$WBD (+1.28%) | Warner Bros. Discovery Q3'24 Earnings Highlights:

🔹 EPS: $0.05 (Est. -$0.11) 🟢

🔹 Revenue: $9.62B (Est. $9.8B) 🔴; DOWN -3% YoY

🔹 Adj EBITDA: $2.41B; DOWN -18% YoY (ex-FX)

Studios:

🔹 Revenue: $2.68B; DOWN -17% YoY

🔹 Adjusted EBITDA: $308M

Networks:

🔹 Revenue: $5.01B; UP +3% YoY

🔹 Adjusted EBITDA: $2.115B

Direct-to-Consumer (DTC):

🔹 Subscribers: 110.5M (Est. 109.2M) 🟢, UP 7.2M QoQ

🔹 Revenue: $2.63B; UP +9% YoY

🔹 Adjusted EBITDA: $289M

🔹 Global DTC ARPU: $7.84; UP +1% YoY

Key Operational Highlights:

🔸 Strong DTC growth with 7.2M additional subscribers, reaching 110.5M total.

🔸 Successful content performance from The Penguin on Max platform.

🔸 Renewed Charter carriage agreement and generated 215M Olympic Games views.

Financial Position:

🔹 Cash on hand: $3.5B

🔹 Gross debt: $40.7B

🔹 Net leverage ratio: 4.2x

🔹 Debt reduction of $0.9B in Q3

CEO David Zaslav's Commentary:

🔸 "Despite extraordinary disruptions, our Q3 results underscore the success of our strategic repositioning efforts, positioning Warner Bros. Discovery for future growth and resilience."