$WBD (+4.55%) | 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."