|
(243
|
)
|
|
(242
|
)
|
||
Amortization
|
(272
|
)
|
|
(268
|
)
|
||
Interest expense
|
(131
|
)
|
|
(127
|
)
|
||
Investment and other income (loss), net
|
240
|
|
|
(4
|
)
|
||
Income before income taxes
|
$
|
1,941
|
|
|
$
|
1,644
|
|
(d)
|
The revenue and operating costs and expenses associated with our broadcast of the 2018 PyeongChang Olympics were reported in our Cable Networks and Broadcast Television segments. The revenue and operating costs and expenses associated with our broadcast of the 2018 Super Bowl were reported in our Broadcast Television segment. Included in Eliminations are transactions relating to these events that our Broadcast Television and Cable Networks segments enter into with our other segments.
|
|
Three Months Ended
March 31 |
||||||
(in millions)
|
2019
|
|
2018
|
||||
Distribution
|
$
|
1,735
|
|
|
$
|
1,861
|
|
Advertising
|
852
|
|
|
977
|
|
||
Content licensing and other
|
281
|
|
|
319
|
|
||
Total Cable Networks
|
2,868
|
|
|
3,157
|
|
||
|
|
|
|
||||
Advertising
|
1,317
|
|
|
2,365
|
|
||
Content licensing
|
560
|
|
|
522
|
|
||
Distribution and other
|
590
|
|
|
610
|
|
||
Total Broadcast Television
|
2,467
|
|
|
3,497
|
|
||
|
|
|
|
||||
Theatrical
|
445
|
|
|
423
|
|
||
Content licensing
|
817
|
|
|
733
|
|
||
Home entertainment
|
267
|
|
|
248
|
|
||
Other
|
239
|
|
|
243
|
|
||
Total Filmed Entertainment
|
1,768
|
|
|
1,647
|
|
||
|
|
|
|
||||
Total Theme Parks
|
1,276
|
|
|
1,281
|
|
||
Headquarters and Other
|
51
|
|
|
51
|
|
||
Eliminations
(a)
|
(85
|
)
|
|
(103
|
)
|
||
Total revenue
|
$
|
8,345
|
|
|
$
|
9,530
|
|
(a)
|
Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions.
|
(in millions)
|
March 31,
2019 |
|
December 31,
2018 |
||||
Receivables, gross
|
$
|
7,376
|
|
|
$
|
7,392
|
|
Less: Allowance for doubtful accounts
|
106
|
|
|
99
|
|
||
Receivables, net
|
$
|
7,270
|
|
|
$
|
7,293
|
|
(in millions)
|
March 31,
2019 |
|
December 31,
2018 |
||||
Noncurrent receivables, net (included in other noncurrent assets, net)
|
$
|
1,185
|
|
|
$
|
1,180
|
|
Noncurrent deferred revenue (included in other noncurrent liabilities)
|
$
|
568
|
|
|
$
|
481
|
|
(in millions)
|
March 31,
2019 |
|
December 31,
2018 |
||||
Film Costs:
|
|
|
|
||||
Released, less amortization
|
$
|
1,544
|
|
|
$
|
1,600
|
|
Completed, not released
|
40
|
|
|
144
|
|
||
In production and in development
|
1,267
|
|
|
1,063
|
|
||
|
2,851
|
|
|
2,807
|
|
||
Television Costs:
|
|
|
|
||||
Released, less amortization
|
2,296
|
|
|
2,161
|
|
||
In production and in development
|
820
|
|
|
953
|
|
||
|
3,116
|
|
|
3,114
|
|
||
Programming rights, less amortization
|
2,638
|
|
|
2,694
|
|
||
|
8,605
|
|
|
8,615
|
|
||
Less: Current portion of programming rights
|
1,303
|
|
|
1,323
|
|
||
Film and television costs
|
$
|
7,302
|
|
|
$
|
7,292
|
|
|
Three Months Ended
March 31 |
||||||
(in millions)
|
2019
|
|
2018
|
||||
Equity in net income (losses) of investees, net
|
$
|
(120
|
)
|
|
$
|
(100
|
)
|
Realized and unrealized gains (losses) on equity securities, net
|
161
|
|
|
37
|
|
||
Other income (loss), net
|
199
|
|
|
59
|
|
||
Investment and other income (loss), net
|
$
|
240
|
|
|
$
|
(4
|
)
|
(in millions)
|
March 31,
2019 |
|
December 31,
2018 |
||||
Equity method
|
$
|
831
|
|
|
$
|
707
|
|
Marketable equity securities
|
324
|
|
|
162
|
|
||
Nonmarketable equity securities
|
912
|
|
|
811
|
|
||
Total investments
|
$
|
2,067
|
|
|
$
|
1,680
|
|
(in millions)
|
March 31,
2019 |
||
Other noncurrent assets, net
|
$
|
1,599
|
|
Accrued expenses and other current liabilities
|
$
|
177
|
|
Other noncurrent liabilities
|
$
|
1,525
|
|
(in millions)
|
March 31,
2019 |
||
Remaining nine months of 2019
|
$
|
175
|
|
2020
|
243
|
|
|
2021
|
210
|
|
|
2022
|
176
|
|
|
2023
|
152
|
|
|
Thereafter
|
1,397
|
|
|
Total future minimum lease payments
|
2,353
|
|
|
Less: imputed interest
|
651
|
|
|
Total liability
|
$
|
1,702
|
|
(in millions)
|
December 31,
2018 |
||
2019
|
$
|
248
|
|
2020
|
$
|
232
|
|
2021
|
$
|
199
|
|
2022
|
$
|
168
|
|
2023
|
$
|
144
|
|
Thereafter
|
$
|
1,380
|
|
|
|
||
(in millions)
|
Three Months Ended
March 31, 2018 |
||
Rental expense
|
$
|
69
|
|
|
Three Months Ended
March 31 |
||||||
(in millions)
|
2019
|
|
2018
|
||||
Interest
|
$
|
35
|
|
|
$
|
51
|
|
Income taxes
|
$
|
118
|
|
|
$
|
173
|
|
(in millions)
|
March 31,
2019 |
|
December 31,
2018 |
||||
Cash and cash equivalents
|
$
|
1,114
|
|
|
$
|
1,444
|
|
Restricted cash included in other noncurrent assets, net
|
22
|
|
|
20
|
|
||
Cash, cash equivalents and restricted cash, end of period
|
$
|
1,136
|
|
|
$
|
1,464
|
|
(in millions)
|
March 31,
2019 |
|
March 31,
2018 |
||||
Deferred gains (losses) on cash flow hedges
|
$
|
11
|
|
|
$
|
(3
|
)
|
Unrecognized gains (losses) on employee benefit obligations
|
138
|
|
|
122
|
|
||
Cumulative translation adjustments
|
73
|
|
|
277
|
|
||
Accumulated other comprehensive income (loss)
|
$
|
222
|
|
|
$
|
396
|
|
|
Three Months Ended
March 31 |
||||||
(in millions)
|
2019
|
|
2018
|
||||
Transactions with Comcast and Consolidated Subsidiaries
|
|
|
|
||||
Revenue
|
$
|
604
|
|
|
$
|
594
|
|
Total costs and expenses
|
$
|
(65
|
)
|
|
$
|
(61
|
)
|
Interest expense and investment and other income (loss), net
|
$
|
8
|
|
|
$
|
(23
|
)
|
(in millions)
|
March 31,
2019 |
|
December 31,
2018 |
||||
Transactions with Comcast and Consolidated Subsidiaries
|
|
|
|
||||
Receivables, net
|
$
|
477
|
|
|
$
|
464
|
|
Note receivable from Comcast
|
$
|
2,925
|
|
|
$
|
2,054
|
|
Film and television costs
|
$
|
25
|
|
|
$
|
27
|
|
Accounts payable and accrued expenses related to trade creditors
|
$
|
68
|
|
|
$
|
78
|
|
Accrued expenses and other current liabilities
|
$
|
51
|
|
|
$
|
32
|
|
Note payable to Comcast
|
$
|
68
|
|
|
$
|
54
|
|
Long-term debt
|
$
|
763
|
|
|
$
|
701
|
|
Other noncurrent liabilities
|
$
|
417
|
|
|
$
|
410
|
|
|
COMCAST CORPORATION
|
|
BY:
|
|
ATTEST:
|
Grantee:
|
____________________
|
Date of Grant:
|
________
|
Common Stock:
|
Comcast Corporation Class A Common Stock
|
Number of Restricted Stock Units Granted:
|
[__]% at
Tier Four Performance Goal
(the “
Target Performance Goal
”)
[__]% at
Tier Five Performance Goal
|
_____ RSUs
|
[__]% of the Restricted Stock Units, determined at the
Target Performance Goal
.
|
_____ RSUs
|
[__]% of the Restricted Stock Units, determined at the
Target Performance Goal
.
|
_____ RSUs
|
[__]% of the Restricted Stock Units, determined at the
Target Performance Goal
.
|
_____ RSUs
|
[__]% of the Restricted Stock Units, determined at the
Target Performance Goal
.
|
_____ RSUs
|
[__]% of the Restricted Stock Units, determined at the
Target Performance Goal
.
|
Interpolation of Vesting Percentages for Achievement Between Tiered Performance Goals
|
The vesting percentage for any year shall be mathematically interpolated for achievement between:
-- the
Tier One Performance Goal
([__]% year over year increase in Adjusted EBITDA) and the
Tier Two Performance Goal
([__]% year over year increase in Adjusted EBITDA). The interpolation of vesting shall range from [__]% to [__]%.
-- the
Tier Two Performance Goal
([__]% year over year increase in Adjusted EBITDA) and the
Tier Three Performance Goal
([__]% year over year increase in Adjusted EBITDA). The interpolation of vesting shall range from [__]% to [__]%.
-- the
Tier Three Performance Goal
([__]% year over year increase in Adjusted EBITDA) and the lowest performance level of the
Tier Four Performance Goal
([__]% year over year increase in Adjusted EBITDA). The interpolation of vesting shall range from [__]% to [__]%.
-- the highest performance level of the
Tier Four Performance Goal
([__]% year over year increase in Adjusted EBITDA) and the
Tier Five Performance Goal
([__]% year over year increase in
Adjusted EBITDA). The interpolation of vesting shall range from [__]% to [__]%).
Fractional results shall be rounded to next lower full Share.
|
Vesting Dates and Vesting Percentages of Restricted Stock Units:
|
|
(1) _____
RSUs
:
|
On _____:
[__]%, provided that the Tier One Performance Goal is satisfied;
[__]%, provided that the Tier Two Performance Goal is satisfied;
[__]%, provided that the Tier Three Performance Goal is satisfied;
[__]%, provided that the Tier Four Performance Goal is satisfied;
[__]%, provided that the Tier Five Performance Goal is satisfied.
|
(2) _____
RSUs
:
|
On _____, the greater of the vesting percentage as determined for _____ RSUs, or
[__]%, provided that the Tier One Performance Goal is satisfied;
[__]%, provided that the Tier Two Performance Goal is satisfied;
[__]%, provided that the Tier Three Performance Goal is satisfied;
[__]%, provided that the Tier Four Performance Goal is satisfied;
[__]%, provided that the Tier Five Performance Goal is satisfied.
|
(3) _____
RSUs
:
|
On _____, the greater of the vesting percentages as determined for _____ RSUs or:
[__]%, provided that the Tier One Performance Goal is satisfied;
[__]%, provided that the Tier Two Performance Goal is satisfied;
[__]%, provided that the Tier Three Performance Goal is satisfied;
[__]%, provided that the Tier Four Performance Goal is satisfied;
[__]%, provided that the Tier Five Performance Goal is satisfied.
|
(4) _____
RSUs
:
|
On _____, the greater of the vesting percentages as determined for _____ RSUs or
[__]%, provided that the Tier One Performance Goal is satisfied;
[__]%, provided that the Tier Two Performance Goal is satisfied;
[__]%, provided that the Tier Three Performance Goal is satisfied;
[__]%, provided that the Tier Four Performance Goal is satisfied;
[__]%, provided that the Tier Five Performance Goal is satisfied.
|
(5) _____
RSUs
:
|
On _____, the greater of the vesting percentages as determined for _____ RSUs or
[__]%, provided that the Tier One Performance Goal is satisfied;
[__]%, provided that the Tier Two Performance Goal is satisfied;
[__]%, provided that the Tier Three Performance Goal is satisfied;
[__]%, provided that the Tier Four Performance Goal is satisfied;
[__]%, provided that the Tier Five Performance Goal is satisfied.
|
Forfeiture of Unvested RSUs:
|
Notwithstanding anything herein to the contrary, to the extent a Vesting Date for any RSUs has not occurred because of the failure to satisfy an applicable Performance Goal for any year by the applicable Scheduled Vesting Date, such RSUs which have not vested and become nonforfeitable shall immediately and automatically, without any action on the part of the Grantee or the Company, be forfeited by the Grantee and deemed canceled.
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Comcast Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ BRIAN L. ROBERTS
|
Name: Brian L. Roberts
|
Title: Chief Executive Officer
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Comcast Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ MICHAEL J. CAVANAGH
|
Name: Michael J. Cavanagh
|
Title: Chief Financial Officer
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of NBCUniversal Media, LLC;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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a)
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all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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/s/ BRIAN L. ROBERTS
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Name: Brian L. Roberts
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Title: Principal Executive Officer
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1.
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I have reviewed this Quarterly Report on Form 10-Q of NBCUniversal Media, LLC;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d)
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disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ MICHAEL J. CAVANAGH
|
Name: Michael J. Cavanagh
|
Title: Principal Financial Officer
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Comcast Corporation.
|
/s/ BRIAN L. ROBERTS
|
Name: Brian L. Roberts
|
Title: Chief Executive Officer
|
/s/ MICHAEL J. CAVANAGH
|
Name: Michael J. Cavanagh
|
Title: Chief Financial Officer
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of NBCUniversal Media, LLC.
|
/s/ BRIAN L. ROBERTS
|
Name: Brian L. Roberts
|
Title: Principal Executive Officer
|
/s/ MICHAEL J. CAVANAGH
|
Name: Michael J. Cavanagh
|
Title: Principal Financial Officer
|