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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number: 001-34177
disca-20220630_g1.jpg
Warner Bros. Discovery, Inc.
(Exact name of registrant as specified in its charter)
Delaware35-2333914
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
230 Park Avenue South10003
New York, New York
(Zip Code)
(Address of principal executive offices)
(212548-5555
(Registrant’s telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolsName of Each Exchange on Which Registered
Series A Common StockWBDThe Nasdaq Global Select Market




Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  o
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filerýAccelerated filer¨
Non-accelerated fileroSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ý

Total number of shares outstanding of each class of the Registrant’s common stock as of July 21, 2022:
Series A Common Stock, par value $0.01 per share2,427,592,861 




WARNER BROS. DISCOVERY, INC.
FORM 10-Q
TABLE OF CONTENTS
 
 Page

3


PART I. FINANCIAL INFORMATION
ITEM 1. Unaudited Financial Statements.
WARNER BROS. DISCOVERY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; in millions, except per share amounts)
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Revenues:
Advertising$2,721 $1,634 $4,197 $3,043 
Distribution4,838 1,312 6,190 2,570 
Content2,064 100 2,387 212 
Other204 16 212 29 
Total revenues9,827 3,062 12,986 5,854 
Costs and expenses:
Costs of revenues, excluding depreciation and amortization6,625 1,055 7,861 2,024 
Selling, general and administrative3,538 952 4,578 2,003 
Depreciation and amortization2,266 341 2,791 702 
Restructuring and other charges1,033 7 1,038 22 
Loss (gain) on disposition4 (72)4 (72)
Total costs and expenses13,466 2,283 16,272 4,679 
Operating (loss) income(3,639)779 (3,286)1,175 
Interest expense, net(511)(157)(664)(320)
Loss from equity investees, net(43)(7)(57)(11)
Other (expense) income, net(51)105 439 173 
(Loss) income before income taxes(4,244)720 (3,568)1,017 
Income tax benefit (expense)836 (2)635 (108)
Net (loss) income(3,408)718 (2,933)909 
Net income attributable to noncontrolling interests(7)(38)(23)(84)
Net income attributable to redeemable noncontrolling interests(3)(8)(6)(13)
Net (loss) income available to Warner Bros. Discovery, Inc.$(3,418)$672 $(2,962)$812 
Net (loss) income per share allocated to Warner Bros. Discovery, Inc. Series A common stockholders:
Basic
$(1.50)$1.02 $(2.09)$1.23 
Diluted$(1.50)$1.01 $(2.09)$1.22 
Weighted average shares outstanding:
Basic2,286 589 1,443 587 
Diluted2,286 664 1,443 666 
The accompanying notes are an integral part of these consolidated financial statements.


4


WARNER BROS. DISCOVERY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(unaudited; in millions)

Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Net (loss) income$(3,408)$718 $(2,933)$909 
Other comprehensive (loss) income adjustments, net of tax:
Currency translation(488)108 (587)(59)
Derivatives(18)(112)(36)125 
Comprehensive (loss) income(3,914)714 (3,556)975 
Comprehensive income attributable to noncontrolling interests
(7)(38)(23)(84)
Comprehensive income attributable to redeemable noncontrolling interests
(3)(8)(6)(13)
Comprehensive (loss) income attributable to Warner Bros. Discovery, Inc.$(3,924)$668 $(3,585)$878 
The accompanying notes are an integral part of these consolidated financial statements.
5

WARNER BROS. DISCOVERY, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited; in millions, except par value)
June 30, 2022December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents$2,575 $3,905 
Receivables, net7,049 2,446 
Prepaid expenses and other current assets5,825 913 
Total current assets15,449 7,264 
Film and television content rights and games, net30,120 3,832 
Property and equipment, net5,597 1,336 
Goodwill34,273 12,912 
Intangible assets, net48,724 6,317 
Other noncurrent assets8,077 2,766 
Total assets$142,240 $34,427 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$1,397 $412 
Accrued liabilities10,279 2,230 
Deferred revenues1,663 478 
Current portion of debt1,097 339 
Total current liabilities14,436 3,459 
Noncurrent portion of debt51,388 14,420 
Deferred income taxes13,666 1,225 
Other noncurrent liabilities9,803 1,927 
Total liabilities89,293 21,031 
Commitments and contingencies (See Note 19)
Redeemable noncontrolling interests328 363 
Warner Bros. Discovery, Inc. stockholders’ equity:
Series A common stock: $0.01 par value; 10,800 and 0 shares authorized; 2,658 and 0 shares issued; and 2,428 and 0 shares outstanding
27 — 
Preferred stock: $0.01 par value; 1,200 and 0 shares authorized, 0 shares issued and outstanding
 — 
Discovery Series A-1 convertible preferred stock: $0.01 par value; 0 and 8 shares authorized, issued and outstanding
—  
Discovery Series C-1 convertible preferred stock: $0.01 par value; 0 and 6 shares authorized; 0 and 4 shares issued and outstanding
—  
Discovery Series A common stock: $0.01 par value; 0 and 1,700 shares authorized; 0 and 170 shares issued; and 0 and 169 shares outstanding
— 2 
Discovery Series B convertible common stock: $0.01 par value; 0 and 100 shares authorized; 0 and 7 shares issued and outstanding
—  
Discovery Series C common stock: $0.01 par value; 0 and 2,000 shares authorized; 0 and 559 shares issued; and 0 and 330 shares outstanding
— 5 
Additional paid-in capital54,439 11,086 
Treasury stock, at cost: 230 and 230 shares
(8,244)(8,244)
Retained earnings6,614 9,580 
Accumulated other comprehensive loss(1,453)(830)
Total Warner Bros. Discovery, Inc. stockholders' equity51,383 11,599 
Noncontrolling interests1,236 1,434 
Total equity52,619 13,033 
Total liabilities and equity$142,240 $34,427 
The accompanying notes are an integral part of these consolidated financial statements.
6


WARNER BROS. DISCOVERY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in millions)
 Six Months Ended June 30,
 20222021
Operating Activities
Net (loss) income$(2,933)$909 
Adjustments to reconcile net income to cash provided by operating activities:
Content rights amortization and impairment6,591 1,516 
Depreciation and amortization2,791 702 
Deferred income taxes (915)(242)
Preferred stock conversion premium789  
Share-based compensation expense210 95 
Gain on disposition4 (72)
Equity in losses of equity method investee companies and cash distributions91 38 
Gain on sale of investments(132)(20)
Gain from derivative instruments, net(496) 
Other, net60 (100)
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Receivables, net(444)(141)
Film and television content rights, games and payables, net(4,653)(1,701)
Accounts payable, accrued liabilities, deferred revenues and other noncurrent liabilities8 41 
Foreign currency, prepaid expenses and other assets, net363 78 
Cash provided by operating activities1,334 1,103 
Investing Activities
Purchases of property and equipment(307)(167)
Cash acquired from business acquisition2,419  
Proceeds from sales and maturities of investments139 348 
Investments in and advances to equity investments(109)(105)
Proceeds from derivative instruments, net720  
Other investing activities, net18 120 
Cash provided by investing activities2,880 196 
Financing Activities
Principal repayments of term loans(3,500) 
Principal repayments of debt, including premiums to par value(327)(339)
Distributions to noncontrolling interests and redeemable noncontrolling interests(264)(213)
Purchase of redeemable noncontrolling interests (31)
Borrowings under commercial paper program90  
Repayments under commercial paper program(90) 
Other financing activities, net(66)45 
Cash used in financing activities(4,157)(538)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(66)(49)
Net change in cash, cash equivalents, and restricted cash(9)712 
Cash, cash equivalents, and restricted cash, beginning of period3,9052,122 
Cash, cash equivalents, and restricted cash, end of period$3,896 $2,834 
The accompanying notes are an integral part of these consolidated financial statements.
7

WARNER BROS. DISCOVERY, INC.
CONSOLIDATED STATEMENT OF EQUITY
(unaudited; in millions)
Discovery, Inc.
Preferred Stock
Discovery, Inc.
Common Stock
Warner Bros. Discovery, Inc. Common StockAdditional
Paid-In
Capital
Treasury
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Warner Bros. Discovery, Inc.
Stockholders’ Equity
Noncontrolling
Interests
Total
Equity
SharesPar ValueSharesPar ValueSharesPar Value
December 31, 202112 $ 736 $7 $— $— $11,086 $(8,244)$9,580 $(830)$11,599 $1,434 $13,033 
Net income available to Warner Bros. Discovery, Inc. and attributable to noncontrolling interests— — — — — — — — 456 — 456 16 472 
Other comprehensive loss— — — — — — — — — (117)(117)— (117)
Share-based compensation— — — — — — 53 — — — 53 — 53 
Tax settlements associated with share-based plans
— — — — — — (38)— — — (38)— (38)
Dividends paid to noncontrolling interests
— — — — — — — — — — — (192)(192)
Issuance of stock in connection with share-based plans
— — 3 — — — 19 — — — 19 — 19 
Redeemable noncontrolling interest adjustments to redemption value
— — — — — — — — (3)— (3)— (3)
March 31, 202212 $ 739 $7 — $— $11,120 $(8,244)$10,033 $(947)$11,969 $1,258 $13,227 
Net (loss) income available to Warner Bros. Discovery, Inc. and attributable to noncontrolling interests— — — — — — — — (3,418)— (3,418)7 (3,411)
Other comprehensive loss— — — — — — — — — (506)(506)— (506)
Share-based compensation— — — — — — 143 — — — 143 — 143 
Conversion and issuance of common stock and noncontrolling interest in connection with the acquisition of the WarnerMedia Business(12)— (739)(7)2,658 27 43,173 — — — 43,193 2 43,195 
Dividends paid to noncontrolling interests— — — — — — — — — — — (31)(31)
Issuance of stock in connection with share-based plans— — — — — — 3 — — — 3 — 3 
Redeemable noncontrolling interest adjustments to redemption value— — — — — — — — (1)— (1)— (1)
June 30, 2022— $— — $— 2,658 $27 $54,439 $(8,244)$6,614 $(1,453)$51,383 $1,236 $52,619 
The accompanying notes are an integral part of these consolidated financial statements.

8

WARNER BROS. DISCOVERY, INC.
CONSOLIDATED STATEMENT OF EQUITY
(unaudited; in millions)
Discovery, Inc.
Preferred Stock
Discovery, Inc.
Common Stock
Additional
Paid-In
Capital
Treasury
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Warner Bros. Discovery,
Inc. 
Stockholders’
Equity
Noncontrolling
Interests
Total
Equity
SharesPar ValueSharesPar Value
December 31, 202013 $ 717 $7 $10,809 $(8,244)$8,543 $(651)$10,464 $1,536 $12,000 
Net income available to Warner Bros. Discovery, Inc. and attributable to noncontrolling interests — — — — — — 140 — 140 46 186 
Other comprehensive income— — — — — — — 70 70 — 70 
Share-based compensation— — — — 32 — — — 32 — 32 
Preferred stock conversion(1)— 11 — — — — — — — — 
Tax settlements associated with share-based compensation— — — — (68)— — — (68)— (68)
Dividends paid to noncontrolling interest— — — — — — — — — (178)(178)
Issuance of stock in connection with share-based plans— — 8 — 186 — — — 186 — 186 
Redeemable noncontrolling interest adjustment to redemptions value— — — — (8)— (