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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): March 13, 2023
Comcast Corporation
(Exact Name of Registrant
as Specified in its Charter)
Pennsylvania
(State or Other Jurisdiction of Incorporation)
001-3287127-0000798
(Commission File Number)(IRS Employer Identification No.)
One Comcast Center
Philadelphia,PA19103-2838
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code: (215) 286-1700
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class  Trading symbol(s)Name of Each Exchange on Which Registered
Class A Common Stock, $0.01 par value CMCSA The Nasdaq Stock Market LLC
0.000% Notes due 2026CMCS26The Nasdaq Stock Market LLC
0.250% Notes due 2027CMCS27The Nasdaq Stock Market LLC
1.500% Notes due 2029CMCS29The Nasdaq Stock Market LLC
0.250% Notes due 2029CMCS29AThe Nasdaq Stock Market LLC
0.750% Notes due 2032CMCS32The Nasdaq Stock Market LLC
1.875% Notes due 2036CMCS36The Nasdaq Stock Market LLC
1.250% Notes due 2040CMCS40The Nasdaq Stock Market LLC
5.50% Notes due 2029CCGBP29New York Stock Exchange
2.0% Exchangeable Subordinated Debentures due 2029CCZNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company

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



Item 7.01. Regulation FD Disclosure
     
Beginning in the first quarter of 2023, Comcast Corporation will change its presentation of segment operating results around its two primary businesses, Connectivity & Platforms and Content & Experiences. A summary of the reportable business segments under the new reporting structure follows:

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

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

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

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

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

Studios: includes primarily our NBCUniversal and Sky film and television studio production and distribution operations.

Theme Parks: includes primarily the operations of our Universal theme parks.

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

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



 
Item 9.01. Exhibits
Exhibit Number
Description
104Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
COMCAST CORPORATION
Date:March 13, 2023By:/s/ Daniel C. Murdock
Daniel C. Murdock
Executive Vice President, Chief Accounting Officer and Controller
(Principal Accounting Officer)






Document
Exhibit 99.1
Summary of Segment Reporting Changes
The following table presents a reconciliation of previously reported segment results for the years ended 2021 and 2022 to our segment results under the new segment structure, including: (1) the presentation of Cable Communications results in the Residential Connectivity & Platforms and Business Services Connectivity segments and (2) the presentation of Sky’s results across the Connectivity & Platforms and Content & Entertainment segments, and Corporate & Other.

Year ended December 31, 2021Year ended December 31, 2022

($ in millions; unaudited)
As Originally ReportedCable Communications to Connectivity & Platforms SegmentsSky to New SegmentsRecastAs Originally ReportedCable Communications to Connectivity & Platforms SegmentsSky to New SegmentsRecast
Revenue
Cable Communications $64,328 $(64,328)$— $66,318 $(66,318)$— 
Residential Connectivity & Platforms56,295 16,399 72,694 57,532 14,854 72,386 
Business Services Connectivity8,033 23 8,056 8,786 33 8,819 
Total Connectivity & Platforms— 64,328 16,423 80,750 — 66,318 14,887 81,205 
NBCUniversal / Content & Experiences
Media22,780 4,626 27,406 23,406 3,313 26,719 
Studios9,449 628 10,077 11,622 635 12,257 
Theme Parks5,051 5,051 7,541 7,541 
Headquarters & Other87 87 75 75 
Eliminations(3,048)(3,048)(3,442)(3,442)
Total NBCUniversal / Content & Experiences34,319 — 5,254 39,574 39,203 — 3,948 43,151 
Sky20,285 (20,285)— 17,946 (17,946)— 
Corporate & Other461 2,383 2,844 863 1,799 2,662 
Eliminations(3,008)(3,775)(6,783)(2,903)(2,688)(5,590)
Total Consolidated Revenue$116,385 $ $ $116,385 $121,427 $ $ $121,427 
Adjusted EBITDA1
Cable Communications$28,097 $(28,097)$— $29,403 $(29,403)$— 
Residential Connectivity & Platforms23,401 1,787 25,188 24,327 1,785 26,111 
Business Services Connectivity4,696 (14)4,682 5,077 (17)5,060 
Total Connectivity & Platforms— 28,097 1,773 29,871 — 29,403 1,768 31,171 
NBCUniversal / Content & Experiences
Media4,569 564 5,133 3,212 386 3,598 
Studios884 (5)879 942 19 961 
Theme Parks1,267 1,267 2,683 2,683 
Headquarters & Other(840)(840)(881)(881)
Eliminations(205)(205)(2)(2)
Total NBCUniversal / Content & Experiences5,675 — 559 6,234 5,955 — 405 6,360 
Sky2,359 (2,359)— 2,526 (2,526)— 
Corporate & Other(1,358)27 (1,331)(1,361)352 (1,008)
Eliminations(65)— (65)(64)— (64)
Total Consolidated Adjusted EBITDA1
$34,708 $ $ $34,708 $36,459 $ $ $36,459 
1Adjusted EBITDA is the measure of profit and loss for our segments. Consolidated Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section below for additional information, including a reconciliation from net income attributable to Comcast Corporation to consolidated Adjusted EBITDA.






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Recast Segment Operating Results
The following tables present our segment operating results for 2021 and 2022 under the new segment structure:
20212022
($ in millions; unaudited)1Q2Q3Q4QFY1Q2Q3Q4QFY
Revenue
Domestic Broadband$5,600 $5,717 $5,801 $5,861 $22,979 $6,050 $6,107 $6,135 $6,177 $24,469 
Domestic Wireless513 556 603 709 2,380 677 722 789 883 3,071 
International Connectivity762 794 840 896 3,293 840 791 842 953 3,426 
Residential Connectivity 6,875 7,067 7,245 7,466 28,652 7,568 7,620 7,766 8,013 30,966 
Video8,191 8,232 8,080 7,936 32,440 8,002 7,793 7,428 7,273 30,496 
Advertising 1,001 1,128 1,097 1,282 4,507 1,073 1,112 1,079 1,283 4,546 
Other1,785 1,805 1,759 1,747 7,095 1,698 1,607 1,561 1,512 6,378 
Residential Connectivity & Platforms17,851 18,232 18,180 18,431 72,694 18,340 18,131 17,833 18,081 72,386 
Business Services Connectivity1,946 1,983 2,008 2,119 8,056 2,172 2,203 2,215 2,230 8,819 
Total Connectivity & Platforms19,797 20,215 20,188 20,550 80,750 20,512 20,335 20,048 20,311 81,205 
Change3.6 %0.6 %(0.7)%(1.2)%0.6 %
Constant Currency Change1
4.4 %2.9 %2.3 %1.4 %2.7 %
Domestic Advertising2,072 2,161 3,230 2,714 10,177 3,310 2,131 2,089 2,829 10,360 
Domestic Distribution2,403 2,358 2,896 2,423 10,080 2,938 2,558 2,497 2,532 10,525 
International Networks1,268 1,288 1,221 1,282 5,060 995 970 872 893 3,729 
Other458 521 542 569 2,090 515 529 547 514 2,105 
Total Media6,202 6,328 7,889 6,988 27,406 7,758 6,188 6,005 6,768 26,719 
Content Licensing2,204 1,962 1,960 2,067 8,193 2,429 2,269 2,267 2,382 9,348 
Theatrical39 198 307 147 691 168 550 673 216 1,607 
Other282 245 273 392 1,193 310 298 356 339 1,302 
Total Studios2,525 2,406 2,540 2,606 10,077 2,907 3,117 3,296 2,938 12,257 
Theme Parks619 1,095 1,449 1,887 5,051 1,560 1,804 2,064 2,114 7,541 
Headquarters & Other16 22 28 22 87 16 22 29 75 
Eliminations(1,043)(534)(654)(817)(3,048)(901)(664)(909)(968)(3,442)
Total Content & Experiences8,319 9,316 11,252 10,686 39,574 11,339 10,453 10,477 10,881 43,151 
Corporate & Other723 731 650 740 2,844 713 617 601 731 2,662 
Eliminations(1,635)(1,716)(1,793)(1,641)(6,783)(1,554)(1,389)(1,277)(1,370)(5,590)
Total Consolidated Revenue$27,205 $28,546 $30,298 $30,336 $116,385 $31,010 $30,016 $29,849 $30,552 $121,427 
1Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section below for additional information, including a reconciliation of constant currency amounts.

2


20212022
($ in millions; unaudited)1Q2Q3Q4QFY1Q2Q3Q4QFY
Costs and Expenses, Excluding Depreciation and Amortization1
Residential Connectivity & Platforms$11,674 $11,707 $11,805 $12,320 $47,506 $11,729 $11,399 $11,138 $12,009 $46,275 
Business Services Connectivity792 830 827 925 3,374 938 941 927 953 3,759 
Total Connectivity & Platforms 12,466 12,537 12,632 13,245 50,880 12,668 12,339 12,065 12,962 50,033 
Change1.6 %(1.6)%(4.5)%(2.1)%(1.7)%
Constant Currency Change2
2.7 %1.5 %(0.4)%1.6 %1.4 %
Supplemental Connectivity & Platforms Detail
Programming5,199 5,176 5,069 5,098 20,542 4,884 4,679 4,464 4,473 18,500 
Marketing & Promotion1,213 1,274 1,309 1,384 5,180 1,332 1,296 1,246 1,227 5,101 
Direct Product Costs1,122 1,152 1,200 1,427 4,901 1,339 1,329 1,377 1,553 5,598 
Technical & Support1,855 1,873 1,951 2,003 7,682 1,949 1,916 1,911 1,945 7,721 
Customer Service776 759 748 735 3,018 736 720 712 702 2,870 
Other2,301 2,303 2,354 2,598 9,557 2,429 2,399 2,354 3,062 10,244 
Total Connectivity & Platforms12,466 12,537 12,632 13,245 50,880 12,668 12,339 12,065 12,962 50,033 
Programming & Production3,742 3,838 5,220 4,599 17,398 5,221 3,405 3,919 5,104 17,650 
Marketing & Promotion222 238 382 422 1,264 426 291 365 439 1,520 
Other819 854 917 1,022 3,611 929 972 1,042 1,008 3,951 
Total Media4,783 4,930 6,518 6,042 22,273 6,577 4,669 5,326 6,550 23,121 
Programming & Production1,746 1,782 1,868 2,047 7,443 2,122 2,392 2,149 2,115 8,778 
Marketing & Promotion124 296 339 320 1,079 327 531 388 452 1,699 
Other162 172 148 195 677 213 196 207 203 819 
Total Studios2,032 2,250 2,355 2,562 9,198 2,662 3,120 2,744 2,770 11,296 
Theme Parks680 874 1,015 1,213 3,783 1,109 1,173 1,244 1,332 4,858 
Headquarters & Other225 208 276 219 927 208 145 221 382 956 
Eliminations(833)(518)(642)(850)(2,843)(839)(688)(849)(1,064)(3,440)
Total Content & Experiences6,888 7,743 9,522 9,185 33,340 9,716 8,419 8,686 9,970 36,791 
Corporate & Other1
1,082 1,057 881 1,156 4,175 948 784 919 1,019 3,670 
Eliminations(1,644)(1,717)(1,695)(1,662)(6,718)(1,472)(1,353)(1,303)(1,398)(5,526)
Total Consolidated Operating Costs and Expenses, Excluding Depreciation and Amortization1
$18,792 $19,620 $21,341 $21,925 $81,677 $21,859 $20,189 $20,367 $22,552 $84,968 
1Costs and expenses, excluding depreciation and amortization, presented in these trending schedules do not include certain amounts that are excluded from Adjusted EBITDA, such as impairments of goodwill and long-lived assets and other operating gains and losses. Corporate & Other also excludes $12 million, $36 million, $30 million, $9 million, $33 million, $(9) million, $(9) million and $(2) million of Sky transaction-related costs and costs related to our investment portfolio in first quarter 2021, second quarter 2021, third quarter 2021, fourth quarter 2021, first quarter 2022, second quarter 2022, third quarter 2022 and fourth quarter 2022, respectively, as these amounts are excluded from Adjusted EBITDA. Goodwill and long-lived asset impairments relating to Sky totaling $8.6 billion were recorded in the third quarter of 2022 and are not included in these trending schedules.
2Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section below for additional information, including a reconciliation of constant currency amounts.

3


20212022
($ in millions; unaudited)1Q2Q3Q4QFY1Q2Q3Q4QFY
Adjusted EBITDA1
Residential Connectivity & Platforms$6,177 $6,525 $6,375 $6,111 $25,188 $6,611 $6,733 $6,695 $6,073 $26,111 
Business Services Connectivity1,154 1,153 1,181 1,195 4,682 1,233 1,263 1,288 1,276 5,060 
Total Connectivity & Platforms7,331 7,678 7,556 7,306 29,871 7,844 7,995 7,983 7,349 31,171 
Change7.0 %4.1 %5.6 %0.6 %4.4 %
Constant Currency Change2
7.2 %5.0 %6.6 %1.0 %5.0 %
Media1,418 1,398 1,371 946 5,133 1,181 1,520 679 218 3,598 
Studios492 156 186 45 879 245 (3)551 168 961 
Theme Parks(61)221 434 674 1,267 451 632 819 782 2,683 
Headquarters & Other(209)(186)(248)(197)(840)(191)(137)(199)(353)(881)
Eliminations(210)(15)(12)33 (205)(62)23 (59)97 (2)
Total Content & Experiences1,431 1,573 1,730 1,501 6,234 1,623 2,034 1,791 911 6,360 
Corporate & Other(358)(326)(231)(416)(1,331)(235)(167)(318)(288)(1,008)
Eliminations10 (98)21 (65)(82)(36)26 28 (64)
Total Consolidated Adjusted EBITDA1
$8,413 $8,927 $8,957 $8,411 $34,708 $9,150 $9,827 $9,482 $8,000 $36,459 
1Adjusted EBITDA is the measure of profit and loss for our segments. Consolidated Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section below for additional information, including a reconciliation from net income attributable to Comcast Corporation to consolidated Adjusted EBITDA.
2Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section below for additional information, including a reconciliation of constant currency amounts.




















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Non-GAAP Financial Measures
Consolidated Adjusted EBITDA

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

We define Adjusted EBITDA as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance.

A reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA is presented below:
 20212022
($ in millions; unaudited)1Q2Q3Q4QFY1Q2Q3Q4QFY
Net income attributable to Comcast Corporation $3,329 $3,738 $4,035 $3,057 $14,159 $3,549 $3,396 $(4,598)$3,024 $5,370 
Net income (loss) attributable to noncontrolling interests(37)(108)(104)(77)(325)(73)(155)(68)(150)(445)
Income tax expense1,119 2,000 1,235 905 5,259 1,288 1,261 1,014 797 4,359 
Investment and other (income) loss, net(391)(1,216)(766)(183)(2,557)(188)897 266 (114)861 
Interest expense1,018 1,093 1,050 1,120 4,281 993 968 960 974 3,896 
Depreciation2,117 2,113 2,177 2,220 8,628 2,213 2,162 2,150 2,199 8,724 
Amortization1,245 1,270 1,301 1,361 5,176 1,335 1,306 1,183 1,273 5,097 
Goodwill and long-lived asset impairments— — — — — — — 8,583 — 8,583 
Adjustments12 36 30 87 33 (9)(9)(2)13 
Adjusted EBITDA$8,413 $8,927 $8,957 $8,411 $34,708 $9,150 $9,827 $9,482 $8,000 $36,459 




Constant Currency

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
















5




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

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

($ in millions; unaudited)2021
Revenue1Q2Q3Q4QFY
As reported$19,797 $20,215 $20,188 $20,550 $80,750 
Effects of foreign currency(143)(444)(594)(520)(1,702)
Constant currency amounts$19,654 $19,770 $19,594 $20,030 $79,049 
($ in millions; unaudited)2021
Costs and expenses, excluding depreciation and amortization1Q2Q3Q4QFY
As reported$12,466 $12,537 $12,632 $13,245 $50,880 
Effects of foreign currency(130)(383)(523)(490)(1,527)
Constant currency amounts$12,335 $12,154 $12,109 $12,754 $49,353 
($ in millions; unaudited)2021
Adjusted EBITDA1Q2Q3Q4QFY
As reported$7,331 $7,678 $7,556 $7,306 $29,871 
Effects of foreign currency(13)(62)(71)(30)(175)
Constant currency amounts$7,318 $7,616 $7,485 $7,276 $29,696 


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