Wednesday, April 17, 2024

Warner Bros. Discovery Reports Second-Quarter 2023 Results

Warner Bros. Discovery, Inc. (the “Company”) has announced financial results for the quarter ended 30 June 2023.

David Zaslav, President and Chief Executive Officer of Warner Bros. Discovery said, “The important work we are doing to transform our businesses for the future continues to drive our strong financial performance as demonstrated by meaningful improvements to our balance sheet and our now increased synergy target of more than $5 billion. This quarter alone we reported over $1.7 billion in free cash flow, and we remain bullish with respect to our delevering story and expect to be comfortably below 4.0x levered by the end of the year and at our target of 2.5-3.0x gross leverage by the close of 2024. All of which positions us well to lean into growth opportunities that will ultimately drive shareholder value, to include our Direct-to-Consumer business, which, in the wake of the successful launch of Max in the U.S., is tracking well ahead of our financial projections, having generated positive EBITDA in the first half of the year.”

Q2 Financial Summary & Operational Highlights:

  • Q2 total revenues were $10,358 million. Revenues decreased 4% ex-FX, compared to the prior year quarter, on a combined basis.
  • Net loss available to Warner Bros. Discovery, Inc. was $(1,240) million, and included $1,658 million of pre-tax amortisation from acquisition-related intangible assets and $146 million of pre-tax restructuring expenses.
  • Q2 total Adjusted EBITDA was $2,149 million. Adjusted EBITDA increased 23% ex-FX compared to the prior year quarter, on a combined basis.
  • Cash provided by operating activities increased to $2,014 million. Reported free cash flow increased to $1,722 million.
  • Repaid $1.6 billion of debt during Q2. Ended the quarter with $3.1 billion of cash on hand, $47.8 billion of gross debt, and 4.6x net leverage.
  • Launched a debt tender offer for up to $2.7 billion.
  • Global DTC subscribers decreased 1.8 million to 95.8 million at the end of Q2 vs. 97.6 million subscribers at the end of Q1.
  • Successfully launched our new DTC product, Max, in the U.S. on 23 May.
  • Nominated for an industry-leading 181 primetime Emmy awards, including 127 nominations for HBO & Max – the most of any network or platform.

For the full earning statement, visit

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