Goodwill and Intangible Asset Disclosure
Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Comcast Corp., balance sheet: goodwill and intangible assets

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Goodwill	59,268)	58,494)	70,189)	70,669)	68,725)
Franchise rights	59,400)	59,400)	59,365)	59,365)	59,365)
Trade names	—)	—)	—)	—)	8,809)
FCC licenses	2,800)	2,800)	2,807)	2,804)	2,337)
Indefinite-lived intangible assets	62,200)	62,200)	62,172)	62,169)	70,511)
Customer relationships	20,800)	20,400)	22,119)	22,197)	22,884)
Software	23,200)	20,900)	20,329)	17,819)	15,357)
Other agreements and rights	11,300)	11,100)	11,870)	12,394)	3,958)
Finite-lived intangible assets, gross carrying amount	55,300)	52,400)	54,318)	52,410)	42,199)
Accumulated amortization	(30,300)	(25,900)	(23,545)	(19,825)	(17,217)
Finite-lived intangible assets, net	25,000)	26,500)	30,773)	32,585)	24,982)
Intangible assets	87,200)	88,700)	92,945)	94,754)	95,493)
Goodwill and intangible assets	146,468)	147,194)	163,134)	165,423)	164,218)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
Goodwill	Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.	Comcast Corp. goodwill decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.
Intangible assets	Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Comcast Corp. intangible assets decreased from 2021 to 2022 and from 2022 to 2023.
Goodwill and intangible assets	Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Comcast Corp. goodwill and intangible assets decreased from 2021 to 2022 and from 2022 to 2023.

Comcast Corp., adjustments to financial statements

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported)	264,811)	257,275)	275,905)	273,869)	263,414)
Less: Goodwill	59,268)	58,494)	70,189)	70,669)	68,725)
Total assets (adjusted)	205,543)	198,781)	205,716)	203,200)	194,689)
Adjustment to Total Comcast Corporation Shareholders’ Equity
Total Comcast Corporation shareholders’ equity (as reported)	82,703)	80,943)	96,092)	90,323)	82,726)
Less: Goodwill	59,268)	58,494)	70,189)	70,669)	68,725)
Total Comcast Corporation shareholders’ equity (adjusted)	23,435)	22,449)	25,903)	19,654)	14,001)
Adjustment to Net Income Attributable To Comcast Corporation
Net income attributable to Comcast Corporation (as reported)	15,388)	5,370)	14,159)	10,534)	13,057)
Add: Goodwill impairment losses	—)	8,100)	—)	—)	—)
Net income attributable to Comcast Corporation (adjusted)	15,388)	13,470)	14,159)	10,534)	13,057)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Comcast Corp., Financial Data: Reported vs. Adjusted

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Comcast Corp., adjusted financial ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net Profit Margin
Reported net profit margin	12.66%	4.42%	12.17%	10.17%	11.99%
Adjusted net profit margin	12.66%	11.09%	12.17%	10.17%	11.99%
Total Asset Turnover
Reported total asset turnover	0.46	0.47	0.42	0.38	0.41
Adjusted total asset turnover	0.59	0.61	0.57	0.51	0.56
Financial Leverage
Reported financial leverage	3.20	3.18	2.87	3.03	3.18
Adjusted financial leverage	8.77	8.85	7.94	10.34	13.91
Return on Equity (ROE)
Reported ROE	18.61%	6.63%	14.73%	11.66%	15.78%
Adjusted ROE	65.66%	60.00%	54.66%	53.60%	93.26%
Return on Assets (ROA)
Reported ROA	5.81%	2.09%	5.13%	3.85%	4.96%
Adjusted ROA	7.49%	6.78%	6.88%	5.18%	6.71%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Comcast Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Comcast Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Comcast Corp. adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Comcast Corp. adjusted ROE improved from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Comcast Corp. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Comcast Corp., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation	15,388)	5,370)	14,159)	10,534)	13,057)
Revenue	121,572)	121,427)	116,385)	103,564)	108,942)
Profitability Ratio
Net profit margin¹	12.66%	4.42%	12.17%	10.17%	11.99%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Comcast Corporation	15,388)	13,470)	14,159)	10,534)	13,057)
Revenue	121,572)	121,427)	116,385)	103,564)	108,942)
Profitability Ratio
Adjusted net profit margin²	12.66%	11.09%	12.17%	10.17%	11.99%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Net profit margin = 100 × Net income attributable to Comcast Corporation ÷ Revenue
= 100 × 15,388 ÷ 121,572 = 12.66%

² Adjusted net profit margin = 100 × Adjusted net income attributable to Comcast Corporation ÷ Revenue
= 100 × 15,388 ÷ 121,572 = 12.66%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Comcast Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Revenue	121,572)	121,427)	116,385)	103,564)	108,942)
Total assets	264,811)	257,275)	275,905)	273,869)	263,414)
Activity Ratio
Total asset turnover¹	0.46	0.47	0.42	0.38	0.41
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Revenue	121,572)	121,427)	116,385)	103,564)	108,942)
Adjusted total assets	205,543)	198,781)	205,716)	203,200)	194,689)
Activity Ratio
Adjusted total asset turnover²	0.59	0.61	0.57	0.51	0.56

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Total asset turnover = Revenue ÷ Total assets
= 121,572 ÷ 264,811 = 0.46

² Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 121,572 ÷ 205,543 = 0.59

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Comcast Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	264,811)	257,275)	275,905)	273,869)	263,414)
Total Comcast Corporation shareholders’ equity	82,703)	80,943)	96,092)	90,323)	82,726)
Solvency Ratio
Financial leverage¹	3.20	3.18	2.87	3.03	3.18
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets	205,543)	198,781)	205,716)	203,200)	194,689)
Adjusted total Comcast Corporation shareholders’ equity	23,435)	22,449)	25,903)	19,654)	14,001)
Solvency Ratio
Adjusted financial leverage²	8.77	8.85	7.94	10.34	13.91

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Financial leverage = Total assets ÷ Total Comcast Corporation shareholders’ equity
= 264,811 ÷ 82,703 = 3.20

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Comcast Corporation shareholders’ equity
= 205,543 ÷ 23,435 = 8.77

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Comcast Corp. adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation	15,388)	5,370)	14,159)	10,534)	13,057)
Total Comcast Corporation shareholders’ equity	82,703)	80,943)	96,092)	90,323)	82,726)
Profitability Ratio
ROE¹	18.61%	6.63%	14.73%	11.66%	15.78%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Comcast Corporation	15,388)	13,470)	14,159)	10,534)	13,057)
Adjusted total Comcast Corporation shareholders’ equity	23,435)	22,449)	25,903)	19,654)	14,001)
Profitability Ratio
Adjusted ROE²	65.66%	60.00%	54.66%	53.60%	93.26%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROE = 100 × Net income attributable to Comcast Corporation ÷ Total Comcast Corporation shareholders’ equity
= 100 × 15,388 ÷ 82,703 = 18.61%

² Adjusted ROE = 100 × Adjusted net income attributable to Comcast Corporation ÷ Adjusted total Comcast Corporation shareholders’ equity
= 100 × 15,388 ÷ 23,435 = 65.66%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Comcast Corp. adjusted ROE improved from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation	15,388)	5,370)	14,159)	10,534)	13,057)
Total assets	264,811)	257,275)	275,905)	273,869)	263,414)
Profitability Ratio
ROA¹	5.81%	2.09%	5.13%	3.85%	4.96%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Comcast Corporation	15,388)	13,470)	14,159)	10,534)	13,057)
Adjusted total assets	205,543)	198,781)	205,716)	203,200)	194,689)
Profitability Ratio
Adjusted ROA²	7.49%	6.78%	6.88%	5.18%	6.71%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROA = 100 × Net income attributable to Comcast Corporation ÷ Total assets
= 100 × 15,388 ÷ 264,811 = 5.81%

² Adjusted ROA = 100 × Adjusted net income attributable to Comcast Corporation ÷ Adjusted total assets
= 100 × 15,388 ÷ 205,543 = 7.49%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Comcast Corp. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Comcast Corp. (NASDAQ:CMCSA)

Analysis of Goodwill and Intangible Assets

Goodwill and Intangible Asset Disclosure

Adjustments to Financial Statements: Removal of Goodwill

Comcast Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Comcast Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)