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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Discovery Inc | NASDAQ:DISCK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.42 | 24.12 | 24.90 | 0 | 01:00:00 |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 35-2333914 | ||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
230 Park Avenue South | 10003 | ||||||||||
New York, New York | (Zip Code) | ||||||||||
(Address of principal executive offices) |
Title of Each Class | Trading Symbols | Name of Each Exchange on Which Registered | ||||||
Series A Common Stock | WBD | The Nasdaq Global Select Market |
Series A Common Stock, par value $0.01 per share | 2,428,396,015 |
Page | |||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Advertising | $ | 2,042 | $ | 1,453 | $ | 6,239 | $ | 4,496 | |||||||||||||||
Distribution | 4,990 | 1,328 | 11,180 | 3,898 | |||||||||||||||||||
Content | 2,531 | 352 | 4,918 | 564 | |||||||||||||||||||
Other | 260 | 17 | 472 | 46 | |||||||||||||||||||
Total revenues | 9,823 | 3,150 | 22,809 | 9,004 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Costs of revenues, excluding depreciation and amortization | 5,627 | 1,529 | 13,488 | 3,553 | |||||||||||||||||||
Selling, general and administrative | 2,589 | 944 | 7,167 | 2,947 | |||||||||||||||||||
Depreciation and amortization | 2,233 | 341 | 5,024 | 1,043 | |||||||||||||||||||
Restructuring and other charges | 1,521 | 7 | 2,559 | 29 | |||||||||||||||||||
Asset impairment and loss (gain) on disposition and disposal groups | 43 | — | 47 | (72) | |||||||||||||||||||
Total costs and expenses | 12,013 | 2,821 | 28,285 | 7,500 | |||||||||||||||||||
Operating (loss) income | (2,190) | 329 | (5,476) | 1,504 | |||||||||||||||||||
Interest expense, net | (555) | (159) | (1,219) | (479) | |||||||||||||||||||
Loss from equity investees, net | (78) | (9) | (135) | (20) | |||||||||||||||||||
Other (expense) income, net | (28) | 72 | 411 | 245 | |||||||||||||||||||
(Loss) income before income taxes | (2,851) | 233 | (6,419) | 1,250 | |||||||||||||||||||
Income tax benefit (expense) | 566 | (36) | 1,201 | (144) | |||||||||||||||||||
Net (loss) income | (2,285) | 197 | (5,218) | 1,106 | |||||||||||||||||||
Net income attributable to noncontrolling interests | (21) | (32) | (44) | (116) | |||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | (2) | (9) | (8) | (22) | |||||||||||||||||||
Net (loss) income available to Warner Bros. Discovery, Inc. | $ | (2,308) | $ | 156 | $ | (5,270) | $ | 968 | |||||||||||||||
Net (loss) income per share allocated to Warner Bros. Discovery, Inc. Series A common stockholders: | |||||||||||||||||||||||
Basic | $ | (0.95) | $ | 0.24 | $ | (3.00) | $ | 1.47 | |||||||||||||||
Diluted | $ | (0.95) | $ | 0.24 | $ | (3.00) | $ | 1.46 | |||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | 2,428 | 589 | 1,775 | 588 | |||||||||||||||||||
Diluted | 2,428 | 663 | 1,775 | 665 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net (loss) income | $ | (2,285) | $ | 197 | $ | (5,218) | $ | 1,106 | ||||||||||||||||||
Other comprehensive (loss) income adjustments, net of tax: | ||||||||||||||||||||||||||
Currency translation | (690) | (144) | (1,277) | (203) | ||||||||||||||||||||||
Derivatives | 24 | 12 | (12) | 137 | ||||||||||||||||||||||
Comprehensive (loss) income | (2,951) | 65 | (6,507) | 1,040 | ||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (21) | (32) | (44) | (116) | ||||||||||||||||||||||
Comprehensive income attributable to redeemable noncontrolling interests | (2) | (9) | (8) | (22) | ||||||||||||||||||||||
Comprehensive (loss) income attributable to Warner Bros. Discovery, Inc. | $ | (2,974) | $ | 24 | $ | (6,559) | $ | 902 | ||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements. |
September 30, 2022 | December 31, 2021 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 2,422 | $ | 3,905 | |||||||
Receivables, net | 6,669 | 2,446 | |||||||||
Prepaid expenses and other current assets | 3,581 | 913 | |||||||||
Total current assets | 12,672 | 7,264 | |||||||||
Film and television content rights and games, net | 28,288 | 3,832 | |||||||||
Property and equipment, net | 5,143 | 1,336 | |||||||||
Goodwill | 34,450 | 12,912 | |||||||||
Intangible assets, net | 46,744 | 6,317 | |||||||||
Other noncurrent assets | 8,752 | 2,766 | |||||||||
Total assets | $ | 136,049 | $ | 34,427 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 1,534 | $ | 412 | |||||||
Accrued liabilities | 10,197 | 2,230 | |||||||||
Deferred revenues | 1,688 | 478 | |||||||||
Current portion of debt | 1,257 | 339 | |||||||||
Total current liabilities | 14,676 | 3,459 | |||||||||
Noncurrent portion of debt, net | 48,612 | 14,420 | |||||||||
Deferred income taxes | 12,317 | 1,225 | |||||||||
Other noncurrent liabilities | 10,364 | 1,927 | |||||||||
Total liabilities | 85,969 | 21,031 | |||||||||
Commitments and contingencies (See Note 19) | |||||||||||
Redeemable noncontrolling interests | 318 | 363 | |||||||||
Warner Bros. Discovery, Inc. stockholders’ equity: | |||||||||||
Series A common stock: $0.01 par value; 10,800 and 0 shares authorized; 2,658 and 0 shares issued; and 2,428 and 0 shares outstanding | 27 | — | |||||||||
Preferred stock: $0.01 par value; 1,200 and 0 shares authorized, 0 shares issued and outstanding | — | — | |||||||||
Discovery Series A-1 convertible preferred stock: $0.01 par value; 0 and 8 shares authorized, issued and outstanding | — | — | |||||||||
Discovery Series C-1 convertible preferred stock: $0.01 par value; 0 and 6 shares authorized; 0 and 4 shares issued and outstanding | — | — | |||||||||
Discovery Series A common stock: $0.01 par value; 0 and 1,700 shares authorized; 0 and 170 shares issued; and 0 and 169 shares outstanding | — | 2 | |||||||||
Discovery Series B convertible common stock: $0.01 par value; 0 and 100 shares authorized; 0 and 7 shares issued and outstanding | — | — | |||||||||
Discovery Series C common stock: $0.01 par value; 0 and 2,000 shares authorized; 0 and 559 shares issued; and 0 and 330 shares outstanding | — | 5 | |||||||||
Additional paid-in capital | 54,547 | 11,086 | |||||||||
Treasury stock, at cost: 230 and 230 shares | (8,244) | (8,244) | |||||||||
Retained earnings | 4,306 | 9,580 | |||||||||
Accumulated other comprehensive loss | (2,119) | (830) | |||||||||
Total Warner Bros. Discovery, Inc. stockholders’ equity | 48,517 | 11,599 | |||||||||
Noncontrolling interests | 1,245 | 1,434 | |||||||||
Total equity | 49,762 | 13,033 | |||||||||
Total liabilities and equity | $ | 136,049 | $ | 34,427 | |||||||
The accompanying notes are an integral part of these consolidated financial statements. |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Operating Activities | |||||||||||
Net (loss) income | $ | (5,218) | $ | 1,106 | |||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Content rights amortization and impairment | 11,441 | 2,735 | |||||||||
Depreciation and amortization | 5,024 | 1,043 | |||||||||
Deferred income taxes | (2,105) | (502) | |||||||||
Preferred stock conversion premium | 789 | — | |||||||||
Share-based compensation expense | 317 | 134 | |||||||||
Gain on disposition | 45 | (72) | |||||||||
Equity in losses of equity method investee companies and cash distributions | 178 | 57 | |||||||||
Gain on sale of investments | (144) | (20) | |||||||||
Gain from derivative instruments, net | (479) | — | |||||||||
Other, net | 142 | (137) | |||||||||
Changes in operating assets and liabilities, net of acquisitions and dispositions: | |||||||||||
Receivables, net | (139) | 44 | |||||||||
Film and television content rights, games and payables, net | (8,612) | (2,578) | |||||||||
Accounts payable, accrued liabilities, deferred revenues and other noncurrent liabilities | (182) | 124 | |||||||||
Foreign currency, prepaid expenses and other assets, net | 401 | (20) | |||||||||
Cash provided by operating activities | 1,458 | 1,914 | |||||||||
Investing Activities | |||||||||||
Purchases of property and equipment | (623) | (273) | |||||||||
Cash acquired from business acquisition and working capital settlement | 3,609 | — | |||||||||
Proceeds from sales and maturities of investments | 162 | 498 | |||||||||
Investments in and advances to equity investments | (137) | (137) | |||||||||
Proceeds from derivative instruments, net | 722 | (102) | |||||||||
Purchases of investments | — | (103) | |||||||||
Other investing activities, net | 9 | 87 | |||||||||
Cash provided by (used in) investing activities | 3,742 | (30) | |||||||||
Financing Activities | |||||||||||
Principal repayments of term loans | (6,000) | — | |||||||||
Principal repayments of debt, including premiums to par value | (327) | (574) | |||||||||
Distributions to noncontrolling interests and redeemable noncontrolling interests | (286) | (231) | |||||||||
Purchase of redeemable noncontrolling interests | — | (31) | |||||||||
Securitization receivables collected but not remitted | 236 | — | |||||||||
Borrowings under commercial paper program | 885 | — | |||||||||
Repayments under commercial paper program | (885) | — | |||||||||
Other financing activities, net | (93) | 25 | |||||||||
Cash used in financing activities | (6,470) | (811) | |||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (122) | (69) | |||||||||
Net change in cash, cash equivalents, and restricted cash | (1,392) | 1,004 | |||||||||
Cash, cash equivalents, and restricted cash, beginning of period | 3,905 | 2,122 | |||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 2,513 | $ | 3,126 | |||||||
The accompanying notes are an integral part of these consolidated financial statements. |
Discovery, Inc. Preferred Stock | Discovery, Inc. Common Stock | Warner Bros. Discovery, Inc. Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Warner Bros. Discovery, Inc. Stockholders’ Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Par Value | Shares | Par Value | Shares | Par Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | 12 | $ | — | 736 | $ | 7 | — | $ | — | $ | 11,086 | $ | (8,244) | $ | 9,580 | $ | (830) | $ | 11,599 | $ | 1,434 | $ | 13,033 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to Warner Bros. Discovery, Inc. and attributable to noncontrolling interests | — | — | — | — | — | — | — | — | 456 | — | 456 | 16 | 472 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | — | — | (117) | (117) | — | (117) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | 53 | — | — | — | 53 | — | 53 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax settlements associated with share-based plans | — | — | — | — | — | — | (38) | — | — | — | (38) | — | (38) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | — | — | — | — | — | — | (192) | (192) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock in connection with share-based plans | — | — | 3 | — | — | — | 19 | — | — | — | 19 | — | 19 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest adjustments to redemption value | — | — | — | — | — | — | — | — | (3) | — | (3) | — | (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | 12 | $ | — | 739 | $ | 7 | — | $ | — | $ | 11,120 | $ | (8,244) | $ | 10,033 | $ | (947) | $ | 11,969 | $ | 1,258 | $ | 13,227 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income available to Warner Bros. Discovery, Inc. and attributable to noncontrolling interests | — | — | — | — | — | — | — | — | (3,418) | — | (3,418) | 7 | (3,411) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | — | — | (506) | (506) | — | (506) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | 143 | — | — | — | 143 | — | 143 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion and issuance of common stock and noncontrolling interest in connection with the acquisition of the WarnerMedia Business | (12) | — | (739) | (7) | 2,658 | 27 | 43,173 | — | — | — | 43,193 | 2 | 43,195 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | — | — | — | — | — | — | (31) | (31) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock in connection with share-based plans | — | — | — | — | — | — | 3 | — | — | — | 3 | — | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest adjustments to redemption value | — | — | — | — | — | — | — | — | (1) | — | (1) | — | (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | — | $ | — | — | $ | — | 2,658 | $ | 27 | $ | 54,439 | $ | (8,244) | $ | 6,614 | $ | (1,453) | $ | 51,383 | $ | 1,236 | $ | 52,619 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income available to Warner Bros. Discovery, Inc. and attributable to noncontrolling interests | — | — | — | — | — | — | — | — | (2,308) | — | (2,308) | 21 | (2,287) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | — | — | (666) | (666) | — | (666) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | 111 | — | — | — | 111 | — | 111 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax settlements associated with share-based plans | — | — | — | — | — | — | (5) | — | — | — | (5) | — | (5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | — | — | — | — | — | — | (12) | (12) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock in connection with share-based plans | — | — | — | — | — | — | 2 | — | — | — | 2 | — | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | — | $ | — | — | $ | — | 2,658 | $ | 27 | $ | 54,547 | $ | (8,244) | $ | 4,306 | $ | (2,119) | $ | 48,517 | $ | 1,245 | $ | 49,762 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements. |
Discovery, Inc. Preferred Stock | Discovery, Inc. Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Warner Bros. Discovery, Inc. Stockholders’ Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Par Value | Shares | Par Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | 13 | $ | — | 717 | $ | 7 | $ | 10,809 | $ | (8,244) | $ | 8,543 | $ | (651) | $ | 10,464 | $ | 1,536 | $ | 12,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to Warner Bros. Discovery, Inc. and attributable to noncontrolling interests | — | — | — | — | — | — | 140 | — | 140 | 46 | 186 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | 70 | 70 | — | 70 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | 32 | — | — | — | 32 | — | 32 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock conversion | (1) | — | 11 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax settlements associated with share-based compensation | — | — | — | — | (68) | — | — | — | (68) | — | (68) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interest | — | — | — | — | — | — | — | — | — | (178) | (178) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock in connection with share-based plans | — | — | 8 | — | 186 | — | — | — | 186 | — | 186 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest adjustments to redemption value | — | — | — | — | (8) | — | (1) | — | (9) | — | (9) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | 12 | $ | — | 736 | $ | 7 | $ | 10,951 | $ | (8,244) | $ | 8,682 | $ | (581) | $ | 10,815 | $ | 1,404 | $ | 12,219 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to Discovery, Inc. and attributable to noncontrolling interests | — | — | — | — | — | — | 672 | — | 672 | 38 | 710 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | (4) | (4) | — | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | 41 | — | — | — | 41 | — | 41 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax settlements associated with share-based plans | — | — | — | — | (1) | — | — | — | (1) | — | (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | — | — | — | — | (29) | (29) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock in connection with share-based plans | — | — | — | — | 9 | — | — | — | 9 | — | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest adjustments to redemption value | — | — | — | — | — | — | 6 | — | 6 | — | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | 12 | $ | — | 736 | $ | 7 | $ | 11,000 | $ | (8,244) | $ | 9,360 | $ | (585) | $ | 11,538 | $ | 1,413 | $ | 12,951 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to Discovery, Inc. and attributable to noncontrolling interests | — | — | — | — | — | — | 156 | — | 156 | 32 | 188 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | (132) | (132) | — | (132) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | 43 | — | — | — | 43 | — | 43 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax settlements associated with share-based compensation | — | — | — | — | (1) | — | — | — | (1) | — | (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | — | — | — | — | (16) | (16) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock in connection with share-based plans | — | — | — | — | 1 | — | — | — | 1 | — | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest adjustments to redemption value | — | — | — | — | — | — | 6 | — | 6 | — | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | 12 | $ | — | 736 | $ | 7 | $ | 11,043 | $ | (8,244) | $ | 9,522 | $ | (717) | $ | 11,611 | $ | 1,429 | $ | 13,040 | ||||||||||||||||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements. |
September 30, 2022 | December 31, 2021 | |||||||||||||
Raw materials | $ | 6 | $ | — | ||||||||||
Work in process | 6 | — | ||||||||||||
Finished goods | 137 | 1 | ||||||||||||
Total inventory | $ | 149 | $ | 1 | ||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net (loss) income | $ | (2,285) | $ | 197 | $ | (5,218) | $ | 1,106 | |||||||||||||||
Less: | |||||||||||||||||||||||
Allocation of undistributed income to Series A-1 convertible preferred stock | — | (17) | (49) | (104) | |||||||||||||||||||
Net income attributable to noncontrolling interests | (21) | (32) | (44) | (116) | |||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | (2) | (9) | (8) | (22) | |||||||||||||||||||
Net (loss) income allocated to Warner Bros. Discovery, Inc. Series A common stockholders for basic and diluted net (loss) income per share | $ | (2,308) | $ | 139 | $ | (5,319) | $ | 864 | |||||||||||||||
Add: | |||||||||||||||||||||||
Allocation of undistributed income to Series A-1 convertible preferred stockholders | $ | — | $ | 17 | $ | — | $ | 104 | |||||||||||||||
Net (loss) income allocated to Warner Bros. Discovery, Inc. Series A common stockholders for diluted net (loss) income per share | $ | (2,308) | $ | 156 | $ | (5,319) | $ | 968 | |||||||||||||||
Denominator — weighted average: | |||||||||||||||||||||||
Common shares outstanding — basic | 2,428 | 589 | 1,775 | 588 | |||||||||||||||||||
Impact of assumed preferred stock conversion | — | 71 | — | 71 | |||||||||||||||||||
Dilutive effect of share-based awards | — | 3 | — | 6 | |||||||||||||||||||
Common shares outstanding — diluted | 2,428 | 663 | 1,775 | 665 | |||||||||||||||||||
Basic net (loss) income per share allocated to common stockholders | $ | (0.95) | $ | 0.24 | $ | (3.00) | $ | 1.47 | |||||||||||||||
Diluted net (loss) income per share allocated to common stockholders | $ | (0.95) | $ | 0.24 | $ | (3.00) | $ | 1.46 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Anti-dilutive share-based awards | 59 | 32 | 48 | 10 | ||||||||||||||||||||||
Fair value of WBD common stock issued to AT&T shareholders (1) | $ | 42,309 | ||||||
Estimated fair value of share-based compensation awards attributable to pre-combination services (2) | 94 | |||||||
Settlement of preexisting relationships (3) | (27) | |||||||
Purchase consideration | $ | 42,376 | ||||||
Preliminary April 8, 2022 | Measurement Period Adjustments | Updated Preliminary April 8, 2022 | ||||||||||||||||||
Cash | $ | 2,419 | $ | (10) | $ | 2,409 | ||||||||||||||
Accounts receivable | 4,224 | (1) | 4,223 | |||||||||||||||||
Other current assets | 4,619 | (217) | 4,402 | |||||||||||||||||
Film and television library | 28,729 | (294) | 28,435 | |||||||||||||||||
Property and equipment | 4,260 | 17 | 4,277 | |||||||||||||||||
Goodwill | 21,513 | 349 | 21,862 | |||||||||||||||||
Intangible assets | 44,889 | — | 44,889 | |||||||||||||||||
Other noncurrent assets | 5,206 | 442 | 5,648 | |||||||||||||||||
Current liabilities | (10,544) | (14) | (10,558) | |||||||||||||||||
Debt assumed | (41,671) | (9) | (41,680) | |||||||||||||||||
Deferred income taxes | (13,264) | 107 | (13,157) | |||||||||||||||||
Other noncurrent liabilities | (8,004) | (370) | (8,374) | |||||||||||||||||
Total consideration paid | $ | 42,376 | $ | — | $ | 42,376 | ||||||||||||||
Category | Valuation Method | |||||||
Trade names | Relief from royalty method of the income approach | |||||||
Film and TV content library | Multi-period excess earnings method of the income approach; net book value | |||||||
Affiliate contracts | Multi-period excess earnings method of the income approach | |||||||
Franchises | Multi-period excess earnings method of the income approach | |||||||
Other intangible assets | Multi-period excess earnings method of the income approach | |||||||
Licensed content | Net book value method | |||||||
Licensed sports rights | Differential method, a form of the incremental income approach | |||||||
Recovery rate for advertiser relationships | With-or-without method, a form of the income approach, recovery rate of 4 years | |||||||
In-place advertising networks | With-or-without method, a form of the income approach | |||||||
Subscriber relationships | Replacement cost method of the cost approach | |||||||
Real estate, property and equipment | Cost approach or the income approach, which estimates the value of property based on the income it generates or the market approach, which determines values based on comparable assets purchased under similar conditions | |||||||
Current and noncurrent debt assumed comprising existing debt of WM, the Term Loan, and the Notes | Quoted prices for identical or similar securities in active markets |
Fair Value | Weighted Average Useful Life in Years | |||||||||||||
Trade names | $ | 21,084 | 25 | |||||||||||
Affiliate, advertising and subscriber relationships | 14,700 | 6 | ||||||||||||
Franchises | 7,900 | 35 | ||||||||||||
Other intangible assets | 1,205 | |||||||||||||
Total intangible assets acquired | $ | 44,889 | ||||||||||||
Three Months Ended June 30, 2022 | Three Months Ended September 30, 2022 | Nine Months Ended September 30, 2022 | ||||||||||||||||||
Revenues: | ||||||||||||||||||||
Advertising | $ | 1,163 | $ | 761 | $ | 1,924 | ||||||||||||||
Distribution | 3,526 | 3,730 | 7,256 | |||||||||||||||||
Content | 2,835 | 3,147 | 5,982 | |||||||||||||||||
Other | 208 | 245 | 453 | |||||||||||||||||
Total revenues | 7,732 | 7,883 | 15,615 | |||||||||||||||||
Inter-segment eliminations | (840) | (699) | (1,539) | |||||||||||||||||
Net revenues | $ | 6,892 | $ | 7,184 | $ | 14,076 | ||||||||||||||
Net loss available to Warner Bros. Discovery, Inc. | $ | (3,020) | $ | (2,135) | $ | (5,155) | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2021 | 2022 | 2021 | ||||||||||||||||||
Revenues | $ | 10,980 | $ | 32,087 | $ | 32,913 | ||||||||||||||
Net loss available to Warner Bros. Discovery, Inc. | (659) | (4,132) | (2,795) | |||||||||||||||||
U.S. Networks | International Networks | Studios | Networks | DTC | Total | |||||||||||||||||||||||||||||||||
December 31, 2021 | $ | 10,813 | $ | 2,099 | $ | — | $ | — | $ | — | $ | 12,912 | ||||||||||||||||||||||||||
Segment recast (See Note 20) | (10,813) | (2,059) | — | 10,555 | 2,317 | — | ||||||||||||||||||||||||||||||||
Acquisitions (See Note 3) | — | — | 8,938 | 7,015 | 5,909 | 21,862 | ||||||||||||||||||||||||||||||||
Foreign currency translation and other | — | (40) | (16) | (220) | (48) | (324) | ||||||||||||||||||||||||||||||||
September 30, 2022 | $ | — | $ | — | $ | 8,922 | $ | 17,350 | $ | 8,178 | $ | 34,450 |
Weighted Average Amortization Period (Years) | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||||||||||||||||||||||
Trademarks and trade names | 32 | $ | 22,872 | $ | (1,246) | $ | 21,626 | $ | 1,716 | $ | (858) | $ | 858 | ||||||||||||||||||||||||||||
Affiliate, advertising and subscriber relationships | 8 | 23,927 | (7,839) | 16,088 | 9,433 | (4,303) | 5,130 | ||||||||||||||||||||||||||||||||||
Franchises | 35 | 7,900 | (108) | 7,792 | — | — | — | ||||||||||||||||||||||||||||||||||
Character rights | 14 | 995 | (35) | 960 | — | — | — | ||||||||||||||||||||||||||||||||||
Other | 6 | 544 | (266) | 278 | 395 | (227) | 168 | ||||||||||||||||||||||||||||||||||
Total | $ | 56,238 | $ | (9,494) | $ | 46,744 | $ | 11,544 | $ | (5,388) | $ | 6,156 |
Remaining 2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | |||||||||||||||||||||||||||||||||
Amortization expense | $ | 1,845 | $ | 6,479 | $ | 4,967 | $ | 3,595 | $ | 2,592 | $ | 27,266 |
September 30, 2022 | December 31, 2021 | |||||||||||||
Trademarks | $ | — | $ | 161 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Studios | $ | 562 | $ | — | $ | 762 | $ | — | ||||||||||||||||||
Networks | 354 | 6 | 666 | 27 | ||||||||||||||||||||||
DTC | 517 | 1 | 992 | 2 | ||||||||||||||||||||||
Corporate | 93 | — | 162 | — | ||||||||||||||||||||||
Inter-segment eliminations | (5) | — | (23) | — | ||||||||||||||||||||||
Total restructuring and other charges | $ | 1,521 | $ | 7 | $ | 2,559 | $ | 29 |
U.S. Networks | International Networks | Studios | Networks | DTC | Corporate and Inter-Segment Eliminations | Total | ||||||||||||||||||||||||||||||||||||||
December 31, 2021 | $ | 4 | $ | 13 | $ | — | $ | — | $ | — | $ | 2 | $ | 19 | ||||||||||||||||||||||||||||||
Segment recast (See Note 20) | (4) | (13) | — | 15 | — | 2 | — | |||||||||||||||||||||||||||||||||||||
Acquisitions (See Note 3) | — | — | 40 | — | 14 | 55 | 109 | |||||||||||||||||||||||||||||||||||||
Employee termination accruals, net | — | — | 88 | 95 | 45 | 218 | 446 | |||||||||||||||||||||||||||||||||||||
Cash paid | — | — | (19) | (15) | (13) | (48) | (95) | |||||||||||||||||||||||||||||||||||||
September 30, 2022 | $ | — | $ | — | $ | 109 | $ | 95 | $ | 46 | $ | 229 | $ | 479 |
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||
Studios | Networks | DTC | Corporate and Inter-segment Eliminations | Total | |||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Advertising | $ | 8 | $ | 1,944 | $ | 106 | $ | (16) | $ | 2,042 | |||||||||||||||||||
Distribution | 4 | 2,924 | 2,062 | — | 4,990 | ||||||||||||||||||||||||
Content | 2,884 | 277 | 145 | (775) | 2,531 | ||||||||||||||||||||||||
Other | 192 | 69 | 4 | (5) | 260 | ||||||||||||||||||||||||
Total | $ | 3,088 | $ | 5,214 | $ | 2,317 | $ | (796) | $ | 9,823 |
Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||
Studios | Networks | DTC | Corporate and Inter-segment Eliminations | Total | |||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Advertising | $ | — | $ | 1,416 | $ | 37 | $ | — | $ | 1,453 | |||||||||||||||||||
Distribution | — | 1,118 | 210 | — | 1,328 | ||||||||||||||||||||||||
Content | 6 | 339 | 7 | — | 352 | ||||||||||||||||||||||||
Other | — | 16 | 1 | — | 17 | ||||||||||||||||||||||||
Total | $ | 6 | $ | 2,889 | $ | 255 | $ | — | $ | 3,150 |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||
Studios | Networks | DTC | Corporate and Inter-segment Eliminations | Total | |||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Advertising | $ | 18 | $ | 5,998 | $ | 248 | $ | (25) | $ | 6,239 | |||||||||||||||||||
Distribution | 8 | 6,885 | 4,287 | — | 11,180 | ||||||||||||||||||||||||
Content | 5,525 | 813 | 279 | (1,699) | 4,918 | ||||||||||||||||||||||||
Other | 338 | 133 | 9 | (8) | 472 | ||||||||||||||||||||||||
Total | $ | 5,889 | $ | 13,829 | $ | 4,823 | $ | (1,732) | $ | 22,809 |
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||
Studios | Networks | DTC | Corporate and Inter-segment Eliminations | Total | |||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Advertising | $ | — | $ | 4,409 | $ | 87 | $ | — | $ | 4,496 | |||||||||||||||||||
Distribution | — | 3,399 | 499 | — | 3,898 | ||||||||||||||||||||||||
Content | 13 | 541 | 10 | — | 564 | ||||||||||||||||||||||||
Other | — | 44 | 2 | — | 46 | ||||||||||||||||||||||||
Total | $ | 13 | $ | 8,393 | $ | 598 | $ | — | $ | 9,004 |
Category | Balance Sheet Location | September 30, 2022 | December 31, 2021 | |||||||||||||||||
Contract assets | Prepaid expenses and other current assets | $ | 15 | $ | — | |||||||||||||||
Contract assets | Other noncurrent assets | 32 | — | |||||||||||||||||
Contract liabilities | Deferred revenues | 1,688 | 478 | |||||||||||||||||
Contract liabilities | Other noncurrent liabilities | 296 | 95 |
Three Months Ended September 30, 2022 | Nine Months Ended September 30, 2022 | ||||||||||
Gross receivables sold/cash proceeds received | $ | 3,283 | $ | 6,488 | |||||||
Collections reinvested under revolving agreement | (3,792) | (7,297) | |||||||||
Net cash proceeds received (a) | $ | (509) | $ | (809) | |||||||
Net receivables sold | $ | 3,272 | $ | 6,470 | |||||||
Obligations recorded | $ | 129 | $ | 227 |
September 30, 2022 | |||||
Gross receivables pledged as collateral | $ | 3,242 | |||
Balance sheet classification: | |||||
Receivables, net | $ | 3,041 | |||
Other noncurrent assets | $ | 201 |
September 30, 2022 | ||||||||||||||||||||
Predominantly Monetized Individually | Predominantly Monetized as a Group | Total | ||||||||||||||||||
Theatrical film production costs: | ||||||||||||||||||||
Released, less amortization | $ | 3,196 | $ | — | $ | 3,196 | ||||||||||||||
Completed and not released | 588 | — | 588 | |||||||||||||||||
In production | 1,875 | — | 1,875 | |||||||||||||||||
Development and pre-production | 96 | — | 96 | |||||||||||||||||
Television production costs: | ||||||||||||||||||||
Released, less amortization | 908 | 6,560 | 7,468 | |||||||||||||||||
Completed and not released | 978 | 491 | 1,469 | |||||||||||||||||
In production | 453 | 3,773 | 4,226 | |||||||||||||||||
Development and pre-production | 45 | 20 | 65 | |||||||||||||||||
Total theatrical film and television production costs | $ | 8,139 | $ | 10,844 | $ | 18,983 | ||||||||||||||
Programming rights, less amortization | 9,196 | |||||||||||||||||||
Game development costs, less amortization | 724 | |||||||||||||||||||
Total film and television content rights and games | 28,903 | |||||||||||||||||||
Less: Current content rights and prepaid license fees, net | (615) | |||||||||||||||||||
Total noncurrent film and television content rights and games, net | $ | 28,288 | ||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||
Predominantly Monetized Individually | Predominantly Monetized as a Group | Total | ||||||||||||||||||
Theatrical film production costs: | ||||||||||||||||||||
Released, less amortization | $ | — | $ | — | $ | — | ||||||||||||||
Completed and not released | — | — | — | |||||||||||||||||
In production | — | — | — | |||||||||||||||||
Development and pre-production | — | — | — | |||||||||||||||||
Television production costs: | ||||||||||||||||||||
Released, less amortization | 9 | 2,432 | 2,441 | |||||||||||||||||
Completed and not released | — | — | — | |||||||||||||||||
In production | — | 770 | 770 | |||||||||||||||||
Development and pre-production | — | 17 | 17 | |||||||||||||||||
Total theatrical film and television production costs | $ | 9 | $ | 3,219 | $ | 3,228 | ||||||||||||||
Programming rights, less amortization | 849 | |||||||||||||||||||
Game development costs, less amortization | — | |||||||||||||||||||
Total film and television content rights | 4,077 | |||||||||||||||||||
Less: Current content rights and prepaid license fees, net | (245) | |||||||||||||||||||
Total noncurrent film and television content rights, net | $ | 3,832 | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Monetized individually | ||||||||||||||||||||||||||
Content amortization | $ | 1,357 | $ | 469 | $ | 3,534 | $ | 518 | ||||||||||||||||||
Content impairments | 322 | — | 416 | — | ||||||||||||||||||||||
Total content expense monetized individually | $ | 1,679 | $ | 469 | $ | 3,950 | $ | 518 | ||||||||||||||||||
Monetized as a group | ||||||||||||||||||||||||||
Content amortization | $ | 2,584 | $ | 748 | $ | 6,492 | $ | 2,214 | ||||||||||||||||||
Content impairments | 587 | 2 | 999 | 3 | ||||||||||||||||||||||
Total content expense monetized as a group | $ | 3,171 | $ | 750 | $ | 7,491 | $ | 2,217 | ||||||||||||||||||
Total content expense | $ | 4,850 | $ | 1,219 | $ | 11,441 | $ | 2,735 |
Category | Balance Sheet Location | Ownership | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Equity method investments: | ||||||||||||||||||||||||||
The Chernin Group (TCG) 2.0-A, LP | Other noncurrent assets | 44% | $ | 327 | $ | — | ||||||||||||||||||||
nC+ | Other noncurrent assets | 32% | 115 | 151 | ||||||||||||||||||||||
Other | Other noncurrent assets | 703 | 390 | |||||||||||||||||||||||
Total equity method investments | 1,145 | 541 | ||||||||||||||||||||||||
Investments with readily determinable fair values | Other noncurrent assets | 36 | 80 | |||||||||||||||||||||||
Investments with readily determinable fair values | Prepaid expenses and other current assets | — | 40 | |||||||||||||||||||||||
Total investments with readily determinable fair values | 36 | 120 | ||||||||||||||||||||||||
Investments without readily determinable fair values | Other noncurrent assets | 635 | 496 | |||||||||||||||||||||||
Total investments | $ | 1,816 | $ | 1,157 | ||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net (losses) gains recognized during the period on equity securities | $ | (9) | $ | (31) | $ | (70) | $ | 31 | ||||||||||||||||||
Less: Net gains recognized on equity securities sold | — | — | — | 16 | ||||||||||||||||||||||
Unrealized (losses) gains recognized during reporting period on equity securities still held at the reporting date | $ | (9) | $ | (31) | $ | (70) | $ | 15 |
Weighted-Average Interest Rate as of September 30, 2022 | September 30, 2022 | December 31, 2021 | ||||||||||||||||||
Term loans with maturities of 3 years or less | 3.83 | % | $ | 4,000 | $ | — | ||||||||||||||
Floating rate senior notes with maturities of 5 years or less | 4.71 | % | 500 | — | ||||||||||||||||
Senior notes with maturities of 5 years or less | 3.62 | % | 13,627 | 4,314 | ||||||||||||||||
Senior notes with maturities between 5 and 10 years | 4.25 | % | 10,373 | 4,128 | ||||||||||||||||
Senior notes with maturities greater than 10 years | 5.11 | % | 21,644 | 6,745 | ||||||||||||||||
Total debt | 50,144 | 15,187 | ||||||||||||||||||
Unamortized discount, premium, debt issuance costs, and fair value adjustments for acquisition accounting, net | (275) | (428) | ||||||||||||||||||
Debt, net of unamortized discount, premium, debt issuance costs, and fair value adjustments for acquisition accounting | 49,869 | 14,759 | ||||||||||||||||||
Current portion of debt | (1,257) | (339) | ||||||||||||||||||
Noncurrent portion of debt | $ | 48,612 | $ | 14,420 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Operating lease cost | $ | 116 | $ | 25 | $ | 254 | $ | 78 | |||||||||||||||
Finance lease cost: | |||||||||||||||||||||||
Amortization of right-of-use assets | $ | 21 | $ | 16 | $ | 58 | $ | 44 | |||||||||||||||
Interest on lease liabilities | 2 | 2 | 6 | 6 | |||||||||||||||||||
Total finance lease cost | $ | 23 | $ | 18 | $ | 64 | $ | 50 | |||||||||||||||
Variable lease cost | $ | 43 | $ | 2 | $ | 50 | $ | 6 | |||||||||||||||
Total lease cost | $ | 182 | $ | 45 | $ | 368 | $ | 134 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows from operating leases | $ | (250) | $ | (86) | |||||||
Operating cash flows from finance leases | $ | (11) | $ | (6) | |||||||
Financing cash flows from finance leases | $ | (54) | $ | (49) | |||||||
Right-of-use assets obtained in exchange for lease obligations: | |||||||||||
Operating leases | $ | 428 | $ | 39 | |||||||
Finance leases | $ | 30 | $ | 87 |
Category | Location on Balance Sheet | September 30, 2022 | December 31, 2021 | |||||||||||||||||
Operating Leases | ||||||||||||||||||||
Operating lease right-of-use assets | $ | 3,222 | $ | 535 | ||||||||||||||||
Operating lease liabilities (current) | $ | 337 | $ | 62 | ||||||||||||||||
Operating lease liabilities (noncurrent) | 3,003 | 567 | ||||||||||||||||||
Total operating lease liabilities | $ | 3,340 | $ | 629 | ||||||||||||||||
Finance Leases | ||||||||||||||||||||
Finance lease right-of-use assets | $ | 246 | $ | 249 | ||||||||||||||||
Finance lease liabilities (current) | $ | 81 | $ | 58 | ||||||||||||||||
Finance lease liabilities (noncurrent) | 187 | 197 | ||||||||||||||||||
Total finance lease liabilities | $ | 268 | $ | 255 |
September 30, 2022 | December 31, 2021 | |||||||||||||
Weighted average remaining lease term (in years): | ||||||||||||||
Operating leases | 12 | 12 | ||||||||||||
Finance leases | 5 | 5 | ||||||||||||
Weighted average discount rate: | ||||||||||||||
Operating leases | 4.10 | % | 2.94 | % | ||||||||||
Finance leases | 3.19 | % | 3.57 | % |
Operating Leases | Finance Leases | |||||||||||||
2022 (excluding the three quarters ended September 30, 2022) | $ | 173 | $ | 74 | ||||||||||
2023 | 450 | 70 | ||||||||||||
2024 | 407 | 55 | ||||||||||||
2025 | 354 | 34 | ||||||||||||
2026 | 323 | 25 | ||||||||||||
Thereafter | 2,610 | 31 | ||||||||||||
Total lease payments | 4,317 | 289 | ||||||||||||
Less: Imputed interest | (977) | (21) | ||||||||||||
Total | $ | 3,340 | $ | 268 |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional | Prepaid expenses and other current assets | Other non- current assets | Accounts payable and accrued liabilities | Other non- current liabilities | Notional | Prepaid expenses and other current assets | Other non- current assets | Accounts payable and accrued liabilities | Other non- current liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange | $ | 1,649 | $ | 42 | $ | 79 | $ | 82 | $ | 33 | $ | 777 | $ | 14 | $ | — | $ | 2 | $ | — | |||||||||||||||||||||||||||||||||||||||
Interest rate swaps | — | — | — | — | — | 2,000 | 44 | — | 11 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Cross-currency swaps | 435 | 3 | 14 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Net investment hedges: (a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cross-currency swaps | 1,651 | 19 | 14 | — | 104 | 3,512 | 54 | 61 | 20 | 76 | |||||||||||||||||||||||||||||||||||||||||||||||||
No hedging designation: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange | 906 | 6 | 1 | 3 | 118 | 1,020 | — | — | 34 | 66 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | — | — | — | — | — | 15,000 | 126 | 28 | 9 | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cross-currency swaps | 139 | 3 | 9 | — | — | 139 | 3 | — | — | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 73 | $ | 117 | $ | 85 | $ | 255 | $ | 241 | $ | 89 | $ | 76 | $ | 152 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Gains (losses) recognized in accumulated other comprehensive loss: | ||||||||||||||||||||||||||
Foreign exchange - derivative adjustments | $ | 30 | $ | 15 | $ | 10 | $ | 45 | ||||||||||||||||||
Interest rate - derivative adjustments | — | 3 | — | 129 | ||||||||||||||||||||||
Gains (losses) reclassified into income from accumulated other comprehensive loss: | ||||||||||||||||||||||||||
Foreign exchange - advertising revenue | — | 1 | 1 | 1 | ||||||||||||||||||||||
Foreign exchange - distribution revenue | (2) | 2 | — | 1 | ||||||||||||||||||||||
Foreign exchange - costs of revenues | 8 | — | 27 | — | ||||||||||||||||||||||
Interest rate - interest expense, net | — | — | (1) | (1) |
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||
Amount of gain (loss) recognized in AOCI | Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) | Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) | ||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
Cross currency swaps | $ | (63) | $ | 46 | Interest expense, net | $ | 5 | $ | 10 | |||||||||||||||||||||||
Foreign exchange contracts | — | 4 | — | — | ||||||||||||||||||||||||||||
Euro-denominated notes (foreign denominated debt) | 13 | — | N/A | — | — | |||||||||||||||||||||||||||
Sterling notes (foreign denominated debt) | 58 | 14 | N/A | — | — | |||||||||||||||||||||||||||
Total | $ | 8 | $ | 64 | $ | 5 | $ | 10 |
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
Amount of gain (loss) recognized in AOCI | Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) | Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) | ||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
Cross currency swaps | $ | 8 | $ | 93 | Interest expense, net | $ | 27 | $ | 31 | |||||||||||||||||||||||
Foreign exchange contracts | — | 4 | — | — | ||||||||||||||||||||||||||||
Euro denominated notes (foreign denominated debt) | 19 | — | N/A | — | — | |||||||||||||||||||||||||||
Sterling notes (foreign denominated debt) | 112 | 6 | N/A | — | — | |||||||||||||||||||||||||||
Total | $ | 139 | $ | 103 | $ | 27 | $ | 31 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Interest rate swaps | $ | — | $ | 106 | $ | 512 | $ | 106 | ||||||||||||||||||
Cross-currency swaps | 5 | 2 | 12 | 8 | ||||||||||||||||||||||
Foreign exchange derivatives | (24) | (20) | (70) | (47) | ||||||||||||||||||||||
Total in other (expense) income, net | $ | (19) | $ | 88 | $ | 454 | $ | 67 |
Level 1 | – | Quoted prices for identical instruments in active markets. | ||||||
Level 2 | – | Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. | ||||||
Level 3 | – | Valuations derived from techniques in which one or more significant inputs are unobservable. |
September 30, 2022 | ||||||||||||||||||||||||||||||||
Category | Balance Sheet Location | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||||||||
Time deposits | Cash and cash equivalents | $ | — | $ | 47 | $ | — | $ | 47 | |||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||
Mutual funds | Prepaid expenses and other current assets | 13 | — | — | 13 | |||||||||||||||||||||||||||
Company-owned life insurance contracts | Prepaid expenses and other current assets | — | 1 | — | 1 | |||||||||||||||||||||||||||
Mutual funds | Other noncurrent assets | 225 | — | — | 225 | |||||||||||||||||||||||||||
Company-owned life insurance contracts | Other noncurrent assets | — | 96 | — | 96 | |||||||||||||||||||||||||||
Total | $ | 238 | $ | 144 | $ | — | $ | 382 | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Deferred compensation plan | Accrued liabilities | $ | 71 | $ | — | $ | — | $ | 71 | |||||||||||||||||||||||
Deferred compensation plan | Other noncurrent liabilities | 576 | — | — | 576 | |||||||||||||||||||||||||||
Total | $ | 647 | $ | — | $ | — | $ | 647 |
December 31, 2021 | ||||||||||||||||||||||||||||||||
Category | Balance Sheet Location | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||||||||
Time deposits | Cash and cash equivalents | $ | — | $ | 426 | $ | — | $ | 426 | |||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||
Money market funds | Cash and cash equivalents | 425 | — | — | 425 | |||||||||||||||||||||||||||
Mutual funds | Prepaid expenses and other current assets | 12 | — | — | 12 | |||||||||||||||||||||||||||
Company-owned life insurance contracts | Prepaid expenses and other current assets | — | 1 | — | 1 | |||||||||||||||||||||||||||
Mutual funds | Other noncurrent assets | 215 | — | — | 215 | |||||||||||||||||||||||||||
Company-owned life insurance contracts | Other noncurrent assets | — | 32 | — | 32 | |||||||||||||||||||||||||||
Total | $ | 652 | $ | 459 | $ | — | $ | 1,111 | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Deferred compensation plan | Accrued Liabilities | $ | 21 | $ | — | $ | — | $ | 21 | |||||||||||||||||||||||
Deferred compensation plan | Other noncurrent liabilities | 238 | — | — | 238 | |||||||||||||||||||||||||||
Total | $ | 259 | $ | — | $ | — | $ | 259 | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
PRSUs | $ | — | $ | (2) | $ | 2 | $ | 10 | ||||||||||||||||||
RSUs | 91 | 29 | 257 | 80 | ||||||||||||||||||||||
Stock options | 15 | 17 | 56 | 43 | ||||||||||||||||||||||
SARs | 1 | (5) | 2 | 1 | ||||||||||||||||||||||
Total share-based compensation expense | $ | 107 | $ | 39 | $ | 317 | $ | 134 | ||||||||||||||||||
Tax benefit recognized | $ | 20 | $ | 6 | $ | 60 | $ | 21 |
Nine Months Ended September 30, 2022 | ||||||||||||||
Awards | Weighted-Average Grant Price | |||||||||||||
Awards granted: | ||||||||||||||
PRSUs | 0.4 | $ | 28.11 | |||||||||||
RSUs | 32.3 | $ | 24.04 | |||||||||||
Stock options | 0.4 | $ | 32.90 | |||||||||||
Unrecognized Compensation Cost | Weighted-Average Amortization Period (years) | |||||||||||||
PRSUs | $ | 1 | 0.3 | |||||||||||
RSUs | 591 | 2.4 | ||||||||||||
Stock options | 172 | 3.5 | ||||||||||||
Total unrecognized compensation cost | $ | 764 |
April 8, 2022 | |||||
Plan assets, net | $ | 200 | |||
Current portion of employee benefit obligation | (27) | ||||
Noncurrent portion of employee benefit obligation | (305) | ||||
Net amount recognized | $ | (132) |
April 8, 2022 | ||||||||||||||
U.S. Nonqualified Plans | Non-U.S. Pension Plans | |||||||||||||
Discount rate | 3.89 | % | 2.51 | % | ||||||||||
Long-term rate of return on plan assets | N/A | 1.61 | % | |||||||||||
Rate of compensation increases | N/A | 5.82 | % |
September 30, 2022 | December 31, 2021 | ||||||||||
Accrued participation and residuals | $ | 3,019 | $ | — | |||||||
Accrued production | 1,336 | 4 | |||||||||
Content rights payable | 1,004 | 772 | |||||||||
Accrued payroll and related benefits | 1,644 | 533 | |||||||||
Other accrued liabilities | 3,194 | 921 | |||||||||
Total accrued expenses and other current liabilities | $ | 10,197 | $ | 2,230 |
September 30, 2022 | December 31, 2021 | ||||||||||
Production receivables | $ | 1,288 | $ | — | |||||||
Other current assets | 2,293 | 913 | |||||||||
Total prepaid expenses and other current assets | $ | 3,581 | $ | 913 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Foreign currency (losses) gains, net | $ | (36) | $ | 26 | $ | (106) | $ | 73 | |||||||||||||||
(Losses) gains on derivative instruments, net | (19) | 88 | 454 | 67 | |||||||||||||||||||
Change in the value of investments with readily determinable fair value | (16) | (31) | (106) | 15 | |||||||||||||||||||
Gain on sale of equity method investments | 8 | — | 141 | 4 | |||||||||||||||||||
Change in fair value of equity investments without readily determinable fair value | — | (7) | — | 74 | |||||||||||||||||||
Other income (expense), net | 35 | (4) | 28 | 12 | |||||||||||||||||||
Total other (expense) income, net | $ | (28) | $ | 72 | $ | 411 | $ | 245 |
Nine Months Ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Cash paid for taxes, net | $ | 859 | $ | 555 | ||||||||||
Cash paid for interest, net | 1,305 | 515 | ||||||||||||
Non-cash investing and financing activities: | ||||||||||||||
Equity issued for the acquisition of WarnerMedia | 42,309 | — | ||||||||||||
Non-cash consideration related to the sale of The CW Network | 126 | — | ||||||||||||
Accrued consideration for the joint venture with BT | 82 | — | ||||||||||||
Accrued purchases of property and equipment | 29 | 22 | ||||||||||||
Assets acquired under finance lease and other arrangements | 40 | 119 |
September 30, 2022 | December 31, 2021 | |||||||||||||
Cash and cash equivalents | $ | 2,422 | $ | 3,905 | ||||||||||
Restricted cash - recorded in prepaid expenses and other current assets (1) | 91 | — | ||||||||||||
Total cash, cash equivalents, and restricted cash | $ | 2,513 | $ | 3,905 | ||||||||||
(1) Restricted cash primarily includes cash posted as collateral related to the Company’s hedging program. (See Note 12.) | ||||||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||
Pretax | Tax benefit (expense) | Net-of-tax | Pretax | Tax benefit (expense) | Net-of-tax | ||||||||||||||||||||||||||||||
Currency translation adjustments: | |||||||||||||||||||||||||||||||||||
Unrealized gains (losses): | |||||||||||||||||||||||||||||||||||
Foreign currency | $ | (684) | $ | 3 | $ | (681) | $ | (187) | $ | 1 | $ | (186) | |||||||||||||||||||||||
Net investment hedges | 5 | (14) | (9) | 59 | (17) | 42 | |||||||||||||||||||||||||||||
Total currency translation adjustments | (679) | (11) | (690) | (128) | (16) | (144) | |||||||||||||||||||||||||||||
Derivative adjustments: | |||||||||||||||||||||||||||||||||||
Unrealized gains (losses) | 30 | (2) | 28 | 18 | (3) | 15 | |||||||||||||||||||||||||||||
Reclassifications from other comprehensive income to net income | (6) | 2 | (4) | (3) | — | (3) | |||||||||||||||||||||||||||||
Total derivative adjustments | 24 | — | 24 | 15 | (3) | 12 | |||||||||||||||||||||||||||||
Other comprehensive income (loss) adjustments | $ | (655) | $ | (11) | $ | (666) | $ | (113) | $ | (19) | $ | (132) |
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||
Pretax | Tax benefit (expense) | Net-of-tax | Pretax | Tax benefit (expense) | Net-of-tax | ||||||||||||||||||||||||||||||
Currency translation adjustments: | |||||||||||||||||||||||||||||||||||
Unrealized gains (losses): | |||||||||||||||||||||||||||||||||||
Foreign currency | $ | (1,349) | $ | 5 | $ | (1,344) | $ | (296) | $ | 15 | $ | (281) | |||||||||||||||||||||||
Net investment hedges | 124 | (55) | 69 | 88 | (10) | 78 | |||||||||||||||||||||||||||||
Reclassifications: | |||||||||||||||||||||||||||||||||||
Loss on disposition | (2) | — | (2) | — | — | — | |||||||||||||||||||||||||||||
Total currency translation adjustments | (1,227) | (50) | (1,277) | (208) | 5 | (203) | |||||||||||||||||||||||||||||
Derivative adjustments: | |||||||||||||||||||||||||||||||||||
Unrealized gains (losses) | 10 | (1) | 9 | 174 | (36) | 138 | |||||||||||||||||||||||||||||
Reclassifications from other comprehensive income to net income | (27) | 6 | (21) | (1) | — | (1) | |||||||||||||||||||||||||||||
Total derivative adjustments | (17) | 5 | (12) | 173 | (36) | 137 | |||||||||||||||||||||||||||||
Other comprehensive income (loss) adjustments | $ | (1,244) | $ | (45) | $ | (1,289) | $ | (35) | $ | (31) | $ | (66) |
Three Months Ended September 30, 2022 | |||||||||||||||||||||||
Currency Translation | Derivatives | Pension Plan and SERP Liability | Accumulated Other Comprehensive Loss | ||||||||||||||||||||
Beginning balance | $ | (1,432) | $ | (8) | $ | (13) | $ | (1,453) | |||||||||||||||
Other comprehensive income (loss) before reclassifications | (690) | 28 | — | (662) | |||||||||||||||||||
Reclassifications from accumulated other comprehensive loss to net income | — | (4) | — | (4) | |||||||||||||||||||
Other comprehensive income (loss) | (690) | 24 | — | (666) | |||||||||||||||||||
Ending balance | $ | (2,122) | $ | 16 | $ | (13) | $ | (2,119) |
Three Months Ended September 30, 2021 | |||||||||||||||||||||||
Currency Translation | Derivatives | Pension Plan and SERP Liability | Accumulated Other Comprehensive Loss | ||||||||||||||||||||
Beginning balance | $ | (614) | $ | 44 | $ | (15) | $ | (585) | |||||||||||||||
Other comprehensive income (loss) before reclassifications | (144) | 15 | — | (129) | |||||||||||||||||||
Reclassifications from accumulated other comprehensive loss to net income | — | (3) | — | (3) | |||||||||||||||||||
Other comprehensive income (loss) | (144) | 12 | — | (132) | |||||||||||||||||||
Ending balance | $ | (758) | $ | 56 | $ | (15) | $ | (717) |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||
Currency Translation | Derivatives | Pension Plan and SERP Liability | Accumulated Other Comprehensive Loss | ||||||||||||||||||||
Beginning balance | $ | (845) | $ | 28 | $ | (13) | $ | (830) | |||||||||||||||
Other comprehensive income (loss) before reclassifications | (1,275) | 9 | — | (1,266) | |||||||||||||||||||
Reclassifications from accumulated other comprehensive loss to net income | (2) | (21) | — | (23) | |||||||||||||||||||
Other comprehensive income (loss) | (1,277) | (12) | — | (1,289) | |||||||||||||||||||
Ending balance | $ | (2,122) | $ | 16 | $ | (13) | $ | (2,119) |
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||
Currency Translation | Derivatives | Pension Plan and SERP Liability | Accumulated Other Comprehensive Loss | ||||||||||||||||||||
Beginning balance | $ | (555) | $ | (81) | $ | (15) | $ | (651) | |||||||||||||||
Other comprehensive income (loss) before reclassifications | (203) | 138 | — | (65) | |||||||||||||||||||
Reclassifications from accumulated other comprehensive loss to net income | — | (1) | — | (1) | |||||||||||||||||||
Other comprehensive income (loss) | (203) | 137 | — | (66) | |||||||||||||||||||
Ending balance | $ | (758) | $ | 56 | $ | (15) | $ | (717) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Revenues and service charges: | ||||||||||||||||||||||||||
Liberty Group | $ | 549 | $ | 167 | $ | 1,242 | $ | 507 | ||||||||||||||||||
Equity method investees | 111 | 57 | 348 | 181 | ||||||||||||||||||||||
Other | 48 | 23 | 237 | 74 | ||||||||||||||||||||||
Total revenues and service charges | $ | 708 | $ | 247 | $ | 1,827 | $ | 762 | ||||||||||||||||||
Expenses | $ | (72) | $ | (62) | $ | (314) | $ | (176) | ||||||||||||||||||
Distributions to noncontrolling interests and redeemable noncontrolling interests | $ | (22) | $ | (18) | $ | (286) | $ | (231) | ||||||||||||||||||
September 30, 2022 | December 31, 2021 | |||||||||||||
Receivables | $ | 625 | $ | 172 | ||||||||||
Payables | $ | 25 | $ | 23 |
Long-Term Debt | ||||||||||||||||||||||||||||||||||||||
Year Ending December 31, | Content | Other Purchase Obligations | Pension and Other Employee Obligations | Principal | Interest | Total | ||||||||||||||||||||||||||||||||
2022 (remaining three months) | $ | 2,527 | $ | 1,053 | $ | 163 | $ | — | $ | 210 | $ | 3,953 | ||||||||||||||||||||||||||
2023 | 7,084 | 1,256 | 497 | 1,335 | 2,223 | 12,395 | ||||||||||||||||||||||||||||||||
2024 | 5,220 | 640 | 265 | 4,220 | 2,135 | 12,480 | ||||||||||||||||||||||||||||||||
2025 | 3,862 | 316 | 129 | 7,147 | 1,855 | 13,309 | ||||||||||||||||||||||||||||||||
2026 | 2,591 | 122 | 79 | 790 | 1,728 | 5,310 | ||||||||||||||||||||||||||||||||
Thereafter | 10,433 | 130 | 235 | 36,652 | 27,486 | 74,936 | ||||||||||||||||||||||||||||||||
Total | $ | 31,717 | $ | 3,517 | $ | 1,368 | $ | 50,144 | $ | 35,637 | $ | 122,383 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Studios | $ | 3,088 | $ | 6 | $ | 5,889 | $ | 13 | ||||||||||||||||||
Networks | 5,214 | 2,889 | 13,829 | 8,393 | ||||||||||||||||||||||
DTC | 2,317 | 255 | 4,823 | 598 | ||||||||||||||||||||||
Corporate | (11) | — | 2 | — | ||||||||||||||||||||||
Inter-segment eliminations | (785) | — | (1,734) | — | ||||||||||||||||||||||
Total revenues | $ | 9,823 | $ | 3,150 | $ | 22,809 | $ | 9,004 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Studios | $ | 762 | $ | 4 | $ | 1,004 | $ | 8 | ||||||||||||||||||
Networks | 2,630 | 1,093 | 6,247 | 4,040 | ||||||||||||||||||||||
DTC | (634) | (276) | (1,379) | (1,095) | ||||||||||||||||||||||
Corporate | (340) | (95) | (749) | (273) | ||||||||||||||||||||||
Inter-segment eliminations | 6 | — | (8) | — | ||||||||||||||||||||||
Adjusted EBITDA | $ | 2,424 | $ | 726 | $ | 5,115 | $ | 2,680 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net (loss) income available to Warner Bros. Discovery, Inc. | $ | (2,308) | $ | 156 | $ | (5,270) | $ | 968 | ||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | 2 | 9 | 8 | 22 | ||||||||||||||||||||||
Net income attributable to noncontrolling interests | 21 | 32 | 44 | 116 | ||||||||||||||||||||||
Income tax (benefit) expense | (566) | 36 | (1,201) | 144 | ||||||||||||||||||||||
(Loss) income before income taxes | (2,851) | 233 | (6,419) | 1,250 | ||||||||||||||||||||||
Other expense (income), net | 28 | (72) | (411) | (245) | ||||||||||||||||||||||
Loss from equity investees, net | 78 | 9 | 135 | 20 | ||||||||||||||||||||||
Interest expense, net | 555 | 159 | 1,219 | 479 | ||||||||||||||||||||||
Operating (loss) income | (2,190) | 329 | (5,476) | 1,504 | ||||||||||||||||||||||
Asset impairment and loss (gain) on disposition and disposal groups | 43 | — | 47 | (72) | ||||||||||||||||||||||
Restructuring and other charges | 1,521 | 7 | 2,559 | 29 | ||||||||||||||||||||||
Depreciation and amortization | 2,233 | 341 | 5,024 | 1,043 | ||||||||||||||||||||||
Employee share-based compensation | 113 | 36 | 317 | 124 | ||||||||||||||||||||||
Transaction and integration costs | 59 | 13 | 1,129 | 52 | ||||||||||||||||||||||
Amortization of fair value step-up for content | 645 | — | 1,515 | — | ||||||||||||||||||||||
Adjusted EBITDA | $ | 2,424 | $ | 726 | $ | 5,115 | $ | 2,680 |
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||||||
Actual | Pro Forma Adjustments | Pro Forma Combined | Actual (a) | Pro Forma Adjustments | Pro Forma Combined | Actual | Pro Forma Combined (Actual) | Pro Forma Combined (ex-FX) | ||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Advertising | $ | 2,042 | $ | — | $ | 2,042 | $ | 1,453 | $ | 890 | $ | 2,343 | 41 | % | (13) | % | (10) | % | ||||||||||||||||||||
Distribution | 4,990 | — | 4,990 | 1,328 | 3,985 | 5,313 | NM | (6) | % | (4) | % | |||||||||||||||||||||||||||
Content | 2,531 | — | 2,531 | 352 | 2,756 | 3,108 | NM | (19) | % | (15) | % | |||||||||||||||||||||||||||
Other | 260 | — | 260 | 17 | 199 | 216 | NM | 20 | % | 24 | % | |||||||||||||||||||||||||||
Total revenues | 9,823 | — | 9,823 | 3,150 | 7,830 | 10,980 | NM | (11) | % | (8) | % | |||||||||||||||||||||||||||
Costs of revenues, excluding depreciation and amortization | 5,627 | (132) | 5,495 | 1,529 | 4,437 | 5,966 | NM | (8) | % | (4) | % | |||||||||||||||||||||||||||
Selling, general and administrative | 2,589 | — | 2,589 | 944 | 2,047 | 2,991 | NM | (13) | % | (11) | % | |||||||||||||||||||||||||||
Depreciation and amortization | 2,233 | (475) | 1,758 | 341 | 1,653 | 1,994 | NM | (12) | % | (11) | % | |||||||||||||||||||||||||||
Restructuring and other charges | 1,521 | — | 1,521 | 7 | — | 7 | NM | NM | NM | |||||||||||||||||||||||||||||
Asset impairment and loss (gain) on disposition and disposal groups | 43 | — | 43 | — | (223) | (223) | NM | NM | NM | |||||||||||||||||||||||||||||
Total costs and expenses | 12,013 | (607) | 11,406 | 2,821 | 7,914 | 10,735 | NM | 6 | % | 9 | % | |||||||||||||||||||||||||||
Operating (loss) income | (2,190) | 607 | (1,583) | 329 | (84) | 245 | NM | NM | NM | |||||||||||||||||||||||||||||
Interest expense, net | (555) | (159) | NM | |||||||||||||||||||||||||||||||||||
Loss from equity investees, net | (78) | (9) | NM | |||||||||||||||||||||||||||||||||||
Other (expense) income, net | (28) | 72 | NM | |||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | (2,851) | 233 | NM | |||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | 566 | (36) | NM | |||||||||||||||||||||||||||||||||||
Net (loss) income | (2,285) | 197 | NM | |||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (21) | (32) | (34) | % | ||||||||||||||||||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | (2) | (9) | (78) | % | ||||||||||||||||||||||||||||||||||
Net (loss) income available to Warner Bros. Discovery, Inc. | $ | (2,308) | $ | 156 | NM | |||||||||||||||||||||||||||||||||
(a) Prior year actual results have been recast to conform to the current period presentation as a result of the Merger and segment recast. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Foreign currency (losses) gains, net | $ | (36) | $ | 26 | $ | (106) | $ | 73 | ||||||||||||||||||
(Losses) gains on derivative instruments, net | (19) | 88 | 454 | 67 | ||||||||||||||||||||||
Change in the value of investments with readily determinable fair value | (16) | (31) | (106) | 15 | ||||||||||||||||||||||
Gain on sale of equity method investments | 8 | — | 141 | 4 | ||||||||||||||||||||||
Change in fair value of equity investments without readily determinable fair value | — | (7) | — | 74 | ||||||||||||||||||||||
Other income (expense), net | 35 | (4) | 28 | 12 | ||||||||||||||||||||||
Total other (expense) income, net | $ | (28) | $ | 72 | $ | 411 | $ | 245 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||
Net (loss) income available to Warner Bros. Discovery, Inc. | $ | (2,308) | $ | 156 | NM | $ | (5,270) | $ | 968 | NM | ||||||||||||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | 2 | 9 | (78) | % | 8 | 22 | (64) | % | ||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | 21 | 32 | (34) | % | 44 | 116 | (62) | % | ||||||||||||||||||||||||||||||
Income tax (benefit) expense | (566) | 36 | NM | (1,201) | 144 | NM | ||||||||||||||||||||||||||||||||
(Loss) income before income taxes | (2,851) | 233 | NM | (6,419) | 1,250 | NM | ||||||||||||||||||||||||||||||||
Other expense (income), net | 28 | (72) | NM | (411) | (245) | 68 | % | |||||||||||||||||||||||||||||||
Loss from equity investees, net | 78 | 9 | NM | 135 | 20 | NM | ||||||||||||||||||||||||||||||||
Interest expense, net | 555 | 159 | NM | 1,219 | 479 | NM | ||||||||||||||||||||||||||||||||
Operating (loss) income | (2,190) | 329 | NM | (5,476) | 1,504 | NM | ||||||||||||||||||||||||||||||||
Asset impairment and loss (gain) on disposition and disposal groups | 43 | — | NM | 47 | (72) | NM | ||||||||||||||||||||||||||||||||
Restructuring and other charges | 1,521 | 7 | NM | 2,559 | 29 | NM | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 2,233 | 341 | NM | 5,024 | 1,043 | NM | ||||||||||||||||||||||||||||||||
Employee share-based compensation | 113 | 36 | NM | 317 | 124 | NM | ||||||||||||||||||||||||||||||||
Transaction and integration costs | 59 | 13 | NM | 1,129 | 52 | NM | ||||||||||||||||||||||||||||||||
Amortization of fair value step-up for content | 645 | — | NM | 1,515 | — | NM | ||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 2,424 | $ | 726 | NM | $ | 5,115 | $ | 2,680 | 91 | % | |||||||||||||||||||||||||||
Studios | $ | 762 | $ | 4 | NM | $ | 1,004 | $ | 8 | NM | ||||||||||||||||||||||||||||
Networks | 2,630 | 1,093 | NM | 6,247 | 4,040 | 55 | % | |||||||||||||||||||||||||||||||
DTC | (634) | (276) | NM | (1,379) | (1,095) | 26 | % | |||||||||||||||||||||||||||||||
Corporate | (340) | (95) | NM | (749) | (273) | NM | ||||||||||||||||||||||||||||||||
Inter-segment eliminations | 6 | — | NM | (8) | — | NM | ||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 2,424 | $ | 726 | NM | $ | 5,115 | $ | 2,680 | 91 | % |
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||||||
Actual | Pro Forma Adjustments | Pro Forma Combined | Actual (a) | Pro Forma Adjustments | Pro Forma Combined | Actual | Pro Forma Combined (Actual) | Pro Forma Combined (ex-FX) | ||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Advertising | $ | 8 | $ | — | $ | 8 | $ | — | $ | 35 | $ | 35 | NM | (77) | % | (77) | % | |||||||||||||||||||||
Distribution | 4 | — | 4 | — | 2 | 2 | NM | NM | NM | |||||||||||||||||||||||||||||
Content | 2,884 | — | 2,884 | 6 | 3,167 | 3,173 | NM | (9) | % | (6) | % | |||||||||||||||||||||||||||
Other | 192 | — | 192 | — | 143 | 143 | NM | 34 | % | 34 | % | |||||||||||||||||||||||||||
Total revenues | 3,088 | — | 3,088 | 6 | 3,347 | 3,353 | NM | (8) | % | (5) | % | |||||||||||||||||||||||||||
Costs of revenues, excluding depreciation and amortization | 1,756 | — | 1,756 | — | 2,050 | 2,050 | NM | (14) | % | (11) | % | |||||||||||||||||||||||||||
Selling, general and administrative | 570 | — | 570 | 2 | 745 | 747 | NM | (24) | % | (21) | % | |||||||||||||||||||||||||||
Adjusted EBITDA | 762 | — | 762 | 4 | 552 | 556 | NM | 37 | % | 43 | % | |||||||||||||||||||||||||||
Depreciation and amortization | 174 | (38) | 136 | — | 173 | 173 | ||||||||||||||||||||||||||||||||
Employee share-based compensation | 1 | — | 1 | — | 12 | 12 | ||||||||||||||||||||||||||||||||
Restructuring and other charges | 562 | — | 562 | — | — | — | ||||||||||||||||||||||||||||||||
Transaction and integration costs | 1 | — | 1 | — | — | — | ||||||||||||||||||||||||||||||||
Asset impairment and loss (gain) on disposition and disposal groups | 15 | — | 15 | — | — | — | ||||||||||||||||||||||||||||||||
Amortization of fair value step-up for content | 271 | (35) | 236 | — | 361 | 361 | ||||||||||||||||||||||||||||||||
Operating (loss) income | $ | (262) | $ | 73 | $ | (189) | $ | 4 | $ | 6 | $ | 10 | ||||||||||||||||||||||||||
(a) Prior year actual results have been recast to conform to the current period presentation as a result of the Merger and segment recast. |
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||||||
Actual | Pro Forma Adjustments | Pro Forma Combined | Actual (a) | Pro Forma Adjustments | Pro Forma Combined | Actual | Pro Forma Combined (Actual) | Pro Forma Combined (ex-FX) | ||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Advertising | $ | 1,944 | $ | — | $ | 1,944 | $ | 1,416 | $ | 852 | $ | 2,268 | 37 | % | (14) | % | (11) | % | ||||||||||||||||||||
Distribution | 2,924 | — | 2,924 | 1,118 | 1,947 | 3,065 | NM | (5) | % | (2) | % | |||||||||||||||||||||||||||
Content | 277 | — | 277 | 339 | 117 | 456 | (18) | % | (39) | % | (37) | % | ||||||||||||||||||||||||||
Other | 69 | — | 69 | 16 | 65 | 81 | NM | (15) | % | (6) | % | |||||||||||||||||||||||||||
Total revenues | 5,214 | — | 5,214 | 2,889 | 2,981 | 5,870 | 80 | % | (11) | % | (8) | % | ||||||||||||||||||||||||||
Costs of revenues, excluding depreciation and amortization | 1,906 | — | 1,906 | 1,349 | 1,043 | 2,392 | 41 | % | (20) | % | (16) | % | ||||||||||||||||||||||||||
Selling, general and administrative | 678 | — | 678 | 447 | 319 | 766 | 52 | % | (11) | % | (8) | % | ||||||||||||||||||||||||||
Adjusted EBITDA | 2,630 | — | 2,630 | 1,093 | 1,619 | 2,712 | NM | (3) | % | (2) | % | |||||||||||||||||||||||||||
Depreciation and amortization | 1,424 | (291) | 1,133 | 260 | 1,009 | 1,269 | ||||||||||||||||||||||||||||||||
Employee share-based compensation | — | — | — | — | 11 | 11 | ||||||||||||||||||||||||||||||||
Restructuring and other charges | 354 | — | 354 | 6 | 1 | 7 | ||||||||||||||||||||||||||||||||
Transaction and integration costs | 1 | — | 1 | — | — | — | ||||||||||||||||||||||||||||||||
Amortization of fair value step-up for content | 2 | — | 2 | — | 1 | 1 | ||||||||||||||||||||||||||||||||
Inter-segment eliminations | 30 | — | 30 | — | — | — | ||||||||||||||||||||||||||||||||
Operating income | $ | 819 | $ | 291 | $ | 1,110 | $ | 827 | $ | 597 | $ | 1,424 | ||||||||||||||||||||||||||
(a) Prior year actual results have been recast to conform to the current period presentation as a result of the Merger and segment recast. |
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||||||
Actual | Pro Forma Adjustments | Pro Forma Combined | Actual (a) | Pro Forma Adjustments | Pro Forma Combined | Actual | Pro Forma Combined (Actual) | Pro Forma Combined (ex-FX) | ||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Advertising | $ | 106 | $ | — | $ | 106 | $ | 37 | $ | 17 | $ | 54 | NM | 96 | % | NM | ||||||||||||||||||||||
Distribution | 2,062 | — | 2,062 | 210 | 2,036 | 2,246 | NM | (8) | % | (6) | % | |||||||||||||||||||||||||||
Content | 145 | — | 145 | 7 | 187 | 194 | NM | (25) | % | (25) | % | |||||||||||||||||||||||||||
Other | 4 | — | 4 | 1 | 2 | 3 | NM | 33 | % | 33 | % | |||||||||||||||||||||||||||
Total revenues | 2,317 | — | 2,317 | 255 | 2,242 | 2,497 | NM | (7) | % | (6) | % | |||||||||||||||||||||||||||
Costs of revenues, excluding depreciation and amortization | 2,118 | — | 2,118 | 178 | 1,590 | 1,768 | NM | 20 | % | 22 | % | |||||||||||||||||||||||||||
Selling, general and administrative | 833 | — | 833 | 353 | 685 | 1,038 | NM | (20) | % | (18) | % | |||||||||||||||||||||||||||
Adjusted EBITDA | (634) | — | (634) | (276) | (33) | (309) | NM | NM | NM | |||||||||||||||||||||||||||||
Depreciation and amortization | 543 | (117) | 426 | 58 | 425 | 483 | ||||||||||||||||||||||||||||||||
Employee share-based compensation | (1) | — | (1) | — | 6 | 6 | ||||||||||||||||||||||||||||||||
Restructuring and other charges | 517 | — | 517 | 1 | (1) | — | ||||||||||||||||||||||||||||||||
Amortization of fair value step-up for content | 191 | (97) | 94 | — | 73 | 73 | ||||||||||||||||||||||||||||||||
Inter-segment eliminations | (10) | — | (10) | — | — | — | ||||||||||||||||||||||||||||||||
Operating loss | $ | (1,874) | $ | 214 | $ | (1,660) | $ | (335) | $ | (536) | $ | (871) | ||||||||||||||||||||||||||
(a) Prior year actual results have been recast to conform to the current period presentation as a result of the Merger and segment recast. |
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||||||
Actual | Pro Forma Adjustments | Pro Forma Combined | Actual | Pro Forma Adjustments | Pro Forma Combined | Actual | Pro Forma Combined (Actual) | Pro Forma Combined (ex-FX) | ||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | (340) | $ | — | $ | (340) | $ | (95) | $ | (231) | $ | (326) | NM | (4) | % | (7) | % | |||||||||||||||||||||
Employee share-based compensation | 113 | — | 113 | 36 | 21 | 57 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 92 | (29) | 63 | 23 | 46 | 69 | ||||||||||||||||||||||||||||||||
Restructuring and other charges | 93 | — | 93 | — | — | — | ||||||||||||||||||||||||||||||||
Transaction and integration costs | 57 | — | 57 | 13 | 111 | 124 | ||||||||||||||||||||||||||||||||
Asset impairment and loss (gain) on disposition and disposal groups | 28 | — | 28 | — | (223) | (223) | ||||||||||||||||||||||||||||||||
Inter-segment eliminations | (20) | — | (20) | — | — | — | ||||||||||||||||||||||||||||||||
Operating loss | $ | (703) | $ | 29 | $ | (674) | $ | (167) | $ | (186) | $ | (353) |
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||||||
Actual | Pro Forma Adjustments | Pro Forma Combined | Actual | Pro Forma Adjustments | Pro Forma Combined | Actual | Pro Forma Combined (Actual) | Pro Forma Combined (ex-FX) | ||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | (749) | $ | (353) | $ | (1,102) | $ | (273) | $ | (672) | $ | (945) | NM | (17) | % | (19) | % | |||||||||||||||||||||
Employee share-based compensation | 317 | (11) | 306 | 124 | 159 | 283 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 188 | (18) | 170 | 70 | 140 | 210 | ||||||||||||||||||||||||||||||||
Restructuring and other charges | 162 | (44) | 118 | — | 44 | 44 | ||||||||||||||||||||||||||||||||
Transaction and integration costs | 1,126 | (564) | 562 | 48 | 901 | 949 | ||||||||||||||||||||||||||||||||
Asset impairment and loss (gain) on disposition and disposal groups | 28 | — | 28 | — | (223) | (223) | ||||||||||||||||||||||||||||||||
Inter-segment eliminations | (28) | — | (28) | — | — | — | ||||||||||||||||||||||||||||||||
Operating loss | $ | (2,542) | $ | 284 | $ | (2,258) | $ | (515) | $ | (1,693) | $ | (2,208) |
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||||||
Actual | Pro Forma Adjustments | Pro Forma Combined | Actual | Pro Forma Adjustments | Pro Forma Combined | Actual | Pro Forma Combined (Actual) | Pro Forma Combined (ex-FX) | ||||||||||||||||||||||||||||||
Inter-segment revenue eliminations | $ | (785) | $ | — | $ | (785) | $ | — | $ | (751) | $ | (751) | NM | (5) | % | (5) | % | |||||||||||||||||||||
Inter-segment expense eliminations | (791) | — | (791) | — | (786) | (786) | NM | (1) | % | (1) | % | |||||||||||||||||||||||||||
Adjusted EBITDA | 6 | — | 6 | — | — | 35 | 35 | NM | (83) | % | (83) | % | ||||||||||||||||||||||||||
Restructuring and other charges | (5) | — | (5) | — | — | — | ||||||||||||||||||||||||||||||||
Amortization of fair value step-up for content | 181 | — | 181 | — | — | — | ||||||||||||||||||||||||||||||||
Operating income (loss) | $ | (170) | $ | — | $ | (170) | $ | — | $ | 35 | $ | 35 |
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||||||
Actual | Pro Forma Adjustments | Pro Forma Combined | Actual | Pro Forma Adjustments | Pro Forma Combined | Actual | Pro Forma Combined (Actual) | Pro Forma Combined (ex-FX) | ||||||||||||||||||||||||||||||
Inter-segment revenue eliminations | $ | (1,734) | $ | (1,065) | $ | (2,799) | $ | — | $ | (2,074) | $ | (2,074) | NM | (35) | % | (35) | % | |||||||||||||||||||||
Inter-segment expense eliminations | (1,726) | (1,038) | (2,764) | — | (2,147) | (2,147) | NM | (29) | % | (29) | % | |||||||||||||||||||||||||||
Adjusted EBITDA | (8) | (27) | (35) | — | — | 73 | 73 | NM | NM | NM | ||||||||||||||||||||||||||||
Restructuring and other charges | (23) | — | (23) | — | — | — | ||||||||||||||||||||||||||||||||
Amortization of fair value step-up for content | 422 | — | 422 | — | — | — | ||||||||||||||||||||||||||||||||
Operating income (loss) | $ | (407) | $ | (27) | $ | (434) | $ | — | $ | 73 | $ | 73 |
Nine Months Ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Cash, cash equivalents, and restricted cash, beginning of period | $ | 3,905 | $ | 2,122 | ||||||||||
Cash provided by operating activities | 1,458 | 1,914 | ||||||||||||
Cash provided by (used in) investing activities | 3,742 | (30) | ||||||||||||
Cash used in financing activities | (6,470) | (811) | ||||||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (122) | (69) | ||||||||||||
Net change in cash, cash equivalents, and restricted cash | (1,392) | 1,004 | ||||||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 2,513 | $ | 3,126 |
September 30, 2022 | ||||||||||||||||||||
Total Capacity | Outstanding Indebtedness | Unused Capacity | ||||||||||||||||||
Cash and cash equivalents | $ | 2,422 | $ | — | $ | 2,422 | ||||||||||||||
Revolving credit facility and commercial paper program | 6,000 | — | 6,000 | |||||||||||||||||
Term loans | 4,000 | 4,000 | — | |||||||||||||||||
Senior notes (a) | 46,144 | 46,144 | — | |||||||||||||||||
Total | $ | 58,566 | $ | 50,144 | $ | 8,422 | ||||||||||||||
(a) Interest on the senior notes is paid annually or semi-annually. Our senior notes outstanding as of September 30, 2022 had interest rates that ranged from 1.90% to 9.15% and will mature between 2023 and 2062. |
September 30, 2022 | December 31, 2021 | |||||||||||||
Current assets | $ | 1,594 | $ | 4,452 | ||||||||||
Non-guarantor intercompany trade receivables, net | 161 | 85 | ||||||||||||
Noncurrent assets | 5,880 | 5,969 | ||||||||||||
Current liabilities | 1,635 | 1,018 | ||||||||||||
Noncurrent liabilities | 48,694 | 15,778 |
Nine Months Ended September 30, 2022 | ||||||||
Revenues | $ | 1,603 | ||||||
Operating income | (623) | |||||||
Net income | (1,102) | |||||||
Net income available to Warner Bros. Discovery, Inc. | (1,108) |
Exhibit No. | Description | |||||||
10.1 | ||||||||
10.2 | Amendment No. 2 to Credit Agreement, dated as of August 2, 2022, by and among Discovery Communications, LLC, Warner Bros. Discovery, Inc., Scripps Networks Interactive, Inc., WarnerMedia Holdings, Inc., certain lenders party thereto and Bank of America, N.A., as administrative agent (incorporated by reference to Exhibit 10.6 to the Form 10-Q filed on August 5, 2022). | |||||||
10.3 | ||||||||
10.4 | Third Amended and Restated Receivables Purchase Agreement, dated as of July 5, 2022, by and among Warner Bros. Discovery Receivables Funding, LLC, the persons from time to time party thereto, PNC Bank, National Association, Turner Broadcasting System, Inc. and PNC Capital Markets LLC (incorporated by reference to Exhibit 10.15 to the Form 10-Q filed on August 5, 2022).* | |||||||
10.5 | ||||||||
10.6 | ||||||||
10.7 | ||||||||
10.8 | ||||||||
10.9 | ||||||||
10.10 | ||||||||
22 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document (filed herewith)♦ | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document (filed herewith)♦ | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document (filed herewith)♦ | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document (filed herewith)♦ | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document (filed herewith)♦ | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
WARNER BROS. DISCOVERY, INC. (Registrant) | ||||||||||||||||||||
Date: November 3, 2022 | By: | /s/ David M. Zaslav | ||||||||||||||||||
David M. Zaslav | ||||||||||||||||||||
President and Chief Executive Officer | ||||||||||||||||||||
Date: November 3, 2022 | By: | /s/ Gunnar Wiedenfels | ||||||||||||||||||
Gunnar Wiedenfels | ||||||||||||||||||||
Chief Financial Officer |
1 Year Discovery Chart |
1 Month Discovery Chart |
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