{ "ticker": "CMCSA", "company": "Comcast Corporation", "filing_type": "10-K", "year_current": "2025", "year_prior": "2024", "summary": { "added": 11, "removed": 11, "modified": 37, "unchanged": 16, "total_current": 64, "total_prior": 64 }, "source": "SEC EDGAR", "url": "https://riskdiff.com/cmcsa/2025-vs-2024/", "markdown_url": "https://riskdiff.com/cmcsa/2025-vs-2024/index.md", "json_url": "https://riskdiff.com/cmcsa/2025-vs-2024/index.json", "generated": "2026-05-10", "ai_summary": "Comcast made substantial revisions to its risk disclosure framework, with 37 of 75 total risks (49%) substantively modified between 2024 and 2025, indicating significant reemphasis across operational areas. The company simultaneously removed and re-added 11 risks each across comparable categories - including Theme Parks, Adjusted EBITDA, segment operations, and Media revenue - suggesting these disclosures were restructured or recategorized rather than eliminated. Key risk areas receiving material updates include cybersecurity threats, advertising market sensitivity, and financial metrics tied to revenue and net income, reflecting evolving business priorities and disclosure strategy.", "risks": [ { "status": "ADDED", "current_title": "Customer Metrics", "prior_title": null, "current_body": "•Total customer relationships decreased by 527,000 to 51.6 million. •Domestic broadband customers decreased by 411,000 to 31.8 million. •Domestic wireless lines increased by 1.2 million to 7.8 million. •Domestic video customers decreased by 1.6 million to 12.5 million. •Domestic homes and businesses passed increased by 1.2 million to 63.7 million." }, { "status": "ADDED", "current_title": "Theme Parks", "prior_title": null, "current_body": "•Revenue decreased due to decreases in revenue at our domestic theme parks, as well as the negative impact of foreign currency at our international theme parks. •Adjusted EBITDA decreased due to a decrease in revenue and an increase in costs and expenses. •Capital expenditures continues to reflect significant spending for the development of Epic Universe in Orlando. 31Comcast 2024 Annual Report on Form 10-K 31Comcast 2024 Annual Report on Form 10-K 31Comcast 2024 Annual Report on Form 10-K 31 Comcast 2024 Annual Report on Form 10-K Table of Contents Table of Contents Table of Contents" }, { "status": "ADDED", "current_title": "Customer Metrics", "prior_title": null, "current_body": "•Total customer relationships decreased by 527,000 to 51.6 million. •Domestic broadband customers decreased by 411,000 to 31.8 million. •Domestic wireless lines increased by 1.2 million to 7.8 million. •Domestic video customers decreased by 1.6 million to 12.5 million. •Domestic homes and businesses passed increased by 1.2 million to 63.7 million." }, { "status": "ADDED", "current_title": "Customer Metrics", "prior_title": null, "current_body": "•Total customer relationships decreased by 527,000 to 51.6 million. •Domestic broadband customers decreased by 411,000 to 31.8 million. •Domestic wireless lines increased by 1.2 million to 7.8 million. •Domestic video customers decreased by 1.6 million to 12.5 million. •Domestic homes and businesses passed increased by 1.2 million to 63.7 million." }, { "status": "ADDED", "current_title": "Adjusted EBITDA(a)", "prior_title": null, "current_body": "Percentage changes that are considered not meaningful are denoted with NM. (a)Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 44 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA. Comcast 2024 Annual Report on Form 10-K32 Comcast 2024 Annual Report on Form 10-K32 Comcast 2024 Annual Report on Form 10-K32 Comcast 2024 Annual Report on Form 10-K 32 Table of Contents Table of Contents Table of Contents Other •Repurchased a total of 212 million shares of our Class A common stock for $8.6 billion in 2024 compared to a total of 262 million shares of our Class A common stock for $11.0 billion in 2023. Raised our dividend by $0.08 to $1.24 per share on an annualized basis in January 2024 and paid $4.8 billion of dividends in 2024. •In the fourth quarter of 2023, we exercised our put right requiring Disney to purchase our interest in Hulu and received $8.6 billion, representing $9.2 billion for our share of Hulu’s minimum equity value presented as an advance on the sale of our investment in our consolidated balance sheet, less $557 million for our share of prior capital calls. We expect to receive additional proceeds for the sale of our interest in Hulu following the final determination of Hulu’s fair value pursuant to a third-party appraisal process, at which time we will recognize the sale of our interest. See Note 7. •In November 2024, we announced our intention to create SpinCo, a new independent publicly traded company through a tax-free spin-off. We are targeting to complete the Spin-off by the end of 2025, subject to the satisfaction of customary conditions. There can be no assurance that a separation transaction will occur, or, if one does occur, of its terms or timing." }, { "status": "ADDED", "current_title": "Adjusted EBITDA(a)", "prior_title": null, "current_body": "Percentage changes that are considered not meaningful are denoted with NM. (a)Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 44 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA. Comcast 2024 Annual Report on Form 10-K32 Comcast 2024 Annual Report on Form 10-K32 Comcast 2024 Annual Report on Form 10-K32 Comcast 2024 Annual Report on Form 10-K 32 Comcast 2024 Annual Report on Form 10-K32 Comcast 2024 Annual Report on Form 10-K32 Comcast 2024 Annual Report on Form 10-K 32 Comcast 2024 Annual Report on Form 10-K32 Comcast 2024 Annual Report on Form 10-K 32 Comcast 2024 Annual Report on Form 10-K 32 Table of Contents Table of Contents Table of Contents" }, { "status": "ADDED", "current_title": "Residential Connectivity & Platforms Segment Results of Operations", "prior_title": null, "current_body": "2023 to 2024(in millions)20242023ChangeConstant Currency Change(a)RevenueDomestic broadband$26,228 $25,489 2.9 %2.9 %Domestic wireless4,273 3,664 16.6 16.6 International connectivity4,854 4,207 15.4 12.4 Total residential connectivity 35,355 33,359 6.0 5.6 Video26,872 28,797 (6.7)(7.2)Advertising4,089 3,969 3.0 2.1 Other5,259 5,820 (9.6)(10.2)Total revenue71,574 71,946 (0.5)(1.0)Costs and ExpensesProgramming16,881 18,067 (6.6)(7.1)Other27,355 26,932 1.6 0.8 Total costs and expenses44,237 44,998 (1.7)(2.3)Adjusted EBITDA$27,338 $26,948 1.4 %1.2 %" }, { "status": "ADDED", "current_title": "Residential Connectivity & Platforms Segment – Costs and Expenses", "prior_title": null, "current_body": "Programming expenses decreased in 2024 primarily due to a decline in the number of domestic video subscribers, partially offset by domestic contractual rate increases. Other expenses increased in 2024 primarily due to an increase in direct product costs, the impact of foreign currency and higher technical and support costs, partially offset by lower severance charges in 2024 compared to severance and other charges in 2023. Comcast 2024 Annual Report on Form 10-K38 Comcast 2024 Annual Report on Form 10-K38 Comcast 2024 Annual Report on Form 10-K38 Comcast 2024 Annual Report on Form 10-K 38 Comcast 2024 Annual Report on Form 10-K38 Comcast 2024 Annual Report on Form 10-K38 Comcast 2024 Annual Report on Form 10-K 38 Comcast 2024 Annual Report on Form 10-K38 Comcast 2024 Annual Report on Form 10-K 38 Comcast 2024 Annual Report on Form 10-K 38 Table of Contents Table of Contents Table of Contents" }, { "status": "ADDED", "current_title": "Content & Experiences Overview", "prior_title": null, "current_body": "Year ended December 31 (in millions)20242023Change 2023 to 2024RevenueMedia$28,148 $25,355 11.0 %Studios11,092 11,625 (4.6)Theme Parks8,617 8,947 (3.7)Headquarters and Other50 64 (21.7)Eliminations(2,798)(2,800)0.1 Total Content & Experiences revenue$45,108 $43,191 4.4 %Adjusted EBITDAMedia$3,130 $2,955 5.9 %Studios1,404 1,269 10.7 Theme Parks2,949 3,345 (11.8)Headquarters and Other(831)(946)12.2 Eliminations82 77 5.9 Total Content & Experiences Adjusted EBITDA$6,735 $6,700 0.5 %" }, { "status": "ADDED", "current_title": "Media Segment Results of Operations", "prior_title": null, "current_body": "Year ended December 31 (in millions)20242023Change 2023 to 2024RevenueDomestic advertising$10,008 $8,600 16.4 %Domestic distribution11,826 10,663 10.9 International networks4,282 4,109 4.2Other2,031 1,983 2.4 Total revenue28,148 25,355 11.0 Costs and ExpensesProgramming and production18,968 16,921 12.1 Marketing and promotion1,473 1,389 6.1 Other4,577 4,091 11.9 Total costs and expenses25,017 22,400 11.7 Adjusted EBITDA$3,130 $2,955 5.9 %" }, { "status": "ADDED", "current_title": "Media Segment – Revenue", "prior_title": null, "current_body": "Revenue increased in 2024 primarily due to the Paris Olympics in 2024. Excluding incremental revenue associated with this event, revenue increased in 2024 driven by increases in domestic distribution and international networks revenue. Year ended December 31 (in millions)20242023Change 2023 to 2024Total revenue$28,148 $25,355 11.0 %Olympics1,906 — NMTotal revenue, excluding Olympics$26,242 $25,355 3.5 %Total domestic advertising revenue$10,008 $8,600 16.4 %Olympics1,432 — NMDomestic advertising revenue, excluding Olympics$8,576 $8,600 (0.3)%Total domestic distribution revenue$11,826 $10,663 10.9 %Olympics473 — NMDomestic distribution revenue, excluding Olympics$11,353 $10,663 6.5 %Percentage changes that are considered not meaningful are denoted with NM. Olympics Total revenue, excluding Olympics Olympics Domestic advertising revenue, excluding Olympics Olympics Total revenue, excluding Olympics Olympics Domestic advertising revenue, excluding Olympics" }, { "status": "REMOVED", "current_title": null, "prior_title": "Capital Expenditures", "prior_body": "•Total Connectivity & Platforms capital expenditures increased 1.5% to $8.2 billion, reflecting increased spending on line extensions and scalable infrastructure, partially offset by decreased spending on customer premise equipment and support capital." }, { "status": "REMOVED", "current_title": null, "prior_title": "Theme Parks", "prior_body": "•Revenue increased due to increases in revenue at our international theme parks and our theme park in Hollywood, partially offset by a decrease in revenue at our theme park in Orlando. •Adjusted EBITDA increased due to an increase in revenue, partially offset by an increase in costs and expenses driven by increased guest attendance. •Capital expenditures increased related to the development of Epic Universe in Orlando. Other •Repurchased a total of 262 million shares of our Class A common stock for $11.0 billion in 2023 compared to a total of 332 million shares of our Class A common stock for $13.0 billion in 2022. Raised our dividend by $0.08 to $1.16 per share on an annualized basis in January 2023 and paid $4.8 billion of dividends in 2023. •Exercised the put right to sell our 33% interest in Hulu in the fourth quarter of 2023 and received $8.6 billion of net pre-tax proceeds relating to the minimum equity value, net of capital calls. A portion of these proceeds was used to repay our $5.2 billion collateralized obligation. Additional proceeds for any excess of the fair value of our interest over the minimum equity value will be due following the final determination of Hulu’s fair value pursuant to a third-party appraisal process. See Note 8." }, { "status": "REMOVED", "current_title": null, "prior_title": "Adjusted EBITDA(a)", "prior_body": "Percentage changes that are considered not meaningful are denoted with NM. (a)Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 47 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA. Comcast 2023 Annual Report on Form 10-K34 Comcast 2023 Annual Report on Form 10-K34 Comcast 2023 Annual Report on Form 10-K34 34 Table of Contents Table of Contents Table of Contents Capital Expenditures•Total Connectivity & Platforms capital expenditures increased 1.5% to $8.2 billion, reflecting increased spending on line extensions and scalable infrastructure, partially offset by decreased spending on customer premise equipment and support capital.Theme Parks•Revenue increased due to increases in revenue at our international theme parks and our theme park in Hollywood, partially offset by a decrease in revenue at our theme park in Orlando.•Adjusted EBITDA increased due to an increase in revenue, partially offset by an increase in costs and expenses driven by increased guest attendance.•Capital expenditures increased related to the development of Epic Universe in Orlando." }, { "status": "REMOVED", "current_title": null, "prior_title": "Capital Expenditures", "prior_body": "•Total Connectivity & Platforms capital expenditures increased 1.5% to $8.2 billion, reflecting increased spending on line extensions and scalable infrastructure, partially offset by decreased spending on customer premise equipment and support capital." }, { "status": "REMOVED", "current_title": null, "prior_title": "Capital Expenditures", "prior_body": "•Total Connectivity & Platforms capital expenditures increased 1.5% to $8.2 billion, reflecting increased spending on line extensions and scalable infrastructure, partially offset by decreased spending on customer premise equipment and support capital." }, { "status": "REMOVED", "current_title": null, "prior_title": "Consolidated Net Income (Loss) Attributable to Noncontrolling Interests", "prior_body": "The changes in net income (loss) attributable to noncontrolling interests in 2023 compared to 2022 was primarily due to decreases in losses at Universal Beijing Resort (see Note 8), partially offset by increases in losses in our Xumo streaming platform joint venture in the current year. Comcast 2023 Annual Report on Form 10-K36 Comcast 2023 Annual Report on Form 10-K36 Comcast 2023 Annual Report on Form 10-K36 36 Comcast 2023 Annual Report on Form 10-K36 Comcast 2023 Annual Report on Form 10-K36 36 Comcast 2023 Annual Report on Form 10-K36 36 36 Table of Contents Table of Contents Table of Contents" }, { "status": "REMOVED", "current_title": null, "prior_title": "Residential Connectivity & Platforms Segment Results of Operations", "prior_body": "2022 to 20232021 to 2022(in millions)202320222021ChangeConstant Currency Change(a)ChangeConstant Currency Change(a)RevenueDomestic broadband$25,489 $24,469 $22,979 4.2 %4.2 %6.5 %6.5 %Domestic wireless3,664 3,071 2,380 19.3 19.3 29.0 29.0 International connectivity4,207 3,426 3,293 22.8 21.9 4.0 16.0 Total residential connectivity 33,359 30,966 28,652 7.7 7.6 8.1 9.4 Video28,797 30,496 32,440 (5.6)(5.7)(6.0)(3.0)Advertising3,969 4,546 4,507 (12.7)(12.8)0.9 5.0 Other5,820 6,378 7,095 (8.7)(8.7)(10.1)(7.7)Total revenue71,946 72,386 72,694 (0.6)(0.7)(0.4)2.0 Costs and ExpensesProgramming18,067 18,500 20,542 (2.3)(2.5)(9.9)(7.0)Other26,932 27,775 26,964 (3.0)(3.3)3.0 6.4 Total costs and expenses44,998 46,275 47,506 (2.8)(3.0)(2.6)0.6 Adjusted EBITDA$26,948 $26,111 $25,188 3.2 %3.3 %3.7 %4.4 %" }, { "status": "REMOVED", "current_title": null, "prior_title": "Residential Connectivity & Platforms Segment – Costs and Expenses", "prior_body": "Programming expenses decreased in 2023 primarily due to a decline in the number of domestic video subscribers, partially offset by domestic contractual rate increases and an increase in programming expenses for international sports channels. Programming expenses decreased in 2022 primarily due to a decline in the number of domestic video subscribers, a decrease in programming expenses for international sports channels and the impact of foreign currency, partially offset by domestic contractual rate increases. Other expenses decreased in 2023 primarily due to decreased spending on marketing and promotion, lower technical and support costs, lower severance charges in 2023 compared to 2022 and a decrease in fees paid to third-party channels relating to advertising sales, partially offset by increased direct product costs associated with our wireless services resulting from increases in device sales and the number of customers receiving our services. Other expenses increased in 2022 primarily due to increased direct product costs, severance charges in 2022 and lower levels of bad debt expense in 2021, partially offset by the impact of foreign currency, decreased franchise and other regulatory fees, and decreased customer service expenses. Comcast 2023 Annual Report on Form 10-K40 Comcast 2023 Annual Report on Form 10-K40 Comcast 2023 Annual Report on Form 10-K40 40 Comcast 2023 Annual Report on Form 10-K40 Comcast 2023 Annual Report on Form 10-K40 40 Comcast 2023 Annual Report on Form 10-K40 40 40 Table of Contents Table of Contents Table of Contents" }, { "status": "REMOVED", "current_title": null, "prior_title": "Content & Experiences Overview", "prior_body": "Year ended December 31 (in millions)202320222021Change 2022 to 2023Change 2021 to 2022RevenueMedia$25,355 $26,719 $27,406 (5.1)%(2.5)%Studios11,625 12,257 10,077 (5.2)21.6 Theme Parks8,947 7,541 5,051 18.6 49.3 Headquarters and Other64 75 87 (15.4)(13.6)Eliminations(2,800)(3,442)(3,048)18.7 (12.9)Total Content & Experiences revenue$43,191 $43,151 $39,574 0.1 %9.0 %Adjusted EBITDAMedia$2,955 $3,598 $5,133 (17.9)%(29.9)%Studios1,269 961 879 32.0 9.4 Theme Parks3,345 2,683 1,267 24.7 111.7Headquarters and Other(946)(881)(840)(7.5)(4.8)Eliminations77 (2)(205)NM99.1Total Content & Experiences Adjusted EBITDA$6,700 $6,360 $6,234 5.4 %2.0 %" }, { "status": "REMOVED", "current_title": null, "prior_title": "Media Segment Results of Operations", "prior_body": "Year ended December 31 (in millions)202320222021Change 2022 to 2023Change 2021 to 2022RevenueDomestic advertising$8,600 $10,360 $10,177 (17.0)%1.8 %Domestic distribution10,663 10,525 10,080 1.3 4.4 International networks4,109 3,729 5,060 10.2 (26.3)Other1,983 2,105 2,090 (5.8)0.7 Total revenue25,355 26,719 27,406 (5.1)(2.5)Costs and ExpensesProgramming and production16,921 17,650 17,398 (4.1)1.4 Marketing and promotion1,389 1,520 1,264 (8.7)20.3 Other4,091 3,951 3,611 3.5 9.4 Total costs and expenses22,400 23,121 22,273 (3.1)3.8 Adjusted EBITDA$2,955 $3,598 $5,133 (17.9)%(29.9)%" }, { "status": "REMOVED", "current_title": null, "prior_title": "Media Segment – Revenue", "prior_body": "Revenue decreased in 2023 primarily due to our broadcasts of the Beijing Olympics, Super Bowl and FIFA World Cup in 2022. Excluding incremental revenue associated with our broadcasts of these events, revenue increased in 2023 driven by increases in domestic distribution and international networks revenue, partially offset by decreases in domestic advertising and other revenue. Revenue decreased in 2022 due to our broadcast of the Tokyo Olympics in 2021, which more than offset the impact of our broadcasts of the Beijing Olympics, Super Bowl and FIFA World Cup in 2022. Excluding incremental revenue associated with the broadcast of these events, revenue decreased in 2022 primarily due to a decline in international networks revenue, partially offset by an increase in domestic distribution revenue. Year ended December 31 (in millions)202320222021Change 2022 to 2023Change 2021 to 2022Total revenue$25,355 $26,719 $27,406 (5.1)%(2.5)%Olympics, Super Bowl and FIFA World Cup— 1,744 1,759 NM(0.9)Total revenue, excluding Olympics, Super Bowl and FIFA World Cup$25,355 $24,975 $25,647 1.5 %(2.6)%Total domestic advertising revenue$8,600 $10,360 $10,177 (17.0)%1.8 %Olympics, Super Bowl and FIFA World Cup— 1,417 1,238 NM14.5 Domestic advertising revenue, excluding Olympics, Super Bowl and FIFA World Cup$8,600 $8,943 $8,939 (3.8)%— %Total domestic distribution revenue$10,663 $10,525 $10,080 1.3 %4.4 %Olympics— 327 522 NM(37.4)Domestic distribution revenue, excluding Olympics$10,663 $10,198 $9,558 4.6 %6.7 % Percentage changes that are considered not meaningful are denoted with NM. Comcast 2023 Annual Report on Form 10-K42 Comcast 2023 Annual Report on Form 10-K42 Comcast 2023 Annual Report on Form 10-K42 42 Comcast 2023 Annual Report on Form 10-K42 Comcast 2023 Annual Report on Form 10-K42 42 Comcast 2023 Annual Report on Form 10-K42 42 42 Table of Contents Table of Contents Table of Contents Domestic advertising revenue consists of revenue generated from sales of advertising on our linear television networks, Peacock and other digital properties operating predominantly in the United States. Domestic advertising revenue decreased in 2023 primarily due to our broadcasts of the Beijing Olympics, Super Bowl and FIFA World Cup in 2022. Excluding incremental revenue associated with the broadcasts of these events in 2022, domestic advertising revenue decreased in 2023 primarily due to a decrease in revenue at our networks, partially offset by an increase in revenue at Peacock. Domestic advertising revenue increased in 2022, including the impacts of our broadcasts of the Beijing Olympics, Super Bowl and FIFA World Cup in 2022, partially offset by our broadcast of the Tokyo Olympics in 2021. Excluding incremental revenue associated with the broadcasts of these events in 2022 and 2021, domestic advertising in 2022 remained consistent with 2021 primarily due to increased revenue at Peacock, offset by a decrease in revenue at our networks. The decreases at our networks were primarily due to continued audience ratings declines and the impact of additional sporting events in 2021, partially offset by higher pricing in 2022 and increased political advertising. Domestic distribution revenue primarily includes revenue generated from the distribution of our television networks operating predominantly in the United States to traditional and virtual multichannel video providers, and from NBC-affiliated and Telemundo-affiliated local broadcast television stations. Our revenue from distribution agreements is generally based on the number of subscribers receiving the programming on our television networks and a per subscriber fee. Distribution revenue also includes Peacock subscription fees. Domestic distribution revenue increased in 2023, including the impacts of our broadcast of the Beijing Olympics in 2022. Excluding incremental revenue associated with our broadcast of the Beijing Olympics in 2022, domestic distribution revenue increased primarily due to an increase in Peacock paid subscribers, partially offset by a decrease in revenue at our networks. The decrease in revenue at our networks was primarily due to a decline in the number of subscribers, partially offset by contractual rate increases. Domestic distribution revenue increased in 2022, including the impacts of our broadcast of the Beijing Olympics in 2022, offset by our broadcast of the Tokyo Olympics in 2021. Excluding incremental revenue associated with the broadcasts of these events in 2022 and 2021, domestic distribution revenue increased in 2022 primarily due to increased revenue at Peacock. Distribution revenue at our networks in 2022 remained consistent with 2021 due to contractual rates increases, offset by a decline in the number of subscribers. International networks revenue consists of revenue generated by our networks operating predominantly outside the United States, including the Sky Sports networks in the United Kingdom and Italy. This revenue primarily results from the distribution of our television networks to traditional and virtual multichannel video providers and other platforms, as well as sales of advertising. A significant portion of this revenue comes from the Residential Connectivity & Platforms segment. International networks revenue increased in 2023 primarily due to an increase in revenue associated with the distribution of sports networks. International networks revenue decreased in 2022 primarily due to a decrease in revenue associated with the distribution of sports networks, including the impact of our reduced broadcast rights for Serie A in Italy, and the negative impact of foreign currency. Other revenue consists primarily of revenue generated from the licensing of our owned content and technology and from various digital properties." }, { "status": "MODIFIED", "current_title": "RevenueNet Income Attributable to Comcast CorporationAdjusted EBITDA", "prior_title": "RevenueNet Income Attributable to Comcast CorporationAdjusted EBITDA", "similarity_score": 0.92, "confidence": "high", "key_changes": [ "Reworded sentence: \"Refer to the “Non-GAAP Financial Measures” section on page 44 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA.\"", "Reworded sentence: \"2024 Revenue and Adjusted EBITDA Segment Contribution(a) 2024 Revenue and Adjusted EBITDA Segment Contribution(a) 2024 Revenue and Adjusted EBITDA Segment Contribution(a)\"" ], "current_body": "(a)Adjusted EBITDA is a financial measure that is not defined by generally accepted accounting principles in the United States (“GAAP”). Refer to the “Non-GAAP Financial Measures” section on page 44 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA. Revenue, Net Income Attributable to Comcast Corporation and Adjusted EBITDA charts are not presented on the same scale. 2024 Revenue and Adjusted EBITDA Segment Contribution(a) 2024 Revenue and Adjusted EBITDA Segment Contribution(a) 2024 Revenue and Adjusted EBITDA Segment Contribution(a)", "prior_body": "(a)Adjusted EBITDA is a financial measure that is not defined by generally accepted accounting principles in the United States (“GAAP”). Refer to the “Non-GAAP Financial Measures” section on page 47 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA. Revenue, Net Income Attributable to Comcast Corporation and Adjusted EBITDA charts are not presented on the same scale. 2023 Revenue and Adjusted EBITDA Segment Contribution(a) 2023 Revenue and Adjusted EBITDA Segment Contribution(a) 2023 Revenue and Adjusted EBITDA Segment Contribution(a)" }, { "status": "MODIFIED", "current_title": "A cyber attack, information or security breach, or technology disruption or failure may negatively impact our ability to conduct our business or result in the misuse of confidential information, all of which could adversely affect our business, reputation and results of operations.", "prior_title": "A cyber attack, information or security breach, or technology disruption or failure may negatively impact our ability to conduct our business or result in the misuse of confidential information, all of which could adversely affect our business, reputation and results of operations.", "similarity_score": 0.89, "confidence": "high", "key_changes": [ "Reworded sentence: \"In the ordinary course of our business, there are constant attempts by unauthorized parties to cause systems-related events and security incidents and to identify and exploit vulnerabilities in security architecture and system design.\"", "Reworded sentence: \"For example, we expect threat actors will continue to gain sophistication by using tools and techniques, such as AI, that are specifically designed to circumvent security controls.\"", "Reworded sentence: \"We also obtain certain confidential, proprietary and personal information about our customers, personnel and vendors, that in many cases is provided or made available to third-party vendors who agree to protect it, which has in the past, and may in the future, become compromised through a cyber attack or data breach, misappropriation, misuse, leakage, falsification or accidental release or loss of information by us or a third party.\"", "Added sentence: \"Due to applicable laws, regulations and contractual obligations, we may be held responsible for cybersecurity breaches or incidents experienced by such third parties in relation to the information we share with them.\"", "Added sentence: \"Due to the complexity and interconnectedness of our systems and those of our third-party vendors, the process of enhancing our protective measures can itself create a risk of systems disruptions and security issues.\"" ], "current_body": "Network and information systems and other technologies, including those that are related to our network management, customer service operations and programming delivery and are embedded in our products and services, are critical to our business activities. In the ordinary course of our business, there are constant attempts by unauthorized parties to cause systems-related events and security incidents and to identify and exploit vulnerabilities in security architecture and system design. These incidents include computer hacking, cyber attacks, computer viruses, worms or other destructive or disruptive software, denial of service attacks, phishing attacks, malware, ransomware, malicious social engineering, theft, misconduct, fraud and other malicious activities. Incidents can be caused inadvertently by us or our third-party vendors, such as process breakdowns, human error, software or hardware failures or vulnerabilities in security architecture or system design. Cyber threats and attacks are constantly evolving and are growing in sophistication and frequency, which increases the difficulty of detecting and successfully defending against them. For example, we expect threat actors will continue to gain sophistication by using tools and techniques, such as AI, that are specifically designed to circumvent security controls. Some cyber attacks have had, and in the future can have, cascading impacts that unfold with increasing speed across networks, information systems and other technologies across the world and create latent vulnerabilities in our and third-party vendors’ systems and other technologies. We also obtain certain confidential, proprietary and personal information about our customers, personnel and vendors, that in many cases is provided or made available to third-party vendors who agree to protect it, which has in the past, and may in the future, become compromised through a cyber attack or data breach, misappropriation, misuse, leakage, falsification or accidental release or loss of information by us or a third party. Due to the nature of our businesses, we may be at a disproportionately heightened risk of these types of incidents occurring because we maintain certain information necessary to conduct our business in digital form. We also incorporate third-party software (including extensive open-source software), applications, and data hosting and cloud-based services into many aspects of our products, services and operations, as well as rely on service providers to help us perform our business operations, all of which expose us to cyber attacks with respect to such third-party suppliers and service providers and their products and services. Due to applicable laws, regulations and contractual obligations, we may be held responsible for cybersecurity breaches or incidents experienced by such third parties in relation to the information we share with them. Due to the complexity and interconnectedness of our systems and those of our third-party vendors, the process of enhancing our protective measures can itself create a risk of systems disruptions and security issues. While we develop and maintain systems, and operate programs that seek to prevent security incidents from occurring, these efforts are costly and must be constantly monitored and updated in the face of sophisticated and rapidly evolving attempts to overcome our security measures and protections. The occurrence of both intentional and unintentional incidents has caused, and may from time to time in the future cause, a variety of business impacts. These include degradation or disruption of our network, products and services, excessive call volume to call centers, theft or misuse of our intellectual property or other assets, disruption of the security of our internal systems, products, services or satellite transmission signals, power outages, and the compromise or exfiltration of sensitive, personal, proprietary, confidential or technical business information and customer or vendor data, and reputational impacts. In addition, despite efforts to detect unlawful intrusions, attacks can persist for an extended period of time before being detected, and following detection, it may take considerable time to understand the nature, scope, impact and timing of the incident. Moreover, the amount and scope of insurance we maintain against losses resulting from any of the foregoing events likely would not be sufficient to fully cover our losses or otherwise adequately compensate us for disruptions to our business that may result. Repercussions of these incidents, some of which we have experienced in the past, could include litigation or cause regulators to impose significant fines or other remedial measures, including with respect to relevant customer privacy rules, or otherwise have an adverse effect on our company. Despite our efforts, we expect that we will continue to experience such incidents in the future, and there can be no assurance that any such incident will not have an adverse effect on our business, reputation or results of operations. Refer to Item 1C: Cybersecurity for additional information. Comcast 2024 Annual Report on Form 10-K22 Comcast 2024 Annual Report on Form 10-K22 Comcast 2024 Annual Report on Form 10-K22 Comcast 2024 Annual Report on Form 10-K 22 Comcast 2024 Annual Report on Form 10-K22 Comcast 2024 Annual Report on Form 10-K22 Comcast 2024 Annual Report on Form 10-K 22 Comcast 2024 Annual Report on Form 10-K22 Comcast 2024 Annual Report on Form 10-K 22 Comcast 2024 Annual Report on Form 10-K 22 Table of Contents Table of Contents Table of Contents", "prior_body": "Network and information systems and other technologies, including those that are related to our network management, customer service operations and programming delivery and are embedded in our products and services, are critical to our business activities. In the ordinary course of our business, there are constant attempts by third parties to cause systems-related events and security incidents and to identify and exploit vulnerabilities in security architecture and system design. These incidents include computer hackings, cyber attacks, computer viruses, worms or other destructive or disruptive software, denial of service attacks, phishing attacks, malicious social engineering and other malicious activities. Incidents can be caused inadvertently by us or our third-party vendors, such as process breakdowns and vulnerabilities in security architecture or system design. Cyber threats and attacks are constantly evolving and are growing in sophistication and frequency, which increases the difficulty of detecting and successfully defending against them. For example, we expect threat actors will continue to gain sophistication by using tools and techniques (such as AI) that are specifically designed to circumvent security controls. Some cyber attacks have had, and in the future can have, cascading impacts that unfold with increasing speed across networks, information systems and other technologies across the world and create latent vulnerabilities in our and third-party vendors’ systems and other technologies. We also obtain certain confidential, proprietary and personal information about our customers, personnel and vendors, that in many cases is provided or made available to third-party vendors who agree to protect it, which has in the past and may in the future become compromised through a cyber attack or data breach, misappropriation, misuse, leakage, falsification or accidental release or loss of information by us or a third party. Due to the nature of our businesses, we may be at a disproportionately heightened risk of these types of incidents occurring because we maintain certain information necessary to conduct our business in digital form. We also incorporate third-party software (including extensive open-source software), applications, and data hosting and cloud-based services into many aspects of our products, services and operations, as well as rely on service providers to help us perform our business operations, all of which expose us to cyber attacks with respect to such third-party suppliers and service providers and their products and services. While we develop and maintain systems, and operate programs that seek to prevent security incidents from occurring, these efforts are costly and must be constantly monitored and updated in the face of sophisticated and rapidly evolving attempts to overcome our security measures and protections. The occurrence of both intentional and unintentional incidents has caused, and may from time to time in the future cause, a variety of business impacts. These include degradation or disruption of our network, products and services, excessive call volume to call centers, theft or misuse of our intellectual property or other assets, disruption of the security of our internal systems, products, services or satellite transmission signals, power outages, and the compromise or exfiltration of confidential or technical business information and customer or vendor data, and reputational impacts. Moreover, the amount and scope of insurance we maintain against losses resulting from any of the foregoing events likely would not be sufficient to fully cover our losses or otherwise adequately compensate us for disruptions to our business that may result. In addition, any such events have and could continue to lead to litigation or cause regulators in the United States and internationally to impose significant fines or other remedial measures, including with respect to relevant customer privacy rules, or otherwise have an adverse effect on our company. Despite our efforts, we expect that we will continue to experience such incidents in the future, and there can be no assurance that any such incident will not have an adverse effect on our business, reputation or results of operations. Refer to Item 1C: Cybersecurity for additional information." }, { "status": "MODIFIED", "current_title": "A decline in advertisers’ expenditures or changes in advertising markets could negatively impact our businesses.", "prior_title": "A decline in advertisers’ expenditures or changes in advertising markets could negatively impact our businesses.", "similarity_score": 0.887, "confidence": "high", "key_changes": [ "Reworded sentence: \"We compete for the sale of advertising time with digital properties, including an increasing number of ad-supported DTC streaming service providers as advertisers have shifted, and may continue to shift, a larger portion of their total expenditures to digital media.\"" ], "current_body": "We compete for the sale of advertising time with digital properties, including an increasing number of ad-supported DTC streaming service providers as advertisers have shifted, and may continue to shift, a larger portion of their total expenditures to digital media. We also compete with other online content providers, such as social networking platforms and user-generated content providers, television networks and stations, and all other advertising platforms. Because we derive substantial revenue from the sale of advertising, a decline in expenditures by advertisers, including through traditional linear television distribution models or on Peacock, could negatively impact our results of operations. We have experienced, and may continue to experience, declines caused by the economic prospects of specific advertisers or industries and economic conditions generally; increased competition for the leisure time of viewers, audience fragmentation and viewing content on DTC streaming services; use of time-shifting or advertising-blocking technologies; and regulatory intervention on advertising placement. Lower audience ratings and reduced viewership, which many of our linear television networks have experienced, and likely will continue to experience, as well as the level of popularity of Peacock, affect advertisers’ willingness to purchase advertising from us and the rates paid. Advertising sales and rates also are dependent on the methodology used for audience measurement and could be negatively affected if methodologies do not accurately reflect actual viewership levels.", "prior_body": "We compete for the sale of advertising time with television networks and stations, digital properties, including an increasing number of ad-supported DTC streaming service providers and a broad array of other online content providers, such as social networking platforms and user-generated content providers, and all other advertising platforms. We derive substantial revenue from the sale of advertising, and we expect that a decline in expenditures by advertisers, including through traditional linear television distribution models or on Peacock, could negatively impact our results of operations. We have experienced, and may continue to experience, declines caused by the economic prospects of specific advertisers or industries, increased competition for the leisure time of viewers, such as from social networking and user-generated content platforms and video games, audience fragmentation, increased viewing of content through DTC streaming and other OTT service providers, increased use of time-shifting and advertising-blocking technologies or regulatory intervention regarding where and when advertising may be placed, and economic conditions generally. In addition, advertisers have shifted, and may continue to shift, a portion of their total expenditures to digital media, including DTC streaming service providers and other online content providers, and this trend may continue or accelerate. Lower audience ratings and reduced viewership, which many of our linear television networks have experienced, and likely will continue to experience, as well as the level of popularity of Peacock, affect advertisers’ willingness to purchase advertising from us and the rates paid. Advertising sales and rates also are dependent on the methodology used for audience measurement and could be negatively affected if methodologies do not accurately reflect actual viewership levels." }, { "status": "MODIFIED", "current_title": "Our businesses depend on using and protecting certain intellectual property rights and on not infringing, misappropriating or otherwise violating the intellectual property rights of others.", "prior_title": "Our businesses depend on using and protecting certain intellectual property rights and on not infringing the intellectual property rights of others.", "similarity_score": 0.887, "confidence": "high", "key_changes": [ "Reworded sentence: \"Legal challenges to our intellectual property rights and claims of intellectual property infringement, misappropriation or other violation by third parties could require that we enter into royalty or licensing agreements on unfavorable terms, incur substantial monetary liability, or be enjoined preliminarily or permanently from further use of the intellectual property in question, from importing into the United States or other jurisdictions in which we operate hardware or software that uses such intellectual property or from the continuation of our businesses as currently conducted.\"", "Reworded sentence: \"Moreover, if we are unable to obtain, or continue to obtain, licenses from our vendors and other third parties on reasonable terms, or at all, our businesses could be adversely affected.\"", "Reworded sentence: \"The legal landscape for new technologies, including AI, remains uncertain, and legal developments could impact our ability to protect against unauthorized third-party use, misappropriation, reproduction or infringement or impact our ability to deploy new technologies.\"" ], "current_body": "We rely on our intellectual property, such as patents, copyrights, trademarks and trade secrets, as well as licenses and other agreements with our vendors and other third parties, to use various technologies, conduct our business operations and sell our products and services. Legal challenges to our intellectual property rights and claims of intellectual property infringement, misappropriation or other violation by third parties could require that we enter into royalty or licensing agreements on unfavorable terms, incur substantial monetary liability, or be enjoined preliminarily or permanently from further use of the intellectual property in question, from importing into the United States or other jurisdictions in which we operate hardware or software that uses such intellectual property or from the continuation of our businesses as currently conducted. We may need to change our business practices if any of these events occur, which may limit our ability to compete effectively and could have an adverse effect on our results of operations. Even if we believe any such challenges or claims are without merit, they can be time-consuming, costly to defend and may divert management’s attention and resources away from our businesses. Moreover, if we are unable to obtain, or continue to obtain, licenses from our vendors and other third parties on reasonable terms, or at all, our businesses could be adversely affected. Comcast 2024 Annual Report on Form 10-K20 Comcast 2024 Annual Report on Form 10-K20 Comcast 2024 Annual Report on Form 10-K20 Comcast 2024 Annual Report on Form 10-K 20 Comcast 2024 Annual Report on Form 10-K20 Comcast 2024 Annual Report on Form 10-K20 Comcast 2024 Annual Report on Form 10-K 20 Comcast 2024 Annual Report on Form 10-K20 Comcast 2024 Annual Report on Form 10-K 20 Comcast 2024 Annual Report on Form 10-K 20 Table of Contents Table of Contents Table of Contents In addition, intellectual property constitutes a significant part of the value of our businesses, and our success is highly dependent on protecting the intellectual property rights of the content we create or acquire against third-party misappropriation, reproduction or infringement. The unauthorized reproduction, distribution or display of copyrighted material negatively affects our ability to generate revenue from the legitimate sale of our content, as well as from the sale of advertising in connection with our content, and increases our costs due to our active enforcement of our intellectual property rights. The legal landscape for new technologies, including AI, remains uncertain, and legal developments could impact our ability to protect against unauthorized third-party use, misappropriation, reproduction or infringement or impact our ability to deploy new technologies. Our use or adoption of new and emerging technologies may also increase our exposure to intellectual property claims. Piracy and other unauthorized uses of content are made easier, and the enforcement of intellectual property rights more challenging, by technological advances that allow the conversion of programming, films and other content into digital formats, which facilitates the creation, transmission and sharing of high-quality unauthorized copies. In particular, piracy of programming and films through unauthorized distribution platforms continues to present challenges for our businesses. For example, certain entities may stream our broadcast television content illegally online without our consent and without paying us any compensation, and sporting events on our international networks may be illegally transmitted. While piracy is a challenge in the United States, it is particularly prevalent in many parts of the world that lack developed copyright laws, effective enforcement of copyright laws and technical protective measures like those in effect in the United States. If any U.S. or international laws intended to combat piracy and protect intellectual property rights are repealed or weakened or are not adequately enforced, or if the legal system fails to adapt to new technologies that facilitate piracy, we may be unable to effectively protect our rights, the value of our intellectual property may be negatively impacted and our costs of enforcing our rights may increase.", "prior_body": "We rely on our intellectual property, such as patents, copyrights, trademarks and trade secrets, as well as licenses and other agreements with our vendors and other third parties, to use various technologies, conduct our business operations and sell our products and services. Legal challenges to our intellectual property rights and claims of intellectual property infringement by third parties could require that we enter into royalty or licensing agreements on unfavorable terms, incur substantial monetary liability, or be enjoined preliminarily or permanently from further use of the intellectual property in question, from importing into the United States or other jurisdictions in which we operate hardware or software that uses such intellectual property or from the continuation of our businesses as currently conducted. We may need to change our business practices if any of these events occur, which may limit our ability to compete effectively and could have an adverse effect on our results of operations. Even if we believe any such challenges or claims are without merit, they can be time-consuming, costly to defend and may divert management’s attention and resources away from our businesses. Moreover, if we are unable to obtain or continue to obtain licenses from our vendors and other third parties on reasonable terms, our businesses could be adversely affected. Comcast 2023 Annual Report on Form 10-K22 Comcast 2023 Annual Report on Form 10-K22 Comcast 2023 Annual Report on Form 10-K22 22 Comcast 2023 Annual Report on Form 10-K22 Comcast 2023 Annual Report on Form 10-K22 22 Comcast 2023 Annual Report on Form 10-K22 22 22 Table of Contents Table of Contents Table of Contents In addition, intellectual property constitutes a significant part of the value of our businesses, and our success is highly dependent on protecting the intellectual property rights of the content we create or acquire against third-party misappropriation, reproduction or infringement. The unauthorized reproduction, distribution or display of copyrighted material negatively affects our ability to generate revenue from the legitimate sale of our content, as well as from the sale of advertising in connection with our content, and increases our costs due to our active enforcement of our intellectual property rights. The legal landscape for new technologies, including artificial intelligence (“AI”), remains uncertain, and development of the law in this area could impact our ability to protect against unauthorized third-party use, misappropriation, reproduction or infringement. Piracy and other unauthorized uses of content are made easier, and the enforcement of intellectual property rights more challenging, by technological advances that allow the conversion of programming, films and other content into digital formats, which facilitates the creation, transmission and sharing of high-quality unauthorized copies. In particular, piracy of programming and films through unauthorized distribution platforms continues to present challenges for our businesses. For example, certain entities may stream our broadcast television content illegally online without our consent and without paying us any compensation, and sporting events on our international networks may be illegally transmitted. While piracy is a challenge in the United States, it is particularly prevalent in many parts of the world that lack developed copyright laws, effective enforcement of copyright laws and technical protective measures like those in effect in the United States. If any U.S. or international laws intended to combat piracy and protect intellectual property rights are repealed or weakened or are not adequately enforced, or if the legal system fails to adapt to new technologies that facilitate piracy, we may be unable to effectively protect our rights, the value of our intellectual property may be negatively impacted and our costs of enforcing our rights may increase." }, { "status": "MODIFIED", "current_title": "Constant Currency Change(g)", "prior_title": "Constant Currency Change(g)", "similarity_score": 0.877, "confidence": "high", "key_changes": [ "Reworded sentence: \"Programming(a) Technical and support(b) Direct product costs(c) Marketing and promotion(d) Customer service(e) Other(f) (a)Programming expenses, which represent our most significant operating expense, are the fees we incur to provide video services to our customers, and primarily include fees related to the distribution of television network programming and fees charged for retransmission of the signals from local broadcast television stations.\"", "Reworded sentence: \"(b)Technical and support expenses primarily consists of costs for labor to complete service call and installation activities; and costs for network operations and satellite transmission, product development, fulfillment and provisioning.\"", "Reworded sentence: \"Refer to the “Non-GAAP Financial Measures” section on page 44 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.\"" ], "current_body": "Programming(a) Technical and support(b) Direct product costs(c) Marketing and promotion(d) Customer service(e) Other(f) (a)Programming expenses, which represent our most significant operating expense, are the fees we incur to provide video services to our customers, and primarily include fees related to the distribution of television network programming and fees charged for retransmission of the signals from local broadcast television stations. These expenses also include the costs of content on the Sky-branded entertainment television networks, including amortization of licensed content. (b)Technical and support expenses primarily consists of costs for labor to complete service call and installation activities; and costs for network operations and satellite transmission, product development, fulfillment and provisioning. (c)Direct product costs primarily consists of access fees related to using wireless and broadband networks owned by third parties to deliver our services and costs of products sold, including wireless devices and Sky Glass smart televisions. (d)Marketing and promotion expenses primarily consists of the costs associated with attracting new customers and promoting our service offerings. (e)Customer service expenses primarily consists of the personnel and other costs associated with customer service and certain selling activities. (f)Other expenses primarily consists of administrative personnel costs; franchise and other regulatory fees; fees paid to third parties where we sell advertising on their behalf; bad debt; building and office expenses, taxes and billing costs; and other business, headquarters and support costs necessary to operate the Connectivity & Platforms business. (g)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 44 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.", "prior_body": "Constant Currency Change(g) Programming(a) Technical and support(b) Direct product costs(c) Marketing and promotion(d) Customer service(e) Other(f) (a)Programming expenses, which represent our most significant operating expense, are the fees we incur to provide video services to our customers, and primarily include fees related to the distribution of television network programming and fees charged for retransmission of the signals from local broadcast television stations. These expenses also include the costs of content on the Sky-branded entertainment television networks, including amortization of licensed content. (b)Technical and support expenses primarily include costs for labor to complete service call and installation activities; and costs for network operations and satellite transmission, product development, fulfillment and provisioning. (c)Direct product costs primarily include access fees related to using wireless and broadband networks owned by third parties to deliver our services and costs of products sold, including wireless devices and Sky Glass smart televisions. (d)Marketing and promotion expenses include the costs associated with attracting new customers and promoting our service offerings. (e)Customer service expenses include the personnel and other costs associated with customer service and certain selling activities. (f)Other expenses primarily include administrative personnel costs; franchise and other regulatory fees; fees paid to third parties where we represent the advertising sales efforts; other business support costs, including building and office expenses, taxes and billing costs; and bad debt. (g)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 47 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts." }, { "status": "MODIFIED", "current_title": "Weak economic conditions may have a negative impact on our businesses.", "prior_title": "Weak economic conditions may have a negative impact on our businesses.", "similarity_score": 0.869, "confidence": "high", "key_changes": [ "Reworded sentence: \"Weak economic conditions in the United States, in Europe or globally could adversely affect demand for any of our products and services and have a negative impact on our results of operations.\"", "Reworded sentence: \"This risk may be increased by the expanded availability of free or lower cost competitive services, such as certain DTC streaming services, or substitute services for broadband and voice services, such as wireless and public Wi-Fi networks.\"", "Reworded sentence: \"Weak economic conditions may also cause governments and regulators to impose additional tax or product affordability regulations, which could have a negative impact on our results of operations.\"" ], "current_body": "A substantial portion of our revenue comes from customers whose spending patterns may be affected by prevailing economic conditions. Weak economic conditions in the United States, in Europe or globally could adversely affect demand for any of our products and services and have a negative impact on our results of operations. For example, weak economic conditions will likely impact our customers’ discretionary spending and as a result, they may reduce the level of services to which they subscribe or may discontinue subscribing to one or more of our services altogether. This risk may be increased by the expanded availability of free or lower cost competitive services, such as certain DTC streaming services, or substitute services for broadband and voice services, such as wireless and public Wi-Fi networks. Weak economic conditions also negatively impact our advertising revenue, the performance of our films and home entertainment releases, and attendance and spending in our theme parks. In particular, the success of our theme parks and theatrical releases largely depends on consumer demand for out-of-home entertainment experiences, which may be limited by weakened economic conditions. Weak economic conditions may also cause governments and regulators to impose additional tax or product affordability regulations, which could have a negative impact on our results of operations. Weak economic conditions and disruptions in the global financial markets, such as high interest rates, may impact our ability to obtain financing or to refinance existing debt on acceptable terms, if at all, which could increase the cost of our borrowings over time and may increase our exposure to currency fluctuations in countries where we operate. Further, inflationary pressures in the United States, in Europe and globally may also have negative impacts on our cost structure and pricing models and may impact the ability of third parties (including advertisers, customers, suppliers, wholesale distributors, retailers and content creators, among others) to satisfy their obligations to us.", "prior_body": "A substantial portion of our revenue comes from customers whose spending patterns may be affected by prevailing economic conditions. Weak economic conditions in the United States, in Europe or globally could adversely affect demand for any of our products and services, including advertising, and have a negative impact on our results of operations. For example, weak economic conditions will likely impact our customers’ discretionary spending and as a result, they may reduce the level of services to which they subscribe or may discontinue subscribing to one or more of our services altogether. This risk may be increased by the expanded availability of free or lower cost competitive services, such as certain DTC streaming and other OTT services, or substitute services for broadband and voice services, such as wireless and public Wi-Fi networks. Weak economic conditions also negatively impact our advertising revenue, the performance of our films and home entertainment releases, and attendance and spending in our theme parks. In particular, the success of our theme parks and theatrical releases largely depends on consumer demand for out-of-home entertainment experiences, which may be limited by weakened economic conditions. Comcast 2023 Annual Report on Form 10-K24 Comcast 2023 Annual Report on Form 10-K24 Comcast 2023 Annual Report on Form 10-K24 24 Comcast 2023 Annual Report on Form 10-K24 Comcast 2023 Annual Report on Form 10-K24 24 Comcast 2023 Annual Report on Form 10-K24 24 24 Table of Contents Table of Contents Table of Contents Weak economic conditions and disruptions in the global financial markets, such as higher interest rates, may impact our ability to obtain financing or to refinance existing debt on acceptable terms, if at all, which could increase the cost of our borrowings over time and may increase our exposure to currency fluctuations in countries where we operate. Further, inflationary pressures in the United States, in Europe and globally may also have negative impacts on our cost structure and pricing models and may impact the ability of third parties (including advertisers, customers, suppliers, wholesale distributors, retailers and content creators, among others) to satisfy their obligations to us." }, { "status": "MODIFIED", "current_title": "Natural disasters, severe weather and other uncontrollable events could adversely affect our business, reputation and results of operations.", "prior_title": "Natural disasters, severe weather and other uncontrollable events could adversely affect our business, reputation and results of operations.", "similarity_score": 0.845, "confidence": "high", "key_changes": [ "Reworded sentence: \"Our services, products and properties are vulnerable to damage from the occurrence of certain events, including natural disasters, severe weather events such as hurricanes and wildfires, and a range of other unforeseeable events such as infectious disease outbreaks, terrorist attacks or other similar events.\"", "Reworded sentence: \"These events also may result in lost revenue and large expenditures to repair or replace damaged properties, products and services and could lead to litigation and regulatory fines or remedial measures, including if we inadvertently contributed to damages suffered by others.\"", "Removed sentence: \"25Comcast 2023 Annual Report on Form 10-K 25Comcast 2023 Annual Report on Form 10-K 25Comcast 2023 Annual Report on Form 10-K 25 25Comcast 2023 Annual Report on Form 10-K 25Comcast 2023 Annual Report on Form 10-K 25 25Comcast 2023 Annual Report on Form 10-K 25 25 Table of Contents Table of Contents Table of Contents\"" ], "current_body": "Our services, products and properties are vulnerable to damage from the occurrence of certain events, including natural disasters, severe weather events such as hurricanes and wildfires, and a range of other unforeseeable events such as infectious disease outbreaks, terrorist attacks or other similar events. Such events have in the past caused, and could in the future cause, a variety of adverse business impacts including degradation or disruption of our network, products and services, excessive call volume to call centers, a reduction in demand for our products, services and theme parks, disruption of our internal systems, products, services or satellite transmission signals, power outages, and damage to our or our customers’ or vendors’ equipment and properties. These events also may result in lost revenue and large expenditures to repair or replace damaged properties, products and services and could lead to litigation and regulatory fines or remedial measures, including if we inadvertently contributed to damages suffered by others. The amount and scope of insurance we maintain against losses resulting from these types of events likely would not be sufficient to fully cover our losses or otherwise adequately compensate us for disruptions to our business that may result. We expect that we will continue to experience some or all of these events in the future, and there can be no assurance that any such event will not have an adverse effect on our business, reputation or results of operations.", "prior_body": "Our services, products and properties are vulnerable to damage from the occurrence of certain events, including natural disasters, severe weather events such as hurricanes and wildfires, and a range of other unforeseeable events such as infectious disease outbreaks, including COVID-19, terrorist attacks or other similar events. Such events have in the past caused, and could in the future cause, a variety of adverse business impacts including degradation or disruption of our network, products and services, excessive call volume to call centers, a reduction in demand for our products, services and theme parks, disruption of our internal systems, products, services or satellite transmission signals, power outages, and damage to our or our customers’ or vendors’ equipment and properties. These events also may result in lost revenue and large expenditures to repair or replace damaged properties, products and services and could lead to litigation and fines, including if we inadvertently contributed to damages suffered by others. For example, COVID-19 and corresponding governmental measures negatively impacted our businesses in the past, including as recently as in 2022 by requiring temporary closures of our theme parks. The amount and scope of insurance we maintain against losses resulting from these types of events likely would not be sufficient to fully cover our losses or otherwise adequately compensate us for disruptions to our business that may result. We expect that we will continue to experience some or all of these events in the future, and there can be no assurance that any such event will not have an adverse effect on our business, reputation or results of operations. 25Comcast 2023 Annual Report on Form 10-K 25Comcast 2023 Annual Report on Form 10-K 25Comcast 2023 Annual Report on Form 10-K 25 25Comcast 2023 Annual Report on Form 10-K 25Comcast 2023 Annual Report on Form 10-K 25 25Comcast 2023 Annual Report on Form 10-K 25 25 Table of Contents Table of Contents Table of Contents" }, { "status": "MODIFIED", "current_title": "Residential Connectivity & Platforms Segment – Revenue", "prior_title": "Residential Connectivity & Platforms Segment – Revenue", "similarity_score": 0.844, "confidence": "high", "key_changes": [ "Reworded sentence: \"Domestic broadband revenue primarily consists of revenue from sales of broadband services to residential customers in the United States, including equipment and installation services.\"", "Reworded sentence: \"Domestic broadband revenue increased in 2024 primarily due to an increase in average rates.\"", "Reworded sentence: \"Video revenue decreased in 2024 due to declines in the overall number of video customers, partially offset by an overall increase in average rates.\"" ], "current_body": "Domestic broadband revenue primarily consists of revenue from sales of broadband services to residential customers in the United States, including equipment and installation services. Domestic broadband revenue also includes revenue related to Xumo Stream Boxes and commission revenue from the sale of certain DTC streaming services. Domestic broadband revenue increased in 2024 primarily due to an increase in average rates. Domestic wireless revenue primarily consists of revenue from sales of wireless services and devices, including handsets, tablets and smart watches, to residential customers in the United States. Domestic wireless revenue increased in 2024 primarily due to an increase in the number of customer lines and device sales. International connectivity revenue primarily consists of revenue from sales of broadband services, including equipment and installation services, wireless services and wireless devices to residential customers in the United Kingdom and Italy, as well as commission revenue from the sale of certain third-party DTC streaming services. International connectivity revenue increased in 2024 primarily due to an increase in broadband revenue resulting from an increase in average rates and an increase in wireless revenue primarily resulting from an increase in the sale of wireless services. This increase includes the positive impact of foreign currency. Video revenue primarily consists of revenue from sales of video services to residential and business customers across the Connectivity & Platforms markets, including equipment and installation services. Video revenue includes pay-per-view and other transactional revenue and franchise fees, as well as revenue from sales of certain hardware, including Sky Glass smart televisions. Video revenue decreased in 2024 due to declines in the overall number of video customers, partially offset by an overall increase in average rates. Advertising revenue primarily consists of revenue from the sale of advertising across our platforms in the Connectivity & Platforms markets, including advertising as part of our distribution agreements with cable networks in the United States, and advertising on Sky-branded entertainment television networks and on our digital properties. Advertising also includes revenue where we enter into representation agreements under which we sell advertising on behalf of third parties and from our advanced advertising businesses. Advertising revenue increased in 2024 primarily driven by an increase in domestic political advertising, partially offset by lower domestic nonpolitical advertising. Other revenue primarily consists of revenue in the Connectivity & Platforms markets from sales of wireline voice services to residential customers; our residential security and automation services businesses; the licensing of our technology platforms to other multichannel video providers; the distribution of certain of our Sky-branded entertainment television networks to third-party video service providers; commissions from electronic retailing networks; and certain billing and collection fees. Other revenue decreased in 2024 primarily due to a decrease in residential wireline voice revenue driven by a decline in the number of customers.", "prior_body": "Domestic broadband revenue consists of revenue from sales of broadband services to residential customers in the United States, including equipment and installation services. Domestic broadband revenue also includes revenue related to Xumo Stream Boxes and commission revenue from the sale of certain DTC streaming services. Domestic broadband revenue increased in 2023 and 2022 primarily due to an increase in average rates. The increase in 2022 also includes an increase in the number of residential broadband customers. Domestic wireless revenue consists of revenue from sales of wireless services and devices, including handsets, tablets and smart watches, to residential customers in the United States. Domestic wireless revenue increased in 2023 and 2022 primarily due to an increase in the number of customer lines. Wireless devices sales were consistent in 2023 compared to 2022 and increased in 2022 compared to 2021. International connectivity revenue consists of revenue from sales of broadband services, including equipment and installation services, wireless services and wireless devices to residential customers in the United Kingdom and Italy, as well as commission revenue from the sale of certain third-party DTC streaming services. International connectivity revenue increased in 2023 and 2022 primarily due to increases in broadband and in wireless revenue resulting from increases in the sale of wireless devices and wireless services. International connectivity revenue included the negative impact of foreign currency in 2022. Video revenue consists of revenue from sales of video services to residential and business customers across the Connectivity & Platforms markets, including equipment and installation services. Video revenue includes pay-per-view and other transactional revenue and franchise fees, as well as revenue from sales of certain hardware, including Sky Glass smart televisions. Video revenue decreased in 2023 and 2022 primarily due to declines in the overall number of residential video customers, partially offset by an overall increase in average rates. The decrease in 2022 includes the negative impact of foreign currency. Advertising revenue includes revenue from the sale of advertising across our platforms in the Connectivity & Platforms markets, including advertising as part of our distribution agreements with cable networks in the United States, and advertising on Sky-branded entertainment television networks and on our digital properties. Advertising also includes revenue where we represent the sales efforts of third parties and from our advanced advertising businesses. Advertising revenue decreased in 2023 primarily due to a decline in domestic political advertising and overall market weakness compared to the prior year. Advertising revenue increased in 2022 primarily due to increases in domestic political advertising and revenue from our advanced advertising business, partially offset by the negative impact of foreign currency and lower local and national advertising revenue. Other revenue includes revenue in the Connectivity & Platforms markets from sales of wireline voice services to residential customers; our residential security and automation services businesses; the licensing of our technology platforms to other multichannel video providers; the distribution of certain of our Sky-branded entertainment television networks to third-party video service providers; commissions from electronic retailing networks; and certain billing and collection fees. Other revenue decreased in 2023 and 2022 primarily due to decreases in residential wireline voice revenue driven by declines in the number of customers. The decrease in 2022 includes the negative impact of foreign currency." }, { "status": "MODIFIED", "current_title": "Our businesses depend on keeping pace with technological developments.", "prior_title": "Our businesses depend on keeping pace with technological developments.", "similarity_score": 0.82, "confidence": "high", "key_changes": [ "Reworded sentence: \"Our success is, to a large extent, dependent on our ability to acquire, develop, adopt and leverage new and existing technologies, and our competitors’ use of certain types of technology, including AI, and equipment may provide them with a competitive advantage.\"", "Reworded sentence: \"For example, current and new wireless internet technologies (including 5G fixed wireless networks and 4G and 5G wireless broadband services) continue to evolve rapidly and may allow for greater speed and reliability for those services as compared with prior technologies and create further competition for our businesses.\"", "Reworded sentence: \"21Comcast 2024 Annual Report on Form 10-K 21Comcast 2024 Annual Report on Form 10-K 21Comcast 2024 Annual Report on Form 10-K 21 Comcast 2024 Annual Report on Form 10-K 21Comcast 2024 Annual Report on Form 10-K 21Comcast 2024 Annual Report on Form 10-K 21 Comcast 2024 Annual Report on Form 10-K 21Comcast 2024 Annual Report on Form 10-K 21 Comcast 2024 Annual Report on Form 10-K 21 Comcast 2024 Annual Report on Form 10-K Table of Contents Table of Contents Table of Contents\"" ], "current_body": "Our success is, to a large extent, dependent on our ability to acquire, develop, adopt and leverage new and existing technologies, and our competitors’ use of certain types of technology, including AI, and equipment may provide them with a competitive advantage. New technologies can materially impact our businesses in a number of ways, including affecting the demand for our products, the distribution methods of our products and content to our customers, how we create our entertainment products, the ways in which our customers can purchase and view our content and the growth of distribution platforms available to advertisers. For example, current and new wireless internet technologies (including 5G fixed wireless networks and 4G and 5G wireless broadband services) continue to evolve rapidly and may allow for greater speed and reliability for those services as compared with prior technologies and create further competition for our businesses. In addition, some companies and U.S. municipalities are building advanced fiber-based networks that provide very fast internet access speeds, and some providers offer newer satellite broadband services. We expect advances in communications technology to continue to occur in the future. If we choose technology or equipment that is not as effective or attractive to consumers as that employed by our competitors, if we fail to employ technologies desired by consumers or that enhance our business operations, such as through the use of AI, or if we fail to execute effectively on our technology initiatives, our businesses and results of operations could be adversely affected. We also will continue to incur additional costs as we execute our technology initiatives, such as the deployment of multigigabit symmetrical speeds by leveraging our DOCSIS 4.0 technology and the development and enhancement of various streaming platforms. There can be no assurance that we can execute on these and other initiatives in a manner sufficient to grow or maintain our revenue or to successfully compete in the future. We also may generate less revenue or incur increased costs if changes in our competitors’ product offerings require that we offer certain services or enhancements at a lower or no cost to our customers or that we increase our research and development expenditures. 21Comcast 2024 Annual Report on Form 10-K 21Comcast 2024 Annual Report on Form 10-K 21Comcast 2024 Annual Report on Form 10-K 21 Comcast 2024 Annual Report on Form 10-K 21Comcast 2024 Annual Report on Form 10-K 21Comcast 2024 Annual Report on Form 10-K 21 Comcast 2024 Annual Report on Form 10-K 21Comcast 2024 Annual Report on Form 10-K 21 Comcast 2024 Annual Report on Form 10-K 21 Comcast 2024 Annual Report on Form 10-K Table of Contents Table of Contents Table of Contents", "prior_body": "Our success is, to a large extent, dependent on our ability to acquire, develop, adopt and leverage new and existing technologies, and our competitors’ use of certain types of technology and equipment may provide them with a competitive advantage. New technologies can materially impact our businesses in a number of ways, including affecting the demand for our products, the distribution methods of our products and content to our customers, how we create our entertainment products, the ways in which our customers can purchase and view our content and the growth of distribution platforms available to advertisers. For example, current and new wireless internet technologies (including 5G fixed wireless networks and 4G and 5G wireless broadband services) continue to evolve rapidly and may allow for greater speed and reliability for those services as compared with prior technologies and create more competitors for our businesses. In addition, some companies and U.S. municipalities are building advanced fiber-based networks that provide very fast internet access speeds, and some providers offer newer satellite broadband services. We expect advances in communications technology to continue to occur in the future. If we choose technology or equipment that is not as effective or attractive to consumers as that employed by our competitors, if we fail to employ technologies desired by consumers or that enhance our business operations, such as through the use of AI, or if we fail to execute effectively on our technology initiatives, our businesses and results of operations could be adversely affected. We also will continue to incur additional costs as we execute our technology initiatives, such as the deployment of multigigabit symmetrical speeds by leveraging our DOCSIS 4.0 technology and the development and enhancement of various streaming platforms. There can be no assurance that we can execute on these and other initiatives in a manner sufficient to grow or maintain our revenue or to successfully compete in the future. We also may generate less revenue or incur increased costs if changes in our competitors’ product offerings require that we offer certain services or enhancements at a lower or no cost to our customers or that we increase our research and development expenditures. 23Comcast 2023 Annual Report on Form 10-K 23Comcast 2023 Annual Report on Form 10-K 23Comcast 2023 Annual Report on Form 10-K 23 23Comcast 2023 Annual Report on Form 10-K 23Comcast 2023 Annual Report on Form 10-K 23 23Comcast 2023 Annual Report on Form 10-K 23 23 Table of Contents Table of Contents Table of Contents" }, { "status": "MODIFIED", "current_title": "Adjusted EBITDA Margin(a)", "prior_title": "Adjusted EBITDA Margin(a)", "similarity_score": 0.817, "confidence": "high", "key_changes": [ "Reworded sentence: \"The changes reflect the year-over-year basis point changes in the rounded Adjusted EBITDA margins.\"", "Reworded sentence: \"Refer to the “Non-GAAP Financial Measures” section on page 44 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.\"", "Reworded sentence: \"A competitive environment, which has increased in recent years, has had negative impacts on our customer relationships additions/(losses).\"", "Reworded sentence: \"We believe our Business Services Connectivity segment will continue to grow by offering competitive services, including enterprise solutions.\"", "Removed sentence: \"Previously reported total Sky customer relationships of approximately 23 million as of December 31, 2022 also included approximately 5 million customer relationships receiving Sky services in Germany now included in Corporate and Other.\"" ], "current_body": "(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. (b)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 44 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts. We continue to focus on growing our higher-margin connectivity businesses while managing overall operating costs. We also continue to invest in our network to support higher-speed broadband offerings and to expand the number of homes and businesses passed. A competitive environment, which has increased in recent years, has had negative impacts on our customer relationships additions/(losses). In addition, government 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 had a negative impact on our residential domestic 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 enterprise solutions. 35Comcast 2024 Annual Report on Form 10-K 35Comcast 2024 Annual Report on Form 10-K 35Comcast 2024 Annual Report on Form 10-K 35 Comcast 2024 Annual Report on Form 10-K 35Comcast 2024 Annual Report on Form 10-K 35Comcast 2024 Annual Report on Form 10-K 35 Comcast 2024 Annual Report on Form 10-K 35Comcast 2024 Annual Report on Form 10-K 35 Comcast 2024 Annual Report on Form 10-K 35 Comcast 2024 Annual Report on Form 10-K Table of Contents Table of Contents Table of Contents Connectivity & Platforms Customer Metrics Net Additions / (Losses)(in thousands)2024202320242023Customer RelationshipsDomestic Residential Connectivity & Platforms customer relationships(a)31,172 31,648 (476)(212)International Residential Connectivity & Platforms customer relationships(a)17,81117,847(36)(93)Business Services Connectivity customer relationships(b)2,6262,641(16)17 Total Connectivity & Platforms customer relationships51,60952,136(527)(288)Domestic BroadbandResidential customers29,37329,748(375)(64)Business customers2,4692,505(36)(2)Total domestic broadband customers31,84232,253(411)(66)Domestic WirelessTotal domestic wireless lines(c)7,8266,5881,237 1,275 Domestic VideoTotal domestic video customers12,52314,106(1,583)(2,037)Domestic homes and businesses passed(d)63,69262,457Domestic broadband penetration of homes and businesses passed(e)49.8 %51.5 % Domestic Residential Connectivity & Platforms customer relationships(a) International Residential Connectivity & Platforms customer relationships(a) Business Services Connectivity customer relationships(b) Total domestic wireless lines(c) Domestic homes and businesses passed(d) Domestic broadband penetration of homes and businesses passed(e) Domestic Residential Connectivity & Platforms customer relationships(a) International Residential Connectivity & Platforms customer relationships(a) Business Services Connectivity customer relationships(b) Total domestic wireless lines(c) Domestic homes and businesses passed(d) Domestic broadband penetration of homes and businesses passed(e) (a)Residential Connectivity & Platforms customer relationships generally represent the number of residential customer locations that subscribe to at least one of our services. International Residential Connectivity & Platforms customer relationships represent customers receiving Sky services in the United Kingdom and Italy. Because each of our services includes a variety of product tiers, which may change from time to time, net additions or losses in any one period will reflect a mix of customers at various tiers. (b)Business Services Connectivity customer metrics are generally counted based on the number of locations receiving services, including locations within our network in the United States, as well as locations outside of our network both in the United States and internationally. Certain arrangements whereby third parties provide connectivity services leveraging our network are also generally counted based on the number of locations served. (c)Domestic wireless lines represent the number of residential and business customers’ wireless devices. An individual customer relationship may have multiple wireless lines. (d)Connectivity & Platforms domestic homes and businesses are considered passed if we can connect them to our network in the United States without further extending the transmission lines. Homes and businesses passed is an estimate based on the best available information. (e)Penetration is calculated by dividing the number of domestic customers located within our network by the number of domestic homes and businesses passed. 2023 to 202420242023ChangeConstant Currency Change(a)Average monthly total Connectivity & Platforms revenue per customer relationship$130.57 $129.43 0.9 %0.4 %Average monthly total Connectivity & Platforms Adjusted EBITDA per customer relationship$52.75 $51.39 2.7 %2.5 %", "prior_body": "(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. (b)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 47 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts. We continue to focus on growing our higher-margin connectivity businesses while managing overall operating costs. We also continue to invest in 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). 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. 37Comcast 2023 Annual Report on Form 10-K 37Comcast 2023 Annual Report on Form 10-K 37Comcast 2023 Annual Report on Form 10-K 37 37Comcast 2023 Annual Report on Form 10-K 37Comcast 2023 Annual Report on Form 10-K 37 37Comcast 2023 Annual Report on Form 10-K 37 37 Table of Contents Table of Contents Table of Contents Connectivity & Platforms Customer Metrics Net Additions / (Losses)(in thousands)20232022(d)2021(d)20232022(d)2021(d)Customer RelationshipsDomestic Residential Connectivity & Platforms customer relationships(a)31,648 31,860 31,809 (212)52 1,028 International Residential Connectivity & Platforms customer relationships(a)17,847 17,93918,030 (93)(91)(303)Business Services Connectivity customer relationships(b)2,641 2,6252,573 17 52 103 Total Connectivity & Platforms customer relationships52,136 52,42552,412 (288)12 828 Domestic BroadbandResidential customers29,748 29,81229,583 (64)230 1,257 Business customers2,505 2,5072,473 (2)34 93 Total domestic broadband customers32,253 32,31932,056 (66)263 1,350 Domestic WirelessTotal domestic wireless lines(c)6,588 5,3133,980 1,275 1,334 1,154 Domestic VideoTotal domestic video customers14,106 16,14218,176 (2,037)(2,034)(1,669)Domestic homes and businesses passed(e)62,45761,36760,527Domestic broadband penetration of homes and businesses passed(f)51.5 %52.5 %52.8 % 2022(d) 2021(d) 2022(d) 2021(d) Domestic Residential Connectivity & Platforms customer relationships(a) International Residential Connectivity & Platforms customer relationships(a) Business Services Connectivity customer relationships(b) Total domestic wireless lines(c) Domestic homes and businesses passed(e) Domestic broadband penetration of homes and businesses passed(f) 2022(d) 2021(d) 2022(d) 2021(d) Domestic Residential Connectivity & Platforms customer relationships(a) International Residential Connectivity & Platforms customer relationships(a) Business Services Connectivity customer relationships(b) Total domestic wireless lines(c) Domestic homes and businesses passed(e) Domestic broadband penetration of homes and businesses passed(f) (a)Residential Connectivity & Platforms customer relationships generally represent the number of residential customer locations that subscribe to at least one of our services. International Residential Connectivity & Platforms customer relationships represent customers receiving Sky services in the United Kingdom and Italy. Previously reported total Sky customer relationships of approximately 23 million as of December 31, 2022 also included approximately 5 million customer relationships receiving Sky services in Germany now included in Corporate and Other. Because each of our services includes a variety of product tiers, which may change from time to time, net additions or losses in any one period will reflect a mix of customers at various tiers. (b)Business Services Connectivity customer metrics are generally counted based on the number of locations receiving services, including locations within our network in the United States, as well as locations outside of our network both in the United States and internationally. Certain arrangements whereby third parties provide connectivity services leveraging our network are also generally counted based on the number of locations served. (c)Domestic wireless lines represent the number of residential and business customers’ wireless devices. An individual customer relationship may have multiple wireless lines. (d)Customer metrics for 2022 and 2021 have been updated to reflect the new segment presentation, and to align methodologies for counting business customer metrics to: (1) include locations receiving our services outside of our distribution system and (2) now count certain customers based on the number of locations receiving services, including arrangements whereby third parties provide connectivity services leveraging our distribution system. These changes in methodology resulted in increases of 161,000 and 175,000 relationships as of December 31, 2021 and 2022, respectively. These changes in methodology were not material to any period presented. (e)Connectivity & Platforms domestic homes and businesses are considered passed if we can connect them to our network in the United States without further extending the transmission lines. Homes and businesses passed is an estimate based on the best available information. (f)Penetration is calculated by dividing the number of domestic customers located within our network by the number of domestic homes and businesses passed. 2022 to 20232021 to 2022202320222021ChangeConstant Currency Change(a)ChangeConstant Currency Change(a)Average monthly total Connectivity & Platforms revenue per customer relationship$129.43 $129.10 $129.41 0.3 %0.2 %(0.2)%1.9 %Average monthly total Connectivity & Platforms Adjusted EBITDA per customer relationship$51.39 $49.55 $47.87 3.7 %3.8 %3.5 %4.1 %" }, { "status": "MODIFIED", "current_title": "We are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on our businesses.", "prior_title": "We are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on our businesses.", "similarity_score": 0.815, "confidence": "high", "key_changes": [ "Reworded sentence: \"Our businesses are subject to various federal, state, local and federal laws and regulations.\"", "Added sentence: \"Applying existing laws in novel ways to new technologies, including streaming services and AI, may also affect our business.\"", "Reworded sentence: \"Comcast 2024 Annual Report on Form 10-K24 Comcast 2024 Annual Report on Form 10-K24 Comcast 2024 Annual Report on Form 10-K24 Comcast 2024 Annual Report on Form 10-K 24 Comcast 2024 Annual Report on Form 10-K24 Comcast 2024 Annual Report on Form 10-K24 Comcast 2024 Annual Report on Form 10-K 24 Comcast 2024 Annual Report on Form 10-K24 Comcast 2024 Annual Report on Form 10-K 24 Comcast 2024 Annual Report on Form 10-K 24 Table of Contents Table of Contents Table of Contents Legislative and regulatory activity has increased in recent years, particularly with respect to broadband networks.\"", "Reworded sentence: \"In addition, United States and foreign regulators and courts could adopt new interpretations of existing competition or antitrust laws or enact new competition or antitrust laws or regulatory tools that could negatively impact our businesses.\"" ], "current_body": "Our businesses are subject to various federal, state, local and federal laws and regulations. In the United States in particular, the Communications Act and FCC rules and regulations affect significant aspects of our communications businesses. Legislators and regulators at all levels of government frequently consider changing, and sometimes do change, existing statutes, rules or regulations, or interpretations of existing statutes, rules or regulations, or prescribe new ones, any of which may significantly affect our businesses and ability to effectively compete. Applying existing laws in novel ways to new technologies, including streaming services and AI, may also affect our business. These legislators and regulators, along with some state attorneys general and foreign governmental authorities, have been active in conducting inquiries and reviews regarding our services. State legislative and regulatory initiatives can create a patchwork of different and/or conflicting state requirements, such as with respect to privacy and Open Internet/net neutrality regulations, that can affect our businesses and ability to effectively compete. Comcast 2024 Annual Report on Form 10-K24 Comcast 2024 Annual Report on Form 10-K24 Comcast 2024 Annual Report on Form 10-K24 Comcast 2024 Annual Report on Form 10-K 24 Comcast 2024 Annual Report on Form 10-K24 Comcast 2024 Annual Report on Form 10-K24 Comcast 2024 Annual Report on Form 10-K 24 Comcast 2024 Annual Report on Form 10-K24 Comcast 2024 Annual Report on Form 10-K 24 Comcast 2024 Annual Report on Form 10-K 24 Table of Contents Table of Contents Table of Contents Legislative and regulatory activity has increased in recent years, particularly with respect to broadband networks. For example, Congress has approved tens of billions of dollars in new funding for broadband deployment and adoption initiatives, and may from time to time consider other proposals that address communications issues, including whether it should rewrite the Communications Act to account for changes in the communications marketplace. Federal agencies have considered adopting new regulations for communications services, including broadband, although it is uncertain whether those initiatives will continue under the new Administration. States and localities are increasingly proposing new regulations impacting communications services, including broader regulation of broadband networks. Regulators in various international jurisdictions are similarly considering changes to telecommunications and media requirements. Any of these regulations could significantly affect our business and our legal and compliance costs. In addition, United States and foreign regulators and courts could adopt new interpretations of existing competition or antitrust laws or enact new competition or antitrust laws or regulatory tools that could negatively impact our businesses. Any future legislative, judicial, regulatory or administrative actions may increase our costs or impose additional restrictions on our businesses, some of which may be significant. We are unable to predict the outcome or effects of any of these potential actions or any other legislative or regulatory proposals on our businesses. Failure to comply with the laws and regulations applicable to our businesses could result in administrative enforcement actions, fines, and civil and criminal liability. Any changes to the legal and regulatory framework applicable to any of our services or businesses could have an adverse impact on our businesses and results of operations. For a more extensive discussion of the significant risks associated with the regulation of our businesses, see Item 1: Business and refer to the “Legislation and Regulation” discussion within that section.", "prior_body": "Our businesses are subject to various federal, state and local laws and regulations, with some also subject to international laws and regulations. In particular, the Communications Act and FCC regulations and policies affect significant aspects of our cable communications and broadcast businesses in the United States. Legislators and regulators at all levels of government frequently consider changing, and sometimes do change, existing statutes, rules or regulations, or interpretations of existing statutes, rules or regulations, or prescribe new ones, any of which may significantly affect our businesses and ability to effectively compete. These legislators and regulators, along with some state attorneys general and foreign governmental authorities, have been active in conducting inquiries and reviews regarding our services. State legislative and regulatory initiatives can create a patchwork of different and/or conflicting state requirements, such as with respect to privacy and Open Internet/net neutrality regulations, that can affect our businesses and ability to effectively compete. Legislative and regulatory activity has increased under the Biden Administration, particularly with respect to broadband networks. For example, Congress has approved tens of billions of dollars in new funding for broadband deployment and adoption initiatives, and may consider other proposals that address communications issues, including whether it should rewrite the entire Communications Act to account for changes in the communications marketplace and whether it should enact new, permanent Open Internet/net neutrality requirements. Comcast 2023 Annual Report on Form 10-K26 Comcast 2023 Annual Report on Form 10-K26 Comcast 2023 Annual Report on Form 10-K26 26 Comcast 2023 Annual Report on Form 10-K26 Comcast 2023 Annual Report on Form 10-K26 26 Comcast 2023 Annual Report on Form 10-K26 26 26 Table of Contents Table of Contents Table of Contents Federal agencies likewise may consider adopting new regulations for communications services, including broadband. For example, the FCC has proposed reimposing network neutrality requirements that would reclassify our broadband service as a “telecommunications service” under Title II of the Communications Act, which would authorize the FCC to potentially regulate our customer rates, speeds, data usage thresholds or other terms for internet services and prohibit, or seriously restrict, arrangements between us and internet content, applications and service providers. States and localities are also increasingly proposing new regulations impacting communications services, including broader regulation of broadband networks. Any of these regulations could significantly affect our business and our legal and compliance costs. In addition, U.S. and foreign regulators and courts could adopt new interpretations of existing competition or antitrust laws or enact new competition or antitrust laws or regulatory tools that could negatively impact our businesses. Any future legislative, judicial, regulatory or administrative actions may increase our costs or impose additional restrictions on our businesses, some of which may be significant. We are unable to predict the outcome or effects of any of these potential actions or any other legislative or regulatory proposals on our businesses. Failure to comply with the laws and regulations applicable to our businesses could result in administrative enforcement actions, fines, and civil and criminal liability. Any changes to the legal and regulatory framework applicable to any of our services or businesses could have an adverse impact on our businesses and results of operations. For a more extensive discussion of the significant risks associated with the regulation of our businesses, see Item 1: Business and refer to the “Legislation and Regulation” discussion within that section." }, { "status": "MODIFIED", "current_title": "Content & Experiences(a)(b)", "prior_title": "Content & Experiences(a)(b)", "similarity_score": 0.813, "confidence": "high", "key_changes": [ "Reworded sentence: \"Residential Connectivity & PlatformsMedia•Revenue remained consistent due to decreases in video and other revenue, offset by increases in domestic broadband, domestic wireless, international connectivity and advertising revenue.•Adjusted EBITDA increased primarily due to a decrease in programming expenses, while revenue remained consistent.\"" ], "current_body": "(a) Revenue and Adjusted EBITDA charts are not presented on the same scale. (b) Segment details in the charts exclude the results of Content & Experiences Headquarters and Other and Eliminations and therefore the amounts do not equal the total. Residential Connectivity & PlatformsMedia•Revenue remained consistent due to decreases in video and other revenue, offset by increases in domestic broadband, domestic wireless, international connectivity and advertising revenue.•Adjusted EBITDA increased primarily due to a decrease in programming expenses, while revenue remained consistent. •Adjusted EBITDA margin increased from 37.5% to 38.2%.Business Services Connectivity•Revenue increased due to an increase in revenue from enterprise solutions offerings and small business customers.•Adjusted EBITDA increased due to an increase in revenue, partially offset by increased costs and expenses.•Adjusted EBITDA margin decreased from 57.2% to 56.7%.Customer Metrics•Total customer relationships decreased by 527,000 to 51.6 million.•Domestic broadband customers decreased by 411,000 to 31.8 million.•Domestic wireless lines increased by 1.2 million to 7.8 million.•Domestic video customers decreased by 1.6 million to 12.5 million.•Domestic homes and businesses passed increased by 1.2 million to 63.7 million.Capital Expenditures•Total Connectivity & Platforms capital expenditures remained consistent at $8.3 billion, reflecting increased spending on line extensions and support capital, offset by decreased spending on customer premise equipment and scalable infrastructure.•Revenue increased primarily due to the impact of the Paris Olympics in 2024. Excluding $1.9 billion of incremental revenue associated with this event, revenue increased due to increases in domestic distribution and international networks revenue.•Adjusted EBITDA increased primarily due to an increase in revenue, partially offset by an increase in programming and production costs driven by the Paris Olympics.•Peacock generated revenue and costs and expenses of $4.9 billion and $6.7 billion in 2024, respectively, including the Paris Olympics, compared to $3.4 billion and $6.1 billion in 2023, respectively. Paid subscribers increased by 5 million to 36 million in 2024.Studios•Revenue decreased primarily due to decreases in theatrical and content licensing revenue. 2023 included the impact of the Writers Guild and SAG work stoppages.•Adjusted EBITDA increased due to a decrease in costs and expenses driven by programming and production, partially offset by a decrease in revenue.Theme Parks•Revenue decreased due to decreases in revenue at our domestic theme parks, as well as the negative impact of foreign currency at our international theme parks.•Adjusted EBITDA decreased due to a decrease in revenue and an increase in costs and expenses.•Capital expenditures continues to reflect significant spending for the development of Epic Universe in Orlando. •Revenue remained consistent due to decreases in video and other revenue, offset by increases in domestic broadband, domestic wireless, international connectivity and advertising revenue. •Adjusted EBITDA increased primarily due to a decrease in programming expenses, while revenue remained consistent. •Adjusted EBITDA margin increased from 37.5% to 38.2%.", "prior_body": "(a) Revenue and Adjusted EBITDA charts are not presented on the same scale. (b) Segment details in the charts exclude the results of Content & Experiences Headquarters and Other and Eliminations and therefore the amounts do not equal the total. Residential Connectivity & PlatformsMedia•Revenue remained consistent with the prior year due to decreases in video, advertising and other revenue, offset by increases in domestic broadband, international connectivity and domestic wireless revenue.•Adjusted EBITDA increased primarily due to decreases in other expenses and programming expenses.•Adjusted EBITDA margin increased from 36.1% to 37.5%.Business Services Connectivity•Revenue increased due to increases in revenue from small business, medium-sized and enterprise customers.•Adjusted EBITDA increased due to an increase in revenue, partially offset by increased costs and expenses.•Adjusted EBITDA margin was consistent at 57.2%.Customer Metrics•Total customer relationships decreased by 288,000 to 52.1 million.•Domestic broadband customers decreased by 66,000 to 32.3 million.•Domestic wireless lines increased by 1.3 million to 6.6 million.•Domestic video customers decreased by 2.0 million to 14.1 million.•Revenue decreased primarily due to the impact of our broadcasts of the Beijing Olympics, Super Bowl and FIFA World Cup in 2022. Excluding $1.7 billion of revenue associated with these events, revenue increased due to increases in domestic distribution and international networks revenue, partially offset by decreases in domestic advertising and other revenue.•Adjusted EBITDA decreased primarily due to a decrease in revenue, which was partially offset by a decrease in programming and production costs driven by events in 2022 and higher Peacock programming costs in 2023.•Peacock generated revenue and costs and expenses of $3.4 billion and $6.1 billion in 2023, respectively, compared to $2.1 billion and $4.6 billion in 2022, respectively. Paid subscribers increased by 10 million to 31 million in 2023.Studios•Revenue decreased due to a decrease in content licensing revenue primarily driven by the Writers Guild and SAG work stoppages in 2023, partially offset by an increase in theatrical revenue.•Adjusted EBITDA increased due to decreases in programming and production and marketing and promotion expenses, partially offset by a decrease in revenue. •Revenue remained consistent with the prior year due to decreases in video, advertising and other revenue, offset by increases in domestic broadband, international connectivity and domestic wireless revenue. •Adjusted EBITDA increased primarily due to decreases in other expenses and programming expenses. •Adjusted EBITDA margin increased from 36.1% to 37.5%." }, { "status": "MODIFIED", "current_title": "Content & Experiences(a)(b)", "prior_title": "Content & Experiences(a)(b)", "similarity_score": 0.813, "confidence": "high", "key_changes": [ "Reworded sentence: \"Residential Connectivity & PlatformsMedia•Revenue remained consistent due to decreases in video and other revenue, offset by increases in domestic broadband, domestic wireless, international connectivity and advertising revenue.•Adjusted EBITDA increased primarily due to a decrease in programming expenses, while revenue remained consistent.\"" ], "current_body": "(a) Revenue and Adjusted EBITDA charts are not presented on the same scale. (b) Segment details in the charts exclude the results of Content & Experiences Headquarters and Other and Eliminations and therefore the amounts do not equal the total. Residential Connectivity & PlatformsMedia•Revenue remained consistent due to decreases in video and other revenue, offset by increases in domestic broadband, domestic wireless, international connectivity and advertising revenue.•Adjusted EBITDA increased primarily due to a decrease in programming expenses, while revenue remained consistent. •Adjusted EBITDA margin increased from 37.5% to 38.2%.Business Services Connectivity•Revenue increased due to an increase in revenue from enterprise solutions offerings and small business customers.•Adjusted EBITDA increased due to an increase in revenue, partially offset by increased costs and expenses.•Adjusted EBITDA margin decreased from 57.2% to 56.7%.Customer Metrics•Total customer relationships decreased by 527,000 to 51.6 million.•Domestic broadband customers decreased by 411,000 to 31.8 million.•Domestic wireless lines increased by 1.2 million to 7.8 million.•Domestic video customers decreased by 1.6 million to 12.5 million.•Domestic homes and businesses passed increased by 1.2 million to 63.7 million.Capital Expenditures•Total Connectivity & Platforms capital expenditures remained consistent at $8.3 billion, reflecting increased spending on line extensions and support capital, offset by decreased spending on customer premise equipment and scalable infrastructure.•Revenue increased primarily due to the impact of the Paris Olympics in 2024. Excluding $1.9 billion of incremental revenue associated with this event, revenue increased due to increases in domestic distribution and international networks revenue.•Adjusted EBITDA increased primarily due to an increase in revenue, partially offset by an increase in programming and production costs driven by the Paris Olympics.•Peacock generated revenue and costs and expenses of $4.9 billion and $6.7 billion in 2024, respectively, including the Paris Olympics, compared to $3.4 billion and $6.1 billion in 2023, respectively. Paid subscribers increased by 5 million to 36 million in 2024.Studios•Revenue decreased primarily due to decreases in theatrical and content licensing revenue. 2023 included the impact of the Writers Guild and SAG work stoppages.•Adjusted EBITDA increased due to a decrease in costs and expenses driven by programming and production, partially offset by a decrease in revenue.Theme Parks•Revenue decreased due to decreases in revenue at our domestic theme parks, as well as the negative impact of foreign currency at our international theme parks.•Adjusted EBITDA decreased due to a decrease in revenue and an increase in costs and expenses.•Capital expenditures continues to reflect significant spending for the development of Epic Universe in Orlando. •Revenue remained consistent due to decreases in video and other revenue, offset by increases in domestic broadband, domestic wireless, international connectivity and advertising revenue. •Adjusted EBITDA increased primarily due to a decrease in programming expenses, while revenue remained consistent. •Adjusted EBITDA margin increased from 37.5% to 38.2%.", "prior_body": "(a) Revenue and Adjusted EBITDA charts are not presented on the same scale. (b) Segment details in the charts exclude the results of Content & Experiences Headquarters and Other and Eliminations and therefore the amounts do not equal the total. Residential Connectivity & PlatformsMedia•Revenue remained consistent with the prior year due to decreases in video, advertising and other revenue, offset by increases in domestic broadband, international connectivity and domestic wireless revenue.•Adjusted EBITDA increased primarily due to decreases in other expenses and programming expenses.•Adjusted EBITDA margin increased from 36.1% to 37.5%.Business Services Connectivity•Revenue increased due to increases in revenue from small business, medium-sized and enterprise customers.•Adjusted EBITDA increased due to an increase in revenue, partially offset by increased costs and expenses.•Adjusted EBITDA margin was consistent at 57.2%.Customer Metrics•Total customer relationships decreased by 288,000 to 52.1 million.•Domestic broadband customers decreased by 66,000 to 32.3 million.•Domestic wireless lines increased by 1.3 million to 6.6 million.•Domestic video customers decreased by 2.0 million to 14.1 million.•Revenue decreased primarily due to the impact of our broadcasts of the Beijing Olympics, Super Bowl and FIFA World Cup in 2022. Excluding $1.7 billion of revenue associated with these events, revenue increased due to increases in domestic distribution and international networks revenue, partially offset by decreases in domestic advertising and other revenue.•Adjusted EBITDA decreased primarily due to a decrease in revenue, which was partially offset by a decrease in programming and production costs driven by events in 2022 and higher Peacock programming costs in 2023.•Peacock generated revenue and costs and expenses of $3.4 billion and $6.1 billion in 2023, respectively, compared to $2.1 billion and $4.6 billion in 2022, respectively. Paid subscribers increased by 10 million to 31 million in 2023.Studios•Revenue decreased due to a decrease in content licensing revenue primarily driven by the Writers Guild and SAG work stoppages in 2023, partially offset by an increase in theatrical revenue.•Adjusted EBITDA increased due to decreases in programming and production and marketing and promotion expenses, partially offset by a decrease in revenue. •Revenue remained consistent with the prior year due to decreases in video, advertising and other revenue, offset by increases in domestic broadband, international connectivity and domestic wireless revenue. •Adjusted EBITDA increased primarily due to decreases in other expenses and programming expenses. •Adjusted EBITDA margin increased from 36.1% to 37.5%." }, { "status": "MODIFIED", "current_title": "We face risks relating to doing business internationally that could adversely affect our businesses.", "prior_title": "We face risks relating to doing business internationally that could adversely affect our businesses.", "similarity_score": 0.806, "confidence": "high", "key_changes": [ "Added sentence: \"23Comcast 2024 Annual Report on Form 10-K 23Comcast 2024 Annual Report on Form 10-K 23Comcast 2024 Annual Report on Form 10-K 23 Comcast 2024 Annual Report on Form 10-K 23Comcast 2024 Annual Report on Form 10-K 23Comcast 2024 Annual Report on Form 10-K 23 Comcast 2024 Annual Report on Form 10-K 23Comcast 2024 Annual Report on Form 10-K 23 Comcast 2024 Annual Report on Form 10-K 23 Comcast 2024 Annual Report on Form 10-K Table of Contents Table of Contents Table of Contents\"" ], "current_body": "We operate our businesses worldwide. There are risks inherent in doing business internationally, including global financial market turmoil; economic volatility and global economic slowdown; currency exchange rate fluctuations and inflationary pressures; geopolitical risks, including acts of terror and war; requirements of local laws and customs relating to the publication and distribution of content and the display and sale of advertising; import or export restrictions, tariffs, sanctions and trade regulations; difficulties in developing, staffing and managing foreign operations; issues related to occupational safety and adherence to diverse local labor laws and regulations; and potentially adverse tax developments. Additionally, although we employ foreign currency derivative instruments to hedge certain exposure to foreign currency exchange rate risks, including the British pound, euro and Japanese yen, the use of such derivative instruments may not be sufficient to mitigate exchange rate fluctuations. In addition, doing business internationally subjects us to risks relating to political or social unrest, as well as corruption and government regulations, including U.S. laws such as the Foreign Corrupt Practices Act and the U.K. Bribery Act, that impose stringent requirements on how we conduct our foreign operations. Moreover, foreign enforcement of laws and contractual rights in certain countries where we do business can be inconsistent and unpredictable, which may affect our ability to enforce our rights or make investments that we believe otherwise make strategic sense. If any of these events occur or our conduct does not comply with such laws and regulations, our businesses may be adversely affected. 23Comcast 2024 Annual Report on Form 10-K 23Comcast 2024 Annual Report on Form 10-K 23Comcast 2024 Annual Report on Form 10-K 23 Comcast 2024 Annual Report on Form 10-K 23Comcast 2024 Annual Report on Form 10-K 23Comcast 2024 Annual Report on Form 10-K 23 Comcast 2024 Annual Report on Form 10-K 23Comcast 2024 Annual Report on Form 10-K 23 Comcast 2024 Annual Report on Form 10-K 23 Comcast 2024 Annual Report on Form 10-K Table of Contents Table of Contents Table of Contents", "prior_body": "We operate our businesses worldwide. There are risks inherent in doing business internationally, including global financial market turmoil; economic volatility and global economic slowdown; currency exchange rate fluctuations and inflationary pressures; geopolitical risks, including acts of terror and war; requirements of local laws and customs relating to the publication and distribution of content and the display and sale of advertising; import or export restrictions, tariffs, sanctions and trade regulations; difficulties in developing, staffing and managing foreign operations; issues related to occupational safety and adherence to diverse local labor laws and regulations; and potentially adverse tax developments. Additionally, although we employ foreign currency derivative instruments to hedge certain exposure to foreign currency exchange rate risks, including the British pound, euro and Japanese yen, the use of such derivative instruments may not be sufficient to mitigate exchange rate fluctuations. In addition, doing business internationally subjects us to risks relating to political or social unrest, as well as corruption and government regulations, including U.S. laws such as the Foreign Corrupt Practices Act and the U.K. Bribery Act, that impose stringent requirements on how we conduct our foreign operations. Moreover, foreign enforcement of laws and contractual rights in certain countries where we do business can be inconsistent and unpredictable, which may affect our ability to enforce our rights or make investments that we believe otherwise make strategic sense. If any of these events occur or our conduct does not comply with such laws and regulations, our businesses may be adversely affected." }, { "status": "MODIFIED", "current_title": "Our success depends on consumer acceptance of our content, and our businesses may be adversely affected if our content fails to achieve sufficient consumer acceptance.", "prior_title": "Our success depends on consumer acceptance of our content, and our businesses may be adversely affected if our content fails to achieve sufficient consumer acceptance.", "similarity_score": 0.781, "confidence": "high", "key_changes": [ "Reworded sentence: \"We create and acquire media, sports and entertainment content, the success of which depends substantially on consumer tastes and preferences that often change in unpredictable ways.\"", "Removed sentence: \"In addition, there can be no assurance that Peacock will continue to grow or sustain its revenue or user base, successfully compete as a standalone DTC streaming service or fully offset decreases to our linear television networks’ results of operations as the media distribution business model continues to change.\"", "Reworded sentence: \"Competition for popular content, particularly for sports programming, is intense.\"", "Reworded sentence: \"There can be no assurance that revenue generated from these contracts will exceed our costs for the rights and of producing and distributing the programming.\"" ], "current_body": "We create and acquire media, sports and entertainment content, the success of which depends substantially on consumer tastes and preferences that often change in unpredictable ways. To meet the changing preferences of our consumer markets, we must consistently create, acquire, market and distribute a broad array of content and theme park attractions. We have invested, and will continue to invest, substantial amounts in content, such as the production of films and original content for television networks and streaming services, and in the creation of new theme parks and theme park attractions, before learning the extent to which they will earn consumer acceptance. We obtain a significant portion of our content from third parties, such as movie studios, television production companies, sports organizations and other suppliers, sometimes on an exclusive basis. Competition for popular content, particularly for sports programming, is intense. Entering into or renewing contracts for such content rights or acquiring additional rights has in the past resulted, and may result in the future, in significantly increased costs, potentially over an extended contractual term. Particularly with respect to contracts for sports rights, our results of operations and cash flows over the term of a contract depend on a number of factors, including the strength of the advertising market, audience size, the timing and amount of rights payments, and the ability to secure distribution from, impose surcharges on, or obtain carriage on multichannel video providers or to grow and retain subscribers to our own DTC services. There can be no assurance that revenue generated from these contracts will exceed our costs for the rights and of producing and distributing the programming. In addition, media companies may determine not to license popular content to us, and as more content owners offer their content directly to consumers through their own platforms, they may reduce the quantity and quality of the content they license to our linear television networks or Peacock. The inability to enter into or renew some or all of these contracts on acceptable terms could reduce the reach of our programming, which could adversely affect our results of operations and businesses. 19Comcast 2024 Annual Report on Form 10-K 19Comcast 2024 Annual Report on Form 10-K 19Comcast 2024 Annual Report on Form 10-K 19 Comcast 2024 Annual Report on Form 10-K 19Comcast 2024 Annual Report on Form 10-K 19Comcast 2024 Annual Report on Form 10-K 19 Comcast 2024 Annual Report on Form 10-K 19Comcast 2024 Annual Report on Form 10-K 19 Comcast 2024 Annual Report on Form 10-K 19 Comcast 2024 Annual Report on Form 10-K Table of Contents Table of Contents Table of Contents We also create content for licensing to third parties and to our linear television networks or Peacock. The inability to license such content on acceptable terms or at all could negatively impact our business. Moreover, we may generate lower revenue when we opt to retain our content for our own use, including for Peacock, rather than licensing it to third parties who pay licensing fees for such content. If our content does not achieve sufficient consumer acceptance, or if we cannot obtain or retain rights to popular content on acceptable terms, or at all, our businesses may be adversely affected.", "prior_body": "We create and acquire media and entertainment content, the success of which depends substantially on consumer tastes and preferences that often change in unpredictable ways, and to meet the changing preferences of the broad domestic and international consumer markets, we must consistently create, acquire, market and distribute television programming, filmed entertainment, theme park attractions and other content. We have invested, and will continue to invest, substantial amounts in content, such as the production of films and original content for television networks and streaming services, and in the creation of new theme parks and theme park attractions, before learning the extent to which they will earn consumer acceptance. In addition, there can be no assurance that Peacock will continue to grow or sustain its revenue or user base, successfully compete as a standalone DTC streaming service or fully offset decreases to our linear television networks’ results of operations as the media distribution business model continues to change. We obtain a significant portion of our content from third parties, such as movie studios, television production companies, sports organizations and other suppliers, sometimes on an exclusive basis. Competition for popular content, particularly for sports programming, is intense, and at times, we may increase the price we are willing to pay or be outbid by our competitors for popular content. We also may be unable to license popular third-party content if media companies determine that licensing the content to us is not in their strategic best interests. For example, content creators have launched, and may continue to launch, their own DTC streaming or other OTT services, forgoing license fees from us to provide their content directly to consumers, or they may license their content to our competitors on an exclusive basis. 21Comcast 2023 Annual Report on Form 10-K 21Comcast 2023 Annual Report on Form 10-K 21Comcast 2023 Annual Report on Form 10-K 21 21Comcast 2023 Annual Report on Form 10-K 21Comcast 2023 Annual Report on Form 10-K 21 21Comcast 2023 Annual Report on Form 10-K 21 21 Table of Contents Table of Contents Table of Contents Entering into or renewing contracts for such content rights or acquiring additional rights has in the past resulted, and may result in the future, in significantly increased costs. Particularly with respect to contracts for sports rights, our results of operations and cash flows over the term of a contract depend on a number of factors, including the strength of the advertising market, audience size, the timing and amount of rights payments, and the ability to secure distribution from, impose surcharges on, or obtain carriage on multichannel video providers or to grow and retain subscribers to our own DTC services. There can be no assurance that revenue from these contracts will exceed our costs for the rights, as well as the other costs of producing and distributing the programming. If our content does not achieve sufficient consumer acceptance, or if we cannot obtain or retain rights to popular content on acceptable terms, or at all, our businesses may be adversely affected." }, { "status": "MODIFIED", "current_title": "Business Services Connectivity", "prior_title": "Business Services Connectivity", "similarity_score": 0.772, "confidence": "high", "key_changes": [ "Reworded sentence: \"•Revenue increased due to an increase in revenue from enterprise solutions offerings and small business customers.\"", "Reworded sentence: \"•Adjusted EBITDA margin decreased from 57.2% to 56.7%.\"" ], "current_body": "•Revenue increased due to an increase in revenue from enterprise solutions offerings and small business customers. •Adjusted EBITDA increased due to an increase in revenue, partially offset by increased costs and expenses. •Adjusted EBITDA margin decreased from 57.2% to 56.7%.", "prior_body": "•Revenue increased due to increases in revenue from small business, medium-sized and enterprise customers. •Adjusted EBITDA increased due to an increase in revenue, partially offset by increased costs and expenses. •Adjusted EBITDA margin was consistent at 57.2%." }, { "status": "MODIFIED", "current_title": "Business Services Connectivity", "prior_title": "Business Services Connectivity", "similarity_score": 0.772, "confidence": "high", "key_changes": [ "Reworded sentence: \"•Revenue increased due to an increase in revenue from enterprise solutions offerings and small business customers.\"", "Reworded sentence: \"•Adjusted EBITDA margin decreased from 57.2% to 56.7%.\"" ], "current_body": "•Revenue increased due to an increase in revenue from enterprise solutions offerings and small business customers. •Adjusted EBITDA increased due to an increase in revenue, partially offset by increased costs and expenses. •Adjusted EBITDA margin decreased from 57.2% to 56.7%.", "prior_body": "•Revenue increased due to increases in revenue from small business, medium-sized and enterprise customers. •Adjusted EBITDA increased due to an increase in revenue, partially offset by increased costs and expenses. •Adjusted EBITDA margin was consistent at 57.2%." }, { "status": "MODIFIED", "current_title": "Business Services Connectivity", "prior_title": "Business Services Connectivity", "similarity_score": 0.772, "confidence": "high", "key_changes": [ "Reworded sentence: \"•Revenue increased due to an increase in revenue from enterprise solutions offerings and small business customers.\"", "Reworded sentence: \"•Adjusted EBITDA margin decreased from 57.2% to 56.7%.\"" ], "current_body": "•Revenue increased due to an increase in revenue from enterprise solutions offerings and small business customers. •Adjusted EBITDA increased due to an increase in revenue, partially offset by increased costs and expenses. •Adjusted EBITDA margin decreased from 57.2% to 56.7%.", "prior_body": "•Revenue increased due to increases in revenue from small business, medium-sized and enterprise customers. •Adjusted EBITDA increased due to an increase in revenue, partially offset by increased costs and expenses. •Adjusted EBITDA margin was consistent at 57.2%." }, { "status": "MODIFIED", "current_title": "Content & Experiences Business", "prior_title": "Content & Experiences Business", "similarity_score": 0.734, "confidence": "medium", "key_changes": [ "Reworded sentence: \"Other principal locations supporting our Media segment operations include our leased Telemundo headquarters and production facilities in Miami, Florida, as well as our Universal City location in Los Angeles, California, our owned CNBC headquarters and production facilities located in Englewood Cliffs, New Jersey and our leased NBC Sports headquarters and production facilities in Stamford, Connecticut.\"", "Reworded sentence: \"Item 3: Legal Proceedings See Note 14 to the consolidated financial statements included in this Annual Report on Form 10-K for a discussion of legal proceedings.\"", "Reworded sentence: \"27Comcast 2024 Annual Report on Form 10-K 27Comcast 2024 Annual Report on Form 10-K 27Comcast 2024 Annual Report on Form 10-K 27 Comcast 2024 Annual Report on Form 10-K 27Comcast 2024 Annual Report on Form 10-K 27Comcast 2024 Annual Report on Form 10-K 27 Comcast 2024 Annual Report on Form 10-K 27Comcast 2024 Annual Report on Form 10-K 27 Comcast 2024 Annual Report on Form 10-K 27 Comcast 2024 Annual Report on Form 10-K Table of Contents Table of Contents Table of Contents Part II Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information Comcast’s Class A common stock is listed on The Nasdaq Stock Market LLC under the symbol CMCSA.\"", "Reworded sentence: \"Holders Record holders as of January 15, 2025 are presented in the table below.\"", "Reworded sentence: \"Share Repurchases The table below summarizes Comcast’s common stock repurchases during 2024.\"" ], "current_body": "Our Content & Experiences business and NBCUniversal headquarters are located in New York, New York at 30 Rockefeller Plaza and its surrounding campus, which include offices and studios used by the Media segment. We own substantially all of the space we occupy at 30 Rockefeller Plaza, and we lease the spaces in the surrounding campus. Other principal locations supporting our Media segment operations include our leased Telemundo headquarters and production facilities in Miami, Florida, as well as our Universal City location in Los Angeles, California, our owned CNBC headquarters and production facilities located in Englewood Cliffs, New Jersey and our leased NBC Sports headquarters and production facilities in Stamford, Connecticut. Refer to Item 1: Business: Studios Segment and Theme Parks Segment for information on properties used in those respective segment operations. We also own or lease additional offices, studios, production facilities, screening rooms, retail operations, warehouse space, satellite transmission receiving facilities and data centers in numerous locations in the United States and around the world. Item 3: Legal Proceedings See Note 14 to the consolidated financial statements included in this Annual Report on Form 10-K for a discussion of legal proceedings. Item 4: Mine Safety Disclosures Not applicable. 27Comcast 2024 Annual Report on Form 10-K 27Comcast 2024 Annual Report on Form 10-K 27Comcast 2024 Annual Report on Form 10-K 27 Comcast 2024 Annual Report on Form 10-K 27Comcast 2024 Annual Report on Form 10-K 27Comcast 2024 Annual Report on Form 10-K 27 Comcast 2024 Annual Report on Form 10-K 27Comcast 2024 Annual Report on Form 10-K 27 Comcast 2024 Annual Report on Form 10-K 27 Comcast 2024 Annual Report on Form 10-K Table of Contents Table of Contents Table of Contents Part II Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information Comcast’s Class A common stock is listed on The Nasdaq Stock Market LLC under the symbol CMCSA. There is no established public trading market for Comcast’s Class B common stock. The Class B common stock can be converted, on a share for share basis, into Class A common stock. Holders Record holders as of January 15, 2025 are presented in the table below. Stock ClassRecordHoldersClass A Common Stock303,127 Class B Common Stock1 Record Holders Record Holders Holders of Class A common stock in the aggregate hold 662/3% of the combined voting power of our common stock. The number of votes that each share of Class A common stock has at any given time depends on the number of shares of Class A common stock and Class B common stock then outstanding, with each share of Class B common stock having 15 votes per share. The Class B common stock represents 331/3% of the combined voting power of our common stock, which percentage is generally non-dilutable under the terms of our articles of incorporation. Mr. Brian L. Roberts beneficially owns all outstanding shares of Class B common stock. Generally, including as to the election of directors, holders of Class A common stock and Class B common stock vote as one class except where class voting is required by law. Dividends We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors. Refer to Liquidity and Capital Resources in Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information. Share Repurchases The table below summarizes Comcast’s common stock repurchases during 2024. PeriodTotal Number ofSharesPurchasedAveragePrice PerShareTotal Number ofSharesPurchased asPart of PubliclyAnnouncedAuthorizationTotal DollarAmountPurchased Under the Publicly Announced AuthorizationMaximum Dollar Valueof Shares ThatMay Yet Be PurchasedUnder the Publicly Announced Authorization(a)First Quarter 202455,961,536 $43.03 55,961,536 $2,408,046,377 $13,186,952,831 Second Quarter 202456,381,926 $39.29 56,381,926 $2,214,999,556 $10,971,953,275 Third Quarter 202449,913,271 $39.44 49,913,271 $1,968,792,051 $9,003,161,225 October 1-31, 202416,562,668 $41.66 16,562,668 $689,999,638 $8,313,161,586 November 1-30, 202412,943,713 $43.26 12,943,713 $559,999,640 $7,753,161,946 December 1-31, 202420,002,768 $39.89 20,002,768 $797,999,685 $6,955,162,262 Total211,765,882 $40.80 211,765,882 $8,639,836,946 $6,955,162,262 Maximum Dollar Valueof Shares ThatMay Yet Be PurchasedUnder the Publicly Announced Authorization(a) First Quarter 2024 Second Quarter 2024 Third Quarter 2024 October 1-31, 2024 November 1-30, 2024 December 1-31, 2024 Maximum Dollar Valueof Shares ThatMay Yet Be PurchasedUnder the Publicly Announced Authorization(a) First Quarter 2024 Second Quarter 2024 Third Quarter 2024 October 1-31, 2024 November 1-30, 2024 December 1-31, 2024 (a)In September 2022, our Board of Directors approved a share repurchase program authorization of $20 billion and in January 2024, our Board of Directors terminated the existing program and approved a new program authorization of $15 billion effective as of January 26, 2024, which had no expiration date. In January 2025, our Board of Directors terminated this existing program and approved a new program authorization of $15 billion, which has no expiration date. We expect to repurchase additional shares of our Class A common stock under this authorization in the open market or in private transactions, subject to market and other conditions. Comcast 2024 Annual Report on Form 10-K28 Comcast 2024 Annual Report on Form 10-K28 Comcast 2024 Annual Report on Form 10-K28 Comcast 2024 Annual Report on Form 10-K 28 Comcast 2024 Annual Report on Form 10-K28 Comcast 2024 Annual Report on Form 10-K28 Comcast 2024 Annual Report on Form 10-K 28 Comcast 2024 Annual Report on Form 10-K28 Comcast 2024 Annual Report on Form 10-K 28 Comcast 2024 Annual Report on Form 10-K 28 Table of Contents Table of Contents Table of Contents", "prior_body": "Our Content & Experiences business and NBCUniversal headquarters are located in New York, New York at 30 Rockefeller Plaza and its surrounding campus, which include offices and studios used by the Media segment. We own substantially all of the space we occupy at 30 Rockefeller Plaza, and we lease the spaces in the surrounding campus. Other principal locations supporting our Media segment operations include our leased Telemundo headquarters and production facilities in Miami, Florida, as well as our Universal City location in Los Angeles, California and our owned CNBC headquarters and production facilities located in Englewood Cliffs, New Jersey. Refer to Item 1: Business: Studios Segment and Theme Parks Segment for information on properties used in those respective segment operations. We also own or lease additional offices, studios, production facilities, screening rooms, retail operations, warehouse space, satellite transmission receiving facilities and data centers in numerous locations in the United States and around the world. Item 3: Legal Proceedings See Note 15 to the consolidated financial statements included in this Annual Report on Form 10-K for a discussion of legal proceedings. Item 4: Mine Safety Disclosures Not applicable. 29Comcast 2023 Annual Report on Form 10-K 29Comcast 2023 Annual Report on Form 10-K 29Comcast 2023 Annual Report on Form 10-K 29 29Comcast 2023 Annual Report on Form 10-K 29Comcast 2023 Annual Report on Form 10-K 29 29Comcast 2023 Annual Report on Form 10-K 29 29 Table of Contents Table of Contents Table of Contents Part II Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information Comcast’s Class A common stock is listed on The Nasdaq Stock Market LLC under the symbol CMCSA. There is no established public trading market for Comcast’s Class B common stock. The Class B common stock can be converted, on a share for share basis, into Class A common stock. Holders Record holders as of January 15, 2024 are presented in the table below. Stock ClassRecordHoldersClass A Common Stock320,193 Class B Common Stock1 Record Holders Record Holders Holders of Class A common stock in the aggregate hold 662/3% of the combined voting power of our common stock. The number of votes that each share of Class A common stock has at any given time depends on the number of shares of Class A common stock and Class B common stock then outstanding, with each share of Class B common stock having 15 votes per share. The Class B common stock represents 331/3% of the combined voting power of our common stock, which percentage is generally non-dilutable under the terms of our articles of incorporation. Mr. Brian L. Roberts beneficially owns all outstanding shares of Class B common stock. Generally, including as to the election of directors, holders of Class A common stock and Class B common stock vote as one class except where class voting is required by law. Dividends We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors. Refer to Liquidity and Capital Resources in Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information. Share Repurchases The table below summarizes Comcast’s common stock repurchases during 2023. PeriodTotal Number ofSharesPurchasedAveragePrice PerShareTotal Number ofSharesPurchased asPart of PubliclyAnnouncedAuthorizationTotal DollarAmountPurchased Under the Publicly Announced AuthorizationMaximum Dollar Valueof Shares ThatMay Yet Be PurchasedUnder the Publicly Announced Authorization(a)First Quarter 202352,545,035 $38.06 52,545,035 $1,999,999,325 $14,000,000,855 Second Quarter 202350,509,440 $39.60 50,509,440 $1,999,999,962 $12,000,000,893 Third Quarter 202377,464,030 $45.18 77,464,030 $3,500,000,652 $8,500,000,241 October 1-31, 202344,347,247 $42.84 44,347,247 $1,899,957,474 $6,600,042,767 November 1-30, 202322,423,430 $42.14 22,423,430 $944,948,397 $5,655,094,370 December 1-31, 202315,161,912 $43.21 15,161,912 $655,093,867 $5,000,000,503 Total262,451,094 $41.91 262,451,094 $10,999,999,677 $5,000,000,503 Maximum Dollar Valueof Shares ThatMay Yet Be PurchasedUnder the Publicly Announced Authorization(a) First Quarter 2023 Second Quarter 2023 Third Quarter 2023 October 1-31, 2023 November 1-30, 2023 December 1-31, 2023 Maximum Dollar Valueof Shares ThatMay Yet Be PurchasedUnder the Publicly Announced Authorization(a) First Quarter 2023 Second Quarter 2023 Third Quarter 2023 October 1-31, 2023 November 1-30, 2023 December 1-31, 2023 (a)In September 2022, our Board of Directors approved a share repurchase program authorization of $20 billion. In January 2024, our Board of Directors approved a new share repurchase program authorization of $15 billion, which has no expiration date. We expect to repurchase additional shares of our Class A common stock under this authorization in the open market or in private transactions, subject to market and other conditions. Comcast 2023 Annual Report on Form 10-K30 Comcast 2023 Annual Report on Form 10-K30 Comcast 2023 Annual Report on Form 10-K30 30 Comcast 2023 Annual Report on Form 10-K30 Comcast 2023 Annual Report on Form 10-K30 30 Comcast 2023 Annual Report on Form 10-K30 30 30 Table of Contents Table of Contents Table of Contents" }, { "status": "MODIFIED", "current_title": "Stock Performance Graph", "prior_title": "Stock Performance Graph", "similarity_score": 0.729, "confidence": "medium", "key_changes": [ "Reworded sentence: \"The following graph compares the annual percentage change in the cumulative total shareholder return on Comcast’s Class A common stock during the five years ended December 31, 2024 with the cumulative total returns on the Standard & Poor’s 500 Stock Index and a select peer group consisting of us and other companies engaged in the transmission and distribution and media industries.\"", "Reworded sentence: \"and The Walt Disney Company.\"", "Reworded sentence: \"Refer to Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2023 Annual Report on Form 10-K for management’s discussion and analysis of our financial condition and results of operations for fiscal year 2022, including comparison to fiscal year 2023.\"", "Reworded sentence: \"We present the operations of (1) our Connectivity & Platforms business in two segments: Residential Connectivity & Platforms and Business Services Connectivity; and (2) our Content & Experiences business in three segments: Media, Studios and Theme Parks.\"" ], "current_body": "The following graph compares the annual percentage change in the cumulative total shareholder return on Comcast’s Class A common stock during the five years ended December 31, 2024 with the cumulative total returns on the Standard & Poor’s 500 Stock Index and a select peer group consisting of us and other companies engaged in the transmission and distribution and media industries. This peer group consists of our Class A common stock and the common stock of AT&T Inc., Charter Communications, Inc., Fox Corp. (Class A), Lumen Technologies, Inc., Paramount Global (Class B), T-Mobile US, Inc., Verizon Communications Inc., Warner Bros. Discovery Inc. and The Walt Disney Company. The comparison assumes $100 was invested on December 31, 2019 in our Class A common stock and in each of the following indices and assumes the reinvestment of dividends. Comparison of 5 Year Cumulative Total Return Comparison of 5 Year Cumulative Total Return Comparison of 5 Year Cumulative Total Return 20202021202220232024Comcast Class A$119 $117 $83 $107 $95 S&P 500 Stock Index$118 $152 $125 $157 $197 Peer Group$112 $103 $79 $87 $103 Peer Group Peer Group Item 6: [Reserved] [Reserved] 29Comcast 2024 Annual Report on Form 10-K 29Comcast 2024 Annual Report on Form 10-K 29Comcast 2024 Annual Report on Form 10-K 29 Comcast 2024 Annual Report on Form 10-K 29Comcast 2024 Annual Report on Form 10-K 29Comcast 2024 Annual Report on Form 10-K 29 Comcast 2024 Annual Report on Form 10-K 29Comcast 2024 Annual Report on Form 10-K 29 Comcast 2024 Annual Report on Form 10-K 29 Comcast 2024 Annual Report on Form 10-K Table of Contents Table of Contents Table of Contents Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations Management’s discussion and analysis of financial condition and results of operations is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and related notes (“Notes”) to enhance the understanding of our operations and our present business environment. For more information about our company’s operations and the risks facing our businesses, see Item 1: Business and Item 1A: Risk Factors, respectively. Refer to Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2023 Annual Report on Form 10-K for management’s discussion and analysis of our financial condition and results of operations for fiscal year 2022, including comparison to fiscal year 2023. Overview Overview Overview We are a global media and technology company with two primary businesses: Connectivity & Platforms and Content & Experiences. We present the operations of (1) our Connectivity & Platforms business in two segments: Residential Connectivity & Platforms and Business Services Connectivity; and (2) our Content & Experiences business in three segments: Media, Studios and Theme Parks. The discussion and analysis that follows includes the results of the cable television networks and complementary digital assets proposed to be included in the Spin-off and does not reflect or give effect to what our results of operations and financial condition may be following the Spin-off, if consummated. Consolidated Revenue, Net Income Attributable to Comcast Corporation and Adjusted EBITDA(a)(in billions) Consolidated Revenue, Net Income Attributable to Comcast Corporation and Adjusted EBITDA(a) Consolidated Revenue, Net Income Attributable to Comcast Corporation and Adjusted EBITDA(a)", "prior_body": "The following graph compares the annual percentage change in the cumulative total shareholder return on Comcast’s Class A common stock during the five years ended December 31, 2023 with the cumulative total returns on the Standard & Poor’s 500 Stock Index and a select peer group consisting of us and other companies engaged in the transmission and distribution and media industries. This peer group consists of our Class A common stock and the common stock of AT&T Inc., Charter Communications, Inc., Fox Corp. (Class A), Lumen Technologies, Inc., Paramount Global (Class B), T-Mobile US, Inc., Verizon Communications Inc., Warner Bros. Discovery Inc. and The Walt Disney Company (the “New Peer Group”). Following the change in our segment reporting in 2023, we have updated the peer group presented to simplify the calculation, to remove DISH Network Corporation (Class A) due to its smaller market capitalization and to add Fox Corp. The peer group presented in our 2022 Annual Report on Form 10-K was constructed as a composite peer group in which the subgroup of transmission and distribution industry peer companies listed above, along with DISH Network, and the subgroup of media industry peer companies listed above, were weighted based on the respective revenue of our transmission and distribution and media businesses, or 65% and 35%, respectively in the current year (the “Prior Peer Group”). The comparison assumes $100 was invested on December 31, 2018 in our Class A common stock and in each of the following indices and assumes the reinvestment of dividends. Comparison of 5 Year Cumulative Total Return Comparison of 5 Year Cumulative Total Return Comparison of 5 Year Cumulative Total Return 20192020202120222023Comcast Class A$134 $160 $156 $111 $144 S&P 500 Stock Index$131 $156 $200 $164 $207 Prior Peer Group$132 $147 $137 $108 $120 New Peer Group$131 $147 $135 $104 $114 Prior Peer Group New Peer Group Prior Peer Group New Peer Group Item 6: [Reserved] [Reserved] 31Comcast 2023 Annual Report on Form 10-K 31Comcast 2023 Annual Report on Form 10-K 31Comcast 2023 Annual Report on Form 10-K 31 31Comcast 2023 Annual Report on Form 10-K 31Comcast 2023 Annual Report on Form 10-K 31 31Comcast 2023 Annual Report on Form 10-K 31 31 Table of Contents Table of Contents Table of Contents Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations Management’s discussion and analysis of financial condition and results of operations is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and related notes (“Notes”) to enhance the understanding of our operations and our present business environment. For more information about our company’s operations and the risks facing our businesses, see Item 1: Business and Item 1A: Risk Factors, respectively. As discussed in Note 2, we changed the presentation of our segment operating results in 2023, and all amounts are presented under the new segment structure. Refer to Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2022 Annual Report on Form 10-K for management’s discussion and analysis of our consolidated financial condition and results of operations for fiscal year 2022 compared to fiscal year 2021. The discussion and analysis related to our segment operating results and Corporate, Other and Eliminations are included below for all periods based on the new segment structure. Overview Overview Overview We are a global media and technology company with two primary businesses: Connectivity & Platforms and Content & Experiences. We present the operations of (1) our Connectivity & Platforms business in two reportable business segments: Residential Connectivity & Platforms and Business Services Connectivity and (2) our Content & Experiences business in three reportable business segments: Media, Studios and Theme Parks. Consolidated Revenue, Net Income Attributable to Comcast Corporation and Adjusted EBITDA(a)(in billions) Consolidated Revenue, Net Income Attributable to Comcast Corporation and Adjusted EBITDA(a) Consolidated Revenue, Net Income Attributable to Comcast Corporation and Adjusted EBITDA(a)" }, { "status": "MODIFIED", "current_title": "Constant Currency Change(a)", "prior_title": "Constant Currency Change(a)", "similarity_score": 0.724, "confidence": "medium", "key_changes": [ "Reworded sentence: \"(a)Constant currency is a non-GAAP financial measure.\"", "Reworded sentence: \"Comcast 2024 Annual Report on Form 10-K36 Comcast 2024 Annual Report on Form 10-K36 Comcast 2024 Annual Report on Form 10-K36 Comcast 2024 Annual Report on Form 10-K 36 Comcast 2024 Annual Report on Form 10-K36 Comcast 2024 Annual Report on Form 10-K36 Comcast 2024 Annual Report on Form 10-K 36 Comcast 2024 Annual Report on Form 10-K36 Comcast 2024 Annual Report on Form 10-K 36 Comcast 2024 Annual Report on Form 10-K 36 Table of Contents Table of Contents Table of Contents Connectivity & Platforms — Supplemental Costs and Expenses Information Connectivity & Platforms supplemental costs and expenses information in the table below is presented on an aggregate basis across the Connectivity & Platforms segments as the segments use certain shared infrastructure, including our network in the United States.\"" ], "current_body": "(a)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measure” section on page 44 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts. Average monthly total revenue per customer relationship is impacted by rate adjustments and changes in the types and levels of services received by our residential and business customers, as well as changes in advertising and other revenue and in foreign currency exchange rates. While revenue from our individual service offerings is also impacted by changes in the allocation of revenue among services sold in a bundle, the allocation does not impact average monthly total revenue per customer relationship. Each of our services has a different contribution to Adjusted EBITDA margin. We use average monthly Adjusted EBITDA per customer relationship to evaluate the profitability of our customer base across our service offerings. We believe both metrics are useful to understand the trends in our business, and average monthly Adjusted EBITDA per customer relationship is useful particularly as we continue to focus on growing our higher-margin businesses. Comcast 2024 Annual Report on Form 10-K36 Comcast 2024 Annual Report on Form 10-K36 Comcast 2024 Annual Report on Form 10-K36 Comcast 2024 Annual Report on Form 10-K 36 Comcast 2024 Annual Report on Form 10-K36 Comcast 2024 Annual Report on Form 10-K36 Comcast 2024 Annual Report on Form 10-K 36 Comcast 2024 Annual Report on Form 10-K36 Comcast 2024 Annual Report on Form 10-K 36 Comcast 2024 Annual Report on Form 10-K 36 Table of Contents Table of Contents Table of Contents Connectivity & Platforms — Supplemental Costs and Expenses Information Connectivity & Platforms supplemental costs and expenses information in the table below is presented on an aggregate basis across the Connectivity & Platforms segments as the segments use certain shared infrastructure, including our network in the United States. Costs and expenses information reported separately for the Residential Connectivity & Platforms and Business Services Connectivity segments includes each segment’s direct costs and an allocation of shared costs. 2023 to 2024(in millions)20242023ChangeConstant Currency Change(g)Costs and ExpensesProgramming(a)$16,881 $18,067 (6.6)%(7.1)%Technical and support(b)7,617 7,416 2.7 2.3 Direct product costs(c)6,607 6,146 7.5 6.0 Marketing and promotion(d)4,772 4,720 1.1 0.6 Customer service(e)2,732 2,783 (1.9)(2.3)Other(f)9,828 9,830 — (0.6)Total Connectivity & Platforms costs and expenses$48,438 $48,962 (1.1)%(1.7)%", "prior_body": "Constant Currency Change(a) (a)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measure’ section on page 47 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts. Average monthly total revenue per customer relationship is impacted by rate adjustments and changes in the types and levels of services received by our residential and business customers, as well as changes in advertising and other revenue and in foreign currency exchange rates. While revenue from our individual service offerings is also impacted by changes in the allocation of revenue among services sold in a bundle, the allocation does not impact average monthly total revenue per customer relationship. Each of our services has a different contribution to Adjusted EBITDA margin. We use average monthly Adjusted EBITDA per customer relationship to evaluate the profitability of our customer base across our service offerings. We believe both metrics are useful to understand the trends in our business, and average monthly Adjusted EBITDA per customer relationship is useful particularly as we continue to focus on growing our higher-margin businesses. Comcast 2023 Annual Report on Form 10-K38 Comcast 2023 Annual Report on Form 10-K38 Comcast 2023 Annual Report on Form 10-K38 38 Comcast 2023 Annual Report on Form 10-K38 Comcast 2023 Annual Report on Form 10-K38 38 Comcast 2023 Annual Report on Form 10-K38 38 38 Table of Contents Table of Contents Table of Contents Connectivity & Platforms — Supplemental Costs and Expenses Information Connectivity & Platforms supplemental costs and expenses information in the table below is presented on an aggregate basis across the Connectivity & Platforms segments as the segments use certain shared infrastructure, including our HFC network in the United States. Costs and expenses information reported separately for the Residential Connectivity & Platforms and Business Services Connectivity segments include each segment’s direct costs and an allocation of shared costs. 2022 to 20232021 to 2022(in millions)202320222021ChangeConstant Currency Change(g)ChangeConstant Currency Change(g)Costs and ExpensesProgramming(a)$18,067 $18,500 $20,542 (2.3)%(2.5)%(9.9)%(7.0)%Technical and support(b)7,416 7,721 7,682 (3.9)(4.1)0.5 2.4 Direct product costs(c)6,146 5,598 4,901 9.8 9.4 14.2 21.0 Marketing and promotion(d)4,720 5,101 5,180 (7.5)(7.7)(1.5)1.0 Customer service(e)2,783 2,870 3,018 (3.0)(3.1)(4.9)(2.7)Other(f)9,830 10,244 9,557 (4.0)(4.3)7.2 10.2 Total Connectivity & Platforms costs and expenses$48,962 $50,033 $50,880 (2.1)%(2.3)%(1.7)%1.4 %" }, { "status": "MODIFIED", "current_title": "RevenueAdjusted EBITDA", "prior_title": "RevenueAdjusted EBITDA", "similarity_score": 0.703, "confidence": "medium", "key_changes": [ "Reworded sentence: \"Comcast 2024 Annual Report on Form 10-K30 Comcast 2024 Annual Report on Form 10-K30 Comcast 2024 Annual Report on Form 10-K30 Comcast 2024 Annual Report on Form 10-K 30 Comcast 2024 Annual Report on Form 10-K30 Comcast 2024 Annual Report on Form 10-K30 Comcast 2024 Annual Report on Form 10-K 30 Comcast 2024 Annual Report on Form 10-K30 Comcast 2024 Annual Report on Form 10-K 30 Comcast 2024 Annual Report on Form 10-K 30 Table of Contents2024 DevelopmentsConnectivity & Platforms(a)Content & Experiences(a)(b)(a) Revenue and Adjusted EBITDA charts are not presented on the same scale.(b) Segment details in the charts exclude the results of Content & Experiences Headquarters and Other and Eliminations and therefore the amounts do not equal the total.Residential Connectivity & PlatformsMedia•Revenue remained consistent due to decreases in video and other revenue, offset by increases in domestic broadband, domestic wireless, international connectivity and advertising revenue.•Adjusted EBITDA increased primarily due to a decrease in programming expenses, while revenue remained consistent.\"" ], "current_body": "(a)Charts exclude the results of Content & Experiences Headquarters and Other, Corporate and Other, and eliminations. Refer to our Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information. Comcast 2024 Annual Report on Form 10-K30 Comcast 2024 Annual Report on Form 10-K30 Comcast 2024 Annual Report on Form 10-K30 Comcast 2024 Annual Report on Form 10-K 30 Comcast 2024 Annual Report on Form 10-K30 Comcast 2024 Annual Report on Form 10-K30 Comcast 2024 Annual Report on Form 10-K 30 Comcast 2024 Annual Report on Form 10-K30 Comcast 2024 Annual Report on Form 10-K 30 Comcast 2024 Annual Report on Form 10-K 30 Table of Contents2024 DevelopmentsConnectivity & Platforms(a)Content & Experiences(a)(b)(a) Revenue and Adjusted EBITDA charts are not presented on the same scale.(b) Segment details in the charts exclude the results of Content & Experiences Headquarters and Other and Eliminations and therefore the amounts do not equal the total.Residential Connectivity & PlatformsMedia•Revenue remained consistent due to decreases in video and other revenue, offset by increases in domestic broadband, domestic wireless, international connectivity and advertising revenue.•Adjusted EBITDA increased primarily due to a decrease in programming expenses, while revenue remained consistent. •Adjusted EBITDA margin increased from 37.5% to 38.2%.Business Services Connectivity•Revenue increased due to an increase in revenue from enterprise solutions offerings and small business customers.•Adjusted EBITDA increased due to an increase in revenue, partially offset by increased costs and expenses.•Adjusted EBITDA margin decreased from 57.2% to 56.7%.Customer Metrics•Total customer relationships decreased by 527,000 to 51.6 million.•Domestic broadband customers decreased by 411,000 to 31.8 million.•Domestic wireless lines increased by 1.2 million to 7.8 million.•Domestic video customers decreased by 1.6 million to 12.5 million.•Domestic homes and businesses passed increased by 1.2 million to 63.7 million.Capital Expenditures•Total Connectivity & Platforms capital expenditures remained consistent at $8.3 billion, reflecting increased spending on line extensions and support capital, offset by decreased spending on customer premise equipment and scalable infrastructure.•Revenue increased primarily due to the impact of the Paris Olympics in 2024. Excluding $1.9 billion of incremental revenue associated with this event, revenue increased due to increases in domestic distribution and international networks revenue.•Adjusted EBITDA increased primarily due to an increase in revenue, partially offset by an increase in programming and production costs driven by the Paris Olympics.•Peacock generated revenue and costs and expenses of $4.9 billion and $6.7 billion in 2024, respectively, including the Paris Olympics, compared to $3.4 billion and $6.1 billion in 2023, respectively. Paid subscribers increased by 5 million to 36 million in 2024.Studios•Revenue decreased primarily due to decreases in theatrical and content licensing revenue. 2023 included the impact of the Writers Guild and SAG work stoppages.•Adjusted EBITDA increased due to a decrease in costs and expenses driven by programming and production, partially offset by a decrease in revenue.Theme Parks•Revenue decreased due to decreases in revenue at our domestic theme parks, as well as the negative impact of foreign currency at our international theme parks.•Adjusted EBITDA decreased due to a decrease in revenue and an increase in costs and expenses.•Capital expenditures continues to reflect significant spending for the development of Epic Universe in Orlando.31Comcast 2024 Annual Report on Form 10-K Table of Contents Table of Contents", "prior_body": "(a)Charts exclude the results of Content & Experiences Headquarters and Other, Corporate and Other, and eliminations. Refer to our Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information. Comcast 2023 Annual Report on Form 10-K32 Comcast 2023 Annual Report on Form 10-K32 Comcast 2023 Annual Report on Form 10-K32 32 Comcast 2023 Annual Report on Form 10-K32 Comcast 2023 Annual Report on Form 10-K32 32 Comcast 2023 Annual Report on Form 10-K32 32 32 Table of Contents2023 DevelopmentsConnectivity & Platforms(a)Content & Experiences(a)(b)(a) Revenue and Adjusted EBITDA charts are not presented on the same scale.(b) Segment details in the charts exclude the results of Content & Experiences Headquarters and Other and Eliminations and therefore the amounts do not equal the total.Residential Connectivity & PlatformsMedia•Revenue remained consistent with the prior year due to decreases in video, advertising and other revenue, offset by increases in domestic broadband, international connectivity and domestic wireless revenue.•Adjusted EBITDA increased primarily due to decreases in other expenses and programming expenses.•Adjusted EBITDA margin increased from 36.1% to 37.5%.Business Services Connectivity•Revenue increased due to increases in revenue from small business, medium-sized and enterprise customers.•Adjusted EBITDA increased due to an increase in revenue, partially offset by increased costs and expenses.•Adjusted EBITDA margin was consistent at 57.2%.Customer Metrics•Total customer relationships decreased by 288,000 to 52.1 million.•Domestic broadband customers decreased by 66,000 to 32.3 million.•Domestic wireless lines increased by 1.3 million to 6.6 million.•Domestic video customers decreased by 2.0 million to 14.1 million.•Revenue decreased primarily due to the impact of our broadcasts of the Beijing Olympics, Super Bowl and FIFA World Cup in 2022. Excluding $1.7 billion of revenue associated with these events, revenue increased due to increases in domestic distribution and international networks revenue, partially offset by decreases in domestic advertising and other revenue.•Adjusted EBITDA decreased primarily due to a decrease in revenue, which was partially offset by a decrease in programming and production costs driven by events in 2022 and higher Peacock programming costs in 2023.•Peacock generated revenue and costs and expenses of $3.4 billion and $6.1 billion in 2023, respectively, compared to $2.1 billion and $4.6 billion in 2022, respectively. Paid subscribers increased by 10 million to 31 million in 2023.Studios•Revenue decreased due to a decrease in content licensing revenue primarily driven by the Writers Guild and SAG work stoppages in 2023, partially offset by an increase in theatrical revenue.•Adjusted EBITDA increased due to decreases in programming and production and marketing and promotion expenses, partially offset by a decrease in revenue.33Comcast 2023 Annual Report on Form 10-K Table of Contents Table of Contents" }, { "status": "MODIFIED", "current_title": "Changes in consumer behavior continue to adversely affect our businesses and challenge existing business models.", "prior_title": "Changes in consumer behavior continue to adversely affect our businesses and challenge existing business models.", "similarity_score": 0.693, "confidence": "medium", "key_changes": [ "Reworded sentence: \"Distribution platforms for viewing and purchasing content continue to challenge existing business models, increase the number of competitors that our businesses face, and have driven, and will continue to drive, changes in consumer behavior as consumers seek control over when, where and how they consume content and access communications services, and how much or for how long they pay for such content.\"" ], "current_body": "Distribution platforms for viewing and purchasing content continue to challenge existing business models, increase the number of competitors that our businesses face, and have driven, and will continue to drive, changes in consumer behavior as consumers seek control over when, where and how they consume content and access communications services, and how much or for how long they pay for such content. Comcast 2024 Annual Report on Form 10-K18 Comcast 2024 Annual Report on Form 10-K18 Comcast 2024 Annual Report on Form 10-K18 Comcast 2024 Annual Report on Form 10-K 18 Comcast 2024 Annual Report on Form 10-K18 Comcast 2024 Annual Report on Form 10-K18 Comcast 2024 Annual Report on Form 10-K 18 Comcast 2024 Annual Report on Form 10-K18 Comcast 2024 Annual Report on Form 10-K 18 Comcast 2024 Annual Report on Form 10-K 18 Table of Contents Table of Contents Table of Contents The number of entertainment choices available to consumers, including DTC streaming service providers and aggregators, social networking and user-generated content platforms, and gaming and virtual reality products and services, continue to increase, intensify audience fragmentation and disaggregate how content traditionally has been distributed to and viewed by consumers. The continuing trend of content owners, including us with Peacock, delivering their content directly to consumers, rather than through, or in addition to, traditional video distribution channels also disrupts traditional media distribution business models. As consumers increasingly turn to DTC streaming services in lieu of linear video services, which continue to experience accelerated net customer losses, our video customers and video revenues, and linear television network subscriber fees received from video service providers, each decrease. In addition to reducing traditional television viewership, these trends when coupled with time-shifting technologies, such as DVR and on demand services, have caused, and likely will continue to cause, audience ratings declines for our television networks. Shifting content consumption patterns also may result in lower demand for home entertainment products or theatrical attendance. While we have adapted some of our video and content offerings to compete in the evolving media distribution landscape, such as by offering Peacock and NOW, there also can be no assurance that we will be able to successfully compete or that Peacock will grow or sustain its revenue or user base, successfully compete as a stand-alone DTC streaming service or fully offset decreases to our linear television networks’ results of operations. Our failure to effectively anticipate or adapt to emerging competitors or changes in consumer behavior, including among younger consumers, and shifting business models could have an adverse effect on our competitive position, businesses and results of operations.", "prior_body": "Distribution platforms for viewing and purchasing content have been, and will likely continue to be, developed that further challenge existing business models and increase the number of competitors that our businesses face. DTC streaming and other OTT services have driven, and will continue to drive, changes in consumer behavior as consumers seek more control over when, where and how they consume content and access communications services, and how much they pay for such content. Comcast 2023 Annual Report on Form 10-K20 Comcast 2023 Annual Report on Form 10-K20 Comcast 2023 Annual Report on Form 10-K20 20 Comcast 2023 Annual Report on Form 10-K20 Comcast 2023 Annual Report on Form 10-K20 20 Comcast 2023 Annual Report on Form 10-K20 20 20 Table of Contents Table of Contents Table of Contents As consumers increasingly turn to DTC streaming and other OTT services in lieu of our linear video services, which continue to experience accelerated net customer losses, the number of video customers we have, the related video revenues and the amount of subscriber fees we receive for our linear television networks from other video service providers each decrease. The continuing trend of content owners delivering their content directly to consumers, rather than through, or in addition to, traditional video distribution channels, continues to disrupt traditional media distribution business models despite our efforts to adapt our video service offerings and offer new services, such as Peacock and NOW. The number of entertainment choices available to consumers, such as DTC streaming and other OTT service providers and aggregators, social networking and user-generated content platforms, and gaming and virtual reality products and services, continue to significantly increase, intensify audience fragmentation and disaggregate the way that content traditionally has been distributed and viewed by consumers. This in turn has reduced traditional television viewership, and when coupled with time-shifting technologies, such as DVR and on demand services, has caused, and likely will continue to cause, audience ratings declines for our television networks. In addition, as more content owners offer their content directly to consumers through their own platforms, they may reduce the quantity and quality of the content they license to our linear television networks or Peacock. On the other hand, this practice may also negatively impact our results of operations when we keep our content for our own use, including for Peacock, rather than licensing it to third parties who pay us licensing fees for such content. Our failure to effectively anticipate or adapt to emerging competitors or changes in consumer behavior, including among younger consumers, and shifting business models could have an adverse effect on our competitive position, businesses and results of operations." }, { "status": "MODIFIED", "current_title": "Consolidated Income Tax Expense", "prior_title": "Consolidated Income Tax Expense", "similarity_score": 0.684, "confidence": "medium", "key_changes": [ "Reworded sentence: \"Our effective income tax rate in 2024 and 2023 was 15.0% and 26.2%, respectively.\"" ], "current_body": "Our effective income tax rate in 2024 and 2023 was 15.0% and 26.2%, respectively. The decrease in income tax expense in 2024 was primarily driven by a tax benefit from an internal corporate reorganization completed in 2024, as well as lower domestic income before income taxes. See Note 5 for additional information on our income taxes.", "prior_body": "Our effective income tax rate in 2023 and 2022 was 26.2% and 47.0%, respectively. Our effective income tax rate for 2022 was impacted by the goodwill impairment, which was primarily not deductible for tax purposes. See Note 5 for additional information on our effective income tax rate. The increase in income tax expense in 2023 was primarily driven by higher income before income taxes and the effect of a change in our net deferred tax liabilities as a result of the enactment of state tax law changes, which resulted in a $286 million benefit in the prior year." }, { "status": "MODIFIED", "current_title": "Consolidated Costs and Expenses", "prior_title": "Consolidated Costs and Expenses", "similarity_score": 0.664, "confidence": "medium", "key_changes": [ "Reworded sentence: \"The following graph illustrates the contributions to the change in consolidated costs and expenses, excluding depreciation expense and amortization expense, made by our Connectivity & Platforms and Content & Experiences businesses, as well as by Corporate and Other activities, including adjustments and eliminations.\"", "Reworded sentence: \"Costs and expenses for our segments and our corporate operations and other businesses are discussed separately below under the heading “Segment Operating Results.” Consolidated depreciation and amortization expense increased in 2024 compared to 2023 primarily due to increased amortization of certain acquisition-related intangible assets related to the linear media business, partially offset by a decrease in depreciation of our international property and equipment and a decrease in the amortization of software.\"", "Reworded sentence: \"33Comcast 2024 Annual Report on Form 10-K 33Comcast 2024 Annual Report on Form 10-K 33Comcast 2024 Annual Report on Form 10-K 33 Comcast 2024 Annual Report on Form 10-K 33Comcast 2024 Annual Report on Form 10-K 33Comcast 2024 Annual Report on Form 10-K 33 Comcast 2024 Annual Report on Form 10-K 33Comcast 2024 Annual Report on Form 10-K 33 Comcast 2024 Annual Report on Form 10-K 33 Comcast 2024 Annual Report on Form 10-K Table of Contents Table of Contents Table of Contents Consolidated interest expense increased in 2024 compared to 2023 primarily due to an increase in average debt outstanding and higher weighted-average interest rates in the current year, partially offset by interest expense in the prior year associated with a collateralized obligation that was repaid in the fourth quarter of 2023.\"" ], "current_body": "The following graph illustrates the contributions to the change in consolidated costs and expenses, excluding depreciation expense and amortization expense, made by our Connectivity & Platforms and Content & Experiences businesses, as well as by Corporate and Other activities, including adjustments and eliminations. (a) Graph is presented using a truncated scale. Costs and expenses for our segments and our corporate operations and other businesses are discussed separately below under the heading “Segment Operating Results.” Consolidated depreciation and amortization expense increased in 2024 compared to 2023 primarily due to increased amortization of certain acquisition-related intangible assets related to the linear media business, partially offset by a decrease in depreciation of our international property and equipment and a decrease in the amortization of software. Amortization expense from acquisition-related intangible assets totaled $2.7 billion and $2.3 billion in 2024 and 2023, respectively. Amounts primarily relate to customer relationship intangible assets recorded in connection with the Sky transaction in 2018 and the NBCUniversal transaction in 2011. 33Comcast 2024 Annual Report on Form 10-K 33Comcast 2024 Annual Report on Form 10-K 33Comcast 2024 Annual Report on Form 10-K 33 Comcast 2024 Annual Report on Form 10-K 33Comcast 2024 Annual Report on Form 10-K 33Comcast 2024 Annual Report on Form 10-K 33 Comcast 2024 Annual Report on Form 10-K 33Comcast 2024 Annual Report on Form 10-K 33 Comcast 2024 Annual Report on Form 10-K 33 Comcast 2024 Annual Report on Form 10-K Table of Contents Table of Contents Table of Contents Consolidated interest expense increased in 2024 compared to 2023 primarily due to an increase in average debt outstanding and higher weighted-average interest rates in the current year, partially offset by interest expense in the prior year associated with a collateralized obligation that was repaid in the fourth quarter of 2023. Consolidated investment and other income (loss), net increased in 2024 compared to 2023. Year ended December 31 (in millions)20242023Equity in net income (losses) of investees, net$(680)$789 Realized and unrealized gains (losses) on equity securities, net(313)(130)Other income (loss), net502 592 Total investment and other income (loss), net$(490)$1,252 The change in equity in net income (losses) of investees, net in 2024 compared to 2023 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 $(474) million and $1.1 billion in 2024 and 2023, respectively. The change in realized and unrealized gains (losses) on equity securities, net in 2024 compared to 2023 was primarily due to higher losses on nonmarketable securities in the current year. The change in other income (loss), net in 2024 compared to 2023 primarily resulted from foreign exchange remeasurement.", "prior_body": "The following graph illustrates the contributions to the change in consolidated costs and expenses, excluding depreciation expense, amortization expense, and goodwill and long-lived asset impairments, made by our Connectivity & Platforms and Content & Experiences businesses, as well as by Corporate and Other activities, including adjustments and eliminations. (a) Graph is presented using a truncated scale. Costs and expenses for our segments and our corporate operations and other businesses are discussed separately below under the heading “Segment Operating Results.” Consolidated depreciation and amortization expense increased in 2023 compared to 2022 primarily due to increases in the amortization of software and theme park depreciation. Amortization expense from acquisition-related intangible assets totaled $2.3 billion and $2.2 billion in 2023 and 2022, respectively. Amounts primarily relate to customer relationship intangible assets recorded in connection with the Sky transaction in 2018 and the NBCUniversal transaction in 2011. 35Comcast 2023 Annual Report on Form 10-K 35Comcast 2023 Annual Report on Form 10-K 35Comcast 2023 Annual Report on Form 10-K 35 35Comcast 2023 Annual Report on Form 10-K 35Comcast 2023 Annual Report on Form 10-K 35 35Comcast 2023 Annual Report on Form 10-K 35 35 Table of Contents Table of Contents Table of Contents Consolidated goodwill and long-lived asset impairments included charges related to Sky totaling $8.6 billion in 2022 recognized in connection with our annual impairment assessment. The impairments primarily reflected an increased discount rate and reduced estimated future cash flows as a result of macroeconomic conditions. See “Critical Accounting Estimates” and Note 10 for further discussion. Consolidated interest expense increased in 2023 compared to 2022 primarily due to an increase in average debt outstanding and higher weighted-average interest rates, partially offset by increased capitalized interest. Consolidated investment and other income (loss), net increased in 2023 compared to 2022. Year ended December 31 (in millions)202320222021Equity in net income (losses) of investees, net$789 $(537)$2,006 Realized and unrealized gains (losses) on equity securities, net(130)(320)339 Other income (loss), net592 (3)211 Total investment and other income (loss), net$1,252 $(861)$2,557 The change in equity in net income (losses) of investees, net in 2023 compared to 2022 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 $1.1 billion and $(434) million in 2023 and 2022, respectively. The change in realized and unrealized gains (losses) on equity securities, net in 2023 compared to 2022 was primarily due to losses on marketable securities in the prior year, partially offset by losses on nonmarketable securities in the current year. The change in other income (loss), net in 2023 compared to 2022 primarily resulted from gains on foreign exchange remeasurement compared to losses in the prior year, gains on insurance contracts compared to losses in the prior year, and increased interest income." }, { "status": "MODIFIED", "current_title": "Adjusted EBITDA", "prior_title": "Adjusted EBITDA", "similarity_score": 0.663, "confidence": "medium", "key_changes": [ "Removed sentence: \"Percentage changes that are considered not meaningful are denoted with NM.\"", "Reworded sentence: \"We expect to continue to incur significant costs related to content and marketing at Peacock.\"", "Reworded sentence: \"The Writers Guild and the SAG work stoppages from May to September 2023 and July to November 2023, respectively, resulted in reduced content licensing revenue at our Studios segment and reduced programming and production costs at both our Studios and Media segments in 2023.\"" ], "current_body": "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 and our acquisition of NBA rights, which begin in 2025. Our Studios segment generates revenue primarily from third parties and from licensing content to our Media segment. While results of operations for our Studios segment are not impacted, results for our total Content & Experiences business may be impacted as the Studios segment licenses content to the Media segment, including for Peacock, rather than licensing the content to third parties. The Writers Guild and the SAG work stoppages from May to September 2023 and July to November 2023, respectively, resulted in reduced content licensing revenue at our Studios segment and reduced programming and production costs at both our Studios and Media segments in 2023. We continue to invest significantly in existing and new theme park attractions, hotels and infrastructure, including Epic Universe in Orlando, which we expect will open in May 2025, as well as in new destinations and experiences, which we believe will have a positive impact on attendance and guest spending at our theme parks. 39Comcast 2024 Annual Report on Form 10-K 39Comcast 2024 Annual Report on Form 10-K 39Comcast 2024 Annual Report on Form 10-K 39 Comcast 2024 Annual Report on Form 10-K 39Comcast 2024 Annual Report on Form 10-K 39Comcast 2024 Annual Report on Form 10-K 39 Comcast 2024 Annual Report on Form 10-K 39Comcast 2024 Annual Report on Form 10-K 39 Comcast 2024 Annual Report on Form 10-K 39 Comcast 2024 Annual Report on Form 10-K Table of Contents Table of Contents Table of Contents", "prior_body": "Percentage changes that are considered not meaningful are denoted with NM. 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 additional content and marketing at Peacock. Revenue and programming expenses are also impacted by the timing of certain sporting events, including the Olympics, Super Bowl and FIFA World Cup in 2022. 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. 41Comcast 2023 Annual Report on Form 10-K 41Comcast 2023 Annual Report on Form 10-K 41Comcast 2023 Annual Report on Form 10-K 41 41Comcast 2023 Annual Report on Form 10-K 41Comcast 2023 Annual Report on Form 10-K 41 41Comcast 2023 Annual Report on Form 10-K 41 41 Table of Contents Table of Contents Table of Contents Our Studios segment generates revenue primarily from third parties and from licensing content to our Media segment. While results of operations for our Studios segment are not impacted, results for our total Content & Experiences business may be impacted as the Studios segment licenses content to the Media segment, including for Peacock, rather than licensing the content to third parties. The Writers Guild of America and the SAG work stoppages from May to September 2023 and July to November 2023, respectively, paused productions, which primarily resulted in reduced content licensing revenue at our Studios segment and reduced programming and production costs at both our Studios and Media segments. We continue to invest significantly in existing and new theme park attractions, hotels and infrastructure, including Epic Universe in Orlando, as well as in new destinations and experiences, which we believe will have a positive impact on attendance and guest spending at our theme parks. Our results in prior periods were impacted by temporary restrictions and closures at our international theme parks due to COVID-19." }, { "status": "MODIFIED", "current_title": "Business Services Connectivity Segment Results of Operations", "prior_title": "Business Services Connectivity Segment Results of Operations", "similarity_score": 0.638, "confidence": "medium", "key_changes": [ "Reworded sentence: \"(in millions)20242023Change 2023 to 2024Revenue$9,701 $9,255 4.8 %Costs and expenses4,201 3,964 6.0 Adjusted EBITDA$5,500 $5,291 3.9 % Business services connectivity revenue primarily consists of revenue from our service offerings for small business locations in the United States, which include broadband, wireline voice and wireless services, as well as our enterprise solutions offerings, and our business connectivity service offerings in the United Kingdom.\"" ], "current_body": "(in millions)20242023Change 2023 to 2024Revenue$9,701 $9,255 4.8 %Costs and expenses4,201 3,964 6.0 Adjusted EBITDA$5,500 $5,291 3.9 % Business services connectivity revenue primarily consists of revenue from our service offerings for small business locations in the United States, which include broadband, wireline voice and wireless services, as well as our enterprise solutions offerings, and our business connectivity service offerings in the United Kingdom. Business services connectivity revenue increased in 2024 primarily due to an increase in revenue from enterprise solutions offerings and from higher rates from small business customers. Business services connectivity costs and expenses increased in 2024 primarily due to increases in direct product costs, marketing and promotion expenses, and technical and support expenses. Severance charges in 2024 were consistent compared to severance and other charges in 2023.", "prior_body": "(in millions)202320222021Change 2022 to 2023Change 2021 to 2022Revenue$9,255 $8,819 $8,056 4.9 %9.5 %Costs and expenses3,964 3,759 3,374 5.4 11.4 Adjusted EBITDA$5,291 $5,060 $4,682 4.6 %8.1 % Business services connectivity revenue primarily consists of revenue from our service offerings for small business locations in the United States, which include broadband, wireline voice and wireless services, as well as our service offerings for medium-sized customers and larger enterprises, and our small business connectivity service offerings in the United Kingdom. Business services connectivity revenue increased in 2023 primarily due to an increase in revenue from small business customers, driven by an increase in average rates, and an increase in revenue from medium-sized and enterprise customers. Business services connectivity revenue increased in 2022 primarily due to an increase in revenue from medium-sized and enterprise customers, primarily due to the acquisition of Masergy in October 2021, and an increase in revenue from small business customers, driven by an increase in average rates and customer relationships compared to 2021. Business services connectivity costs and expenses increased in 2023 primarily due to increases in direct product costs, higher severance in 2023 compared to 2022, increased spending on marketing and promotion, higher technical and support expenses, and higher customer service expenses. Business services connectivity costs and expenses increased in 2022 primarily due to an increase in direct product costs, an increase in technical and support expenses driven by the acquisition of Masergy in October 2021, and increased spending on marketing and promotion." }, { "status": "MODIFIED", "current_title": "Capital Expenditures", "prior_title": "Customer Metrics", "similarity_score": 0.598, "confidence": "low", "key_changes": [ "Reworded sentence: \"•Total Connectivity & Platforms capital expenditures remained consistent at $8.3 billion, reflecting increased spending on line extensions and support capital, offset by decreased spending on customer premise equipment and scalable infrastructure.\"" ], "current_body": "•Total Connectivity & Platforms capital expenditures remained consistent at $8.3 billion, reflecting increased spending on line extensions and support capital, offset by decreased spending on customer premise equipment and scalable infrastructure. •Revenue increased primarily due to the impact of the Paris Olympics in 2024. Excluding $1.9 billion of incremental revenue associated with this event, revenue increased due to increases in domestic distribution and international networks revenue. •Adjusted EBITDA increased primarily due to an increase in revenue, partially offset by an increase in programming and production costs driven by the Paris Olympics. •Peacock generated revenue and costs and expenses of $4.9 billion and $6.7 billion in 2024, respectively, including the Paris Olympics, compared to $3.4 billion and $6.1 billion in 2023, respectively. Paid subscribers increased by 5 million to 36 million in 2024. Studios •Revenue decreased primarily due to decreases in theatrical and content licensing revenue. 2023 included the impact of the Writers Guild and SAG work stoppages. •Adjusted EBITDA increased due to a decrease in costs and expenses driven by programming and production, partially offset by a decrease in revenue.", "prior_body": "•Total customer relationships decreased by 288,000 to 52.1 million. •Domestic broadband customers decreased by 66,000 to 32.3 million. •Domestic wireless lines increased by 1.3 million to 6.6 million. •Domestic video customers decreased by 2.0 million to 14.1 million. •Revenue decreased primarily due to the impact of our broadcasts of the Beijing Olympics, Super Bowl and FIFA World Cup in 2022. Excluding $1.7 billion of revenue associated with these events, revenue increased due to increases in domestic distribution and international networks revenue, partially offset by decreases in domestic advertising and other revenue. •Adjusted EBITDA decreased primarily due to a decrease in revenue, which was partially offset by a decrease in programming and production costs driven by events in 2022 and higher Peacock programming costs in 2023. •Peacock generated revenue and costs and expenses of $3.4 billion and $6.1 billion in 2023, respectively, compared to $2.1 billion and $4.6 billion in 2022, respectively. Paid subscribers increased by 10 million to 31 million in 2023. Studios •Revenue decreased due to a decrease in content licensing revenue primarily driven by the Writers Guild and SAG work stoppages in 2023, partially offset by an increase in theatrical revenue. •Adjusted EBITDA increased due to decreases in programming and production and marketing and promotion expenses, partially offset by a decrease in revenue. •Revenue remained consistent with the prior year due to decreases in video, advertising and other revenue, offset by increases in domestic broadband, international connectivity and domestic wireless revenue. •Adjusted EBITDA increased primarily due to decreases in other expenses and programming expenses. •Adjusted EBITDA margin increased from 36.1% to 37.5%." }, { "status": "MODIFIED", "current_title": "Consolidated Net Income (Loss) Attributable to Noncontrolling Interests", "prior_title": "Adjusted EBITDA(a)", "similarity_score": 0.576, "confidence": "low", "key_changes": [ "Reworded sentence: \"The changes in net income (loss) attributable to noncontrolling interests in 2024 compared to 2023 was primarily due to our regional sports networks.\"" ], "current_body": "The changes in net income (loss) attributable to noncontrolling interests in 2024 compared to 2023 was primarily due to our regional sports networks. Comcast 2024 Annual Report on Form 10-K34 Comcast 2024 Annual Report on Form 10-K34 Comcast 2024 Annual Report on Form 10-K34 Comcast 2024 Annual Report on Form 10-K 34 Comcast 2024 Annual Report on Form 10-K34 Comcast 2024 Annual Report on Form 10-K34 Comcast 2024 Annual Report on Form 10-K 34 Comcast 2024 Annual Report on Form 10-K34 Comcast 2024 Annual Report on Form 10-K 34 Comcast 2024 Annual Report on Form 10-K 34 Table of Contents Table of Contents Table of Contents", "prior_body": "Percentage changes that are considered not meaningful are denoted with NM. (a)Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 47 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA. Comcast 2023 Annual Report on Form 10-K34 Comcast 2023 Annual Report on Form 10-K34 Comcast 2023 Annual Report on Form 10-K34 34 Comcast 2023 Annual Report on Form 10-K34 Comcast 2023 Annual Report on Form 10-K34 34 Comcast 2023 Annual Report on Form 10-K34 34 34 Table of Contents Table of Contents Table of Contents" }, { "status": "MODIFIED", "current_title": "Connectivity & Platforms Overview", "prior_title": "Connectivity & Platforms Overview", "similarity_score": 0.571, "confidence": "low", "key_changes": [ "Reworded sentence: \"2023 to 2024Year ended December 31 (in millions)20242023ChangeConstant Currency Change(b)RevenueResidential Connectivity & Platforms$71,574 $71,946 (0.5)%(1.0)%Business Services Connectivity9,701 9,255 4.8 4.8 Total Connectivity & Platforms revenue$81,275 $81,201 0.1 %(0.3)%Adjusted EBITDAResidential Connectivity & Platforms$27,338 $26,948 1.4 %1.2 %Business Services Connectivity5,500 5,291 3.9 4.0 Total Connectivity & Platforms Adjusted EBITDA$32,838 $32,239 1.9 %1.7 %Adjusted EBITDA Margin(a)Residential Connectivity & Platforms38.2 %37.5 %70 bps80 bpsBusiness Services Connectivity56.7 57.2 (50) bps(50) bpsTotal Connectivity & Platforms Adjusted EBITDA margin40.4 %39.7 %70 bps80 bps\"" ], "current_body": "2023 to 2024Year ended December 31 (in millions)20242023ChangeConstant Currency Change(b)RevenueResidential Connectivity & Platforms$71,574 $71,946 (0.5)%(1.0)%Business Services Connectivity9,701 9,255 4.8 4.8 Total Connectivity & Platforms revenue$81,275 $81,201 0.1 %(0.3)%Adjusted EBITDAResidential Connectivity & Platforms$27,338 $26,948 1.4 %1.2 %Business Services Connectivity5,500 5,291 3.9 4.0 Total Connectivity & Platforms Adjusted EBITDA$32,838 $32,239 1.9 %1.7 %Adjusted EBITDA Margin(a)Residential Connectivity & Platforms38.2 %37.5 %70 bps80 bpsBusiness Services Connectivity56.7 57.2 (50) bps(50) bpsTotal Connectivity & Platforms Adjusted EBITDA margin40.4 %39.7 %70 bps80 bps", "prior_body": "2022 to 20232021 to 2022Year ended December 31 (in millions)202320222021ChangeConstant Currency Change(b)ChangeConstant Currency Change(b)RevenueResidential Connectivity & Platforms$71,946 $72,386 $72,694 (0.6)%(0.7)%(0.4)%2.0 %Business Services Connectivity9,255 8,819 8,056 4.9 4.9 9.5 9.5 Total Connectivity & Platforms revenue$81,201 $81,205 $80,750 — %(0.1)%0.6 %2.7 %Adjusted EBITDAResidential Connectivity & Platforms$26,948 $26,111 $25,188 3.2 %3.3 %3.7 %4.4 %Business Services Connectivity5,291 5,060 4,682 4.6 4.6 8.1 8.0 Total Connectivity & Platforms Adjusted EBITDA$32,239 $31,171 $29,871 3.4 %3.5 %4.4 %5.0 %Adjusted EBITDA Margin(a)Residential Connectivity & Platforms37.5 %36.1 %34.6 %140 bps150 bps150 bps90 bpsBusiness Services Connectivity57.2 57.4 58.1 (20) bps(20) bps(70) bps(80) bpsTotal Connectivity & Platforms Adjusted EBITDA margin39.7 %38.4 %37.0 %130 bps140 bps140 bps80 bps" }, { "status": "MODIFIED", "current_title": "Theme Parks", "prior_title": "Theme Parks", "similarity_score": 0.564, "confidence": "low", "key_changes": [ "Reworded sentence: \"•Revenue decreased due to decreases in revenue at our domestic theme parks, as well as the negative impact of foreign currency at our international theme parks.\"" ], "current_body": "•Revenue decreased due to decreases in revenue at our domestic theme parks, as well as the negative impact of foreign currency at our international theme parks. •Adjusted EBITDA decreased due to a decrease in revenue and an increase in costs and expenses. •Capital expenditures continues to reflect significant spending for the development of Epic Universe in Orlando. •Revenue remained consistent due to decreases in video and other revenue, offset by increases in domestic broadband, domestic wireless, international connectivity and advertising revenue. •Adjusted EBITDA increased primarily due to a decrease in programming expenses, while revenue remained consistent. •Adjusted EBITDA margin increased from 37.5% to 38.2%.", "prior_body": "•Revenue increased due to increases in revenue at our international theme parks and our theme park in Hollywood, partially offset by a decrease in revenue at our theme park in Orlando. •Adjusted EBITDA increased due to an increase in revenue, partially offset by an increase in costs and expenses driven by increased guest attendance. •Capital expenditures increased related to the development of Epic Universe in Orlando." }, { "status": "MODIFIED", "current_title": "Capital Expenditures", "prior_title": "Customer Metrics", "similarity_score": 0.551, "confidence": "low", "key_changes": [ "Reworded sentence: \"•Total Connectivity & Platforms capital expenditures remained consistent at $8.3 billion, reflecting increased spending on line extensions and support capital, offset by decreased spending on customer premise equipment and scalable infrastructure.\"" ], "current_body": "•Total Connectivity & Platforms capital expenditures remained consistent at $8.3 billion, reflecting increased spending on line extensions and support capital, offset by decreased spending on customer premise equipment and scalable infrastructure. •Revenue increased primarily due to the impact of the Paris Olympics in 2024. Excluding $1.9 billion of incremental revenue associated with this event, revenue increased due to increases in domestic distribution and international networks revenue. •Adjusted EBITDA increased primarily due to an increase in revenue, partially offset by an increase in programming and production costs driven by the Paris Olympics. •Peacock generated revenue and costs and expenses of $4.9 billion and $6.7 billion in 2024, respectively, including the Paris Olympics, compared to $3.4 billion and $6.1 billion in 2023, respectively. Paid subscribers increased by 5 million to 36 million in 2024. Studios •Revenue decreased primarily due to decreases in theatrical and content licensing revenue. 2023 included the impact of the Writers Guild and SAG work stoppages. •Adjusted EBITDA increased due to a decrease in costs and expenses driven by programming and production, partially offset by a decrease in revenue.", "prior_body": "•Total customer relationships decreased by 288,000 to 52.1 million. •Domestic broadband customers decreased by 66,000 to 32.3 million. •Domestic wireless lines increased by 1.3 million to 6.6 million. •Domestic video customers decreased by 2.0 million to 14.1 million. •Revenue decreased primarily due to the impact of our broadcasts of the Beijing Olympics, Super Bowl and FIFA World Cup in 2022. Excluding $1.7 billion of revenue associated with these events, revenue increased due to increases in domestic distribution and international networks revenue, partially offset by decreases in domestic advertising and other revenue. •Adjusted EBITDA decreased primarily due to a decrease in revenue, which was partially offset by a decrease in programming and production costs driven by events in 2022 and higher Peacock programming costs in 2023. •Peacock generated revenue and costs and expenses of $3.4 billion and $6.1 billion in 2023, respectively, compared to $2.1 billion and $4.6 billion in 2022, respectively. Paid subscribers increased by 10 million to 31 million in 2023. Studios •Revenue decreased due to a decrease in content licensing revenue primarily driven by the Writers Guild and SAG work stoppages in 2023, partially offset by an increase in theatrical revenue. •Adjusted EBITDA increased due to decreases in programming and production and marketing and promotion expenses, partially offset by a decrease in revenue. 33Comcast 2023 Annual Report on Form 10-K 33Comcast 2023 Annual Report on Form 10-K 33Comcast 2023 Annual Report on Form 10-K 33 Table of Contents Table of Contents Table of Contents" }, { "status": "MODIFIED", "current_title": "Capital Expenditures", "prior_title": "Customer Metrics", "similarity_score": 0.544, "confidence": "low", "key_changes": [ "Reworded sentence: \"•Total Connectivity & Platforms capital expenditures remained consistent at $8.3 billion, reflecting increased spending on line extensions and support capital, offset by decreased spending on customer premise equipment and scalable infrastructure.\"" ], "current_body": "•Total Connectivity & Platforms capital expenditures remained consistent at $8.3 billion, reflecting increased spending on line extensions and support capital, offset by decreased spending on customer premise equipment and scalable infrastructure. •Revenue increased primarily due to the impact of the Paris Olympics in 2024. Excluding $1.9 billion of incremental revenue associated with this event, revenue increased due to increases in domestic distribution and international networks revenue. •Adjusted EBITDA increased primarily due to an increase in revenue, partially offset by an increase in programming and production costs driven by the Paris Olympics. •Peacock generated revenue and costs and expenses of $4.9 billion and $6.7 billion in 2024, respectively, including the Paris Olympics, compared to $3.4 billion and $6.1 billion in 2023, respectively. Paid subscribers increased by 5 million to 36 million in 2024. Studios •Revenue decreased primarily due to decreases in theatrical and content licensing revenue. 2023 included the impact of the Writers Guild and SAG work stoppages. •Adjusted EBITDA increased due to a decrease in costs and expenses driven by programming and production, partially offset by a decrease in revenue.", "prior_body": "•Total customer relationships decreased by 288,000 to 52.1 million. •Domestic broadband customers decreased by 66,000 to 32.3 million. •Domestic wireless lines increased by 1.3 million to 6.6 million. •Domestic video customers decreased by 2.0 million to 14.1 million. •Revenue decreased primarily due to the impact of our broadcasts of the Beijing Olympics, Super Bowl and FIFA World Cup in 2022. Excluding $1.7 billion of revenue associated with these events, revenue increased due to increases in domestic distribution and international networks revenue, partially offset by decreases in domestic advertising and other revenue. •Adjusted EBITDA decreased primarily due to a decrease in revenue, which was partially offset by a decrease in programming and production costs driven by events in 2022 and higher Peacock programming costs in 2023. •Peacock generated revenue and costs and expenses of $3.4 billion and $6.1 billion in 2023, respectively, compared to $2.1 billion and $4.6 billion in 2022, respectively. Paid subscribers increased by 10 million to 31 million in 2023. Studios •Revenue decreased due to a decrease in content licensing revenue primarily driven by the Writers Guild and SAG work stoppages in 2023, partially offset by an increase in theatrical revenue. •Adjusted EBITDA increased due to decreases in programming and production and marketing and promotion expenses, partially offset by a decrease in revenue. 33Comcast 2023 Annual Report on Form 10-K 33Comcast 2023 Annual Report on Form 10-K 33Comcast 2023 Annual Report on Form 10-K 33 33Comcast 2023 Annual Report on Form 10-K 33Comcast 2023 Annual Report on Form 10-K 33 33Comcast 2023 Annual Report on Form 10-K 33 33 Table of ContentsCapital Expenditures•Total Connectivity & Platforms capital expenditures increased 1.5% to $8.2 billion, reflecting increased spending on line extensions and scalable infrastructure, partially offset by decreased spending on customer premise equipment and support capital.Theme Parks•Revenue increased due to increases in revenue at our international theme parks and our theme park in Hollywood, partially offset by a decrease in revenue at our theme park in Orlando.•Adjusted EBITDA increased due to an increase in revenue, partially offset by an increase in costs and expenses driven by increased guest attendance.•Capital expenditures increased related to the development of Epic Universe in Orlando.Other•Repurchased a total of 262 million shares of our Class A common stock for $11.0 billion in 2023 compared to a total of 332 million shares of our Class A common stock for $13.0 billion in 2022. Raised our dividend by $0.08 to $1.16 per share on an annualized basis in January 2023 and paid $4.8 billion of dividends in 2023.•Exercised the put right to sell our 33% interest in Hulu in the fourth quarter of 2023 and received $8.6 billion of net pre-tax proceeds relating to the minimum equity value, net of capital calls. A portion of these proceeds was used to repay our $5.2 billion collateralized obligation. Additional proceeds for any excess of the fair value of our interest over the minimum equity value will be due following the final determination of Hulu’s fair value pursuant to a third-party appraisal process. See Note 8.Consolidated Operating ResultsYear ended December 31 (in millions, except per share data)202320222021Change 2022 to 2023Change 2021 to 2022Revenue$121,572 $121,427 $116,385 0.1 %4.3 %Costs and Expenses:Programming and production36,762 38,213 38,450 (3.8)(0.6)Marketing and promotion7,971 8,506 7,695 (6.3)10.5 Other operating and administrative39,190 38,263 35,619 2.4 7.4 Depreciation8,854 8,724 8,628 1.5 1.1 Amortization5,482 5,097 5,176 7.5 (1.5)Goodwill and long-lived assets impairments— 8,583 — NMNMTotal costs and expenses98,258 107,385 95,568 (8.5)12.4 Operating income23,314 14,041 20,817 66.0 (32.5)Interest expense(4,087)(3,896)(4,281)4.9 (9.0)Investment and other income (loss), net1,252 (861)2,557 NMNMIncome before income taxes20,478 9,284 19,093 120.6 (51.4)Income tax expense(5,371)(4,359)(5,259)23.2 (17.1)Net income15,107 4,925 13,833 NM(64.4)Less: Net income (loss) attributable to noncontrolling interests(282)(445)(325)(36.8)36.9Net income attributable to Comcast Corporation$15,388 $5,370 $14,159 186.5 %(62.1)%Basic earnings per common share attributable to Comcast Corporation shareholders$3.73 $1.22 $3.09 NM(60.5)%Diluted earnings per common share attributable to Comcast Corporation shareholders$3.71 $1.21 $3.04 NM(60.2)%Weighted-average number of common shares outstanding - basic4,1224,4064,584(6.4)%(3.9)%Weighted average number of common shares outstanding - diluted4,1484,4304,654(6.4)%(4.8)%Adjusted EBITDA(a)$37,633 $36,459 $34,708 3.2 %5.0 %Percentage changes that are considered not meaningful are denoted with NM.(a)Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 47 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA.Comcast 2023 Annual Report on Form 10-K34 Table of Contents Table of Contents Capital Expenditures•Total Connectivity & Platforms capital expenditures increased 1.5% to $8.2 billion, reflecting increased spending on line extensions and scalable infrastructure, partially offset by decreased spending on customer premise equipment and support capital.Theme Parks•Revenue increased due to increases in revenue at our international theme parks and our theme park in Hollywood, partially offset by a decrease in revenue at our theme park in Orlando.•Adjusted EBITDA increased due to an increase in revenue, partially offset by an increase in costs and expenses driven by increased guest attendance.•Capital expenditures increased related to the development of Epic Universe in Orlando." }, { "status": "MODIFIED", "current_title": "Constant Currency Change(a)", "prior_title": "Constant Currency Change(a)", "similarity_score": 0.521, "confidence": "low", "key_changes": [ "Reworded sentence: \"(a)Constant currency is a non-GAAP financial measure.\"" ], "current_body": "(a)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 44 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts. 37Comcast 2024 Annual Report on Form 10-K 37Comcast 2024 Annual Report on Form 10-K 37Comcast 2024 Annual Report on Form 10-K 37 Comcast 2024 Annual Report on Form 10-K 37Comcast 2024 Annual Report on Form 10-K 37Comcast 2024 Annual Report on Form 10-K 37 Comcast 2024 Annual Report on Form 10-K 37Comcast 2024 Annual Report on Form 10-K 37 Comcast 2024 Annual Report on Form 10-K 37 Comcast 2024 Annual Report on Form 10-K Table of Contents Table of Contents Table of Contents", "prior_body": "Constant Currency Change(a) (a)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 47 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts. 39Comcast 2023 Annual Report on Form 10-K 39Comcast 2023 Annual Report on Form 10-K 39Comcast 2023 Annual Report on Form 10-K 39 39Comcast 2023 Annual Report on Form 10-K 39Comcast 2023 Annual Report on Form 10-K 39 39Comcast 2023 Annual Report on Form 10-K 39 39 Table of Contents Table of Contents Table of Contents" }, { "status": "MODIFIED", "current_title": "Consolidated Operating Results", "prior_title": "Consolidated Operating Results", "similarity_score": 0.517, "confidence": "low", "key_changes": [ "Reworded sentence: \"Year ended December 31 (in millions, except per share data)20242023Change 2023 to 2024Revenue$123,731 $121,572 1.8 %Costs and Expenses:Programming and production37,026 36,762 0.7 Marketing and promotion8,073 7,971 1.3 Other operating and administrative40,533 39,190 3.4 Depreciation8,729 8,854 (1.4)Amortization6,072 5,482 10.8 Total costs and expenses100,434 98,258 2.2 Operating income23,297 23,314 (0.1)Interest expense(4,134)(4,087)1.2 Investment and other income (loss), net(490)1,252 NMIncome before income taxes18,673 20,478 (8.8)Income tax expense(2,796)(5,371)(48.0)Net income15,877 15,107 5.1 Less: Net income (loss) attributable to noncontrolling interests(315)(282)12.0 Net income attributable to Comcast Corporation$16,192 $15,388 5.2 %Basic earnings per common share attributable to Comcast Corporation shareholders$4.17 $3.73 11.7 %Diluted earnings per common share attributable to Comcast Corporation shareholders$4.14 $3.71 11.7 %Weighted-average number of common shares outstanding - basic3,885 4,122(5.8)%Weighted average number of common shares outstanding - diluted3,908 4,148(5.8)%Adjusted EBITDA(a)$38,069 $37,633 1.2 %\"" ], "current_body": "Year ended December 31 (in millions, except per share data)20242023Change 2023 to 2024Revenue$123,731 $121,572 1.8 %Costs and Expenses:Programming and production37,026 36,762 0.7 Marketing and promotion8,073 7,971 1.3 Other operating and administrative40,533 39,190 3.4 Depreciation8,729 8,854 (1.4)Amortization6,072 5,482 10.8 Total costs and expenses100,434 98,258 2.2 Operating income23,297 23,314 (0.1)Interest expense(4,134)(4,087)1.2 Investment and other income (loss), net(490)1,252 NMIncome before income taxes18,673 20,478 (8.8)Income tax expense(2,796)(5,371)(48.0)Net income15,877 15,107 5.1 Less: Net income (loss) attributable to noncontrolling interests(315)(282)12.0 Net income attributable to Comcast Corporation$16,192 $15,388 5.2 %Basic earnings per common share attributable to Comcast Corporation shareholders$4.17 $3.73 11.7 %Diluted earnings per common share attributable to Comcast Corporation shareholders$4.14 $3.71 11.7 %Weighted-average number of common shares outstanding - basic3,885 4,122(5.8)%Weighted average number of common shares outstanding - diluted3,908 4,148(5.8)%Adjusted EBITDA(a)$38,069 $37,633 1.2 %", "prior_body": "Year ended December 31 (in millions, except per share data)202320222021Change 2022 to 2023Change 2021 to 2022Revenue$121,572 $121,427 $116,385 0.1 %4.3 %Costs and Expenses:Programming and production36,762 38,213 38,450 (3.8)(0.6)Marketing and promotion7,971 8,506 7,695 (6.3)10.5 Other operating and administrative39,190 38,263 35,619 2.4 7.4 Depreciation8,854 8,724 8,628 1.5 1.1 Amortization5,482 5,097 5,176 7.5 (1.5)Goodwill and long-lived assets impairments— 8,583 — NMNMTotal costs and expenses98,258 107,385 95,568 (8.5)12.4 Operating income23,314 14,041 20,817 66.0 (32.5)Interest expense(4,087)(3,896)(4,281)4.9 (9.0)Investment and other income (loss), net1,252 (861)2,557 NMNMIncome before income taxes20,478 9,284 19,093 120.6 (51.4)Income tax expense(5,371)(4,359)(5,259)23.2 (17.1)Net income15,107 4,925 13,833 NM(64.4)Less: Net income (loss) attributable to noncontrolling interests(282)(445)(325)(36.8)36.9Net income attributable to Comcast Corporation$15,388 $5,370 $14,159 186.5 %(62.1)%Basic earnings per common share attributable to Comcast Corporation shareholders$3.73 $1.22 $3.09 NM(60.5)%Diluted earnings per common share attributable to Comcast Corporation shareholders$3.71 $1.21 $3.04 NM(60.2)%Weighted-average number of common shares outstanding - basic4,1224,4064,584(6.4)%(3.9)%Weighted average number of common shares outstanding - diluted4,1484,4304,654(6.4)%(4.8)%Adjusted EBITDA(a)$37,633 $36,459 $34,708 3.2 %5.0 %" }, { "status": "MODIFIED", "current_title": "Consolidated Operating Results", "prior_title": "Consolidated Operating Results", "similarity_score": 0.517, "confidence": "low", "key_changes": [ "Reworded sentence: \"Year ended December 31 (in millions, except per share data)20242023Change 2023 to 2024Revenue$123,731 $121,572 1.8 %Costs and Expenses:Programming and production37,026 36,762 0.7 Marketing and promotion8,073 7,971 1.3 Other operating and administrative40,533 39,190 3.4 Depreciation8,729 8,854 (1.4)Amortization6,072 5,482 10.8 Total costs and expenses100,434 98,258 2.2 Operating income23,297 23,314 (0.1)Interest expense(4,134)(4,087)1.2 Investment and other income (loss), net(490)1,252 NMIncome before income taxes18,673 20,478 (8.8)Income tax expense(2,796)(5,371)(48.0)Net income15,877 15,107 5.1 Less: Net income (loss) attributable to noncontrolling interests(315)(282)12.0 Net income attributable to Comcast Corporation$16,192 $15,388 5.2 %Basic earnings per common share attributable to Comcast Corporation shareholders$4.17 $3.73 11.7 %Diluted earnings per common share attributable to Comcast Corporation shareholders$4.14 $3.71 11.7 %Weighted-average number of common shares outstanding - basic3,885 4,122(5.8)%Weighted average number of common shares outstanding - diluted3,908 4,148(5.8)%Adjusted EBITDA(a)$38,069 $37,633 1.2 %\"" ], "current_body": "Year ended December 31 (in millions, except per share data)20242023Change 2023 to 2024Revenue$123,731 $121,572 1.8 %Costs and Expenses:Programming and production37,026 36,762 0.7 Marketing and promotion8,073 7,971 1.3 Other operating and administrative40,533 39,190 3.4 Depreciation8,729 8,854 (1.4)Amortization6,072 5,482 10.8 Total costs and expenses100,434 98,258 2.2 Operating income23,297 23,314 (0.1)Interest expense(4,134)(4,087)1.2 Investment and other income (loss), net(490)1,252 NMIncome before income taxes18,673 20,478 (8.8)Income tax expense(2,796)(5,371)(48.0)Net income15,877 15,107 5.1 Less: Net income (loss) attributable to noncontrolling interests(315)(282)12.0 Net income attributable to Comcast Corporation$16,192 $15,388 5.2 %Basic earnings per common share attributable to Comcast Corporation shareholders$4.17 $3.73 11.7 %Diluted earnings per common share attributable to Comcast Corporation shareholders$4.14 $3.71 11.7 %Weighted-average number of common shares outstanding - basic3,885 4,122(5.8)%Weighted average number of common shares outstanding - diluted3,908 4,148(5.8)%Adjusted EBITDA(a)$38,069 $37,633 1.2 %", "prior_body": "Year ended December 31 (in millions, except per share data)202320222021Change 2022 to 2023Change 2021 to 2022Revenue$121,572 $121,427 $116,385 0.1 %4.3 %Costs and Expenses:Programming and production36,762 38,213 38,450 (3.8)(0.6)Marketing and promotion7,971 8,506 7,695 (6.3)10.5 Other operating and administrative39,190 38,263 35,619 2.4 7.4 Depreciation8,854 8,724 8,628 1.5 1.1 Amortization5,482 5,097 5,176 7.5 (1.5)Goodwill and long-lived assets impairments— 8,583 — NMNMTotal costs and expenses98,258 107,385 95,568 (8.5)12.4 Operating income23,314 14,041 20,817 66.0 (32.5)Interest expense(4,087)(3,896)(4,281)4.9 (9.0)Investment and other income (loss), net1,252 (861)2,557 NMNMIncome before income taxes20,478 9,284 19,093 120.6 (51.4)Income tax expense(5,371)(4,359)(5,259)23.2 (17.1)Net income15,107 4,925 13,833 NM(64.4)Less: Net income (loss) attributable to noncontrolling interests(282)(445)(325)(36.8)36.9Net income attributable to Comcast Corporation$15,388 $5,370 $14,159 186.5 %(62.1)%Basic earnings per common share attributable to Comcast Corporation shareholders$3.73 $1.22 $3.09 NM(60.5)%Diluted earnings per common share attributable to Comcast Corporation shareholders$3.71 $1.21 $3.04 NM(60.2)%Weighted-average number of common shares outstanding - basic4,1224,4064,584(6.4)%(3.9)%Weighted average number of common shares outstanding - diluted4,1484,4304,654(6.4)%(4.8)%Adjusted EBITDA(a)$37,633 $36,459 $34,708 3.2 %5.0 %" }, { "status": "MODIFIED", "current_title": "Theme Parks", "prior_title": "Theme Parks", "similarity_score": 0.469, "confidence": "low", "key_changes": [ "Reworded sentence: \"•Revenue decreased due to decreases in revenue at our domestic theme parks, as well as the negative impact of foreign currency at our international theme parks.\"" ], "current_body": "•Revenue decreased due to decreases in revenue at our domestic theme parks, as well as the negative impact of foreign currency at our international theme parks. •Adjusted EBITDA decreased due to a decrease in revenue and an increase in costs and expenses. •Capital expenditures continues to reflect significant spending for the development of Epic Universe in Orlando. 31Comcast 2024 Annual Report on Form 10-K 31Comcast 2024 Annual Report on Form 10-K 31Comcast 2024 Annual Report on Form 10-K 31 Comcast 2024 Annual Report on Form 10-K 31Comcast 2024 Annual Report on Form 10-K 31Comcast 2024 Annual Report on Form 10-K 31 Comcast 2024 Annual Report on Form 10-K 31Comcast 2024 Annual Report on Form 10-K 31 Comcast 2024 Annual Report on Form 10-K 31 Comcast 2024 Annual Report on Form 10-K Table of ContentsOther•Repurchased a total of 212 million shares of our Class A common stock for $8.6 billion in 2024 compared to a total of 262 million shares of our Class A common stock for $11.0 billion in 2023. Raised our dividend by $0.08 to $1.24 per share on an annualized basis in January 2024 and paid $4.8 billion of dividends in 2024.•In the fourth quarter of 2023, we exercised our put right requiring Disney to purchase our interest in Hulu and received $8.6 billion, representing $9.2 billion for our share of Hulu’s minimum equity value presented as an advance on the sale of our investment in our consolidated balance sheet, less $557 million for our share of prior capital calls. We expect to receive additional proceeds for the sale of our interest in Hulu following the final determination of Hulu’s fair value pursuant to a third-party appraisal process, at which time we will recognize the sale of our interest. See Note 7.•In November 2024, we announced our intention to create SpinCo, a new independent publicly traded company through a tax-free spin-off. We are targeting to complete the Spin-off by the end of 2025, subject to the satisfaction of customary conditions. There can be no assurance that a separation transaction will occur, or, if one does occur, of its terms or timing.Consolidated Operating ResultsYear ended December 31 (in millions, except per share data)20242023Change 2023 to 2024Revenue$123,731 $121,572 1.8 %Costs and Expenses:Programming and production37,026 36,762 0.7 Marketing and promotion8,073 7,971 1.3 Other operating and administrative40,533 39,190 3.4 Depreciation8,729 8,854 (1.4)Amortization6,072 5,482 10.8 Total costs and expenses100,434 98,258 2.2 Operating income23,297 23,314 (0.1)Interest expense(4,134)(4,087)1.2 Investment and other income (loss), net(490)1,252 NMIncome before income taxes18,673 20,478 (8.8)Income tax expense(2,796)(5,371)(48.0)Net income15,877 15,107 5.1 Less: Net income (loss) attributable to noncontrolling interests(315)(282)12.0 Net income attributable to Comcast Corporation$16,192 $15,388 5.2 %Basic earnings per common share attributable to Comcast Corporation shareholders$4.17 $3.73 11.7 %Diluted earnings per common share attributable to Comcast Corporation shareholders$4.14 $3.71 11.7 %Weighted-average number of common shares outstanding - basic3,885 4,122(5.8)%Weighted average number of common shares outstanding - diluted3,908 4,148(5.8)%Adjusted EBITDA(a)$38,069 $37,633 1.2 %Percentage changes that are considered not meaningful are denoted with NM.(a)Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 44 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA.Comcast 2024 Annual Report on Form 10-K32 Table of Contents Table of Contents Other •Repurchased a total of 212 million shares of our Class A common stock for $8.6 billion in 2024 compared to a total of 262 million shares of our Class A common stock for $11.0 billion in 2023. Raised our dividend by $0.08 to $1.24 per share on an annualized basis in January 2024 and paid $4.8 billion of dividends in 2024. •In the fourth quarter of 2023, we exercised our put right requiring Disney to purchase our interest in Hulu and received $8.6 billion, representing $9.2 billion for our share of Hulu’s minimum equity value presented as an advance on the sale of our investment in our consolidated balance sheet, less $557 million for our share of prior capital calls. We expect to receive additional proceeds for the sale of our interest in Hulu following the final determination of Hulu’s fair value pursuant to a third-party appraisal process, at which time we will recognize the sale of our interest. See Note 7. •In November 2024, we announced our intention to create SpinCo, a new independent publicly traded company through a tax-free spin-off. We are targeting to complete the Spin-off by the end of 2025, subject to the satisfaction of customary conditions. There can be no assurance that a separation transaction will occur, or, if one does occur, of its terms or timing.", "prior_body": "•Revenue increased due to increases in revenue at our international theme parks and our theme park in Hollywood, partially offset by a decrease in revenue at our theme park in Orlando. •Adjusted EBITDA increased due to an increase in revenue, partially offset by an increase in costs and expenses driven by increased guest attendance. •Capital expenditures increased related to the development of Epic Universe in Orlando. Other •Repurchased a total of 262 million shares of our Class A common stock for $11.0 billion in 2023 compared to a total of 332 million shares of our Class A common stock for $13.0 billion in 2022. Raised our dividend by $0.08 to $1.16 per share on an annualized basis in January 2023 and paid $4.8 billion of dividends in 2023. •Exercised the put right to sell our 33% interest in Hulu in the fourth quarter of 2023 and received $8.6 billion of net pre-tax proceeds relating to the minimum equity value, net of capital calls. A portion of these proceeds was used to repay our $5.2 billion collateralized obligation. Additional proceeds for any excess of the fair value of our interest over the minimum equity value will be due following the final determination of Hulu’s fair value pursuant to a third-party appraisal process. See Note 8." }, { "status": "UNCHANGED", "current_title": "Unfavorable litigation or governmental investigation results could require us to pay significant amounts or lead to onerous operating procedures.", "prior_title": "Unfavorable litigation or governmental investigation results could require us to pay significant amounts or lead to onerous operating procedures.", "current_body": "We are subject from time to time to a number of lawsuits both in the United States and in foreign countries, including claims relating to competition, intellectual property rights (including patents), employment and labor matters, personal injury and property damage, free speech, customer privacy, regulatory requirements, advertising, marketing and selling practices, and credit and collection issues. Greater constraints on the use of arbitration to resolve certain of these disputes could adversely affect our business. We also spend substantial resources complying with various regulatory and government standards, including any related investigations and litigation. We may incur significant expenses defending any such suit or government charge and may be required to pay amounts or otherwise change our operations in ways that could adversely impact our businesses, results of operations or financial condition." }, { "status": "UNCHANGED", "current_title": "Diluted earnings per common share attributable to Comcast Corporation shareholders", "prior_title": "Diluted earnings per common share attributable to Comcast Corporation shareholders", "current_body": "Weighted-average number of common shares outstanding - basic Weighted average number of common shares outstanding - diluted" }, { "status": "UNCHANGED", "current_title": "Diluted earnings per common share attributable to Comcast Corporation shareholders", "prior_title": "Diluted earnings per common share attributable to Comcast Corporation shareholders", "current_body": "Weighted-average number of common shares outstanding - basic Weighted average number of common shares outstanding - diluted" }, { "status": "UNCHANGED", "current_title": "Diluted earnings per common share attributable to Comcast Corporation shareholders", "prior_title": "Diluted earnings per common share attributable to Comcast Corporation shareholders", "current_body": "Weighted-average number of common shares outstanding - basic Weighted average number of common shares outstanding - diluted" }, { "status": "UNCHANGED", "current_title": "Segment Operating Results", "prior_title": "Segment Operating Results", "current_body": "Our segment operating results are presented based on how we assess operating performance and internally report financial information. See Note 2 for additional information on our segments." }, { "status": "UNCHANGED", "current_title": "Consolidated Revenue", "prior_title": "Consolidated Revenue", "current_body": "The following graph illustrates the contributions to the change in consolidated revenue made by our Connectivity & Platforms and Content & Experiences businesses, as well as by Corporate and Other activities, including eliminations. (a) Graph is presented using a truncated scale. Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”" }, { "status": "UNCHANGED", "current_title": "The loss of programming distribution agreements, or the renewal of these agreements on less favorable terms, could adversely affect our businesses.", "prior_title": "The loss of programming distribution agreements, or the renewal of these agreements on less favorable terms, could adversely affect our businesses.", "current_body": "Our linear television networks depend on their ability to secure and maintain distribution agreements with traditional and virtual multichannel video providers. The number of subscribers to our television networks has been, and likely will continue to be, reduced as a result of fewer subscribers to multichannel video providers as the media distribution business model changes. Similarly, multichannel video providers may elect not to enter into agreements to distribute some or all of our linear television networks as a result of these changing market dynamics. In addition, our broadcast television networks depend on their ability to secure and maintain network affiliation agreements with third-party local broadcast television stations in the markets where we do not own the affiliated local broadcast television station. Our owned local broadcast television stations must elect, with respect to retransmission by certain multichannel video providers, either “must-carry” status, in which we require the provider to carry the station without paying any compensation to us, or “retransmission consent,” in which we give up our right to mandatory carriage and instead seek to negotiate the terms and conditions of carriage, including the amount of compensation, if any, paid to us by such provider. For all of these types of arrangements, our ability to renew agreements on acceptable terms may be affected by evolving market dynamics and industry consolidation. There can be no assurance that any of these agreements will be entered into or renewed in the future on similar terms. The inability to enter into or renew some or all of these agreements could reduce our revenues and the reach of our programming, which could adversely affect our businesses." }, { "status": "UNCHANGED", "current_title": "Programming expenses for our video services are increasing on a per subscriber basis, which could adversely affect our video businesses.", "prior_title": "Programming expenses for our video services are increasing on a per subscriber basis, which could adversely affect our video businesses.", "current_body": "We expect programming expenses for our video services to continue to be the largest single expense item for our Residential Connectivity & Platforms business and to continue to increase on a per subscriber basis. Part of these programming expenses include payments to certain local broadcast television stations in exchange for their required consent for the retransmission of broadcast network programming to video services customers; we expect to continue to be subject to demands for payment and other concessions from local broadcast television stations. These market factors may be exacerbated by consolidation in the media industry, which may further increase our programming expenses. If we are unable to offset programming cost increases through rate increases, the sale of additional services, cost management or other initiatives, the increasing cost of programming could have an adverse effect on our results of operations. Moreover, as our contracts with programming providers expire, there can be no assurance that they will be renewed on acceptable terms, or at all, in which case we may be unable to provide such programming as part of our video services, and our businesses and results of operations could be adversely affected." }, { "status": "UNCHANGED", "current_title": "The loss of key management personnel or popular on-air and creative talent could have an adverse effect on our businesses.", "prior_title": "The loss of key management personnel or popular on-air and creative talent could have an adverse effect on our businesses.", "current_body": "We rely on certain key management personnel in the operation of our businesses. While we maintain long-term and emergency transition plans for key management personnel and believe we could either identify internal candidates or attract outside candidates to fill any vacancy created by the loss of any key management personnel, the loss of one or more of our key management personnel could have a negative impact on our businesses. In addition, our Content & Experiences business depends on the abilities and expertise of on-air and creative talent. If we fail to attract or retain on-air or creative talent, if the costs to attract or retain such talent increase materially, or if these individuals cause negative publicity or lose their current appeal, our businesses could be adversely affected." }, { "status": "UNCHANGED", "current_title": "Connectivity & Platforms Business", "prior_title": "Connectivity & Platforms Business", "current_body": "Our principal physical assets for the operations of the Residential Connectivity & Platforms and the Business Services Connectivity segments consist of operating plant and equipment, including our network in the United States. Refer to Item 1: Business: Network and Technology for additional information. Our Connectivity & Platforms business headquarters is located in One Comcast Center, Philadelphia, Pennsylvania. We also own the Comcast Technology Center, which is a center for our technology and engineering workforce located adjacent to the Comcast Center, and our Sky headquarters, located in Middlesex, United Kingdom. We also own or lease buildings throughout the Connectivity & Platforms markets that contain administrative space, retail stores and customer service centers, and warehouses." }, { "status": "UNCHANGED", "current_title": "Constant Currency Change(g)", "prior_title": "Constant Currency Change(g)", "current_body": "Programming(a) Technical and support(b) Direct product costs(c) Marketing and promotion(d) Customer service(e) Other(f)" }, { "status": "UNCHANGED", "current_title": "We may be unable to obtain necessary hardware, software and operational support.", "prior_title": "We may be unable to obtain necessary hardware, software and operational support.", "current_body": "We depend on third-party vendors to supply us with a significant amount of the hardware, software and operational support necessary to provide certain of our products and services. We also rely on third-party satellite transponder capacity to provide video services in Europe, as well as on third-party wireless networks to offer certain wireless services in the United States and internationally. Some of these vendors represent our primary source of supply or grant us the right to incorporate their intellectual property into some of our hardware and software products. While we monitor the operations and financial condition of key vendors in an attempt to detect any potential difficulties, there can be no assurance that we would timely identify any operating or financial difficulties associated with these vendors or that we could effectively mitigate our risks with respect to any such difficulties. If any of these vendors experience operating or financial difficulties, including as a result of cybersecurity vulnerabilities or incidents, faulty software updates, or any other supply chain compliance-related issues, if our demand exceeds their capacity or if they breach or terminate their agreements with us or are otherwise unable to meet our specifications or provide the equipment, products or services we need in a timely manner (or at all), or at reasonable prices, our ability to provide some products or services may be adversely affected and we may incur additional costs." }, { "status": "UNCHANGED", "current_title": "Labor disputes, whether involving employees or sports organizations, may disrupt our operations and adversely affect our businesses.", "prior_title": "Labor disputes, whether involving employees or sports organizations, may disrupt our operations and adversely affect our businesses.", "current_body": "Many of the writers, directors, actors, technical and production personnel, as well as some on-air and creative talent employees in our Content & Experiences business, are covered by collective bargaining agreements or works councils. Many of these collective bargaining agreements are industry-wide agreements, and we may lack practical control over the negotiations and terms of the agreements. If we are unable to reach agreement with a labor union before the expiration of a collective bargaining agreement, our employees who were covered by that agreement may have a right to strike or take other actions that could adversely affect us, which could disrupt our operations and reduce our revenue, and the resolution of any disputes may increase our costs. For example, the Writers Guild of America (“Writers Guild”) and the Screen Actors Guild-American Federation of Television and Radio Artists (“SAG”) work stoppages in 2023 paused productions, which reduced content licensing revenue at our Studios segment. There can be no assurance that we will renew our collective bargaining agreements as they expire or that we can renew them on favorable terms or without any work stoppages in the future. In addition, labor disputes in sports organizations with which we have programming rights agreements of varying scope and duration could have an adverse effect on our businesses. Risks Related to Legal, Regulatory and Governance Matters" }, { "status": "UNCHANGED", "current_title": "Acquisitions and other strategic initiatives present many risks, and we may not realize the financial and strategic goals that we had contemplated.", "prior_title": "Acquisitions and other strategic initiatives present many risks, and we may not realize the financial and strategic goals that we had contemplated.", "current_body": "From time to time, we make acquisitions and investments and may pursue other strategic initiatives, such as the proposed Spin-off. In connection with such acquisitions and strategic initiatives, we may incur significant or unanticipated expenses, fail to realize anticipated benefits and synergies, have difficulty incorporating an acquired or new line of business, disrupt relationships with current and new employees, customers and vendors, incur significant debt, divert the attention of management from our current operations, or have to delay or not proceed with announced transactions or initiatives. These and other circumstances could also result in the impairment of goodwill and long-lived assets. Additionally, federal regulatory or antitrust agencies such as the FCC or DOJ or international regulators may impose restrictions on the operation of our businesses as a result of our seeking regulatory approvals for any significant acquisitions and strategic initiatives or may dissuade us from pursuing certain transactions. The occurrence of any of these events could have an adverse effect on our business and results of operations." }, { "status": "UNCHANGED", "current_title": "Our businesses operate in highly competitive and dynamic industries, and our businesses and results of operations could be adversely affected if we do not compete effectively.", "prior_title": "Our businesses operate in highly competitive and dynamic industries, and our businesses and results of operations could be adversely affected if we do not compete effectively.", "current_body": "Our businesses operate in intensely competitive, consumer-driven, rapidly changing environments. We compete with a growing number of companies that provide a broad range of communications products and services and entertainment, sports, news and information content to consumers. There can be no assurance that we will be able to compete effectively against our competitors or that competition will not have an adverse effect on our businesses. Below is a summary of our most significant sources of competition. Many of these competitors offer competitive pricing, packaging and/or bundling of services to customers, which further increases competition. For a more detailed description of the competition facing our businesses, see Item 1: Business and refer to the “Competition” discussion within that section. •Connectivity & Platforms’ broadband services compete primarily against wireline telecommunications companies, including many that are increasing deployment of fiber-based networks; wireless telecommunications companies offering internet services (using a variety of technologies, including 5G fixed wireless networks and 4G and 5G wireless broadband services); electric cooperatives and municipalities in the United States that own and operate their own broadband networks; and DBS and newer satellite broadband providers. Broadband-deployment funding initiatives at the federal and state level may result in other service providers deploying new subsidized internet access networks within our footprint, and in cases where we receive subsidies, may impose constraints on how we conduct our businesses. For a more extensive discussion of the significant risks associated with the regulation of our businesses, see “—We are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on our businesses” below and Item 1: Business and refer to the “Legislation and Regulation” discussion within that section. •Our wireless and voice services compete with both telecommunications and wireless telecommunication providers. •Competition for video services consists primarily of DTC streaming service providers and aggregators, DBS providers and telecommunications companies. •Business Services Connectivity primarily competes with wireline telecommunications companies and wide area network managed service providers. •Our businesses in Content & Experiences, as well as our video business, face substantial and increasing competition from providers of similar types of entertainment, sports, news and information content, as well as from other forms of entertainment, including from social networking and user-generated content, as well as tourism, recreational activities and lodging. They must compete to obtain talent, popular content (including sports programming), advertising and other resources required to successfully operate their businesses. This competition has further intensified as certain DTC streaming service providers have commissioned, and may continue to commission, high-cost programming and acquire live sports programming rights to attract viewers at significant costs. Competitors with significant resources, greater efficiencies of scale, fewer regulatory burdens and more competitive pricing and packaging continue to increasingly compete with our businesses in all forms. Some of these competitors could also have preferential access to customer data or other competitive information. Further, consolidation of, or cooperation between, our competitors may increase competition in all of these areas. For example, cooperation between competitors may allow them to offer a range of products and services, including aggregating certain content into a stand-alone offering, offering free or lower cost DTC streaming services, potentially on an exclusive basis, through unlimited data-usage plans for broadband and wireless services or bundling DTC streaming services on their platforms. Our competitive position may be negatively affected if we do not provide our customers with a satisfactory customer experience. In addition, our ability to compete effectively depends on our perceived image and reputation among our various constituencies, including our customers, consumers, advertisers, business partners, employees, investors and government authorities. For example, some of these constituencies may have their own, and some have conflicting, environmental, social and governance priorities, which may present risks to our reputation and brands if these constituencies perceive misalignment." }, { "status": "UNCHANGED", "current_title": "Our Class B common stock has substantial voting rights and separate approval rights over several potentially material transactions, and our Chairman and CEO has considerable influence over our company through his beneficial ownership of our Class B common stock.", "prior_title": "Our Class B common stock has substantial voting rights and separate approval rights over several potentially material transactions, and our Chairman and CEO has considerable influence over our company through his beneficial ownership of our Class B common stock.", "current_body": "Our Class B common stock has a non-dilutable 33 1/3% of the combined voting power of our Class A and Class B common stock. This non-dilutable voting power is subject to proportional decrease to the extent the number of shares of Class B common stock is reduced below 9,444,375, which was the number of shares of Class B common stock outstanding on the date of our 2002 acquisition of AT&T Corp.’s cable business, subject to adjustment in specified situations. Stock dividends payable on the Class B common stock in the form of Class B or Class A common stock do not decrease the non-dilutable voting power of the Class B common stock. The Class B common stock also has separate approval rights over several potentially material transactions, even if they are approved by our Board of Directors or by our other shareholders and even if they might be in the best interests of our other shareholders. These potentially material transactions include mergers or consolidations involving us, transactions (such as a sale of all or substantially all of our assets) or issuances of securities that require shareholder approval, transactions that result in any person or group owning shares representing more than 10% of the combined voting power of the resulting or surviving corporation, issuances of Class B common stock or securities exercisable or convertible into Class B common stock, and amendments to our articles of incorporation or by-laws that would limit the rights of holders of our Class B common stock. Brian L. Roberts, our chairman and CEO, beneficially owns all of the outstanding shares of our Class B common stock and, accordingly, has considerable influence over our company and the potential ability to transfer effective control by selling the Class B common stock, which could be at a premium. Item 1B: Unresolved Staff Comments None. 25Comcast 2024 Annual Report on Form 10-K 25Comcast 2024 Annual Report on Form 10-K 25Comcast 2024 Annual Report on Form 10-K 25 Comcast 2024 Annual Report on Form 10-K 25Comcast 2024 Annual Report on Form 10-K 25Comcast 2024 Annual Report on Form 10-K 25 Comcast 2024 Annual Report on Form 10-K 25Comcast 2024 Annual Report on Form 10-K 25 Comcast 2024 Annual Report on Form 10-K 25 Comcast 2024 Annual Report on Form 10-K Table of Contents Table of Contents Table of Contents Item 1C: Cybersecurity Our management, with involvement and input from our Board of Directors, performs an annual enterprise-wide risk management (“ERM”) assessment to identify and manage key existing and emerging risks for our company. Our ERM process assesses the characteristics and circumstances of the evolving business environment at the time and seeks to identify both the potential impacts to our company of a particular risk and the velocity with which the risk may manifest (e.g., rapidly in less than three months or more slowly in more than twelve months). Our executive management team has the overall responsibility for, and oversight of, our ERM process, and an ERM steering committee manages the process, with one or more senior business executives then monitoring and managing each of the identified risks. Cybersecurity is among the risks identified for Board-level oversight as a result of our most recent ERM assessment, with our Audit Committee of the Board overseeing our policies, practices and assessments with respect to cybersecurity. The Board and/or our Audit Committee receive regular updates throughout the year on cybersecurity. Each of our Board and Audit Committee separately receives an annual report on cybersecurity matters and related risk exposures from our primary businesses’ Chief Information Security Officers (“CISOs”) and Chief Technology Officers or other similar officers (“CTOs”). Our Audit Committee also receives regular updates on our cybersecurity posture throughout the year, as appropriate. When covered during an Audit Committee meeting, the chair of the Audit Committee reports on its discussion to the full Board. In addition to this Board-level oversight, our Cybersecurity Leadership Council (“CLC”) oversees our cybersecurity strategy and is responsible for overseeing and managing our cybersecurity risks. The CLC includes our Chief Financial Officer (“CFO”), Chief Legal Officer, head of Internal Audit, Chief Privacy and Data Strategy Officer, and lead internal securities counsel, as well as the CISOs, CTOs, CFOs and General Counsels of our primary businesses. Given the complex and varied nature of our businesses, the Connectivity & Platforms and Content & Experiences businesses each have a dedicated CISO who we believe is appropriately qualified to assess and manage cybersecurity risks. The Connectivity & Platforms CISO has served in various roles in product security and privacy at our company since 2016 and held various leadership and technical positions in Fortune 500 companies before joining our company. The Content & Experiences CISO has served in various roles in information security at our company since 2018 and held various roles in managing security operation center service portfolios and information security before joining our company. The CLC conducts regular meetings throughout the year during which CISOs provide updates and report on meaningful cybersecurity risks, threats, incidents and vulnerabilities in accordance with the CLC’s reporting framework, as well as related priorities, mitigation and remediation activities, financial and employee resource levels, regulatory compliance, technology trends and third-party provider risks. To help inform this reporting framework, our primary businesses maintain incident response plans and other policies and procedures designed to respond to, mitigate and remediate cybersecurity incidents according to a defined set of severity ratings based on the potential impact to our business, information technology systems, network or data, including data held or information technology services provided by third-party vendors or other service providers. Network and information systems and other technologies, including those that are related to our network management, customer service operations and programming delivery and are embedded in our products and services, are critical to our business activities. We frequently obtain certain confidential, proprietary and/or personal information about our customers, personnel and vendors, which in many cases is provided or made available to third-party vendors who agree to protect it. As a result, we have multiple layers of security designed to detect and block cybersecurity events, as well as a dedicated team of cybersecurity personnel, who assist our CISOs in helping to assess, identify, monitor, detect and manage cybersecurity risks, threats, vulnerabilities and incidents. In the normal course, we engage assessors, consultants and other third parties to assist in various cyber-related matters. For example, an outside consulting firm conducts a National Institute of Standards and Technology and International Organization for Standardization-based cybersecurity capability maturity assessment every three years, which is reviewed with the Audit Committee, and our security teams leverage third-party advisors, as appropriate. We also perform penetration tests, data recovery testing, security audits and risk assessments throughout the year. Our cybersecurity program also incorporates intelligence sharing capabilities about emerging threats within the telecommunications industry and other industries through collaboration with peer companies and specialized consultants and through public-private partnerships with government intelligence agencies. We hold cybersecurity trainings for our employees and request that key vendors do the same. Comcast 2024 Annual Report on Form 10-K26 Comcast 2024 Annual Report on Form 10-K26 Comcast 2024 Annual Report on Form 10-K26 Comcast 2024 Annual Report on Form 10-K 26 Comcast 2024 Annual Report on Form 10-K26 Comcast 2024 Annual Report on Form 10-K26 Comcast 2024 Annual Report on Form 10-K 26 Comcast 2024 Annual Report on Form 10-K26 Comcast 2024 Annual Report on Form 10-K 26 Comcast 2024 Annual Report on Form 10-K 26 Table of Contents Table of Contents Table of Contents However, while we develop and maintain systems, and operate programs that seek to prevent security incidents from occurring, these systems and programs must be constantly monitored and updated in the face of sophisticated and rapidly evolving attempts to overcome our security measures and protections. The occurrence of both intentional and unintentional incidents has caused, and could cause in the future, a variety of adverse business impacts. See “Item 1A: Risk Factors” above for additional information on risks related our business, including for example risks related to cyber attacks, information and system breaches, and technology disruptions and failures; our reliance on using and protecting certain intellectual property rights; keeping pace with technological developments; legal and regulatory developments; and obtaining hardware, software and operational support from third-party vendors. Item 2: Properties We believe our physical assets are generally in good operating condition and are suitable and adequate for our business operations. We own our corporate headquarters, which is located in Philadelphia, Pennsylvania at One Comcast Center." } ] }