ƹƵ. (the “Company”) (Nasdaq: WBD) today reported financial results for the quarter and year ended December 31, 2024. Please visit the Company’s website to view the and other earnings materials (including a ).
The Company will conduct a conference call today at 8:00 a.m. ET to discuss the results. A link to the live webcast of the conference call will be available in the “Investor Relations” section of the Company’s website at .
A telephone replay of the call will be available approximately two hours after the completion of the call until March 6, 2025. The replay can be accessed via phone by dialing +1 646-517-3975 or +1 888-660-6264 and using the passcode 33834 # when prompted. A replay of the audio webcast will also be available in the “Investor Relations” section of the Company’s website for twelve months.
Q4 2024 Highlights
- Total revenues were $10.0 billion, a 1% ex-FX decrease compared to the prior year quarter.
- Distribution revenues increased 2% ex-FX, as growth in global DTC subscribers was partially offset by continued domestic linear pay TV subscriber declines.
- Advertising revenues decreased 11% ex-FX, as the growth in DTC ad-lite subscribers was more than offset by domestic linear audience declines and the continuing softness in the domestic linear advertising market.
- Content revenues were relatively unchanged.
- Net income available to ƹƵ. was $(0.5) billion, which includes $1.9 billion of pre-tax acquisition-related amortization of intangibles, content fair value step-up, and restructuring expenses.
- Total Adjusted EBITDA was $2.7 billion, an 11% ex-FX increase compared to the prior year quarter, primarily due to growth in the DTC and Studios segments.
- Cash provided by operating activities was $2.7 billion. Free cash flow was $2.4 billion.
- Ended the quarter with 116.9 million DTC subscribers, an increase of 6.4 million subscribers vs. Q3.
FY 2024 Highlights
- Total revenues were $39.3 billion, a 4% ex-FX decrease compared to the prior year.
- Distribution revenues decreased 1% ex-FX, as growth in global DTC subscribers was more than offset by continued domestic linear pay TV subscriber declines and an unfavorable impact from the AT&T SportsNet exit.
- Advertising revenues decreased 7% ex-FX, as the growth in domestic DTC ad-lite subscribers was more than offset by domestic linear audience declines and the continuing softness in the domestic linear advertising market.
- Content revenues decreased 8% ex-FX, due to the strong performance of Hogwarts Legacy and Barbie in the prior year, partially offset by the sublicensing of Olympic sports rights in Europe.
- Net income available to ƹƵ. was $(11.3) billion, which includes $7.5 billion of pre-tax acquisition-related amortization of intangibles, content fair value step-up, and restructuring expenses and a $9.1 billion non-cash goodwill impairment charge in the Networks segment.
- Total Adjusted EBITDA was $9.0 billion, an 11% ex-FX decrease compared to the prior year.
- Cash provided by operating activities was $5.4 billi