WARNER BROS. DISCOVERY, INC. REPORTS FIRST-QUARTER 2022 RESULTS
New York, NY – April 26, 2022: Warner Bros. Discovery, Inc. (“Warner Bros. Discovery” or the “Company”) (NASDAQ: WBD) today reported financial results for the quarter ended March 31, 2022. The results presented in this earnings release cover the period from January 1, 2022 through March 31, 2022 for Discovery, Inc., and do not include first-quarter performance for the WarnerMedia business, which was acquired on April 8, 2022.
大衛·扎斯拉夫華納兄弟探索總裁兼首席執行官表示：「與華納兄弟 Discovery 合作，我們正在創建一家擁有多元化的收入和業界中最具吸引力的知識產權、特許經營權和品牌組合的純粹遊戲媒體公司。重要的是，我們還擁有無與倫比的全球接觸點，可以在每個屏幕上將我們的內容交到消費者手中。我們正在整合策略框架和組織，以推動我們平衡的方法來發展我們的業務並最大限度地發揮故事、新聞和體育的價值。為此，我們將一個強大的領導團隊在簡化的結構中聚集在一起，以促進整個公司更好的指揮和控制以及戰略清晰度。我對未來的巨大機會感到非常興奮。」
Financial Highlights
•Q1 2022 total revenues of $3,159 million increased 13%, or increased 15% ex-FX(1), compared to the prior year quarter.
–U.S. advertising revenues increased 5% and distribution revenues increased 11%; and
–International advertising revenues increased 5%, or 11% ex-FX, and distribution revenues increased 4%, or 8% ex-FX.
•Net income available to Warner Bros. Discovery, Inc. was $456 million.
•Total Adjusted OIBDA(2) was $1,027 million.
•Cash provided by operating activities increased to $323 million and free cash flow(3) increased to $238 million.
•Ended Q1 with $4.2 billion of cash and cash equivalents, gross debt(4) of $15.1 billion, and net leverage(4) of 2.7x.
•Ended Q1 2022 with 24 million DTC Subscribers(5), an increase of 2 million subscribers since the end of Q4.
•Generated nearly $450 million of Next Generation Revenues(5) in Q1, growth of 55% versus the prior year quarter.
| Three Months Ended March 31, | ||||||||||||||||||||
| Dollars in millions, except per share amounts | 2022 | 2021 | % Change | Ex-FX(1) | ||||||||||||||||
| Total revenue | $ | 3,159 | $ | 2,792 | 13 | % | 15 | % | ||||||||||||
| Net income available to Warner Bros. Discovery, Inc. | $ | 456 | $ | 140 | NM | |||||||||||||||
| Total Adjusted OIBDA | $ | 1,027 | $ | 837 | 23 | % | 23 | % | ||||||||||||
| Diluted earnings per share | $ | 0.69 | $ | 0.21 | NM | |||||||||||||||
| Cash provided by operating activities | $ | 323 | $ | 269 | 20 | % | ||||||||||||||
| Free cash flow | $ | 238 | $ | 179 | 33 | % | ||||||||||||||
NM - Not meaningful
The above financial results are for Discovery, Inc. only.
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Segment Results
U.S. Networks
| Three Months Ended March 31, | |||||||||||||||||
| Dollars in millions | 2022 | 2021 | % Change | ||||||||||||||
| Advertising | $ | 1,025 | $ | 980 | 5 | % | |||||||||||
| Distribution | 886 | 796 | 11 | % | |||||||||||||
| Other | 21 | 30 | (30) | % | |||||||||||||
| Total revenues | $ | 1,932 | $ | 1,806 | 7 | % | |||||||||||
| Costs of revenues, excluding depreciation & amortization | 489 | 428 | 14 | % | |||||||||||||
Selling, general & administrative(6) | 418 | 555 | (25) | % | |||||||||||||
| Adjusted OIBDA | $ | 1,025 | $ | 823 | 25 | % | |||||||||||
The above financial results are for Discovery, Inc. only.
First-Quarter 2022
•U.S. Networks revenues increased 7% compared to the prior year quarter to $1,932 million.
–Advertising revenue increased 5% primarily due to higher pricing and the continued monetization of content offerings on our next generation initiatives, partially offset by secular declines in the pay-TV ecosystem and lower overall ratings.
–Distribution revenue increased 11% primarily driven by the growth of discovery+ and an increase in contractual affiliate rates, partially offset by a decline in linear subscribers.
–Subscribers to our fully distributed linear networks at March 31, 2022 were 4% lower versus the prior year. Total subscribers to our linear networks were 8% lower, or 4% lower excluding the impact from the sale of our Great American Country linear network.
•Total operating expenses decreased 8% compared to the prior year quarter to $907 million.
–Costs of revenues increased 14% primarily due to higher content amortization at discovery+, which launched in January 2021, and the linear networks.
–SG&A expenses decreased 25% primarily due to lower marketing-related expenses for discovery+ compared to last year’s launch period.
•Adjusted OIBDA increased 25% compared to the prior year quarter to $1,025 million.
International Networks
| Three Months Ended March 31, | ||||||||||||||||||||
| Dollars in millions | 2022 | 2021 | % Change | Ex-FX | ||||||||||||||||
| Advertising | $ | 457 | $ | 435 | 5 | % | 11 | % | ||||||||||||
| Distribution | 536 | 514 | 4 | % | 8 | % | ||||||||||||||
| Other | 236 | 38 | NM | NM | ||||||||||||||||
| Total revenues | $ | 1,229 | $ | 987 | 25 | % | 30 | % | ||||||||||||
| Costs of revenues, excluding depreciation & amortization | 751 | 543 | 38 | % | 45 | % | ||||||||||||||
Selling, general & administrative(6) | 317 | 293 | 8 | % | 14 | % | ||||||||||||||
| Adjusted OIBDA | $ | 161 | $ | 151 | 7 | % | 9 | % | ||||||||||||
NM - Not meaningful
The above financial results are for Discovery, Inc. only.
First-Quarter 2022
•International Networks revenues increased 25%, or 30% ex-FX, compared to the prior year quarter to $1,229 million.
–Advertising revenue increased 5%, or 11% ex-FX, primarily driven by the broadcast of the Winter Olympics across Europe.
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–Distribution revenue increased 4%, or 8% ex-FX, primarily driven by discovery+ subscriber growth, partially offset by lower contractual affiliate rates in some European markets.
–Other revenue increased to $236 million, driven by sublicensing of Olympics sports rights to broadcast networks throughout Europe.
•Total operating expenses increased 28%, or 34% ex-FX, compared to the prior year quarter to $1,068 million.
–Costs of revenues increased 38%, or 45% ex-FX, primarily due to the Olympics.
–SG&A increased 8%, or 14% ex-FX, primarily due to higher personnel costs and marketing-related expenses to support discovery+ and the Olympics.
•Adjusted OIBDA increased 7% or increased 9% ex-FX, compared to the prior year quarter to $161 million.
Free Cash Flow
First quarter 2022 cash provided by operating activities increased to $323 million from $269 million in the prior year quarter. Free cash flow increased 33% to $238 million, primarily driven by higher Adjusted OIBDA, partly offset by higher content spend.
Other
Interest Rate Derivative Contracts
During the first quarter of 2022 the Company had total net gains on interest rate derivative instruments of $512 million that were recognized in "Other income, net" in the consolidated statements of operations. The derivative contracts were unwound with the closing of the $30 billion notes issuance to partially fund the cash consideration paid to AT&T at the closing of the WarnerMedia transaction.
Discontinuation of Operations in Russia
During the first quarter of 2022 we exited our operations in Russia and removed all of our channels and services from the market. We are currently evaluating the impact of these actions, but do not expect it to have a material effect on our consolidated financial statements.
2022 Outlook(7)
Warner Bros. Discovery may provide forward-looking commentary in connection with this earnings announcement on its quarterly earnings conference call. Details on how to access the audio webcast are included below.
Earnings Conference Call Information
Warner Bros. Discovery will host a conference call today, April 26, 2022 at 8:00 a.m. ET, to discuss the first quarter 2022 financial results. These results will cover the period from January 1, 2022 through March 31, 2022 for Discovery, Inc., and will not include first-quarter performance for the WarnerMedia business, which was acquired on April 8, 2022. To listen to the audio webcast of the earnings call, please visit the Investor Relations section of the Corporate website at www.wbd.com.
Cautionary Statement Concerning Forward-Looking Statements
本通訊中所載的資料包含在 1995 年《私人證券訴訟改革法》安全港條文所述的若干前瞻性聲明。這些前瞻性聲明基於涉及風險和不確定性的當前期望、預測和假設，以及華納兄弟 Discovery 截至本公告日期提供的資訊。由於與其業務相關的風險和不確定性，該公司的實際業績可能與所述或暗示的顯著不同，其中包括公司於 2022 年 2 月 24 日向美國證券交易委員會（「SEC」）提交的 2021 年年報表 10-k 年報中披露的風險因素及其後向美國證券交易委員會（「SEC」）提交的風險因素。
前瞻性聲明包括有關公司對未來的期望，信念，意圖或策略的聲明，可以通過「預期」，「相信」，「可以」，「繼續」，「估計」，「期望」，「意」，「可能」，「應該」，「願意」或類似的詞彙來識別。前瞻性聲明包括但不限於有關未來財務和營運業績的聲明，公司的計劃，目標，期望和意圖，以及其他非歷史事實的聲明。本公司明確拒絕傳播本文所載任何前瞻性聲明的任何更新或修訂的義務或承諾，以
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reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), this communication may also contain certain non-GAAP financial measures. Reconciliations between the non-GAAP financial measures and the closest GAAP financial measures are available on the Warner Bros. Discovery, Inc. investor relations website at: https://ir.wbd.com.
About Warner Bros. Discovery
華納兄弟探索（納斯達克：WBD）是一家領先的全球媒體和娛樂公司，在電視、電影和流媒體中創建和分發全球最差異化和完整的內容和品牌組合。華納兄弟探索在 220 多個國家和地區提供 50 種語言，透過其標誌性品牌和產品，包括：探索頻道、Discovery+、CNN、DC、歐洲運動、HBO Max、HGTV、食品網、OWN、調查發現、TLC、玉蘭網、TNT、TBS、truTV、旅遊頻道、汽車趨勢、動物星球、科學頻道、華納兄弟。圖片，華納兄弟電視，華納兄弟遊戲，新線電影，卡通網絡，成人游泳，特納經典電影，西班牙發現，HGTV 之家和其他人。有關更多信息，請訪問 www.wbd.com。
Contacts
| Media | Investor Relations | ||||
| Nathaniel Brown (212) 548-5959 | Andrew Slabin (212) 548-5544 | ||||
| nathaniel_brown@discovery.com | andrew_slabin@discovery.com | ||||
| Peter Lee (212) 548-5907 | |||||
| peter_lee@discovery.com | |||||
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WARNER BROS. DISCOVERY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; in millions, except per share amounts)
| 截至三月三十一日止的三個月 | |||||||||||
| 2022 | 2021 | ||||||||||
| 收入： | |||||||||||
| 廣告 | $ | 1,482 | $ | 1,415 | |||||||
| 分配 | 1,422 | 1,310 | |||||||||
| 其他 | 255 | 67 | |||||||||
| 總收入 | 3,159 | 2,792 | |||||||||
| 成本和費用： | |||||||||||
| 收入成本，不包括折舊和攤銷 | 1,236 | 969 | |||||||||
| 銷售、一般及行政 | 1,040 | 1,051 | |||||||||
| 折舊和攤銷 | 525 | 361 | |||||||||
| 重組及其他費用 | 5 | 15 | |||||||||
| 總成本和支出 | 2,806 | 2,396 | |||||||||
| 營業收入 | 353 | 396 | |||||||||
| 利息費用淨額 | (153) | (163) | |||||||||
| 股本投資者虧損淨額 | (14) | (4) | |||||||||
| 其他收入淨額 | 490 | 68 | |||||||||
| 所得稅前所得 | 676 | 297 | |||||||||
| 所得稅費用 | (201) | (106) | |||||||||
| 淨收入 | 475 | 191 | |||||||||
| 非控股權益應佔淨收入 | (16) | (46) | |||||||||
| 應贖回非控制權益應佔淨收益 | (3) | (5) | |||||||||
| 華納兄弟探索股份有限公司提供的淨收益 | $ | 456 | $ | 140 | |||||||
| 分配給華納兄弟探索股份有限公司 A 系列普通股東的每股收入淨額： | |||||||||||
| 基本 | $ | 0.69 | $ | 0.21 | |||||||
| 稀釋 | $ | 0.69 | $ | 0.21 | |||||||
加權平均已發行股份： | |||||||||||
| 基本 | 591 | 585 | |||||||||
| 稀釋 | 665 | 667 | |||||||||
所有股份及每股金額均經過後調整，以反映發現 A 系列普通股、發現 B 系列普通股、發現 C 系列普通股之一股重新分類及自動轉換為華納兄弟探索普通股的一股，而發行及未償還股份的每股已重新分類並自動轉換為華納兄弟發現普通股。由於與合併有關的轉換為華納兄弟愉景普通股，因為與合併有關的轉換為華納兄弟探索普通股被視為一項分散事件，並未經重新編製。 | |||||||||||
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WARNER BROS. DISCOVERY, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited; in millions, except par value)
| 二零二年三月三十一日 | 二零二一年十二月三十一 | ||||||||||
| 資產 | |||||||||||
| 流動資產： | |||||||||||
| 現金及現金等值 | $ | 4,162 | $ | 3,905 | |||||||
| 應收帳款淨額 | 2,426 | 2,446 | |||||||||
| 內容權利和預付授權費，淨值 | 143 | 245 | |||||||||
| 預付費用及其他流動資產 | 442 | 668 | |||||||||
| 流動資產總額 | 7,173 | 7,264 | |||||||||
| 非目前內容權限，net | 3,866 | 3,832 | |||||||||
| 物業及設備，淨值 | 1,328 | 1,336 | |||||||||
| 善良 | 12,872 | 12,912 | |||||||||
| 無形資產淨值 | 5,873 | 6,317 | |||||||||
| 其他非流動資產 | 2,687 | 2,766 | |||||||||
| 總資產 | $ | 33,799 | $ | 34,427 | |||||||
| 負債及權益 | |||||||||||
| 流動負債： | |||||||||||
| 應付帳款 | $ | 521 | $ | 412 | |||||||
| 累計負債 | 1,966 | 2,230 | |||||||||
| 延期收入 | 281 | 478 | |||||||||
| 債務當前部分 | 794 | 339 | |||||||||
| 流動負債總額 | 3,562 | 3,459 | |||||||||
| 債務的非流動部分 | 13,605 | 14,420 | |||||||||
| 延期所得稅 | 1,112 | 1,225 | |||||||||
| 其他非流動負債 | 1,958 | 1,927 | |||||||||
| 負債總額 | 20,237 | 21,031 | |||||||||
| 承諾和應變 | |||||||||||
| 可贖回非控制權益 | 335 | 363 | |||||||||
| 股權： | |||||||||||
| 華納兄弟探索股份有限公司股東權益： | |||||||||||
| A-1 系列可換股優先股：面值 0.01 美元；授權、已發行及已發行 8 股 | — | — | |||||||||
| C-1 系列可換股優先股：面值 0.01 美元；授權 6 股；已發行及未發行 4 股 | — | — | |||||||||
| A 系列普通股：面值 0.01 元；授權股 1,700 股；已發行 173 股及 170 股；以及出售 172 股及 169 股 | 2 | 2 | |||||||||
| B 系列可換股普通股：面值 0.01 美元；授權 100 股；已發行及已發行 7 股 | — | — | |||||||||
| C 系普通股：面值 0.01 美元；授權股 2,000 股；已發行 559 股；及發行 330 股 | 5 | 5 | |||||||||
| 額外支付資本 | 11,120 | 11,086 | |||||||||
| 庫務股，成本計算：230 股 | (8,244) | (8,244) | |||||||||
| 保留盈利 | 10,033 | 9,580 | |||||||||
| 累積其他綜合損失 | (947) | (830) | |||||||||
| 華納兄弟探索股份有限公司股權總額 | 11,969 | 11,599 | |||||||||
| 非控制權益 | 1,258 | 1,434 | |||||||||
| 總資本 | 13,227 | 13,033 | |||||||||
| 負債及權益總額 | $ | 33,799 | $ | 34,427 | |||||||
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WARNER BROS. DISCOVERY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in millions)
| 截至三月三十一日止的三個月 | |||||||||||
| 2022 | 2021 | ||||||||||
| 營運活動 | |||||||||||
| 淨收入 | $ | 475 | $ | 191 | |||||||
| 調整淨收入與經營活動提供的現金調整： | |||||||||||
| 內容權利攤銷及減值 | 973 | 743 | |||||||||
| 折舊和攤銷 | 525 | 361 | |||||||||
| 延期所得稅 | (118) | (108) | |||||||||
| 基於股份的賠償費用 | 60 | 64 | |||||||||
| 股票方式投資公司之虧損權益及現金分配 | 21 | 12 | |||||||||
| 投資出售收益 | — | (21) | |||||||||
| 衍生工具收益淨額 | (514) | (1) | |||||||||
| 其他, 網 | 33 | (3) | |||||||||
| 經營資產及負債變動 (除收購及轉讓)： | |||||||||||
| 應收帳款淨額 | (5) | 41 | |||||||||
| 內容權利及應付帳款淨額 | (993) | (926) | |||||||||
| 應付帳款、累計負債、延期收入及其他非流動負債 | (124) | (110) | |||||||||
| 外幣、預付費用及其他資產淨值 | (10) | 26 | |||||||||
| 經營活動提供的現金 | 323 | 269 | |||||||||
| 投資活動 | |||||||||||
| 購買物業及設備 | (85) | (90) | |||||||||
| 投資銷售及到期收益 | — | 274 | |||||||||
| 投資及預付股票投資 | (42) | (55) | |||||||||
| 衍生工具所得款項淨額 | 639 | 29 | |||||||||
| 其他投資活動，淨值 | 17 | (2) | |||||||||
| 投資活動提供的現金 | 529 | 156 | |||||||||
| 融資活動 | |||||||||||
| 債務的本金還款，包括以面值計算的保費 | (327) | (339) | |||||||||
| 分配給非控制權益及可贖回非控制權益 | (224) | (183) | |||||||||
| 其他融資活動，淨值 | (36) | 53 | |||||||||
| 用於融資活動的現金 | (587) | (469) | |||||||||
| 匯率變動對現金、現金等值及限制現金的影響 | (5) | (70) | |||||||||
| 現金、現金等值及限制現金的淨變動 | 260 | (114) | |||||||||
| 現金、現金等值及限制現金，期初 | 3,905 | 2,122 | |||||||||
| 現金、現金等值及限制現金，期末 | $ | 4,165 | $ | 2,008 | |||||||
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WARNER BROS. DISCOVERY, INC.
SUPPLEMENTAL FINANCIAL DATA
RECONCILIATION OF NET INCOME TO
ADJUSTED OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION
(unaudited; in millions)
| 截至二零二年三月三十一日止三個月 | |||||||||||||||||||||||
| 美國網絡 | 國際網路 | 企業、跨部門消除和其他 | 總計 | ||||||||||||||||||||
| 華納兄弟探索股份有限公司提供的淨收益 | $ | 456 | |||||||||||||||||||||
| 應贖回非控制權益應佔淨收益 | 3 | ||||||||||||||||||||||
| 非控股權益應佔淨收入 | 16 | ||||||||||||||||||||||
| 所得稅費用 | 201 | ||||||||||||||||||||||
| 其他收入淨額 | (490) | ||||||||||||||||||||||
| 股本投資者虧損淨額 | 14 | ||||||||||||||||||||||
| 利息費用淨額 | 153 | ||||||||||||||||||||||
| 營業收入（虧損） | $ | 627 | $ | 62 | $ | (336) | $ | 353 | |||||||||||||||
| 折舊和攤銷 | 385 | 101 | 39 | 525 | |||||||||||||||||||
| 僱員以股份為基礎的薪酬 | — | — | 57 | 57 | |||||||||||||||||||
| 重組及其他費用 | — | 4 | 1 | 5 | |||||||||||||||||||
| 交易與整合成本 | 1 | 1 | 85 | 87 | |||||||||||||||||||
| 區段間消除 | 12 | (7) | (5) | — | |||||||||||||||||||
| 調整後的 OIBDA | $ | 1,025 | $ | 161 | $ | (159) | $ | 1,027 | |||||||||||||||
| 截至二零二一年三月三十一日止三個月 | |||||||||||||||||||||||
| 美國網絡 | 國際網路 | 企業、跨部門消除和其他 | 總計 | ||||||||||||||||||||
| 華納兄弟探索股份有限公司提供的淨收益 | $ | 140 | |||||||||||||||||||||
| 應贖回非控制權益應佔淨收益 | 5 | ||||||||||||||||||||||
| 非控股權益應佔淨收入 | 46 | ||||||||||||||||||||||
| 所得稅費用 | 106 | ||||||||||||||||||||||
| 其他收入淨額 | (68) | ||||||||||||||||||||||
| 股本投資者虧損淨額 | 4 | ||||||||||||||||||||||
| 利息費用淨額 | 163 | ||||||||||||||||||||||
| 營業收入（虧損） | $ | 599 | $ | 28 | $ | (231) | $ | 396 | |||||||||||||||
| 折舊和攤銷 | 224 | 104 | 33 | 361 | |||||||||||||||||||
| 僱員以股份為基礎的薪酬 | — | — | 61 | 61 | |||||||||||||||||||
| 重組及其他費用 | — | 15 | — | 15 | |||||||||||||||||||
| 交易與整合成本 | — | 4 | — | 4 | |||||||||||||||||||
| 調整後的 OIBDA | $ | 823 | $ | 151 | $ | (137) | $ | 837 | |||||||||||||||
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WARNER BROS. DISCOVERY, INC.
SUPPLEMENTAL FINANCIAL DATA
SELECTED FINANCIAL DETAIL
(unaudited; in millions)
CALCULATION OF FREE CASH FLOW
| Three Months Ended March 31, | ||||||||||||||||||||
| 2022 | 2021 | $ Change | % Change | |||||||||||||||||
| Cash provided by operating activities | $ | 323 | $ | 269 | $ | 54 | 20 | % | ||||||||||||
| Purchases of property and equipment | (85) | (90) | 5 | 6 | % | |||||||||||||||
| Free cash flow | $ | 238 | $ | 179 | $ | 59 | 33 | % | ||||||||||||
Definitions and Sources for Discovery, Inc.
(1) 計算增長率的方法，不包括貨幣影響的影響： 匯率對我們業務的影響是了解每個期間對我們的業績進行比較的重要因素。例如，由於美元相對於其他外幣下跌，我們的國際收入受到良好影響，而隨著美元相對於其他外幣走強而受不利影響。我們相信，除了根據 GAAP 報告的結果以固定貨幣基礎 (「外匯」) 呈現結果之外，還可以提供有關我們的營運表現的有用資訊，因為外匯外匯報不包括外幣波動的影響，並突出了我們的核心營運業績效。除了根據 GAAP 報告的財務表現指標之外，但不可替代之外，應考慮以固定貨幣基礎的表現表示結果。
The ex-FX change represents the percentage change on a period-over-period basis adjusted for foreign currency impacts. The ex-FX change is calculated as the difference between the current year amounts translated at a baseline rate, which is a spot rate for each of our currencies determined early in the fiscal year as part of our forecasting process (the “2022 Baseline Rate”), and the prior year amounts translated at the same 2022 Baseline Rate.
In addition, consistent with the assumption of a constant currency environment, our ex-FX results exclude the impact of our foreign currency hedging activities, as well as realized and unrealized foreign currency transaction gains and losses. Results on a constant currency basis, as we present them, may not be comparable to similarly titled measures used by other companies.
(2) 經調整後的 OIBDA 和調整後的 OIBDA，不包括貨幣影響的影響： 本公司根據收入和調整後的 OIBDA 等財務指標評估其部門的營運表現。經調整後的 OIBDA 定義為營業收入，不包括：(i) 僱員股份賠償、(ii) 折舊攤銷、(iii) 重組及其他費用、(iv) 部分減值費用、(v) 業務及資產配置的收益、(vi) 與生產工作室相關的部分間消除、(vii) 第三方交易和整合成本，以及 (viii) 影響可比較性的其他項目。
The Company uses this measure to assess the operating results and performance of its segments, perform analytical comparisons, identify strategies to improve performance, and allocate resources to each segment. The Company believes Adjusted OIBDA is relevant to investors because it allows them to analyze the operating performance of each segment using the same metric management uses.
由於對期間的比較性影響，本公司不包括以股份為基礎的賠償、重組和其他費用、某些減值費用、業務和資產出售的收益和虧損以及收購和整合成本。本公司亦不包括固定資產折舊及無形資產攤銷，因為這些金額不代表當前報告期內的現金支付。某些與製作工作室相關的公司開支和分段間消除不包括在分段結果中，以使執行管理層能夠根據部門高管的決定評估分段績效。調整
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OIBDA should be considered in addition to, but not a substitute for, operating income, net income, and other measures of financial performance reported in accordance with U.S. GAAP. Refer to the comments in footnote 1 for the methodology used to calculate growth rates excluding foreign currency effects.
(3) Free cash flow: The Company defines free cash flow as cash flow from operations less acquisitions of property and equipment. The Company believes free cash flow is an important indicator for management and investors of the Company’s liquidity, including its ability to reduce debt, make strategic investments, and return capital to stockholders.
(4) Gross debt: the Company defines gross debt as total debt plus finance leases. Net leverage is calculated by dividing net debt (gross debt less cash and cash equivalents) by the sum of the most recent four quarters Adjusted OIBDA.
(5) Direct-to-Consumer ("DTC") Definitions:
Next Generation Revenues: Subscription and advertising revenues generated from the Company's DTC products, as well as revenues from TV Everywhere, our GO applications and other digital properties.
DTC 訂閱： 我們將 DTC 訂閱定義為 1) 我們已記錄 DTC 平台的訂閱收入的 DTC 產品；2）通過批發安排收到的訂閱，我們收取分發我們的 DTC 平台費用，以及直接或通過第三方平台提供的訂閱；以及 3) 某些合營合作夥伴和附屬方認可的訂閱。我們可能會將我們 DTC 服務的訂閱總數稱為訂閱者。訂閱只有在付費狀態時才會計算，並排除免費試用的用戶。每季度結束時，訂閱者會包含在季度結束後最多七天付款的實際使用者數目。我們的季度訂閱人數繼續包括烏克蘭 Discovery+ 的訂戶，他們暫時免費接收服務，總數不重要。
(6) SG&A Expenses: Selling, general and administrative expenses exclude employee share-based compensation and third-party transaction and integration costs.
(7) 2022 Outlook: Warner Bros. Discovery does not expect to be able to provide a reconciliation of the non-GAAP forward-looking commentary to comparable GAAP measures as, at this time, the Company cannot determine the occurrence or impact of the adjustments, such as the effect of future changes in foreign currency exchange rates or future acquisitions or divestitures that would be excluded from such GAAP measures.
Source: Warner Bros. Discovery, Inc.
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