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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 September 30, 2023
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
WBD_HorizontalLogo_Blue.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 October 25, 2023:
Series A Common Stock, par value $0.01 per share2,438,565,638 




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 September 30,Nine Months Ended September 30,
 2023202220232022
Revenues:
Distribution$5,026 $4,990 $15,324 $11,180 
Advertising1,796 2,042 6,613 6,239 
Content2,840 2,531 8,240 4,918 
Other317 260 860 472 
Total revenues9,979 9,823 31,037 22,809 
Costs and expenses:
Costs of revenues, excluding depreciation and amortization5,309 5,627 18,630 13,488 
Selling, general and administrative2,291 2,589 7,241 7,167 
Depreciation and amortization1,989 2,233 5,961 5,024 
Restructuring and other charges269 1,521 510 2,559 
Impairments and loss on dispositions24 43 61 47 
Total costs and expenses9,882 12,013 32,403 28,285 
Operating income (loss)97 (2,190)(1,366)(5,476)
Interest expense, net(574)(555)(1,719)(1,219)
Gain on extinguishment of debt22  17  
Loss from equity investees, net(14)(78)(73)(135)
Other (expense) income, net(63)(28)(109)411 
Loss before income taxes(532)(2,851)(3,250)(6,419)
Income tax benefit125 566 563 1,201 
Net loss(407)(2,285)(2,687)(5,218)
Net income attributable to noncontrolling interests(8)(21)(32)(44)
Net income attributable to redeemable noncontrolling interests(2)(2)(7)(8)
Net loss available to Warner Bros. Discovery, Inc.$(417)$(2,308)$(2,726)$(5,270)
Net loss per share allocated to Warner Bros. Discovery, Inc. Series A common stockholders:
Basic
$(0.17)$(0.95)$(1.12)$(3.00)
Diluted$(0.17)$(0.95)$(1.12)$(3.00)
Weighted average shares outstanding:
Basic2,438 2,428 2,436 1,775 
Diluted2,438 2,428 2,436 1,775 
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 September 30,Nine Months Ended September 30,
2023202220232022
Net loss$(407)$(2,285)$(2,687)$(5,218)
Other comprehensive income (loss):
Currency translation
Change in net unrealized gains (losses)(393)(690)93 (1,275)
Less: Reclassification adjustment for net (gains) losses included in net income    (2)
Net change, net of income tax benefit (expense) of $(22), $(11), $(32) and $(50)
(393)(690)93 (1,277)
Pension plan and SERP liability, net of income tax benefit (expense) of $(2), $0, $(8) and $0
(1) (14) 
Derivatives
Change in net unrealized gains (losses)15 28 29 9 
Less: Reclassification adjustment for net (gains) losses included in net income (6)(4)(12)(21)
Net change, net of income tax benefit (expense) of $3, $0, $(1) and $5
9 24 17 (12)
Comprehensive loss(792)(2,951)(2,591)(6,507)
Comprehensive income attributable to noncontrolling interests
(8)(21)(32)(44)
Comprehensive income attributable to redeemable noncontrolling interests
(2)(2)(7)(8)
Comprehensive loss attributable to Warner Bros. Discovery, Inc.$(802)$(2,974)$(2,630)$(6,559)
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)
September 30, 2023December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents$2,383 $3,731 
Receivables, net6,312 6,380 
Prepaid expenses and other current assets4,136 3,888 
Total current assets12,831 13,999 
Film and television content rights and games22,454 26,652 
Property and equipment, net5,810 5,301 
Goodwill34,727 34,438 
Intangible assets, net39,874 44,982 
Other noncurrent assets8,053 8,629 
Total assets$123,749 $134,001 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$1,329 $1,454 
Accrued liabilities10,040 11,504 
Deferred revenues1,917 1,694 
Current portion of debt1,302 365 
Total current liabilities14,588 15,017 
Noncurrent portion of debt43,498 48,634 
Deferred income taxes9,098 11,014 
Other noncurrent liabilities10,423 10,669 
Total liabilities77,607 85,334 
Commitments and contingencies (See Note 16)
Redeemable noncontrolling interests281 318 
Warner Bros. Discovery, Inc. stockholders’ equity:
Series A common stock: $0.01 par value; 10,800 and 10,800 shares authorized; 2,668 and 2,660 shares issued; and 2,438 and 2,430 shares outstanding
27 27 
Preferred stock: $0.01 par value; 1,200 and 1,200 shares authorized, 0 shares issued and outstanding
  
Additional paid-in capital54,944 54,630 
Treasury stock, at cost: 230 and 230 shares
(8,244)(8,244)
(Accumulated deficit) retained earnings(526)2,205 
Accumulated other comprehensive loss(1,427)(1,523)
Total Warner Bros. Discovery, Inc. stockholders’ equity44,774 47,095 
Noncontrolling interests1,087 1,254 
Total equity45,861 48,349 
Total liabilities and equity$123,749 $134,001 
The accompanying notes are an integral part of these consolidated financial statements.
6


WARNER BROS. DISCOVERY, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited; in millions)
 Nine Months Ended September 30,
 20232022
Operating Activities
Net loss$(2,687)$(5,218)
Adjustments to reconcile net income to cash (used in) provided by operating activities:
Content rights amortization and impairment12,547 11,441 
Depreciation and amortization5,961 5,024 
Deferred income taxes (2,071)(2,105)
Preferred stock conversion premium 789 
Share-based compensation expense391 317 
Equity in losses of equity method investee companies and cash distributions136 178 
Gain on sale of investments (144)
Gain from derivative instruments, net(100)(479)
Other, net230 187 
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Receivables, net(33)(139)
Film and television content rights, games and payables, net(9,853)(8,612)
Accounts payable, accrued liabilities, deferred revenues and other noncurrent liabilities(1,245)(182)
Foreign currency, prepaid expenses and other assets, net623 401 
Cash provided by operating activities3,899 1,458 
Investing Activities
Purchases of property and equipment(1,048)(623)
Cash acquired from business acquisition and working capital settlement 3,609 
Proceeds from sales and maturities of investments 162 
Investments in and advances to equity investments(91)(137)
Proceeds from derivative instruments, net38 722 
Other investing activities, net76 9 
Cash (used in) provided by investing activities(1,025)3,742 
Financing Activities
Principal repayments of term loans(2,850)(6,000)
Principal repayments of debt, including premiums and discounts to par value(2,818)(327)
Borrowings from debt, net of discount and issuance costs1,496  
Distributions to noncontrolling interests and redeemable noncontrolling interests(282)(286)
Securitization receivables collected but not remitted238 236 
Borrowings under commercial paper program and revolving credit facility4,298 885 
Repayments under commercial paper program and revolving credit facility(4,304)(885)
Other financing activities, net(86)(93)
Cash used in financing activities(4,308)(6,470)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(66)(122)
Net change in cash, cash equivalents, and restricted cash(1,500)(1,392)
Cash, cash equivalents, and restricted cash, beginning of period3,930 3,905 
Cash, cash equivalents, and restricted cash, end of period$2,430 $2,513 
The accompanying notes are an integral part of these consolidated financial statements.
7

WARNER BROS. DISCOVERY, INC.
CONSOLIDATED STATEMENT OF EQUITY
(unaudited; in millions)
Warner Bros. Discovery, Inc. Common StockAdditional
Paid-In
Capital
Treasury
Stock
Retained
Earnings (Accumulated Deficit)
Accumulated
Other
Comprehensive
Loss
Warner Bros. Discovery,
Inc. 
Stockholders’
Equity
Noncontrolling
Interests
Total
Equity
SharesPar Value
December 31, 20222,660 $27 $54,630 $(8,244)$2,205 $(1,523)$47,095 $1,254 $48,349 
Net (loss) income available to Warner Bros. Discovery, Inc. and attributable to noncontrolling interests— — — — (1,069)— (1,069)8 (1,061)
Other comprehensive income— — — — — 418 418 — 418 
Share-based compensation— — 101 — — — 101 — 101 
Tax settlements associated with share-based plans— — (53)— — — (53)— (53)
Dividends paid to noncontrolling interests— — — — — — — (225)(225)
Issuance of stock in connection with share-based plans6 — 9 — — — 9 — 9 
Redeemable noncontrolling interest adjustments to redemption value— — — — (3)— (3)— (3)
Other adjustments to stockholders' equity— — (2)— — — (2)— (2)
March 31, 20232,666 $27 $54,685 $(8,244)$1,133 $(1,105)$46,496 $1,037 $47,533 
Net (loss) income available to Warner Bros. Discovery, Inc. and attributable to noncontrolling interests— — — — (1,240)— (1,240)16 (1,224)
Other comprehensive income— — — — — 63 63 — 63 
Share-based compensation— — 130 — — — 130 — 130 
Tax settlements associated with share-based plans — — (7)— — — (7)— (7)
Dividends paid to noncontrolling interests— — — — — — — (26)(26)
Issuance of stock in connection with share-based plans1 — 8 — — — 8 — 8 
Redeemable noncontrolling interest adjustments to redemption value— — — — 2 — 2 — 2 
June 30, 20232,667 $27 $54,816 $(8,244)$(105)$(1,042)$45,452 $1,027 $46,479 
Net (loss) income available to Warner Bros. Discovery, Inc. and attributable to noncontrolling interests— — — — (417)— (417)8 (409)
Other comprehensive loss— — — — — (385)(385)— (385)
Share-based compensation— — 126 — — — 126 — 126 
Reclassification of redeemable noncontrolling interest to noncontrolling interest (See Note 14)— — 2 — — — 2 60 62 
Tax settlements associated with share-based compensation— — (5)— — — (5)— (5)
Dividends paid to noncontrolling interests— — — — — — — (8)(8)
Issuance of stock in connection with share-based plans1 — 5 — — — 5 — 5 
Redeemable noncontrolling interest adjustments to redemption value— — — — (4)— (4)— (4)
September 30, 20232,668 $27 $54,944 $(8,244)$(526)$(1,427)$44,774 $1,087 $45,861 
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
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 
Net (loss) income available to Warner Bros. Discovery, Inc. and attributable to noncontrolling interests— — — — — — — — (2,308)— (2,308)21 (2,287)
Other comprehensive loss— — — — — — — — — (666)(666)— (666)
Share-based compensation— — — — — — 111 — — — 111 — 111 
Tax settlements associated with share-based plans— — — — — — (5)— — — (5)— (5)
Dividends paid to noncontrolling interests— — — — — — — — — — — (12)(12)
Issuance of stock in connection with share-based plans— — — — — — 2 — — — 2 — 2 
September 30, 2022 $ — $— 2,658 $27 $54,547 $(8,244)$4,306 $(2,119)$48,517 $1,245 $49,762 
The accompanying notes are an integral part of these consolidated financial statements.
9


WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)


NOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Description of Business
Warner Bros. Discovery, Inc. (“Warner Bros. Discovery”, “WBD”, the “Company”, “we”, “us” or “our”) is a premier global media and entertainment company that combines the WarnerMedia Business’s premium entertainment, sports and news assets with Discovery’s leading non-fiction and international entertainment and sports businesses, thus offering audiences a differentiated portfolio of content, brands and franchises across television, film, streaming and gaming. Some of our iconic brands and franchises include Warner Bros. Pictures Group, Warner Bros. Television Group, DC, HBO, Max, Discovery Channel, discovery+, CNN, HGTV, Food Network, TNT, TBS, TLC, OWN, Warner Bros. Games, Batman, Superman, Wonder Woman, Harry Potter, Looney Tunes, Hanna-Barbera, Game of Thrones, and The Lord of the Rings.
Merger with the WarnerMedia Business of AT&T
On April 8, 2022 (the “Closing Date”), Discovery, Inc. (“Discovery”) completed its merger (the “Merger”) with the WarnerMedia business (the “WarnerMedia Business”, “WM Business” or “WM”) of AT&T Inc. (“AT&T”) and changed its name to “Warner Bros. Discovery, Inc.”. On April 11, 2022, the Company’s shares started trading on the Nasdaq Global Select Market (the “Nasdaq”) under the trading symbol WBD.
The Merger was executed through a Reverse Morris Trust type transaction, under which WM was distributed to AT&T’s shareholders via a pro rata distribution, and immediately thereafter, combined with Discovery. (See Note 2 and Note 3.) Prior to the Merger, WarnerMedia Holdings, Inc. (“WMH”) distributed $40.5 billion to AT&T (subject to working capital and other adjustments) in a combination of cash, debt securities, and WM's retention of certain debt. Discovery transferred purchase consideration of $42.4 billion in equity to AT&T shareholders in the Merger. In August 2022, the Company and AT&T finalized the post-closing working capital settlement process, pursuant to section 1.3 of the Separation and Distribution Agreement, which resulted in the Company receiving a $1.2 billion payment from AT&T in the third quarter of 2022 in lieu of adjusting the equity issued as purchase consideration in the Merger. AT&T shareholders received shares of WBD Series A common stock (“WBD common stock”) in the Merger representing 71% of the combined Company and the Company's pre-Merger shareholders continued to own 29% of the combined Company, in each case on a fully diluted basis.
Discovery was deemed to be the accounting acquirer of the WM Business for accounting purposes under U.S. generally accepted accounting principles (“U.S. GAAP”); therefore, Discovery is considered the Company’s predecessor and the historical financial statements of Discovery prior to April 8, 2022, are reflected in this Quarterly Report on Form 10-Q as the Company’s historical financial statements. Accordingly, the financial results of the Company as of and for any periods prior to April 8, 2022 do not include the financial results of the WM Business and current results will not be comparable to historical results.
Labor Disruption
The Writers Guild of America (“WGA”) and Screen Actors Guild-American Federation of Television and Radio Artists (“SAG-AFTRA”) went on strike in May and July 2023 following the expiration of their respective collective bargaining agreements with the Alliance of Motion Picture and Television Producers (“AMPTP”). The WGA strike ended on September 27, 2023, and a new collective bargaining agreement was ratified on October 9, 2023. The SAG-AFTRA remains on strike. As a result of the strikes, we have paused and may continue to pause certain theatrical and television productions, which has resulted in delayed production spending.
The strikes have had, and are expected to continue to have, a material impact on the operations and results of the Company. This includes a positive impact on cash flow from operations attributed to delayed production spend, and a negative impact on the results of operations attributed to timing and performance of the remainder of the 2023 film slate, as well as the Company’s ability to produce, license, and deliver content. We continue to closely monitor the ongoing impact to our business; however, the full effects on our operations and results will depend on future developments, which are highly uncertain and cannot be predicted.
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries in which a controlling interest is maintained, including variable interest entities (“VIE”) for which the Company is the primary beneficiary. Intercompany accounts and transactions between consolidated entities have been eliminated.
10


WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

Unaudited Interim Financial Statements
These consolidated financial statements are unaudited; however, in the opinion of management, they reflect all adjustments consisting only of normal recurring adjustments necessary to state fairly the financial position, results of operations and cash flows for the periods presented in conformity with U.S. GAAP applicable to interim periods. The results of operations for the interim periods presented are not necessarily indicative of results for the full year or future periods. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”).
Use of Estimates
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from these estimates.
Summary of Significant Accounting Policies
There have been no changes to the Company's significant accounting policies described in the 2022 Form 10-K.
Accounting and Reporting Pronouncements Adopted
Supplier Finance Programs
In September 2022, the Financial Accounting Standards Board issued guidance updating the disclosure requirements for supplier finance program obligations. This guidance provides specific authoritative guidance for disclosure of supplier finance programs, including key terms of such programs, amounts outstanding, and where the obligations are presented in the statement of financial position. The guidance is effective for annual periods beginning after December 15, 2022, including interim periods, except for the disclosure of roll forward information, which is effective for annual periods beginning after December 15, 2023. Certain components of this guidance must be applied retrospectively, while others may be applied prospectively. The Company adopted the guidance effective January 1, 2023 and has provided the required disclosures in Note 14.
NOTE 2. EQUITY AND EARNINGS PER SHARE
Common Stock Issued in Connection with the WarnerMedia Merger
In connection with the Merger, each issued and outstanding share of Discovery Series A common stock, Discovery Series B convertible common stock, and Discovery Series C common stock, was reclassified and automatically converted into one share of WBD common stock, and each issued and outstanding share of Discovery Series A-1 convertible preferred stock (“Series A-1 Preferred Stock”) and Series C-1 convertible preferred stock was reclassified and automatically converted into 13.1135 and 19.3648 shares of WBD common stock, respectively.
The Merger required the consent of Advance/Newhouse Programming Partnership under Discovery's certificate of incorporation as the sole holder of the Series A-1 Preferred Stock. In connection with Advance/Newhouse Programming Partnership’s entry into the consent agreement and related forfeiture of the significant rights attached to the Series A-1 Preferred Stock in the reclassification of the shares of Series A-1 Preferred Stock into common stock, it received an increase to the number of shares of common stock of the Company into which the Series A-1 Preferred Stock converted. The impact of the issuance of such additional shares of common stock was $789 million and was recorded as a transaction expense in selling, general and administrative expense upon the closing of the Merger in the three months ended June 30, 2022.
On April 8, 2022, the Company issued 1.7 billion shares of WBD common stock as consideration paid for the acquisition of WM. (See Note 3.)
Earnings Per Share
All share and per share amounts have been retrospectively adjusted to reflect the reclassification and automatic conversion into WBD common stock, except for Series A-1 Preferred Stock, which has not been recast because the conversion of Series A-1 Preferred Stock into WBD common stock in connection with the Merger was considered a discrete event and treated prospectively.
11


WARNER BROS. DISCOVERY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

The table below sets forth the Company’s calculated earnings per share (in millions). Earnings per share amounts may not recalculate due to rounding.