Warner Bros. Discovery, Inc. (the “Company”) (Nasdaq: WBD) today reported financial results for the quarter and year ended December 31, 2024. Please visit the Company’s website to view the financial results and other earnings materials (including a Shareholder Letter).
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” 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 March 6, 2025. The replay can be accessed via phone by dialing +1 646-517-3975 or +1 888-660-6264 and using the passcode 33834 # when prompted. A replay of the audio webcast will also be available in the “Investor Relations” section of the Company’s website for twelve months.
Q4 2024 Highlights
- Total revenues were $10.0 billion, a 1% ex-FX decrease compared to the prior year quarter.
- Distribution revenues increased 2% ex-FX, as growth in global DTC subscribers was partially offset by continued domestic linear pay TV subscriber declines.
- Advertising revenues decreased 11% ex-FX, as the growth in DTC ad-lite subscribers was more than offset by domestic linear audience declines and the continuing softness in the domestic linear advertising market.
- Content revenues were relatively unchanged.
- Net income available to Warner Bros. Discovery, Inc. was $(0.5) billion, which includes $1.9 billion of pre-tax acquisition-related amortization of intangibles, content fair value step-up, and restructuring expenses.
- Total Adjusted EBITDA was $2.7 billion, an 11% ex-FX increase compared to the prior year quarter, primarily due to growth in the DTC and Studios segments.
- Cash provided by operating activities was $2.7 billion. Free cash flow was $2.4 billion.
- Ended the quarter with 116.9 million DTC subscribers, an increase of 6.4 million subscribers vs. Q3.
FY 2024 Highlights
- Total revenues were $39.3 billion, a 4% ex-FX decrease compared to the prior year.
- Distribution revenues decreased 1% ex-FX, as growth in global DTC subscribers was more than offset by continued domestic linear pay TV subscriber declines and an unfavorable impact from the AT&T SportsNet exit.
- Advertising revenues decreased 7% ex-FX, as the growth in domestic DTC ad-lite subscribers was more than offset by domestic linear audience declines and the continuing softness in the domestic linear advertising market.
- Content revenues decreased 8% ex-FX, due to the strong performance of Hogwarts Legacy and Barbie in the prior year, partially offset by the sublicensing of Olympic sports rights in Europe.
- Net income available to Warner Bros. Discovery, Inc. was $(11.3) billion, which includes $7.5 billion of pre-tax acquisition-related amortization of intangibles, content fair value step-up, and restructuring expenses and a $9.1 billion non-cash goodwill impairment charge in the Networks segment.
- Total Adjusted EBITDA was $9.0 billion, an 11% ex-FX decrease compared to the prior year.
- Cash provided by operating activities was $5.4 billion. Free cash flow was $4.4 billion.
- Ended the year with $34.6 billion of net debt.
WARNER BROS. DISCOVERY REPORTS FOURTH-QUARTER AND FULL-YEAR 2024 RESULTS
About Warner Bros. Discovery:
Warner Bros. Discovery is a leading global media and entertainment company that creates and distributes the world’s most differentiated and complete portfolio of branded content across television, film, streaming and gaming. Available in more than 220 countries and territories and 50 languages, Warner Bros. Discovery inspires, informs and entertains audiences worldwide through its iconic brands and products including: Discovery Channel, Max, discovery+, CNN, DC, TNT Sports, Eurosport, HBO, HGTV, Food Network, OWN, Investigation Discovery, TLC, Magnolia Network, TNT, TBS, truTV, Travel Channel, MotorTrend, Animal Planet, Science Channel, Warner Bros. Motion Picture Group, Warner Bros. Television Group, Warner Bros. Pictures Animation, Warner Bros. Games, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies, Discovery en Español, Hogar de HGTV and others. For more information, please visit www.wbd.com.
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Source: Warner Bros. Discovery, Inc.