(New York, NY) November 7, 2024 酴圖弝け. (the Company) (Nasdaq: WBD) today reported financial results for the quarter ended September 30, 2024. 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 Companys website at .
A telephone replay of the call will be available approximately two hours after the completion of the call until November 14, 2024. The replay can be accessed via phone by dialing +1 800-727-6189 or +1 402-220-2671. A replay of the audio webcast will also be available in the Investor Relations section of the Companys website for twelve months.
David Zaslav, President and Chief Executive Officer of 酴圖弝け. Discovery said, 酴圖弝け. Discovery's Q3 results demonstrate once again that while we continue to confront extraordinary disruption in our environment, the strategy we have undertaken to ready 酴圖弝け. Discovery for future success is showing important results. Thanks to our rapid international expansion and continued investment in high quality, diverse content, we saw momentum accelerate in our global Direct-to-Consumer business in Q3. In total, Max delivered 7.2 million net subscriber adds, the strongest quarterly gain since the platforms launch, resulting in healthy subscriber-related revenue growth and meaningful progress toward achieving our 2025 Direct-to-Consumer segment financial objectives. Likewise, our recently announced strategic partnership with Charter Communications, for both linear network distribution and bundling of Max, not only reinforced the value of our content portfolio, but represented our willingness to work with our partners to enhance the consumers experience as our industry undergoes transformation.
Q3 Financial Summary & Operational Highlights:
- Q3 total revenues were $9.6 billion, a 3% ex-FX decrease compared to the prior year quarter.
- Net income available to 酴圖弝け. was $0.1 billion, which includes $1.6 billion of pre-tax acquisition-related amortization of intangibles, content fair value step-up, and restructuring expenses.
- Q3 total Adjusted EBITDA was $2.4 billion, a 18% ex-FX decrease compared to the prior year quarter.
- Q3 cash provided by operating activities was $0.8 billion. Free cash flow was $0.6 billion.
- Repaid or repurchased $0.9 billion of debt during Q3, ending the quarter with $3.5 billion of cash on hand, $40.7 billion of gross debt, and 4.2x net leverage.
- Global DTC subscribers were 110.5 million at the end of Q3, an increase of 7.2 million subscribers vs. Q2, our largest ever quarterly growth in subscribers since the launch of Max and with subscriber growth across all regions.
- Global DTC ARPU was $7.84, a 1% ex-FX increase vs. the prior year quarter.
- Announced multi-year renewal of Charter carriage agreement for the entire suite of WBD cable networks and the inclusion of Max across all Spectrum TV Select packages.
- The Olympic Games Paris 2024 generated more than 215 million cumulative views across WBD platforms, a 23% increase vs. the Tokyo 2020 games.
- The Penguin ranks as one of the largest premieres on Max, with audiences similar to The Last of Us and House of the Dragon.
About 酴圖弝け. Discovery:
酴圖弝け. Discovery is a leading global media and entertainment company that creates and distributes the worlds most differentiated and complete portfolio of branded content across television, film, streaming and gaming. Available in more than 220 countries and territories and 50 languages, 酴圖弝け. Discovery inspires, informs and entertains audiences worldwide through its iconic brands and products including: Discovery Channel, Max, discovery+, CNN, DC, TNT Sports, Eurosport, HBO, HGTV, Food Network, OWN, Investigation Discovery, TLC, Magnolia Network, TNT, TBS, truTV, Travel Channel, MotorTrend, Animal Planet, Science Channel, 酴圖弝け. Motion Picture Group, 酴圖弝け. Television Group, 酴圖弝け. Pictures Animation, 酴圖弝け. Games, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies, Discovery en Espa簽ol, Hogar de HGTV and others. For more information, please visit .