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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Comcast Corporation | NASDAQ:CMCSA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.725 | -1.87% | 38.125 | 38.12 | 38.13 | 38.74 | 37.835 | 38.62 | 10,000,036 | 20:05:05 |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | 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 |
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 | ||||||||||||
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 | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ | ||||||||||||||||||||
Page Number | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
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Item 1A. | ||||||||
Item 2. | ||||||||
Item 6. | ||||||||
Three Months Ended March 31, | |||||||||||
(in millions, except per share data) | 2022 | 2021 | |||||||||
Revenue | $ | 31,010 | $ | 27,205 | |||||||
Costs and Expenses: | |||||||||||
Programming and production | 10,570 | 8,919 | |||||||||
Other operating and administrative | 9,260 | 8,269 | |||||||||
Advertising, marketing and promotion | 2,062 | 1,616 | |||||||||
Depreciation | 2,213 | 2,117 | |||||||||
Amortization | 1,335 | 1,245 | |||||||||
Total costs and expenses | 25,440 | 22,166 | |||||||||
Operating income | 5,569 | 5,039 | |||||||||
Interest expense | (993) | (1,018) | |||||||||
Investment and other income (loss), net | 188 | 390 | |||||||||
Income before income taxes | 4,764 | 4,411 | |||||||||
Income tax expense | (1,288) | (1,119) | |||||||||
Net income | 3,476 | 3,292 | |||||||||
Less: Net income (loss) attributable to noncontrolling interests | (73) | (37) | |||||||||
Net income attributable to Comcast Corporation | $ | 3,549 | $ | 3,329 | |||||||
Basic earnings per common share attributable to Comcast Corporation shareholders | $ | 0.79 | $ | 0.73 | |||||||
Diluted earnings per common share attributable to Comcast Corporation shareholders | $ | 0.78 | $ | 0.71 | |||||||
Three Months Ended March 31, | |||||||||||
(in millions) | 2022 | 2021 | |||||||||
Net income | $ | 3,476 | $ | 3,292 | |||||||
Currency translation adjustments, net of deferred taxes of $247 and $(92) | (916) | (35) | |||||||||
Cash flow hedges: | |||||||||||
Deferred gains (losses), net of deferred taxes of $(37) and $(19) | 165 | 119 | |||||||||
Realized (gains) losses reclassified to net income, net of deferred taxes of $(5) and $— | (17) | — | |||||||||
Employee benefit obligations and other, net of deferred taxes of $3 and $2 | (9) | (10) | |||||||||
Comprehensive income | 2,699 | 3,366 | |||||||||
Less: Net income (loss) attributable to noncontrolling interests | (73) | (37) | |||||||||
Less: Other comprehensive income (loss) attributable to noncontrolling interests | 28 | (14) | |||||||||
Comprehensive income attributable to Comcast Corporation | $ | 2,744 | $ | 3,417 |
Three Months Ended March 31, | |||||||||||
(in millions) | 2022 | 2021 | |||||||||
Operating Activities | |||||||||||
Net income | $ | 3,476 | $ | 3,292 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 3,548 | 3,362 | |||||||||
Share-based compensation | 376 | 373 | |||||||||
Noncash interest expense (income), net | 93 | 62 | |||||||||
Net (gain) loss on investment activity and other | (113) | (239) | |||||||||
Deferred income taxes | 106 | 28 | |||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | |||||||||||
Current and noncurrent receivables, net | (527) | 554 | |||||||||
Film and television costs, net | 363 | 393 | |||||||||
Accounts payable and accrued expenses related to trade creditors | 314 | (198) | |||||||||
Other operating assets and liabilities | (379) | 124 | |||||||||
Net cash provided by operating activities | 7,257 | 7,751 | |||||||||
Investing Activities | |||||||||||
Capital expenditures | (1,856) | (1,859) | |||||||||
Cash paid for intangible assets | (641) | (612) | |||||||||
Construction of Universal Beijing Resort | (147) | (428) | |||||||||
Acquisitions, net of cash acquired | — | (147) | |||||||||
Proceeds from sales of businesses and investments | 69 | 388 | |||||||||
Purchases of investments | (66) | (52) | |||||||||
Other | 44 | 98 | |||||||||
Net cash provided by (used in) investing activities | (2,597) | (2,612) | |||||||||
Financing Activities | |||||||||||
Proceeds from borrowings | 117 | 192 | |||||||||
Repurchases and repayments of debt | (104) | (124) | |||||||||
Repurchases of common stock under repurchase program and employee plans | (3,223) | (309) | |||||||||
Dividends paid | (1,166) | (1,080) | |||||||||
Other | (114) | (577) | |||||||||
Net cash provided by (used in) financing activities | (4,490) | (1,898) | |||||||||
Impact of foreign currency on cash, cash equivalents and restricted cash | (35) | (33) | |||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | 135 | 3,208 | |||||||||
Cash, cash equivalents and restricted cash, beginning of period | 8,778 | 11,768 | |||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 8,914 | $ | 14,976 |
(in millions, except share data) | March 31, 2022 | December 31, 2021 | |||||||||
Assets | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 8,880 | $ | 8,711 | |||||||
Receivables, net | 12,300 | 12,008 | |||||||||
Other current assets | 4,201 | 4,088 | |||||||||
Total current assets | 25,381 | 24,807 | |||||||||
Film and television costs | 12,360 | 12,806 | |||||||||
Investments | 8,287 | 8,082 | |||||||||
Investment securing collateralized obligation | 646 | 605 | |||||||||
Property and equipment, net of accumulated depreciation of $56,274 and $55,611 | 53,820 | 54,047 | |||||||||
Goodwill | 69,052 | 70,189 | |||||||||
Franchise rights | 59,365 | 59,365 | |||||||||
Other intangible assets, net of accumulated amortization of $24,525 and $23,545 | 32,468 | 33,580 | |||||||||
Other noncurrent assets, net | 12,694 | 12,424 | |||||||||
Total assets | $ | 274,074 | $ | 275,905 | |||||||
Liabilities and Equity | |||||||||||
Current Liabilities: | |||||||||||
Accounts payable and accrued expenses related to trade creditors | $ | 12,707 | $ | 12,455 | |||||||
Accrued participations and residuals | 1,744 | 1,822 | |||||||||
Deferred revenue | 3,018 | 3,040 | |||||||||
Accrued expenses and other current liabilities | 10,071 | 9,899 | |||||||||
Current portion of long-term debt | 2,117 | 2,132 | |||||||||
Total current liabilities | 29,657 | 29,348 | |||||||||
Long-term debt, less current portion | 92,443 | 92,718 | |||||||||
Collateralized obligation | 5,171 | 5,170 | |||||||||
Deferred income taxes | 29,857 | 30,041 | |||||||||
Other noncurrent liabilities | 20,441 | 20,620 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interests | 513 | 519 | |||||||||
Equity: | |||||||||||
Preferred stock—authorized, 20,000,000 shares; issued, zero | — | — | |||||||||
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 5,344,663,467 and 5,396,576,978; outstanding, 4,471,872,439 and 4,523,785,950 | 53 | 54 | |||||||||
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375 | — | — | |||||||||
Additional paid-in capital | 39,926 | 40,173 | |||||||||
Retained earnings | 61,555 | 61,902 | |||||||||
Treasury stock, 872,791,028 Class A common shares | (7,517) | (7,517) | |||||||||
Accumulated other comprehensive income (loss) | 674 | 1,480 | |||||||||
Total Comcast Corporation shareholders’ equity | 94,693 | 96,092 | |||||||||
Noncontrolling interests | 1,300 | 1,398 | |||||||||
Total equity | 95,992 | 97,490 | |||||||||
Total liabilities and equity | $ | 274,074 | $ | 275,905 |
Three Months Ended March 31, | ||||||||
(in millions, except per share data) | 2022 | 2021 | ||||||
Redeemable Noncontrolling Interests | ||||||||
Balance, beginning of period | $ | 519 | $ | 1,280 | ||||
Redemption of subsidiary preferred stock | — | (725) | ||||||
Contributions from (distributions to) noncontrolling interests, net | (25) | (27) | ||||||
Other | — | (10) | ||||||
Net income (loss) | 18 | 28 | ||||||
Balance, end of period | $ | 513 | $ | 546 | ||||
Class A Common Stock | ||||||||
Balance, beginning of period | $ | 54 | $ | 54 | ||||
Issuances (repurchases) of common stock under repurchase program and employee plans | (1) | 1 | ||||||
Balance, end of period | $ | 53 | $ | 55 | ||||
Additional Paid-In Capital | ||||||||
Balance, beginning of period | $ | 40,173 | $ | 39,464 | ||||
Stock compensation plans | 286 | 296 | ||||||
Repurchases of common stock under repurchase program and employee plans | (595) | (88) | ||||||
Employee stock purchase plans | 67 | 62 | ||||||
Other | (5) | 10 | ||||||
Balance, end of period | $ | 39,926 | $ | 39,744 | ||||
Retained Earnings | ||||||||
Balance, beginning of period | $ | 61,902 | $ | 56,438 | ||||
Repurchases of common stock under repurchase program and employee plans | (2,670) | (289) | ||||||
Dividends declared | (1,225) | (1,161) | ||||||
Other | — | 4 | ||||||
Net income (loss) | 3,549 | 3,329 | ||||||
Balance, end of period | $ | 61,555 | $ | 58,321 | ||||
Treasury Stock at Cost | ||||||||
Balance, beginning of period | $ | (7,517) | $ | (7,517) | ||||
Balance, end of period | $ | (7,517) | $ | (7,517) | ||||
Accumulated Other Comprehensive Income (Loss) | ||||||||
Balance, beginning of period | $ | 1,480 | $ | 1,884 | ||||
Other comprehensive income (loss) | (806) | 88 | ||||||
Balance, end of period | $ | 674 | $ | 1,972 | ||||
Noncontrolling Interests | ||||||||
Balance, beginning of period | $ | 1,398 | $ | 1,415 | ||||
Other comprehensive income (loss) | 28 | (14) | ||||||
Contributions from (distributions to) noncontrolling interests, net | (35) | 189 | ||||||
Net income (loss) | (91) | (65) | ||||||
Balance, end of period | $ | 1,300 | $ | 1,525 | ||||
Total equity | $ | 95,992 | $ | 94,100 | ||||
Cash dividends declared per common share | $ | 0.27 | $ | 0.25 |
Three Months Ended March 31, 2022 | |||||||||||||||||
(in millions) | Revenue(a) | Adjusted EBITDA(b) | Depreciation and Amortization | Capital Expenditures | Cash Paid for Intangible Assets | ||||||||||||
Cable Communications | $ | 16,540 | $ | 7,272 | $ | 1,960 | $ | 1,367 | $ | 334 | |||||||
NBCUniversal | |||||||||||||||||
Media | 6,865 | 1,159 | 250 | 12 | 46 | ||||||||||||
Studios | 2,757 | 245 | 11 | 1 | 3 | ||||||||||||
Theme Parks | 1,560 | 451 | 282 | 220 | 5 | ||||||||||||
Headquarters and Other | 16 | (191) | 118 | 72 | 31 | ||||||||||||
Eliminations(a) | (901) | (62) | — | — | — | ||||||||||||
NBCUniversal | 10,296 | 1,601 | 662 | 306 | 85 | ||||||||||||
Sky | 4,775 | 622 | 870 | 147 | 154 | ||||||||||||
Corporate and Other | 238 | (262) | 56 | 37 | 67 | ||||||||||||
Eliminations(a) | (840) | (82) | — | — | — | ||||||||||||
Comcast Consolidated | $ | 31,010 | $ | 9,150 | $ | 3,548 | $ | 1,856 | $ | 641 |
Three Months Ended March 31, 2021 | |||||||||||||||||
(in millions) | Revenue(a) | Adjusted EBITDA(b) | Depreciation and Amortization | Capital Expenditures | Cash Paid for Intangible Assets | ||||||||||||
Cable Communications | $ | 15,805 | $ | 6,830 | $ | 1,929 | $ | 1,370 | $ | 315 | |||||||
NBCUniversal | |||||||||||||||||
Media | 5,036 | 1,473 | 247 | 10 | 32 | ||||||||||||
Studios | 2,396 | 497 | 12 | 1 | 2 | ||||||||||||
Theme Parks | 619 | (61) | 207 | 126 | 6 | ||||||||||||
Headquarters and Other | 16 | (209) | 117 | 35 | 28 | ||||||||||||
Eliminations(a) | (1,043) | (210) | — | — | — | ||||||||||||
NBCUniversal | 7,024 | 1,490 | 583 | 172 | 68 | ||||||||||||
Sky | 4,997 | 364 | 814 | 271 | 201 | ||||||||||||
Corporate and Other | 89 | (281) | 36 | 46 | 28 | ||||||||||||
Eliminations(a) | (710) | 10 | — | — | — | ||||||||||||
Comcast Consolidated | $ | 27,205 | $ | 8,413 | $ | 3,362 | $ | 1,859 | $ | 612 |
Three Months Ended March 31, | |||||||||||
(in millions) | 2022 | 2021 | |||||||||
Cable Communications | $ | 56 | $ | 45 | |||||||
NBCUniversal | |||||||||||
Media | 669 | 540 | |||||||||
Studios | 939 | 1,089 | |||||||||
Theme Parks | — | 1 | |||||||||
Headquarters and Other | 12 | 12 | |||||||||
Sky | 5 | 8 | |||||||||
Corporate and Other | 58 | 58 | |||||||||
Total intersegment revenue | $ | 1,741 | $ | 1,753 | |||||||
Three Months Ended March 31, | |||||||||||
(in millions) | 2022 | 2021 | |||||||||
Adjusted EBITDA | $ | 9,150 | $ | 8,413 | |||||||
Adjustments | (33) | (12) | |||||||||
Depreciation | (2,213) | (2,117) | |||||||||
Amortization | (1,335) | (1,245) | |||||||||
Interest expense | (993) | (1,018) | |||||||||
Investment and other income (loss), net | 188 | 390 | |||||||||
Income before income taxes | $ | 4,764 | $ | 4,411 | |||||||
Three Months Ended March 31, | |||||||||||
(in millions) | 2022 | 2021 | |||||||||
Residential: | |||||||||||
Broadband | $ | 6,050 | $ | 5,600 | |||||||
Video | 5,536 | 5,623 | |||||||||
Voice | 786 | 871 | |||||||||
Wireless | 677 | 513 | |||||||||
Business services | 2,396 | 2,167 | |||||||||
Advertising | 671 | 618 | |||||||||
Other | 424 | 413 | |||||||||
Total Cable Communications | 16,540 | 15,805 | |||||||||
Advertising | 3,332 | 2,094 | |||||||||
Distribution | 3,033 | 2,495 | |||||||||
Other | 499 | 447 | |||||||||
Total Media | 6,865 | 5,036 | |||||||||
Content licensing | 2,279 | 2,075 | |||||||||
Theatrical | 168 | 39 | |||||||||
Home entertainment and other | 310 | 282 | |||||||||
Total Studios | 2,757 | 2,396 | |||||||||
Total Theme Parks | 1,560 | 619 | |||||||||
Headquarters and Other | 16 | 16 | |||||||||
Eliminations(a) | (901) | (1,043) | |||||||||
Total NBCUniversal | 10,296 | 7,024 | |||||||||
Direct-to-consumer | 3,884 | 4,065 | |||||||||
Content | 295 | 358 | |||||||||
Advertising | 596 | 574 | |||||||||
Total Sky | 4,775 | 4,997 | |||||||||
Corporate and Other | 238 | 89 | |||||||||
Eliminations(a) | (840) | (710) | |||||||||
Total revenue | $ | 31,010 | $ | 27,205 |
(in millions) | March 31, 2022 | December 31, 2021 | |||||||||
Receivables, gross | $ | 13,026 | $ | 12,666 | |||||||
Less: Allowance for doubtful accounts | 726 | 658 | |||||||||
Receivables, net | $ | 12,300 | $ | 12,008 | |||||||
(in millions) | March 31, 2022 | December 31, 2021 | |||||||||
Noncurrent receivables, net (included in other noncurrent assets, net) | $ | 1,775 | $ | 1,632 | |||||||
Contract acquisition and fulfillment costs (included in other noncurrent assets, net) | $ | 1,089 | $ | 1,094 | |||||||
Noncurrent deferred revenue (included in other noncurrent liabilities) | $ | 682 | $ | 695 |
Three Months Ended March 31, | |||||||||||
(in millions) | 2022 | 2021 | |||||||||
Video distribution programming | $ | 3,426 | $ | 3,515 | |||||||
Film and television content: | |||||||||||
Owned(a) | 2,508 | 1,964 | |||||||||
Licensed, including sports rights | 4,325 | 3,175 | |||||||||
Other | 311 | 265 | |||||||||
Total programming and production costs | $ | 10,570 | $ | 8,919 |
(in millions) | March 31, 2022 | December 31, 2021 | |||||||||
Owned: | |||||||||||
Released, less amortization | $ | 3,900 | $ | 3,726 | |||||||
Completed, not released | 597 | 536 | |||||||||
In production and in development | 2,706 | 2,732 | |||||||||
7,202 | 6,994 | ||||||||||
Licensed, including sports advances | 5,158 | 5,811 | |||||||||
Film and television costs | $ | 12,360 | $ | 12,806 |
Three Months Ended March 31, | |||||||||||
(in millions) | 2022 | 2021 | |||||||||
Equity in net income (losses) of investees, net | $ | 133 | $ | 136 | |||||||
Realized and unrealized gains (losses) on equity securities, net | 117 | 237 | |||||||||
Other income (loss), net | (62) | 17 | |||||||||
Investment and other income (loss), net | $ | 188 | $ | 390 |
(in millions) | March 31, 2022 | December 31, 2021 | |||||||||
Equity method | $ | 5,852 | $ | 6,111 | |||||||
Marketable equity securities | 323 | 406 | |||||||||
Nonmarketable equity securities | 1,897 | 1,735 | |||||||||
Other investments | 1,166 | 803 | |||||||||
Total investments | 9,238 | 9,055 | |||||||||
Less: Current investments | 306 | 368 | |||||||||
Less: Investment securing collateralized obligation | 646 | 605 | |||||||||
Noncurrent investments | $ | 8,287 | $ | 8,082 |
Three Months Ended March 31, | |||||||||||
(in millions) | 2022 | 2021 | |||||||||
Weighted-average number of common shares outstanding – basic | 4,512 | 4,591 | |||||||||
Effect of dilutive securities | 46 | 74 | |||||||||
Weighted-average number of common shares outstanding – diluted | 4,558 | 4,665 |
(in millions) | March 31, 2022 | December 31, 2021 | |||||||||
Cumulative translation adjustments | $ | 174 | $ | 1,119 | |||||||
Deferred gains (losses) on cash flow hedges | 252 | 104 | |||||||||
Unrecognized gains (losses) on employee benefit obligations and other | 248 | 257 | |||||||||
Accumulated other comprehensive income (loss), net of deferred taxes | $ | 674 | $ | 1,480 |
Three Months Ended March 31, | |||||||||||
(in millions) | 2022 | 2021 | |||||||||
Restricted share units | $ | 197 | $ | 206 | |||||||
Stock options | 91 | 90 | |||||||||
Employee stock purchase plans | 12 | 11 | |||||||||
Total | $ | 300 | $ | 307 |
Three Months Ended March 31, | |||||||||||
(in millions) | 2022 | 2021 | |||||||||
Interest | $ | 747 | $ | 911 | |||||||
Income taxes | $ | 90 | $ | 87 |
(in millions) | March 31, 2022 | December 31, 2021 | |||||||||
Cash and cash equivalents | $ | 8,880 | $ | 8,711 | |||||||
Restricted cash included in other current assets | 21 | 56 | |||||||||
Restricted cash included in other noncurrent assets, net | 12 | 12 | |||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 8,914 | $ | 8,778 |
Three Months Ended March 31, | Increase/ (Decrease) | ||||||||||||||||
(in millions, except per share data) | 2022 | 2021 | % | ||||||||||||||
Revenue | $ | 31,010 | $ | 27,205 | 14.0 | % | |||||||||||
Costs and Expenses: | |||||||||||||||||
Programming and production | 10,570 | 8,919 | 18.5 | ||||||||||||||
Other operating and administrative | 9,260 | 8,269 | 12.0 | ||||||||||||||
Advertising, marketing and promotion | 2,062 | 1,616 | 27.6 | ||||||||||||||
Depreciation | 2,213 | 2,117 | 4.5 | ||||||||||||||
Amortization | 1,335 | 1,245 | 7.3 | ||||||||||||||
Total costs and expenses | 25,440 | 22,166 | 14.8 | ||||||||||||||
Operating income | 5,569 | 5,039 | 10.5 | ||||||||||||||
Interest expense | (993) | (1,018) | (2.4) | ||||||||||||||
Investment and other income (loss), net | 188 | 390 | (52.0) | ||||||||||||||
Income before income taxes | 4,764 | 4,411 | 8.0 | ||||||||||||||
Income tax expense | (1,288) | (1,119) | 15.1 | ||||||||||||||
Net income | 3,476 | 3,292 | 5.6 | ||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | (73) | (37) | 97.4 | ||||||||||||||
Net income attributable to Comcast Corporation | $ | 3,549 | $ | 3,329 | 6.6 | % | |||||||||||
Basic earnings per common share attributable to Comcast Corporation shareholders | $ | 0.79 | $ | 0.73 | 8.2 | % | |||||||||||
Diluted earnings per common share attributable to Comcast Corporation shareholders | $ | 0.78 | $ | 0.71 | 9.9 | % | |||||||||||
Adjusted EBITDA(a) | $ | 9,150 | $ | 8,413 | 8.8 | % |
Three Months Ended March 31, | Increase/ (Decrease) | ||||||||||||||||
(in millions) | 2022 | 2021 | % | ||||||||||||||
Cable Communications | $ | 1,960 | $ | 1,929 | 1.6 | % | |||||||||||
NBCUniversal | 662 | 583 | 13.6 | ||||||||||||||
Sky | 870 | 814 | 7.0 | ||||||||||||||
Corporate and Other | 56 | 36 | 55.2 | ||||||||||||||
Comcast Consolidated | $ | 3,548 | $ | 3,362 | 5.5 | % |
Three Months Ended March 31, | Increase/ (Decrease) | ||||||||||||||||
(in millions) | 2022 | 2021 | % | ||||||||||||||
Equity in net income (losses) of investees, net | $ | 133 | $ | 136 | (2.2) | % | |||||||||||
Realized and unrealized gains (losses) on equity securities, net | 117 | 237 | (50.7) | ||||||||||||||
Other income (loss), net | (62) | 17 | NM | ||||||||||||||
Total investment and other income (loss), net | $ | 188 | $ | 390 | (52.0) | % |
Three Months Ended March 31, | Increase/ (Decrease) | ||||||||||||||||
(in millions) | 2022 | 2021 | % | ||||||||||||||
Revenue | |||||||||||||||||
Residential: | |||||||||||||||||
Broadband | $ | 6,050 | $ | 5,600 | 8.0 | % | |||||||||||
Video | 5,536 | 5,623 | (1.5) | ||||||||||||||
Voice | 786 | 871 | (9.8) | ||||||||||||||
Wireless | 677 | 513 | 32.0 | ||||||||||||||
Business services | 2,396 | 2,167 | 10.6 | ||||||||||||||
Advertising | 671 | 618 | 8.6 | ||||||||||||||
Other | 424 | 413 | 2.7 | ||||||||||||||
Total revenue | 16,540 | 15,805 | 4.7 | ||||||||||||||
Operating costs and expenses | |||||||||||||||||
Programming | 3,628 | 3,670 | (1.1) | ||||||||||||||
Technical and product support | 2,228 | 2,021 | 10.3 | ||||||||||||||
Customer service | 581 | 602 | (3.6) | ||||||||||||||
Advertising, marketing and promotion | 1,012 | 905 | 11.9 | ||||||||||||||
Franchise and other regulatory fees | 421 | 501 | (16.0) | ||||||||||||||
Other | 1,399 | 1,276 | 9.7 | ||||||||||||||
Total operating costs and expenses | 9,269 | 8,975 | 3.3 | ||||||||||||||
Adjusted EBITDA | $ | 7,272 | $ | 6,830 | 6.5 | % |
Net Additions / (Losses) | ||||||||||||||
March 31, | Three Months Ended March 31, | |||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Customer relationships | ||||||||||||||
Residential customer relationships | 31,913 | 31,062 | 185 | 370 | ||||||||||
Business services customer relationships | 2,498 | 2,437 | 9 | 11 | ||||||||||
Total customer relationships | 34,412 | 33,499 | 194 | 380 | ||||||||||
Residential customer relationships mix | ||||||||||||||
One product customers | 14,816 | 12,997 | 486 | 589 | ||||||||||
Two product customers | 8,364 | 8,645 | (43) | (89) | ||||||||||
Three or more product customers | 8,733 | 9,420 | (259) | (130) | ||||||||||
Broadband | ||||||||||||||
Residential customers | 29,836 | 28,774 | 253 | 448 | ||||||||||
Business services customers | 2,327 | 2,261 | 9 | 12 | ||||||||||
Total broadband customers | 32,163 | 31,034 | 262 | 461 | ||||||||||
Video | ||||||||||||||
Residential customers | 17,011 | 18,590 | (484) | (404) | ||||||||||
Business services customers | 654 | 765 | (27) | (87) | ||||||||||
Total video customers | 17,664 | 19,355 | (512) | (491) | ||||||||||
Voice | ||||||||||||||
Residential customers | 8,781 | 9,533 | (282) | (112) | ||||||||||
Business services customers | 1,391 | 1,363 | (1) | 6 | ||||||||||
Total voice customers | 10,171 | 10,896 | (282) | (106) | ||||||||||
Wireless | ||||||||||||||
Wireless lines | 4,298 | 3,103 | 318 | 278 |
Three Months Ended March 31, | Increase/(Decrease) | ||||||||||||||||
2022 | 2021 | % | |||||||||||||||
Average monthly total revenue per customer relationship | $ | 160.67 | $ | 158.17 | 1.6 | % | |||||||||||
Average monthly Adjusted EBITDA per customer relationship | $ | 70.64 | $ | 68.35 | 3.3 | % |
Three Months Ended March 31, | Increase/ (Decrease) | ||||||||||||||||
(in millions) | 2022 | 2021 | % | ||||||||||||||
Revenue | |||||||||||||||||
Media | $ | 6,865 | $ | 5,036 | 36.3 | % | |||||||||||
Studios | 2,757 | 2,396 | 15.1 | ||||||||||||||
Theme Parks | 1,560 | 619 | 151.9 | ||||||||||||||
Headquarters and Other | 16 | 16 | 1.9 | ||||||||||||||
Eliminations | (901) | (1,043) | 13.5 | ||||||||||||||
Total revenue | $ | 10,296 | $ | 7,024 | 46.6 | % | |||||||||||
Adjusted EBITDA | |||||||||||||||||
Media | $ | 1,159 | $ | 1,473 | (21.3) | % | |||||||||||
Studios | 245 | 497 | (50.7) | ||||||||||||||
Theme Parks | 451 | (61) | NM | ||||||||||||||
Headquarters and Other | (191) | (209) | 8.3 | ||||||||||||||
Eliminations | (62) | (210) | 70.4 | ||||||||||||||
Total Adjusted EBITDA | $ | 1,601 | $ | 1,490 | 7.4 | % |
Three Months Ended March 31, | Increase/ (Decrease) | ||||||||||||||||
(in millions) | 2022 | 2021 | % | ||||||||||||||
Revenue | |||||||||||||||||
Advertising | $ | 3,332 | $ | 2,094 | 59.2 | % | |||||||||||
Distribution | 3,033 | 2,495 | 21.6 | ||||||||||||||
Other | 499 | 447 | 11.6 | ||||||||||||||
Total revenue | 6,865 | 5,036 | 36.3 | ||||||||||||||
Operating costs and expenses | |||||||||||||||||
Programming and production | 4,351 | 2,522 | 72.5 | ||||||||||||||
Other operating and administrative | 929 | 819 | 13.5 | ||||||||||||||
Advertising, marketing and promotion | 426 | 222 | 91.8 | ||||||||||||||
Total operating costs and expenses | 5,706 | 3,563 | 60.1 | ||||||||||||||
Adjusted EBITDA | $ | 1,159 | $ | 1,473 | (21.3) | % |
Three Months Ended March 31, | Increase/ (Decrease) | ||||||||||||||||
(in millions) | 2022 | 2021 | % | ||||||||||||||
Advertising | $ | 3,332 | $ | 2,094 | 59.2 | % | |||||||||||
Advertising, excluding Beijing Olympics and Super Bowl | 2,178 | 2,094 | 4.0 |
Three Months Ended March 31, | Increase/ (Decrease) | ||||||||||||||||
(in millions) | 2022 | 2021 | % | ||||||||||||||
Distribution | $ | 3,033 | $ | 2,495 | 21.6 | % | |||||||||||
Distribution, excluding Beijing Olympics | 2,706 | 2,495 | 8.5 |
Three Months Ended March 31, | Increase/ (Decrease) | ||||||||||||||||
(in millions) | 2022 | 2021 | % | ||||||||||||||
Revenue | |||||||||||||||||
Content licensing | $ | 2,279 | $ | 2,075 | 9.8 | % | |||||||||||
Theatrical | 168 | 39 | NM | ||||||||||||||
Home entertainment and other | 310 | 282 | 9.8 | ||||||||||||||
Total revenue | 2,757 | 2,396 | 15.1 | ||||||||||||||
Operating costs and expenses | |||||||||||||||||
Programming and production | 1,974 | 1,614 | 22.3 | ||||||||||||||
Other operating and administrative | 210 | 161 | 31.1 | ||||||||||||||
Advertising, marketing and promotion | 327 | 124 | 163.0 | ||||||||||||||
Total operating costs and expenses | 2,511 | 1,899 | 32.3 | ||||||||||||||
Adjusted EBITDA | $ | 245 | $ | 497 | (50.7) | % |
Three Months Ended March 31, | Increase/ (Decrease) | ||||||||||||||||
(in millions) | 2022 | 2021 | % | ||||||||||||||
Revenue | $ | 1,560 | $ | 619 | 151.9 | % | |||||||||||
Operating costs and expenses | 1,109 | 680 | 63.0 | ||||||||||||||
Adjusted EBITDA | $ | 451 | $ | (61) | NM |
Three Months Ended March 31, | Increase/ (Decrease) | ||||||||||||||||
(in millions) | 2022 | 2021 | % | ||||||||||||||
Revenue | $ | 16 | $ | 16 | 1.9 | % | |||||||||||
Operating costs and expenses | 208 | 225 | (7.6) | ||||||||||||||
Adjusted EBITDA | $ | (191) | $ | (209) | 8.3 | % |
Three Months Ended March 31, | Increase/ (Decrease) | ||||||||||||||||
(in millions) | 2022 | 2021 | % | ||||||||||||||
Revenue | $ | (901) | $ | (1,043) | (13.5) | % | |||||||||||
Operating costs and expenses | (839) | (833) | 0.8 | ||||||||||||||
Adjusted EBITDA | $ | (62) | $ | (210) | (70.4) | % |
Three Months Ended March 31, | Increase/ (Decrease) | Constant Currency Change(a) | |||||||||||||||||||||
(in millions) | 2022 | 2021 | % | % | |||||||||||||||||||
Revenue | |||||||||||||||||||||||
Direct-to-consumer | $ | 3,884 | $ | 4,065 | (4.5) | % | (0.4) | % | |||||||||||||||
Content | 295 | 358 | (17.5) | (14.3) | |||||||||||||||||||
Advertising | 596 | 574 | 3.8 | 7.9 | |||||||||||||||||||
Total revenue | 4,775 | 4,997 | (4.5) | (0.5) | |||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||
Programming and production | 1,948 | 2,485 | (21.6) | (17.6) | |||||||||||||||||||
Direct network costs | 672 | 631 | 6.5 | 9.7 | |||||||||||||||||||
Other | 1,532 | 1,517 | 1.0 | 5.2 | |||||||||||||||||||
Total operating costs and expenses | 4,153 | 4,633 | (10.4) | (6.3) | |||||||||||||||||||
Adjusted EBITDA | $ | 622 | $ | 364 | 71.0 | % | 71.2 | % |
Net Additions / (Losses) | ||||||||||||||
March 31, | Three Months Ended March 31, | |||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Total customer relationships | 22,921 | 23,446 | (106) | 221 |
Three Months Ended March 31, | Increase/ (Decrease) | Constant Currency Change(a) | ||||||||||||
2022 | 2021 | % | % | |||||||||||
Average monthly direct-to-consumer revenue per customer relationship | $ | 56.35 | $ | 58.06 | (2.9) | % | 1.1 | % |
Three Months Ended March 31, | Increase/ (Decrease) | ||||||||||||||||
(in millions) | 2022 | 2021 | % | ||||||||||||||
Revenue | $ | 238 | $ | 89 | 168.8 | % | |||||||||||
Operating costs and expenses | 500 | 370 | 35.4 | ||||||||||||||
Adjusted EBITDA | $ | (262) | $ | (281) | 6.7 | % |
Three Months Ended March 31, | Increase/ (Decrease) | ||||||||||||||||
(in millions) | 2022 | 2021 | % | ||||||||||||||
Revenue | $ | (840) | $ | (710) | 18.2 | % | |||||||||||
Operating costs and expenses | (757) | (720) | 5.2 | ||||||||||||||
Adjusted EBITDA | $ | (82) | $ | 10 | NM |
Three Months Ended March 31, | |||||||||||
(in millions) | 2022 | 2021 | |||||||||
Net income attributable to Comcast Corporation | $ | 3,549 | $ | 3,329 | |||||||
Net income (loss) attributable to noncontrolling interests | (73) | (37) | |||||||||
Income tax expense | 1,288 | 1,119 | |||||||||
Investment and other (income) loss, net | (188) | (390) | |||||||||
Interest expense | 993 | 1,018 | |||||||||
Depreciation | 2,213 | 2,117 | |||||||||
Amortization | 1,335 | 1,245 | |||||||||
Adjustments(a) | 33 | 12 | |||||||||
Adjusted EBITDA | $ | 9,150 | $ | 8,413 |
Three Months Ended March 31, | |||||||||||||||||
Actual | Constant Currency | Constant Currency Change | |||||||||||||||
(in millions, except per customer data) | 2022 | 2021 | % | ||||||||||||||
Revenue | |||||||||||||||||
Direct-to-consumer | $ | 3,884 | $ | 3,901 | (0.4) | % | |||||||||||
Content | 295 | 345 | (14.3) | ||||||||||||||
Advertising | 596 | 552 | 7.9 | ||||||||||||||
Total revenue | 4,775 | 4,797 | (0.5) | ||||||||||||||
Operating costs and expenses | |||||||||||||||||
Programming and production | 1,948 | 2,365 | (17.6) | ||||||||||||||
Direct network costs | 672 | 613 | 9.7 | ||||||||||||||
Other | 1,532 | 1,457 | 5.2 | ||||||||||||||
Total operating costs and expenses | 4,153 | 4,434 | (6.3) | ||||||||||||||
Adjusted EBITDA | $ | 622 | $ | 363 | 71.2 | % | |||||||||||
Average monthly direct-to-consumer revenue per customer relationship | $ | 56.35 | $ | 55.72 | 1.1 | % |
Three Months Ended March 31, | |||||||||||
(in millions) | 2022 | 2021 | |||||||||
Cash provided by operating activities | $ | 7,257 | $ | 7,751 | |||||||
Cash used in investing activities | $ | (2,597) | $ | (2,612) | |||||||
Cash used in financing activities | $ | (4,490) | $ | (1,898) |
(in millions) | March 31, 2022 | December 31, 2021 | ||||||
Cash and cash equivalents | $ | 8,880 | $ | 8,711 | ||||
Short-term and long-term debt | $ | 94,561 | $ | 94,850 |
Three Months Ended March 31, | |||||||||||
(in millions) | 2022 | 2021 | |||||||||
Operating income | $ | 5,569 | $ | 5,039 | |||||||
Depreciation and amortization | 3,548 | 3,362 | |||||||||
Noncash share-based compensation | 376 | 373 | |||||||||
Changes in operating assets and liabilities | (1,475) | (176) | |||||||||
Payments of interest | (747) | (911) | |||||||||
Payments of income taxes | (90) | (87) | |||||||||
Proceeds from investments and other | 75 | 151 | |||||||||
Net cash provided by operating activities | $ | 7,257 | $ | 7,751 |
(in billions) | March 31, 2022 | December 31, 2021 | ||||||
Debt Subject to Cross-Guarantees | ||||||||
Comcast | $ | 85.6 | $ | 85.9 | ||||
Comcast Cable(a) | 2.1 | 2.1 | ||||||
NBCUniversal(a) | 1.6 | 1.6 | ||||||
89.4 | 89.6 | |||||||
Debt Subject to One-Way Guarantees | ||||||||
Sky | 6.2 | 6.3 | ||||||
Other(a) | 0.1 | 0.1 | ||||||
6.4 | 6.5 | |||||||
Debt Not Guaranteed | ||||||||
Universal Beijing Resort(b) | 3.7 | 3.6 | ||||||
Other | 1.2 | 1.2 | ||||||
4.9 | 4.7 | |||||||
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net | (6.1) | (6.0) | ||||||
Total debt | $ | 94.6 | $ | 94.8 | ||||
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) | |||||||||||||||
January 1-31, 2022 | 16,430,614 | $ | 49.91 | 16,430,614 | $ | 819,999,896 | $ | 9,180,000,104 | ||||||||||||
February 1-28, 2022 | 31,571,308 | $ | 47.51 | 31,571,308 | $ | 1,499,986,778 | $ | 7,680,013,327 | ||||||||||||
March 1-31, 2022 | 14,526,731 | $ | 46.81 | 14,526,731 | $ | 680,013,306 | $ | 7,000,000,020 | ||||||||||||
Total | 62,528,653 | $ | 47.98 | 62,528,653 | $ | 2,999,999,980 | $ | 7,000,000,020 |
Exhibit No. | Description | |||||||
List of subsidiaries. | ||||||||
Subsidiary guarantors and issuers of guaranteed securities and affiliates whose securities collateralize securities of the registrant (incorporated by reference to Exhibit 22 to Comcast's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021). | ||||||||
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, 2022, filed with the Securities and Exchange Commission on April 28, 2022, 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) |
1 Year Comcast Chart |
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