Comcast Reports 3rd Quarter 2024 Results

Business Wire10-31 19:00

PHILADELPHIA, October 31, 2024--(BUSINESS WIRE)--Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended September 30, 2024. "Our convergence strategy continues to deliver a ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2479702947?lang=en_US&edition=fundamental","thumbnail":"https://s.yimg.com/uu/api/res/1.2/.hqTr7wDNj5jW04PmRbQQA--~B/aD0xNTczO3c9Mzk4MTthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/business-wire.com/b6310960228a3918a46b542afec7abe2","is_english":true,"pubTime":"2024-10-31 19:00","share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","id":"2479702947","market":"us","top_or_hot":-1,"title":"Comcast Reports 3rd Quarter 2024 Results","media":"Business Wire","content":"<div>\n<p>PHILADELPHIA, October 31, 2024--(BUSINESS WIRE)--Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended September 30, 2024.\n\"Our convergence strategy continues to deliver a ...</p>\n\n<a href=\"https://finance.yahoo.com/news/comcast-reports-3rd-quarter-2024-110000016.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Comcast Reports 3rd Quarter 2024 Results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nComcast Reports 3rd Quarter 2024 Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-31 19:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/comcast-reports-3rd-quarter-2024-110000016.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>PHILADELPHIA, October 31, 2024--(BUSINESS WIRE)--Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended September 30, 2024.\n\"Our convergence strategy continues to deliver a ...</p>\n\n<a href=\"https://finance.yahoo.com/news/comcast-reports-3rd-quarter-2024-110000016.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0310800379.SGD","symbol_name":"FTIF - Templeton Global A Acc SGD","start_time":0,"source_url":"https://finance.yahoo.com/news/comcast-reports-3rd-quarter-2024-110000016.html","article_id":"2479702947","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/.hqTr7wDNj5jW04PmRbQQA--~B/aD0xNTczO3c9Mzk4MTthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/business-wire.com/b6310960228a3918a46b542afec7abe2"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2479702947","pubTimestamp":1730372400,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"\"Our convergence strategy continues to deliver a best-in-class connectivity experience across our expanding network of 63 million homes and businesses, which far exceeds the combined fiber footprint of our three largest competitors,\" said Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation. \"Third quarter results demonstrate the strength of this platform - broadband ARPU increased 3.6%; revenue in our connectivity businesses grew 5%; and Adjusted EBITDA margins across Connectivity & Platforms grew to 40.9%. At the same time, we delivered an incredibly successful Paris Summer Olympics that helped fuel double-digit percentage growth in Peacock revenue and paid subscribers and contributed to NBC's #1 ranking for the 2023-2024 season. We also released the universally acclaimed Despicable Me 4, which grossed nearly $1.0 billion in worldwide box office, and announced the grand opening of Universal Epic Universe in May 2025, which will be the most ambitious and techn","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0310800379.SGD":"FTIF - Templeton Global A Acc SGD","LU0868494708.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","BK4550":"红杉资本持仓","BK4588":"碎股","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","IE00B19Z9P08.USD":"LEGG MASON CLEARBRIDGE US AGGRESSIVE GROWTH \"A\" (USD) INC","BK4566":"资本集团","LU1894683264.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) ACC","LU1489326972.SGD":"First Eagle Amundi International AHS-MD SGD-H","BK4561":"索罗斯持仓","LU1150488218.USD":"First Eagle Amundi Income Builder AU2-MD USD","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","BK4581":"高盛持仓","IE00B19Z9Z06.USD":"Legg Mason ClearBridge - US Aggressive Growth A Acc USD","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","ET":"Energy Transfer LP","LU1267930573.SGD":"TEMPLETON GLOBAL \"AA\" (SGD) ACC A","BK4590":"PTP","LU1059921491.USD":"NORDEA 1 GLOBAL STABLE EQUITY \"HB\" (USDHDG) ACC","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU1150488135.SGD":"First Eagle Amundi Income Builder AHS-MD SGD-H","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","LU0985489474.SGD":"First Eagle Amundi International AHS-C SGD-H","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU0878866978.SGD":"First Eagle Amundi International AHS-QD SGD-H","LU0708994859.HKD":"TEMPLETON GLOBAL \"A\" (HKD) ACC","LU1894683348.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) INC","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","BK4144":"石油与天然气的储存和运输","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU0433182093.SGD":"First Eagle Amundi International AS-C SGD","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","BK4507":"流媒体概念","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","IE00B894F039.SGD":"Legg Mason ClearBridge - US Aggressive Growth A Acc SGD-H","LU0068578508.USD":"First Eagle Amundi International Cl AU-C USD","LU0942090050.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD)  INC","BK4100":"有线和卫星","CMCSA":"康卡斯特","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC"},"translate_title":"康卡斯特报告2024年第三季度业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CMCSA":1,"ET":1},"content_text":"PHILADELPHIA, October 31, 2024--(BUSINESS WIRE)--Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended September 30, 2024.\n\"Our convergence strategy continues to deliver a best-in-class connectivity experience across our expanding network of 63 million homes and businesses, which far exceeds the combined fiber footprint of our three largest competitors,\" said Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation. \"Third quarter results demonstrate the strength of this platform - broadband ARPU increased 3.6%; revenue in our connectivity businesses grew 5%; and Adjusted EBITDA margins across Connectivity & Platforms grew to 40.9%. At the same time, we delivered an incredibly successful Paris Summer Olympics that helped fuel double-digit percentage growth in Peacock revenue and paid subscribers and contributed to NBC's #1 ranking for the 2023-2024 season. We also released the universally acclaimed Despicable Me 4, which grossed nearly $1.0 billion in worldwide box office, and announced the grand opening of Universal Epic Universe in May 2025, which will be the most ambitious and technologically sophisticated theme park ever created. Overall, it was a very active and successful quarter, and I couldn't be more pleased with how our team is executing and positioning our company for long-term growth.\"\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n($ in millions, except per share data)\n\n\n\n\n\n\n\n\n\n\n3rd Quarter\n\n\n\n\nConsolidated Results\n2024\n\n2023\n\nChange\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue\n$32,070\n\n$30,115\n\n6.5%\n\n\n\n\nNet Income Attributable to Comcast\n$3,629\n\n$4,046\n\n(10.3%\n)\n\n\n\nAdjusted Net Income1\n$4,337\n\n$4,483\n\n(3.3%\n)\n\n\n\nAdjusted EBITDA2\n$9,735\n\n$9,962\n\n(2.3%\n)\n\n\n\nEarnings per Share3\n$0.94\n\n$0.98\n\n(4.2%\n)\n\n\n\nAdjusted Earnings per Share1\n$1.12\n\n$1.08\n\n3.3%\n\n\n\n\nNet Cash Provided by Operating Activities\n$7,021\n\n$8,154\n\n(13.9%\n)\n\n\n\nFree Cash Flow4\n$3,406\n\n$4,032\n\n(15.5%\n)\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\nFor additional detail on segment revenue and expenses, customer metrics, capital expenditures, and free cash flow, please refer to the trending schedule on Comcast’s Investor Relations website at www.cmcsa.com.\n\n\n\n3rd Quarter 2024 Highlights:\n\nAdjusted EPS Increased 3.3% to $1.12; Generated Free Cash Flow of $3.4 Billion\nReturn of Capital to Shareholders Totaled $3.2 Billion Through a Combination of $1.2 Billion in Dividend Payments and $2.0 Billion in Share Repurchases. Repurchased $10.1 Billion of Shares Over the Trailing Twelve Months, Reducing Shares Outstanding by 6%\nConnectivity & Platforms Adjusted EBITDA of $8.3 Billion Was Consistent With the Prior Year Period and Adjusted EBITDA Margin Increased 30 Basis Points to 40.9%. Excluding the Impact of Foreign Currency, Connectivity & Platforms Adjusted EBITDA Margin Increased 50 Basis Points\nConnectivity & Platforms Customer Relationships Decreased by 29,000 to 51.7 Million and Domestic Broadband Customers Decreased by 87,000 to 32.0 Million, Including the Impact From the End of ACP. Excluding the Negative Impact From ACP, Estimated Total Customer Relationship Net Additions Were 67,000 and Total Domestic Broadband Net Additions Were 9,000\nDomestic Broadband Average Rate Per Customer Increased 3.6%, Driving Domestic Broadband Revenue Growth of 2.7% to $6.5 Billion\nDomestic Wireless Customer Lines Increased 20% Compared to the Prior Year Period to 7.5 Million, Including Net Additions of 319,000 in the Third Quarter\nBusiness Services Connectivity Adjusted EBITDA Increased 4.2% to $1.4 Billion and Adjusted EBITDA Margin Was 57.4%\nStudios Adjusted EBITDA Increased 9.0% to $468 Million, Driven by the Successful Theatrical Performance of Despicable Me 4 and Twisters; DM4 Debuted in July and Grossed Nearly $1.0 Billion in Worldwide Box Office Year-to-Date, Pushing the Minions Franchise's Cumulative Total Past $5 Billion\nPeacock Paid Subscribers Increased 29% Compared to the Prior Year Period to 36 Million, Including Net Additions of 3 Million in the Third Quarter. Peacock Revenue Increased 82% to $1.5 Billion; Adjusted EBITDA Improved Compared to the Prior Year Period\nComcast's Exclusive Broadcast of the Paris Olympics in the U.S. Showcased the Combined Capabilities Across Our Company and Captivated the Nation's Attention for 17 Days. Average Daily Viewers of the Games Across Our Linear Networks and Peacock of 31 Million Increased 82% Compared to the Prior Summer Olympics in 2021. Incremental Olympics Revenue in Media Was a Record High $1.9 Billion\n\n3rd Quarter Consolidated Financial Results\nRevenue increased 6.5% compared to the prior year period. Net Income Attributable to Comcast decreased 10.3%. Adjusted Net Income decreased 3.3%. Adjusted EBITDA decreased 2.3%.\nEarnings per Share (EPS) decreased 4.2% to $0.94. Adjusted EPS increased 3.3% to $1.12.\nCapital Expenditures decreased 11.6% to $2.9 billion. Connectivity & Platforms’ capital expenditures decreased 6.5% to $1.9 billion, reflecting lower spending on scalable infrastructure and customer premise equipment, partially offset by higher investment in line extensions and support capital. Content & Experiences' capital expenditures were consistent and continue to reflect significant spending due to the construction of Epic Universe theme park in Orlando, which is scheduled to open on May 22, 2025.\nNet Cash Provided by Operating Activities was $7.0 billion. Free Cash Flow was $3.4 billion.\nDividends and Share Repurchases. Comcast paid dividends totaling $1.2 billion and repurchased 49.9 million of its shares for $2.0 billion, resulting in a total return of capital to shareholders of $3.2 billion.\nConnectivity & Platforms\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n($ in millions)\n\n\n\n\n\nConstantCurrencyChange5\n\n\n\n\n\n3rd Quarter\n\n\n\n\n\n2024\n\n\n2023\n\n\nChange\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nConnectivity & Platforms Revenue\n\n\n\n\n\n\n\n\n\n\nResidential Connectivity & Platforms\n$17,866\n\n\n$17,951\n\n\n(0.5\n%)\n(1.0\n%)\n\n\n\n\nBusiness Services Connectivity\n2,425\n\n\n2,320\n\n\n4.5\n%\n4.5\n%\n\n\n\n\nTotal Connectivity & Platforms Revenue\n$20,291\n\n\n$20,271\n\n\n0.1\n%\n(0.4\n%)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nConnectivity & Platforms Adjusted EBITDA\n\n\n\n\n\n\n\n\n\n\nResidential Connectivity & Platforms\n$6,904\n\n\n$6,886\n\n\n0.3\n%\n—\n%\n\n\n\n\nBusiness Services Connectivity\n1,391\n\n\n1,335\n\n\n4.2\n%\n4.3\n%\n\n\n\n\nTotal Connectivity & Platforms Adjusted EBITDA\n$8,295\n\n\n$8,221\n\n\n0.9\n%\n0.7\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nConnectivity & Platforms Adjusted EBITDA Margin\n\n\n\n\n\n\n\n\n\n\nResidential Connectivity & Platforms\n38.6\n%\n\n38.4\n%\n\n20 bps\n40 bps\n\n\n\n\nBusiness Services Connectivity\n57.4\n%\n\n57.5\n%\n\n(10) bps\n(10) bps\n\n\n\n\nTotal Connectivity & Platforms Adjusted EBITDA Margin\n40.9\n%\n\n40.6\n%\n\n30 bps\n50 bps\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nChange percentages represent year/year growth rates. The changes in Adjusted EBITDA margins are presented as year/year basis point changes in the rounded Adjusted EBITDA margins.\n\n\n\nRevenue and Adjusted EBITDA for Connectivity & Platforms were consistent with the prior year period. Adjusted EBITDA margin increased to 40.9%.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(in thousands)\n\n\n\n\nNet Additions / (Losses)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n3rd Quarter\n\n\n\n\n\n3Q24\n\n3Q23\n\n2024\n\n2023\n\n\n\n\n\nCustomer Relationships\n\n\n\n\n\n\n\n\n\n\nDomestic Residential Connectivity & Platforms Customer Relationships\n31,324\n\n31,722\n\n(103\n)\n(39\n)\n\n\n\n\nInternational Residential Connectivity & Platforms Customer Relationships\n17,716\n\n17,958\n\n78\n\n74\n\n\n\n\n\nBusiness Services Connectivity Customer Relationships\n2,627\n\n2,640\n\n(4\n)\n5\n\n\n\n\n\nTotal Connectivity & Platforms Customer Relationships\n51,667\n\n52,320\n\n(29\n)\n40\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDomestic Broadband\n\n\n\n\n\n\n\n\n\n\nResidential Customers\n29,504\n\n29,779\n\n(79\n)\n(17\n)\n\n\n\n\nBusiness Customers\n2,477\n\n2,508\n\n(8\n)\n(2\n)\n\n\n\n\nTotal Domestic Broadband Customers\n31,981\n\n32,287\n\n(87\n)\n(18\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal Domestic Wireless Lines\n7,519\n\n6,278\n\n319\n\n294\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal Domestic Video Customers\n12,834\n\n14,495\n\n(365\n)\n(490\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal Customer Relationships for Connectivity & Platforms decreased by 29,000 to 51.7 million, primarily reflecting a decrease in domestic customer relationships, partially offset by an increase in international customer relationships. Domestic Residential Connectivity & Platforms relationships include a negative impact in the quarter from the end of the FCC's Affordable Connectivity Program (\"ACP\") in the second quarter of 2024. Excluding the negative impact from ACP, we estimate that total customer relationships increased by 67,000. Total domestic broadband customer net losses were 87,000. Excluding the negative impact from ACP, we estimate that total broadband net additions were 9,000. Total domestic wireless line net additions were 319,000 and total domestic video customer net losses were 365,000.\nResidential Connectivity & Platforms\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n($ in millions)\n\n\n\n\n\nConstantCurrencyChange5\n\n\n\n\n\n3rd Quarter\n\n\n\n\n\n2024\n\n\n2023\n\n\nChange\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue\n\n\n\n\n\n\n\n\n\n\nDomestic Broadband\n$6,539\n\n\n$6,366\n\n\n2.7\n%\n2.7\n%\n\n\n\n\nDomestic Wireless\n1,093\n\n\n917\n\n\n19.2\n%\n19.2\n%\n\n\n\n\nInternational Connectivity\n1,236\n\n\n1,109\n\n\n11.4\n%\n8.3\n%\n\n\n\n\nTotal Residential Connectivity\n8,869\n\n\n8,393\n\n\n5.7\n%\n5.3\n%\n\n\n\n\nVideo\n6,713\n\n\n7,154\n\n\n(6.2\n%)\n(6.8\n%)\n\n\n\n\nAdvertising\n987\n\n\n960\n\n\n2.7\n%\n1.6\n%\n\n\n\n\nOther\n1,298\n\n\n1,444\n\n\n(10.1\n%)\n(10.7\n%)\n\n\n\n\nTotal Revenue\n$17,866\n\n\n$17,951\n\n\n(0.5\n%)\n(1.0\n%)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOperating Expenses\n\n\n\n\n\n\n\n\n\n\nProgramming\n$4,102\n\n\n$4,460\n\n\n(8.0\n%)\n(8.6\n%)\n\n\n\n\nNon-Programming\n6,860\n\n\n6,605\n\n\n3.9\n%\n3.0\n%\n\n\n\n\nTotal Operating Expenses\n$10,962\n\n\n$11,065\n\n\n(0.9\n%)\n(1.7\n%)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdjusted EBITDA\n$6,904\n\n\n$6,886\n\n\n0.3\n%\n—\n%\n\n\n\n\nAdjusted EBITDA Margin\n38.6\n%\n\n38.4\n%\n\n20 bps\n40 bps\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nChange percentages represent year/year growth rates. The changes in Adjusted EBITDA margins are presented as year/year basis point changes in the rounded Adjusted EBITDA margins.\n\n\n\nRevenue for Residential Connectivity & Platforms was consistent with the prior year period, driven by increases in domestic broadband, domestic wireless, international connectivity and advertising revenue, offset by decreases in video and other revenue. Domestic broadband revenue increased due to higher average rates. Domestic wireless revenue increased due to an increase in the number of customer lines and device sales. International connectivity revenue increased primarily due to an increase in broadband revenue from higher average rates and the positive impact of foreign currency. Advertising revenue increased due to higher domestic political advertising, partially offset by lower domestic nonpolitical and international advertising. Video revenue decreased due to a decline in the number of video customers, partially offset by an overall increase in average rates. Other revenue decreased primarily due to lower residential wireline voice revenue, driven by a decline in the number of customers.\nAdjusted EBITDA for Residential Connectivity & Platforms was consistent with the prior year period reflecting consistent revenue and operating expenses. Programming expenses decreased primarily due to a decline in the number of domestic video customers, partially offset by rate increases under our domestic programming contracts. Non-programming expenses increased primarily due to higher direct product costs, the impact of foreign currency, increased technical and support costs and higher marketing and promotion, including spending associated with the Paris Olympics. Adjusted EBITDA margin increased to 38.6%.\nBusiness Services Connectivity\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n($ in millions)\n\n\n\n\n\n\nConstantCurrencyChange5\n\n\n\n\n\n3rd Quarter\n\n\n\n\n\n\n2024\n\n\n2023\n\n\nChange\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue\n$2,425\n\n\n$2,320\n\n\n4.5%\n\n4.5%\n\n\n\n\nOperating Expenses\n1,034\n\n\n985\n\n\n4.9%\n\n4.8%\n\n\n\n\nAdjusted EBITDA\n$1,391\n\n\n$1,335\n\n\n4.2%\n\n4.3%\n\n\n\n\nAdjusted EBITDA Margin\n57.4\n%\n\n57.5\n%\n\n(10) bps\n\n(10) bps\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nChange percentages represent year/year growth rates. The changes in Adjusted EBITDA margins are presented as year/year basis point changes in the rounded Adjusted EBITDA margins.\n\n\n\nRevenue for Business Services Connectivity increased due to an increase in revenue from medium-sized and enterprise customers, and an increase in revenue from small business customers driven by higher average rates.\nAdjusted EBITDA for Business Services Connectivity increased due to higher revenue, partially offset by higher operating expenses. The increase in operating expenses was primarily due to increases in direct product costs and marketing and promotion expenses. Adjusted EBITDA margin decreased to 57.4%.\nContent & Experiences\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n($ in millions)\n\n\n\n\n\n\n\n\n\n\n3rd Quarter\n\n\n\n\n\n2024\n\n\n2023\n\n\nChange\n\n\n\n\nContent & Experiences Revenue\n\n\n\n\n\n\n\n\n\nMedia\n$8,231\n\n\n$6,029\n\n\n36.5\n%\n\n\n\n\nExcluding Olympics7\n6,325\n\n\n6,029\n\n\n4.9\n%\n&nb...sp;\n\n\n\nStudios\n2,826\n\n\n2,518\n\n\n12.3\n%\n\n\n\n\nTheme Parks\n2,289\n\n\n2,418\n\n\n(5.3\n%)\n\n\n\n\nHeadquarters & Other\n11\n\n\n13\n\n\n(16.8\n%)\n\n\n\n\nEliminations\n(758\n)\n\n(419\n)\n\n(80.7\n%)\n\n\n\n\nTotal Content & Experiences Revenue\n$12,599\n\n\n$10,559\n\n\n19.3\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nContent & Experiences Adjusted EBITDA\n\n\n\n\n\n\n\n\n\nMedia\n$650\n\n\n$723\n\n\n(10.1\n%)\n\n\n\n\nStudios\n468\n\n\n429\n\n\n9.0\n%\n\n\n\n\nTheme Parks\n847\n\n\n983\n\n\n(13.8\n%)\n\n\n\n\nHeadquarters & Other\n(200\n)\n\n(178\n)\n\n(12.6\n%)\n\n\n\n\nEliminations\n38\n\n\n17\n\n\n125.6\n%\n\n\n\n\nTotal Content & Experiences Adjusted EBITDA\n$1,802\n\n\n$1,973\n\n\n(8.7\n%)\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\nRevenue for Content & Experiences increased compared to the prior year period, including $1.9 billion of incremental revenue from the Paris Olympics included in the Media segment. Adjusted EBITDA for Content & Experiences decreased due to declines in Theme Parks and Media, partially offset by growth at Studios.\nMedia\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n($ in millions)\n\n\n\n\n\n\n\n\n\n\n3rd Quarter\n\n\n\n\n\n2024\n\n2023\n\nChange\n\n\n\n\nRevenue\n\n\n\n\n\n\n\n\n\nDomestic Advertising\n$3,347\n\n$1,913\n\n74.9\n%\n\n\n\n\nExcluding Olympics7\n1,915\n\n1,913\n\n0.1\n%\n\n\n\n\nDomestic Distribution\n3,272\n\n2,591\n\n26.3\n%\n\n\n\n\nExcluding Olympics7\n2,798\n\n2,591\n\n8.0\n%\n\n\n\n\nInternational Networks\n1,070\n\n1,019\n\n5.0\n%\n\n\n\n\nOther\n542\n\n506\n\n7.2\n%\n\n\n\n\nTotal Revenue\n$8,231\n\n$6,029\n\n36.5\n%\n\n\n\n\nExcluding Olympics7\n6,325\n\n6,029\n\n4.9\n%\n\n\n\n\nOperating Expenses\n7,581\n\n5,306\n\n42.9\n%\n\n\n\n\nAdjusted EBITDA\n$650\n\n$723\n\n(10.1\n%)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue for Media increased primarily due to higher domestic advertising and domestic distribution revenue. Excluding $1.9 billion of incremental revenue from the Paris Olympics, Media revenue increased 4.9%. Domestic advertising revenue increased primarily reflecting the Paris Olympics and additional Peacock sales, partially offset by lower revenue at our networks. Domestic distribution revenue increased primarily reflecting the broadcast of the Paris Olympics and higher revenue at Peacock, driven by an increase in paid subscribers compared to the prior year period. International networks revenue increased primarily due to the positive impact of foreign currency and an increase in revenue associated with the distribution of sports networks. Other revenue increased primarily due to an increase in revenue from the licensing of our owned content.\nAdjusted EBITDA for Media decreased due to higher operating expenses, which more than offset higher revenue. The increase in operating expenses was primarily due to increased sports programming costs associated with the Paris Olympics, higher programming costs at Peacock and an increase in other sports programming costs for our domestic television networks. Media results include $1.5 billion of revenue and an Adjusted EBITDA6 loss of $436 million related to Peacock, including amounts attributable to the Paris Olympics, compared to $830 million of revenue and an Adjusted EBITDA6 loss of $565 million in the prior year period.\nStudios\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n($ in millions)\n\n\n\n\n\n\n\n\n\n\n3rd Quarter\n\n\n\n\n\n2024\n\n2023\n\nChange\n\n\n\n\nRevenue\n\n\n\n\n\n\n\n\n\nContent Licensing\n$1,865\n\n$1,691\n\n10.3\n%\n\n\n\n\nTheatrical\n611\n\n504\n\n21.3\n%\n\n\n\n\nOther\n350\n\n324\n\n8.2\n%\n\n\n\n\nTotal Revenue\n$2,826\n\n$2,518\n\n12.3\n%\n\n\n\n\nOperating Expenses\n2,359\n\n2,089\n\n12.9\n%\n\n\n\n\nAdjusted EBITDA\n$468\n\n$429\n\n9.0\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue for Studios increased primarily due to higher content licensing revenue and theatrical revenue. Content licensing revenue increased primarily due to the timing of when content was made available by our television studios under licensing agreements, including the impact of the work stoppages in the prior year period. Theatrical revenue increased due to the successful performance of recent releases, including Despicable Me 4 and Twisters.\nAdjusted EBITDA for Studios increased due to higher revenue, which more than offset higher operating expenses. The increase in operating expenses primarily reflected higher programming and production expenses, mainly due to higher costs associated with content licensing sales, including the impact of the work stoppages in the prior year period.\nTheme Parks\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n($ in millions)\n\n\n\n\n\n\n\n\n\n\n3rd Quarter\n\n\n\n\n\n2024\n\n2023\n\nChange\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue\n$2,289\n\n$2,418\n\n(5.3%)\n\n\n\n\nOperating Expenses\n1,442\n\n1,435\n\n0.5%\n\n\n\n\nAdjusted EBITDA\n$847\n\n$983\n\n(13.8%)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue for Theme Parks decreased primarily due to lower revenue at our domestic theme parks, driven by lower guest attendance.\nAdjusted EBITDA for Theme Parks decreased, reflecting lower revenue and consistent operating expenses.\nHeadquarters & Other\nContent & Experiences Headquarters & Other includes overhead, personnel costs and costs associated with corporate initiatives. Headquarters & Other Adjusted EBITDA loss in the third quarter was $200 million, compared to a loss of $178 million in the prior year period.\nEliminations\nAmounts represent eliminations of transactions between our Content & Experiences segments, the most significant being content licensing between the Studios and Media segments, which are affected by the timing of recognition of content licenses. Revenue eliminations were $758 million, compared to $419 million in the prior year period, and Adjusted EBITDA eliminations were a benefit of $38 million, compared to a benefit of $17 million in the prior year period.\nCorporate, Other and Eliminations\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n($ in millions)\n\n\n\n\n\n\n\n\n\n\n3rd Quarter\n\n\n\n\n\n2024\n\n\n2023\n\n\nChange\n\n\n\n\nCorporate & Other\n\n\n\n\n\n\n\n\n\nRevenue\n$675\n\n\n$643\n\n\n5.0\n%\n\n\n\n\nOperating Expenses\n978\n\n\n893\n\n\n9.6\n%\n\n\n\n\nAdjusted EBITDA\n($302\n)\n\n($249\n)\n\n(21.3\n%)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEliminations\n\n\n\n\n\n\n\n\n\nRevenue\n($1,495\n)\n\n($1,358\n)\n\n10.1\n%\n\n\n\n\nOperating Expenses\n(1,436\n)\n\n(1,375\n)\n\n4.5\n%\n\n\n\n\nAdjusted EBITDA\n($59\n)\n\n$16\n\n\nNM  \n\n\n\n\nNM=comparison not meaningful.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\nCorporate & Other\nCorporate & Other primarily includes overhead and personnel costs; our Sky-branded video services and television networks in Germany; Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania; and Xumo. Corporate & Other Adjusted EBITDA decreased primarily due to increased marketing associated with the Paris Olympics.\nEliminations\nAmounts represent eliminations of transactions between Connectivity & Platforms, Content & Experiences and other businesses, the most significant being distribution of television network programming between the Media and Residential Connectivity & Platforms segments. Revenue eliminations were $1.5 billion, compared to $1.4 billion in the prior year period, and Adjusted EBITDA eliminations were a loss of $59 million compared to a benefit of $16 million in the prior year period. Current year amounts reflect an increase in eliminations associated with the Paris Olympics.\n\n\n\nNotes:\n\n\n1\n\nWe define Adjusted Net Income and Adjusted EPS as net income attributable to Comcast Corporation and diluted earnings per common share attributable to Comcast Corporation shareholders, respectively, adjusted to exclude the effects of the amortization of acquisition-related intangible assets, investments that investors may want to evaluate separately (such as based on fair value) and the impact of certain events, gains, losses or other charges that affect period-over-period comparisons. See Table 5 for reconciliations of non-GAAP financial measures.\n\n\n2\n\nWe 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. See Table 4 for reconciliation of non-GAAP financial measure.\n\n\n3\n\nAll earnings per share amounts are presented on a diluted basis.\n\n\n4\n\nWe define Free Cash Flow as net cash provided by operating activities (as stated in our Consolidated Statement of Cash Flows) reduced by capital expenditures and cash paid for intangible assets. From time to time, we may exclude from Free Cash Flow the impact of certain cash receipts or payments (such as significant legal settlements) that affect period-to-period comparability. Cash payments related to certain capital or intangible assets, such as the construction of Universal Beijing Resort, are presented separately in our Consolidated Statement of Cash Flows and are therefore excluded from capital expenditures and cash paid for intangible assets for Free Cash Flow. See Table 4 for reconciliation of non-GAAP financial measure.\n\n\n5\n\nConstant 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. See Table 6 for reconciliations of non-GAAP financial measures.\n\n\n6\n\nAdjusted EBITDA is the measure of profit or loss for our segments. From time to time, we may present Adjusted EBITDA for components of our reportable segments, such as Peacock. We believe these measures are useful to evaluate our financial results and provide a basis of comparison to others, although our definition of Adjusted EBITDA may not be directly comparable to similar measures used by other companies. Adjusted EBITDA for components are presented on a consistent basis with the respective segments and disaggregated in accordance with GAAP.\n\n\n7\n\nFrom time to time, we may present adjusted information (e.g., Adjusted Revenues) to exclude the impact of certain events, gains, losses or other charges affecting period-to-period comparability of our operating performance. See Table 7 for reconciliations of non-GAAP financial measures.\n\n\n\nNumerical information is presented on a rounded basis using actual amounts, unless otherwise noted. The change in Peacock paid subscribers is calculated using rounded paid subscriber amounts. Minor differences in totals and percentage calculations may exist due to rounding.\nConference Call and Other Information\nComcast Corporation will host a conference call with the financial community today, October 31, 2024, at 8:30 a.m. Eastern Time (ET). The conference call and related materials will be broadcast live and posted on our Investor Relations website at www.cmcsa.com. A replay of the call will be available today, October 31, 2024, starting at 11:30 a.m. ET on the Investor Relations website.\nFrom time to time, we post information that may be of interest to investors on our website at www.cmcsa.com and on our corporate website, www.comcastcorporation.com. To automatically receive Comcast financial news by email, please visit www.cmcsa.com and subscribe to email alerts.\nCaution Concerning Forward-Looking Statements\nThis press release includes statements that may constitute forward-looking statements. In evaluating these statements, readers should consider various factors, including the risks and uncertainties we describe in the \"Risk Factors\" sections of our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and other reports filed with the Securities and Exchange Commission (SEC). Factors that could cause our actual results to differ materially from these forward-looking statements include changes in and/or risks associated with: the competitive environment; consumer behavior; the advertising market; consumer acceptance of our content; programming costs; key distribution and/or licensing agreements; use and protection of our intellectual property; our reliance on third-party hardware, software and operational support; keeping pace with technological developments; cyber attacks, security breaches or technology disruptions; weak economic conditions; acquisitions and strategic initiatives; operating businesses internationally; natural disasters, severe weather-related and other uncontrollable events; loss of key personnel; labor disputes; laws and regulations; adverse decisions in litigation or governmental investigations; and other risks described from time to time in reports and other documents we file with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made, and involve risks and uncertainties that could cause actual events or our actual results to differ materially from those expressed in any such forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise. The amount and timing of any dividends and share repurchases are subject to business, economic and other relevant factors.\nNon-GAAP Financial Measures\nIn this discussion, we sometimes refer to financial measures that are not presented according to generally accepted accounting principles in the U.S. (GAAP). Certain of these measures are considered \"non-GAAP financial measures\" under the SEC regulations; those rules require the supplemental explanations and reconciliations that are in Comcast’s Form 8-K (Quarterly Earnings Release) furnished to the SEC.\nAbout Comcast Corporation\nComcast Corporation (Nasdaq: CMCSA) is a global media and technology company. From the connectivity and platforms we provide, to the content and experiences we create, our businesses reach hundreds of millions of customers, viewers, and guests worldwide. We deliver world-class broadband, wireless, and video through Xfinity, Comcast Business, and Sky; produce, distribute, and stream leading entertainment, sports, and news through brands including NBC, Telemundo, Universal, Peacock, and Sky; and bring incredible theme parks and attractions to life through Universal Destinations & Experiences. Visit www.comcastcorporation.com for more information.\n\n\n\nTABLE 1\n\n\n\n\n\n\n\n\n\n\nCondensed Consolidated Statements of Income (Unaudited)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThree Months Ended\n\nNine Months Ended\n\n\n(in millions, except per share data)\n\nSeptember 30,\n\nSeptember 30,\n\n\n\n\n2024\n\n2023\n\n2024\n\n2023\n\n\nRevenue\n\n$32,070\n\n$30,115\n\n$91,817\n\n$90,319\n\n\n\n\n\n\n\n\n\n\n\n\n\nCosts and expenses\n\n\n\n\n\n\n\n\n\n\nProgramming and production\n\n10,216\n\n8,652\n\n27,000\n\n26,506\n\n\nMarketing and promotion\n\n1,989\n\n1,866\n\n5,929\n\n5,929\n\n\nOther operating and administrative\n\n10,128\n\n9,629\n\n29,615\n\n28,247\n\n\nDepreciation\n\n2,219\n\n2,203\n\n6,548\n\n6,662\n\n\nAmortization\n\n1,659\n\n1,290\n\n4,421\n\n4,146\n\n\n\n\n26,211\n\n23,640\n\n73,512\n\n71,489\n\n\n\n\n\n\n\n\n\n\n\n\n\nOperating income\n\n5,859\n\n6,475\n\n18,304\n\n18,830\n\n\n\n\n\n\n\n\n\n\n\n\n\nInterest expense\n\n(1,037)\n\n(1,060)\n\n(3,065)\n\n(3,068)\n\n\n\n\n\n\n\n\n\n\n\n\n\nInvestment and other income (loss), net\n\n\n\n\n\n\n\n\n\n\nEquity in net income (losses) of investees, net\n\n(152)\n\n49\n\n(438)\n\n454\n\n\nRealized and unrealized gains (losses) on equity securities, net\n\n(22)\n\n(87)\n\n(163)\n\n(130)\n\n\nOther income (loss), net\n\n171\n\n88\n\n461\n\n349\n\n\n\n\n(3)\n\n50\n\n(140)\n\n672\n\n\n\n\n\n\n\n\n\n\n\n\n\nIncome before income taxes\n\n4,819\n\n5,465\n\n15,099\n\n16,434\n\n\n\n\n\n\n\n\n\n\n\n\n\nIncome tax expense\n\n(1,243)\n\n(1,468)\n\n(3,906)\n\n(4,481)\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet income\n\n3,576\n\n3,997\n\n11,192\n\n11,954\n\n\n\n\n\n\n\n\n\n\n\n\n\nLess: Net income (loss) attributable to noncontrolling interests\n\n(53)\n\n(49)\n\n(222)\n\n(175)\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet income attributable to Comcast Corporation\n\n$3,629\n\n$4,046\n\n$11,415\n\n$12,128\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDiluted earnings per common share attributable to Comcast Corporation shareholders\n\n$0.94\n\n$0.98\n\n$2.90\n\n$2.90\n\n\n\n\n\n\n\n\n\n\n\n\n\nDiluted weighted-average number of common shares\n\n3,880\n\n4,141\n\n3,930\n\n4,184\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTABLE 2\n\n\n\n\n\n\nConsolidated Statements of Cash Flows (Unaudited)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNine Months Ended\n\n\n(in millions)\n\nSeptember 30,\n\n\n\n\n2024\n\n2023\n\n\n\n\n\n\n\n\n\nOPERATING ACTIVITIES\n\n\n\n\n\n\nNet income\n\n$11,192\n\n$11,954\n\n\nAdjustments to reconcile net income to net cash provided by operating activities:\n\n\n\n\n\n\nDepreciation and amortization\n\n10,969\n\n10,807\n\n\nShare-based compensation\n\n983\n\n955\n\n\nNoncash interest expense (income), net\n\n331\n\n235\n\n\nNet (gain) loss on investment activity and other\n\n620\n\n(266)\n\n\nDeferred income taxes\n\n123\n\n394\n\n\nChanges in operating assets and liabilities, net of effects of acquisitions and divestitures:\n\n\n\n\n\n\nCurrent and noncurrent receivables, net\n\n74\n\n(26)\n\n\nFilm and television costs, net\n\n(287)\n\n(531)\n\n\nAccounts payable and accrued expenses related to trade creditors\n\n(906)\n\n(518)\n\n\nOther operating assets and liabilities\n\n(3,505)\n\n(425)\n\n\n\n\n\n\n\n\n\nNet cash provided by operating activities\n\n19,593\n\n22,579\n\n\n\n\n\n\n\n\n\nINVESTING ACTIVITIES\n\n\n\n\n\n\nCapital expenditures\n\n(8,267)\n\n(8,922)\n\n\nCash paid for intangible assets\n\n(2,043)\n\n(2,405)\n\n\nConstruction of Universal Beijing Resort\n\n(111)\n\n(119)\n\n\nProceeds from sales of businesses and investments\n\n689\n\n410\n\n\nPurchases of investments\n\n(934)\n\n(949)\n\n\nOther\n\n108\n\n267\n\n\n\n\n\n\n\n\n\nNet cash (used in) investing activities\n\n(10,559)\n\n(11,718)\n\n\n\n\n\n\n\n\n\nFINANCING ACTIVITIES\n\n\n\n\n\n\nProceeds from (repayments of) short-term borrowings, net\n\n—\n\n(660)\n\n\nProceeds from borrowings\n\n6,268\n\n6,046\n\n\nRepurchases and repayments of debt\n\n(2,433)\n\n(3,041)\n\n\nRepurchases of common stock under repurchase program and employee plans\n\n(6,920)\n\n(7,770)\n\n\nDividends paid\n\n(3,624)\n\n(3,586)\n\n\nOther\n\n250\n\n(126)\n\n\n\n\n\n\n\n\n\nNet cash (used in) financing activities\n\n(6,459)\n\n(9,136)\n\n\n\n\n\n\n\n\n\nImpact of foreign currency on cash, cash equivalents and restricted cash\n\n21\n\n(18)\n\n\n\n\n\n\n\n\n\nIncrease (decrease) in cash, cash equivalents and restricted cash\n\n2,596\n\n1,707\n\n\n\n\n\n\n\n\n\nCash, cash equivalents and restricted cash, beginning of period\n\n6,282\n\n4,782\n\n\n\n\n\n\n\n\n\nCash, cash equivalents and restricted cash, end of period\n\n$8,878\n\n$6,489\n\n\n\n\n\n\n\n\n\n\n\n\n\nTABLE 3\n\n\n\n\n\n\nCondensed Consolidated Balance Sheets (Unaudited)\n\n\n\n\n\n\n\n\n\n\n\n\n\n(in millions)\n\nSeptember 30,\n\nDecember 31,\n\n\n\n\n2024\n\n2023\n\n\nASSETS\n\n\n\n\n\n\n\n\n\n\n\n\n\nCurrent Assets\n\n\n\n\n\n\nCash and cash equivalents\n\n$8,814\n\n$6,215\n\n\nReceivables, net\n\n14,036\n\n13,813\n\n\nOther current assets\n\n4,336\n\n3,959\n\n\nTotal current assets\n\n27,186\n\n23,987\n\n\n\n\n\n\n\n\n\nFilm and television costs\n\n13,340\n\n12,920\n\n\n\n\n\n\n\n\n\nInvestments\n\n9,021\n\n9,385\n\n\n\n\n\n\n\n\n\nProperty and equipment, net\n\n61,775\n\n59,686\n\n\n\n\n\n\n\n\n\nGoodwill\n\n60,076\n\n59,268\n\n\n\n\n\n\n\n\n\nFranchise rights\n\n59,365\n\n59,365\n\n\n\n\n\n\n\n\n\nOther intangible assets, net\n\n26,423\n\n27,867\n\n\n\n\n\n\n\n\n\nOther noncurrent assets, net\n\n12,686\n\n12,333\n\n\n\n\n\n\n\n\n\n\n\n$269,871\n\n$264,811\n\n\nLIABILITIES AND EQUITY\n\n\n\n\n\n\n\n\n\n\n\n\n\nCurrent Liabilities\n\n\n\n\n\n\nAccounts payable and accrued expenses related to trade creditors\n\n$11,779\n\n$12,437\n\n\nAccrued participations and residuals\n\n1,476\n\n1,671\n\n\nDeferred revenue\n\n3,778\n\n3,242\n\n\nAccrued expenses and other current liabilities\n\n8,977\n\n11,613\n\n\nCurrent portion of debt\n\n2,610\n\n2,069\n\n\nAdvance on sale of investment\n\n9,167\n\n9,167\n\n\nTotal current liabilities\n\n37,786\n\n40,198\n\n\n\n\n\n\n\n\n\nNoncurrent portion of debt\n\n98,754\n\n95,021\n\n\n\n\n\n\n\n\n\nDeferred income taxes\n\n26,263\n\n26,003\n\n\n\n\n\n\n\n\n\nOther noncurrent liabilities\n\n20,526\n\n20,122\n\n\n\n\n\n\n\n\n\nRedeemable noncontrolling interests\n\n224\n\n241\n\n\n\n\n\n\n\n\n\nEquity\n\n\n\n\n\n\nComcast Corporation shareholders' equity\n\n85,774\n\n82,703\n\n\nNoncontrolling interests\n\n544\n\n523\n\n\nTotal equity\n\n86,318\n\n83,226\n\n\n\n\n\n\n\n\n\n\n\n$269,871\n\n$264,811\n\n\n\n\n\n\nTABLE 4\n\n\n\n\n\n\n\nReconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA (Unaudited)\n\n\n\n\n\n\n\n \n\n\n\n\nThree Months EndedSeptember 30,\n\n\nNine Months EndedSeptember 30,\n\n\n\n\n\n\n\n\n(in millions)\n\n2024\n\n2023\n\n\n2024\n\n2023\n\n\nNet income attributable to Comcast Corporation\n\n$3,629\n\n$4,046\n\n\n$11,415\n\n$12,128\n\n\nNet income (loss) attributable to noncontrolling interests\n\n(53)\n\n(49)\n\n\n(222)\n\n(175)\n\n\nIncome tax expense\n\n1,243\n\n1,468\n\n\n3,906\n\n4,481\n\n\nInterest expense\n\n1,037\n\n1,060\n\n\n3,065\n\n3,068\n\n\nInvestment and other (income) loss, net\n\n3\n\n(50)\n\n\n140\n\n(672)\n\n\nDepreciation\n\n2,219\n\n2,203\n\n\n6,548\n\n6,662\n\n\nAmortization\n\n1,659\n\n1,290\n\n\n4,421\n\n4,146\n\n\nAdjustments (1)\n\n(2)\n\n(6)\n\n\n(11)\n\n(16)\n\n\nAdjusted EBITDA\n\n$9,735\n\n$9,962\n\n\n$29,261\n\n$29,621\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nReconciliation from Net Cash Provided by Operating Activities to Free Cash Flow (Unaudited)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThree Months EndedSeptember 30,\n\n\nNine Months EndedSeptember 30,\n\n\n\n\n\n\n\n\n(in millions)\n\n2024\n\n2023\n\n\n2024\n\n2023\n\n\nNet cash provided by operating activities\n\n$7,021\n\n$8,154\n\n\n$19,593\n\n$22,579\n\n\nCapital expenditures\n\n(2,913)\n\n(3,294)\n\n\n(8,267)\n\n(8,922)\n\n\nCash paid for capitalized software and other intangible assets\n\n(702)\n\n(827)\n\n\n(2,043)\n\n(2,405)\n\n\nFree Cash Flow\n\n$3,406\n\n$4,032\n\n\n$9,283\n\n$11,253\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAlternate Presentation of Free Cash Flow (Unaudited)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThree Months EndedSeptember 30,\n\n\nNine Months EndedSeptember 30,\n\n\n\n\n\n\n\n\n(in millions)\n\n2024\n\n2023\n\n\n2024\n\n2023\n\n\nAdjusted EBITDA\n\n$9,735\n\n$9,962\n\n\n$29,261\n\n$29,621\n\n\nCapital expenditures\n\n(2,913)\n\n(3,294)\n\n\n(8,267)\n\n(8,922)\n\n\nCash paid for capitalized software and other intangible assets\n\n(702)\n\n(827)\n\n\n(2,043)\n\n(2,405)\n\n\nCash interest expense\n\n(690)\n\n(744)\n\n\n(2,503)\n\n(2,566)\n\n\nCash taxes\n\n(1,420)\n\n(1,439)\n\n\n(5,988)\n\n(3,823)\n\n\nChanges in operating assets and liabilities\n\n(1,126)\n\n(55)\n\n\n(2,652)\n\n(2,030)\n\n\nNoncash share-based compensation\n\n294\n\n287\n\n\n983\n\n955\n\n\nOther (2)\n\n228\n\n143\n\n\n492\n\n423\n\n\nFree Cash Flow\n\n$3,406\n\n$4,032\n\n\n$9,283\n\n$11,253\n\n\n\n\n\n\n(1)\n \n3rd quarter and year to date 2024 Adjusted EBITDA exclude $(2) and $(11) million of other operating and administrative expenses, respectively, related to our investment portfolio. 3rd quarter and year to date 2023 Adjusted EBITDA exclude $(6) and $(16) million of other operating and administrative expenses, respectively, related to our investment portfolio.\n\n\n\n \n\n\n\n(2)\n \n3rd quarter and year to date 2024 include adjustments of $(2) and $(11) million, respectively, related to our investment portfolio and 3rd quarter and year to date 2023 include adjustments of $(6) and $(16) million, respectively, related to our investment portfolio, as these amounts are excluded from Adjusted EBITDA.\n\n\n\n\n\n\nTABLE 5\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nReconciliations of Adjusted Net Income and Adjusted EPS (Unaudited)\n\n\n\n\n\n\n\n\n\n\n\n\n\nThree Months EndedSeptember 30,\n\n\nNine Months EndedSeptember 30,\n\n\n\n\n\n\n\n\n\n\n2024\n\n2023\n\n\n2024\n\n2023\n\n\n(in millions, except per share data)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n$\n\nEPS\n\n$\n\nEPS\n\n\n$\n\nEPS\n\n$\n\nEPS\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet income attributable to Comcast Corporation and diluted earnings per share attributable to Comcast Corporation shareholders\n\n$3,629\n\n$0.94\n\n$4,046\n\n$0.98\n\n\n$11,415\n\n$2.90\n\n$12,128\n\n$2.90\n\n\nChange\n\n(10.3%)\n\n(4.2%)\n\n\n\n\n\n\n(5.9%)\n\n0.2%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAmortization of acquisition-related intangible assets (1)\n\n624\n\n0.16\n\n443\n\n0.11\n\n\n1,494\n\n0.38\n\n1,318\n\n0.32\n\n\nInvestments (2)\n\n83\n\n0.02\n\n(6)\n\n—\n\n\n333\n\n0.08\n\n(364)\n\n(0.09)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdjusted Net income and Adjusted EPS\n\n$4,337\n\n$1.12\n\n$4,483\n\n$1.08\n\n\n$13,243\n\n$3.37\n\n$13,083\n\n$3.13\n\n\nChange\n\n(3.3%)\n\n3.3%\n\n\n\n\n\n\n1.2%\n\n7.7%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(1)\n\nAcquisition-related intangible assets are recognized as a result of the application of Accounting Standards Codification Topic 805, Business Combinations (such as customer relationships), and their amortization is significantly affected by the size and timing of our acquisitions. Amortization of intangible assets not resulting from business combinations (such as software and acquired intellectual property rights used in our theme parks) is included in Adjusted Net Income and Adjusted EPS.\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended\n\n\nNine Months Ended\n\n\n\n\n\n\nSeptember 30,\n\n\nSeptember 30,\n\n\n\n\n\n\n2024\n\n2023\n\n\n2024\n\n2023\n\n\n\n\nAmortization of acquisition-related intangible assets before income taxes\n\n$817\n\n$571\n\n\n$1,949\n\n$1,699\n\n\n\n\nAmortization of acquisition-related intangible assets, net of tax\n\n$624\n\n$443\n\n\n$1,494\n\n$1,318\n\n\n\n\n\n\n(2)\n\nAdjustments for investments include realized and unrealized (gains) losses on equity securities, net (as stated in Table 1), as well as the equity in net (income) losses of investees, net, for certain equity method investments, including Atairos and Hulu and costs related to our investment portfolio.\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended\n\n\nNine Months Ended\n\n\n\n\n\n\nSeptember 30,\n\n\nSeptember 30,\n\n\n\n\n\n\n2024\n\n2023\n\n\n2024\n\n2023\n\n\n\n\nRealized and unrealized (gains) losses on equity securities, net\n\n$22\n\n$87\n\n\n$163\n\n$130\n\n\n\n\nEquity in net (income) losses of investees, net and other\n\n87\n\n(96)\n\n\n275\n\n(614)\n\n\n\n\nInvestments before income taxes\n\n109\n\n(9)\n\n\n438\n\n(484)\n\n\n\n\nInvestments, net of tax\n\n$83\n\n($6)\n\n\n$333\n\n($364)\n\n\n\n\n\n\nTABLE 6\n\n\n\n\n\n\n\nReconciliation of Constant Currency (Unaudited)\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nThree Months EndedSeptember 30, 2023\n\n\nNine Months EndedSeptember 30, 2023\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nEffects of\n\nConstant\n\n\n\n\nEffects of\n\nConstant\n\n\n\n\nAs\n\nForeign\n\nCurrency\n\n\n As\n\nForeign\n\nCurrency\n\n\n(in millions)\n\nReported\n\nCurrency\n\nAmounts\n\n\nReported\n\nCurrency\n\nAmounts\n\n\nReconciliation of Connectivity & Platforms Constant Currency\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nConnectivity & Platforms Revenue\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nResidential Connectivity & Platforms\n\n$17,951\n\n$99\n\n$18,050\n\n\n$53,888\n\n$253\n\n$54,141\n\n\nBusiness Services Connectivity\n\n2,320\n\n—\n\n2,320\n\n\n6,894\n\n1\n\n6,895\n\n\nTotal Connectivity & Platforms Revenue\n\n$20,271\n\n$99\n\n$20,370\n\n\n$60,783\n\n$254\n\n$61,037\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nConnectivity and Platforms Adjusted EBITDA\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nResidential Connectivity & Platforms\n\n$6,886\n\n$16\n\n$6,902\n\n\n$20,672\n\n$39\n\n$20,711\n\n\nBusiness Services Connectivity\n\n1,335\n\n(1)\n\n1,334\n\n\n3,988\n\n(1)\n\n3,988\n\n\nTotal Connectivity & Platforms Adjusted EBITDA\n\n$8,221\n\n$15\n\n$8,237\n\n\n$24,660\n\n$39\n\n$24,699\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nConnectivity & Platforms Adjusted EBITDA Margin\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nResidential Connectivity & Platforms\n\n38.4%\n\n(20) bps\n\n38.2%\n\n\n38.4%\n\n(10) bps\n\n38.3%\n\n\nBusiness Services Connectivity\n\n57.5%\n\n- bps\n\n57.5%\n\n\n57.8%\n\n- bps\n\n57.8%\n\n\nTotal Connectivity & Platforms Adjusted EBITDA Margin\n\n40.6%\n\n(20) bps\n\n40.4%\n\n\n40.6%\n\n(10) bps\n\n40.5%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThree Months EndedSeptember 30, 2023\n\n\nNine Months EndedSeptember 30, 2023\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nEffects of\n\nConstant\n\n\n\n\nEffects of\n\n Constant\n\n\n\n\nAs\n\nForeign\n\nCurrency\n\n\nAs\n\nForeign\n\nCurrency\n\n\n(in millions)\n\nReported\n\nCurrency\n\nAmounts\n\n\nReported\n\nCurrency\n\nAmounts\n\n\nReconciliation of Residential Connectivity & Platforms Constant Currency\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDomestic broadband\n\n$6,366\n\n$—\n\n$6,366\n\n\n$19,086\n\n$—\n\n$19,086\n\n\nDomestic wireless\n\n917\n\n—\n\n917\n\n\n2,644\n\n—\n\n2,644\n\n\nInternational connectivity\n\n1,109\n\n31\n\n1,141\n\n\n3,009\n\n77\n\n3,086\n\n\nTotal residential connectivity\n\n$8,393\n\n$31\n\n$8,424\n\n\n$24,739\n\n$77\n\n$24,816\n\n\nVideo\n\n7,154\n\n47\n\n7,201\n\n\n21,895\n\n124\n\n22,018\n\n\nAdvertising\n\n960\n\n11\n\n971\n\n\n2,860\n\n25\n\n2,885\n\n\nOther\n\n1,444\n\n10\n\n1,454\n\n\n4,394\n\n28\n\n4,422\n\n\nTotal Revenue\n\n$17,951\n\n$99\n\n$18,050\n\n\n$53,888\n\n$253\n\n$54,141\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOperating Expenses\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nProgramming\n\n$4,460\n\n$28\n\n$4,488\n\n\n$13,638\n\n$74\n\n$13,712\n\n\nNon-Programming\n\n6,605\n\n55\n\n6,659\n\n\n19,578\n\n140\n\n19,718\n\n\nTotal Operating Expenses\n\n$11,065\n\n$83\n\n$11,148\n\n\n$33,216\n\n$214\n\n$33,430\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdjusted EBITDA\n\n$6,886\n\n$16\n\n$6,902\n\n\n$20,672\n\n$39\n\n$20,711\n\n\nAdjusted EBITDA Margin\n\n38.4%\n\n(20) bps\n\n38.2%\n\n\n38.4%\n\n(10) bps\n\n38.3%\n\n\n\n\n\n\nTABLE 7\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nReconciliation of Media Revenue Excluding Olympics (Unaudited)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThree Months EndedSeptember 30,\n\n\nNine Months EndedSeptember 30,\n\n\n\n\n\n\n\n\n(in millions)\n\n2024\n\n2023\n\nChange\n\n\n2024\n\n2023\n\nChange\n\n\nRevenue\n\n$8,231\n\n$6,029\n\n36.5%\n\n\n$20,926\n\n$18,376\n\n13.9%\n\n\nParis Olympics\n\n1,906\n\n—\n\n\n\n\n1,906\n\n—\n\n\n\n\nRevenue excluding Olympics\n\n$6,325\n\n$6,029\n\n4.9%\n\n\n$19,020\n\n$18,376\n\n3.5%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nReconciliation of Media Domestic Advertising Revenue Excluding Olympics (Unaudited)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThree Months EndedSeptember 30,\n\n\nNine Months EndedSeptember 30,\n\n\n\n\n\n\n\n\n(in millions)\n\n2024\n\n2023\n\nChange\n\n\n2024\n\n2023\n\nChange\n\n\nRevenue\n\n$3,347\n\n$1,913\n\n74.9%\n\n\n$7,363\n\n$5,965\n\n23.4%\n\n\nParis Olympics\n\n1,432\n\n—\n\n\n\n\n1,432\n\n—\n\n\n\n\nRevenue excluding Olympics\n\n$1,915\n\n$1,913\n\n0.1%\n\n\n$5,931\n\n$5,965\n\n(0.6) %\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nReconciliation of Media Domestic Distribution Revenue Excluding Olympics (Unaudited)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThree Months EndedSeptember 30,\n\n\nNine Months EndedSeptember 30,\n\n\n\n\n\n\n\n\n(in millions)\n\n2024\n\n2023\n\nChange\n\n\n2024\n\n2023\n\nChange\n\n\nRevenue\n\n$3,272\n\n$2,591\n\n26.3%\n\n\n$8,942\n\n$7,916\n\n13.0%\n\n\nParis Olympics\n\n473\n\n—\n\n\n\n\n473\n\n—\n\n\n\n\nRevenue excluding Olympics\n\n$2,798\n\n$2,591\n\n8.0%\n\n\n$8,468\n\n$7,916\n\n7.0%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241031386583/en/\nContacts\nInvestor Contacts: Marci Ryvicker (215) 286-4781Jane Kearns (215) 286-4794Marc Kaplan (215) 286-6527\nPress Contacts: Jennifer Khoury (215) 286-7408John Demming (215) 286-8011","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2479702947"}