Warner Bros. Discovery (WBD) 8 Nov 232023 Q3 Earnings call transcript

Ladies and gentlemen, welcome to the Warner Bros. Discovery Third Quarter 2023 Earnings Conference Call. [Operator Instructions] Additionally, please be advised that today's conference call is being recorded. I would now like to hand the conference over to Mr. Andrew Slabin, Executive Vice President, Global Investor Strategy. begin. may you Sir,

President, welcome today Bros. and is CFO; CEO Wiedenfels, and Games. call. CEO; QX With our and Perrette, JB me David and Streaming to morning, and Discovery's Warner earnings Gunnar Global Good Zaslav, President

to financial that I'd and of differ on could include we prospects These call Private that you and that plans, pursuant Securities of statements and XXXX. the to statements the Litigation Before will based like business today's regarding future results materially company's that made performance. forward-looking management's expectations. Act include assumptions are the The we to forward-looking uncertainties our actual comments remind cause about start, involve knowledge from provisions Reform current future events statements make risks conference safe harbor

and In them. statements, forward-looking to disclaims the obligation or any other providing projections intent update company

at that on the and the the filings information with and our its of and important additional X-K. available but For limited XX-Q Form reports will and affect our including, factors see please Form slide on annual copy be these on website XX-K report company's spending deck earnings most recent Commission, not Securities expectations, A accompanying release, U.S. QX could Form Exchange schedule ir.wbd.com. company's on to,

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Hello, everyone, and thank you for joining us.

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allocation. business. lot maybe That's a on we I over hundreds shifting also Jessica. so do of tremendous time capital focus perspective. comment of really, you the but is year opportunity behind David the starting able to from granular into opportunities bit. a areas not a where there be going I think contributing only about the tremendous from dollars that of perspective, all to a said, do David the detail And success, games the has of of mentioned, as spent with get the And a couple investment and why our on growth P&L talked millions that. profits, consolidated think We've But will business our across investment games return to lot shown of the little past

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Your Robert MoffettNathanson. from next of question comes Fishman from the line

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from Your Greenfield Rich of comes line next question from the LightShed.

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Stanley. question from next Swinburne Morgan the of Your comes Ben from line

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JB, ground We level at been. here. you're haven't

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And on to two your then, just first Ben, comment questions.

through going synergies, normal incrementally get I it's said to to So year. billion until what's this end I synergy, starting of cost difficult we recap again, to what's have transformation, more total flown expect what synergy with the to between earlier, $X work. just -- what's differentiate the But

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the Sachs. Brett final Feldman your from Goldman comes from And line question of

you to deal the in Charter. don't a mind. to your if David, able Disney value streaming see product obviously the got one similar Two, into get being that you

Of was trade-off there to that course, had some the Disney channels. agree drop to

were to trade-off distribution improvement I'm some arrange might that you're curious make in whether a churn to I'm curious if willing cost if Max? for order to of you like and something type that? So get savings lead also that able similar to

couple maturities debt you run And then about the below free well rate. of $X next current an flow That's the talked billion about over cash obviously years. average of Gunnar, of

at use curious to and maturities, market In not is a the down any from open other should modeling free standpoint, that need we would on to go pay debt I'm but only cash discounts? words, there you'll cash? into particular flow even So your sit you debt assuming be repurchase reason

Sure.

start saying really of recently, model. all deals we've gotten have being of our through, me with by carried. do We including different channels a all our Let

all linear. networks, news, and XX% those we're believe affinity in We -- Planet, investing and anywhere still Food, TNT. Discovery, have channels. we're and TLC, And and then We're investing cable. on in of Animal with TBS, HGTV, between in the We viewership sports XX%

it's think X, us. think is X, channels about when people the they of X you that cable, basic when So love, what they what love, And us. it's

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additive. about building are partnering continue good a we really be make linear marketplace. on think We we few some much a to trade-offs. channels of be to to But with to else deals. a in we as our in as And that There's to I so And think us. good can to have number the will make lighter will real it and the can advantage guarantee feel some a significant subs retail I about wants payment and somebody our And us the of we marketplace trade-offs. can that of operators feel hold it

cash there's question quickly no, the on your debt need flowing as of on going lot two to focused as directly, through your that possible. to as question side, And our range And times, Brett, said no Number one, And we're to debt look, then, of reducing target here. to to sit there's answer excess on things. of be a cash. amounts multiple we

is, our maturity, I through trading feel quantum structure that potentially went the asset. to cash and I terms at is at more interest capital good the about attractive rates a two the number our more the And debt. chip becomes Again, levels as very here. And available average and earlier, average real and of ability debt away overall further very

participation. your concludes you gentlemen, call. Thank and Ladies this for conference today's

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