海角社区国产精伦, Inc. (the 鈥淐ompany鈥) (Nasdaq: WBD) today reported financial results for the quarter ended June 30, 2024. The Company will conduct a conference call today at 4:30 p.m. ET to discuss the results. A link to the live webcast of the conference call will be available in the 鈥淚nvestor Relations鈥 section of the Company鈥檚 website at .
A telephone replay of the call will be available approximately two hours after the completion of the call until August 15, 2024. The replay can be accessed via phone by dialing +1 800-839-5635 or +1 402-220-2561. A replay of the audio webcast will also be available in the 鈥淚nvestor Relations鈥 section of the Company鈥檚 website for twelve months.
David Zaslav, President and Chief Executive Officer of 海角社区国产精伦 said, 鈥淎t 海角社区国产精伦, our top priority is our global direct-to-consumer business and we are extremely pleased with the growing momentum we are seeing, as demonstrated by another strong quarter of growth with 3.6 million net adds, fueled by our ongoing international expansion and investment in high quality, diverse content. In light of industry headwinds, we have and will continue taking bold steps, like reimagining our existing linear partnerships and pursuing new bundling opportunities, with the goal to get Max on the devices of more consumers faster and at a fraction of the acquisition cost, and we are seeing clear evidence that these and other actions we are taking will help drive segment profitability in the second half of the year and into 2025 and beyond.鈥
Q2 Financial Summary & Operational Highlights:
- Q2 total revenues were $9.7 billion, a 5% ex-FX decrease compared to the prior year quarter.
- Net loss available to 海角社区国产精伦, Inc. was $(10.0) billion, which includes a $9.1 billion non-cash goodwill impairment charge from the Networks segment, as well as $2.1 billion of pre-tax acquisition-related amortization of intangibles, content fair value step-up, and restructuring expenses.
- The goodwill impairment was triggered in response to the difference between market capitalization and book value, continued softness in the U.S. linear advertising market, and uncertainty related to affiliate and sports rights renewals, including the NBA.
- Q2 total Adjusted EBITDA was $1.8 billion, a 15% ex-FX decrease compared to the prior year quarter.
- Cash provided by operating activities decreased to $1.2 billion. Free cash flow decreased to $1.0 billion.
- Repaid $1.8 billion of debt during Q2, ending the quarter with $3.6 billion of cash on hand, $41.4 billion of gross debt, and 4.0x net leverage.
- Purchased $3.4 billion of debt for $2.6 billion through a tender offer funded by cash on hand and a 鈧1.5 billion senior notes offering.
- Global DTC subscribers were 103.3 million at the end of Q2, an increase of 3.6 million subscribers vs. Q1. Global DTC ARPU was $8.00, a 4% ex-FX increase vs. the prior year quarter.
- Successfully launched Max and migrated subscribers to the new platform across Europe, including new market launches in France and Belgium. Max is now available in 65 countries and territories.
- The 2024 CNN Presidential Debate was the highest rated linear program in the history of CNN.
- TNT Sports continued to strengthen its sport portfolio with multi-year domestic agreements for BIG EAST men鈥檚 and women鈥檚 college basketball, the French Open, Mountain West college football, and the College Football Playoffs.
- Adult Swim Q2 primetime ratings grew 14% year-over-year, its third consecutive quarter of primetime growth.
About 海角社区国产精伦:
海角社区国产精伦 is a leading global media and entertainment company that creates and distributes the world鈥檚 most differentiated and complete portfolio of branded content across television, film, streaming and gaming. Available in more than 220 countries and territories and 50 languages, 海角社区国产精伦 inspires, informs and entertains audiences worldwide through its iconic brands and products including: Discovery Channel, Max, discovery+, 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, 海角社区国产精伦. Motion Picture Group, 海角社区国产精伦. Television Group, 海角社区国产精伦. Pictures Animation, 海角社区国产精伦. Games, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies, Discovery en Espa帽ol, Hogar de HGTV and others. For more information, please visit .
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Source: 海角社区国产精伦, Inc.