COMCAST CORP

Previous wording

Consolidated revenue increased for the three months ended March 31, 2024 compared to the same period in 2023 primarily driven by an increase in the Content & Experiences business and in Corporate and Other. Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”

Current wording

Consolidated revenue decreased for the three months ended June 30, 2024 compared to the same period in 2023 primarily driven by a decrease in the Content & Experiences business, partially offset by an increase in Corporate and Other. Consolidated revenue remained consistent with the prior year period for the six months ended June 30, 2024 driven by a decrease in the Content & Experiences business, offset by an increase in Corporate and Other. Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”

Previous wording

Consolidated costs and expenses, excluding depreciation and amortization expense, increased for the three months ended March 31, 2024 primarily driven by increases in the Content & Experiences business and in Corporate and Other. Costs and expenses for our segments and our corporate operations and other businesses are discussed separately below under the heading “Segment Operating Results.”

Current wording

Consolidated costs and expenses, excluding depreciation and amortization expense, decreased for the three months ended June 30, 2024 primarily driven by decreases in the Content & Experiences and Connectivity & Platforms businesses, partially offset by an increase in Corporate and Other. Consolidated costs and expenses, excluding depreciation and amortization expense, remained consistent with the prior year period for the six months ended June 30, 2024, driven by decreases in the Content & Experiences and Connectivity & Platforms businesses, offset by an increase in Corporate and Other. Costs and expenses for our segments and our corporate operations and other businesses are discussed separately below under the heading “Segment Operating Results.”

Previous wording

Consolidated depreciation and amortization expense decreased for the three months ended March 31, 2024 primarily due to decreased amortization of software.

Current wording

Consolidated depreciation and amortization expense remained consistent with the prior year period for the three months ended June 30, 2024. Consolidated depreciation and amortization expense decreased for the six months ended June 30, 2024 primarily due to decreased depreciation of international property and equipment and decreased amortization of software.

Previous wording

Amortization expense from acquisition-related intangible assets totaled$569 million and$556 millionfor the three months ended March 31, 2024 and 2023, respectively. Amounts primarily relate to customer relationship intangible assets recorded in connection with the Sky transaction in 2018 and the NBCUniversal transaction in 2011.

Current wording

Amortization expense from acquisition-related intangible assets totaled$563 million and$1.1 billionfor the three and six months ended June 30, 2024, respectively, and$572 million and $1.1 billion for the three and six months ended June 30,2023, respectively. Amounts primarily relate to customer relationship intangible assets recorded in connection with the Sky transaction in 2018 and the NBCUniversal transaction in 2011.

Previous wording

Consolidated interest expense remained consistent for the three months ended March 31, 2024 primarily due to interest expense in the prior year associated with our collateralized obligation which was repaid in the fourth quarter of 2023, offset by an increase in average debt outstanding and higher weighted-average interest rates.

Current wording

Consolidated interest expense increased for the three and six months ended June 30, 2024 primarily due to higher weighted-average interest rates and increases in average debt outstanding, partially offset by interest expense in the prior year periods associated with a collateralized obligation that was repaid in the fourth quarter of 2023.

Previous wording

Consolidated investment and other income (loss), netdecreased for the three months ended March 31, 2024 compared to the same period in 2023.

Current wording

Consolidated investment and other income (loss), netdecreased for the three and six months ended June 30, 2024 compared to the same period in 2023.

Previous wording

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 by fair value adjustments on its underlying investments with income (loss) of $195 million and $524 million for the three months ended March 31, 2024 and 2023, respectively.

Current wording

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 by fair value adjustments on its underlying investments with income (loss) of $(391) million and $(196) million for the three and six months ended June 30, 2024, respectively, and $(23) million and $501 million for the three and six months ended June 30, 2023, respectively.

Previous wording

The change in realized and unrealized gains (losses) on equity securities, net for the three months ended March 31, 2024 was primarily due to gains on marketable securities in the prior year period and higher losses on nonmarketable securities in the current year period.

Current wording

The change in realized and unrealized gains (losses) on equity securities, net for thethree months ended June 30, 2024 was primarily due to higher losses on nonmarketable and marketable securities in the current year period. The change in realized and unrealized gains (losses) on equity securities, net for thesix months ended June 30, 2024 was primarily due to higher losses on nonmarketable securities in the current year period and losses on marketable securities in the current year period compared to gains in the prior year period.

Previous wording

The change in other income (loss), net for thethree months ended March 31, 2024 primarily resulted from a gain related to an equity method investment in the current year period.

Current wording

The change in other income (loss), net for thethree months ended June 30, 2024 primarily resulted from a gain related to an investment in the prior year period. The change in other income (loss), net for thesix months ended June 30, 2024 primarily resulted from higher interest income in the current year period.

Previous wording

Consolidated income tax expense for the three months ended March 31, 2024 and 2023 reflects an effective income tax rate that differs from the federal statutory rate due to state and foreign income taxes and adjustments associated with uncertain tax positions. The decrease in income tax expense for the three months ended March 31, 2024 compared to the same period in 2023 was primarily driven by lower domestic income before income taxes.

Current wording

Consolidated income tax expense for the three and six months ended June 30, 2024 and 2023 reflects an effective income tax rate that differs from the federal statutory rate due to state and foreign income taxes and adjustments associated with uncertain tax positions. The decreases in income tax expense for the three and six months ended June 30, 2024 compared to the same periods in 2023 were primarily driven by lower domestic income before income taxes.

Previous wording

Consolidated net income (loss) attributable to noncontrolling interests changed for thethree months ended March 31, 2024 compared with the same period in 2023 primarily due to an increase in losses in our Xumo streaming platform joint venture, partially offset by a decrease in losses at Universal Beijing Resort in the current year period.

Current wording

Consolidated net income (loss) attributable to noncontrolling interests changed for the three and six months ended June 30, 2024 compared with the same periods in 2023 primarily due to Universal Beijing Resort and our regional sports networks.

Previous wording

(a)Our Adjusted EBITDA margin is Adjusted EBITDA as a percentage of revenue. We believe this metric is useful particularly as we continue to focus on growing our higher-margin businesses and improving overall operating cost management. Change in Adjusted EBITDA margin reflects the year-over-year basis point change.

Current wording

(a)Our Adjusted EBITDA margin is Adjusted EBITDA as a percentage of revenue. We believe this metric is useful particularly as we continue to focus on growing our higher-margin businesses and improving overall operating cost management. The changes reflect the year-over-year basis point changes in the rounded Adjusted EBITDA margins.

Previous wording

We continue to focus on growing our higher-margin connectivity businesses while managing overall operating costs. We also continue to invest in our network to support higher-speed broadband offerings and to expand the number of homes and businesses passed. An increasingly competitive environment and continued low domestic household move levels have had negative impacts on our customer relationships additions/(losses). In addition, if funding for the Affordable Connectivity Program, which provides a monthly discount towards broadband service for eligible low-income households, expires without renewal by Congress during the second quarter of 2024, our residential broadband customer relationships may be negatively impacted. We believe our residential connectivity revenue will increase as a result of growth in average domestic broadband revenue per customer, as well as increases in domestic wireless and international connectivity revenue. At the same time, we expect continued declines in video revenue as a result of domestic customer net losses due to shifting video consumption patterns and the competitive environment, although customer net losses typically mitigate the impact of continued rate increases on programming expenses. We also expect continued declines in other revenue related to declines in wireline voice revenue. We believe our Business Services Connectivity segment will continue to grow by offering competitive services, including to medium-sized and enterprise customers. Global economic conditions and consumer sentiment have in the past, and may continue to, adversely impact demand for our products and services and our results of operations.

Current wording

We continue to focus on growing our higher-margin connectivity businesses while managing overall operating costs. We also continue to invest in our network to support higher-speed broadband offerings and to expand the number of homes and businesses passed. An increasingly competitive environment and continued low domestic household move levels have had negative impacts on our customer relationships additions/(losses). In addition, funding for the Affordable Connectivity Program, which provided a monthly discount towards broadband service for eligible low-income households, expired during the second quarter of 2024, which began to have, and may continue to have in the short term, a negative impact on our residential broadband customer relationships. We believe our residential connectivity revenue will increase as a result of growth in average domestic broadband revenue per customer, as well as increases in domestic wireless and international connectivity revenue. At the same time, we expect continued declines in video revenue as a result of domestic customer net losses due to shifting video consumption patterns and the competitive environment, although customer net losses typically mitigate the impact of continued rate increases on programming expenses. We also expect continued declines in other revenue related to declines in wireline voice revenue. We believe our Business Services Connectivity segment will continue to grow by offering competitive services, including to medium-sized and enterprise customers. Global economic conditions and consumer sentiment have in the past adversely impacted, and may continue to adversely impact, demand for our products and services and our results of operations.

Previous wording

Domestic broadband revenue increased for the three months ended March 31, 2024 compared to the same period in 2023 due to an increase in average rates.

Current wording

Domestic broadband revenue increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 due to increases in average rates.

Previous wording

Domestic wireless revenue increased for the three months ended March 31, 2024 compared to the same period in 2023 due to an increase in the number of customer lines.

Current wording

Domestic wireless revenue increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to increases in the number of customer lines.

Previous wording

International connectivity revenue increased for the three months ended March 31, 2024 compared to the same period in 2023 due to increases in broadband revenue resulting from an increase in average rates and in wireless revenue resulting from increases in wireless services and sales of wireless devices. These increases include the positive impact of foreign currency.

Current wording

International connectivity revenue increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 due to increases in broadband revenue resulting from an increase in average rates and in wireless revenue primarily resulting from increases in the sale of wireless services. The increase for the six months ended June 30, 2024 includes the positive impact of foreign currency.

Previous wording

Video revenue decreased for thethree months ended March 31, 2024 compared to the same period in 2023 due to a decline in the overall number of residential video customers, partially offset by an overall increase in average rates and the positive impact of foreign currency.

Current wording

Video revenue decreased for thethree and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to declines in the overall number of residential video customers, partially offset by overall increases in average rates.

Previous wording

Advertising revenue increased for the three months ended March 31, 2024 compared to the same period in 2023 primarily driven by an increase in domestic political advertising, increased revenue from our advanced advertising business and the positive impact of foreign currency, partially offset by lower domestic advertising.

Current wording

Advertising revenue increased for the six months ended June 30, 2024 compared to the same period in 2023 driven by an increase in domestic political advertising, increased revenue from our advanced advertising business and the positive impact of foreign currency, partially offset by lower domestic nonpolitical advertising.

Previous wording

Other revenue decreased for the three months ended March 31, 2024 compared to the same period in 2023 primarily due to a decrease in residential wireline voice revenue driven by a decline in the number of customers.

Current wording

Other revenue decreased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to decreases in residential wireline voice revenue driven by declines in the number of customers.

Previous wording

Programming expenses decreased for the three months ended March 31, 2024 compared to the same period in 2023 primarily due to a decline in the number of domestic video subscribers, partially offset by rate increases under our domestic programming contracts and the impact of foreign currency.

Current wording

Programming expenses decreased for thethree and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to declines in the number of domestic video subscribers, partially offset by rate increases under our domestic programming contracts.

Previous wording

Other expenses increased for the three months ended March 31, 2024 compared to the same period in 2023 primarily due to higher technical and support expenses, the impact of foreign currency and increased spending on direct product costs, partially offset by decreased spending on marketing and promotion.

Current wording

Other expenses increased for the six months ended June 30, 2024 compared to the same period in 2023 primarily due to increased direct product costs, higher technical and support expensesand theimpact of foreign currency, partially offset by decreased spending on marketing and promotion.

Previous wording

Business services connectivity revenue increased for the three months ended March 31, 2024 compared to the same period in 2023 due to an increase in revenue from small business customers driven by an increase in average rates, and due to an increase in revenue from medium-sized and enterprise customers.

Current wording

Business services connectivity revenue increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 due to increases in revenue from medium-sized and enterprise customers and from higher average rates from small business customers.

Previous wording

Business services connectivity costs and expenses increased for the three months ended March 31, 2024 compared to the same period in 2023 primarily due to increases in direct product costs, marketing and promotion expenses, and technical and support expenses.

Current wording

Business services connectivity costs and expenses increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to increases in direct product costs and in technical and support expenses. The increase for the six months ended June 30, 2024 also includes increased spending on marketing and promotion.

Previous wording

We operate our Media segment as a combined television and streaming business. We expect that the number of subscribers and audience ratings at our linear television networks will continue to decline as a result of the competitive environment and shifting video consumption patterns, which we aim to mitigate over time by continued growth in paid subscribers and advertising revenue at Peacock. We expect to continue to incur significant costs related to content and marketing at Peacock. Revenue and programming expenses are also impacted by the timing of certain sporting events, including the Olympics in the third quarter of 2024. Global economic conditions and consumer sentiment have in the past, and may continue to, adversely impact demand for our products and services and our results of operations.

Current wording

We operate our Media segment as a combined television and streaming business. We expect that the number of subscribers and audience ratings at our linear television networks will continue to decline as a result of the competitive environment and shifting video consumption patterns, which we aim to mitigate over time by continued growth in paid subscribers and advertising revenue at Peacock. We expect to continue to incur significant costs related to content and marketing at Peacock. Revenue and programming expenses are also impacted by the timing of certain sporting events, including the Olympics in the third quarter of 2024. Global economic conditions and consumer sentiment have in the past adversely impacted, and may continue to adversely impact, demand for our products and services and our results of operations.

Previous wording

Domestic advertising revenue remained consistent for thethree months ended March 31, 2024 compared to the same period in 2023 primarily due to a decrease in revenue at our linear television networks, offset by an increase in revenue at Peacock.

Current wording

Domestic advertising revenue remained consistent for thesix months ended June 30, 2024 compared to the same period in 2023 primarily due to a decrease in revenue at our linear television networks, offset by an increase in revenue at Peacock.

Previous wording

Domestic distribution revenue increased for the three months ended March 31, 2024 compared to the same period in 2023 primarily due to an increase in Peacock paid subscribers, partially offset by a decrease in revenue at our linear television networks. The decrease at our networks was primarily due to a decline in the number of subscribers, partially offset by contractual rate increases.

Current wording

Domestic distribution revenue increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to increases in Peacock paid subscribers, partially offset by decreases in revenue at our linear television networks. The decreases at our networks were primarily due to declines in the number of subscribers, partially offset by contractual rate increases.

Previous wording

International networks revenue increased for thethree months ended March 31, 2024 compared to the same period in 2023 primarily due to the positive impact of foreign currency.

Current wording

International networks revenue increased for thethree months ended June 30, 2024 compared to the same period in 2023 primarily due to an increase in revenue associated with the distribution of sports networks.

Previous wording

Media segment total revenue included $1.1 billion and $685 million related to Peacock for thethree months ended March 31, 2024 and 2023, respectively. We had 34 million and 22 million paid subscribers of Peacock as of March 31, 2024 and 2023, respectively. Peacock paid subscribers represent customers from which Peacock receives a subscription fee on a retail or wholesale basis. Paid subscribers do not include certain customers that receive Peacock as part of bundled services where Peacock does not receive fees.

Current wording

Media segment total revenue included $1.0 billion and $2.1 billion related to Peacock for thethree and six months ended June 30, 2024, respectively. Media segment total revenue included $820 million and $1.5 billion related to Peacock for thethree and six months ended June 30, 2023, respectively. We had 33 million and 24 million paid subscribers of Peacock as of June 30, 2024 and 2023, respectively. Peacock paid subscribers represent customers from which Peacock receives a subscription fee on a retail or wholesale basis. Paid subscribers do not include certain customers that receive Peacock as part of bundled services where Peacock does not receive fees.

Previous wording

Programming and production costs increased for the three months ended March 31, 2024 compared to the same period in 2023 primarily due to higher programming costs at Peacock and an increase in domestic sports programming costs for our television networks. This increase was partially offset by a decrease in international sports programming costs driven by the shift of certain European football matches and the related programming expense to the first half of 2023 due to timing of the 2022 FIFA World Cup and a decrease in content costs for our entertainment television networks.

Current wording

Programming and production costs increased for thesix months ended June 30, 2024 compared to the same period in 2023 primarily due to higher programming costs at Peacock and an increase in domestic sports programming costs for our television networks, partially offset by a decrease in content costs for our entertainment television networks.

Previous wording

Marketing and promotion expenses increased for the three months ended March 31, 2024 compared to the same period in 2023 primarily due to higher costs related to marketing for Peacock.

Current wording

Marketing and promotion expenses decreased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to lower costs related to marketing for Peacock.

Previous wording

Other expenses increasedfor thethree months ended March 31, 2024 compared to the same period in 2023 primarily due to an increase in costs related to Peacock.

Current wording

Other expenses increasedfor thethree and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to increases in costs related to Peacock.

Previous wording

Media segment total costs and expenses included $1.7 billion and $1.4 billion related to Peacock for thethree months ended March 31, 2024 and 2023, respectively.

Current wording

Media segment total costs and expenses included $1.4 billion and $3.1 billion related to Peacock for thethree and six months ended June 30, 2024, respectively. Media segment total costs and expenses included $1.5 billion and $2.9 billion related to Peacock for thethree and six months ended June 30, 2023, respectively.

Previous wording

Content licensing revenue decreased for the three months ended March 31, 2024 compared to the same period in 2023 primarily due to the timing of when content was made available by our film studios.

Current wording

Content licensing revenue decreased for the six months ended June 30, 2024 compared to the same period in 2023 primarily due to the timing of when content was made available by our film studios.

Previous wording

Theatrical revenue increased forthe three months ended March 31, 2024 compared to the same period in 2023 primarily due to higher revenue from recent releases, including Kung Fu Panda 4 and Migration, compared to revenue from releases in the prior year period, including Puss in Boots: The Last Wishand M3GAN.

Current wording

Theatrical revenue decreased forthe three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to higher revenue from releases in the prior year periods, including The Super Mario Bros. and Fast X, compared to revenue from recent releases, including Kung Fu Panda 4.

Previous wording

Programming and production costs decreased for the three months ended March 31, 2024 compared to the same period in 2023 primarily due to lower costs associated with content licensing.

Current wording

Programming and production costs decreased for thethree and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to lower costs associated with theatrical releases and content licensing sales.

Previous wording

Marketing and promotion expenses increased for thethree months ended March 31, 2024 compared to the same period in 2023 primarily due to increased spending on recent and upcoming theatrical film releases in the current year period.

Current wording

Marketing and promotion expenses decreased for thethree and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to decreased spending on recent and upcoming theatrical film releases in the current year periods.

Previous wording

Theme parks segment revenue increased for the three months ended March 31, 2024 compared to the same period in 2023 driven by an increase at our domestic theme parks in the current year period. International theme parks revenue was consistent with the prior year period as the underlying revenue increases at our theme parks were offset by the negative impact of foreign currency.

Current wording

Theme parks segment revenue decreased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to decreases at our domestic theme parks driven by decreased park attendance, as well as the negative impact from foreign currency at our international theme parks.

Previous wording

Theme parks segment costs and expenses increased for the three months ended March 31, 2024 compared to the same period in 2023 primarily due to higher marketing and promotion costs, partially offset by the impact of foreign currency.

Current wording

Theme parks segment costs and expenses for the six months ended June 30, 2024 were consistent compared to the same period in 2023 primarily due to higher costs associated with park operations, offset by the impact of foreign currency.

Previous wording

Corporate and Other revenue increased for thethree months ended March 31, 2024 compared to the same period in 2023 driven by increases across our businesses.

Current wording

Corporate and Other revenue increased for thethree and six months ended June 30, 2024 compared to the same periods in 2023 driven by increases across our businesses.

Previous wording

Corporate and Other costs and expenses increased for the three months ended March 31, 2024 compared to the same period in 2023 primarily due to increases related to corporate functions, Sky and Xumo.

Current wording

Corporate and Other costs and expenses increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to increases related to corporate functions and Xumo. The increase for thethree months ended June 30, 2024 was partially offset by lower costs related to Sky operations in Germany, including the impact of the timing of recognition of costs related to the 2022 FIFA World Cup in the prior year period.