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*Nasdaq FSI: *Deficient: Issuer Failed to Meet NASDAQ Continued Listing Requirements

Health Care : Biotechnology | Small Cap Value
Company profile

Celsion Corporation is an oncology drug development company. The Company's product candidate is ThermoDox, a heat-activated liposomal encapsulation of doxorubicin, which is in Phase III clinical trial for treatment of primary liver cancer (the OPTIMA Study) and a Phase II clinical trial for treatment of recurrent chest wall breast cancer (the DIGNITY Study). Its pipeline also includes GEN-1, a deoxyribonucleic acid (DNA) mediated immunotherapy for the localized treatment of ovarian and brain cancers. It has over three platform technologies for the development of treatments for those suffering with difficult-to-treat forms of cancer, including Lysolipid Thermally Sensitive Liposomes, a heat sensitive liposomal based dosage form that targets disease with known therapeutics in the presence of mild heat; TheraPlas, a nucleic acid-based treatment for local transfection of therapeutic plasmids, and TheraSilence, a systemic dosage form for lung directed anti-cancer ribonucleic acid (RNA).

Closing Price
$0.87
Day's Change
-0.03 (-3.33%)
Bid
--
Ask
--
B/A Size
--
Day's High
0.9199
Day's Low
0.854
Volume
(Light)
Volume:
3,060,855

10-day average volume:
4,281,050
3,060,855

Comcast Reports 3rd Quarter 2020 Results

4:00 am ET October 29, 2020 (BusinessWire) Print

Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended September 30, 2020.

"We are nearly eight months into this pandemic - and despite many harsh realities, I couldn't be more pleased and proud of how our team has worked together across the company to find safe and creative solutions to successfully operate in this environment. We are executing at the highest level; and perhaps, most importantly, accelerating innovation, which will drive long-term future growth. This third quarter, we delivered the best broadband results in our company's history. Driven by our industry-leading platform and strategic focus on broadband, aggregation and streaming, we added a record 633,000 high-speed internet customers and 556,000 total net new customer relationships. At the same time, we're growing our entertainment platforms with the addition of Flex, which has a significant positive impact on broadband churn and customer lifetime value. Our integrated strategy is also driving results in streaming with nearly 22 million sign-ups for Peacock to date, and we are exceeding our expectations on all engagement metrics in only a few months. And Sky continues to add customer relationships at higher prices while reducing churn to all-time lows in our core UK business. Going forward, and as we emerge from the pandemic, we believe we are extremely well positioned to provide seamless and integrated experiences for our customers and to deliver superior long-term growth and returns for our shareholders," commented Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation.

                                                                                                                                                                                                                                                                                                                              
  ($ in millions, except per share data)                                                                                                                                                                                                                                                                                                         
                                                                                                                                           3rd Quarter                                                                                                                                                                                                                                       Year to Date                                                                                                                   
                                                               ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                  ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  Consolidated Results                       2020    2019     2019                  Change               Change      2020    2019     2019                  Change               Change  
                                                               ----------------------------------------------------------------  ---------------------------------------------------------------- ----------------------------------------------------------------  -------------------- -------------------                                            ----------------------------------------------------------------  ---------------------------------------------------------------- ----------------------------------------------------------------  -------------------- -------------------
                                                                                                                                                                                                                                                                                                                              
  Revenue                                                            $25,532                                                                        $26,827                          $26,827                               (4.8       (4.8 %)                                     $75,856                                                                        $80,544                          $80,544                               (5.8       (5.8 %)         
  Net Income Attributable to Comcast                                  $2,019                                                                         $3,217                           $3,217                              (37.2      (37.2 %)                                      $7,154                                                                         $9,895                           $9,895                              (27.7      (27.7 %)         
  Adjusted Net Income(1)                                              $3,000                                                                         $3,667                           $3,667                              (18.2      (18.2 %)                                      $9,436                                                                        $10,754                          $10,754                              (12.3      (12.3 %)         
  Adjusted EBITDA(2)                                                  $7,583                                                                         $8,553                           $8,553                              (11.3      (11.3 %)                                     $23,640                                                                        $25,822                          $25,822                               (8.5       (8.5 %)         
  Earnings per Share(3)                                                $0.44                                                                          $0.70                            $0.70                              (37.1      (37.1 %)                                       $1.55                                                                          $2.15                            $2.15                              (27.9      (27.9 %)         
  Adjusted Earnings per Share(1)                                       $0.65                                                                          $0.79                            $0.79                              (17.7      (17.7 %)                                       $2.04                                                                          $2.33                            $2.33                              (12.4      (12.4 %)         
  Net Cash Provided by Operating Activities                           $5,228                                                                         $5,191                           $5,191                                0.7        0.7 %                                      $19,695                                                                        $19,462                          $19,462                                1.2        1.2 %          
  Free Cash Flow(4)                                                   $2,289                                                                         $2,072                           $2,072                               10.5       10.5 %                                      $11,580                                                                        $10,910                          $10,910                                6.1        6.1 %          
For additional detail on segment revenue and expenses, customer metrics, capital expenditures, and free cash flow, please refer to the trending schedules on Comcast's Investor Relations website at www.cmcsa.com.

3rd Quarter 2020 Highlights:

Generated Consolidated Adjusted EBITDA of $7.6 Billion, Adjusted EPS of $0.65 and Free Cash Flow of $2.3 Billion Cable Communications Total Customer Relationship Net Additions Were 556,000, the Best Quarterly Result on Record Total High-Speed Internet Customer Net Additions Were 633,000, the Best Quarterly Result on Record Cable Communications Adjusted EBITDA Increased 10.5% Driven by Strength in High-Speed Internet Peacock Has Nearly 22 Million Sign-Ups to Date Across the U.S. and Recently Secured Distribution on the Roku Platform NBCUniversal Reorganized Its Television and Streaming Businesses Under Mark Lazarus and Cesar Conde with a Centralized Structure Optimizing Content Creation, Distribution and Monetization NBCUniversal Completed a Successful Upfront, with Strong Volume Commitments and Higher Pricing Sky Customer Trends Improved Sequentially, and Included Net Additions in the U.K. Premier League Viewership Reached Record Levels on Sky Sports, Including the Highest Average Season Viewership on Record for the 2019/20 Season and the Highest Daily U.K. Viewership on Record for the 2020/21 Season to Date

Consolidated Financial Results

Revenue for the third quarter of 2020 decreased 4.8% to $25.5 billion. Net Income Attributable to Comcast decreased 37.2% to $2.0 billion. Adjusted Net Income decreased 18.2% to $3.0 billion. Adjusted EBITDA decreased 11.3% to $7.6 billion.

For the nine months ended September 30, 2020, revenue decreased 5.8% to $75.9 billion compared to 2019. Net income attributable to Comcast decreased 27.7% to $7.2 billion. Adjusted Net Income decreased 12.3% to $9.4 billion. Adjusted EBITDA decreased 8.5% to $23.6 billion.

Earnings per Share (EPS) for the third quarter of 2020 was $0.44, a decrease of 37.1% compared to the third quarter of 2019. Adjusted EPS decreased 17.7% to $0.65.

For the nine months ended September 30, 2020, EPS was $1.55, a 27.9% decrease compared to the prior year. Adjusted EPS decreased 12.4% to $2.04.

Capital Expenditures decreased 4.9% to $2.4 billion in the third quarter of 2020. Cable Communications' capital expenditures decreased 2.5% to $1.8 billion. NBCUniversal's capital expenditures decreased 29.3% to $357 million. Sky's capital expenditures increased 127.3% to $237 million.

For the nine months ended September 30, 2020, capital expenditures decreased 7.6% to $6.3 billion compared to 2019. Cable Communications' capital expenditures decreased 5.9% to $4.5 billion. NBCUniversal's capital expenditures decreased 22.5% to $1.1 billion. Sky's capital expenditures increased 20.2% to $649 million.

Net Cash Provided by Operating Activities was $5.2 billion in the third quarter of 2020. Free Cash Flow was $2.3 billion.

For the nine months ended September 30, 2020, net cash provided by operating activities was $19.7 billion. Free cash flow was $11.6 billion.

Dividends paid during the third quarter of 2020 totaled $1.1 billion. For the nine months ended September 30, 2020, dividends paid totaled $3.1 billion.

Cable Communications

                                                                            
                                                                            
  ($ in millions)                                                                              
                                                                                3rd Quarter                                                                                                             Year to Date                                                      
                                                                 ---------------------------------------------------------------------------------------------------------------                                                ---------------------------------------------------------------------------------------------------------------
                           2020  2019  2019                Change               Change     2020  2019  2019                Change               Change  
                                                                 ------------------------ ------------------------ ------------------------ -------------------- -------------------                                            ------------------------ ------------------------ ------------------------ -------------------- -------------------
  Cable Communications Revenue                                                                 
                                                                $5,198                   $4,721                   $4,721                 10.1       10.1 %                              $15,199                  $13,961                  $13,961                  8.9        8.9 %          
                         High-Speed Internet
                                                                 5,421                    5,541                    5,541                 (2.1       (2.1 %)                              16,468                   16,763                   16,763                 (1.8       (1.8 %)         
                         Video
                                                                   876                      963                      963                 (9.0       (9.0 %)                               2,652                    2,935                    2,935                 (9.6       (9.6 %)         
                         Voice
                                                                   400                      326                      326                 22.8       22.8 %                                1,069                      795                      795                 34.5       34.5 %          
                         Wireless
                                                                 2,049                    1,971                    1,971                  4.0        4.0 %                                6,096                    5,795                    5,795                  5.2        5.2 %          
                         Business Services
                                                                   674                      603                      603                 11.8       11.8 %                                1,659                    1,766                    1,766                 (6.1       (6.1 %)         
                         Advertising
                                                                   382                      459                      459                (17.2      (17.2 %)                               1,203                    1,299                    1,299                 (7.5       (7.5 %)         
                         Other
                                                                 ------------------------ ------------------------ ------------------------ -------------------- ---------- ---------                                           ------------------------ ------------------------ ------------------------ -------------------- ---------- ---------
  Cable Communications Revenue                                 $15,000                  $14,584                  $14,584                  2.9        2.9 %                              $44,346                  $43,314                  $43,314                  2.4        2.4 %          
                                                                            
  Cable Communications Adjusted EBITDA                          $6,411                   $5,801                   $5,801                 10.5       10.5 %                              $18,663                  $17,383                  $17,383                  7.4        7.4 %          
                                                                 42.7%                    39.8%                    39.8%                            42.1%                    40.1%                    40.1%      
                         Adjusted EBITDA Margin
                                                                            
  Cable Communications Capital Expenditures                     $1,770                   $1,814                   $1,814                 (2.5       (2.5 %)                              $4,491                   $4,771                   $4,771                 (5.9       (5.9 %)         
                                                                 11.8%                    12.4%                    12.4%                            10.1%                    11.0%                    11.0%      
                         Percent of Cable Communications Revenue

Revenue for Cable Communications increased 2.9% to $15.0 billion in the third quarter of 2020, driven by increases in high-speed internet, business services, wireless and advertising revenue, partially offset by decreases in video, voice and other revenue. These results were negatively impacted by accrued customer regional sports network (RSN) fee adjustments related to canceled sporting events as a result of COVID-19. Excluding these adjustments(5), Cable Communications revenue increased 3.9%. High-speed internet revenue increased 10.1%, due to an increase in the number of residential high-speed internet customers and an increase in average rates. Excluding the impact of accrued RSN fee adjustments(5) for customers taking bundled services, high-speed internet revenue increased 11.2%. Business services revenue increased 4.0%, reflecting increases in average rates and an increase in the number of customers receiving our services. Wireless revenue increased 22.8%, due to an increase in the number of customer lines. Advertising revenue increased 11.8%, primarily reflecting an increase in political advertising revenue. Excluding political advertising revenue, advertising revenue decreased 6.8%. Video revenue decreased 2.1%, due to a decrease in the number of residential video customers, partially offset by an increase in average rates. Excluding the impact of accrued customer RSN fee adjustments(5), video revenue decreased 0.8%. Voice revenue decreased 9.0%, reflecting decreases in average rates and in the number of residential voice customers. Other revenue decreased 17.2%, primarily reflecting lower revenue due to waived late fees and a decline in revenue from our security and automation services.

For the nine months ended September 30, 2020, Cable revenue increased 2.4% to $44.3 billion compared to 2019, driven by growth in high-speed internet, business services and wireless revenue, partially offset by a decrease in video, voice, advertising and other revenue. These results were negatively impacted by COVID-19, including accrued customer RSN fee adjustments, reduced advertising revenue and lower revenue due to our efforts to assist customers during this public health crisis. Excluding the impact of accrued customer RSN fee adjustments(5), Cable Communications revenue increased 3.2%.

Total Customer Relationships increased by 556,000 to 32.7 million in the third quarter of 2020. Residential customer relationships increased by 539,000 and business customer relationships increased by 17,000. Total high-speed internet customer net additions were 633,000, total video customer net losses were 273,000 and total voice customer net losses were 3,000. In addition, Cable Communications added 187,000 wireless lines in the quarter.

                                                                                                                                                                                                                                                                                                              
  (in thousands)                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                  Net Additions                                                              
                                                                                                                                                                                                                                                                                                                                                                    --------------------------------------------------------------------------------------------------------------------------------
                                   3Q20     3Q20    3Q19     3Q19               3Q20    3Q19           3Q19     
                                                                         ---------------------------------------------------------------- ----------------------------------------------------------------  ---------------------------------------------------------------- ----------------------------------------------------------------                       --------------------------------                       ------------------------ --------------------------------
  Customer Relationships                                                                                                                                                                                                                                                                                                         
                                                                                                                30,289                           30,289                                                                         28,797                           28,797                          539                          288          288      
                         Residential Customer Relationships
                                                                                                                 2,401                            2,401                                                                          2,377                            2,377                           17                           21           21      
                         Business Services Customer Relationships
                                                                         ---------------------------------------------------------------- -------------------------------- -------------------------------- ---------------------------------------------------------------- -------------------------------- --------------------------------                      ------------ -------------------- -------------------- ------------------------ ------------ -------------------- --------------------
  Total Customer Relationships                                                                                  32,690                           32,690                                                                         31,173                           31,173                          556                          309          309      
                                                                                                                                                                                                                                                                                                              
  Residential Customer Relationships Mix                                                                                                                                                                                                                                                                                         
                                                                                                                11,957                           11,957                                                                          9,905                            9,905                          625                          379          379      
                         One Product Residential Customers
                                                                                                                 8,732                            8,732                                                                          8,915                            8,915                           (9 )                                           (38          (38 )                       
                         Two Product Residential Customers
                                                                                                                 9,600                            9,600                                                                          9,977                            9,977                          (77 )                                           (53          (53 )                       
                         Three or More Product Residential Customers
                                                                                                                                                                                                                                                                                                              
                                                                                                                27,837                           27,837                                                                         25,990                           25,990                          617                          359          359      
                         Residential High-Speed Internet Customers
                                                                                                                 2,225                            2,225                                                                          2,197                            2,197                           16                           20           20      
                         Business Services High-Speed Internet Customers
                                                                         ---------------------------------------------------------------- -------------------------------- -------------------------------- ---------------------------------------------------------------- -------------------------------- --------------------------------                      ------------ -------------------- -------------------- ------------------------ ------------ -------------------- --------------------
  Total High-Speed Internet Customers                                                                           30,062                           30,062                                                                         28,186                           28,186                          633                          379          379      
                                                                                                                                                                                                                                                                                                              
                                                                                                                19,220                           19,220                                                                         20,421                           20,421                         (253 )                                          (222         (222 )                       
                         Residential Video Customers
                                                                                                                   874                              874                                                                            983                              983                          (20 )                                           (16          (16 )                       
                         Business Services Video Customers
                                                                         ---------------------------------------------------------------- -------------------------------- -------------------------------- ---------------------------------------------------------------- -------------------------------- --------------------------------                      ------------ -------------------- -------------------- ------------------------ ------------ -------------------- --------------------
  Total Video Customers                                                                                         20,094                           20,094                                                                         21,403                           21,403                         (273 )                                          (238         (238 )                       
                                                                                                                                                                                                                                                                                                              
                                                                                                                 9,684                            9,684                                                                          9,945                            9,945                          (14 )                                           (63          (63 )                       
                         Residential Voice Customers
                                                                                                                 1,341                            1,341                                                                          1,334                            1,334                           11                           10           10      
                         Business Services Voice Customers
                                                                         ---------------------------------------------------------------- -------------------------------- -------------------------------- ---------------------------------------------------------------- -------------------------------- --------------------------------                      ------------ -------------------- -------------------- ------------------------ ------------ -------------------- --------------------
  Total Voice Customers                                                                                         11,025                           11,025                                                                         11,278                           11,278                           (3 )                                           (53          (53 )                       
                                                                                                                                                                                                                                                                                                              
  Total Wireless Lines                                                                                           2,580                            2,580                                                                          1,791                            1,791                          187                          204          204      

Adjusted EBITDA for Cable Communications increased 10.5% to $6.4 billion in the third quarter of 2020, due to higher revenue as well as a 2.2% decrease in operating expenses. Total operating expenses benefited from adjustments for provisions in our programming distribution agreements with RSNs related to canceled sporting events as a result of COVID-19. Programming costs decreased 0.6%, primarily reflecting the adjustment provisions. Excluding these adjustments(5), programming costs increased 4.0% due to higher retransmission consent and sports programming fees, partially offset by a decline in the number of video subscribers. Non-programming expenses decreased 3.2%, while non-programming expenses per customer relationship decreased 7.4%. These declines reflect lower advertising, marketing and promotion expenses, technical and product support expenses and customer service expenses, partially offset by higher other operating expenses and franchise and regulatory fees. Non-programming expenses reflect a reduction in activity in some aspects of our business as a result of COVID-19 as well as benefits from cost saving initiatives. Adjusted EBITDA per customer relationship increased 5.8%, and Adjusted EBITDA margin was 42.7% compared to 39.8% in the third quarter of 2019. While the accrued RSN adjustments did not impact Adjusted EBITDA in the third quarter of 2020, the adjustments resulted in an increase to Adjusted EBITDA margin. Cable Communications results include a loss of $50 million from our wireless business, compared to a loss of $94 million in the prior year period.

For the nine months ended September 30, 2020, Cable Adjusted EBITDA increased 7.4% to $18.7 billion compared to 2019, due to higher revenue and a decrease in operating expenses. Programming costs decreased 1.3% primarily reflecting adjustments for provisions in our programming distribution agreements with RSNs related to canceled sporting events as a result of COVID-19. Excluding these adjustments(5), programming costs increased 2.4% due to higher retransmission consent and sports programming fees, partially offset by a decline in the number of video subscribers. Non-programming expenses decreased 0.8%, reflecting cost savings initiatives that were partially offset by higher costs as a result of COVID-19. For the nine months ended September 30, 2020, Adjusted EBITDA per customer relationship increased 2.9%, and Adjusted EBITDA margin was 42.1% compared to 40.1% in 2019. While the accrued RSN adjustments did not impact Adjusted EBITDA for the nine months ended September 30, 2020, the adjustments resulted in an increase to Adjusted EBITDA margin. Cable Communications results include a loss of $146 million from our wireless business, compared to a loss of $285 million in the prior year period.

Capital Expenditures for Cable Communications decreased 2.5% to $1.8 billion in the third quarter of 2020, due to decreased investment in customer premise equipment and support capital, partially offset by increased investment in scalable infrastructure and line extensions. Cable capital expenditures represented 11.8% of Cable revenue in the third quarter of 2020 compared to 12.4% in last year's third quarter.

For the nine months ended September 30, 2020, Cable capital expenditures decreased 5.9% to $4.5 billion, primarily reflecting decreased investment in customer premise equipment, partially offset by increased investment in scalable infrastructure. Cable capital expenditures represented 10.1% of Cable revenue compared to 11.0% in 2019.

NBCUniversal

                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                 
  ($ in millions)                                                                                                                                                                                                                                                                                                                                   
                                                                                                                                                     3rd Quarter                                                                                                                                                                                                                                                            Year to Date                                                                                                                             
                                                              ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                    ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                         2020    2019     2019                  Change                                    Change      2020    2019     2019                  Change                                    Change  
                                                              ---------------------------------------------------------------   ---------------------------------------------------------------- ---------------------------------------------------------------   -------------------- ----------------------------------------                                            ---------------------------------------------------------------   ---------------------------------------------------------------- ---------------------------------------------------------------   -------------------- ----------------------------------------
  NBCUniversal Revenue                                                                                                                                                                                                                                                                                                                              
                                                          $2,736                                                                 $2,771                $2,771                       (1.3                 (1.3 %)                                      $8,110                                                                 $8,586                $8,586                       (5.5                 (5.5 %)                    
                         Cable Networks
                                                           2,414                                                                  2,230                 2,230                        8.3                  8.3 %                                        7,462                                                                  7,099                 7,099                        5.1                  5.1 %                     
                         Broadcast Television
                                                           1,280                                                                  1,706                 1,706                      (25.0                (25.0 %)                                       3,844                                                                  4,931                 4,931                      (22.0                (22.0 %)                    
                         Filmed Entertainment
                                                             311                                                                  1,631                 1,631                      (80.9                (80.9 %)                                       1,267                                                                  4,371                 4,371                      (71.0                (71.0 %)                    
                         Theme Parks
                                                             (17 )                                                                                     (43                   (43 )                                          NM                   NM                        (101 )                                                                                    (173                  (173 )                                          NM                   NM    
                         Headquarters, other and eliminations
                                                              --------------------- --------------------- --------------------- ---------------------------------------------------------------- --------------------- --------------------- --------------------- -------------------- -------------------- --------------------                                           --------------------- --------------------- --------------------- ---------------------------------------------------------------- --------------------- --------------------- --------------------- -------------------- -------------------- --------------------
  NBCUniversal Revenue                                    $6,724                                                                 $8,295                $8,295                      (18.9                (18.9 %)                                     $20,582                                                                $24,814               $24,814                      (17.1                (17.1 %)                    
                                                                                                                                                                                                                                                                                                                                 
  NBCUniversal Adjusted EBITDA                                                                                                                                                                                                                                                                                                                      
                                                            $870                                                                   $955                  $955                       (8.9                 (8.9 %)                                      $3,361                                                                 $3,418                $3,418                       (1.7                 (1.7 %)                    
                         Cable Networks
                                                             436                                                                    338                   338                       28.7                 28.7 %                                        1,578                                                                  1,259                 1,259                       25.3                 25.3 %                     
                         Broadcast Television
                                                             300                                                                    195                   195                       53.4                 53.4 %                                          634                                                                    742                   742                      (14.6                (14.6 %)                    
                         Filmed Entertainment
                                                            (203 )                                                                                     731                   731                     (127.7               (127.7 %)                                        (526 )                                                                                   1,819                 1,819                     (128.9               (128.9 %)                    
                         Theme Parks
                                                            (122 )                                                                                    (128                  (128 )                                          NM                   NM                        (381 )                                                                                    (486                  (486 )                                          NM                   NM    
                         Headquarters, other and eliminations
                                                              --------------------- --------------------- --------------------- ---------------------------------------------------------------- --------------------- --------------------- --------------------- -------------------- -------------------- --------------------                                           --------------------- --------------------- --------------------- ---------------------------------------------------------------- --------------------- --------------------- --------------------- -------------------- -------------------- --------------------
  NBCUniversal Adjusted EBITDA                            $1,281                                                                 $2,091                $2,091                      (38.7                (38.7 %)                                      $4,666                                                                 $6,752                $6,752                      (30.9                (30.9 %)                    

Revenue for NBCUniversal decreased 18.9% to $6.7 billion in the third quarter of 2020. Adjusted EBITDA decreased 38.7% to $1.3 billion.

For the nine months ended September 30, 2020, NBCUniversal revenue decreased 17.1% to $20.6 billion compared to last year's results. Adjusted EBITDA decreased 30.9% to $4.7 billion.

Cable Networks Cable Networks revenue decreased 1.3% to $2.7 billion in the third quarter of 2020, due to lower distribution revenue and advertising revenue, partially offset by higher content licensing and other revenue. Distribution revenue decreased 3.8%, reflecting credits accrued at some of our RSNs resulting from the reduced number of games played by professional sports leagues due to COVID-19 and a decline in subscribers, partially offset by contractual rate increases. Advertising revenue decreased 2.1%, reflecting continued ratings declines at our networks, partially offset by revenue from the broadcasts of rescheduled sporting events that were previously postponed due to COVID-19. Content licensing and other revenue increased 16.6%, due to the timing of content provided under licensing agreements, including transactions with Peacock in the third quarter of 2020. Adjusted EBITDA decreased 8.9% to $870 million in the third quarter of 2020, due to lower revenue and higher programming and production expenses, partially offset by lower advertising, marketing and promotion costs and other operating and administrative costs. The increase in programming and production expenses was primarily driven by an increase in sports programming costs as professional sports leagues resumed seasons following postponements due to COVID-19.

For the nine months ended September 30, 2020, revenue from the Cable Networks segment decreased 5.5% to $8.1 billion compared to 2019, due to lower distribution and advertising revenue, partially offset by higher content licensing and other revenue. Adjusted EBITDA decreased 1.7% to $3.4 billion compared to 2019, due to lower revenue, partially offset by lower operating costs. The decrease in operating costs was driven by lower programming and production expenses, reflecting a decrease in sports programming costs due to the reduced number of sporting events due to COVID-19, partially offset by an increase in studio costs.

Broadcast Television Broadcast Television revenue increased 8.3% to $2.4 billion in the third quarter of 2020, due to higher content licensing revenue and distribution and other revenue, partially offset by lower advertising revenue. Content licensing revenue increased 65.6%, reflecting the timing of content provided under licensing agreements, including transactions with Peacock in the third quarter of 2020. Distribution and other revenue increased 4.9%, due to higher retransmission consent fees. Advertising revenue decreased 11.5%, reflecting continued ratings declines, partially offset by higher pricing and local political ad sales. Adjusted EBITDA increased 28.7% to $436 million in the third quarter of 2020, due to higher revenue, lower advertising, marketing and promotion costs and lower operating and administrative costs, partially offset by higher programming and production expenses. The increase in programming and production expenses was primarily due to higher content licensing sales.

For the nine months ended September 30, 2020, revenue from the Broadcast Television segment increased 5.1% to $7.5 billion compared to 2019, due to an increase in content licensing and distribution and other revenue, partially offset by lower advertising revenue. Adjusted EBITDA increased 25.3% to $1.6 billion compared to 2019, due to higher revenue, partially offset by a modest increase in operating costs.

Filmed Entertainment Filmed Entertainment revenue decreased 25.0% to $1.3 billion in the third quarter of 2020, due to lower theatrical and other revenue, partially offset by higher content licensing and home entertainment revenue. Theatrical revenue decreased 94.7%, primarily driven by theater closures as a result of COVID-19. Other revenue decreased 44.8%, primarily due to decreases in revenue from our movie ticketing, entertainment and live stage play businesses, which were impacted by theater and entertainment venue closures as a result of COVID-19. Content licensing revenue increased 14.5%, due to the timing of content provided under licensing agreements, including transactions with Peacock in the third quarter of 2020. Home entertainment revenue increased 49.1%, which included the success of Trolls World Tour. Adjusted EBITDA increased 53.4% to $300 million in the third quarter of 2020, reflecting lower revenue, more than offset by a decline in operating costs due to lower spending on current period releases as a result of COVID-19.

For the nine months ended September 30, 2020, revenue from the Filmed Entertainment segment decreased 22.0% to $3.8 billion compared to 2019, primarily reflecting lower theatrical revenue. Adjusted EBITDA decreased 14.6% to $634 million compared to 2019, due to lower revenue, partially offset by lower operating costs.

Theme Parks Theme Parks revenue decreased 80.9% to $311 million in the third quarter of 2020, primarily due to Universal Orlando Resort and Universal Studios Japan operating at limited capacity, while Universal Studios Hollywood remains closed as a result of COVID-19. Theme Parks Adjusted EBITDA loss was $203 million in the third quarter of 2020.

For the nine months ended September 30, 2020, revenue from the Theme Parks segment decreased 71.0% to $1.3 billion compared to 2019, primarily due to the temporary closures of Universal Studios Japan in late February and Universal Orlando Resort and Universal Studios Hollywood in mid-March as a result of COVID-19. Theme Parks Adjusted EBITDA loss was $526 million.

Headquarters, Other and Eliminations NBCUniversal Headquarters, Other and Eliminations include overhead and eliminations among the NBCUniversal businesses. For the quarter ended September 30, 2020, NBCUniversal Headquarters, Other and Eliminations Adjusted EBITDA loss was $122 million, compared to a loss of $128 million in the third quarter of 2019.

For the nine months ended September 30, 2020, NBCUniversal Headquarters, Other and Eliminations Adjusted EBITDA loss was $381 million compared to a loss of $486 million in 2019.

Sky

                                                 
                                                 
  ($ in millions)                                                   
                                                                                    3rd Quarter                                                                                                                                           Year to Date                                                                     
                                                      ------------------------------------------------------------------------------------------------------------------------------------------                                                   ------------------------------------------------------------------------------------------------------------------------------------------
                                2020                 2019                 2019               Change               Change             Constant             Constant                     2020                 2019                 2019               Change               Change             Constant             Constant  
                                                                                                                                                                           Currency             Currency                                                                                                                                                                Currency             Currency
                                                                                                                                                                          Change(6)            Change(6)                                                                                                                                                               Change(6)            Change(6)
                                                      -------------------- -------------------- -------------------- -------------------- -------------------  -------------------- -------------------                                            -------------------- -------------------- -------------------- -------------------- -------------------  -------------------- -------------------
  Sky Revenue                                                       
                                                 $3,943               $3,793               $3,793                  3.9        3.9 %                         (1.0       (1.0 %)                         $11,146              $11,516              $11,516                 (3.2       (3.2 %)                        (3.1       (3.1 %)         
                        Direct-to-Consumer
                                                    388                  315                  315                 23.3       23.3 %                         17.5       17.5 %                              947                1,061                1,061                (10.7      (10.7 %)                       (10.4      (10.4 %)         
                        Content
                                                    462                  446                  446                  3.7        3.7 %                         (1.2       (1.2 %)                           1,296                1,602                1,602                (19.1      (19.1 %)                       (18.7      (18.7 %)         
                        Advertising
                                                      -------------------- -------------------- -------------------- -------------------- ---------- --------- -------------------- ---------- ---------                                           -------------------- -------------------- -------------------- -------------------- ---------- --------- -------------------- ---------- ---------
  Sky Revenue                                    $4,793               $4,554               $4,554                  5.2        5.2 %                          0.3        0.3 %                          $13,389              $14,179              $14,179                 (5.6       (5.6 %)                        (5.4       (5.4 %)         
                                                 
  Sky Operating Costs and Expenses               $4,278               $3,655               $3,655                 17.0       17.0 %                         11.5       11.5 %                          $11,574              $11,845              $11,845                 (2.3       (2.3 %)                        (2.0       (2.0 %)         
                                                 
  Sky Adjusted EBITDA                              $515                 $899                 $899                (42.8      (42.8 %)                       (45.4      (45.4 %)                          $1,815               $2,334               $2,334                (22.3      (22.3 %)                       (22.5      (22.5 %)         
                                                  10.7%                19.7%                19.7%                            13.6%                16.5%                16.5%          
                        Adjusted EBITDA Margin
                                                 

Revenue for Sky increased 5.2% to $4.8 billion in the third quarter of 2020. Excluding the impact of currency, revenue was consistent with the prior year period, due to higher content revenue, offset by lower direct-to-consumer revenue and advertising revenue. Content revenue increased 17.5% to $388 million, driven by higher wholesale revenue from sports programming as European football leagues resumed sporting events that were previously postponed due to COVID-19. Direct-to-consumer revenue decreased 1.0% to $3.9 billion, reflecting a decrease in customer relationships and average revenue per customer relationship that was consistent with the prior year period, and included growth in both customer relationships and average revenue per customer relationship in the U.K. Advertising revenue decreased 1.2% to $462 million, reflecting overall market weakness, partially offset by revenue from the broadcasts of rescheduled sporting events that were previously postponed due to COVID-19.

For the nine months ended September 30, 2020, Sky revenue decreased 5.6% to $13.4 billion compared to 2019. Excluding the impact of currency, revenue decreased 5.4%, due to lower direct-to-consumer, advertising and content revenue.

Total Customer Relationships decreased by 21,000 to 23.7 million in the third quarter of 2020, an improvement compared to the second quarter of 2020, and included net additions in the U.K.

                                             
  (in thousands)                                                
                  Customers            Customers            Customers            Customers                                                      Customers                                                                                                  Net Additions                                               
                                                  -------------------- -------------------- -------------------- -------------------- --------------------------------------------------------------------------------------------------                                                 --------------------------------------------------------------------------------------------------
                            3Q20                 3Q20                 3Q20                 3Q20                 3Q20                 3Q19                 3Q19                 3Q19                 3Q19                     3Q20                 3Q19                 3Q19                 3Q19                 3Q19  
                                                  -------------------- -------------------- -------------------- -------------------- -------------------  -------------------- -------------------- -------------------- -------------------                                            -------------------  -------------------- -------------------- -------------------- -------------------
  Total Customer Relationships               23,695               23,695               23,695               23,695               23,695               23,918               23,918               23,918               23,918                     (21)                 (99)                 (99)                 (99)                 (99)  

Adjusted EBITDA for Sky decreased 42.8% to $515 million in the third quarter of 2020. Excluding the impact of currency, Adjusted EBITDA decreased 45.4%, reflecting revenue that was consistent with the prior year period, offset by higher operating costs. The increase in operating costs was primarily driven by higher programming and production expenses, primarily due to an increase in sports programming costs as professional sports leagues resumed seasons following postponements due to COVID-19.

For the nine months ended September 30, 2020, Sky Adjusted EBITDA decreased 22.3% to $1.8 billion compared to 2019. Excluding the impact of currency, Adjusted EBITDA decreased 22.5%.

Corporate, Other and Eliminations

__________________________________________________________________________________________________________________________________________

Corporate and Other Corporate and Other primarily relates to corporate operations, Comcast Spectacor and Peacock. Revenue for the quarter ended September 30, 2020 was $84 million, an increase of $42 million compared to 2019. Corporate and Other Adjusted EBITDA loss was $496 million, an increase of $259 million compared to 2019, primarily due to costs associated with Peacock.

For the nine months ended September 30, 2020, Corporate and Other revenue was $250 million, an increase of $44 million compared to 2019. Corporate and Other Adjusted EBITDA loss was $1.3 billion, an increase of $617 million compared to 2019, due to costs associated with Peacock and costs incurred in response to COVID-19, including severance and restructuring charges related to our NBCUniversal segments, which are presented in Corporate and Other.

Eliminations Eliminations reflects the accounting for transactions between Cable Communications, NBCUniversal, Sky and Corporate and Other. Revenue eliminations for the quarter ended September 30, 2020 were $1.1 billion compared to $648 million in 2019, and Adjusted EBITDA eliminations were $128 million compared to $1 million in 2019. The increases were primarily driven by the licensing of content between our NBCUniversal segments and Peacock.

For the nine months ended September 30, 2020, revenue eliminations were $2.7 billion compared to $2.0 billion in 2019, and Adjusted EBITDA eliminations were $250 million compared to $10 million in 2019. The increases were primarily driven by the licensing of content between our NBCUniversal segments and Peacock.

__________________________________________________________________________________________________________________________________________

Notes:

  1.                                                                                                                                                                                                                                                         We define Adjusted Net Income and Adjusted EPS as net income attributable to Comcast Corporation and diluted earnings per common share attributable to Comcast Corporation shareholders, respectively, adjusted to exclude the effects of the amortization of acquisition-related intangible assets, investments that investors may want to evaluate separately (such as based on fair value) and the impact of certain events, gains, losses or other charges that affect period-over-period comparisons. See Table 5 for reconciliations of non-GAAP financial measures.
  2.                   We define Adjusted EBITDA as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. See Table 4 for reconciliation of non-GAAP financial measure. We define Adjusted EBITDA as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. See Table 4 for reconciliation of non-GAAP financial measure.
  3.                   All earnings per share amounts are presented on a diluted basis.                                                                                                                                                                                                                                     All earnings per share amounts are presented on a diluted basis.
  4.                   We define Free Cash Flow as net cash provided by operating activities (as stated in our Consolidated Statement of Cash Flows) reduced by capital expenditures and cash paid for intangible assets. From time to time, we may exclude from Free Cash Flow the impact of certain cash receipts or payments (such as significant legal settlements) that affect period-to-period comparability. Cash payments for acquisitions and construction of real estate properties and the construction of Universal Beijing Resort are presented separately in our Consolidated Statement of Cash Flows and are therefore excluded from capital expenditures for Free Cash Flow. See Table 4 for reconciliation of non-GAAP financial measure.                                                          We define Free Cash Flow as net cash provided by operating activities (as stated in our Consolidated Statement of Cash Flows) reduced by capital expenditures and cash paid for intangible assets. From time to time, we may exclude from Free Cash Flow the impact of certain cash receipts or payments (such as significant legal settlements) that affect period-to-period comparability. Cash payments for acquisitions and construction of real estate properties and the construction of Universal Beijing Resort are presented separately in our Consolidated Statement of Cash Flows and are therefore excluded from capital expenditures for Free Cash Flow. See Table 4 for reconciliation of non-GAAP financial measure.
  5.                   Cable Communications reported results for 2020 include the impacts of RSN related adjustments, affecting period-to-period comparability of our operating performance. We also present adjusted information, excluding the impacts of the RSN related adjustments. See Table 7 for reconciliation of non-GAAP financial measures.                                                                                                                                                                                                                                     Cable Communications reported results for 2020 include the impacts of RSN related adjustments, affecting period-to-period comparability of our operating performance. We also present adjusted information, excluding the impacts of the RSN related adjustments. See Table 7 for reconciliation of non-GAAP financial measures.
  6.                   Sky constant currency growth rates are calculated by comparing the current period results to the comparative period results in the prior year adjusted to reflect the average exchange rates from the current year period rather than the actual exchange rates in effect during the respective prior year periods. See Table 6 for reconciliation of Sky's constant currency growth.                                                                                                                                                                                                                                     Sky constant currency growth rates are calculated by comparing the current period results to the comparative period results in the prior year adjusted to reflect the average exchange rates from the current year period rather than the actual exchange rates in effect during the respective prior year periods. See Table 6 for reconciliation of Sky's constant currency growth.
                                                                                                                                                                                                                                           

Conference Call and Other Information Comcast Corporation will host a conference call with the financial community today, October 29, 2020 at 8:30 a.m. Eastern Time (ET). The conference call and related materials will be broadcast live and posted on its Investor Relations website at www.cmcsa.com. Those parties interested in participating via telephone should dial (800) 263-8495 with the conference ID number 3090648. A replay of the call will be available starting at 12:00 p.m. ET on October 29, 2020, on the Investor Relations website or by telephone. To access the telephone replay, which will be available until Thursday, November 5, 2020 at midnight ET, please dial (855) 859-2056 and enter the conference ID number 3090648.

From time to time, we post information that may be of interest to investors on our website at www.cmcsa.com and on our corporate website, www.comcastcorporation.com. To automatically receive Comcast financial news by email, please visit www.cmcsa.com and subscribe to email alerts.

Caution Concerning Forward-Looking Statements This press release contains forward-looking statements. Readers are cautioned that such forward-looking statements involve risks and uncertainties that could cause actual events or our actual results to differ materially from those expressed in any such forward-looking statements. Readers are directed to Comcast's periodic and other reports filed with the Securities and Exchange Commission (SEC) for a description of such risks and uncertainties. We undertake no obligation to update any forward-looking statements.

Non-GAAP Financial Measures In this discussion, we sometimes refer to financial measures that are not presented according to generally accepted accounting principles in the U.S. (GAAP). Certain of these measures are considered "non-GAAP financial measures" under the SEC regulations; those rules require the supplemental explanations and reconciliations that are in Comcast's Form 8-K (Quarterly Earnings Release) furnished to the SEC.

About Comcast Corporation Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company with three primary businesses: Comcast Cable, NBCUniversal, and Sky. Comcast Cable is one of the United States' largest high-speed internet, video, and phone providers to residential customers under the Xfinity brand, and also provides these services to businesses. It also provides wireless and security and automation services to residential customers under the Xfinity brand. NBCUniversal is global and operates news, entertainment and sports cable networks, the NBC and Telemundo broadcast networks, television production operations, television station groups, Universal Pictures, and Universal Parks and Resorts. Sky is one of Europe's leading media and entertainment companies, connecting customers to a broad range of video content through its pay television services. It also provides communications services, including residential high-speed internet, phone, and wireless services. Sky operates the Sky News broadcast network and sports and entertainment networks, produces original content, and has exclusive content rights. Visit www.comcastcorporation.com for more information.

                                                                                                                                                                                            
TABLE 1
Condensed Consolidated Statement of Income (Unaudited)                                                                                                                                                         
---------------------------------------------------------------------------------------------------------- -----------------------------------------------   -------------------- -----------------------------------------------   -------------------- -----------------------------------------------   -------------------- ------------------------------------------------------------------
                                                                                                                                                                                                 
                                                                                                                                           Three Months Ended                                                                                                                    Nine Months Ended
(in millions, except per share data)                                                                                                                             September 30,                                                                                                                        September 30,
                                                                                                               2020                                                2019                                                2020                                                          2019
                                                                                                           -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------                        ------------------------------------------------------------------
Revenue                                                                                                    $25,532       $26,827       $75,856                          $ 80,544    
                                                                                                                                                                                            
Costs and expenses                                                                                                                                                                                             
                                                                                                             8,565         8,316        23,683         25,140    
           Programming and production
                                                                                                             8,059         8,090        23,959         24,076    
           Other operating and administrative
                                                                                                             1,512         1,901         4,791          5,674    
           Advertising, marketing and promotion
                                                                                                             2,122         2,124         6,328          6,561    
           Depreciation
                                                                                                             1,198         1,056         3,520          3,215    
           Amortization
                                                                                                           ------- -------------------- --------------------                      ------- -------------------- --------------------                      ------- -------------------- --------------------                      -------------------- ------ -------------------- --------------------
                                                                                         21,456        21,487        62,281         64,666    
                                                                                                           ------- -------------------- --------------------                      ------- -------------------- --------------------                      ------- -------------------- --------------------                      -------------------- ------ -------------------- --------------------
                                                                                                                                                                                            
Operating income                                                                                             4,076         5,340        13,575         15,878    
                                                                                                                                                                                            
Interest expense                                                                                            (1,220 )                         (1,167 )                         (3,544 )                          (3,454 )                     
                                                                                                                                                                                            
Investment and other income (loss), net                                                                                                                                                                        
                                                                                                              (266 )                           (355 )                           (634 )                            (295 )                     
           Equity in net income (losses) of investees, net
                                                                                                               118           174            65            582    
           Realized and unrealized gains (losses) on equity securities, net
                                                                                                                62            71           187            224    
           Other income (loss), net
                                                                                                           ------- -------------------- --------------------                      ------- -------------------- --------------------                      ------- -------------------- --------------------                      -------------------- ------ -------------------- --------------------
                                                                                            (86 )                           (110 )                           (382 )                             511    
                                                                                                           ------- -------------------- --------------------                      ------- -------------------- --------------------                      ------- -------------------- --------------------                      -------------------- ------ -------------------- --------------------
                                                                                                                                                                                            
Income before income taxes                                                                                   2,770         4,063         9,649         12,935    
                                                                                                                                                                                            
Income tax expense                                                                                            (739 )                           (775 )                         (2,385 )                          (2,812 )                     
                                                                                                           ------- -------------------- --------------------                      ------- -------------------- --------------------                      ------- -------------------- --------------------                      -------------------- ------ -------------------- --------------------
                                                                                                                                                                                            
Net income                                                                                                   2,031         3,288         7,264         10,123    
                                                                                                                                                                                            
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock      12            71           110            228    
                                                                                                                                                                                            
                                                                                                           -----------------------------------------------                        -----------------------------------------------                        -----------------------------------------------                        ------------------------------------------------------------------
Net income attributable to Comcast Corporation                                                              $2,019        $3,217        $7,154                          $  9,895    
                                                                                                           ======= ==================== ====================                      ======= ==================== ====================                      ======= ==================== ====================                      ==================== ====== ==================== ====================
                                                                                                                                                                                            
                                                                                                                                                                                            
Diluted earnings per common share attributable to Comcast Corporation shareholders                           $0.44         $0.70         $1.55                          $   2.15    
                                                                                                           ======= ==================== ====================                      ======= ==================== ====================                      ======= ==================== ====================                      ==================== ====== ==================== ====================
                                                                                                                                                                                            
Diluted weighted-average number of common shares                                                             4,628         4,619         4,616          4,606    
                                                                                                           ======= ==================== ====================                      ======= ==================== ====================                      ======= ==================== ====================                      ==================== ====== ==================== ====================
TABLE 2
Consolidated Statement of Cash Flows (Unaudited)
---------------------------------------------------------------------------------------------------
                                                                                                                          
                                                                                                                                         Nine Months Ended
(in millions)                                                                                                                                                 September 30,
                                                                                                           2020                                                    2019
                                                                                                    ------------------------------------------------------                        -----------------------------------------------
                                                                                                                          
OPERATING ACTIVITIES                                                                                                                         
                                                                                                            $7,264       $10,123    
      Net income
                                                                                                                                             
      Adjustments to reconcile net income to net cash provided by operating activities:
                                                                                                             9,848         9,776    
             Depreciation and amortization
                                                                                                               922           790    
             Share-based compensation
                                                                                                               606           310    
             Noncash interest expense (income), net
                                                                                                               514          (166 )                     
             Net (gain) loss on investment activity and other
                                                                                                              (224 )                            468    
             Deferred income taxes
                                                                                                                                             
      Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
                                                                                                               982           360    
             Current and noncurrent receivables, net
                                                                                                               163          (321 )                     
             Film and television costs, net
                                                                                                              (545 )                         (1,149 )                     
             Accounts payable and accrued expenses related to trade creditors
                                                                                                               165          (729 )                     
             Other operating assets and liabilities
                                                                                                    -------------- -------------------- --------------------                      ------- -------------------- --------------------
                                                                                                                          
                                                                                                            19,695        19,462    
                   Net cash provided by operating activities
                                                                                                    -------------- -------------------- --------------------                      ------- -------------------- --------------------
                                                                                                                          
INVESTING ACTIVITIES                                                                                                                         
                                                                                                            (6,344 )                         (6,866 )                     
      Capital expenditures
                                                                                                            (1,771 )                         (1,686 )                     
      Cash paid for intangible assets
                                                                                                            (1,118 )                           (736 )                     
      Construction of Universal Beijing Resort
                                                                                                              (225 )                           (181 )                     
      Acquisitions, net of cash acquired
                                                                                                             2,131           208    
      Proceeds from sales of businesses and investments
                                                                                                              (545 )                         (1,697 )                     
      Purchases of investments
                                                                                                              (101 )                             46    
      Other
                                                                                                    -------------- -------------------- --------------------                      ------- -------------------- --------------------
                                                                                                                          
                                                                                                            (7,973 )                        (10,912 )                     
                   Net cash provided by (used in) investing activities
                                                                                                    -------------- -------------------- --------------------                      ------- -------------------- --------------------
                                                                                                                          
FINANCING ACTIVITIES                                                                                                                         
                                                                                                    --        (1,288 )                     
      Proceeds from (repayments of) short-term borrowings, net
                                                                                                            18,339           516    
      Proceeds from borrowings
                                                                                                    --         5,175    
      Proceeds from collateralized obligation
                                                                                                           (16,771 )                         (9,975 )                     
      Repurchases and repayments of debt
                                                                                                              (429 )                           (432 )                     
      Repurchases of common stock under employee plans
                                                                                                            (3,086 )                         (2,778 )                     
      Dividends paid
                                                                                                            (1,644 )                            (44 )                     
      Other
                                                                                                    -------------- -------------------- --------------------                      ------- -------------------- --------------------
                                                                                                                          
                                                                                                            (3,591 )                         (8,826 )                     
                   Net cash provided by (used in) financing activities
                                                                                                    -------------- -------------------- --------------------                      ------- -------------------- --------------------
                                                                                                                          
Impact of foreign currency on cash, cash equivalents and restricted cash                                        17           (31 )                     
                                                                                                                          
Increase (decrease) in cash, cash equivalents and restricted cash                                            8,148          (307 )                     
                                                                                                                          
Cash, cash equivalents and restricted cash, beginning of period                                              5,589         3,909    
                                                                                                    -------------- -------------------- --------------------                      ------- -------------------- --------------------
                                                                                                                          
Cash, cash equivalents and restricted cash, end of period                                                  $13,737        $3,602    
                                                                                                    ============== ==================== ====================                      ======= ==================== ====================
TABLE 3
Condensed Consolidated Balance Sheet (Unaudited)
-----------------------------------------------------------------------------
                                                                               
(in millions)                                                                             September 30,                       December 31,
                                                                           2020                                2019
                                                                              ----------------------------------                       ------------------------------
ASSETS                                                                                            
                                                                               
Current Assets                                                                                    
                                                                                     $13,707         $5,500  
     Cash and cash equivalents
                                                                                      10,310         11,292  
     Receivables, net
                                                                              --          3,877  
     Programming rights
                                                                                       3,352          4,723  
     Other current assets
                                                                              -------------- --------------------                      ---------- --------------------
                                                                                      27,369         25,392  
       Total current assets
                                                                              -------------- --------------------                      ---------- --------------------
                                                                               
Film and television costs                                                             12,741          8,933  
                                                                               
Investments                                                                            6,702          6,989  
                                                                               
Investment securing collateralized obligation                                            429            694  
                                                                               
Property and equipment, net                                                           50,466         48,322  
                                                                               
Goodwill                                                                              68,898         68,725  
                                                                               
Franchise rights                                                                      59,365         59,365  
                                                                               
Other intangible assets, net                                                          34,485         36,128  
                                                                               
Other noncurrent assets, net                                                           8,485          8,866  
                                                                              -------------- --------------------                      ---------- --------------------
                                                                               
                                                                 $268,940       $263,414  
                                                                              ============== ====================                      ========== ====================
                                                                               
LIABILITIES AND EQUITY                                                                            
                                                                               
Current Liabilities                                                                               
                                                                                     $10,979        $10,826  
     Accounts payable and accrued expenses related to trade creditors
                                                                                       1,794          1,730  
     Accrued participations and residuals
                                                                                       2,888          2,768  
     Deferred revenue
                                                                                       9,421         10,516  
     Accrued expenses and other current liabilities
                                                                                       4,429          4,452  
     Current portion of long-term debt
                                                                              -------------- --------------------                      ---------- --------------------
                                                                                      29,511         30,292  
       Total current liabilities
                                                                              -------------- --------------------                      ---------- --------------------
                                                                               
Long-term debt, less current portion                                                  99,995         97,765  
                                                                               
Collateralized obligation                                                              5,167          5,166  
                                                                               
Deferred income taxes                                                                 27,905         28,180  
                                                                               
Other noncurrent liabilities                                                          17,537         16,765  
                                                                               
Redeemable noncontrolling interests and redeemable subsidiary preferred stock          1,254          1,372  
                                                                               
Equity                                                                                            
                                                                                      86,176         82,726  
     Comcast Corporation shareholders' equity
                                                                                       1,395          1,148  
     Noncontrolling interests
                                                                              -------------- --------------------                      ---------- --------------------
                                                                                      87,571         83,874  
       Total equity
                                                                              -------------- --------------------                      ---------- --------------------
                                                                               
TABLE 4
Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA (Unaudited)
----------------------------------------------------------------------------------------------------
                                                                                                                                                             
                                         Three Months Ended                                           Three Months Ended   Three Months Ended                                   Three Months Ended                                    Nine Months Ended    Nine Months Ended                                               Nine Months Ended
                                            September 30,                                                September 30,        September 30,                                        September 30,                                        September 30,        September 30,                                                   September 30,
(in millions)                                                                                                2020                 2020                       2020                      2019                       2019                                2020                                2019
                                                                                                     -------------------- -------------------- ------------------------------  -------------------- ------------------------------                                            ------------------------------                                            ------------------------------
Net income attributable to Comcast Corporation                                                                     $2,019               $2,019     $2,019                 $3,217     $3,217           $7,154           $9,895  
Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock                   12                   12         12                     71         71              110              228  
Income tax expense                                                                                                    739                  739        739                    775        775            2,385            2,812  
Interest expense                                                                                                    1,220                1,220      1,220                  1,167      1,167            3,544            3,454  
Investment and other (income) loss, net                                                                                86                   86         86                    110        110              382             (511 )
Depreciation and amortization                                                                                       3,320                3,320      3,320                  3,180      3,180            9,848            9,776  
Adjustments (1)                                                                                                       187                  187        187                     33         33              217              168  
                                                                                                     -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------                                           ---------- --------------------                                           ---------- --------------------
Adjusted EBITDA                                                                                                    $7,583               $7,583     $7,583                 $8,553     $8,553          $23,640          $25,822  
                                                                                                     ==================== ==================== ========== ==================== ==================== ========== ====================                                           ========== ====================                                           ========== ====================
                                                                                                                                      
Reconciliation from Net Cash Provided by Operating Activities to Free Cash Flow (Unaudited)                                                            
---------------------------------------------------------------------------------------------------- -------------------- -------------------- ------------------------------  -------------------- ------------------------------  -------------------- -------------------- ------------------------------  --------------------
                                                                                                                                                                                
                                                                                                                                Three Months Ended                                              Nine Months Ended    Nine Months Ended                                               Nine Months Ended
                                                                                                                                                                         September 30,                                                  September 30,        September 30,                                                   September 30,
(in millions)                                                                                                2020                                 2020                                 2019                       2019                      2020                 2020                       2020                      2019                 2019                       2019
                                                                                                     -------------------- --------------------------------------------------   -------------------- ------------------------------  -------------------- -------------------- ------------------------------  -------------------- -------------------- ------------------------------
Net cash provided by operating activities                                                                          $5,228                          $5,228                 $5,191     $5,191                $19,695              $19,695    $19,695                $19,462              $19,462    $19,462  
Capital expenditures                                                                                               (2,387                          (2,387 )                                  (2,511     (2,511 )                                  (6,344               (6,344     (6,344 )                                  (6,866               (6,866     (6,866 )
Cash paid for capitalized software and other intangible assets                                                       (552                            (552 )                                    (608       (608 )                                  (1,771               (1,771     (1,771 )                                  (1,686               (1,686     (1,686 )
                                                                                                     -------------------- ------------------------------  -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
Total Free Cash Flow                                                                                               $2,289                          $2,289                 $2,072     $2,072                $11,580              $11,580    $11,580                $10,910              $10,910    $10,910  
                                                                                                     ==================== ==============================  ==================== ==================== ========== ==================== ==================== ==================== ========== ==================== ==================== ==================== ========== ====================
                                                                                                                                                           
Alternate Presentation of Free Cash Flow (Unaudited)
----------------------------------------------------------------------------------------------------
                                                                                                                                                                                
                                         Three Months Ended                                           Three Months Ended                                              Three Months Ended                                              Nine Months Ended    Nine Months Ended                                               Nine Months Ended
                                            September 30,                                                September 30,                                                   September 30,                                                  September 30,        September 30,                                                   September 30,
(in millions)                                                                                                2020                                 2020                                 2019                       2019                      2020                 2020                       2020                      2019                                 2019
                                                                                                     -------------------- --------------------------------------------------   -------------------- ------------------------------  -------------------- -------------------- ------------------------------  -------------------- --------------------------------------------------
Adjusted EBITDA                                                                                                    $7,583                          $7,583                 $8,553     $8,553                $23,640              $23,640    $23,640                $25,822                         $25,822  
Capital expenditures                                                                                               (2,387                          (2,387 )                                  (2,511     (2,511 )                                  (6,344               (6,344     (6,344 )                                  (6,866                          (6,866 )
Cash paid for capitalized software and other intangible assets                                                       (552                            (552 )                                    (608       (608 )                                  (1,771               (1,771     (1,771 )                                  (1,686                          (1,686 )
Cash interest expense                                                                                                (909                            (909 )                                  (1,056     (1,056 )                                  (2,845               (2,845     (2,845 )                                  (3,167                          (3,167 )
Cash taxes                                                                                                         (1,965                          (1,965 )                                    (856       (856 )                                  (2,298               (2,298     (2,298 )                                  (2,490                          (2,490 )
Changes in operating assets and liabilities                                                                           376                             376                 (1,765     (1,765 )                                     361                  361        361                 (1,670                          (1,670 )
Noncash share-based compensation                                                                                      301                             301                    257        257                    922                  922        922                    790                             790  
Other (2)                                                                                                            (158                            (158 )                                      58         58                    (85                  (85        (85 )                                     177                             177  
                                                                                                     -------------------- ------------------------------  -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- ------------------------------  --------------------
(1)                  3rd quarter and year to date 2020 Adjusted EBITDA exclude $177 million of other operating and administrative expense related to a potential legal settlement, and $10 million and $40 million of other operating and administrative expense, respectively, related to the Sky transaction. 3rd quarter and year to date 2019 Adjusted EBITDA exclude $33 million and $168 million of other operating and administrative expense, respectively, related to the Sky transaction. 3rd quarter and year to date 2020 Adjusted EBITDA exclude $177 million of other operating and administrative expense related to a potential legal settlement, and $10 million and $40 million of other operating and administrative expense, respectively, related to the Sky transaction. 3rd quarter and year to date 2019 Adjusted EBITDA exclude $33 million and $168 million of other operating and administrative expense, respectively, related to the Sky transaction.
                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                 (2) 3rd quarter and year to date 2020 include decreases of $177 million related to a potential legal settlement, and $10 million and $40 million of costs related to the Sky transaction, respectively, as these amounts are excluded from Adjusted EBITDA. 3rd quarter and year to date 2019 include decreases of $33 million and $168 million of costs related to the Sky transaction, respectively, as these amounts are excluded from Adjusted EBITDA.                         3rd quarter and year to date 2020 include decreases of $177 million related to a potential legal settlement, and $10 million and $40 million of costs related to the Sky transaction, respectively, as these amounts are excluded from Adjusted EBITDA. 3rd quarter and year to date 2019 include decreases of $33 million and $168 million of costs related to the Sky transaction, respectively, as these amounts are excluded from Adjusted EBITDA.
                                                                                                                                                                                                                                         
                                                                                                                                                                                                     
TABLE 5                                                                                                                                                             
Reconciliations of Adjusted Net Income and Adjusted EPS (Unaudited)                                                                                                                                                                                                                                      
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------               --------------------
                                                                                                                                                                                                                                                                 
                                                                                                                                                                                    Three Months Ended                                                                                                                                                      Nine Months Ended
                                                                                                                                                                                                          September 30,                                                                                                                                                                                                September 30,
 
                                                                                                                                          2020                                                                     2019                                                                      2020                                                                     2019
                                                                                                                               -----------------------------------------------------------                          --------------------------------------------------------------------------                                              ----------------------------------------------------------                          --------------------------------------------------------------------------
(in millions, except per share data)                                                                                                                                          
                                                                                                                       $                     EPS                     $                             EPS                              $                     EPS                     $                             EPS
                                                                                                                               --------------------  -------------------- -------------------                       -------------------- -------------------- ----------------------------------                                            -------------------  -------------------- -------------------                       -------------------- -------------------- ----------------------------------
                                                                                                                                                           
Net income attributable to Comcast Corporation and diluted earnings per share attributable to Comcast Corporation shareholders                $2,019                  $0.44                 $3,217                                 $0.70                   $7,154                  $1.55                 $9,895                                 $2.15
Change                                                                                                                              (37.2 %)                (37.1 %)                                        (27.7 %)               (27.9 %)               
                                                                                                                                                           
Amortization of acquisition-related intangible assets (1)                                                                                        458                   0.10                    385                                  0.08                    1,365                   0.30                  1,180             0.25  
Investments (2)                                                                                                                                   70                   0.01                    141             0.03                        334                   0.07                  (317)           (0.07)  
Items affecting period-over-period comparability:                                                                                                                             
                                                                                                                                                 166                   0.04                     42             0.01                        272                   0.06                     42             0.01  
   Loss on early redemption of debt (3)
                                                                                                                                                 145                   0.03                  (125)           (0.03)                        145                   0.03                  (125)           (0.03)  
   Income tax adjustments (4)
                                                                                                                                                 134                   0.03         --   --                        134                   0.03         --   --  
   Potential legal settlement (5)
                                                                                                                                                   8         --                     27   --                         32         --                    136             0.03  
   Costs related to Sky transaction (6)
                                                                                                                                      --         --                   (20)   --             --         --                   (96)           (0.02)  
   Gains and losses related to businesses and investments (7)
                                                                                                                                      --         --         --   --             --         --                     39             0.01  
   Purchase accounting adjustments (8)
                                                                                                                               --------------------  -------------------- -------------------                       -------------------- -------------------- -------------- --------------------                                           -------------------  -------------------- -------------------                       -------------------- -------------------- -------------- --------------------
                                                                                                                                                           
Adjusted Net income and Adjusted EPS                                                                                                          $3,000                  $0.65                 $3,667                                 $0.79                   $9,436                  $2.04                $10,754                                 $2.33
                                                                                                                               ====================  ==================== ===================                       ==================== ==================== ==================================                                            ===================  ==================== ===================                       ==================== ==================== ==================================
Change                                                                                                                              (18.2 %)                (17.7 %)                                        (12.3 %)               (12.4 %)               
(1) Acquisition-related intangible assets are recognized as a result of the application of Accounting Standards Codification Topic 805, Business Combinations (such as customer relationships), and their amortization is significantly affected by the size and timing of our acquisitions. Amortization of intangible assets not resulting from business combinations (such as software and acquired intellectual property rights used in our theme parks) is included in Adjusted Net Income and Adjusted EPS. Acquisition-related intangible assets are recognized as a result of the application of Accounting Standards Codification Topic 805, Business Combinations (such as customer relationships), and their amortization is significantly affected by the size and timing of our acquisitions. Amortization of intangible assets not resulting from business combinations (such as software and acquired intellectual property rights used in our theme parks) is included in Adjusted Net Income and Adjusted EPS.
                                                 Three Months Ended                      Nine Months Ended
                                                                                                                                September 30,                                                                September 30,
                                          2020     2019       2020     2019
                                                                                                                     ------                      ------                                           ------                      ------
      Amortization of acquisition-related intangible assets   $574     $486     $1,714   $1,489
                                                               before income taxes
                                                                                                                     ------                      ------                                           ------                      ------
(2) Adjustments for investments include realized and unrealized (gains) losses on equity securities, net (as stated in Table 1), as well as the equity in net (income) losses of investees, net, for our investments in Atairos and Hulu (following May 2019 transaction). Adjustments for investments include realized and unrealized (gains) losses on equity securities, net (as stated in Table 1), as well as the equity in net (income) losses of investees, net, for our investments in Atairos and Hulu (following May 2019 transaction).
                                                                Three Months Ended                                                                                   Nine Months Ended
                                                                                                                                               September 30,                                                                                                                             September 30,
                                               2020                         2019                                     2020                                              2019
                                                                                                                -------------------------                       -------------------------                                            --------------------------------------------                        ---------------------------------------------
      Realized and unrealized (gains) losses on equity ($118 )                      ($174 )                        ($65 )                        ($582 )                     
                                                               securities, net
      Equity in net (income) losses of investees, net    210       363        506         155    
                                                                                                                ----- --------------------                      ----- --------------------                                           ---- -------------------- --------------------                      ----- -------------------- --------------------
      Investments before income taxes                     92       189        441        (427 )                     
                 (3) 3rd quarter and year to date 2020 net income attributable to Comcast Corporation includes $220 million and $360 million of interest expense, $166 million and $272 million net of tax, respectively, resulting from the early redemption of debt. 3rd quarter and year to date 2019 net income attributable to Comcast Corporation includes $56 million of interest expense, $42 million net of tax, resulting from the early redemption of debt.                                                                                                                                                                                                                                     3rd quarter and year to date 2020 net income attributable to Comcast Corporation includes $220 million and $360 million of interest expense, $166 million and $272 million net of tax, respectively, resulting from the early redemption of debt. 3rd quarter and year to date 2019 net income attributable to Comcast Corporation includes $56 million of interest expense, $42 million net of tax, resulting from the early redemption of debt.
                                                                                                                                                                                                                                         
                 (4) 3rd quarter and year to date 2020 net income attributable to Comcast Corporation includes $145 million of income tax expense adjustments related to certain tax law changes. 3rd quarter and year to date 2019 net income attributable to Comcast Corporation includes $125 million of income tax benefits related to the impact of certain state tax adjustments.                                                                                                                                                                                                                                     3rd quarter and year to date 2020 net income attributable to Comcast Corporation includes $145 million of income tax expense adjustments related to certain tax law changes. 3rd quarter and year to date 2019 net income attributable to Comcast Corporation includes $125 million of income tax benefits related to the impact of certain state tax adjustments.
                                                                                                                                                                                                                                         
                 (5) 3rd quarter and year to date 2020 net income attributable to Comcast Corporation includes $177 million of other operating and administrative expense, $134 million net of tax, related to a potential legal settlement.                                                                                                                                                                                                                                     3rd quarter and year to date 2020 net income attributable to Comcast Corporation includes $177 million of other operating and administrative expense, $134 million net of tax, related to a potential legal settlement.
                                                                                                                                                                                                                                         
                 (6) 3rd quarter and year to date 2020 net income attributable to Comcast Corporation includes $10 million and $40 million of operating costs and expenses, $8 million and $32 million net of tax, respectively, related to the Sky transaction, primarily relating to the replacement of share-based compensation awards and costs related to integration activities. 3rd quarter and year to date 2019 net income attributable to Comcast Corporation includes $33 million and $168 million of operating costs and expenses, $27 million and $136 million net of tax, respectively, related to the Sky transaction, primarily relating to the replacement of share-based compensation awards and costs related to integration activities. 3rd quarter and year to date 2020 net income attributable to Comcast Corporation includes $10 million and $40 million of operating costs and expenses, $8 million and $32 million net of tax, respectively, related to the Sky transaction, primarily relating to the replacement of share-based compensation awards and costs related to integration activities. 3rd quarter and year to date 2019 net income attributable to Comcast Corporation includes $33 million and $168 million of operating costs and expenses, $27 million and $136 million net of tax, respectively, related to the Sky transaction, primarily relating to the replacement of share-based compensation awards and costs related to integration activities.
                                                                                                                                                                                                                                         
                 (7) 3rd quarter 2019 net income attributable to Comcast Corporation includes a gain of $60 million in other income, $45 million net of tax, related to our investment in Hulu and $34 million of other losses, $25 million net of tax, related to an impairment of an equity method investment. 2019 year to date net income attributable to Comcast Corporation also includes a gain of $159 million in other income, $118 million net of tax, related to our investment in Hulu and $56 million of other losses, $42 million net of tax, related to an impairment of an equity method investment.                                                                                                                                        3rd quarter 2019 net income attributable to Comcast Corporation includes a gain of $60 million in other income, $45 million net of tax, related to our investment in Hulu and $34 million of other losses, $25 million net of tax, related to an impairment of an equity method investment. 2019 year to date net income attributable to Comcast Corporation also includes a gain of $159 million in other income, $118 million net of tax, related to our investment in Hulu and $56 million of other losses, $42 million net of tax, related to an impairment of an equity method investment.
                                                                                                                                                                                                                                         
                 (8) 2019 year to date net income attributable to Comcast Corporation includes $53 million of depreciation and amortization expense, $39 million net of tax, related to the 4th quarter 2018, as a result of adjustments to the purchase price allocation of Sky, primarily related to intangible assets and property and equipment.                                                                                                                                                                                                                                     2019 year to date net income attributable to Comcast Corporation includes $53 million of depreciation and amortization expense, $39 million net of tax, related to the 4th quarter 2018, as a result of adjustments to the purchase price allocation of Sky, primarily related to intangible assets and property and equipment.
 
TABLE 6
Reconciliation of Sky Constant Currency Growth (Unaudited)                                                                     
---------------------------------------------------------- ------------------------------  -------------------- ------------------------------  -------------------- --------------------  -------------------- -------------------- ------------------------------  -------------------- ------------------------------  -------------------- --------------------
                                                                                                                                                          
                                                                                               Three Months Ended                                                                                                                   Nine Months Ended
                                                                                                                     September 30,                                                                                                                                                             September 30,
 
(in millions)                                                            2020                             2019(1)                      Change                          2020                             2019(1)                      Change
                                                           ------------------------------                       ------------------------------                       --------------------                                            ------------------------------                       ------------------------------                       --------------------
                                                                                                            
Direct-to-Consumer                                             $3,943         $3,981           (1.0 %)                $11,146        $11,504           (3.1 %)
Content                                                           388            330           17.5 %                     947          1,057          (10.4 %)
Advertising                                                       462            468           (1.2 %)                  1,296          1,595          (18.7 %)
                                                           ---------- --------------------                      ---------- --------------------                                                                                      ---------- --------------------                      ---------- --------------------
Revenue                                                        $4,793         $4,779            0.3 %                 $13,389        $14,156           (5.4 %)
                                                           ========== ====================                      ========== ====================                                                                                      ========== ====================                      ========== ====================
                                                                                                            
Operating costs and expenses                                   $4,278         $3,836           11.5 %                 $11,574        $11,815           (2.0 %)
                                                                                                            
Adjusted EBITDA                                                  $515           $943          (45.4 %)                 $1,815         $2,341          (22.5 %)
                 (1) 2019 results for entities reporting in currencies other than United States dollars are converted into United States dollars using the average exchange rates from the current period rather than the actual exchange rates in effect during the respective periods. 2019 results for entities reporting in currencies other than United States dollars are converted into United States dollars using the average exchange rates from the current period rather than the actual exchange rates in effect during the respective periods.
                                                                                                                                                                                                                                         
TABLE 7
Reconciliation of Cable Communications RSN Adjustments (Unaudited)
------------------------------------------------------------------
                                           
                                                                                    Three Months Ended                                                                                                                                                    Nine Months Ended
                                                                                                                          September 30, 2020                                                                                                                                                                                         September 30, 2020
     
                                             Reported                                        RSN                                      Adjusted                                      Reported                                       RSN                              Adjusted
                                                                 Change                                                        Adjustments                                                      Change                                                                              Change                                                       Adjustments                                              Change
                                              ------------------------------------------                       ----------------------------------------                       ----------------------------------------                                            ----------------------------------------                       ----------------------------------------                       ------------------------
Revenue                                                                          
    High-Speed Internet                      10.1 %                                      (1.1 %)                                     11.2 %                                         8.9 %                                      (0.9 %)                                      9.8 %
    Video                                    (2.1 %)                                     (1.3 %)                                     (0.8 %)                                       (1.8 %)                                     (1.2 %)                                     (0.6 %)
Total Revenue                                                    2.9 %                                      (1.0 %)                                      3.9 %                                         2.4 %                                      (0.8 %)                                      3.2 %
                                                              
Expenses                                                                         
                                                                (0.6 %)                                     (4.6 %)                                      4.0 %                                        (1.3 %)                                     (3.7 %)                                      2.4 %
  Programming and production
                                                              
Adjusted EBITDA                                                 10.5 %                            -- %                                      10.5 %                                         7.4 %                            -- %                                       7.4 %
Adjusted EBITDA margin                                       290 bps                   40 bps                  250 bps                    200 bps                   40 bps                  160 bps
                                           

Note: Minor differences may exist due to rounding. Percentages represent year/year growth rates and Adjusted EBITDA margin is presented as year/year basis point change

View source version on businesswire.com: https://www.businesswire.com/news/home/20201029005587/en/

SOURCE: Comcast Corporation

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