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1、UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington,D.C.20549FORM 10-Q(Mark One)QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended September 30,2024OrTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE AC

2、T OF 1934For the transition period from to Commission File NumberExact Name of Registrant;State ofIncorporation;Address and TelephoneNumber of Principal Executive OfficesI.R.S.Employer Identification No.001-32871COMCAST CORPORATION27-0000798PennsylvaniaOne Comcast CenterPhiladelphia,PA 19103-2838(21

3、5)286-1700Securities registered pursuant to Section 12(b)of the Act:Title of each classTrading Symbol(s)Name of each exchange on which registeredClass A Common Stock,$0.01 par valueCMCSAThe Nasdaq Stock Market LLC0.000%Notes due 2026CMCS26The Nasdaq Stock Market LLC0.250%Notes due 2027CMCS27The Nasd

4、aq Stock Market LLC1.500%Notes due 2029CMCS29The Nasdaq Stock Market LLC0.250%Notes due 2029CMCS29AThe Nasdaq Stock Market LLC0.750%Notes due 2032CMCS32The Nasdaq Stock Market LLC3.250%Notes due 2032CMCS32AThe Nasdaq Stock Market LLC1.875%Notes due 2036CMCS36The Nasdaq Stock Market LLC3.550%Notes du

5、e 2036CMCS36AThe Nasdaq Stock Market LLC1.250%Notes due 2040CMCS40The Nasdaq Stock Market LLC5.250%Notes due 2040CMCS40AThe Nasdaq Stock Market LLC5.50%Notes due 2029CCGBP29New York Stock Exchange2.0%Exchangeable Subordinated Debentures due 2029CCZNew York Stock ExchangeIndicate by check mark whethe

6、r the registrant(1)has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during thepreceding twelve months(or for such shorter period that the registrant was required to file such reports),and(2)has been subject to such filing requirements for thepas

7、t 90 days.Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of RegulationS-T(232.405 of this chapter)during the preceding 12 months(or for such shorter period that the registrant was required to

8、 submit such files).Yes No Indicate by check mark whether the registrant is a large accelerated filer,an accelerated filer,a non-accelerated filer,a smaller reporting company,or an emerginggrowth company.See the definitions of“large accelerated filer,”“accelerated filer,”“smaller reporting company”a

9、nd“emerging growth company”in Rule 12b-2of the Exchange Act.Large acceleratedfilerAccelerated filerNon-accelerated filerSmaller reportingcompanyEmerging growthcompanyIf an emerging growth company,indicate by check mark if the registrant has elected not to use the extended transition period for compl

10、ying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a)of the Exchange Act.Indicate by check mark whether the registrant is a shell company(as defined in Rule 12b-2 of the Exchange Act).Yes No Indicate the number of shares outstanding of each of the issuers clas

11、ses of common stock,as of the latest practicable date:As of October 15,2024,there were 3,817,095,628 shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stockoutstanding.TABLE OF CONTENTS Page NumberPART I.FINANCIAL INFORMATIONItem 1.Financial Statements1Condens

12、ed Consolidated Statements of Income(Unaudited)1Condensed Consolidated Statements of Comprehensive Income(Unaudited)2Condensed Consolidated Statements of Cash Flows(Unaudited)3Condensed Consolidated Balance Sheets(Unaudited)4Condensed Consolidated Statements of Changes in Equity(Unaudited)5Notes to

13、Condensed Consolidated Financial Statements(Unaudited)6Note 1:Condensed Consolidated Financial Statements6Note 2:Segment Information7Note 3:Revenue9Note 4:Programming and Production Costs10Note 5:Debt10Note 6:Investments and Variable Interest Entities11Note 7:Equity and Share-Based Compensation12Not

14、e 8:Supplemental Financial Information13Note 9:Commitments and Contingencies13Item 2.Managements Discussion and Analysis of Financial Condition and Results of Operations14Item 3.Quantitative and Qualitative Disclosures About Market Risk31Item 4.Controls and Procedures31PART II.OTHER INFORMATIONItem

15、1.Legal Proceedings32Item 1A.Risk Factors32Item 2.Unregistered Sales of Equity Securities and Use of Proceeds32Item 6.Exhibits32SIGNATURES33 Explanatory NoteThis Quarterly Report on Form 10-Q is for the three and nine months ended September 30,2024.This Quarterly Report on Form 10-Q modifies andsupe

16、rsedes documents filed before it.The U.S.Securities and Exchange Commission(“SEC”)allows us to“incorporate by reference”information that wefile with it,which means that we can disclose important information to you by referring you directly to those documents.Information incorporated byreference is c

17、onsidered to be part of this Quarterly Report on Form 10-Q.In addition,information that we file with the SEC in the future will automaticallyupdate and supersede information contained in this Quarterly Report on Form 10-Q.Unless indicated otherwise,throughout this Quarterly Report on Form10-Q,we ref

18、er to Comcast and its consolidated subsidiaries as“Comcast,”“we,”“us”and“our.”Numerical information in this report is presented on a rounded basis using actual amounts.Minor differences in totals and percentage calculations mayexist due to rounding.CAUTION CONCERNING FORWARD-LOOKING STATEMENTSThis Q

19、uarterly Report on Form 10-Q includes statements that may constitute“forward-looking statements”within the meaning of the Private SecuritiesLitigation Reform Act of 1995,Section 27A of the Securities Act of 1933,and Section 21E of the Securities Exchange Act of 1934.Forward-lookingstatements are not

20、 historical facts or statements of current conditions,but instead represent only our beliefs regarding future events,many of which,by theirnature,are inherently uncertain and outside of our control.These may include estimates,projections and statements relating to our business plans,objectives and e

21、xpected operating results,which are based on current expectations and assumptions that are subject to risks and uncertainties that maycause actual results to differ materially.These forward-looking statements are generally identified by words such as“believe,”“project,”“expect,”“anticipate,”“estimat

22、e,”“intend,”“potential,”“strategy,”“future,”“opportunity,”“commit,”“plan,”“goal,”“may,”“should,”“could,”“will,”“would,”“will be,”“will continue,”“will likely result”and similar expressions.In evaluating forward-looking statements,you should consider various factors,including the risks and uncertaint

23、ies we describe in the“Risk Factors”sections of our Forms 10-K and 10-Q and in other reports we file with the SEC.Any of these factors could cause our actual results to differ materially from those expressed or implied by our forward-looking statements,which couldadversely affect our businesses,resu

24、lts of operations or financial condition.Readers are cautioned not to place undue reliance on forward-lookingstatements,which speak only as of the date they are made.We undertake no obligation to update or revise publicly any forward-looking statements,whether because of new information,future event

25、s or otherwise.Our businesses may be affected by,among other things,the following:our businesses operate in highly competitive and dynamic industries,and our businesses and results of operations could be adverselyaffected if we do not compete effectivelychanges in consumer behavior continue to adver

26、sely affect our businesses and challenge existing business modelsa decline in advertisers expenditures or changes in advertising markets could negatively impact our businessesour success depends on consumer acceptance of our content,and our businesses may be adversely affected if our content fails t

27、oachieve sufficient consumer acceptanceprogramming expenses for our video services are increasing on a per subscriber basis,which could adversely affect our videobusinessesthe loss of programming distribution agreements,or the renewal of these agreements on less favorable terms,could adversely affec

28、tour businessesour businesses depend on using and protecting certain intellectual property rights and on not infringing the intellectual propertyrights of otherswe may be unable to obtain necessary hardware,software and operational supportour businesses depend on keeping pace with technological deve

29、lopmentsa cyber attack,information or security breach,or technology disruption or failure may negatively impact our ability to conduct ourbusiness or result in the misuse of confidential information,all of which could adversely affect our business,reputation and results ofoperationsweak economic con

30、ditions may have a negative impact on our businessesacquisitions and other strategic initiatives present many risks,and we may not realize the financial and strategic goals that we hadcontemplatedwe face risks relating to doing business internationally that could adversely affect our businessesnatur

31、al disasters,severe weather and other uncontrollable events could adversely affect our business,reputation and results ofoperationsthe loss of key management personnel or popular on-air and creative talent could have an adverse effect on our businesseslabor disputes,whether involving employees or sp

32、orts organizations,may disrupt our operations and adversely affect our businesseswe are subject to regulation by federal,state,local and foreign authorities,which impose additional costs and restrictions on ourbusinessesunfavorable litigation or governmental investigation results could require us to

33、 pay significant amounts or lead to onerous operatingproceduresour Class B common stock has substantial voting rights and separate approval rights over several potentially material transactions,and our Chairman and CEO has considerable influence over our company through his beneficial ownership of o

34、ur Class B commonstockTable of ContentsPART I:FINANCIAL INFORMATIONITEM 1:FINANCIAL STATEMENTSComcast CorporationCondensed Consolidated Statements of Income(Unaudited)Three Months Ended September 30,Nine Months Ended September 30,(in millions,except per share data)2024202320242023Revenue$32,070$30,1

35、15$91,817$90,319 Costs and Expenses:Programming and production10,216 8,652 27,000 26,506 Marketing and promotion1,989 1,866 5,929 5,929 Other operating and administrative10,128 9,629 29,615 28,247 Depreciation2,219 2,203 6,548 6,662 Amortization1,659 1,290 4,421 4,146 Total costs and expenses26,211

36、23,640 73,512 71,489 Operating income5,859 6,475 18,304 18,830 Interest expense(1,037)(1,060)(3,065)(3,068)Investment and other income(loss),net(3)50(140)672 Income before income taxes4,819 5,465 15,099 16,434 Income tax expense(1,243)(1,468)(3,906)(4,481)Net income3,576 3,997 11,192 11,954 Less:Net

37、 income(loss)attributable to noncontrolling interests(53)(49)(222)(175)Net income attributable to Comcast Corporation$3,629$4,046$11,415$12,128 Basic earnings per common share attributable to ComcastCorporation shareholders$0.94$0.98$2.92$2.92 Diluted earnings per common share attributable to Comcas

38、tCorporation shareholders$0.94$0.98$2.90$2.90 See accompanying notes to condensed consolidated financial statements.1Table of ContentsComcast CorporationCondensed Consolidated Statements of Comprehensive Income(Unaudited)Three Months Ended September 30,Nine Months Ended September 30,(in millions)202

39、4202320242023Net income$3,576$3,997$11,192$11,954 Other comprehensive income(loss),net of tax(expense)benefit:Currency translation adjustments,net of deferred taxes of$(31),$(20),$(74)and$(42)1,889(1,154)1,322 114 Cash flow hedges:Deferred gains(losses),net of deferred taxes of$3,$(19),$1,and$4(19)6

40、2 5 41 Realized(gains)losses reclassified to net income,net ofdeferred taxes of$11,$2,$11 and$18(35)13(39)(84)Employee benefit obligations and other,net of deferred taxes of$2,$2,$10 and$5(6)(7)(42)(17)Other comprehensive income(loss)1,829(1,086)1,247 54 Comprehensive income5,405 2,911 12,439 12,007

41、 Less:Net income(loss)attributable to noncontrolling interests(53)(49)(222)(175)Less:Other comprehensive income(loss)attributable tononcontrolling interests15 7 2(32)Comprehensive income attributable to Comcast Corporation$5,443$2,953$12,660$12,214 See accompanying notes to condensed consolidated fi

42、nancial statements.2Table of ContentsComcast CorporationCondensed Consolidated Statements of Cash Flows(Unaudited)Nine Months Ended September 30,(in millions)20242023Operating ActivitiesNet income$11,192$11,954 Adjustments to reconcile net income to net cash provided by operating activities:Deprecia

43、tion and amortization10,969 10,807 Share-based compensation983 955 Noncash interest expense(income),net331 235 Net(gain)loss on investment activity and other620(266)Deferred income taxes123 394 Changes in operating assets and liabilities,net of effects of acquisitions and divestitures:Current and no

44、ncurrent receivables,net74(26)Film and television costs,net(287)(531)Accounts payable and accrued expenses related to trade creditors(906)(518)Other operating assets and liabilities(3,505)(425)Net cash provided by operating activities19,593 22,579 Investing ActivitiesCapital expenditures(8,267)(8,92

45、2)Cash paid for intangible assets(2,043)(2,405)Construction of Universal Beijing Resort(111)(119)Proceeds from sales of businesses and investments689 410 Purchases of investments(934)(949)Other108 267 Net cash provided by(used in)investing activities(10,559)(11,718)Financing ActivitiesProceeds from(

46、repayments of)short-term borrowings,net(660)Proceeds from borrowings6,268 6,046 Repurchases and repayments of debt(2,433)(3,041)Repurchases of common stock under repurchase program and employee plans(6,920)(7,770)Dividends paid(3,624)(3,586)Other250(126)Net cash provided by(used in)financing activit

47、ies(6,459)(9,136)Impact of foreign currency on cash,cash equivalents and restricted cash21(18)Increase(decrease)in cash,cash equivalents and restricted cash2,596 1,707 Cash,cash equivalents and restricted cash,beginning of period6,282 4,782 Cash,cash equivalents and restricted cash,end of period$8,8

48、78$6,489 See accompanying notes to condensed consolidated financial statements.3Table of ContentsComcast CorporationCondensed Consolidated Balance Sheets(Unaudited)(in millions,except share data)September 30,2024December 31,2023AssetsCurrent Assets:Cash and cash equivalents$8,814$6,215 Receivables,n

49、et14,036 13,813 Other current assets4,336 3,959 Total current assets27,186 23,987 Film and television costs13,340 12,920 Investments9,021 9,385 Property and equipment,net of accumulated depreciation of$60,114 and$58,70161,775 59,686 Goodwill60,076 59,268 Franchise rights59,365 59,365 Other intangibl

50、e assets,net of accumulated amortization of$34,162 and$30,29026,423 27,867 Other noncurrent assets,net12,686 12,333 Total assets$269,871$264,811 Liabilities and EquityCurrent Liabilities:Accounts payable and accrued expenses related to trade creditors$11,779$12,437 Accrued participations and residua

51、ls1,476 1,671 Deferred revenue3,778 3,242 Accrued expenses and other current liabilities8,977 11,613 Current portion of debt2,610 2,069 Advance on sale of investment9,167 9,167 Total current liabilities37,786 40,198 Noncurrent portion of debt98,754 95,021 Deferred income taxes26,263 26,003 Other non

52、current liabilities20,526 20,122 Commitments and contingenciesRedeemable noncontrolling interests224 241 Equity:Preferred stockauthorized,20,000,000 shares;issued,zero Class A common stock,$0.01 par valueauthorized,7,500,000,000 shares;issued,4,697,741,828 and4,842,108,959;outstanding,3,824,950,800

53、and 3,969,317,93147 48 Class B common stock,$0.01 par valueauthorized,75,000,000 shares;issued and outstanding,9,444,375 Additional paid-in capital38,147 38,533 Retained earnings55,105 52,892 Treasury stock,872,791,028 Class A common shares(7,517)(7,517)Accumulated other comprehensive income(loss)(8

54、)(1,253)Total Comcast Corporation shareholders equity85,774 82,703 Noncontrolling interests544 523 Total equity86,318 83,226 Total liabilities and equity$269,871$264,811 See accompanying notes to condensed consolidated financial statements.4Table of ContentsComcast CorporationCondensed Consolidated

55、Statements of Changes in Equity(Unaudited)Three Months Ended September 30,Nine Months Ended September 30,(in millions,except per share data)2024202320242023Redeemable Noncontrolling InterestsBalance,beginning of period$236$239$241$411 Contributions from(distributions to)noncontrolling interests,net(

56、3)(5)(11)(20)Other (171)Net income(loss)(9)(5)(6)9 Balance,end of period$224$230$224$230 Class A Common StockBalance,beginning of period$47$50$48$51 Repurchases of common stock under repurchase program andemployee plans(1)(1)(2)Balance,end of period$47$49$47$49 Additional Paid-In CapitalBalance,begi

57、nning of period$38,203$39,118$38,533$39,412 Share-based compensation272 258 882 801 Repurchases of common stock under repurchase program andemployee plans(389)(579)(1,462)(1,486)Issuances of common stock under employee plans61 65 193 223 Other 4 2(83)Balance,end of period$38,147$38,866$38,147$38,866

58、 Retained EarningsBalance,beginning of period$54,308$53,900$52,892$51,609 Repurchases of common stock under repurchase program andemployee plans(1,625)(3,005)(5,531)(6,357)Dividends declared(1,205)(1,190)(3,670)(3,628)Other(1)(1)(1)Net income3,629 4,046 11,41512,128Balance,end of period$55,105$53,75

59、1$55,105$53,751 Treasury Stock at CostBalance,beginning and end of period$(7,517)$(7,517)$(7,517)$(7,517)Accumulated Other Comprehensive Income(Loss)Balance,beginning of period$(1,822)$(1,432)$(1,253)$(2,611)Other comprehensive income(loss)1,814(1,093)1,245 86 Balance,end of period$(8)$(2,525)$(8)$(

60、2,525)Noncontrolling InterestsBalance,beginning of period$485$559$523$684 Other comprehensive income(loss)15 7 2(32)Contributions from(distributions to)noncontrolling interests,net89 16 236 72 Other (2)Net income(loss)(44)(44)(216)(183)Balance,end of period$544$538$544$538 Total equity$86,318$83,163

61、$86,318$83,163 Cash dividends declared per common share$0.31$0.29$0.93$0.87 See accompanying notes to condensed consolidated financial statements.5Table of ContentsComcast CorporationNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Unaudited)Note 1:Condensed Consolidated Financial StatementsBasi

62、s of PresentationWe have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods.These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations,

63、cash flows andfinancial condition for the periods shown,including normal,recurring accruals and other items.The consolidated results of operations for the interimperiods presented are not necessarily indicative of results for the full year.The year-end condensed consolidated balance sheet was derive

64、d from audited financial statements but does not include all disclosures required by generallyaccepted accounting principles in the United States(“GAAP”).For a more complete discussion of our accounting policies and certain other information,refer to our consolidated financial statements included in

65、 our 2023 Annual Report on Form 10-K.Recent Accounting PronouncementsSegment DisclosuresIn November 2023,the Financial Accounting Standards Board(“FASB”)issued updated accounting guidance related to annual and interim segmentdisclosures.The updated accounting guidance,among other things,will result

66、in our disclosure of certain significant segment expenses.We will adopt theupdated accounting guidance on a retrospective basis in our Annual Report on Form 10-K for the year ended December 31,2024.Income Tax DisclosuresIn December 2023,the FASB issued updated accounting guidance related to income t

67、ax disclosures.The updated accounting guidance,among other things,requires additional disclosure primarily related to the income tax rate reconciliation and income taxes paid.We will adopt the updated accounting guidancein our Annual Report on Form 10-K for the year ended December 31,2025.6Table of

68、ContentsComcast CorporationNote 2:Segment InformationWe are a global media and technology company with five segments:Residential Connectivity&Platforms,Business Services Connectivity,Media,Studiosand Theme Parks.Our financial data by segment is presented in the tables below.We do not present asset i

69、nformation for our segments as this information is not used toallocate resources.Three Months Ended September 30,2024(in millions)ResidentialConnectivity&PlatformsBusiness ServicesConnectivityMediaStudiosTheme ParksTotalRevenue from external customers$17,807$2,419$6,926$1,993$2,289$31,434 Intersegme

70、nt revenue59 6 1,305 833 2,203 17,866 2,425 8,231 2,826 2,289 33,637 Reconciliation of RevenueOther revenue686 Eliminations(2,253)Total consolidated revenue$32,070 Segment Adjusted EBITDA$6,904$1,391$650$468$847$10,259 Reconciliation of total segment Adjusted EBITDAMedia,Studios and Theme Parks head

71、quarters andother(200)Corporate and other(300)Eliminations(21)Depreciation(2,219)Amortization(1,659)Interest expense(1,037)Investment and other income(loss),net(3)Income before income taxes$4,819 Three Months Ended September 30,2023(in millions)ResidentialConnectivity&PlatformsBusiness ServicesConne

72、ctivityMediaStudiosTheme ParksTotalRevenue from external customers$17,901$2,314$4,869$1,994$2,419$29,497 Intersegment revenue50 6 1,160 524(1)1,739 17,951 2,320 6,029 2,518 2,418 31,236 Reconciliation of RevenueOther revenue656 Eliminations(1,777)Total consolidated revenue$30,115 Segment Adjusted EB

73、ITDA$6,886$1,335$723$429$983$10,356 Reconciliation of total segment Adjusted EBITDAMedia,Studios and Theme Parks headquarters andother(178)Corporate and other(244)Eliminations33 Depreciation(2,203)Amortization(1,290)Interest expense(1,060)Investment and other income(loss),net50 Income before income

74、taxes$5,465(a)(b)(a)(c)(d)(b)(c)(a)(b)(a)(c)(d)(b)(c)7Table of ContentsComcast CorporationNine Months Ended September 30,2024(in millions)ResidentialConnectivity&PlatformsBusiness ServicesConnectivityMediaStudiosTheme ParksTotalRevenue from external customers$53,431$7,236$17,338$5,555$6,242$89,802 I

75、ntersegment revenue127 17 3,588 2,268 1 6,001 53,558 7,253 20,926 7,822 6,243 95,803 Reconciliation of RevenueOther revenue2,181 Eliminations(6,167)Total consolidated revenue$91,817 Segment Adjusted EBITDA$20,859$4,137$2,832$835$2,111$30,774 Reconciliation of total segment Adjusted EBITDAMedia,Studi

76、os and Theme Parks headquarters andother(642)Corporate and other(881)Eliminations22 Depreciation(6,548)Amortization(4,421)Interest expense(3,065)Investment and other income(loss),net(140)Income before income taxes$15,099 Nine Months Ended September 30,2023(in millions)ResidentialConnectivity&Platfor

77、msBusiness ServicesConnectivityMediaStudiosTheme ParksTotalRevenue from external customers$53,742$6,878$14,884$6,328$6,577$88,409 Intersegment revenue146 17 3,492 2,233(1)5,886 53,888 6,894 18,376 8,561 6,576 94,296 Reconciliation of RevenueOther revenue2,048 Eliminations(6,025)Total consolidated re

78、venue$90,319 Segment Adjusted EBITDA$20,672$3,988$2,847$961$2,473$30,941 Reconciliation of total segment Adjusted EBITDAMedia,Studios and Theme Parks headquarters andother(610)Corporate and other(824)Eliminations131 Depreciation(6,662)Amortization(4,146)Interest expense(3,068)Investment and other in

79、come(loss),net672 Income before income taxes$16,434(a)Our most significant intersegment revenue transactions include distribution revenue in Media related to fees from Residential Connectivity&Platforms for the rights to distribute televisionprogramming,and content licensing revenue in Studios for l

80、icenses of owned content to Media.(b)Includes the operations of our Sky-branded video services and television networks in Germany;Comcast Spectacor,which owns the Philadelphia Flyers and the Wells Fargo Center arena inPhiladelphia,Pennsylvania;and Xumo,our consolidated streaming platform joint ventu

81、re with Charter Communications.Corporate and other also includes overhead and personnel costs forCorporate.(c)We use Adjusted EBITDA as the measure of profit or loss for our segments.From time to time we may report the impact of certain events,gains,losses or other charges related to oursegments wit

82、hin Corporate and other.(d)Includes overhead,personnel costs and costs associated with corporate initiatives for our Media,Studios and Theme Park segments.(a)(b)(a)(c)(d)(b)(c)(a)(b)(a)(c)(d)(b)(c)8Table of ContentsComcast CorporationNote 3:RevenueThree Months Ended September 30,Nine Months Ended Se

83、ptember 30,(in millions)2024202320242023Domestic broadband$6,539$6,366$19,700$19,086 Domestic wireless1,093 917 3,084 2,644 International connectivity1,236 1,109 3,500 3,009 Total residential connectivity8,869 8,393 26,284 24,739 Video6,713 7,154 20,370 21,895 Advertising987 960 2,931 2,860 Other1,2

84、98 1,444 3,973 4,394 Total Residential Connectivity&Platforms Segment17,866 17,951 53,558 53,888 Total Business Services Connectivity Segment2,425 2,320 7,253 6,894 Domestic advertising3,347 1,913 7,363 5,965 Domestic distribution3,272 2,591 8,942 7,916 International networks1,070 1,019 3,193 3,062

85、Other542 506 1,429 1,433 Total Media Segment8,231 6,029 20,926 18,376 Content licensing1,865 1,691 5,680 5,856 Theatrical611 504 1,178 1,735 Other350 324 964 970 Total Studios Segment2,826 2,518 7,822 8,561 Total Theme Parks Segment2,289 2,418 6,243 6,576 Other revenue686 656 2,181 2,048 Elimination

86、s(2,253)(1,777)(6,167)(6,025)Total revenue$32,070$30,115$91,817$90,319(a)See Note 2 for additional information on intersegment revenue transactions.Condensed Consolidated Balance Sheets(in millions)September 30,2024December 31,2023Receivables,gross$14,798$14,511 Less:Allowance for credit losses763 6

87、98 Receivables,net$14,036$13,813 The following table summarizes our other balances that are not separately presented in our condensed consolidated balance sheets that relate to therecognition of revenue and collection of the related cash.(in millions)September 30,2024December 31,2023Noncurrent recei

88、vables,net(included in other noncurrent assets,net)$1,782$1,914 Noncurrent deferred revenue(included in other noncurrent liabilities)$650$618 Our accounts receivables include amounts not yet billed related to equipment installment plans,as summarized in the table below.(in millions)September 30,2024

89、December 31,2023Receivables,net$1,808$1,695 Noncurrent receivables,net(included in other noncurrent assets,net)1,199 1,223 Total$3,008$2,918(a)9Table of ContentsComcast CorporationNote 4:Programming and Production CostsThree Months Ended September 30,Nine Months Ended September 30,(in millions)20242

90、02320242023Video distribution programming$2,783$3,084$8,682$9,465 Film and television content:Owned2,111 2,083 6,888 7,622 Licensed,including sports rights4,991 3,048 10,484 8,241Other330 438 946 1,178Total programming and production costs$10,216$8,652$27,000$26,506(a)Amount includes amortization of

91、 owned content of$1.6 billion and$5.6 billion for the three and nine months ended September 30,2024,respectively,and$1.6 billion and$5.9 billion for thethree and nine months ended September 30,2023,respectively,as well as participations and residuals expenses.Capitalized Film and Television Costs(in

92、 millions)September 30,2024December 31,2023Owned:In production and in development$3,566$2,893 Completed,not released428 317 Released,less amortization4,266 4,340 8,261 7,551 Licensed,including sports advances5,080 5,369 Film and television costs$13,340$12,920 Note 5:DebtAs of September 30,2024,our d

93、ebt had a carrying value of$101.4 billion and an estimated fair value of$96.8 billion.As of December 31,2023,our debthad a carrying value of$97.1 billion and an estimated fair value of$92.2 billion.The estimated fair value of our publicly traded debt was primarily basedon Level 1 inputs that use quo

94、ted market value for the debt.The estimated fair value of debt for which there are no quoted market prices was based onLevel 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.In May 2024,we entered into a new$11.8 billion revolving credit facility

95、with a syndicate of banks,due May 17,2029,that may be used for generalcorporate purposes.We may increase the commitments under the facility up to a total of$14.8 billion,as well as extend the expiration date to no later thanMay 17,2031,subject to the approval of the lenders.The interest rate consist

96、s of a benchmark rate plus a borrowing margin that is determined based onComcasts credit rating.As of September 30,2024,the borrowing margin for borrowings based on the Adjusted Term SOFR Rate,as defined in theagreement,was 0.875%.The facility requires that we maintain a certain financial ratio base

97、d on debt and EBITDA,as defined in the agreement.Inconnection with our entry into the new credit facility,we terminated our prior credit facility dated as of March 30,2021,and as of September 30,2024 andDecember 31,2023,we had no borrowings outstanding under the new and prior credit facility,respect

98、ively.As of September 30,2024,amounts availableunder our new credit facility,net of amounts outstanding under our commercial paper program and outstanding letters of credit and bank guarantees,totaled$11.8 billion.(a)10Table of ContentsComcast CorporationNote 6:Investments and Variable Interest Enti

99、tiesInvestment and Other Income(Loss),Net Three Months Ended September 30,Nine Months Ended September 30,(in millions)2024202320242023Equity in net income(losses)of investees,net$(152)$49$(438)$454 Realized and unrealized gains(losses)on equity securities,net(22)(87)(163)(130)Other income(loss),net1

100、71 88 461 349 Investment and other income(loss),net$(3)$50$(140)$672 The amount of unrealized gains(losses),net recognized in the three months ended September 30,2024 and 2023 that related to marketable andnonmarketable equity securities still held as of the end of each reporting period was$(15)mill

101、ion and$(82)million,respectively.The amount of unrealizedgains(losses),net recognized in the nine months ended September 30,2024 and 2023 that related to marketable and nonmarketable equity securities stillheld as of the end of each reporting period was$(117)million and$(145)million,respectively.Inv

102、estments(in millions)September 30,2024December 31,2023Equity method$7,516$7,615 Marketable equity securities21 39 Nonmarketable equity securities1,380 1,482 Other investments206 559 Total investments9,122 9,694 Less:Current investments101 310 Noncurrent investments$9,021$9,385 Equity Method Investme

103、ntsThe amount of cash distributions received from equity method investments presented within operating activities in the condensed consolidated statementsof cash flows in the nine months ended September 30,2024 and 2023 was$244 million and$185 million,respectively.AtairosAtairos is a variable intere

104、st entity(“VIE”)that follows investment company accounting and records its investments at their fair values each reportingperiod with the net gains or losses reflected in its statement of operations.We recognize our share of these gains and losses in equity in net income(losses)of investees,net.For

105、the nine months ended September 30,2024 and 2023,we made cash capital contributions to Atairos totaling$60 million and$132million,respectively.As of September 30,2024 and December 31,2023,our investment in Atairos,inclusive of certain distributions retained by Atairos onour behalf and classified as

106、advances within other investments,was$5.3 billion and$5.5 billion,respectively.As of September 30,2024,our remainingunfunded capital commitment was$1.4 billion.Other InvestmentsOther investments also includes certain short-term instruments,which totaled$70 million and$254 million as of September 30,

107、2024 and December 31,2023,respectively.The carrying amounts of these investments approximate their fair values,which are primarily based on Level 2 inputs that use interestrates for instruments with similar terms and remaining maturities.Proceeds from short-term instruments for the nine months ended

108、 September 30,2024 and2023 were$632 million and$339 million,respectively.Purchases of short-term instruments for the nine months ended September 30,2024 and 2023 were$443 million and$286 million,respectively.11Table of ContentsComcast CorporationConsolidated Variable Interest EntityUniversal Beijing

109、 ResortWe own a 30%interest in a Universal theme park and resort in Beijing,China(“Universal Beijing Resort”).Universal Beijing Resort is a consolidated VIEwith the remaining interest owned by a consortium of Chinese state-owned companies.The construction was funded through a combination of debtfina

110、ncing and equity contributions from the partners in accordance with their equity interests.As of September 30,2024,Universal Beijing Resort had$3.6billion of debt outstanding,including$3.2 billion principal amount of a term loan outstanding under the debt financing agreement.As of December 31,2023,U

111、niversal Beijing Resort had$3.5 billion of debt outstanding,including$3.1 billion principal amount of a term loan outstanding under the debtfinancing agreement.As of September 30,2024,our condensed consolidated balance sheets included assets and liabilities of Universal Beijing Resort totaling$7.7 b

112、illion and$7.3 billion,respectively.As of December 31,2023,our condensed consolidated balance sheets included assets and liabilities of Universal Beijing Resorttotaling$7.8 billion and$7.2 billion,respectively.The assets and liabilities of Universal Beijing Resort primarily consist of property and e

113、quipment,operating lease assets and liabilities,and debt.Note 7:Equity and Share-Based CompensationWeighted-Average Common Shares OutstandingThree Months Ended September 30,Nine Months Ended September 30,(in millions)2024202320242023Weighted-average number of common shares outstanding basic3,861 4,1

114、09 3,908 4,160 Effect of dilutive securities18 33 22 23 Weighted-average number of common shares outstanding diluted3,880 4,141 3,930 4,184 Antidilutive securities188 86 193 172 Weighted-average common shares outstanding used in calculating diluted earnings per common share attributable to Comcast C

115、orporation shareholders(“diluted EPS”)considers the impact of potentially dilutive securities using the treasury stock method.Antidilutive securities represent the number ofpotential common shares related to share-based compensation awards that were excluded from diluted EPS because their effect wou

116、ld have beenantidilutive.Accumulated Other Comprehensive Income(Loss)(in millions)September 30,2024December 31,2023Cumulative translation adjustments$(275)$(1,596)Deferred gains(losses)on cash flow hedges16 49 Unrecognized gains(losses)on employee benefit obligations and other251 293 Accumulated oth

117、er comprehensive income(loss),net of deferred taxes$(8)$(1,253)Share-Based CompensationOur share-based compensation plans consist primarily of awards of restricted share units(“RSUs”)and stock options to certain employees and directors aspart of our long-term incentive compensation structure.Additio

118、nally,through our employee stock purchase plans,employees are able to purchase shares ofour common stock at a discount through payroll deductions.In March 2024,we granted 31 million RSUs and 3 million stock options under our annual management awards program.The weighted-average fair valuesassociated

119、 with these grants were$42.62 per RSU and$9.49 per stock option.During the three months ended September 30,2024 and 2023,share-basedcompensation expense recognized in our condensed consolidated statements of income was$247 million and$238 million,respectively.During the ninemonths ended September 30

120、,2024 and 2023,share-based compensation expense recognized in our condensed consolidated statements of income was$811 million and$786 million,respectively.As of September 30,2024,we had unrecognized pretax compensation expense of$2.3 billion related tounvested RSUs and unvested stock options.12Table

121、 of ContentsComcast CorporationNote 8:Supplemental Financial InformationCash Payments for Interest and Income Taxes Nine Months Ended September 30,(in millions)20242023Interest$2,503$2,566 Income taxes$5,988$3,823 a)Cash payments for income taxes in the nine months ended September 30,2024 include$1.

122、2 billion related to the purchase of transferable tax credits.Noncash ActivitiesDuring the nine months ended September 30,2024:we acquired$2.4 billion of property and equipment and intangible assets that were accrued but unpaidwe recorded a liability of$1.2 billion for a quarterly cash dividend of$0

123、.31 per common share paid in October 2024During the nine months ended September 30,2023:we acquired$2.2 billion of property and equipment and intangible assets that were accrued but unpaidwe recorded a liability of$1.2 billion for a quarterly cash dividend of$0.29 per common share paid in October 20

124、23Cash,Cash Equivalents and Restricted CashThe following table provides a reconciliation of cash,cash equivalents and restricted cash reported in the condensed consolidated balance sheets to the totalof the amounts reported in our condensed consolidated statements of cash flows.(in millions)Septembe

125、r 30,2024December 31,2023Cash and cash equivalents$8,814$6,215 Restricted cash included in other current assets and other noncurrent assets,net64 67 Cash,cash equivalents and restricted cash,end of period$8,878$6,282 Note 9:Commitments and ContingenciesContingenciesWe are subject to legal proceeding

126、s and claims that arise in the ordinary course of our business.While the amount of ultimate liability with respect to suchproceedings and claims is not expected to materially affect our results of operations,cash flows or financial position,any such legal proceedings or claimscould be time-consuming

127、 and injure our reputation.(a)13Table of ContentsITEM 2:MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONSThe following discussion is provided as a supplement to,and should be read in conjunction with,the condensed consolidated financial statements andrelated notes(“

128、Notes”)included in this Quarterly Report on Form 10-Q and our 2023 Annual Report on Form 10-K.OverviewWe are a global media and technology company with two primary businesses:Connectivity&Platforms and Content&Experiences.We present theoperations of(1)our Connectivity&Platforms business in two segme

129、nts:Residential Connectivity&Platforms and Business Services Connectivity;and(2)our Content&Experiences business in three segments:Media,Studios and Theme Parks.Consolidated Operating Results Three Months Ended September 30,ChangeNine Months Ended September 30,Change(in millions,except per share dat

130、a)20242023%20242023%Revenue$32,070$30,115 6.5%$91,817$90,319 1.7%Costs and Expenses:Programming and production10,216 8,652 18.1 27,000 26,506 1.9 Marketing and promotion1,989 1,866 6.6 5,929 5,929 Other operating and administrative10,128 9,629 5.2 29,615 28,247 4.8 Depreciation2,219 2,203 0.7 6,548

131、6,662(1.7)Amortization1,659 1,290 28.6 4,421 4,146 6.6 Total costs and expenses26,211 23,640 10.9 73,512 71,489 2.8 Operating income5,859 6,475(9.5)18,304 18,830(2.8)Interest expense(1,037)(1,060)(2.2)(3,065)(3,068)(0.1)Investment and other income(loss),net(3)50 NM(140)672 NMIncome before income tax

132、es4,819 5,465(11.8)15,099 16,434(8.1)Income tax expense(1,243)(1,468)(15.3)(3,906)(4,481)(12.8)Net income3,576 3,997(10.5)11,192 11,954(6.4)Less:Net income(loss)attributable tononcontrolling interests(53)(49)8.7(222)(175)27.1 Net income attributable to ComcastCorporation$3,629$4,046(10.3)%$11,415$12

133、,128(5.9)%Basic earnings per common shareattributable to Comcast Corporationshareholders$0.94$0.98(4.5)%$2.92$2.92 0.2%Diluted earnings per common shareattributable to Comcast Corporationshareholders$0.94$0.98(4.2)%$2.90$2.90 0.2%Weighted-average number of common sharesoutstanding basic3,861 4,109(6

134、.0)%3,908 4,160(6.1)%Weighted-average number of common sharesoutstanding diluted3,880 4,141(6.3)%3,930 4,184(6.1)%Adjusted EBITDA$9,735$9,962(2.3)%$29,261$29,621(1.2)%Percentage changes that are considered not meaningful are denoted with NM.(a)Adjusted EBITDA is a non-GAAP financial measure.Refer to

135、 the“Non-GAAP Financial Measures”section on page 24 for additional information,including our definition and our use ofAdjusted EBITDA,and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA.Consolidated revenue increased for the three and nine months ended Sep

136、tember 30,2024 compared to the same periods in 2023 primarily driven byincreases in the Content&Experiences business and Corporate and Other.Revenue for our segments and other businesses is discussed separately belowunder the heading“Segment Operating Results.”(a)14Table of ContentsConsolidated cost

137、s and expenses,excluding depreciation and amortization expense,increased for the three and nine months ended September 30,2024 compared to the same periods in 2023 primarily driven by increases in the Content&Experiences business and Corporate and Other.Costs andexpenses for our segments and our cor

138、porate operations and other businesses are discussed separately below under the heading“Segment OperatingResults.”Consolidated depreciation and amortization expense increased for the three and nine months ended September 30,2024 compared to the sameperiods in 2023 primarily due to increased amortiza

139、tion of certain acquisition-related intangible assets related to the linear media business.Consolidateddepreciation and amortization expense for the nine months ended September 30,2024 was partially offset by decreased depreciation of internationalproperty and equipment and decreased amortization of

140、 software.Amortization expense from acquisition-related intangible assets totaled$817 million and$1.9 billion for the three and nine months ended September 30,2024,respectively,and$571 million and$1.7 billion for the three and nine months ended September 30,2023,respectively.Amounts primarily relate

141、 tocustomer relationship intangible assets recorded in connection with the Sky transaction in 2018 and the NBCUniversal transaction in 2011.Consolidated interest expense decreased for the three months ended September 30,2024 and was consistent for the nine months endedSeptember 30,2024 primarily due

142、 to interest expense in the prior year periods associated with a collateralized obligation that was repaid in the fourthquarter of 2023,offset by increases in average debt outstanding and higher weighted-average interest rates in the current year periods.Consolidated investment and other income(loss

143、),net decreased for the three and nine months ended September 30,2024 compared to the sameperiods in 2023.Three Months EndedSeptember 30,Nine Months EndedSeptember 30,(in millions)2024202320242023Equity in net income(losses)of investees,net$(152)$49$(438)$454 Realized and unrealized gains(losses)on

144、equity securities,net(22)(87)(163)(130)Other income(loss),net171 88 461 349 Total investment and other income(loss),net$(3)$50$(140)$672 The change in equity in net income(losses)of investees,net was primarily due to our investment in Atairos.The income(losses)at Atairos were driven byfair value adj

145、ustments on its underlying investments with income(loss)of$(93)million and$(289)million for the three and nine months endedSeptember 30,2024,respectively,and$252 million and$753 million for the three and nine months ended September 30,2023,respectively.The change in realized and unrealized gains(los

146、ses)on equity securities,net for the three months ended September 30,2024 was primarily due to higherlosses on nonmarketable securities in the prior year period and losses on marketable securities in the prior year period.The change in realized andunrealized gains(losses)on equity securities,net for

147、 the nine months ended September 30,2024 was primarily due to higher losses on marketable andnonmarketable securities in the current year period.The increase in other income(loss),net for the three and nine months ended September 30,2024 primarily resulted from insurance contracts and foreignexchang

148、e remeasurement.Consolidated income tax expense for the three and nine months ended September 30,2024 and 2023 reflects an effective income tax rate that differsfrom the federal statutory rate due to state and foreign income taxes and adjustments associated with uncertain tax positions.The decreases

149、 in income taxexpense for the three and nine months ended September 30,2024 compared to the same periods in 2023 were primarily driven by lower domestic incomebefore income taxes.Consolidated net income(loss)attributable to noncontrolling interests changed for the three and nine months ended Septemb

150、er 30,2024compared to the same periods in 2023 primarily due to our regional sports networks.The change for the three months ended September 30,2024 waspartially offset by Universal Beijing Resort.15Table of ContentsSegment Operating ResultsOur segment operating results are presented based on how we

151、 assess operating performance and internally report financial information.See Note 2 foradditional information on our segments.Connectivity&Platforms Results of Operations Three Months Ended September 30,ChangeConstantCurrencyChangeNine Months Ended September 30,ChangeConstantCurrencyChange(in milli

152、ons)20242023%20242023%RevenueResidential Connectivity&Platforms$17,866$17,951(0.5)%(1.0)%$53,558$53,888(0.6)%(1.1)%Business Services Connectivity2,4252,3204.5 4.5 7,2536,8945.2 5.2 Total Connectivity&Platformsrevenue$20,291$20,2710.1%(0.4)%$60,812$60,783%(0.4)%Adjusted EBITDAResidential Connectivity

153、&Platforms$6,904$6,8860.3%$20,859$20,6720.9%0.7%Business Services Connectivity1,3911,3354.2 4.3 4,1373,9883.7 3.7 Total Connectivity&PlatformsAdjusted EBITDA$8,295$8,2210.9%0.7%$24,996$24,6601.4%1.2%Adjusted EBITDA MarginResidential Connectivity&Platforms38.6%38.4%20 bps40 bps38.9%38.4%50 bps 60 bps

154、Business Services Connectivity57.4 57.5(10)bps(10)bps57.0 57.8(80)bps(80)bpsTotal Connectivity&PlatformsAdjusted EBITDA margin40.9%40.6%30 bps50 bps41.1%40.6%50 bps60 bps(a)Our Adjusted EBITDA margin is Adjusted EBITDA as a percentage of revenue.We believe this metric is useful particularly as we co

155、ntinue to focus on growing our higher-margin businessesand improving overall operating cost management.The changes reflect the year-over-year basis point changes in the rounded Adjusted EBITDA margins.(b)Constant currency is a non-GAAP financial measure.Refer to the“Non-GAAP Financial Measures”secti

156、on on page 24 for additional information,including our definition and our use ofconstant currency,and for a reconciliation of constant currency amounts.We continue to focus on growing our higher-margin connectivity businesses while managing overall operating costs.We also continue to invest in ourne

157、twork to support higher-speed broadband offerings and to expand the number of homes and businesses passed.A competitive environment,which hasincreased in recent years,and continued low domestic household move levels have had negative impacts on our customer relationships additions/(losses).In additi

158、on,funding for the Affordable Connectivity Program,which provided a monthly discount towards broadband service for eligible low-incomehouseholds,expired during the second quarter of 2024 and resulted in an estimated net loss of 96,000 residential domestic broadband customers for thethird quarter of

159、2024.We believe our residential connectivity revenue will increase as a result of growth in average domestic broadband revenue percustomer,as well as increases in domestic wireless and international connectivity revenue.At the same time,we expect continued declines in video revenueas a result of dom

160、estic customer net losses due to shifting video consumption patterns and the competitive environment,although customer net lossestypically mitigate the impact of continued rate increases on programming expenses.We also expect continued declines in other revenue related to declinesin wireline voice r

161、evenue.We believe our Business Services Connectivity segment will continue to grow by offering competitive services,including tomedium-sized and enterprise customers.Global economic conditions and consumer sentiment have in the past adversely impacted,and may continue toadversely impact,demand for o

162、ur products and services and our results of operations.(b)(b)(a)16Table of ContentsConnectivity&Platforms Customer Metrics Net Additions/(Losses)September 30,Three Months EndedSeptember 30,Nine Months EndedSeptember 30,(in thousands)202420232024202320242023Customer RelationshipsDomestic Residential

163、Connectivity&Platforms customerrelationships31,324 31,722(103)(39)(324)(138)International Residential Connectivity&Platforms customerrelationships17,716 17,958 78 74(131)18 Business Services Connectivity customer relationships2,627 2,640(4)5(14)15 Total Connectivity&Platforms customer relationships5

164、1,667 52,320(29)40(469)(105)Domestic BroadbandResidential customers29,504 29,779(79)(17)(244)(33)Business customers2,477 2,508(8)(2)(28)1 Total domestic broadband customers31,981 32,287(87)(18)(272)(32)Domestic WirelessTotal domestic wireless lines7,519 6,278 319 294 930 965 Domestic VideoTotal dome

165、stic video customers12,834 14,495(365)(490)(1,272)(1,647)Domestic homes and businesses passed63,35562,086Domestic broadband penetration of homes and businesses passed50.3%51.8%(a)Residential Connectivity&Platforms customer relationships generally represent the number of residential customer location

166、s that subscribe to at least one of our services.InternationalResidential Connectivity&Platforms customer relationships represent customers receiving Sky services in the United Kingdom and Italy.Because each of our services includes a variety ofproduct tiers,which may change from time to time,net ad

167、ditions or losses in any one period will reflect a mix of customers at various tiers.(b)Business Services Connectivity customer metrics are generally counted based on the number of locations receiving services,including locations within our network in the United States,aswell as locations outside of

168、 our network both in the United States and internationally.Certain arrangements whereby third parties provide connectivity services leveraging our network arealso generally counted based on the number of locations served.(c)Domestic wireless lines represent the number of residential and business cus

169、tomers wireless devices.An individual customer relationship may have multiple wireless lines.(d)Connectivity&Platforms domestic homes and businesses are considered passed if we can connect them to our network in the United States without further extending the transmission lines.Homes and businesses

170、passed is an estimate based on the best available information.(e)Penetration is calculated by dividing the number of domestic customers located within our network by the number of domestic homes and businesses passed.Three Months Ended September 30,ChangeConstantCurrencyChangeNine Months Ended Septe

171、mber 30,ChangeConstantCurrencyChange20242023%20242023%Average monthly total Connectivity&Platformsrevenue per customer relationship$130.87$129.20 1.3%0.8%$130.19$128.95 1.0%0.5%Average monthly total Connectivity&PlatformsAdjusted EBITDA per customer relationship$53.50$52.40 2.1%1.9%$53.51$52.32 2.3%

172、2.1%(a)Constant currency is a non-GAAP financial measure.Refer to the“Non-GAAP Financial Measures”section on page 24 for additional information,including our definition and our use ofconstant currency,and for a reconciliation of constant currency amounts.Average monthly total revenue per customer re

173、lationship is impacted by rate adjustments and changes in the types and levels of services received by ourresidential and business customers,as well as changes in advertising and other revenue and in foreign currency exchange rates.While revenue from ourindividual service offerings is also impacted

174、by changes in the allocation of revenue among services sold in a bundle,the allocation does not impactaverage monthly total revenue per customer relationship.Each of our services has a different contribution to Adjusted EBITDA margin.We use averagemonthly Adjusted EBITDA per customer relationship to

175、 evaluate the profitability of our customer base across our service offerings.We believe bothmetrics are useful to understand the trends in our business,and average monthly Adjusted EBITDA per customer relationship is useful particularly as wecontinue to focus on growing our higher-margin businesses

176、.(a)(a)(b)(c)(d)(e)(a)(a)17Table of ContentsConnectivity&Platforms Supplemental Costs and Expenses InformationConnectivity&Platforms supplemental costs and expenses information in the table below is presented on an aggregate basis across the Connectivity&Platforms segments as the segments use certai

177、n shared infrastructure,including our network in the United States.Costs and expenses information reportedseparately for the Residential Connectivity&Platforms and Business Services Connectivity segments includes each segments direct costs and anallocation of shared costs.Three Months Ended Septembe

178、r 30,ChangeConstantCurrencyChangeNine Months Ended September 30,ChangeConstantCurrencyChange(in millions)20242023%20242023%Costs and ExpensesProgramming$4,102$4,460(8.0)%(8.6)%$12,756$13,638(6.5)%(7.0)%Technical and support1,908 1,867 2.2 1.8 5,712 5,525 3.4 3.0 Direct product costs1,675 1,554 7.8 6

179、.2 4,705 4,362 7.8 6.4 Marketing and promotion1,234 1,169 5.5 4.9 3,547 3,585(1.0)(1.5)Customer service680 692(1.7)(2.1)2,072 2,097(1.2)(1.6)Other2,395 2,308 3.8 3.1 7,023 6,915 1.6 1.0 Total Connectivity&Platforms costsand expenses$11,996$12,050(0.4)%(1.1)%$35,816$36,122(0.8)%(1.4)%(a)Programming e

180、xpenses,which represent our most significant operating expense,are the fees we incur to provide video services to our customers,and primarily include fees related to thedistribution of television network programming and fees charged for retransmission of the signals from local broadcast television s

181、tations.These expenses also include the costs of content onthe Sky-branded entertainment television networks,including amortization of licensed content.(b)Technical and support expenses primarily include costs for labor to complete service call and installation activities;and costs for network opera

182、tions and satellite transmission,productdevelopment,fulfillment and provisioning.(c)Direct product costs primarily include access fees related to using wireless and broadband networks owned by third parties to deliver our services and costs of products sold,includingwireless devices and Sky Glass sm

183、art televisions.(d)Marketing and promotion expenses include the costs associated with attracting new customers and promoting our service offerings.(e)Customer service expenses include the personnel and other costs associated with customer service and certain selling activities.(f)Other expenses prim

184、arily include administrative personnel costs;franchise and other regulatory fees;fees paid to third parties where we represent the advertising sales efforts;other businesssupport costs,including building and office expenses,taxes and billing costs;and bad debt.(g)Constant currency is a non-GAAP fina

185、ncial measure.Refer to the“Non-GAAP Financial Measures”section on page 24 for additional information,including our definition and our use ofconstant currency,and for a reconciliation of constant currency amounts.Residential Connectivity&Platforms Segment Results of Operations Three Months Ended Sept

186、ember 30,ChangeConstantCurrencyChangeNine Months Ended September 30,ChangeConstantCurrencyChange(in millions)20242023%20242023%RevenueDomestic broadband$6,539$6,366 2.7%2.7%$19,700$19,086 3.2%3.2%Domestic wireless1,093 917 19.2 19.2 3,084 2,644 16.6 16.6 International connectivity1,236 1,109 11.4 8.

187、3 3,500 3,009 16.3 13.4 Total residential connectivity8,869 8,393 5.7 5.3 26,284 24,739 6.2 5.9 Video6,713 7,154(6.2)(6.8)20,370 21,895(7.0)(7.5)Advertising987 960 2.7 1.6 2,931 2,860 2.5 1.6 Other1,298 1,444(10.1)(10.7)3,973 4,394(9.6)(10.2)Total revenue17,866 17,951(0.5)(1.0)53,558 53,888(0.6)(1.1

188、)Costs and ExpensesProgramming4,102 4,460(8.0)(8.6)12,756 13,638(6.5)(7.0)Other6,860 6,605 3.9 3.0 19,943 19,578 1.9 1.1 Total costs and expenses10,962 11,065(0.9)(1.7)32,699 33,216(1.6)(2.2)Adjusted EBITDA$6,904$6,886 0.3%$20,859$20,672 0.9%0.7%(a)Constant currency is a non-GAAP financial measure.R

189、efer to the“Non-GAAP Financial Measures”section on page 24 for additional information,including our definition and our use ofconstant currency,and for a reconciliation of constant currency amounts.Residential Connectivity&Platforms Segment RevenueDomestic broadband revenue increased for the three an

190、d nine months ended September 30,2024 compared to the same periods in 2023 due toincreases in average rates.(g)(g)(a)(b)(c)(d)(e)(f)(a)(a)18Table of ContentsDomestic wireless revenue increased for the three and nine months ended September 30,2024 compared to the same periods in 2023 primarily due to

191、increases in the number of customer lines and device sales.International connectivity revenue increased for the three and nine months ended September 30,2024 compared to the same periods in 2023primarily due to increases in broadband revenue resulting from an increase in average rates.The increase f

192、or the nine months ended September 30,2024also includes an increase in wireless revenue primarily resulting from an increase in the sale of wireless services.The increases for the three and ninemonths ended September 30,2024 include the positive impact of foreign currency.Video revenue decreased for

193、 the three and nine months ended September 30,2024 compared to the same periods in 2023 due to declines in the overallnumber of video customers,partially offset by overall increases in average rates.Advertising revenue increased for the three months ended September 30,2024 compared to the same perio

194、d in 2023 primarily driven by an increase indomestic political advertising,partially offset by lower domestic nonpolitical and international advertising.Advertising revenue increased for the nine months ended September 30,2024 compared to the same period in 2023 primarily driven by an increase indom

195、estic political advertising,increased revenue from our advanced advertising business and the positive impact of foreign currency,partially offset bylower domestic nonpolitical advertising.Other revenue decreased for the three and nine months ended September 30,2024 compared to the same periods in 20

196、23 primarily due to decreases inresidential wireline voice revenue driven by declines in the number of customers.Residential Connectivity&Platforms Segment Costs and ExpensesProgramming expenses decreased for the three and nine months ended September 30,2024 compared to the same periods in 2023 prim

197、arily due todeclines in the number of domestic video subscribers,partially offset by rate increases under our domestic programming contracts.Other expenses increased for the three months ended September 30,2024 compared to the same period in 2023 primarily due to increased direct productcosts,the im

198、pact of foreign currency,higher technical and support expenses,and increased spending on marketing and promotion,including spendingassociated with the Paris Olympics.Other expenses increased for the nine months ended September 30,2024 compared to the same period in 2023 primarily due to increased di

199、rect productcosts,the impact of foreign currency and higher technical and support expenses,partially offset by decreased spending on marketing and promotion.Business Services Connectivity Segment Results of Operations Three Months Ended September 30,ChangeNine Months Ended September 30,Change(in mil

200、lions)20242023%20242023%Revenue$2,425$2,320 4.5%$7,253$6,894 5.2%Costs and expenses1,034 985 4.9 3,117 2,906 7.2 Adjusted EBITDA$1,391$1,335 4.2%$4,137$3,988 3.7%Business services connectivity revenue increased for the three and nine months ended September 30,2024 compared to the same periods in 202

201、3due to increases in revenue from medium-sized and enterprise customers and from higher average rates from small business customers.Business services connectivity costs and expenses increased for the three and nine months ended September 30,2024 compared to the sameperiods in 2023 primarily due to i

202、ncreases in direct product costs and in marketing and promotion.The increase for the nine months ended September 30,2024 also includes an increase in technical and support expenses.19Table of ContentsContent&Experiences Results of Operations Three Months Ended September 30,ChangeNine Months Ended Se

203、ptember 30,Change(in millions)20242023%20242023%RevenueMedia$8,231$6,029 36.5%$20,926$18,376 13.9%Studios2,826 2,518 12.3 7,822 8,561(8.6)Theme Parks2,289 2,418(5.3)6,243 6,576(5.1)Headquarters and Other11 13(16.8)32 45(27.1)Eliminations(758)(419)(80.7)(1,994)(1,867)(6.8)Total Content&Experiences re

204、venue$12,599$10,559 19.3%$33,030$31,690 4.2%Adjusted EBITDAMedia$650$723(10.1)%$2,832$2,847(0.5)%Studios468 429 9.0 835 961(13.1)Theme Parks847 983(13.8)2,111 2,473(14.6)Headquarters and Other(200)(178)(12.6)(642)(610)(5.3)Eliminations38 17 125.6 108 97 10.7 Total Content&Experiences AdjustedEBITDA$

205、1,802$1,973(8.7)%$5,244$5,768(9.1)%We operate our Media segment as a combined television and streaming business.We expect that the number of subscribers and audience ratings at ourlinear television networks will continue to decline as a result of the competitive environment and shifting video consum

206、ption patterns,which we aim tomitigate over time by continued growth in paid subscribers and advertising revenue at Peacock.We expect to continue to incur significant costs related tocontent and marketing at Peacock.Revenue and programming expenses are also impacted by the timing of certain sporting

207、 events,including the Olympicsin the third quarter of 2024.Global economic conditions and consumer sentiment have in the past adversely impacted,and may continue to adverselyimpact,demand for our products and services and our results of operations.Our Studios segment generates revenue primarily from

208、 third parties and from licensing content to our Media segment.While results of operations for ourStudios segment are not impacted,results for our total Content&Experiences business may be impacted as the Studios segment licenses content to theMedia segment,including for Peacock,rather than licensin

209、g the content to third parties.The Writers Guild of America and the Screen Actors Guild-American Federation of Television and Radio Artists work stoppages from May to September 2023 and July to November 2023,respectively,resulted inreduced content licensing revenue and programming and production cos

210、ts at our Studios segment in the three and nine months ended September 30,2023.We continue to invest significantly in existing and new theme park attractions,hotels and infrastructure,including Epic Universe in Orlando,as well as innew destinations and experiences,which we believe will have a positi

211、ve impact on attendance and guest spending at our theme parks.20Table of ContentsMedia Segment Results of Operations Three Months Ended September 30,ChangeNine Months Ended September 30,Change(in millions)20242023%20242023%RevenueDomestic advertising$3,347$1,913 74.9%$7,363$5,965 23.4%Domestic distr

212、ibution3,272 2,591 26.3 8,942 7,916 13.0 International networks1,070 1,019 5.0 3,193 3,062 4.3 Other542 506 7.2 1,429 1,433(0.3)Total revenue8,231 6,029 36.5 20,926 18,376 13.9 Costs and ExpensesProgramming and production5,917 3,944 50.0 13,652 11,567 18.0 Marketing and promotion470 329 43.2 1,071 9

213、75 9.9 Other1,194 1,034 15.5 3,371 2,987 12.8 Total costs and expenses7,581 5,306 42.9 18,094 15,529 16.5 Adjusted EBITDA$650$723(10.1)%$2,832$2,847(0.5)%Media Segment RevenueRevenue increased for the three and nine months ended September 30,2024 compared to the same periods in 2023 primarily due to

214、 the Paris Olympics inthe third quarter of 2024.Excluding incremental revenue associated with the Paris Olympics,revenue for the three months ended September 30,2024increased primarily due to increases in domestic distribution,international networks and other revenue.Excluding incremental revenue as

215、sociated with theParis Olympics,revenue for the nine months ended September 30,2024 increased primarily due to increases in domestic distribution and internationalnetworks revenue,partially offset by a decrease in domestic advertising revenue.Three Months Ended September 30,ChangeNine Months Ended S

216、eptember 30,Change(in millions)20242023%20242023%Total revenue$8,231$6,029 36.5%$20,926$18,376 13.9%Olympics1,906 NM1,906 NMTotal revenue,excluding Olympics$6,325$6,029 4.9%$19,020$18,376 3.5%Total domestic advertising revenue$3,347$1,913 74.9%$7,363$5,965 23.4%Olympics1,432 NM1,432 NMDomestic adver

217、tising revenue,excluding Olympics$1,915$1,913 0.1%$5,931$5,965(0.6)%Total domestic distribution revenue$3,272$2,591 26.3%$8,942$7,916 13.0%Olympics473 NM473 NMDomestic distribution revenue,excluding Olympics$2,798$2,591 8.0%$8,468$7,916 7.0%Percentage changes that are considered not meaningful are d

218、enoted with NM.Domestic advertising revenue increased for the three and nine months ended September 30,2024 compared to the same periods in 2023 primarily dueto the Paris Olympics in the third quarter of 2024.Excluding the incremental revenue associated with this event,domestic advertising revenue r

219、emainedconsistent for the three months ended September 30,2024 primarily due to an increase in revenue at Peacock,offset by a decrease in revenue at our lineartelevision networks,and it decreased for the nine months ended September 30,2024 due to a decrease in revenue at our linear television networ

220、ks,partiallyoffset by an increase in revenue at Peacock.Domestic distribution revenue increased for the three and nine months ended September 30,2024 compared to the same periods in 2023 and includedthe Paris Olympics in the third quarter of 2024.Excluding the incremental revenue associated with thi

221、s event,domestic distribution revenue increased forthe three and nine months ended September 30,2024 primarily due to increases in Peacock paid subscribers,partially offset by decreases in revenue at ourlinear television networks.The decreases at our networks were primarily due to declines in the nu

222、mber of subscribers,partially offset by contractual rateincreases.International networks revenue increased for the three and nine months ended September 30,2024 compared to the same periods in 2023 primarilydue to the positive impact of foreign currency and increases in revenue associated with the d

223、istribution of sports networks.Other revenue increased for the three months ended September 30,2024 compared to the same period in 2023 primarily due to an increase in revenuefrom the licensing of our owned content.21Table of Contents*Media segment total revenue included$1.5 billion and$3.6 billion

224、related to Peacock for the three and nine months ended September 30,2024,respectively,including amounts related to the Paris Olympics.Media segment total revenue included$830 million and$2.3 billion related to Peacock forthe three and nine months ended September 30,2023,respectively.We had 36 millio

225、n and 28 million paid subscribers of Peacock as of September 30,2024and 2023,respectively.Peacock paid subscribers represent customers from which Peacock receives a subscription fee on a retail or wholesale basis.Paidsubscribers do not include certain customers that receive Peacock as part of bundle

226、d services where Peacock does not receive fees.Media Segment Costs and ExpensesProgramming and production costs increased for the three and nine months ended September 30,2024 compared to the same periods in 2023primarily due to costs associated with the Paris Olympics,higher programming costs at Pe

227、acock and increases in other sports programming costs for ourdomestic television networks.The increase for the nine months ended September 30,2024 was partially offset by a decrease in entertainment content costsfor our television networks.Marketing and promotion expenses increased for the three and

228、 nine months ended September 30,2024 compared to the same periods in 2023primarily due to increased costs associated with the Paris Olympics.The increase for the three months ended September 30,2024 also includes increasedspending on marketing at Peacock.Other expenses increased for the three and ni

229、ne months ended September 30,2024 compared to the same periods in 2023 primarily due to increases incosts related to Peacock.*Media segment total costs and expenses included$1.9 billion and$5.0 billion related to Peacock for the three and nine months ended September 30,2024,respectively,including am

230、ounts related to the Paris Olympics.Media segment total costs and expenses included$1.4 billion and$4.3 billion related toPeacock for the three and nine months ended September 30,2023,respectively.Studios Segment Results of Operations Three Months Ended September 30,ChangeNine Months Ended September

231、 30,Change(in millions)20242023%20242023%RevenueContent licensing$1,865$1,691 10.3%$5,680$5,856(3.0)%Theatrical611 504 21.3 1,178 1,735(32.1)Other350 324 8.2 964 970(0.6)Total revenue2,826 2,518 12.3 7,822 8,561(8.6)Costs and ExpensesProgramming and production1,818 1,569 15.8 5,176 5,866(11.8)Market

232、ing and promotion301 314(4.3)1,126 1,155(2.5)Other240 205 16.8 685 579 18.3 Total costs and expenses2,359 2,089 12.9 6,987 7,600(8.1)Adjusted EBITDA$468$429 9.0%$835$961(13.1)%Studios Segment RevenueContent licensing revenue increased for the three months ended September 30,2024 compared to the same

233、 period in 2023 primarily due to the timingof when content was made available by our television studios under licensing agreements,including the impact of the work stoppages in the prior yearperiod.Content licensing revenue decreased for the nine months ended September 30,2024 compared to the same p

234、eriod in 2023 primarily due to the timing ofwhen content was made available by our film studios,partially offset by the timing of when content was made available by our television studios underlicensing agreements,including the impact of the work stoppages in the prior year period.Theatrical revenue

235、 increased for the three months ended September 30,2024 compared to the same period in 2023 primarily due to higher revenue fromrecent releases,including Despicable Me 4 and Twisters.Theatrical revenue decreased for the nine months ended September 30,2024 compared to the same period in 2023 primaril

236、y due to higher revenue fromreleases in the prior year period,including The Super Mario Bros.,Oppenheimer and Fast X,compared to revenue from recent releases,includingDespicable Me 4,Kung Fu Panda 4 and Twisters.22Table of ContentsStudios Segment Costs and ExpensesProgramming and production costs in

237、creased for the three months ended September 30,2024 compared to the same period in 2023 primarily due tohigher costs associated with content licensing sales,including the impact of work stoppages in the prior year period.Programming and production costs decreased for the nine months ended September

238、 30,2024 compared to the same period in 2023 primarily due to lowercosts associated with theatrical releases,partially offset by higher costs associated with content licensing sales,including the impact of work stoppages inthe prior year period.Marketing and promotion expenses decreased for the thre

239、e and nine months ended September 30,2024 compared to the same periods in 2023primarily due to decreased spending on recent and upcoming theatrical film releases in the current year periods.Theme Parks Segment Results of OperationsThree Months Ended September 30,ChangeNine Months Ended September 30,

240、Change(in millions)20242023%20242023%Revenue$2,289$2,418(5.3)%$6,243$6,576(5.1)%Costs and expenses1,442 1,435 0.5 4,132 4,103 0.7 Adjusted EBITDA$847$983(13.8)%$2,111$2,473(14.6)%Theme parks segment revenue decreased for the three and nine months ended September 30,2024 compared to the same periods

241、in 2023 primarilydue to decreases at our domestic theme parks driven by decreased park attendance.The decrease for the nine months ended September 30,2024 alsoincludes the negative impact of foreign currency at our international theme parks.Theme parks segment costs and expenses were consistent for

242、the three and nine months ended September 30,2024 compared to the same periodsin 2023.Theme parks segment costs and expenses were consistent for the nine months ended September 30,2024 primarily due to higher costs associatedwith park operations,offset by the impact of foreign currency.Content&Exper

243、iences Headquarters,Other and EliminationsHeadquarters and Other Results of Operations Three Months Ended September 30,ChangeNine Months Ended September 30,Change(in millions)20242023%20242023%Revenue$11$13(16.8)%$32$45(27.1)%Costs and expenses211 191 10.6 675 654 3.1 Adjusted EBITDA$(200)$(178)(12.

244、6)%$(642)$(610)(5.3)%Headquarters and Other expenses include overhead,personnel costs and costs associated with corporate initiatives.Eliminations Three Months Ended September 30,ChangeNine Months Ended September 30,Change(in millions)20242023%20242023%Revenue$(758)$(419)80.7%$(1,994)$(1,867)6.8%Cos

245、ts and expenses(796)(436)82.4(2,101)(1,965)7.0 Adjusted EBITDA$38$17(125.6)%$108$97(10.7)%Amounts represent eliminations of transactions between segments in our Content&Experiences business,the most significant being content licensingbetween the Studios and Media segments,which are affected by the t

246、iming of recognition of content licenses.Eliminations increase or decrease to the extent that additional content is made available to our other segments within the Content&Experiences business.Refer to Note 2 for additional information on transactions between our segments.23Table of ContentsCorporat

247、e,Other and EliminationsCorporate and Other Results of Operations Three Months Ended September 30,ChangeNine Months Ended September 30,Change(in millions)20242023%20242023%Revenue$675$643 5.0%$2,148$2,004 7.2%Costs and expenses978 893 9.6 3,040 2,844 6.9 Adjusted EBITDA$(302)$(249)(21.3)%$(892)$(841

248、)(6.1)%Corporate and Other primarily includes overhead and personnel costs;Sky branded video services and television networks in Germany;ComcastSpectacor,which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia,Pennsylvania;and Xumo,our consolidated streamingplatform joint

249、 venture.Corporate and Other revenue increased for the three months ended September 30,2024 compared to the same period in 2023 driven by Spectacor andXumo.Corporate and other revenue increased for the nine months ended September 30,2024 compared to the same period in 2023 driven by an increaseacros

250、s our businesses.Corporate and Other costs and expenses increased for the three months ended September 30,2024 compared to the same period in 2023 due toincreased marketing associated with the Paris Olympics and increases related to Spectacor and Xumo.Corporate and Other costs and expenses increased

251、for the nine months ended September 30,2024 compared to the same period in 2023 primarily due to increases related to corporate functions,increasedmarketing associated with the Paris Olympics,and Xumo.Eliminations Three Months Ended September 30,ChangeNine Months Ended September 30,Change(in million

252、s)20242023%20242023%Revenue$(1,495)$(1,358)10.1%$(4,174)$(4,157)0.4%Costs and expenses(1,436)(1,375)4.5(4,088)(4,191)(2.5)Adjusted EBITDA$(59)$16 NM$(86)$34 NMPercentage changes that are considered not meaningful are denoted with NM.Amounts represent eliminations of transactions between our Connecti

253、vity&Platforms,Content&Experiences and other businesses,the most significantbeing distribution of television network programming between the Media and Residential Connectivity&Platforms segments.Current year amounts reflectan increase associated with the Paris Olympics.Eliminations of transactions b

254、etween segments within Content&Experiences are presented separately.Refer to Note 2 for additional information on transactions between our segments.Non-GAAP Financial MeasuresConsolidated Adjusted EBITDAAdjusted EBITDA is a non-GAAP financial measure and is the primary basis used to measure the oper

255、ational strength and performance of our businessesas well as to assist in the evaluation of underlying trends in our businesses.This measure eliminates the significant level of noncash depreciation andamortization expense that results from the capital-intensive nature of certain of our businesses an

256、d from intangible assets recognized in businesscombinations.It is also unaffected by our capital and tax structures,and by our investment activities,including the results of entities that we do notconsolidate,as our management excludes these results when evaluating our operating performance.Our mana

257、gement and Board of Directors use thisfinancial measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resourcesand capital to our operating segments.It is also a significant performance measure in our annual incentive compe

258、nsation programs.Additionally,webelieve that Adjusted EBITDA is useful to investors because it is one of the bases for comparing our operating performance with that of other companies inour industries,although our measure of Adjusted EBITDA may not be directly comparable to similar measures used by

259、other companies.24Table of ContentsWe define Adjusted EBITDA as net income attributable to Comcast Corporation before net income(loss)attributable to noncontrolling interests,incometax expense,investment and other income(loss),net,interest expense,depreciation and amortization expense,and other oper

260、ating gains and losses(such asimpairment 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 excludefrom Adjusted EBITDA the impact of certain events,gains,losses or other charges(such as significant legal settlements)t

261、hat affect the period-to-periodcomparability of our operating performance.We reconcile consolidated Adjusted EBITDA to net income attributable to Comcast Corporation.This measure should not be considered a substitute foroperating income(loss),net income(loss),net income(loss)attributable to Comcast

262、Corporation,or net cash provided by operating activities that we havereported in accordance with GAAP.Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA Three Months EndedSeptember 30,Nine Months EndedSeptember 30,(in millions)2024202320242023Net income attributabl

263、e to Comcast Corporation$3,629$4,046$11,415$12,128 Net income(loss)attributable to noncontrolling interests(53)(49)(222)(175)Income tax expense1,243 1,468 3,906 4,481 Interest expense1,037 1,060 3,065 3,068 Investment and other(income)loss,net3(50)140(672)Depreciation2,219 2,203 6,548 6,662 Amortiza

264、tion1,659 1,290 4,421 4,146 Adjustments(2)(6)(11)(16)Adjusted EBITDA$9,735$9,962$29,261$29,621(a)Amounts represent the impact of certain events,gains,losses or other charges that are excluded from Adjusted EBITDA,including costs related to our investment portfolio.Constant CurrencyConstant currency

265、and constant currency growth rates are non-GAAP financial measures that present our results of operations excluding the estimatedeffects of foreign currency exchange rate fluctuations.Certain of our businesses,including Connectivity&Platforms,have operations outside the UnitedStates that are conduct

266、ed in local currencies.As a result,the comparability of the financial results reported in U.S.dollars is affected by changes in foreigncurrency exchange rates.In our Connectivity&Platforms business,we use constant currency and constant currency growth rates to evaluate the underlyingperformance of t

267、he businesses,and we believe they are helpful for investors because such measures present operating results on a comparable basis yearover year to allow the evaluation of their underlying performance.Constant currency and constant currency growth rates are calculated by comparing the results for eac

268、h comparable prior year period adjusted to reflect theaverage exchange rates from each current year period presented rather than the actual exchange rates that were in effect during the respective periods.(a)25Table of ContentsReconciliation of Connectivity&Platforms Constant CurrencyThree Months En

269、ded September 30,2023Nine Months Ended September 30,2023(in millions)As ReportedEffects of ForeignCurrencyConstant CurrencyAmountsAs ReportedEffects of ForeignCurrencyConstant CurrencyAmountsRevenueResidential Connectivity&Platforms$17,951$99$18,050$53,888$253$54,141 Business Services Connectivity2,

270、320 2,320 6,894 1 6,895 Total Connectivity&Platforms revenue$20,271$99$20,370$60,783$254$61,037 Adjusted EBITDAResidential Connectivity&Platforms$6,886$16$6,902$20,672$39$20,711 Business Services Connectivity1,335(1)1,334 3,988(1)3,988 Total Connectivity&Platforms AdjustedEBITDA$8,221$15$8,237$24,66

271、0$39$24,699 Adjusted EBITDA MarginResidential Connectivity&Platforms38.4%(20)bps38.2%38.4%(10)bps38.3%Business Services Connectivity57.5-bps57.5 57.8-bps57.8 Total Connectivity&Platforms AdjustedEBITDA margin40.6%(20)bps40.4%40.6%(10)bps40.5%Three Months Ended September 30,2023Nine Months Ended Sept

272、ember 30,2023As ReportedEffects of ForeignCurrencyConstant CurrencyAmountsAs ReportedEffects of ForeignCurrencyConstant CurrencyAmountsAverage monthly total Connectivity&Platformsrevenue per customer relationship$129.20$0.63$129.83$128.95$0.54$129.49 Average monthly total Connectivity&PlatformsAdjus

273、ted EBITDA per customer relationship$52.40$0.10$52.50$52.32$0.08$52.40 Three Months Ended September 30,2023Nine Months Ended September 30,2023(in millions)As ReportedEffects of ForeignCurrencyConstant CurrencyAmountsAs ReportedEffects of ForeignCurrencyConstant CurrencyAmountsCosts and ExpensesProgr

274、amming$4,460$28$4,488$13,638$74$13,712 Technical and support1,867 8 1,874 5,525 20 5,544 Direct product costs1,554 23 1,577 4,362 58 4,420 Marketing and promotion1,169 7 1,176 3,585 17 3,602 Customer service692 2 695 2,097 9 2,105 Other2,308 15 2,323 6,915 38 6,954 Total Connectivity&Platforms costs

275、 andexpenses$12,050$84$12,134$36,122$216$36,338 26Table of ContentsReconciliation of Residential Connectivity&Platforms Constant CurrencyThree Months Ended September 30,2023Nine Months Ended September 30,2023(in millions)As ReportedEffects of ForeignCurrencyConstant CurrencyAmountsAs ReportedEffects

276、 of ForeignCurrencyConstant CurrencyAmountsRevenueDomestic broadband$6,366$6,366$19,086$19,086 Domestic wireless917 917 2,644 2,644 International connectivity1,109 31 1,141 3,009 77 3,086 Total residential connectivity8,393 31 8,424 24,739 77 24,816 Video7,154 47 7,201 21,895 124 22,018 Advertising9

277、60 11 971 2,860 25 2,885 Other1,444 10 1,454 4,394 28 4,422 Total revenue17,951 99 18,050 53,888 253 54,141 Costs and ExpensesProgramming4,460 28 4,488 13,638 74 13,712 Other6,605 55 6,659 19,578 140 19,718 Total costs and expenses11,065 83 11,148 33,216 214 33,430 Adjusted EBITDA$6,886$16$6,902$20,

278、672$39$20,711 Other AdjustmentsFrom time to time,we present adjusted information,such as revenue,to exclude the impact of certain events,gains,losses or other charges.This adjustedinformation is a non-GAAP financial measure.We believe,among other things,that the adjusted information may help investo

279、rs evaluate our ongoingoperations and can assist in making meaningful period-over-period comparisons.Liquidity and Capital ResourcesNine Months Ended September 30,(in billions)20242023Cash provided by operating activities$19.6$22.6 Cash used in investing activities$(10.6)$(11.7)Cash used in financin

280、g activities$(6.5)$(9.1)(in billions)September 30,2024December 31,2023Cash and cash equivalents$8.8$6.2 Debt$101.4$97.1 Our businesses generate significant cash flows from operating activities.We believe that we will be able to continue to meet our current and long-termliquidity and capital requirem

281、ents,including fixed charges,through our cash flows from operating activities;existing cash,cash equivalents andinvestments;available borrowings under our existing credit facility;and our ability to obtain future external financing.We anticipate that we will continueto use a substantial portion of o

282、ur cash flows from operating activities in repaying our debt obligations,funding our capital expenditures and cash paid forintangible assets,investing in business opportunities,and returning capital to shareholders.We maintain significant availability under our revolving credit facility and our comm

283、ercial paper program to meet our short-term liquidity requirements.Our commercial paper program generally provides a lower-cost source of borrowing to fund our short-term working capital requirements.As ofSeptember 30,2024,amounts available under our revolving credit facility,net of amounts outstand

284、ing under our commercial paper program andoutstanding letters of credit and bank guarantees,totaled$11.8 billion.We entered into a new revolving credit facility in May 2024(see Note 5).Our new revolving credit facility contains a financial covenant pertaining toleverage,which is the ratio of debt to

285、 EBITDA,as defined in the agreement.Compliance with this financial covenant is tested on a quarterly basis.As ofSeptember 30,2024,we met this financial covenant,and we expect to remain in compliance with this financial covenant.27Table of ContentsOperating ActivitiesComponents of Net Cash Provided b

286、y Operating Activities Nine Months EndedSeptember 30,(in millions)20242023Operating income$18,304$18,830 Depreciation and amortization10,969 10,807 Noncash share-based compensation983 955 Changes in operating assets and liabilities(2,652)(2,030)Payments of interest(2,503)(2,566)Payments of income ta

287、xes(5,988)(3,823)Proceeds from investments and other480 406 Net cash provided by operating activities$19,593$22,579 The variance in changes in operating assets and liabilities for the nine months ended September 30,2024 compared to the same period in 2023 wasprimarily related to increases in receiva

288、bles and decreases in deferred revenue,which includes the impact of the Paris Olympics,the timing of amortizationand related payments for our film and television costs,including decreased spending in the prior year period due to the work stoppages and the timing ofsports,and decreases in inventory.T

289、he decrease in payments of interest for the nine months ended September 30,2024 compared to the same period in 2023 was primarily due to thepayments of interest in the prior year period associated with our collateralized obligation which was repaid in the fourth quarter of 2023,partially offset byin

290、creased debt balances following debt issuances in the current year period and higher weighted-average interest rates.Payments of income taxes increased for the nine months ended September 30,2024 compared to the same period in 2023 and included higher payments inthe current year period related to th

291、e preceding tax year,primarily driven by the sale of our investment in Hulu.Payments were also impacted by the timingof transferable tax credit purchases.In July 2024,we entered into new rights agreements with the NBA and WNBA for television and streaming rights for certain regular and post-seasonga

292、mes beginning with the 2025-26 season through the 2035-36 season with aggregate rights payments of$27 billion.Investing ActivitiesNet cash used in investing activities decreased for the nine months ended September 30,2024 compared to the same period in 2023 primarily due todecreased capital expendit

293、ures,decreased cash paid for intangible assets related to software development and increased proceeds from the maturity ofshort-term investments in the current year period.Capital expenditures decreased for the nine months ended September 30,2024 compared to the sameperiod in 2023 primarily reflecti

294、ng decreased spending by the Connectivity&Platforms businesses driven by customer premise equipment and scalableinfrastructure,partially offset by increased spending on line extensions;as well capital expenditures in the prior year period associated with the acquisitionof land for potential theme pa

295、rk expansion opportunities.These decreases were partially offset by increased spending on theme park attractions.In the fourth quarter of 2023,we exercised our put right requiring Disney to purchase our interest in Hulu and received$8.6 billion,representing$9.2 billion for our share of Hulus minimum

296、 equity value presented as an advance on the sale of our investment in our condensed consolidated balancesheet,less$557 million for our share of prior capital calls.We expect to receive additional proceeds for the sale of our interest in Hulu following the finaldetermination of Hulus fair value purs

297、uant to a third-party appraisal process,at which time we will recognize the sale of our interest.Financing ActivitiesNet cash used in financing activities decreased for the nine months ended September 30,2024 compared to the same period in 2023 primarily due todecreases in repurchases of common stoc

298、k in the current year period,repayments of short-term borrowings in the prior year period,higher repurchases andrepayments of debt in the prior year period and higher proceeds from borrowings in the current year period.28Table of ContentsIn September 2024,we issued 1.8 billion aggregate principal am

299、ount of fixed-rate euro senior notes maturing in 2032 and 2036 and entered into acorresponding cross-currency swap,effectively converting the debt to an aggregate U.S.dollar principal amount of$2.0 billion with a weighted-averageinterest rate of 4.72%.We also issued 750 million($1.0 billion using ex

300、change rates on the date of issuance)principal amount of fixed rate sterling seniornotes maturing in 2040 with an interest rate of 5.25%.The net proceeds from this issuance are intended for working capital and general corporate purposes,including the early redemption of$725 million of our outstandin

301、g 5.25%Notes due 2025,which was completed in October 2024,and the repayment ofcertain of our other outstanding debt with near-term maturities.In May 2024,we issued$3.3 billion aggregate principal amount of fixed-rate senior notes,which have maturities ranging between 2029 and 2054 and a weighted-ave

302、rage interest rate of 5.38%.The net proceeds from this issuance was for therepayment of our outstanding commercial paper,and for working capital and general corporate purposes.For the nine months ended September 30,2024,we made debt repayments of$2.4 billion,including$1.9 billion principal amount of

303、 notes due at maturityand$216 million of 3.950%Notes due 2025,$149 million of 3.375%Notes due 2025 and$25 million of 5.250%Notes due 2025.We have made,and may from time to time in the future make,optional repayments on our debt obligations,which may include repurchases or exchanges ofour outstanding

304、 public notes and debentures,depending on various factors,such as market conditions.Any such repurchases may be effected throughprivately negotiated transactions,market transactions,tender offers,redemptions or otherwise.In particular,we may repurchase varying amounts of ouroutstanding public notes

305、and debentures with short to medium term maturities through privately negotiated or market transactions.See Notes 5 and 7 foradditional information on our financing activities.Share Repurchases and DividendsDuring the nine months ended September 30,2024,we repurchased a total of 162 million shares o

306、f our Class A common stock for$6.6 billion.In January2024,our Board of Directors terminated the existing share repurchase program authorization and approved a new share repurchase program authorizationof$15.0 billion,which has no expiration date.As of September 30,2024,we had$9.0 billion remaining u

307、nder the authorization.We expect to repurchaseadditional shares of our Class A common stock under this new authorization in the open market or in private transactions,subject to market and otherconditions.In addition,we paid$328 million for the nine months ended September 30,2024 related to employee

308、 taxes associated with the administration of our share-based compensation plans.In January 2024,our Board of Directors approved a 6.9%increase in our dividend to$1.24 per share on an annualized basis.During the nine months endedSeptember 30,2024,we paid dividends of$3.6 billion.In July 2024,our Boar

309、d of Directors approved our third quarter dividend of$0.31 per share,whichwas paid in October 2024.We expect to continue to pay quarterly dividends,although each dividend is subject to approval by our Board of Directors.Guarantee StructureOur debt is primarily issued at Comcast,although we also have

310、 debt at certain of our subsidiaries as a result of acquisitions and other issuances.Asubstantial amount of this debt is subject to guarantees by Comcast and by certain subsidiaries that we have put in place to simplify our capital structure.We believe this guarantee structure provides liquidity ben

311、efits to debt investors and helps to simplify credit analysis with respect to relative valueconsiderations of guaranteed subsidiary debt.29Table of ContentsDebt and Guarantee Structure(in billions)September 30,2024December 31,2023Debt Subject to Cross-GuaranteesComcast$96.5$91.9 NBCUniversal1.6 1.6

312、Comcast Cable0.9 0.9 99.0 94.4 Debt Subject to One-Way GuaranteesSky3.2 3.6 Other0.1 0.1 3.3 3.8 Debt Not GuaranteedUniversal Beijing Resort3.6 3.5 Other1.4 1.5 5.0 5.0 Debt issuance costs,premiums,discounts,fair value adjustments for acquisition accounting and hedgedpositions,net(6.0)(6.1)Total deb

313、t$101.4$97.1(a)NBCUniversal Media,LLC(“NBCUniversal”),Comcast Cable Communications,LLC(“Comcast Cable”)and Comcast Holdings Corporation(“Comcast Holdings”),which is includedwithin other debt subject to one-way guarantees,are each consolidated subsidiaries subject to the periodic reporting requiremen

314、ts of the SEC.The guarantee structures and relateddisclosures in this section,together with Exhibit 22 to our Annual Report on Form 10-K,satisfy these reporting obligations.(b)Universal Beijing Resort debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the

315、 investors.See Note 6 for additional information.Cross-GuaranteesComcast,NBCUniversal and Comcast Cable(the“Guarantors”)fully and unconditionally,jointly and severally,guarantee each others debt securities.NBCUniversal and Comcast Cable also guarantee other borrowings of Comcast,including its revolv

316、ing credit facility.These guarantees rank equally withall other general unsecured and unsubordinated obligations of the respective Guarantors.However,the obligations of the Guarantors under the guaranteesare structurally subordinated to the indebtedness and other liabilities of their respective non-

317、guarantor subsidiaries.The obligations of each Guarantor arelimited to the maximum amount that would not render such Guarantors obligations subject to avoidance under applicable fraudulent conveyanceprovisions of U.S.and non-U.S.law.Each Guarantors obligations will remain in effect until all amounts

318、 payable with respect to the guaranteed securitieshave been paid in full.However,a guarantee by NBCUniversal or Comcast Cable of Comcasts debt securities,or by NBCUniversal of Comcast Cablesdebt securities,will terminate upon a disposition of such Guarantor entity or all or substantially all of its

319、assets.The Guarantors are each holding companies that principally hold investments in,borrow from and lend to non-guarantor subsidiary operating companies;issue and service third-party debt obligations;repurchase shares and pay dividends;and engage in certain corporate and headquarters activities.Th

320、eGuarantors are generally dependent on non-guarantor subsidiary operating companies to fund these activities.As of September 30,2024 and December 31,2023,the combined Guarantors have noncurrent notes payable to non-guarantor subsidiaries of$81 billionand$136 billion,respectively,and noncurrent notes

321、 receivable from non-guarantor subsidiaries of$19 billion and$18 billion,respectively.This financialinformation is that of the Guarantors presented on a combined basis with intercompany balances between the Guarantors eliminated.The combinedfinancial information excludes financial information of non

322、-guarantor subsidiaries.The underlying net assets of the non-guarantor subsidiaries aresignificantly in excess of the Guarantor obligations.Excluding investments in non-guarantor subsidiaries,external debt and the noncurrent notes payableand receivable with non-guarantor subsidiaries,the Guarantors

323、do not have material assets,liabilities or results of operations.One-Way GuaranteesComcast provides full and unconditional guarantees of certain debt issued by Sky Limited(“Sky”),including all of its senior notes,and other consolidatedsubsidiaries not subject to the periodic reporting requirements o

324、f the SEC.(a)(a)(a)(b)30Table of ContentsComcast also provides a full and unconditional guarantee of$138 million principal amount of subordinated debt issued by Comcast Holdings.Comcastsobligations under this guarantee are subordinated and subject,in right of payment,to the prior payment in full of

325、all of Comcasts senior indebtedness,including debt guaranteed by Comcast on a senior basis,and are structurally subordinated to the indebtedness and other liabilities of its non-guarantorsubsidiaries(for purposes of this Comcast Holdings discussion,Comcast Cable and NBCUniversal are included within

326、the non-guarantor subsidiarygroup).Comcasts obligations as guarantor will remain in effect until all amounts payable with respect to the guaranteed debt have been paid in full.However,the guarantee will terminate upon a disposition of Comcast Holdings or all or substantially all of its assets.Comcas

327、t Holdings is a consolidatedsubsidiary holding company that directly or indirectly holds 100%and approximately 37%of our equity interests in Comcast Cable and NBCUniversal,respectively.As of September 30,2024 and December 31,2023,Comcast and Comcast Holdings,the combined issuer and guarantor of the

328、guaranteed subordinateddebt,have noncurrent senior notes payable to non-guarantor subsidiaries of$47 billion and$104 billion,respectively,and noncurrent notes receivable fromnon-guarantor subsidiaries of$15 billion and$14 billion,respectively.This financial information is that of Comcast and Comcast

329、 Holdings presented on acombined basis with intercompany balances between Comcast and Comcast Holdings eliminated.The combined financial information excludes financialinformation of non-guarantor subsidiaries of Comcast and Comcast Holdings.The underlying net assets of the non-guarantor subsidiaries

330、 of Comcast andComcast Holdings are significantly in excess of the obligations of Comcast and Comcast Holdings.Excluding investments in non-guarantor subsidiaries,external debt,and the noncurrent notes payable and receivable with non-guarantor subsidiaries,Comcast and Comcast Holdings do not have ma

331、terialassets,liabilities or results of operations.Critical Accounting EstimatesThe preparation of our condensed consolidated financial statements requires us to make estimates that affect the reported amounts of assets,liabilities,revenue and expenses,and the related disclosure of contingent assets

332、and contingent liabilities.We base our judgments on our historical experience and onvarious other assumptions that we believe are reasonable under the circumstances,the results of which form the basis for making estimates about thecarrying value of assets and liabilities that are not readily apparen

333、t from other sources.Actual results may differ from these estimates under differentassumptions or conditions.We believe our estimates associated with the valuation and impairment testing of goodwill are critical in the preparation of our consolidated financialstatements.We performed a quantitative assessment as of July 1,2024 for goodwill in our Media segment.Based on this assessment,the estimated