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WARNER BROS. DISCOVERY REPORTS RESULTS FOR THE FIRST QUARTER OF 2024

Warner Bros. Discovery, Inc. (the “Company”) (Nasdaq: WBD) today announced financial results for the quarter ended March 31, 2024. The Company will host a conference call today at 8:00 a.m. ET to discuss the results. A link to the webcast of the teleconference will be available in the “Investor Relations” section of the Company’s website at https://ir.wbd.com/.

A telephone replay of the call will be available approximately two hours after the end of the call until May 17, 2024. The replay can be obtained by telephone at +1 800-934-2750 or +1 402-220-1142. A replay of the webcast will also be available for twelve months in the “Investor Relations” tab on the Company’s website.

Dawid Zasław, chairman and CEO of Warner Bros. Discovery, said: “We are pleased with our progress in the first quarter, as evidenced by strong performance across important KPIs. We achieved significant growth in our streaming business, with nice acceleration in advertising sales, generating nearly $90 million in positive EBITDA for the quarter. We will soon make Max available in 29 countries across Europe, and the content offering for Max in the coming year will be one of the richest ever. Warner Bros. Pictures also started the year strong as the first studio to reach the $1 billion mark in box office sales overseas and around the world, and they are very busy in the works. Importantly, we once again delivered strong free cash flow, even in our seasonally weakest FCF quarter. We continue to make bold moves to transform our company for the future as we strive to fully capitalize on the opportunities ahead.”

Financial summary and operational highlights for the first quarter:

  • Total revenues in the first quarter were $9,958 million. Revenues declined 7% excluding FX compared to the prior-year quarter.
  • Net loss available for Warner Bros. Discovery, Inc. was $(966) million and includes $1,879 million of pre-tax amortization of intangible assets related to the acquisition, content fair value increases and restructuring expenses.
  • Total adjusted EBITDA for the first quarter was $2,102 million, a 20% decrease net of currency effects compared to the prior-year quarter, primarily due to the success Hogwarts Legacy in the quarter of the previous year Suicide Squad: Kill the Justice League generated significantly lower revenues in the current quarter of the year.
  • Cash provided by operating activities increased to USD 585 million. Free cash flow increased to $390 million, an improvement of $1.3 billion compared to the prior-year quarter.
  • It paid off $1.1 billion in debt in the first quarter. It ended the quarter with $3.4 billion in cash, $43.2 billion in gross debt and 4.1 times net leverage.
    • A call for the redemption of outstanding debt was announced today.
  • At the end of the first quarter, the number of global DTC subscribers was 99.6 million, an increase of 2.0 million subscribers compared to the fourth quarter. Global DTC ARPU was $7.83, up 4% on a currency-adjusted basis compared to the prior-year quarter.
  • Max successfully launched and migrated subscribers to the new platform across Latin America.
  • ID break series, Silence on the set: The dark side of children’s television is the third-best series to ever air on both Max and HBO Max, second only to it The last of us AND Dragon House.
  • Dune: part two AND Godzilla x Kong: A New Empire grossed over $1.2 billion worldwide. Dune: part two is the highest-grossing film of 2024 so far, with global box office receipts exceeding $700 million.

WARNER BROS. DISCOVERY REPORTS RESULTS FOR THE FIRST QUARTER OF 2024

On discovering Warner Bros.:

Warner Bros. Discovery is a leading global media and entertainment company that creates and distributes the most diverse and complete portfolio of branded content across television, film, streaming and gaming. Available in over 220 countries and territories and in 50 languages, Warner Bros. Discovery inspires, informs and entertains audiences around the world through its iconic brands and products including: Discovery Channel, Max, Discover+, 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, Warner Bros. Motion Picture Group, Warner Bros. Television Group, Warner Bros. Pictures Animation, Warner Bros. Games, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies, Discovery en Español, Hogar de HGTV and others. More information can be found at www.wbd.com.

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