Warner Bros. Discovery, Inc.


SKU: WBD Category:


Warner Bros. Discovery, Inc. delivered a disappointing set of results as the company could not meet the revenue and earnings expectations of Wall Street. The company generated almost $1.7 billion in free cash flow this quarter, and the team anticipates around the same in Q3. Their global direct-to-consumer business was mildly EBITDA positive for the first half of this year and nearly breakeven in the second quarter. In addition, despite the high expenses of product development and the significant marketing effort required to launch Max, their U.S. direct-to-consumer business is producing a good EBITDA that is helping to offset losses from overseas operations. The transition to Max went incredibly well, with the vast majority of U.S. subscribers successfully transferring. Although some projected subscriber disruption has occurred, overall attrition has been lower than anticipated. The customer experience is outstanding by all standards and independent metrics. While Max will be a key component of the company’s expansion, Discovery’s management also believes that many other businesses like gaming could also have growth potential.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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