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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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Commission File Number |
Exact Name of Registrant; State of
Incorporation; Address and Telephone
Number of Principal Executive Offices
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I.R.S. Employer Identification No. | ||||||
001-32871
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COMCAST CORPORATION
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27-0000798
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Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Class A Common Stock, $0.01 par value | CMCSA | NASDAQ Global Select Market | ||||||||||||
0.000% Notes due 2026 | CMCS26 | NASDAQ Global Market | ||||||||||||
0.250% Notes due 2027 | CMCS27 | NASDAQ Global Market | ||||||||||||
1.500% Notes due 2029 | CMCS29 | NASDAQ Global Market | ||||||||||||
0.250% Notes due 2029 | CMCS29A | NASDAQ Global Market | ||||||||||||
0.750% Notes due 2032 | CMCS32 | NASDAQ Global Market | ||||||||||||
1.875% Notes due 2036 | CMCS36 | NASDAQ Global Market | ||||||||||||
1.250% Notes due 2040 | CMCS40 | NASDAQ Global Market | ||||||||||||
9.455% Guaranteed Notes due 2022 | CMCSA/22 | New York Stock Exchange | ||||||||||||
5.50% Notes due 2029 | CCGBP29 | New York Stock Exchange | ||||||||||||
2.0% Exchangeable Subordinated Debentures due 2029 | CCZ | New York Stock Exchange |
Large accelerated filer
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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Page
Number
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Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 6. | ||||||||
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(in millions, except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Revenue | $ | 30,298 | $ | 25,532 | $ | 86,049 | $ | 75,856 | |||||||||||||||
Costs and Expenses: | |||||||||||||||||||||||
Programming and production | 10,395 | 8,565 | 28,570 | 23,683 | |||||||||||||||||||
Other operating and administrative | 8,981 | 8,059 | 25,799 | 23,959 | |||||||||||||||||||
Advertising, marketing and promotion | 1,995 | 1,512 | 5,462 | 4,791 | |||||||||||||||||||
Depreciation | 2,177 | 2,122 | 6,407 | 6,328 | |||||||||||||||||||
Amortization | 1,301 | 1,198 | 3,815 | 3,520 | |||||||||||||||||||
Total costs and expenses | 24,848 | 21,456 | 70,053 | 62,281 | |||||||||||||||||||
Operating income | 5,450 | 4,076 | 15,996 | 13,575 | |||||||||||||||||||
Interest expense | (1,050) | (1,220) | (3,161) | (3,544) | |||||||||||||||||||
Investment and other income (loss), net | 766 | (86) | 2,374 | (382) | |||||||||||||||||||
Income before income taxes | 5,166 | 2,770 | 15,208 | 9,649 | |||||||||||||||||||
Income tax expense | (1,235) | (739) | (4,354) | (2,385) | |||||||||||||||||||
Net income | 3,931 | 2,031 | 10,854 | 7,264 | |||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock | (104) | 12 | (249) | 110 | |||||||||||||||||||
Net income attributable to Comcast Corporation | $ | 4,035 | $ | 2,019 | $ | 11,102 | $ | 7,154 | |||||||||||||||
Basic earnings per common share attributable to Comcast Corporation shareholders | $ | 0.88 | $ | 0.44 | $ | 2.42 | $ | 1.57 | |||||||||||||||
Diluted earnings per common share attributable to Comcast Corporation shareholders | $ | 0.86 | $ | 0.44 | $ | 2.38 | $ | 1.55 | |||||||||||||||
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net income | $ | 3,931 | $ | 2,031 | $ | 10,854 | $ | 7,264 | |||||||||||||||
Currency translation adjustments, net of deferred taxes of $231, $40, $122 and $24
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(692) | 1,642 | (666) | (589) | |||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||
Deferred gains (losses), net of deferred taxes of $1, $6, $(16) and $23
|
46 | (99) | 151 | (72) | |||||||||||||||||||
Realized (gains) losses reclassified to net income, net of deferred taxes of $(7), $8, $(7) and $29
|
(9) | (8) | (5) | (135) | |||||||||||||||||||
Employee benefit obligations and other, net of deferred taxes of $2, $2, $7 and $8
|
(8) | (7) | (25) | (25) | |||||||||||||||||||
Comprehensive income | 3,268 | 3,559 | 10,309 | 6,443 | |||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock | (104) | 12 | (249) | 110 | |||||||||||||||||||
Less: Other comprehensive income (loss) attributable to noncontrolling interests | 2 | 37 | 11 | 14 | |||||||||||||||||||
Comprehensive income attributable to Comcast Corporation | $ | 3,370 | $ | 3,510 | $ | 10,546 | $ | 6,319 |
Nine Months Ended
September 30, |
|||||||||||
(in millions) | 2021 | 2020 | |||||||||
Operating Activities | |||||||||||
Net income | $ | 10,854 | $ | 7,264 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 10,222 | 9,848 | |||||||||
Share-based compensation | 1,019 | 922 | |||||||||
Noncash interest expense (income), net | 287 | 606 | |||||||||
Net (gain) loss on investment activity and other | (1,953) | 514 | |||||||||
Deferred income taxes | 2,087 | (224) | |||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | |||||||||||
Current and noncurrent receivables, net | (720) | 982 | |||||||||
Film and television costs, net | (541) | 163 | |||||||||
Accounts payable and accrued expenses related to trade creditors | 667 | (545) | |||||||||
Other operating assets and liabilities | (465) | 165 | |||||||||
Net cash provided by operating activities | 21,457 | 19,695 | |||||||||
Investing Activities | |||||||||||
Capital expenditures | (6,146) | (6,344) | |||||||||
Cash paid for intangible assets | (2,006) | (1,771) | |||||||||
Construction of Universal Beijing Resort | (825) | (1,118) | |||||||||
Acquisitions, net of cash acquired | (167) | (225) | |||||||||
Proceeds from sales of businesses and investments | 500 | 2,131 | |||||||||
Purchases of investments | (122) | (545) | |||||||||
Other | 359 | (101) | |||||||||
Net cash provided by (used in) investing activities | (8,406) | (7,973) | |||||||||
Financing Activities | |||||||||||
Proceeds from borrowings | 2,515 | 18,339 | |||||||||
Repurchases and repayments of debt | (9,041) | (16,771) | |||||||||
Repurchases of common stock under repurchase program and employee plans | (2,617) | (429) | |||||||||
Dividends paid | (3,387) | (3,086) | |||||||||
Other | (416) | (1,644) | |||||||||
Net cash provided by (used in) financing activities | (12,946) | (3,591) | |||||||||
Impact of foreign currency on cash, cash equivalents and restricted cash | (15) | 17 | |||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | 90 | 8,148 | |||||||||
Cash, cash equivalents and restricted cash, beginning of period | 11,768 | 5,589 | |||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 11,858 | $ | 13,737 |
(in millions, except share data) |
September 30,
2021 |
December 31,
2020 |
|||||||||
Assets | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 11,806 | $ | 11,740 | |||||||
Receivables, net | 11,974 | 11,466 | |||||||||
Other current assets | 3,646 | 3,535 | |||||||||
Total current assets | 27,427 | 26,741 | |||||||||
Film and television costs | 12,645 | 13,340 | |||||||||
Investments | 9,163 | 7,820 | |||||||||
Investment securing collateralized obligation | 563 | 447 | |||||||||
Property and equipment, net of accumulated depreciation of $55,484 and $54,388
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52,809 | 51,995 | |||||||||
Goodwill | 69,626 | 70,669 | |||||||||
Franchise rights | 59,365 | 59,365 | |||||||||
Other intangible assets, net of accumulated amortization of $22,902 and $19,825
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33,393 | 35,389 | |||||||||
Other noncurrent assets, net | 12,070 | 8,103 | |||||||||
Total assets | $ | 277,061 | $ | 273,869 | |||||||
Liabilities and Equity | |||||||||||
Current Liabilities: | |||||||||||
Accounts payable and accrued expenses related to trade creditors | $ | 12,020 | $ | 11,364 | |||||||
Accrued participations and residuals | 1,683 | 1,706 | |||||||||
Deferred revenue | 3,091 | 2,963 | |||||||||
Accrued expenses and other current liabilities | 9,250 | 9,617 | |||||||||
Current portion of long-term debt | 695 | 3,146 | |||||||||
Total current liabilities | 26,738 | 28,796 | |||||||||
Long-term debt, less current portion | 96,522 | 100,614 | |||||||||
Collateralized obligation | 5,169 | 5,168 | |||||||||
Deferred income taxes | 30,050 | 28,051 | |||||||||
Other noncurrent liabilities | 20,756 | 18,222 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interests and redeemable subsidiary preferred stock | 520 | 1,280 | |||||||||
Equity: | |||||||||||
Preferred stock—authorized, 20,000,000 shares; issued, zero
|
— | — | |||||||||
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 5,432,269,698 and 5,444,002,825; outstanding, 4,559,478,670 and 4,571,211,797
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54 | 54 | |||||||||
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375
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— | — | |||||||||
Additional paid-in capital | 40,134 | 39,464 | |||||||||
Retained earnings | 61,783 | 56,438 | |||||||||
Treasury stock, 872,791,028 Class A common shares
|
(7,517) | (7,517) | |||||||||
Accumulated other comprehensive income (loss) | 1,328 | 1,884 | |||||||||
Total Comcast Corporation shareholders’ equity | 95,782 | 90,323 | |||||||||
Noncontrolling interests | 1,524 | 1,415 | |||||||||
Total equity | 97,306 | 91,738 | |||||||||
Total liabilities and equity | $ | 277,061 | $ | 273,869 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||
(in millions, except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||
Redeemable Noncontrolling Interests and Redeemable Subsidiary Preferred Stock
|
|||||||||||||||||
Balance, beginning of period | $ | 530 | $ | 1,256 | $ | 1,280 | $ | 1,372 | |||||||||
Redemption of subsidiary preferred stock | — | — | (725) | — | |||||||||||||
Contributions from (distributions to) noncontrolling interests, net
|
(19) | (9) | (59) | (46) | |||||||||||||
Other | — | (9) | (10) | (174) | |||||||||||||
Net income (loss) | 9 | 16 | 33 | 102 | |||||||||||||
Balance, end of period | $ | 520 | $ | 1,254 | $ | 520 | $ | 1,254 | |||||||||
Class A Common Stock | |||||||||||||||||
Balance, beginning of period | $ | 55 | $ | 54 | $ | 54 | $ | 54 | |||||||||
Issuances of common stock under employee plans | — | — | — | — | |||||||||||||
Balance, end of period | $ | 54 | $ | 54 | $ | 54 | $ | 54 | |||||||||
Additional Paid-In Capital | |||||||||||||||||
Balance, beginning of period | $ | 40,046 | $ | 38,936 | $ | 39,464 | $ | 38,447 | |||||||||
Stock compensation plans | 233 | 240 | 802 | 713 | |||||||||||||
Repurchases of common stock under repurchase program and employee plans | (209) | (61) | (340) | (164) | |||||||||||||
Employee stock purchase plans | 62 | 60 | 201 | 193 | |||||||||||||
Other | 2 | (2) | 7 | (16) | |||||||||||||
Balance, end of period | $ | 40,134 | $ | 39,173 | $ | 40,134 | $ | 39,173 | |||||||||
Retained Earnings | |||||||||||||||||
Balance, beginning of period | $ | 60,359 | $ | 53,420 | $ | 56,438 | $ | 50,695 | |||||||||
Cumulative effects of adoption of accounting standards
|
— | — | — | (124) | |||||||||||||
Repurchases of common stock under repurchase program and employee plans | (1,458) | (113) | (2,290) | (281) | |||||||||||||
Dividends declared | (1,153) | (1,062) | (3,470) | (3,187) | |||||||||||||
Other | — | (10) | 4 | (3) | |||||||||||||
Net income (loss) | 4,035 | 2,019 | 11,102 | 7,154 | |||||||||||||
Balance, end of period | $ | 61,783 | $ | 54,254 | $ | 61,783 | $ | 54,254 | |||||||||
Treasury Stock at Cost | |||||||||||||||||
Balance, beginning of period | $ | (7,517) | $ | (7,517) | $ | (7,517) | $ | (7,517) | |||||||||
Balance, end of period | $ | (7,517) | $ | (7,517) | $ | (7,517) | $ | (7,517) | |||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||
Balance, beginning of period | $ | 1,992 | $ | (1,279) | $ | 1,884 | $ | 1,047 | |||||||||
Other comprehensive income (loss) | (664) | 1,491 | (556) | (835) | |||||||||||||
Balance, end of period | $ | 1,328 | $ | 212 | $ | 1,328 | $ | 212 | |||||||||
Noncontrolling Interests | |||||||||||||||||
Balance, beginning of period | $ | 1,581 | $ | 1,177 | $ | 1,415 | $ | 1,148 | |||||||||
Other comprehensive income (loss) | 2 | 38 | 11 | 14 | |||||||||||||
Contributions from (distributions to) noncontrolling interests, net
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55 | 185 | 379 | 200 | |||||||||||||
Other | (2) | (1) | — | 25 | |||||||||||||
Net income (loss) | (112) | (4) | (282) | 8 | |||||||||||||
Balance, end of period | $ | 1,524 | $ | 1,395 | $ | 1,524 | $ | 1,395 | |||||||||
Total equity | $ | 97,306 | $ | 87,571 | $ | 97,306 | $ | 87,571 | |||||||||
Cash dividends declared per common share | $ | 0.25 | $ | 0.23 | $ | 0.75 | $ | 0.69 |
Three Months Ended September 30, 2021 | |||||||||||||||||
(in millions) |
Revenue(a)
|
Adjusted EBITDA(b)
|
Depreciation and Amortization |
Capital
Expenditures |
Cash Paid for Intangible Assets | ||||||||||||
Cable Communications | $ | 16,115 | $ | 7,069 | $ | 1,965 | $ | 1,673 | $ | 370 | |||||||
NBCUniversal | |||||||||||||||||
Media | 6,770 | 997 | 248 | 20 | 38 | ||||||||||||
Studios | 2,407 | 179 | 14 | 1 | 3 | ||||||||||||
Theme Parks | 1,449 | 434 | 213 | 122 | 8 | ||||||||||||
Headquarters and Other | 28 | (248) | 115 | 87 | 36 | ||||||||||||
Eliminations(a)
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(654) | (12) | — | — | — | ||||||||||||
NBCUniversal | 10,001 | 1,349 | 591 | 229 | 85 | ||||||||||||
Sky | 4,988 | 971 | 884 | 160 | 221 | ||||||||||||
Corporate and Other | 65 | (335) | 38 | 80 | 48 | ||||||||||||
Eliminations(a)
|
(871) | (98) | — | — | — | ||||||||||||
Comcast Consolidated | $ | 30,298 | $ | 8,957 | $ | 3,477 | $ | 2,142 | $ | 723 |
Three Months Ended September 30, 2020 | |||||||||||||||||
(in millions) |
Revenue(a)
|
Adjusted EBITDA(b)
|
Depreciation and Amortization |
Capital
Expenditures |
Cash Paid for Intangible Assets | ||||||||||||
Cable Communications | $ | 15,000 | $ | 6,411 | $ | 1,952 | $ | 1,770 | $ | 296 | |||||||
NBCUniversal | |||||||||||||||||
Media | 4,589 | 985 | 245 | 19 | 39 | ||||||||||||
Studios | 1,898 | 340 | 17 | 3 | 1 | ||||||||||||
Theme Parks | 385 | (174) | 209 | 306 | 11 | ||||||||||||
Headquarters and Other | 12 | (127) | 112 | 29 | 28 | ||||||||||||
Eliminations(a)
|
(551) | (114) | — | — | — | ||||||||||||
NBCUniversal | 6,333 | 910 | 583 | 357 | 79 | ||||||||||||
Sky | 4,793 | 515 | 750 | 237 | 176 | ||||||||||||
Corporate and Other | 44 | (264) | 35 | 23 | 1 | ||||||||||||
Eliminations(a)
|
(638) | 11 | — | — | — | ||||||||||||
Comcast Consolidated | $ | 25,532 | $ | 7,583 | $ | 3,320 | $ | 2,387 | $ | 552 |
Nine Months Ended September 30, 2021 | |||||||||||||||||
(in millions) |
Revenue(a)
|
Adjusted EBITDA(b)
|
Depreciation and Amortization |
Capital
Expenditures
|
Cash Paid for Intangible Assets | ||||||||||||
Cable Communications | $ | 47,922 | $ | 20,972 | $ | 5,845 | $ | 4,739 | $ | 1,022 | |||||||
NBCUniversal | |||||||||||||||||
Media | 16,955 | 3,847 | 749 | 49 | 112 | ||||||||||||
Studios | 7,027 | 833 | 39 | 2 | 9 | ||||||||||||
Theme Parks | 3,163 | 593 | 615 | 348 | 23 | ||||||||||||
Headquarters and Other | 65 | (643) | 356 | 184 | 93 | ||||||||||||
Eliminations(a)
|
(2,230) | (238) | — | — | — | ||||||||||||
NBCUniversal | 24,981 | 4,392 | 1,759 | 584 | 238 | ||||||||||||
Sky | 15,205 | 1,895 | 2,524 | 615 | 633 | ||||||||||||
Corporate and Other | 246 | (876) | 95 | 208 | 113 | ||||||||||||
Eliminations(a)
|
(2,304) | (87) | — | — | — | ||||||||||||
Comcast Consolidated | $ | 86,049 | $ | 26,297 | $ | 10,222 | $ | 6,146 | $ | 2,006 |
Nine Months Ended September 30, 2020 | |||||||||||||||||
(in millions) |
Revenue(a)
|
Adjusted EBITDA(b)
|
Depreciation and Amortization |
Capital
Expenditures
|
Cash Paid for Intangible Assets | ||||||||||||
Cable Communications | $ | 44,346 | $ | 18,663 | $ | 5,835 | $ | 4,491 | $ | 978 | |||||||
NBCUniversal | |||||||||||||||||
Media | 13,563 | 4,150 | 732 | 79 | 126 | ||||||||||||
Studios | 6,359 | 963 | 49 | 9 | 4 | ||||||||||||
Theme Parks | 1,446 | (480) | 590 | 897 | 42 | ||||||||||||
Headquarters and Other | 32 | (430) | 357 | 129 | 106 | ||||||||||||
Eliminations(a)
|
(1,623) | (224) | — | — | — | ||||||||||||
NBCUniversal | 19,777 | 3,979 | 1,728 | 1,114 | 278 | ||||||||||||
Sky | 13,389 | 1,815 | 2,188 | 649 | 512 | ||||||||||||
Corporate and Other | 204 | (846) | 97 | 90 | 3 | ||||||||||||
Eliminations(a)
|
(1,860) | 29 | — | — | — | ||||||||||||
Comcast Consolidated | $ | 75,856 | $ | 23,640 | $ | 9,848 | $ | 6,344 | $ | 1,771 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Cable Communications | $ | 69 | $ | 56 | $ | 162 | $ | 139 | |||||||||||||||
NBCUniversal | |||||||||||||||||||||||
Media | 714 | 478 | 1,799 | 1450 | |||||||||||||||||||
Studios | 682 | 615 | 2,357 | 1,780 | |||||||||||||||||||
Theme Parks | — | — | 1 | — | |||||||||||||||||||
Headquarters and Other | 23 | 9 | 52 | 15 | |||||||||||||||||||
Sky | 3 | 6 | 26 | 15 | |||||||||||||||||||
Corporate and Other | 32 | 24 | 137 | 84 | |||||||||||||||||||
Total intersegment revenue | $ | 1,525 | $ | 1,189 | $ | 4,535 | $ | 3,483 | |||||||||||||||
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(in millions)
|
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Adjusted EBITDA | $ | 8,957 | $ | 7,583 | $ | 26,297 | $ | 23,640 | |||||||||||||||
Adjustments | (30) | (187) | (79) | (217) | |||||||||||||||||||
Depreciation | (2,177) | (2,122) | (6,407) | (6,328) | |||||||||||||||||||
Amortization | (1,301) | (1,198) | (3,815) | (3,520) | |||||||||||||||||||
Interest expense
|
(1,050) | (1,220) | (3,161) | (3,544) | |||||||||||||||||||
Investment and other income (loss), net | 766 | (86) | 2,374 | (382) | |||||||||||||||||||
Income before income taxes | $ | 5,166 | $ | 2,770 | $ | 15,208 | $ | 9,649 | |||||||||||||||
NBCUniversal | ||||||||||||||||||||||||||||||||
(in billions) |
Cable
Communications |
Cable
Networks |
Broadcast
Television |
Filmed
Entertainment |
Media | Studios |
Theme
Parks |
Sky |
Corporate
and Other |
Total | ||||||||||||||||||||||
Balance, December 31, 2020 | $ | 15.3 | $ | 14.0 | $ | 1.1 | $ | 3.3 | $ | — | $ | — | $ | 7.0 | $ | 30.0 | $ | — | $ | 70.7 | ||||||||||||
Segment change | — | (14.0) | (1.1) | (3.3) | 14.7 | 3.7 | — | — | — | — | ||||||||||||||||||||||
Foreign currency translation and other | 0.1 | — | — | — | — | — | (0.4) | (0.6) | — | (1.0) | ||||||||||||||||||||||
Balance, September 30, 2021 | $ | 15.3 | $ | — | $ | — | $ | — | $ | 14.7 | $ | 3.7 | $ | 6.6 | $ | 29.3 | $ | — | $ | 69.6 | ||||||||||||
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Residential: | |||||||||||||||||||||||
Broadband | $ | 5,801 | $ | 5,198 | $ | 17,118 | $ | 15,199 | |||||||||||||||
Video | 5,499 | 5,421 | 16,676 | 16,468 | |||||||||||||||||||
Voice | 851 | 876 | 2,592 | 2,652 | |||||||||||||||||||
Wireless | 603 | 400 | 1,672 | 1,069 | |||||||||||||||||||
Business services | 2,227 | 2,049 | 6,597 | 6,096 | |||||||||||||||||||
Advertising | 705 | 674 | 2,002 | 1,659 | |||||||||||||||||||
Other | 427 | 382 | 1,265 | 1,203 | |||||||||||||||||||
Total Cable Communications | 16,115 | 15,000 | 47,922 | 44,346 | |||||||||||||||||||
Advertising | 3,255 | 1,881 | 7,537 | 5,696 | |||||||||||||||||||
Distribution | 2,987 | 2,194 | 7,934 | 6,541 | |||||||||||||||||||
Other | 528 | 514 | 1,483 | 1,326 | |||||||||||||||||||
Total Media | 6,770 | 4,589 | 16,955 | 13,563 | |||||||||||||||||||
Content licensing | 1,827 | 1,584 | 5,683 | 5,149 | |||||||||||||||||||
Theatrical | 307 | 28 | 544 | 351 | |||||||||||||||||||
Home entertainment and other | 273 | 286 | 801 | 859 | |||||||||||||||||||
Total Studios | 2,407 | 1,898 | 7,027 | 6,359 | |||||||||||||||||||
Total Theme Parks | 1,449 | 385 | 3,163 | 1,446 | |||||||||||||||||||
Headquarters and Other | 28 | 12 | 65 | 32 | |||||||||||||||||||
Eliminations(a)
|
(654) | (551) | (2,230) | (1,623) | |||||||||||||||||||
Total NBCUniversal | 10,001 | 6,333 | 24,981 | 19,777 | |||||||||||||||||||
Direct-to-consumer | 4,127 | 3,943 | 12,415 | 11,146 | |||||||||||||||||||
Content | 300 | 388 | 1,013 | 947 | |||||||||||||||||||
Advertising | 561 | 462 | 1,777 | 1,296 | |||||||||||||||||||
Total Sky | 4,988 | 4,793 | 15,205 | 13,389 | |||||||||||||||||||
Corporate and Other | 65 | 44 | 246 | 204 | |||||||||||||||||||
Eliminations(a)
|
(871) | (638) | (2,304) | (1,860) | |||||||||||||||||||
Total revenue | $ | 30,298 | $ | 25,532 | $ | 86,049 | $ | 75,856 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
United States | $ | 23,978 | $ | 19,680 | $ | 67,317 | $ | 59,026 | |||||||||||||||
Europe | 5,517 | 5,196 | 16,552 | 14,850 | |||||||||||||||||||
Other | 802 | 656 | 2,180 | 1,980 | |||||||||||||||||||
Total revenue | $ | 30,298 | $ | 25,532 | $ | 86,049 | $ | 75,856 |
(in millions) |
September 30,
2021 |
December 31,
2020 |
|||||||||
Receivables, gross | $ | 12,729 | $ | 12,273 | |||||||
Less: Allowance for doubtful accounts | 754 | 807 | |||||||||
Receivables, net | $ | 11,974 | $ | 11,466 | |||||||
(in millions) |
September 30,
2021 |
December 31,
2020 |
|||||||||
Noncurrent receivables, net (included in other noncurrent assets, net) | $ | 1,024 | $ | 1,091 | |||||||
Contract acquisition and fulfillment costs (included in other noncurrent assets, net) | $ | 1,000 | $ | 1,060 | |||||||
Noncurrent deferred revenue (included in other noncurrent liabilities) | $ | 732 | $ | 750 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Video distribution programming | $ | 3,337 | $ | 3,089 | $ | 10,267 | $ | 9,351 | |||||||||||||||
Film and television content: | |||||||||||||||||||||||
Owned(a)
|
2,215 | 1,674 | 6,406 | 5,737 | |||||||||||||||||||
Licensed, including sports rights | 4,536 | 3,526 | 11,028 | 7,774 | |||||||||||||||||||
Other | 307 | 276 | 868 | 822 | |||||||||||||||||||
Total programming and production costs | $ | 10,395 | $ | 8,565 | $ | 28,570 | $ | 23,683 |
(in millions) |
September 30,
2021 |
December 31,
2020 |
|||||||||
Owned: | |||||||||||
Released, less amortization | $ | 3,586 | $ | 3,815 | |||||||
Completed, not released | 373 | 139 | |||||||||
In production and in development | 2,598 | 2,755 | |||||||||
6,557 | 6,709 | ||||||||||
Licensed, including sports advances | 6,088 | 6,631 | |||||||||
Film and television costs | $ | 12,645 | $ | 13,340 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Equity in net income (losses) of investees, net | $ | 602 | $ | (266) | $ | 1,696 | $ | (634) | |||||||||||||||
Realized and unrealized gains (losses) on equity securities, net
|
106 | 118 | 532 | 65 | |||||||||||||||||||
Other income (loss), net | 59 | 62 | 146 | 187 | |||||||||||||||||||
Investment and other income (loss), net | $ | 766 | $ | (86) | $ | 2,374 | $ | (382) |
(in millions) |
September 30,
2021 |
December 31,
2020 |
|||||||||
Equity method | $ | 7,044 | $ | 6,006 | |||||||
Marketable equity securities | 368 | 460 | |||||||||
Nonmarketable equity securities | 2,092 | 1,950 | |||||||||
Other investments | 345 | 143 | |||||||||
Total investments | 9,849 | 8,559 | |||||||||
Less: Current investments | 123 | 292 | |||||||||
Less: Investment securing collateralized obligation | 563 | 447 | |||||||||
Noncurrent investments | $ | 9,163 | $ | 7,820 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Weighted-average number of common shares outstanding – basic | 4,588 | 4,577 | 4,593 | 4,571 | ||||||||||||||||
Effect of dilutive securities | 77 | 51 | 75 | 45 | ||||||||||||||||
Weighted-average number of common shares outstanding – diluted | 4,665 | 4,628 | 4,668 | 4,616 |
(in millions) |
September 30,
2021 |
December 31,
2020 |
|||||||||
Cumulative translation adjustments | $ | 1,113 | $ | 1,790 | |||||||
Deferred gains (losses) on cash flow hedges | 37 | (109) | |||||||||
Unrecognized gains (losses) on employee benefit obligations and other | 178 | 203 | |||||||||
Accumulated other comprehensive income (loss), net of deferred taxes | $ | 1,328 | $ | 1,884 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Restricted share units | $ | 167 | $ | 164 | $ | 560 | $ | 484 | |||||||||||||||
Stock options | 70 | 72 | 248 | 226 | |||||||||||||||||||
Employee stock purchase plans | 9 | 9 | 29 | 30 | |||||||||||||||||||
Total | $ | 246 | $ | 245 | $ | 837 | $ | 740 |
Nine Months Ended
September 30, |
|||||||||||
(in millions) | 2021 | 2020 | |||||||||
Interest | $ | 2,943 | $ | 2,845 | |||||||
Income taxes | $ | 2,201 | $ | 2,298 |
(in millions) |
September 30,
2021 |
December 31,
2020 |
|||||||||
Cash and cash equivalents | $ | 11,806 | $ | 11,740 | |||||||
Restricted cash included in other current assets | 39 | 14 | |||||||||
Restricted cash included in other noncurrent assets, net | 12 | 14 | |||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 11,858 | $ | 11,768 |
Three Months Ended
September 30, |
Increase/
(Decrease) |
Nine Months Ended
September 30, |
Increase/
(Decrease)
|
||||||||||||||||||||||||||||||||
(in millions, except per share data) | 2021 | 2020 | % | 2021 | 2020 | % | |||||||||||||||||||||||||||||
Revenue | $ | 30,298 | $ | 25,532 | 18.7% | $ | 86,049 | $ | 75,856 | 13.4 | % | ||||||||||||||||||||||||
Costs and Expenses: | |||||||||||||||||||||||||||||||||||
Programming and production | 10,395 | 8,565 | 21.4 | 28,570 | 23,683 | 20.6 | |||||||||||||||||||||||||||||
Other operating and administrative
|
8,981 | 8,059 | 11.4 | 25,799 | 23,959 | 7.7 | |||||||||||||||||||||||||||||
Advertising, marketing and promotion
|
1,995 | 1,512 | 32.0 | 5,462 | 4,791 | 14.0 | |||||||||||||||||||||||||||||
Depreciation | 2,177 | 2,122 | 2.6 | 6,407 | 6,328 | 1.3 | |||||||||||||||||||||||||||||
Amortization
|
1,301 | 1,198 | 8.6 | 3,815 | 3,520 | 8.4 | |||||||||||||||||||||||||||||
Operating income | 5,450 | 4,076 | 33.7 | 15,996 | 13,575 | 17.8 | |||||||||||||||||||||||||||||
Interest expense | (1,050) | (1,220) | (14.0) | (3,161) | (3,544) | (10.8) | |||||||||||||||||||||||||||||
Investment and other income (loss), net
|
766 | (86) | NM | 2,374 | (382) | NM | |||||||||||||||||||||||||||||
Income before income taxes | 5,166 | 2,770 | 86.5 | 15,208 | 9,649 | 57.6 | |||||||||||||||||||||||||||||
Income tax expense
|
(1,235) | (739) | 67.1 | (4,354) | (2,385) | 82.5 | |||||||||||||||||||||||||||||
Net income | 3,931 | 2,031 | 93.5 | 10,854 | 7,264 | 49.4 | |||||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock | (104) | 12 | NM | (249) | 110 | NM | |||||||||||||||||||||||||||||
Net income attributable to Comcast Corporation
|
$ | 4,035 | $ | 2,019 | 99.8% | $ | 11,102 | $ | 7,154 | 55.2 | % | ||||||||||||||||||||||||
Basic earnings per common share attributable to Comcast Corporation shareholders
|
$ | 0.88 | $ | 0.44 | 100.0 | % | $ | 2.42 | $ | 1.57 | 54.1 | % | |||||||||||||||||||||||
Diluted earnings per common share attributable to Comcast Corporation shareholders
|
$ | 0.86 | $ | 0.44 | 95.5 | % | $ | 2.38 | $ | 1.55 | 53.5 | % | |||||||||||||||||||||||
Adjusted EBITDA(a)
|
$ | 8,957 | $ | 7,583 | 18.1 | % | $ | 26,297 | $ | 23,640 | 11.2 | % |
Three Months Ended
September 30, |
Increase/
(Decrease)
|
Nine Months Ended
September 30, |
Increase/
(Decrease)
|
||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | % | 2021 | 2020 | % | |||||||||||||||||||||||||||||
Cable Communications | $ | 1,965 | $ | 1,952 | 0.6 | % | $ | 5,845 | $ | 5,835 | 0.2 | % | |||||||||||||||||||||||
NBCUniversal | 591 | 583 | 1.3 | 1,759 | 1,728 | 1.8 | |||||||||||||||||||||||||||||
Sky | 884 | 750 | 17.9 | 2,524 | 2,188 | 15.3 | |||||||||||||||||||||||||||||
Corporate and Other | 38 | 35 | 11.6 | 95 | 97 | (0.4) | |||||||||||||||||||||||||||||
Comcast Consolidated | $ | 3,477 | $ | 3,320 | 4.8 | % | $ | 10,222 | $ | 9,848 | 3.8 | % |
Three Months Ended
September 30, |
Increase/
(Decrease) |
Nine Months Ended
September 30, |
Increase/
(Decrease) |
||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | % | 2021 | 2020 | % | |||||||||||||||||||||||||||||
Equity in net income (losses) of investees, net | $ | 602 | $ | (266) | NM | $ | 1,696 | $ | (634) | NM | |||||||||||||||||||||||||
Realized and unrealized gains (losses) on equity securities, net
|
106 | 118 | (10.9) | 532 | 65 | NM | |||||||||||||||||||||||||||||
Other income (loss), net | 59 | 62 | (5.3) | 146 | 187 | (22.4) | |||||||||||||||||||||||||||||
Total investment and other income (loss), net | $ | 766 | $ | (86) | NM | $ | 2,374 | $ | (382) | NM |
Three Months Ended
September 30, |
Increase/
(Decrease) |
Nine Months Ended
September 30, |
Increase/
(Decrease) |
|||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | % | 2021 | 2020 | % | ||||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||||
Broadband | $ | 5,801 | $ | 5,198 | 11.6 | % | $ | 17,118 | $ | 15,199 | 12.6 | % | ||||||||||||||||||||||||||
Video | 5,499 | 5,421 | 1.4 | 16,676 | 16,468 | 1.3 | ||||||||||||||||||||||||||||||||
Voice | 851 | 876 | (2.9) | 2,592 | 2,652 | (2.3) | ||||||||||||||||||||||||||||||||
Wireless | 603 | 400 | 50.7 | 1,672 | 1,069 | 56.4 | ||||||||||||||||||||||||||||||||
Business services | 2,227 | 2,049 | 8.7 | 6,597 | 6,096 | 8.2 | ||||||||||||||||||||||||||||||||
Advertising | 705 | 674 | 4.6 | 2,002 | 1,659 | 20.6 | ||||||||||||||||||||||||||||||||
Other | 427 | 382 | 12.4 | 1,265 | 1,203 | 5.3 | ||||||||||||||||||||||||||||||||
Total revenue | 16,115 | 15,000 | 7.4 | 47,922 | 44,346 | 8.1 | ||||||||||||||||||||||||||||||||
Operating costs and expenses | ||||||||||||||||||||||||||||||||||||||
Programming | 3,546 | 3,296 | 7.6 | 10,809 | 9,978 | 8.3 | ||||||||||||||||||||||||||||||||
Technical and product support | 2,169 | 1,980 | 9.6 | 6,265 | 5,925 | 5.7 | ||||||||||||||||||||||||||||||||
Customer service | 581 | 598 | (2.7) | 1,765 | 1,836 | (3.8) | ||||||||||||||||||||||||||||||||
Advertising, marketing and promotion | 1,012 | 929 | 8.8 | 2,887 | 2,717 | 6.3 | ||||||||||||||||||||||||||||||||
Franchise and other regulatory fees | 432 | 421 | 2.5 | 1,382 | 1,225 | 12.8 | ||||||||||||||||||||||||||||||||
Other | 1,305 | 1,365 | (4.3) | 3,841 | 4,002 | (4.0) | ||||||||||||||||||||||||||||||||
Total operating costs and expenses | 9,045 | 8,589 | 5.3 | 26,949 | 25,683 | 4.9 | ||||||||||||||||||||||||||||||||
Adjusted EBITDA
|
$ | 7,069 | $ | 6,411 | 10.3 | % | $ | 20,972 | $ | 18,663 | 12.4 | % |
Net Additions / (Losses) | ||||||||||||||||||||
September 30, |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||
Customer relationships | ||||||||||||||||||||
Residential customer relationships
|
31,576 | 30,263 | 237 | 539 | 884 | 1,140 | ||||||||||||||
Business services customer relationships
|
2,473 | 2,401 | 18 | 17 | 46 | 5 | ||||||||||||||
Total customer relationships | 34,048 | 32,664 | 255 | 556 | 930 | 1,144 | ||||||||||||||
Residential customer relationships mix | ||||||||||||||||||||
One product customers
|
13,959 | 11,931 | 481 | 625 | 1,551 | 1,710 | ||||||||||||||
Two product customers
|
8,473 | 8,732 | (89) | (9) | (261) | (191) | ||||||||||||||
Three or more product customers
|
9,144 | 9,600 | (156) | (77) | (406) | (379) | ||||||||||||||
Broadband | ||||||||||||||||||||
Residential customers
|
29,389 | 27,811 | 281 | 617 | 1,063 | 1,423 | ||||||||||||||
Business services customers
|
2,300 | 2,225 | 19 | 16 | 52 | 10 | ||||||||||||||
Total broadband customers | 31,688 | 30,036 | 300 | 633 | 1,115 | 1,433 | ||||||||||||||
Video
|
||||||||||||||||||||
Residential customers
|
17,844 | 19,220 | (382) | (253) | (1,149) | (1,068) | ||||||||||||||
Business services customers
|
705 | 874 | (26) | (20) | (147) | (92) | ||||||||||||||
Total video customers | 18,549 | 20,094 | (408) | (273) | (1,297) | (1,160) | ||||||||||||||
Voice
|
||||||||||||||||||||
Residential customers
|
9,245 | 9,684 | (167) | (14) | (400) | (250) | ||||||||||||||
Business services customers
|
1,384 | 1,341 | 9 | 11 | 28 | (1) | ||||||||||||||
Total voice customers | 10,630 | 11,025 | (158) | (3) | (372) | (251) | ||||||||||||||
Wireless | ||||||||||||||||||||
Wireless lines | 3,668 | 2,580 | 285 | 187 | 842 | 528 |
Three Months Ended
September 30, |
Increase/(Decrease) |
Nine Months Ended
September 30, |
Increase/(Decrease) | ||||||||||||||||||||||||||
2021 | 2020 | % | 2021 | 2020 | % | ||||||||||||||||||||||||
Average monthly total revenue per customer relationship | $ | 158.36 | $ | 154.39 | 2.6 | % | $ | 158.55 | $ | 153.54 | 3.3 | % | |||||||||||||||||
Average monthly Adjusted EBITDA per customer relationship | $ | 69.47 | $ | 65.99 | 5.3 | % | $ | 69.39 | $ | 64.62 | 7.4 | % |
Three Months Ended
September 30, |
Increase/
(Decrease) |
Nine Months Ended
September 30, |
Increase/
(Decrease) |
|||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | % | 2021 | 2020 | % | ||||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||||||||
Media | $ | 6,770 | $ | 4,589 | 47.5 | % | $ | 16,955 | $ | 13,563 | 25.0 | % | ||||||||||||||||||||||||||
Studios | 2,407 | 1,898 | 26.8 | 7,027 | 6,359 | 10.5 | ||||||||||||||||||||||||||||||||
Theme Parks | 1,449 | 385 | NM | 3,163 | 1,446 | 118.8 | ||||||||||||||||||||||||||||||||
Headquarters and Other | 28 | 12 | 121.4 | 65 | 32 | 103.7 | ||||||||||||||||||||||||||||||||
Eliminations | (654) | (551) | (18.4) | (2,230) | (1,623) | (37.3) | ||||||||||||||||||||||||||||||||
Total revenue | $ | 10,001 | $ | 6,333 | 57.9 | % | $ | 24,981 | $ | 19,777 | 26.3 | % | ||||||||||||||||||||||||||
Adjusted EBITDA
|
||||||||||||||||||||||||||||||||||||||
Media | $ | 997 | $ | 985 | 1.2 | % | $ | 3,847 | $ | 4,150 | (7.3) | % | ||||||||||||||||||||||||||
Studios | 179 | 340 | (47.3) | 833 | 963 | (13.6) | ||||||||||||||||||||||||||||||||
Theme Parks | 434 | (174) | NM | 593 | (480) | NM | ||||||||||||||||||||||||||||||||
Headquarters and Other | (248) | (127) | (95.1) | (643) | (430) | (49.4) | ||||||||||||||||||||||||||||||||
Eliminations | (12) | (114) | 88.9 | (238) | (224) | (6.7) | ||||||||||||||||||||||||||||||||
Total Adjusted EBITDA
|
$ | 1,349 | $ | 910 | 48.2 | % | $ | 4,392 | $ | 3,979 | 10.4 | % |
Three Months Ended
September 30, |
Increase/
(Decrease) |
Nine Months Ended
September 30, |
Increase/
(Decrease) |
|||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | % | 2021 | 2020 | % | ||||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||||||||
Advertising | $ | 3,255 | $ | 1,881 | 73.0 | % | $ | 7,537 | $ | 5,696 | 32.3 | % | ||||||||||||||||||||||||||
Distribution | 2,987 | 2,194 | 36.2 | 7,934 | 6,541 | 21.3 | ||||||||||||||||||||||||||||||||
Other | 528 | 514 | 2.7 | 1,483 | 1,326 | 11.8 | ||||||||||||||||||||||||||||||||
Total revenue | 6,770 | 4,589 | 47.5 | 16,955 | 13,563 | 25.0 | ||||||||||||||||||||||||||||||||
Operating costs and expenses | ||||||||||||||||||||||||||||||||||||||
Programming and production | 4,475 | 2,604 | 71.8 | 9,676 | 6,461 | 49.7 | ||||||||||||||||||||||||||||||||
Other operating and administrative | 917 | 788 | 16.4 | 2,590 | 2,383 | 8.7 | ||||||||||||||||||||||||||||||||
Advertising, marketing and promotion | 382 | 212 | 79.4 | 842 | 569 | 47.9 | ||||||||||||||||||||||||||||||||
Total operating costs and expenses | 5,774 | 3,604 | 60.2 | 13,107 | 9,413 | 39.2 | ||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 997 | $ | 985 | 1.2 | % | $ | 3,847 | $ | 4,150 | (7.3) | % |
Three Months Ended September 30, | Increase/(Decrease) | Nine Months Ended September 30, | Increase/(Decrease) | |||||||||||||||||
(in millions) | 2021 | 2020 | % | 2021 | 2020 | % | ||||||||||||||
Advertising | $ | 3,255 | $ | 1,881 | 73.0 | % | $ | 7,537 | $ | 5,696 | 32.3 | % | ||||||||
Advertising, excluding Tokyo Olympics | 2,017 | 1,881 | 7.2 | 6,300 | 5,696 | 10.6 |
Three Months Ended September 30, | Increase/(Decrease) | Nine Months Ended September 30, | Increase/(Decrease) | |||||||||||||||||
(in millions) | 2021 | 2020 | % | 2021 | 2020 | % | ||||||||||||||
Distribution | $ | 2,987 | $ | 2,194 | 36.2 | % | $ | 7,934 | $ | 6,541 | 21.3 | % | ||||||||
Distribution, excluding Tokyo Olympics | 2,465 | 2,194 | 12.4 | 7,413 | 6,541 | 13.3 |
Three Months Ended
September 30, |
Increase/
(Decrease) |
Nine Months Ended
September 30, |
Increase/
(Decrease) |
|||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | % | 2021 | 2020 | % | ||||||||||||||||||||||||||||||||
Revenue | $ | 1,449 | $ | 385 | NM | $ | 3,163 | $ | 1,446 | 118.8 | % | |||||||||||||||||||||||||||
Operating costs and expenses | 1,015 | 559 | 81.5 | 2,570 | 1,926 | 33.4 | ||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 434 | $ | (174) | NM | $ | 593 | $ | (480) | NM | ||||||||||||||||||||||||||||
Three Months Ended
September 30, |
Increase/
(Decrease) |
Nine Months Ended
September 30, |
Increase/
(Decrease) |
|||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | % | 2021 | 2020 | % | ||||||||||||||||||||||||||||||||
Revenue | $ | (654) | $ | (551) | 18.4 | % | $ | (2,230) | $ | (1,623) | 37.3 | % | ||||||||||||||||||||||||||
Operating costs and expenses | (642) | (437) | 45.6 | (1,992) | (1,399) | 42.2 | ||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | (12) | $ | (114) | (88.9) | % | $ | (238) | $ | (224) | 6.7 | % |
Three Months Ended
September 30, |
Increase/
(Decrease)
|
Constant Currency Change(a)
|
Nine Months Ended
September 30, |
Increase/
(Decrease)
|
Constant Currency Change(a)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | % | % | 2021 | 2020 | % | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct-to-consumer | $ | 4,127 | $ | 3,943 | 4.7 | % | (0.1) | % | $ | 12,415 | $ | 11,146 | 11.4 | % | 3.1 | % | ||||||||||||||||||||||||||||||||||||||||
Content | 300 | 388 | (22.8) | (26.4) | 1,013 | 947 | 7.0 | (0.7) | ||||||||||||||||||||||||||||||||||||||||||||||||
Advertising | 561 | 462 | 21.4 | 15.6 | 1,777 | 1,296 | 37.1 | 27.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | 4,988 | 4,793 | 4.1 | (0.7) | 15,205 | 13,389 | 13.6 | 5.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs and expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Programming and production | 1,779 | 2,350 | (24.3) | (27.2) | 6,710 | 5,957 | 12.6 | 4.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Direct network costs | 647 | 530 | 22.2 | 14.7 | 1,903 | 1,485 | 28.1 | 17.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | 1,591 | 1,398 | 13.7 | 8.5 | 4,697 | 4,132 | 13.7 | 5.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total operating costs and expenses | 4,016 | 4,278 | (6.1) | (10.2) | 13,310 | 11,574 | 15.0 | 6.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA
|
$ | 971 | $ | 515 | 88.8 | % | 76.2 | % | $ | 1,895 | $ | 1,815 | 4.4 | % | (4.3) | % |
Net Additions / (Losses) | |||||||||||||||||||||||||||||
September 30, |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Total customer relationships | 22,966 | 22,981 | (233) | (21) | (259) | (299) |
Three Months Ended
September 30, |
Increase/
(Decrease) |
Nine Months Ended
September 30, |
Increase/
(Decrease) |
|||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | % | 2021 | 2020 | % | ||||||||||||||||||||||||||||||||
Revenue | $ | (871) | $ | (638) | 36.6 | % | $ | (2,304) | $ | (1,860) | 24.0 | % | ||||||||||||||||||||||||||
Operating costs and expenses | (773) | (649) | 19.2 | (2,218) | (1,889) | 17.5 | ||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | (98) | $ | 11 | NM | $ | (87) | $ | 29 | NM |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net income attributable to Comcast Corporation
|
$ | 4,035 | $ | 2,019 | $ | 11,102 | $ | 7,154 | |||||||||||||||
Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock
|
(104) | 12 | (249) | 110 | |||||||||||||||||||
Income tax expense | 1,235 | 739 | 4,354 | 2,385 | |||||||||||||||||||
Investment and other (income) loss, net | (766) | 86 | (2,374) | 382 | |||||||||||||||||||
Interest expense | 1,050 | 1,220 | 3,161 | 3,544 | |||||||||||||||||||
Depreciation | 2,177 | 2,122 | 6,407 | 6,328 | |||||||||||||||||||
Amortization | 1,301 | 1,198 | 3,815 | 3,520 | |||||||||||||||||||
Adjustments(a)
|
30 | 187 | 79 | 217 | |||||||||||||||||||
Adjusted EBITDA | $ | 8,957 | $ | 7,583 | $ | 26,297 | $ | 23,640 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||||||||||||||
Actual | Constant Currency | Constant Currency Change | Actual | Constant Currency | Constant Currency Change | ||||||||||||||||||||||||||||||
(in millions, except per customer data) | 2021 | 2020 | % | 2021 | 2020 | % | |||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||
Direct-to-consumer | $ | 4,127 | $ | 4,131 | (0.1) | % | $ | 12,415 | $ | 12,044 | 3.1 | % | |||||||||||||||||||||||
Content | 300 | 407 | (26.4) | 1,013 | 1,021 | (0.7) | |||||||||||||||||||||||||||||
Advertising | 561 | 485 | 15.6 | 1,777 | 1,399 | 27.0 | |||||||||||||||||||||||||||||
Total revenue | 4,988 | 5,023 | (0.7) | 15,205 | 14,464 | 5.1 | |||||||||||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||||||||||||||
Programming and production | 1,779 | 2,442 | (27.2) | 6,710 | 6,398 | 4.9 | |||||||||||||||||||||||||||||
Direct network costs | 647 | 564 | 14.7 | 1,903 | 1,618 | 17.6 | |||||||||||||||||||||||||||||
Other | 1,591 | 1,466 | 8.5 | 4,697 | 4,468 | 5.1 | |||||||||||||||||||||||||||||
Total operating costs and expenses | 4,016 | 4,472 | (10.2) | 13,310 | 12,484 | 6.6 | |||||||||||||||||||||||||||||
Adjusted EBITDA
|
$ | 971 | $ | 551 | 76.2 | % | $ | 1,895 | $ | 1,981 | (4.3) | % | |||||||||||||||||||||||
Average monthly direct-to-consumer revenue per customer relationship
|
$ | 59.60 | $ | 59.89 | (0.5) | % | $ | 59.72 | $ | 57.86 | 3.2 | % |
Nine Months Ended
September 30, |
|||||||||||
(in millions) | 2021 | 2020 | |||||||||
Operating income | $ | 15,996 | $ | 13,575 | |||||||
Depreciation and amortization | 10,222 | 9,848 | |||||||||
Noncash share-based compensation | 1,019 | 922 | |||||||||
Changes in operating assets and liabilities | (1,057) | 361 | |||||||||
Payments of interest | (2,943) | (2,845) | |||||||||
Payments of income taxes | (2,201) | (2,298) | |||||||||
Other | 420 | 132 | |||||||||
Net cash provided by operating activities | $ | 21,457 | $ | 19,695 |
(in billions) | September 30, 2021 | December 31, 2020 | ||||||
Debt subject to cross-guarantees | ||||||||
Comcast | $ | 88.4 | $ | 85.7 | ||||
NBCUniversal(a)
|
1.6 | 2.8 | ||||||
Comcast Cable(a)
|
2.1 | 2.1 | ||||||
92.1 | 90.6 | |||||||
Debt subject to one-way guarantees | ||||||||
Sky | 6.4 | 8.4 | ||||||
Other(a)
|
0.1 | 2.8 | ||||||
6.5 | 11.2 | |||||||
Debt not guaranteed | ||||||||
Universal Beijing Resort(b)
|
3.4 | 2.5 | ||||||
Other | 1.1 | 1.1 | ||||||
4.5 | 3.6 | |||||||
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net
|
(5.9) | (1.6) | ||||||
Total debt | $ | 97.2 | $ | 103.8 | ||||
Period |
Total
Number of Shares Purchased |
Average
Price Per Share |
Total Number of
Shares Purchased as Part of Publicly Announced Authorization |
Total Dollar
Amount Purchased Under the Publicly Announced Authorization |
Maximum Dollar
Value of Shares That May Yet Be Purchased Under the Publicly Announced Authorization(a) |
|||||||||||||||
July 1-31, 2021 | 6,947,195 | $ | 57.58 | 6,947,195 | $ | 399,999,989 | $ | 9,100,000,076 | ||||||||||||
August 1-31, 2021 | 6,154,308 |
|
$ | 59.16 | 6,154,308 | $ | 364,109,213 | $ | 8,735,890,863 | |||||||||||
September 1-30, 2021 | 12,780,195 | $ | 57.58 | 12,780,195 | $ | 735,890,836 | $ | 8,000,000,027 | ||||||||||||
Total | 25,881,698 | $ | 57.96 | 25,881,698 | $ | 1,500,000,038 | $ | 8,000,000,027 |
Exhibit
No.
|
Description | |||||||
Subsidiary guarantors and issuers of guaranteed securities and affiliates whose securities collateralize securities of the registrant | ||||||||
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 nine months ended September 30, 2021, filed with the Securities and Exchange Commission on October 28, 2021, formatted in Inline Extensible Business Reporting Language (iXBRL): (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. | |||||||
104 | Cover Page Interactive Data File (embedded within the iXBRL document) | |||||||
COMCAST CORPORATION | ||||||||
By: | /s/ DANIEL C. MURDOCK | |||||||
Daniel C. Murdock
Executive Vice President, Chief Accounting Officer and Controller
(Principal Accounting Officer)
|
/s/ BRIAN L. ROBERTS | ||
Name: Brian L. Roberts | ||
Title: Chief Executive Officer |
/s/ MICHAEL J. CAVANAGH | ||
Name: Michael J. Cavanagh | ||
Title: Chief Financial Officer |
/s/ BRIAN L. ROBERTS | ||
Name: Brian L. Roberts | ||
Title: Chief Executive Officer |
/s/ MICHAEL J. CAVANAGH | ||
Name: Michael J. Cavanagh | ||
Title: Chief Financial Officer |