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