Warner Bros. Discovery (WBD) 23 Feb 242023 Q4 Earnings call transcript

Ladies and gentlemen, welcome to the Warner Bros. Discovery Fourth 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. President, Strategy. Vice Executive Slabin, Global Investor Andrew Sir, begin. you may

thank for morning, for Warner Good us Bros. you call. joining and earnings Discovery's QX

me XXXX. that Officer; of Litigation Zaslav, Gunnar Joining and harbor Games. Today's and David provisions Chief include Streaming pursuant is Officer; forward-looking Reform to will Executive safe statements President, President Global Securities Wiedenfels, make JB Act the and and Financial Private presentation of Perrette, we CEO Chief today the

company's the that future plans, statements results may regarding Forward-looking involve expectations. uncertainties comments financial and and to our and could business performance, from include prospects actual differ risks materially cause

For additional XX-Q, to, and most its recent the affect with U.S. Form expectations, information Securities Form reports annual and on report the please company's on including, could XX-K, limited these see Exchange in Form the not filings factors on company's Commission, X-K. that but

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JB will David, Now I your take questions. and

first Your line question Instructions] Vijay comes of from the [Operator Jain from Evercore ISI.

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not cannibalistic it's been Max content. to HBO and -- the So legacy

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UBS. from the from comes Hodulik Your next John line question of

I if Two, could.

segments, confidence other just cord but the regarding terms is growth. look Gunnar. then that of going just 'XX, you maybe Maybe the And economics? maybe, what if And First, it info guys for to to takes accelerate your any and you product by of it's and Thanks other give color could not breakdown going potential sports new the provide bundle, for pricing, for puts could. any some you cutting? on like, could skinny EBITDA just in David,

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your John. on question, EBITDA then and Well,

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Your next from of of Reif Ehrlich Jessica line from the question comes Bank America.

gears So maybe to advertising. switching

can that then you you from, Japan. use you light of are strength. limitations whether have see will given like the on you're us your You Max. U.K. any can mentioned some just a to confident year, some increase in coming that color these Australia, Walmart or market no it's a just lastly, in this it's the about few on how third-party Vizio? on continue follow-up, countries, And give some content throughout your where There's way, particularly the Italy, on Can pretty markets sales And starting inventory, U.K., with as Germany, library, Amazon of you all to that color times timing? views the content in Some then coming big that this you give that? launches mentioned QX, you all the business, talk Can

All right.

color first one on Advertising. maybe a more me take here provide little Let the and

upfront from U.S. is, we as think, of said ratings the entire in. have trends into beginning the kicking So year, this improving quarter now versus think that. first are deals we I improvements fact actually seen board. in strategy very The had the side Remember, seen over second I we've that a our last prepared monetize The to year. and the we're we've remarks, year last half benefiting that across different

So it's a visible improvement across the board.

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peers. size less is those half the TAM Our of larger than

to we after, go to go half addressable of means addressable after. market So that have still other Xx market the the the of

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by more of 'XX. likely more the be then slated the for Asia and now European And Australasia markets 'XX. will for rest

that's of for XX growth a growth how sort we see the subscriber rollout in and think the that's for over revenue coming, months. growth and next tailwind So huge us we

were going let the do. And regards is content warehousing as are with well, then, But Max religion to in competitors. David course. business we we I'll on Jessica, no what to on our weigh third-party of with doing exactly we or not sales, all There of said doing

We own greatest are one platforms the world, serve the serve we makers of of platforms. third-party content and in our and we

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know We've winning. sense. exactly what deals, of what all co-exclusive some got know lot giving and we're exactly done a we're have data. makes that we up We We and the

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them we We way. best possible those the are monetize make in great doing to stories the can best and

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

for on strategy. up Maybe follow just JB, direct-to-consumer Max to the

a Italy, U.K., similar listed I'm have licensing deals. You those Germany. Sky Australia, structure. assuming know Japan are I

in move you nice of So have decision your just direct the you in those to you thoughts, sort and Or go made of guys deals guys the talk markets about past. have relationships because -- some out had maybe to consumer? those

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you do a when for how exploiting from the long-term I will NBA view you imagine approach about point So be P&L a deal? what kind guys think another this of of

markets Germany Thanks, are before said and we've Italy, for think I U.K., key and it over the Ben. the us. year, last Look,

has where markets the initiative a to already years, to partner a is with markets a in over deals our core and been just subscribers. in us is direct-to-consumer we a aggressively strategic in partnership one those in very our Sky, business we're TNT which to U.K., and us. product and a well. we great having Discovery+ of those in ways, will And is have the that have many partnership -- very, great of in our ours. has And in continue And we be direct-to-consumer we're -- own We those of But which the markets. product. sport millions partner have the rebranded leaders millions TNT, as U.K. In going with Sports, that

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and it's think and 'XX. in -- But real in we so that opportunity us grow and be grow businesses will -- will economics meaningful, those beginning subscribers. for And to real be

international a many find partners can get scale in I'd to as most And faster there standpoint are in all of prepared and mentioned very thing doing -- in us some very eager number a faster. the distribution just in Ben, it scale lot us most efficiencies to that, cases, get is add, with David a that and for a are markets drive of ways, And market partner, these quickly. to some from to exciting help his in of ways I marketing think rollout the that's remarks,

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speak So seeing you're really us months. over with you'll next to launches, XX that the it these and see

discussions in the you here. the know, then, And of middle on exclusive NBA, we're Ben, as

level and different on rights. sports to spending in one plays of lift content role want a sense. up look on to a across spend billion I every broadest So how close general dollar to programming maybe the statement we it sort We're been And own enormous value, reach We value portfolio. we at with deals the content. -- value our deals. obviously strike always case and going disciplined. profitable acknowledge of the emotional the these to able to generally $XX we That's we're sports. we to But be have not like And

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

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to be consumer obviously, to that offering say be Max, fashion offer will great to But to the entertainment of along subscribers. them incredible venture that together with simpler, on and in more to compelling it's we'll that the compelling the able put -- be offering on take aggregated, incredibly able the X the joint compelling a is those

up months And a Bleacher we're the excited Max later note, playoffs over the into and to the Final the then offering, over lean leading XX next incredibly Madness, just to continuing of as meantime, and our the spring. few bit in obviously, all bring March to the in next Report sports the we're time on first including a in X here days, little building and the NBA for on

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

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