Summary of Warner Bros Discovery, Inc. Conference Call Company Overview - **Company**: Warner Bros Discovery, Inc. (NASDAQ: WBD) - **Event**: 51st Annual J.P. Morgan Global Technology, Media and Communications Conference Call - **Date**: May 24, 2023 Key Points Launch of Max - The launch of the new streaming service Max was a significant milestone for the company, combining the offerings of WarnerMedia and Discovery [2][3] - Initial subscriber engagement exceeded expectations, with technical metrics showing improvement over the previous product [3][4] - The company aims to leverage the combined content portfolio to enhance viewer engagement and reduce churn [4][17] Financial Guidance and Performance - Warner Bros Discovery provided financial guidance for the year, projecting EBITDA between $11 billion and $11.5 billion, with a free cash flow conversion of 33% to 50% [10][11] - The first quarter marked a return to profit growth, with expectations for continued free cash flow growth [11][12] - The advertising market is showing gradual improvement, with optimism for future growth [12][18] Content Strategy and Viewer Engagement - The company is focused on improving viewer engagement through better content discovery and recommendation systems [6][36] - The integration of HBO Max and discovery+ is expected to enhance daily engagement and reduce churn rates [36][61] - The pricing strategy for streaming services is under review, with potential for upward adjustments to reflect the value of content [39][40] Theatrical Releases and Future Films - The theatrical market is recovering, with Warner Bros Discovery committed to a flexible theatrical window strategy [66][69] - Upcoming films like "The Flash" and "Barbie" are anticipated to perform well, contributing to the company's growth [75][76] Gaming and Interactive Content - The success of "Hogwarts Legacy" reinforces the company's strategy to monetize its IP across multiple platforms, including gaming [78][79] - Future gaming releases, including "Mortal Kombat," are expected to further capitalize on the company's strong IP portfolio [81] Challenges and Market Dynamics - The linear television business is expected to decline gradually, but the company is managing costs effectively to maintain free cash flow [20][22] - The competitive landscape in streaming is evolving, with discussions around potential consolidation in the industry [56][54] International Expansion - Warner Bros Discovery plans to expand the Max product internationally, with launches in Latin America and EMEA markets scheduled for 2024 [31][34] Advertising Opportunities - The company sees significant potential for advertising growth on both D2C and linear platforms, with a focus on data-driven advertising strategies [44][50] Conclusion - Warner Bros Discovery is strategically positioned to leverage its combined content offerings, improve viewer engagement, and capitalize on growth opportunities in both streaming and gaming sectors while navigating the challenges of the evolving media landscape [60][81]

Warner Bros Discovery, Inc. (NASDAQ:WBD) SVB MoffettNathanson's Inaugural Technology, Media and Telecom Conference Call May 18, 2023 9:00 AM ET Company Participants David Zaslav - President, CEO & Director Conference Call Participants Michael Nathanson - MoffettNathanson Robert Fishman - MoffettNathanson Robert Fishman We are very happy to be here again, kick off the day for us. We got Mr. David Zaslav, Warner Bros. Discovery. Thank you for being here. David Zaslav It's great to be here. Good to see you guy ...

1st Quarter 2023 Earnings Presentation May 5, 2023 | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Warner Bros. Discovery, Inc. (NASDAQ:WBD) Q1 2023 Earnings Conference Call May 5, 2023 8:00 AM ET Company Participants Andrew Slabin - Investor Relations David Zaslav - President and Chief Executive Officer Gunnar Wiedenfels - Chief Financial Officer JB Perrette - Chief Executive Officer and President, Global Streaming and Games Conference Call Participants Doug Mitchelson - Credit Suisse Robert Fishman - MoffettNathanson Steven Cahall - Wells Fargo Peter Supino - Wolfe Research Bryan Kraft - Deutsche Bank ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-34177 Warner Bros. Discovery, Inc. (Exact name of registrant as specified in its charter) Delaware 35-2333914 (State or other jurisdiction of ...

Warner Bros. Discovery, Inc. (NASDAQ:WBD) Morgan Stanley Technology, Media & Telecom Conference March 8, 2023 1:25 PM ET Company Participants Gunnar Wiedenfels - CFO Conference Call Participants Benjamin Swinburne - Morgan Stanley Benjamin Swinburne Okay. For important disclosures, please see the Morgan Stanley Research Disclosure website at morganstanley.com. [Operator Instructions] If you have any questions, please reach out to your Morgan Stanley sales representative And I'm really excited to welcome to ...

Warner Bros. Discovery, Inc. (NASDAQ:WBD) Q4 2022 Earnings Conference Call February 23, 2023 4:30 PM ET Company Participants Andrew Slabin - Executive Vice President, Global Investor Strategy David Zaslav - President and Chief Executive Officer Gunnar Wiedenfels - Chief Financial Officer Jean-Briac Perrette - Chief Executive Officer and President, Global Streaming and Interactive Conference Call Participants Jessica Reif Ehrlich - Bank of America Michael Morris - Guggenheim Brett Feldman - Goldman Sachs B ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-34177 Warner Bros. Discovery, Inc. (Exact name of Registrant as specified in its charter) Delaware 35-2333914 (State or other jurisdiction of i ...

Financial Data and Key Metrics Changes - The company is confident in achieving a long-term synergy target increase from $3 billion to $3.5 billion, with $2 billion expected to be realized this year [28][30] - The adjusted EBITDA guidance for the year is set at $12 billion, with a caveat of assuming a normal ad environment [33][59] - The company aims for 30% to 50% of EBITDA to convert to free cash flow, with improvements expected in cash generation capacity over time [74][79] Business Line Data and Key Metrics Changes - The company plans to double theatrical releases and ramp up production across various segments, indicating a strong content pipeline [7][11] - The direct-to-consumer (D2C) business is projected to reach U.S. breakeven in 2024 and generate $1 billion in global profits by 2025 [11][36] - The linear business has shown resilience, with over 30% of U.S. affiliate revenue renewed in the fourth quarter, demonstrating the value of the linear portfolio [9][10] Market Data and Key Metrics Changes - The U.S. ad market has shown mixed trends, with some deterioration noted in the fourth quarter, although there are signs of improvement in international markets like Poland and Italy [24][25] - The company acknowledges the unusual geopolitical and macroeconomic environment affecting the ad market, which remains a risk factor [21][23] Company Strategy and Development Direction - The strategic pillars of the company include generating world-class content, unparalleled distribution, and a unified management approach, which remain intact and are showing positive results [6][15] - The company is focused on integrating its media assets and optimizing content spend across its portfolio, moving away from previous overspending practices [18][31] - The management emphasizes a disciplined approach to content spending, leveraging data to inform decision-making and capital allocation [41][72] Management's Comments on Operating Environment and Future Outlook - The management is optimistic about the long-term earnings potential of the combined company, suggesting it may be greater than initially anticipated [5][15] - The company is actively managing its operations with a focus on cash flow generation and value creation, despite uncertainties in the ad market [14][35] - The management is confident in the company's ability to adapt to market changes and leverage its extensive content library and distribution capabilities [36][72] Other Important Information - The company is in the process of rebuilding its technology platform to enhance consumer experience, which is currently seen as a limitation [52][53] - There is a strong emphasis on collaboration among the management team to utilize data effectively for decision-making [12][46] Q&A Session All Questions and Answers Question: What is the strategic rationale behind the deal? - The strategic rationale remains intact, with the management highlighting the importance of content quality over quantity and the need for disciplined spending in the industry [3][16] Question: How does the company view the ad market? - The management acknowledges the ad market as a risk factor, with trends not improving in the fourth quarter, but remains optimistic about future recovery [24][27] Question: What are the expectations for content spending across the industry? - The management believes that the industry will see a shift towards more disciplined content spending, moving away from previous overspending trends [40][62] Question: How will the integration of Discovery and HBO be managed? - The company is focused on minimizing churn during the transition and ensuring a seamless consumer experience with the new combined product [56][57] Question: What is the company's approach to sports content? - The management emphasizes a disciplined approach to sports rights acquisition, ensuring financial and strategic discipline in decision-making [72][68]

Warner Bros. Discovery, Inc. (NASDAQ:WBD) Q3 2022 Earnings Conference Call November 3, 2022 4:30 PM ET Company Participants Andrew Slabin - Executive Vice President, Global Investor Strategy David Zaslav - President and Chief Executive Officer Gunnar Wiedenfels - Chief Financial Officer Jean-Briac Perrette - Chief Executive Officer and President, Global Streaming and Interactive Conference Call Participants Kannan Venkateshwar - Barclays Doug Mitchelson - Credit Suisse Jessica Reif Ehrlich - Bank of America ...