Warner Bros. Discovery reports third-quarter 2022 results

Warner Bros. Discovery, Inc. (the “Company”) (Nasdaq: WBD) today reported financial results for the quarter ended September 30, 2022. 

The Company will conduct a conference call today at 4:30 p.m. ET to discuss the results. A link to the live webcast of the conference call will be available in the “Investor Relations” section of the Company’s website at https://ir.wbd.com/.

A telephone replay of the call will be available approximately two hours after the completion of the call until November 11, 2022. The replay can be accessed by phone by dialing +1 877-674-7070 or +1 416-764-8692 using playback passcode 908591 #. A replay of the audio webcast will also be available in the “Investor Relations” section of the Company’s website for twelve months.

David Zaslav, President and Chief Executive Officer of Warner Bros. Discovery said, “At Warner Bros. Discovery, we have one of the strongest portfolio of assets and IP across sports, news, and entertainment, and the best leadership team in media executing against the right strategy and financial framework to drive profitability, generate meaningful shareholder value, and ultimately position us for long-term success. We are reimagining and transforming the organization for the future while driving synergy enterprise-wide, increasing our target to at least $3.5 billion, and making significant progress on our combined DTC product. While we have lots more work to do, and there are some difficult decisions still to be made, we have total conviction in the opportunity ahead.”

Financial Summary & Operational Highlights:

• Q3 total reported revenues were $9,823 million. Revenues decreased 8% ex-FX compared to the prior year quarter, on a pro forma combined basis. 
• Net loss available to Warner Bros. Discovery, Inc. was $(2,308) million, and included $1,924 million of pre-tax amortization from acquisition-related intangible assets and $1,521 million of pre-tax restructuring and other charges. 
• Total reported Adjusted EBITDA was $2,424 million. Adjusted EBITDA decreased 8% ex-FX compared to the prior year quarter, on a pro forma combined basis. 
• Cash provided by operating activities decreased to $124 million and reported free cash flow decreased to $(192) million. 
• Ended Q3 with $2.5 billion of cash on hand,  $50.4 billion of gross debt, and 5.1x net leverage. 
• Ended Q3 with 94.9 million global DTC subscribers, an increase of 2.8 million versus 92.1 million subscribers at the end of Q2. 
• In Q3, Warner Bros. Discovery was the #1 TV portfolio in total time spent by viewers in the U.S. 

WARNER BROS. DISCOVERY REPORTS THIRD-QUARTER 2022 RESULTS