Financials Warner Bros. Discovery, Inc.

Equities

WBD

US9344231041

Broadcasting

Real-time Estimate Cboe BZX Other stock markets 03:36:42 2024-09-16 pm EDT			5-day change	1st Jan Change
8.545 ^USD	+11.55%		+6.09%	-32.69%

Sep. 13	Equities Rise Ahead of Next Week's Fed Decision; Nasdaq Logs 6% Weekly Gain	MT
Sep. 13	Equities Rise Ahead of Next Week's Fed Decision	MT

Projected Income Statement: Warner Bros. Discovery, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	11,144	10,671	12,191	33,817	41,321	40,254	40,757	40,899
Change	-	-4.24%	14.24%	177.39%	22.19%	-2.58%	1.25%	0.35%
EBITDA ¹	4,671	4,196	3,817	7,718	10,200	9,184	9,650	9,674
Change	-	-10.17%	-9.03%	102.2%	32.16%	-9.96%	5.08%	0.25%
EBIT ¹	3,009	2,515	2,012	-7,370	-1,548	-9,682	1,587	1,480
Change	-	-16.42%	-20%	-	-79%	-525.43%	-	-6.75%
Interest Paid ¹	-677	-648	-633	-1,777	-2,221	-1,949	-1,681	-1,414
Earnings before Tax (EBT) ¹	2,294	1,728	1,433	-8,960	-3,863	-10,874	-59.64	-408.4
Change	-	-24.67%	-17.07%	-	-56.89%	-181.49%	99.45%	-584.76%
Net income ¹	2,069	1,219	1,006	-7,371	-3,126	-10,903	-334.1	-395.2
Change	-	-41.08%	-17.47%	-	-57.59%	-248.8%	96.94%	-18.31%
Announcement Date	2/27/20	2/22/21	2/24/22	2/23/23	2/23/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2
Net sales ¹	2,678	2,874	2,683	2,541	2,561	2,886	2,792	3,062	3,150	3,187	3,159	10,823	9,823	11,008	10,700	10,358	9,979	10,284	9,958	9,713	9,873	10,494	10,023	9,896	9,926	10,456	9,886	9,441
Change	-	7.32%	-6.65%	-5.29%	0.79%	12.69%	-3.26%	9.67%	2.87%	1.17%	-0.88%	242.61%	-9.24%	12.06%	-2.8%	-3.2%	-3.66%	3.06%	-3.17%	-2.46%	1.64%	6.29%	-4.49%	-1.27%	0.3%	5.34%	-5.44%	-4.51%
EBITDA ¹	1,126	1,105	1,113	1,127	954	1,002	837	1,117	726	1,137	1,027	1,764	2,424	2,603	2,611	2,149	2,969	2,471	2,102	1,795	2,550	2,685	2,290	2,056	2,581	2,621	2,432	2,059
Change	-	-1.87%	0.72%	1.26%	-15.35%	5.03%	-16.47%	33.45%	-35%	56.61%	-9.67%	71.76%	37.41%	7.38%	0.31%	-17.69%	38.16%	-16.77%	-14.93%	-14.61%	42.06%	5.29%	-14.7%	-10.25%	25.56%	1.56%	-7.21%	-15.33%
EBIT ¹	619	705	779	717	531	488	396	779	329	508	353	-192	-1,583	-1,894	-557	-906	97	-182	-267	-10,208	253.2	381.5	132.6	-153	324.6	362.8	273	-343.5
Change	-	13.89%	10.5%	-7.96%	-25.94%	-8.1%	-18.85%	96.72%	-57.77%	54.41%	-30.51%	-	724.48%	19.65%	-70.59%	62.66%	-	-	46.7%	3,723.22%	-	50.65%	-65.24%	-	-	11.77%	-24.75%	-
Charge d'intérêts ¹	-163	-162	-163	-161	-161	-163	-163	-157	-159	-154	-153	-511	-555	-558	-571	-574	-574	-502	-515	-518	-473.9	-453.9	-416.3	-414.7	-391.3	-359.3	-403	-405
Earnings before Tax (EBT) ¹	444	563	537	456	319	416	297	720	233	183	676	-2,872	-2,242	-2,541	-1,238	-1,480	-532	-613	-819	-10,035	-131.4	63.82	-314.2	-605.4	-83.4	-1	-108	-724
Change	-	26.8%	-4.62%	-15.08%	-30.04%	30.41%	-28.61%	142.42%	-67.64%	-21.46%	269.4%	-	-21.94%	13.34%	-51.28%	19.55%	-64.05%	15.23%	33.61%	1,125.27%	98.69%	-	-	-92.68%	86.22%	98.8%	-10,700%	-570.37%
Net income ¹	262	476	377	271	300	271	140	672	156	38	456	-2,151	-1,850	-2,101	-1,069	-1,240	-417	-400	-966	-9,986	-115	59.72	-147.2	-394.1	-37.75	83.25	-81.5	-524.5
Change	-	81.68%	-20.8%	-28.12%	10.7%	-9.67%	-48.34%	380%	-76.79%	-75.64%	1,100%	-	-13.99%	13.57%	-49.12%	16%	-66.37%	-4.08%	141.5%	933.75%	98.85%	-	-	-167.65%	90.42%	-	-	-543.56%
Announcement Date	11/7/19	2/27/20	5/6/20	8/5/20	11/5/20	2/22/21	4/28/21	8/3/21	11/3/21	2/24/22	4/26/22	8/4/22	11/3/22	2/23/23	5/5/23	8/3/23	11/8/23	2/23/24	5/9/24	8/7/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2024 S2
Net sales	-
Change	-
EBITDA ¹	290
Change	-
EBIT	-
Change	-
Charge d'intérêts	-
Earnings before Tax (EBT)	-
Change	-
Net income	-
Change	-
Announcement Date	-

¹USD in Million

Estimates

Forecast Balance Sheet: Warner Bros. Discovery, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	13,867	13,313	10,854	45,268	39,889	34,810	30,355	26,582
Change	-	-4%	-18.47%	317.06%	-11.88%	-12.73%	-12.8%	-12.43%
Announcement Date	2/27/20	2/22/21	2/24/22	2/23/23	2/23/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Warner Bros. Discovery, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	289	402	373	987	1,316	1,042	1,102	1,085
Change	-	39.1%	-7.21%	164.61%	33.33%	-20.83%	5.74%	-1.52%
Free Cash Flow (FCF) ¹	3,110	2,337	2,425	3,317	6,161	4,122	5,024	5,379
Change	-	-24.86%	3.77%	36.78%	85.74%	-33.1%	21.89%	7.08%
Announcement Date	2/27/20	2/22/21	2/24/22	2/23/23	2/23/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Warner Bros. Discovery, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	41.91%	39.32%	31.31%	22.82%	24.68%	22.81%	23.68%	23.65%
EBIT Margin (%)	27%	23.57%	16.5%	-21.79%	-3.75%	-24.05%	3.89%	3.62%
EBT Margin (%)	20.59%	16.19%	11.75%	-26.5%	-9.35%	-27.01%	-0.15%	-1%
Net margin (%)	18.57%	11.42%	8.25%	-21.8%	-7.57%	-27.09%	-0.82%	-0.97%
FCF margin (%)	27.91%	21.9%	19.89%	9.81%	14.91%	10.24%	12.33%	13.15%
FCF / Net Income (%)	150.31%	191.71%	241.05%	-45%	-197.09%	-37.8%	-1,503.84%	-1,361.05%
Profitability
ROA	6.24%	6.34%	3.1%	-8.75%	-2.44%	-7.88%	0.48%	1.08%
ROE	22.64%	21.13%	9.62%	-25.12%	-6.77%	-28.49%	-2.09%	-0.82%
Financial Health
Leverage (Debt/EBITDA)	2.97x	3.17x	2.84x	5.87x	3.91x	3.79x	3.15x	2.75x
Debt / Free cash flow	4.46x	5.7x	4.48x	13.65x	6.47x	8.45x	6.04x	4.94x
Capital Intensity
CAPEX / Current Assets (%)	2.59%	3.77%	3.06%	2.92%	3.18%	2.59%	2.7%	2.65%
CAPEX / EBITDA (%)	6.19%	9.58%	9.77%	12.79%	12.9%	11.34%	11.42%	11.21%
CAPEX / FCF (%)	9.29%	17.2%	15.38%	29.76%	21.36%	25.28%	21.93%	20.17%
Items per share
Cash flow per share ¹	4.781	4.076	4.214	2.219	3.069	2.356	2.467	-
Change	-	-14.74%	3.39%	-47.35%	38.35%	-23.25%	4.7%	-
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	18.08	20.93	22.92	24.28	18.54	14.3	14.54	14.77
Change	-	15.74%	9.53%	5.9%	-23.62%	-22.85%	1.66%	1.58%
EPS ¹	2.88	1.81	1.54	-3.82	-1.28	-4.431	-0.1535	-0.1677
Change	-	-37.15%	-14.92%	-348.05%	-66.49%	246.19%	-96.54%	9.21%
Nbr of stocks (in thousands)	690,990	675,677	658,571	2,428,396	2,438,566	2,451,908	2,451,908	2,451,908
Announcement Date	2/27/20	2/22/21	2/24/22	2/23/23	2/23/24	-	-	-