# EDGAR Filing Document

**Accession Number:** 0001166691
**File Stem:** 0001166691-23-000014
**Filing Date:** 2023-3
**Character Count:** 30251
**Document Hash:** 266b483ef386990d814a96eb632f955e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001166691-23-000014.hdr.sgml**: 20230313

**ACCESSION NUMBER**: 0001166691-23-000014

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230313

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230313

**DATE AS OF CHANGE**: 20230313

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COMCAST CORP
- **CENTRAL INDEX KEY:** 0001166691
- **STANDARD INDUSTRIAL CLASSIFICATION:** CABLE & OTHER PAY TELEVISION SERVICES [4841]
- **IRS NUMBER:** 270000798
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32871
- **FILM NUMBER:** 23725899

**BUSINESS ADDRESS:**
- **STREET 1:** ONE COMCAST CENTER
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103-2838
- **BUSINESS PHONE:** 215-286-1700

**MAIL ADDRESS:**
- **STREET 1:** ONE COMCAST CENTER
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103-2838

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AT&T COMCAST CORP
- **DATE OF NAME CHANGE:** 20020206

?xml version="1.0" ? cmcsa-20230313

    

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

Date of report (Date of earliest event reported): March 13, 2023

---

| | | | |
|:---|:---|:---|:---|
| | | **Comcast Corporation** | |
| | | (Exact Name of Registrant<br>as Specified in its Charter) | |
| | | **Pennsylvania** | |
| | | (State or Other Jurisdiction of Incorporation) | |
| **001-32871** | **001-32871** |  | **27-0000798** |
| (Commission File Number) | (Commission File Number) |  | (IRS Employer Identification No.) |
| **One Comcast Center** | **One Comcast Center** |  |  |
| **Philadelphia,** | **PA** |  | **19103-2838** |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) |  | (Zip Code) |

---

Registrant's telephone number, including area code: **(215) 286-1700** 

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

---

| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| **Title of Each Class** | **Trading symbol(s)** | **Name of Each Exchange on Which Registered** |
| Class A Common Stock, $0.01 par value | CMCSA | The Nasdaq Stock Market LLC |
| 0.000% Notes due 2026 | CMCS26 | The Nasdaq Stock Market LLC |
| 0.250% Notes due 2027 | CMCS27 | The Nasdaq Stock Market LLC |
| 1.500% Notes due 2029 | CMCS29 | The Nasdaq Stock Market LLC |
| 0.250% Notes due 2029 | CMCS29A | The Nasdaq Stock Market LLC |
| 0.750% Notes due 2032 | CMCS32 | The Nasdaq Stock Market LLC |
| 1.875% Notes due 2036 | CMCS36 | The Nasdaq Stock Market LLC |
| 1.250% Notes due 2040 | CMCS40 | The Nasdaq Stock Market LLC |
| 5.50% Notes due 2029 | CCGBP29 | New York Stock Exchange |
| 2.0% Exchangeable Subordinated Debentures due 2029 | CCZ | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

    

------

**Item 7.01. Regulation FD Disclosure**

&nbsp;&nbsp;&nbsp;&nbsp;

Beginning in the first quarter of 2023, Comcast Corporation will change its presentation of segment operating results around its two primary businesses, Connectivity & Platforms and Content & Experiences. A summary of the reportable business segments under the new reporting structure follows:

**Connectivity & Platforms:** Contains our broadband and wireless connectivity businesses operated under the Xfinity and Comcast brands in the United States and under the Sky brand in Europe (the "Connectivity & Platforms markets"). Also includes our video services businesses and the operations of our Sky-branded entertainment television channels in the Connectivity & Platform markets. Connectivity & Platforms will be reported in two reportable business segments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Residential Connectivity & Platforms:** includes residential broadband and wireless connectivity services, residential and business video services, advertising sales and the Sky channels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Business Services Connectivity:** includes connectivity services for small business locations, which include broadband, voice and wireless services, as well as our solutions for medium-sized customers and larger enterprises.

**Content & Experiences:** Contains our media and entertainment businesses that develop, produce and distribute entertainment, news and information, sports, and other content for global audiences and own and operate theme parks in the United States and Asia. Content & Experiences will be reported in three reportable business segments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Media:** includes primarily NBCUniversal's television and streaming platforms, including national and regional cable networks; the NBC and Telemundo broadcast networks; NBC and Telemundo owned local broadcast television stations; and Peacock, our direct-to-consumer streaming service. Also includes international networks, including most Sky Sports channels, and other digital properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Studios:** includes primarily our NBCUniversal and Sky film and television studio production and distribution operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Theme Parks:** includes primarily the operations of our Universal theme parks.

Exhibit 99.1 contains unaudited segment financial information for 2021 and 2022 under the new reporting structure and a summary of the segment reporting changes, including: (1) the presentation of Cable Communications results in the Residential Connectivity & Platforms and Business Services Connectivity segments and (2) the presentation of Sky's results across the Connectivity & Platforms and Content & Entertainment segments, and Corporate & Other.

Comcast Corporation does not intend for this Item 7.01 or Exhibit 99.1 to be treated as "filed" under the Securities Exchange Act of 1934, as amended, or incorporated by reference into its filings under the Securities Act of 1933, as amended.

**Item 9.01. Exhibits**

---

| | |
|:---|:---|
| **Exhibit <u>Number</u>** | **<u>Description</u>** |
| <u>[99.1](ex991-1q2023.htm)</u> | <u>[Unaudited segment financial information for 2021 and 2022](ex991-1q2023.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | **COMCAST CORPORATION** | **COMCAST CORPORATION** |
| Date: | March 13, 2023 | By: | /s/ Daniel C. Murdock |
|  |  |  | Daniel C. Murdock |
|  |  |  | Executive Vice President, Chief Accounting Officer and Controller |
|  |  |  | (Principal Accounting Officer) |

---

## Exhibit 99.1

**Exhibit 99.1**

**Summary of Segment Reporting Changes**

The following table presents a reconciliation of previously reported segment results for the years ended 2021 and 2022 to our segment results under the new segment structure, including: (1) the presentation of Cable Communications results in the Residential Connectivity & Platforms and Business Services Connectivity segments and (2) the presentation of Sky's results across the Connectivity & Platforms and Content & Entertainment segments, and Corporate & Other.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| *<br>($ in millions; unaudited)* | **As Originally Reported** | **Cable Communications to Connectivity & Platforms Segments** | **Sky to New Segments** | **Recast** | **As Originally Reported** | **Cable Communications to Connectivity & Platforms Segments** | **Sky to New Segments** | **Recast** |
| **Revenue** |  |  |  |  |  |  |  |  |
| **Cable Communications** | $64328 | $(64328) |  | $— | $66318 | $(66318) |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Connectivity & Platforms |  | 56295 | 16399 | 72694 |  | 57532 | 14854 | 72386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services Connectivity |  | 8033 | 23 | 8056 |  | 8786 | 33 | 8819 |
| **Total Connectivity & Platforms** |  | 64328 | 16423 | 80750 |  | 66318 | 14887 | 81205 |
| **NBCUniversal / Content & Experiences** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Media | 22780 |  | 4626 | 27406 | 23406 |  | 3313 | 26719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Studios | 9449 |  | 628 | 10077 | 11622 |  | 635 | 12257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Theme Parks | 5051 |  |  | 5051 | 7541 |  |  | 7541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Headquarters & Other | 87 |  |  | 87 | 75 |  |  | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eliminations | (3048) |  |  | (3048) | (3442) |  |  | (3442) |
| **Total NBCUniversal / Content & Experiences** | 34319 |  | 5254 | 39574 | 39203 |  | 3948 | 43151 |
| **Sky** | 20285 |  | (20285) |  | 17946 |  | (17946) |  |
| Corporate & Other | 461 |  | 2383 | 2844 | 863 |  | 1799 | 2662 |
| Eliminations | (3008) |  | (3775) | (6783) | (2903) |  | (2688) | (5590) |
| **Total Consolidated Revenue** | $**116385** | $**—** | $**—** | $**116385** | $**121427** | $**—** | $**—** | $**121427** |
| **Adjusted EBITDA**<sup>1</sup> |  |  |  |  |  |  |  |  |
| **Cable Communications** | $28097 | $(28097) |  | $— | $29403 | $(29403) |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Connectivity & Platforms |  | 23401 | 1787 | 25188 |  | 24327 | 1785 | 26111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services Connectivity |  | 4696 | (14) | 4682 |  | 5077 | (17) | 5060 |
| **Total Connectivity & Platforms** |  | 28097 | 1773 | 29871 |  | 29403 | 1768 | 31171 |
| **NBCUniversal / Content & Experiences** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Media | 4569 |  | 564 | 5133 | 3212 |  | 386 | 3598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Studios | 884 |  | (5) | 879 | 942 |  | 19 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Theme Parks | 1267 |  |  | 1267 | 2683 |  |  | 2683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Headquarters & Other | (840) |  |  | (840) | (881) |  |  | (881) |
| &nbsp;&nbsp;&nbsp;&nbsp;Eliminations | (205) |  |  | (205) | (2) |  |  | (2) |
| **Total NBCUniversal / Content & Experiences** | 5675 |  | 559 | 6234 | 5955 |  | 405 | 6360 |
| **Sky** | 2359 |  | (2359) |  | 2526 |  | (2526) |  |
| Corporate & Other | (1358) |  | 27 | (1331) | (1361) |  | 352 | (1008) |
| Eliminations | (65) |  |  | (65) | (64) |  |  | (64) |
| **Total Consolidated Adjusted EBITDA**<sup>1</sup> | $**34708** | $**—** | $**—** | $**34708** | $**36459** | $**—** | $**—** | $**36459** |

---

1Adjusted EBITDA is the measure of profit and loss for our segments. Consolidated Adjusted EBITDA is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures" section below for additional information, including a reconciliation from net income attributable to Comcast Corporation to consolidated Adjusted EBITDA.

------

**Recast Segment Operating Results**

The following tables present our segment operating results for 2021 and 2022 under the new segment structure:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2021** | **2021** | **2021** | **2021** | **2021** | **2022** | **2022** | **2022** | **2022** | **2022** |
| *($ in millions; unaudited)* | **1Q** | **2Q** | **3Q** | **4Q** | **FY** | **1Q** | **2Q** | **3Q** | **4Q** | **FY** |
| **Revenue** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic Broadband | $5600 | $5717 | $5801 | $5861 | $22979 | $6050 | $6107 | $6135 | $6177 | $24469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic Wireless | 513 | 556 | 603 | 709 | 2380 | 677 | 722 | 789 | 883 | 3071 |
| &nbsp;&nbsp;&nbsp;&nbsp;International Connectivity | 762 | 794 | 840 | 896 | 3293 | 840 | 791 | 842 | 953 | 3426 |
| &nbsp;&nbsp;&nbsp;Residential Connectivity | 6875 | 7067 | 7245 | 7466 | 28652 | 7568 | 7620 | 7766 | 8013 | 30966 |
| &nbsp;&nbsp;&nbsp;Video | 8191 | 8232 | 8080 | 7936 | 32440 | 8002 | 7793 | 7428 | 7273 | 30496 |
| &nbsp;&nbsp;&nbsp;Advertising | 1001 | 1128 | 1097 | 1282 | 4507 | 1073 | 1112 | 1079 | 1283 | 4546 |
| &nbsp;&nbsp;&nbsp;Other | 1785 | 1805 | 1759 | 1747 | 7095 | 1698 | 1607 | 1561 | 1512 | 6378 |
| Residential Connectivity & Platforms | 17851 | 18232 | 18180 | 18431 | 72694 | 18340 | 18131 | 17833 | 18081 | 72386 |
| Business Services Connectivity | 1946 | 1983 | 2008 | 2119 | 8056 | 2172 | 2203 | 2215 | 2230 | 8819 |
| **Total Connectivity & Platforms** | 19797 | 20215 | 20188 | 20550 | 80750 | 20512 | 20335 | 20048 | 20311 | 81205 |
| *Change* |  |  |  |  |  | *3.6 %* | *0.6 %* | *(0.7) %* | *(1.2) %* | *0.6 %* |
| *Constant Currency Change*<sup>1</sup> |  |  |  |  |  | *4.4 %* | *2.9 %* | *2.3 %* | *1.4 %* | *2.7 %* |
| &nbsp;&nbsp;&nbsp;Domestic Advertising | 2072 | 2161 | 3230 | 2714 | 10177 | 3310 | 2131 | 2089 | 2829 | 10360 |
| &nbsp;&nbsp;&nbsp;Domestic Distribution | 2403 | 2358 | 2896 | 2423 | 10080 | 2938 | 2558 | 2497 | 2532 | 10525 |
| &nbsp;&nbsp;&nbsp;International Networks | 1268 | 1288 | 1221 | 1282 | 5060 | 995 | 970 | 872 | 893 | 3729 |
| &nbsp;&nbsp;&nbsp;Other | 458 | 521 | 542 | 569 | 2090 | 515 | 529 | 547 | 514 | 2105 |
| Total Media | 6202 | 6328 | 7889 | 6988 | 27406 | 7758 | 6188 | 6005 | 6768 | 26719 |
| &nbsp;&nbsp;&nbsp;Content Licensing | 2204 | 1962 | 1960 | 2067 | 8193 | 2429 | 2269 | 2267 | 2382 | 9348 |
| &nbsp;&nbsp;&nbsp;Theatrical | 39 | 198 | 307 | 147 | 691 | 168 | 550 | 673 | 216 | 1607 |
| &nbsp;&nbsp;&nbsp;Other | 282 | 245 | 273 | 392 | 1193 | 310 | 298 | 356 | 339 | 1302 |
| Total Studios | 2525 | 2406 | 2540 | 2606 | 10077 | 2907 | 3117 | 3296 | 2938 | 12257 |
| Theme Parks | 619 | 1095 | 1449 | 1887 | 5051 | 1560 | 1804 | 2064 | 2114 | 7541 |
| Headquarters & Other | 16 | 22 | 28 | 22 | 87 | 16 | 8 | 22 | 29 | 75 |
| Eliminations | (1043) | (534) | (654) | (817) | (3048) | (901) | (664) | (909) | (968) | (3442) |
| **Total Content & Experiences** | 8319 | 9316 | 11252 | 10686 | 39574 | 11339 | 10453 | 10477 | 10881 | 43151 |
| Corporate & Other | 723 | 731 | 650 | 740 | 2844 | 713 | 617 | 601 | 731 | 2662 |
| Eliminations | (1635) | (1716) | (1793) | (1641) | (6783) | (1554) | (1389) | (1277) | (1370) | (5590) |
| **Total Consolidated Revenue** | $**27205** | $**28546** | $**30298** | $**30336** | $**116385** | $**31010** | $**30016** | $**29849** | $**30552** | $**121427** |

---

1Constant currency is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures" section below for additional information, including a reconciliation of constant currency amounts.

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2021** | **2021** | **2021** | **2021** | **2021** | **2022** | **2022** | **2022** | **2022** | **2022** |
| *($ in millions; unaudited)* | **1Q** | **2Q** | **3Q** | **4Q** | **FY** | **1Q** | **2Q** | **3Q** | **4Q** | **FY** |
| **Costs and Expenses, Excluding Depreciation and Amortization**<sup>1</sup> | **Costs and Expenses, Excluding Depreciation and Amortization**<sup>1</sup> | **Costs and Expenses, Excluding Depreciation and Amortization**<sup>1</sup> | **Costs and Expenses, Excluding Depreciation and Amortization**<sup>1</sup> | **Costs and Expenses, Excluding Depreciation and Amortization**<sup>1</sup> |  |  |  |  |  |  |
| Residential Connectivity & Platforms | $11674 | $11707 | $11805 | $12320 | $47506 | $11729 | $11399 | $11138 | $12009 | $46275 |
| Business Services Connectivity | 792 | 830 | 827 | 925 | 3374 | 938 | 941 | 927 | 953 | 3759 |
| **Total Connectivity & Platforms** | 12466 | 12537 | 12632 | 13245 | 50880 | 12668 | 12339 | 12065 | 12962 | 50033 |
| *Change* |  |  |  |  |  | *1.6 %* | *(1.6) %* | *(4.5) %* | *(2.1) %* | *(1.7) %* |
| *Constant Currency Change*<sup>2</sup> |  |  |  |  |  | *2.7 %* | *1.5 %* | *(0.4) %* | *1.6 %* | *1.4 %* |
| &nbsp;&nbsp;*<u>Supplemental Connectivity & Platforms Detail</u>* | &nbsp;&nbsp;*<u>Supplemental Connectivity & Platforms Detail</u>* | &nbsp;&nbsp;*<u>Supplemental Connectivity & Platforms Detail</u>* | &nbsp;&nbsp;*<u>Supplemental Connectivity & Platforms Detail</u>* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Programming* | 5199 | 5176 | 5069 | 5098 | 20542 | 4884 | 4679 | 4464 | 4473 | 18500 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Marketing & Promotion* | 1213 | 1274 | 1309 | 1384 | 5180 | 1332 | 1296 | 1246 | 1227 | 5101 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Direct Product Costs* | 1122 | 1152 | 1200 | 1427 | 4901 | 1339 | 1329 | 1377 | 1553 | 5598 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Technical & Support* | 1855 | 1873 | 1951 | 2003 | 7682 | 1949 | 1916 | 1911 | 1945 | 7721 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Customer Service* | 776 | 759 | 748 | 735 | 3018 | 736 | 720 | 712 | 702 | 2870 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Other* | 2301 | 2303 | 2354 | 2598 | 9557 | 2429 | 2399 | 2354 | 3062 | 10244 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Total Connectivity & Platforms* | 12466 | 12537 | 12632 | 13245 | 50880 | 12668 | 12339 | 12065 | 12962 | 50033 |
| &nbsp;&nbsp;&nbsp;Programming & Production | 3742 | 3838 | 5220 | 4599 | 17398 | 5221 | 3405 | 3919 | 5104 | 17650 |
| &nbsp;&nbsp;&nbsp;Marketing & Promotion | 222 | 238 | 382 | 422 | 1264 | 426 | 291 | 365 | 439 | 1520 |
| &nbsp;&nbsp;&nbsp;Other | 819 | 854 | 917 | 1022 | 3611 | 929 | 972 | 1042 | 1008 | 3951 |
| Total Media | 4783 | 4930 | 6518 | 6042 | 22273 | 6577 | 4669 | 5326 | 6550 | 23121 |
| &nbsp;&nbsp;&nbsp;Programming & Production | 1746 | 1782 | 1868 | 2047 | 7443 | 2122 | 2392 | 2149 | 2115 | 8778 |
| &nbsp;&nbsp;&nbsp;Marketing & Promotion | 124 | 296 | 339 | 320 | 1079 | 327 | 531 | 388 | 452 | 1699 |
| &nbsp;&nbsp;&nbsp;Other | 162 | 172 | 148 | 195 | 677 | 213 | 196 | 207 | 203 | 819 |
| Total Studios | 2032 | 2250 | 2355 | 2562 | 9198 | 2662 | 3120 | 2744 | 2770 | 11296 |
| Theme Parks | 680 | 874 | 1015 | 1213 | 3783 | 1109 | 1173 | 1244 | 1332 | 4858 |
| Headquarters & Other | 225 | 208 | 276 | 219 | 927 | 208 | 145 | 221 | 382 | 956 |
| Eliminations | (833) | (518) | (642) | (850) | (2843) | (839) | (688) | (849) | (1064) | (3440) |
| **Total Content & Experiences** | 6888 | 7743 | 9522 | 9185 | 33340 | 9716 | 8419 | 8686 | 9970 | 36791 |
| Corporate & Other<sup>1</sup> | 1082 | 1057 | 881 | 1156 | 4175 | 948 | 784 | 919 | 1019 | 3670 |
| Eliminations | (1644) | (1717) | (1695) | (1662) | (6718) | (1472) | (1353) | (1303) | (1398) | (5526) |
| **Total Consolidated Operating Costs and Expenses, Excluding Depreciation and Amortization**<sup>1</sup> | $**18792** | $**19620** | $**21341** | $**21925** | $**81677** | $**21859** | $**20189** | $**20367** | $**22552** | $**84968** |

---

1Costs and expenses, excluding depreciation and amortization, presented in these trending schedules do not include certain amounts that are excluded from Adjusted EBITDA, such as impairments of goodwill and long-lived assets and other operating gains and losses. Corporate & Other also excludes $12 million, $36 million, $30 million, $9 million, $33 million, $(9) million, $(9) million and $(2) million of Sky transaction-related costs and costs related to our investment portfolio in first quarter 2021, second quarter 2021, third quarter 2021, fourth quarter 2021, first quarter 2022, second quarter 2022, third quarter 2022 and fourth quarter 2022, respectively, as these amounts are excluded from Adjusted EBITDA. Goodwill and long-lived asset impairments relating to Sky totaling $8.6 billion were recorded in the third quarter of 2022 and are not included in these trending schedules.

2Constant currency is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures" section below for additional information, including a reconciliation of constant currency amounts.

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2021** | **2021** | **2021** | **2021** | **2021** | **2022** | **2022** | **2022** | **2022** | **2022** |
| *($ in millions; unaudited)* | **1Q** | **2Q** | **3Q** | **4Q** | **FY** | **1Q** | **2Q** | **3Q** | **4Q** | **FY** |
| **Adjusted EBITDA**<sup>1</sup> |  |  |  |  |  |  |  |  |  |  |
| Residential Connectivity & Platforms | $6177 | $6525 | $6375 | $6111 | $25188 | $6611 | $6733 | $6695 | $6073 | $26111 |
| Business Services Connectivity | 1154 | 1153 | 1181 | 1195 | 4682 | 1233 | 1263 | 1288 | 1276 | 5060 |
| **Total Connectivity & Platforms** | 7331 | 7678 | 7556 | 7306 | 29871 | 7844 | 7995 | 7983 | 7349 | 31171 |
| *Change* |  |  |  |  |  | *7.0 %* | *4.1 %* | *5.6 %* | *0.6 %* | *4.4 %* |
| *Constant Currency Change*<sup>2</sup> |  |  |  |  |  | *7.2 %* | *5.0 %* | *6.6 %* | *1.0 %* | *5.0 %* |
| Media | 1418 | 1398 | 1371 | 946 | 5133 | 1181 | 1520 | 679 | 218 | 3598 |
| Studios | 492 | 156 | 186 | 45 | 879 | 245 | (3) | 551 | 168 | 961 |
| Theme Parks | (61) | 221 | 434 | 674 | 1267 | 451 | 632 | 819 | 782 | 2683 |
| Headquarters & Other | (209) | (186) | (248) | (197) | (840) | (191) | (137) | (199) | (353) | (881) |
| Eliminations | (210) | (15) | (12) | 33 | (205) | (62) | 23 | (59) | 97 | (2) |
| **Total Content & Experiences** | 1431 | 1573 | 1730 | 1501 | 6234 | 1623 | 2034 | 1791 | 911 | 6360 |
| Corporate & Other | (358) | (326) | (231) | (416) | (1331) | (235) | (167) | (318) | (288) | (1008) |
| Eliminations | 10 | 2 | (98) | 21 | (65) | (82) | (36) | 26 | 28 | (64) |
| **Total Consolidated Adjusted EBITDA**<sup>1</sup> | $**8413** | $**8927** | $**8957** | $**8411** | $**34708** | $**9150** | $**9827** | $**9482** | $**8000** | $**36459** |

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1Adjusted EBITDA is the measure of profit and loss for our segments. Consolidated Adjusted EBITDA is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures" section below for additional information, including a reconciliation from net income attributable to Comcast Corporation to consolidated Adjusted EBITDA.

2Constant currency is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures" section below for additional information, including a reconciliation of constant currency amounts.

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**Non-GAAP Financial Measures**

**Consolidated Adjusted EBITDA**

Adjusted EBITDA is a non-GAAP financial measure and is the primary basis used to measure the operational strength and performance of our businesses as well as to assist in the evaluation of underlying trends in our businesses. This measure eliminates the significant level of noncash depreciation and amortization expense that results from the capital-intensive nature of certain of our businesses and from intangible assets recognized in business combinations. It is also unaffected by our capital and tax structures, and by our investment activities, including the results of entities that we do not consolidate, as our management excludes these results when evaluating our operating performance. Our management and Board of Directors use this financial measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. Additionally, we believe that Adjusted EBITDA is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure of Adjusted EBITDA may not be directly comparable to similar measures used by other companies.

We define Adjusted EBITDA as net income attributable to Comcast Corporation 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.

A reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA is presented below:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2021** | **2021** | **2021** | **2021** | **2021** | **2022** | **2022** | **2022** | **2022** | **2022** |
| *($ in millions; unaudited)* | **1Q** | **2Q** | **3Q** | **4Q** | **FY** | **1Q** | **2Q** | **3Q** | **4Q** | **FY** |
| **Net income attributable to Comcast Corporation** | $**3329** | $**3738** | $**4035** | $**3057** | $**14159** | $**3549** | $**3396** | $**(4598)** | $**3024** | $**5370** |
| Net income (loss) attributable to noncontrolling interests | (37) | (108) | (104) | (77) | (325) | (73) | (155) | (68) | (150) | (445) |
| Income tax expense | 1119 | 2000 | 1235 | 905 | 5259 | 1288 | 1261 | 1014 | 797 | 4359 |
| Investment and other (income) loss, net | (391) | (1216) | (766) | (183) | (2557) | (188) | 897 | 266 | (114) | 861 |
| Interest expense | 1018 | 1093 | 1050 | 1120 | 4281 | 993 | 968 | 960 | 974 | 3896 |
| Depreciation | 2117 | 2113 | 2177 | 2220 | 8628 | 2213 | 2162 | 2150 | 2199 | 8724 |
| Amortization | 1245 | 1270 | 1301 | 1361 | 5176 | 1335 | 1306 | 1183 | 1273 | 5097 |
| Goodwill and long-lived asset impairments |  |  |  |  |  |  |  | 8583 |  | 8583 |
| Adjustments | 12 | 36 | 30 | 9 | 87 | 33 | (9) | (9) | (2) | 13 |
| **Adjusted EBITDA** | $**8413** | $**8927** | $**8957** | $**8411** | $**34708** | $**9150** | $**9827** | $**9482** | $**8000** | $**36459** |

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**Constant Currency**

Constant currency and constant currency growth rates are non-GAAP financial measures that present our results of operations excluding the estimated effects of foreign currency exchange rate fluctuations. Certain of our businesses, including Connectivity & Platforms, have operations outside the United States that are conducted in local currencies. As a result, the comparability of the financial results reported in U.S. dollars is affected by changes in foreign currency exchange rates. In our Connectivity & Platforms segments, we use constant currency and constant currency growth rates to evaluate the underlying performance of the businesses, and we believe they are helpful for investors because such measures present operating results on a comparable basis year over year to evaluate their underlying performance.

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Constant currency and constant currency growth rates are calculated by comparing the results for each comparable prior year period adjusted to reflect the average exchange rates from each current year period presented, rather than the actual exchange rates that were in effect during the respective periods.

Reconciliations of total Connectivity & Platforms constant currency amounts used in determining constant currency changes are presented below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *($ in millions; unaudited)* | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Revenue** | **1Q** | **2Q** | **3Q** | **4Q** | **FY** |
| As reported | $19797 | $20215 | $20188 | $20550 | $80750 |
| Effects of foreign currency | (143) | (444) | (594) | (520) | (1702) |
| Constant currency amounts | $19654 | $19770 | $19594 | $20030 | $79049 |
| *($ in millions; unaudited)* | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Costs and expenses, excluding depreciation and amortization** | **1Q** | **2Q** | **3Q** | **4Q** | **FY** |
| As reported | $12466 | $12537 | $12632 | $13245 | $50880 |
| Effects of foreign currency | (130) | (383) | (523) | (490) | (1527) |
| Constant currency amounts | $12335 | $12154 | $12109 | $12754 | $49353 |
| *($ in millions; unaudited)* | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Adjusted EBITDA** | **1Q** | **2Q** | **3Q** | **4Q** | **FY** |
| As reported | $7331 | $7678 | $7556 | $7306 | $29871 |
| Effects of foreign currency | (13) | (62) | (71) | (30) | (175) |
| Constant currency amounts | $7318 | $7616 | $7485 | $7276 | $29696 |

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