Warner Bros. Discovery Reports Fourth-Quarter And Full-Year 2022 Results
Warner Bros. Discovery, Inc. (the “Company”) (Nasdaq: WBD) today reported financial results for the quarter and year ended December 31, 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 March 3, 2023. The replay can be accessed by phone by dialing +1 800-770-2030 or +1 647-362-9199 using playback passcode 1493434. 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, “With the major restructuring decisions behind us, this year we are focused on building and growing our businesses for the future, and we’re off to a great start. We’re seeing strong momentum across the enterprise, including our exciting long-term plans for DC Studios, the historic success of our latest HBO series The Last of Us, the significant financial and operating gains in DTC, and the record sales of our newest game Hogwarts Legacy. And with our unparalleled portfolio of assets and IP, a growing roster of exceptional creative talent, and some of the buzziest storytelling in the industry, we believe we have repositioned our businesses to take full advantage of the many opportunities ahead.”
Q4 Financial Summary & Operational Highlights:
- Q4 total revenues were $11,008 million. Revenues decreased 9% ex-FX compared to the prior year quarter, on a combined basis.
- Net loss available to Warner Bros. Discovery, Inc. was $(2,101) million, and included $1,850 million of pre-tax amortization from acquisition-related intangible assets and $1,198 million of pre-tax restructuring expenses.
- Q4 total Adjusted EBITDA was $2,603 million. Adjusted EBITDA decreased 2% ex-FX compared to the prior year quarter, on a combined basis.
- Q4 cash provided by operating activities increased to $2,846 million and reported free cash flow increased to $2,482 million.
- Ended Q4 with $3.9 billion of cash on hand, $49.5 billion of gross debt, and 5.0x net leverage.
- Global DTC subscribers increased 1.1 million to 96.1 million at the end of Q4 versus 95.0 million subscribers at the end of Q3, helped in part by the re-launch of HBO Max on Amazon Channels in December 2022.
- In Q4, TBS, TLC, and TNT were among the top-5 cable networks in Primetime for adults 25-54.
- Continued strength in storytelling as highlighted by our 22 nominations and 8 wins at the 80th Golden Globe® Awards, and our 14 Academy Award© nominations, including Best Picture and Best Actor in a Leading Role nods for Warner Bros. Pictures’ Elvis.
WARNER BROS. DISCOVERY REPORTS FOURTH-QUARTER AND FULL-YEAR 2022 RESULTS
About Warner Bros. Discovery:
Warner Bros. Discovery (Nasdaq: WBD) is a leading global media and entertainment company that creates and distributes the world’s most differentiated and complete portfolio of content and brands across television, film and streaming. 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, discovery+, CNN, DC, Eurosport, HBO, HBO Max, HGTV, Food Network, OWN, Investigation Discovery, TLC, Magnolia Network, TNT, TBS, truTV, Travel Channel, MotorTrend, Animal Planet, Science Channel, Warner Bros. Pictures, Warner Bros. Television, 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.