Warner Bros. Discovery, Inc. (NASDAQ:WBD) Q1 2024 Earnings Conference Call May 9, 2024 8:00 AM ET Company Participants David Zaslav - President, Chief Executive Officer Gunnar Wiedenfels - Chief Financial Officer JB Perrette - CEO and President, Global Streaming and Games. Andrew Slabin - Executive Vice President, Global Investor Strategy Conference Call Participants Bryan Kraft - Deutsche Bank Kutgun Maral - Evercore ISI Jessica Reif Ehrlich - BOA Securities David Joyce - Seaport Research Partners Kanna ...

UPDATE—May 9, 2024: This article has been updated to reflect more recent share price information.Key TakeawaysWarner Bros. Discovery's revenue fell more than estimated in the first quarter and the entertainment conglomerate reported a wider-than-expected net loss.Shares seesawed in early trading Thursday following the release. Ongoing negotiations with the NBA over the league's next broadcasting deal, along with a streaming bundle partnership with Disney the companies announced Wednesday, could substantial ...

Warner Bros. Discovery reported a larger-than-expected quarterly loss, as advertising sales slumped at its cable TV unit and the studio segment struggled with the twin effects of last year’s Hollywood strikes and poor sales of a “Suicide Squad” videogame.Advertising trends in the US and certain international markets have been subdued as businesses responded to the possibility of higher-for-longer interest rates, a drag for Warner Bros Discovery and other media companies.Warner posted a first-quarter loss of ...

Warner Bros. Discovery (WBD) came out with a quarterly loss of $0.40 per share versus the Zacks Consensus Estimate of a loss of $0.24. This compares to earnings of $0.18 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -66.67%. A quarter ago, it was expected that this operator of cable TV channels such as TLC and Animal Planet would post a loss of $0.11 per share when it actually produced a loss of $0.16, delivering a surprise ...

About this content About Oliver Haill Oliver has been writing about companies and markets since the early 2000s, cutting his teeth as a financial journalist at Growth Company Investor with a focusing on AIM companies and small caps, before a few years later becoming a section editor and then head of research. He joined Proactive after a couple of years freelancing, where he worked for the Financial Times Group, ITV, Press Association, Reuters sports desk, the London Olympic News Service, Rugby World Cup ...

Key TakeawaysWarner Bros. Discovery shares fell in premarket trading Thursday following the release of first-quarter results that fell short of analyst estimates.Revenue fell more than expected, while WBD also posted a larger net loss than analysts had estimated.Ongoing negotiations with the NBA over the league's next broadcasting deal, along with a streaming bundle partnership with Disney the companies announced Wednesday, could substantially impact WBD's future earnings. Warner Bros. Discovery (WBD) share ...

Signage at a Warner Bros Discovery office in New York, US, on Saturday, Feb. 17, 2024.Warner Bros. Discovery reported first-quarter results on Thursday, missing analyst expectations on both the top and bottom lines. Here is how Warner Bros. Discovery performed, compared with estimates from analysts surveyed by LSEG:Loss per share: 40 cents vs. 24 cents loss expectedRevenue: $9.96 billion vs. $10.231 billion expectedAlso on Thursday the company announced a $1.75 billion cash tender offer aimed at reducing it ...

Financial Performance - Total revenues for Q1 2024 were $9,958 million, a 7% decrease compared to Q1 2023[4] - Net loss available to Warner Bros. Discovery, Inc. was $(966) million, an improvement of 10% from the prior year[4] - Adjusted EBITDA for Q1 2024 was $2,102 million, a 20% decrease ex-FX compared to the prior year quarter[4] - Total revenues for Q1 2024 were $9.958 billion, a decrease of 6.9% compared to $10.700 billion in Q1 2023[32] - The company reported a net loss of $955 million in Q1 2024, compared to a net loss of $1.060 billion in the same quarter of the previous year[32] - Operating loss for Q1 2024 was $267 million, an improvement from an operating loss of $557 million in Q1 2023[32] - Adjusted EBITDA for Q1 2024 was $2,102 million, a decline from $2,611 million in Q1 2023[41] - Net loss available to Warner Bros. Discovery, Inc. for Q1 2024 was $966 million, compared to a loss of $1,069 million in Q1 2023[41] Cash Flow and Debt Management - Free cash flow improved to $390 million, a $1.3 billion increase compared to the prior year quarter[4] - Cash provided by operating activities increased to $585 million in Q1 2024 from a negative $631 million in the prior year quarter, while free cash flow improved to $390 million from a negative $930 million[24] - The company repaid $1.1 billion of debt during Q1 2024 and launched a tender offer to repurchase outstanding debt[6] - As of March 31, 2024, Warner Bros. Discovery had $3.4 billion in cash on hand and $43.2 billion in gross debt, with a net leverage ratio of 4.1x[6] - Gross debt stands at $43.2 billion, which includes total debt of $42.8 billion and finance leases of $325 million[48] - Net leverage is calculated as net debt of $39.2 billion divided by the last four quarters' Adjusted EBITDA of $6,691 million[49] - The average duration of the company's outstanding debt was 15.0 years with an average cost of 4.6% as of March 31, 2024[6] - The company maintains an undrawn $6.0 billion revolving credit facility[6] Revenue Streams - Networks revenues decreased 8% ex-FX to $5,125 million, impacted by the exit of AT&T SportsNet[12] - DTC revenues increased modestly to $2,460 million compared to the prior year quarter[16] - Advertising revenue in the DTC segment increased by 70% ex-FX, driven by higher engagement on Max[16] - Distribution revenues for Q1 2024 were $2.797 billion, down 7% from $2.995 billion in Q1 2023[39] Subscriber Metrics - Global DTC subscribers reached 99.6 million, an increase of 2.0 million from Q4 2023[16] - The company defines Direct-to-Consumer (DTC) subscribers as those who have recognized subscription revenue, totaling a significant portion of its revenue stream[52] - The average revenue per user (ARPU) for DTC subscriptions is calculated by dividing total subscription revenue plus net advertising revenue by the average number of paying subscribers[57] Operational Highlights - Studios Adjusted EBITDA decreased 70% ex-FX to $184 million compared to the prior year quarter[8] - Warner Bros. Pictures reached $1 billion in both overseas and global box office, marking a strong start to the year[2] - Total operating expenses for Q1 2024 were $3,006 million, a decrease of 9% compared to $3,288 million in Q1 2023[40] - Cost of revenues for Q1 2024 was $2,372 million, down 9% from $2,594 million in Q1 2023[40] - The company reported a restructuring and other charges of $35 million in Q1 2024[41] - The company aims to improve its operating performance by excluding revenues and expenses related to the exit from the AT&T SportsNet business[60] Asset Management - Total assets decreased to $119.819 billion as of March 31, 2024, down from $122.757 billion at the end of 2023[35]

NEW YORK, May 9, 2024 /PRNewswire/ -- Warner Bros. Discovery, Inc. (the "Company") (Nasdaq: WBD) today reported financial results for the quarter ended March 31, 2024. Please visit the "Investor Relations" section of the Company's website at https://ir.wbd.com/ to view the financial results and other earnings materials. The Company will conduct a conference call today at 8:00 a.m. ET to discuss the results. A link to the live webcast of the conference call will be available in the "Investor Relations" secti ...

3.900% Senior Notes due 2024 issued by Discovery Communications, LLC3.900% Senior Notes due 2024 issued by Scripps Networks Interactive, Inc.4.000% Senior Notes due 2055 issued by Discovery Communications, LLC 4.650% Senior Notes due 2050 issued by Discovery Communications, LLC4.950% Senior Notes due 2042 issued by Discovery Communications, LLC4.875% Senior Notes due 2043 issued by Discovery Communications, LLC5.200% Senior Notes due 2047 issued by Discovery Communications, LLC5.300% Senior Notes due 2049 i ...