Exhibit 99.4

NON-GAAP FINANCIAL MEASURE

This section presents Adjusted EBITDA, a non-GAAP financial measure of performance which is derived from the historical consolidated financial statements of Discovery, Inc. (“Discovery”), the historical combined financial statements of a portion of the WarnerMedia segment of AT&T Inc. (the “WarnerMedia Business”) and the unaudited pro forma condensed combined financial statements. Adjusted EBITDA should be considered in addition to, but not as a substitute for, operating income, net income and other measures of financial performance reported in accordance with generally accepted accounting principles in the United States (“GAAP”).

Discovery believes Adjusted EBITDA helps identify underlying trends and facilitate evaluation of period-to-period operating performance by eliminating items that are variable in nature and not considered by Discovery management in the evaluation of ongoing operating performance, allowing comparison of recurring core business operating results over multiple periods. Discovery also believes Adjusted EBITDA provides useful information about operating results, enhance the overall understanding of past performance and future prospects, and allow for greater transparency with respect to key metrics used by Discovery management for financial and operational decision-making. Discovery believes Adjusted EBITDA or similarly titled non-GAAP measures are widely used by investors, securities analysts, ratings agencies, and other parties in evaluating companies as a measure of financial performance. Other companies may calculate Adjusted EBITDA or similarly titled non-GAAP measures differently from the way these metrics are calculated in this document. As a result, the presentation of Adjusted EBITDA herein may not be comparable to similarly titled measures of other companies, limiting their usefulness as comparative measures. Reconciliations of this non-GAAP measure to the most comparable U.S. GAAP measure have been provided below.

Discovery defines Adjusted EBITDA as net income (loss) attributable to common stockholders adjusted for (i) net income attributable to redeemable noncontrolling interests, (ii) net income attributable to noncontrolling interests, (iii) income tax expense (benefit), (iv) depreciation and amortization, (v) interest expense, net, (vi) other (income) expense, net, (vii) loss (income) from equity investees, net, (viii) loss on extinguishment of debt, (ix) restructuring and other charges, (x) impairment of goodwill and other intangible assets, (xi) employee share-based compensation, (xii) (gains) losses on disposition, (xiii) transaction costs directly related to acquisitions, integrations and other transactions, (xiv) amortization of the step-up to fair value of content related to acquisitions, and (xv) other items impacting comparability. Discovery adjusts for these aforementioned items which impact comparability of financial performance between periods. Discovery also excludes the depreciation of fixed assets, amortization of intangible assets, amortization of the step-up to fair value of content related to acquisitions, impairment of goodwill and other intangible assets, and employee share-based compensation, as these amounts do not represent cash payments in the current reporting period.

Year ended December 31, 2021
	Historical Discovery			Historical WarnerMedia Business after Reclassification Adjustments			Pre-Merger Pro forma Adjustments1			Merger Pro forma Adjustments1			WBD Pro Forma Combined
Net income (loss) attributable to common stockholders	$	1,006		$	1,256		$	(1,105	)	$	(4,140	)	$	(2,983	)
Net income attributable to redeemable noncontrolling interests		53			—			—			—			53
Net income attributable to noncontrolling interests		138			—			—			—			138
Income tax expense (benefit)		236			261			(368	)		(1,164	)		(1,035	)
Depreciation and amortization		1,582			3,852			—			3,774			9,208
Interest expense, net		633			368			1,473			—			2,474
Other income		(82	)		(192	)		—			—			(274	)
Income (loss) from equity investees, net		18			(8	)		—			—			10
Loss on extinguishment of debt		10			—			—			—			10
Employee share-based compensation2		167			187			—			37			391
Restructuring and other charges		32			12			—			—			44
Transaction and integration costs3		95			353			—			976			1,424
(Gain) loss on disposition		(71	)		223			—			—			152
Amortization of step-up to fair value of content related to acquisitions4		—			722			—			517			1,239
Adjusted EBITDA	$	3,817		$	7,034		$	—		$	—		$	10,851

(1) See unaudited pro forma condensed combined financial statements for details.

(2) See footnote 6(i) of the unaudited pro forma condensed combined financial statements for details on employee share-based compensation.

(3) See footnotes 6(h) and 6(i) of the unaudited pro forma condensed combined financial statements for details on transaction and integration costs.

(4) See footnote 5 of the unaudited pro forma condensed combined financial statements for details on amortization of step-up to fair value of content related to acquisitions.

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